Document:

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                                                                    EXHIBIT 10.1

                     NUMMER 323 DER URKUNDENROLLE FUR 2004

                                     [LOGO]

                                    RECORDED

            in Frankfurt am Main, this 4th / 5th day of April, 2004

    The following parties under 1., 2. and 3. (hereinafter the, Deponents")
                today appeared before me, the undersigned Notary

                               DR. GERHARD PILGER

   Practising in the district of the High Regional Court of Frankfurt am Main

who, at the request of the deponents, rendered himself to the offices of Mayer,
Brown, Rowe & Maw LLP, Bockenheimer Landstr. 98-100, 60323 Frankfurt am Main

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                                       II

1.    Mr Dipl.-Kfm. Franz Margraf, born 8 October 1947, of: Luisenstr. 11, 58332
      Schwelm,

      - acting not in his own name but in his capacity as managing director
      (being exempted from the restrictions of Section 181 of the German Civil
      Code ("BGB") and authorised to act as sole representative) of

      a)    GHW Verwaltungs GmbH

            which has its registered office in Wuppertal at Am Kraftwerk 13,
            42369 Wuppertal and is recorded in the commercial register held at
            the Local Court of Wuppertal under HR B 10754,

                                 - hereinafter referred to as "GHW VERWALTUNG" -

            - which entity is acting both on its own behalf and as the general
            partner (being authorised to act as sole representative) of

      b)    GHW Gebaudemanagement GmbH & Co. KG

            which has its registered office in Wuppertal at Am Kraftwerk 13,
            42369 Wuppertal and is recorded in the commercial register held at
            the Local Court of Wuppertal under HR A 17416

                      -hereinafter referred to as the "GHW GEBAUDEMANAGEMENT" -.

2.    a)    Mr. Jorg Swoboda,
            residing at Kollwitzstra(beta)e 17,
            60488 Frankfurt am Main

            - acting not in his own name and on his own behalf, but for Ms. Ruth
            Matzler, residing at Kreuzberg-Promenade 39, A-5026 Salzburg, on the
            basis of (i) the notarially certified power of attorney dated April
            3, 2004 and (ii) the notarially certified sub-power of attorney
            dated April 4, 2004 certified copies of which are attached hereto in
            Annex Set N.

      b)    Mr. Dirk Lange,
            residing at Faunastra(beta)e 27,
            40239 Dusseldorf,

            - acting not in his own name and on his own behalf, but for Mr .
            Klaus Hartmann, residing at Im Leimenacker 3, 64658 Furth-Steinbach,
            on the basis of the notarially certified power of attorney dated
            April 4, 2004 certified copies of which are attached hereto in Annex
            Set N.

         - the persons represented by the deponents under 2. a) and 2. b)
         hereinafter

                                    collectively referred to as the "SELLERS" -.

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                                       III

3.                Mr. John A. Faylor,
                  with business address at
                  Bockenheimer Landstra(beta)e 98-100,
                  60323 Frankfurt am Main

                  not acting in his own name, but on the basis of a notarially
                  certified power of attorney of Mr. Paul R. Jefferson,

                  residing at 22, rue Guynemer,
                  78600 Maisons-Laffitte, France,

                  - given in his capacitiy as managing director (being exempted
                  from the restrictions of Section 181 BGB and authorised to act
                  as sole representative) - for

a)                Lear Corporation Holding GmbH

                  which has its registered office in Munich and is recorded in
                  the Commercial Register held at the Local Court of Munich
                  under HR B 151862,

                                     - hereinafter referred to as "PURCHASER" -,

b)                Lear Corporation Verwaltungs GmbH

                  which has its registered office in Ginsheim-Gustavsburg at Vor
                  der Schanz 1-5, 65461 Ginsheim-Gustavsburg and is recorded in
                  the Commercial Register held at the Local Court of Darmstadt
                  under HR B 53571,

                               - hereinafter referred to as "LEAR VERWALTUNG" -,

                                                -the Sellers, the Purchaser,
                                              GHW Verwaltung and Lear Verwaltung
                                   shall hereinafter be referred to individually
                                 as a "PARTY" or collectively as the "PARTIES"-.

c)                Lear Corporation Verwaltungs GmbH,

                  acting in its capacity as the only general partner of

                         Lear Corporation GmbH & Co. KG

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                                       IV

            which has its registered office in Ginsheim-Gustavsburg at Vor der
            Schanz 1-5, 65461 Ginsheim-Gustavsburg and is recorded in the
            Commercial Register held at the Local Court of Darmstadt under HR A
            53091

                                 - hereinafter referred to as the "GUARANTOR" -,

      also appearing with Mr. John A. Faylor were Mr. Paul R. Jefferson and Mr.
      Thomas Saeli. These persons stated that they did not wish to render a
      legal declaration, but merely wished to evidence their presence at the
      recording of this notarial deed.

The Deponents proved their identity by producing valid photo identification:

- the Deponent under 1. submitted his valid German passport No. 9112086104;

- the Deponent under 2. a) submitted his valid German passport No. 4008106021;

- the Deponent under 2. b) submitted his valid German identity card No.
  5004947597;

- the Deponent under 3. is personally known to the notary;

Mr. Paul R. Jefferson is personally known to the notary as well. Mr. Thomas
Saeli presented his US passport. Both are not considered to be Deponents in the
following.

The following documents were produced in order to verify the respective Parties'
powers of representation:

- the Deponent under 1. submitted certified commercial register extracts for GHW
  Verwaltungs GmbH and GHW Gebaudemanagement GmbH & Co. KG; and

- the Deponent under 2 a). submitted a notarially certified power of attorney
  and a notarially certified sub-power of attorney;

- the Deponent under 2 b) submitted a notarially certified power of attorney;

- the Deponent under 3. submitted a notarially certified power of attorney and
  certified commercial register extracts for Lear Corporation Beteiligungs GmbH,
  Lear Corporation Verwaltungs GmbH, Lear Corporation GmbH & Co. KG, a simple
  copy of the note of entry regarding the registration of Lear Corporation
  Holding GmbH - a certified excerpt from the commercial register will be
  provided to the notary as soon

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                                       V

  as available - and a notarially certified copy of the shareholder's resolution
  of Lear Corporation Holding GmbH of March 31, 2004 in which Paul Jefferson was
  appointed managing director.

A certified copy of each of the aforementioned documents verifying powers of
representation are annexed to this instrument as Annex Set N.

This instrument is drafted in English and will be read out in English at the
request of the Deponents. The notary has ascertained to his satisfaction that
the Deponents have, and the notary confirms that he himself has, adequate
command of the English language.

The Deponents, acting in the capacities described above and having given an
answer in the negative to the question of whether there had been any prior
involvement (Vorbefassung) within the meaning of Section 3 (1) No. 7 of the
German Notarisation Act ("BeurkG"), requested notarisation of the following

                                  PURCHASE AND
                   TRANSFER AGREEMENT RELATING TO ALL OF THE
                                  INTERESTS IN
                      GHW GEBAUDEMANAGEMENT GMBH & CO. KG:

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                                       VI

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                               PAGE
                                                                               ----
<S>                                                                            <C>
Section 1 BACKGROUND.......................................................      2

Section 2 SALE AND PURCHASE ...............................................      3

Section 3 PURCHASE PRICES, DUE DATE .......................................      4

Section 4 COMPLETION ......................................................      6

Section 5 SELLERS' WARRANTIES .............................................      8

Section 6 LEGAL CONSEQUENCES OF A BREACH OF WARRANTY ......................     24

Section 7 TIME LIMITATIONS ................................................     27

Section 8 WAIVER OF CLAIMS ................................................     28

Section 9 RIGHTS TO NAMES .................................................     30

Section 10 SELLERS' PARTICIPATION IN LIABILITY DISPUTES ...................     31

Section 11 DUTIES PRIOR TO CLOSING ........................................     32

Section 12 NON-COMPETE COVENANT ...........................................     34

Section 13 CONDITIONS PRECEDENT ...........................................     35

Section 14 MERGER CONTROL .................................................     38

Section 15 CONFIDENTIALITY, PRESS RELEASES AND OTHER DISCLOSURES ..........     40

Section 16 JOINT LIABILITY OF GUARANTOR, GUARANTEE ........................     41

Section 17 CONSENT REQUIREMENTS ...........................................     41

Section 18 WRITING REQUIREMENT ............................................     42

Section 19 COSTS AND TAXES ................................................     42

Section 20 CHOICE OF LAW, JUDICIAL FORUM ..................................     42

Section 21 MISCELLANEOUS ..................................................     43

Section 22 INSTRUCTIONS AND ADVICE OF THE NOTARY ..........................     45
</TABLE>

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                                      VII

                              SCHEDULE OF ANNEXES

Annex Set N               Documents evidencing powers of representation

Annex P.1.                Associated Companies

Annex 1.3                 Appraisal (Sachgrundungsbericht)

Annex 1.6                 Shareholder loans/Assignment/Acknowledgment of debt

Annex 3.6                 Escrow Agreement

Annex 4.2                 Completion Memorandum

Annex 4.2 (a)             Draft notification letter GHW Gebaudemanagement

Annex 4.2 (b)             Draft notification letter Company

Annex 5.1.1 (a)           Security Pool Agreement

Annex 5.1.1 (b)           Third party rights relating to shares in Associated
                          Companies

Annex 5.1.5               List of silent participations, participation loans, or
                          similar obligations

Annex 5.2.2 (a)           Disposition of fixed assets

Annex 5.2.2 (b)           List of collateral and other security

Annex 5.2.4               List of bank accounts and authorised signatories

Annex 5.2.5 (a)           List of debt and respective agreements with financial
                          institutions

Annex 5.2.5 (b)           List of banks, bank credit lines, amounts drawn

                          down thereunder and statements of account

Annex 5.2.7               List of factoring agreements

Annex 5.2.8               Management accounts

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                                      VIII

Annex 5.3.1               List of agreements with the Seller or closely-related
                          persons

Annex 5.3.2 (a)           List of equity joint venture and written cooperation
                          agreements

Annex 5.3.2 (b)           List of substantial oral cooperation agreements

Annex 5.3.2 (c)           List of agreements containing change of control
                          clauses

Annex 5.3.3               List of insurance policies

Annex 5.3.4               List of key contracts

Annex 5.3.4 d)            List of licensed software

Annex 5.4.1               List of industrial property rights

Annex 5.4.2               List of public subsidies and grants

Annex 5.4.3               List of legal disputes

Annex 5.4.5               List of transactions outside the ordinary course of
                          business

Annex 5.4.6 (a)           List of transactions involving assets outside the
                          ordinary course of business

Annex 5.4.6 (b)           Capital Expenditure

Annex 5.4.8               Product Liability Claims

Annex 5.4.9               List of real property

Annex 5.4.10 (a)          List of materially adverse circumstances

Annex 5.4.10 (b)          Material customer relationships

Annex 5.4.11              List of Employees

Annex 5.6.7               Partnership Agreement GHW Gebaudemanagement

Annex 5.6.9               Draft annual financial statements GHW
                          Gebaudemanagement 2003

Annex 5.6.12              List of bank accounts GHW Gebaudemanagement

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                                       IX

Annex 5.6.13              Distributions/Payments GHW Gebaudemanagement

Annex 5.6.16              Liabilities GHW Gebaudemanagement

Annex 5.6.17              List of contracts GHW Gebaudemanagement and
                          List of intra-group contracts Gebaudemanagement

Annex 5.6.22              List of employment agreements GHW
                          Gebaudemanagement

Annex 11.1                List of sensitive information

Annex 13.1 (b) (i)        Draft resolution on change of legal form

Annex 13.1 (b) (ii)       Draft share transfer agreement

Annex 13.1 (b) (iii)      Draft revised shareholders' list

Annex 13.1 (b) (v)        Draft notification letter regarding change of legal
                          form

Annex Set 17.2            Minutes of the shareholders' meeting and the
                          resolution of the supervisory board

Annex 21.7                Confidentiality agreement

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                                       X

                              LIST OF DEFINITIONS

Seller                                                 Recitals
Purchaser                                              Recitals
Party                                                  Recitals
Parties                                                Recitals
Guarantor                                              Recitals
Associated Companies                                   Preamble
Company                                                Section 1.1
Limited Partnership                                    Section 1.2
Receivables                                            Section 1.6
Closing Date                                           Section 2.5
Closing                                                Section 2.5
Interests                                              Section 2.7
Purchase Price                                         Section 3.1
Escrow Amount                                          Section 3.6
Escrow Agreement                                       Section 3.6
Completion Date                                        Section 4
Completion                                             Section 4
This Day                                               Section 5 sentence 2
Pre-Existing-Contamination                             Section 5.4.4.
Taxes                                                  Section 5.4.7
Refusal Letter                                         Section 6.1

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                                     - 1 -

                                    PREAMBLE

1.    The Sellers are the only limited partners in GHW Gebaudemanagement with a
      limited partner's capital interest (Haft- und Pflichteinlage) of EUR
      5,000,000.00 each. GHW Verwaltung is GHW Gebaudemanagement's sole general
      partner without any capital interest.

2.    GHW Gebaudemanagement is the sole shareholder of GHW Grote & Hartmann
      GmbH, Wuppertal, and holds no other participations in other companies.

3.    The Purchaser intends to acquire the Sellers' interests and GHW
      Verwaltung's interest in GHW Gebaudemanagement and thus indirectly acquire
      GHW Gebaudemanagment's interests in GHW Grote & Hartmann GmbH as well as
      GHW Grote & Hartmann GmbH's direct and indirect interests in the other
      entities described in Annex P.1

                                            - the other entities are hereinafter

                               also referred to as the "ASSOCIATED COMPANIES" -.

4.    Prior to the effectiveness of the aforementioned acquisition of all of the
      interests in GHW Gebaudemanagement by the Purchaser, GHW Grote & Hartmann
      GmbH's legal form shall be converted from a GmbH to a GmbH & Co. KG with
      GHW Verwaltung becoming the sole general partner of the future GHW Grote &
      Hartmann GmbH & Co. KG and with GHW Gebaudemanagement becoming the sole
      limited partner in the future GHW Grote & Hartmann GmbH & Co. KG as
      described in more detail in Section 13 1. b).

5.    GHW Gebaudemanagement also holds claims against GHW Grote & Hartmann GmbH,
      which stem from shareholder loans and which the Purchaser also intends to
      indirectly acquire via its acquisition of the interests in GHW
      Gebaudemanagement.

6.    The Guarantor is a German group company of the Purchaser.

Now therefore, the Parties agree as follows:

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                                     - 2 -

                                    SECTION 1
                                   BACKGROUND

1.1   GHW Gebaudemanagement holds as sole shareholder a share with a nominal
      value of EUR 30,457,600 in GHW Grote & Hartmann GmbH, which is recorded in
      the commercial register held at the Local Court of Wuppertal under HR B
      12541, has a nominal capital of EUR 32,000,000, and has its registered
      office in Wuppertal,

            - hereinafter also referred to as the "COMPANY", it being understood
              that this term relates to the company before and after the
              conversion addressed in No. 4 of the Preamble -.

1.2   The Company was originally founded as Grote & Hartmann GmbH & Co. KG with
      its registered office in Wuppertal

                        - hereinafter referred to as the "LIMITED PARTNERSHIP" -

      which was reorganised in accordance with Sections 190 et seq. of the
      German Reorganisation Act ("UmwG") in accordance with a resolution dated
      16 July 2003, which was notarised by Stefanie Steinkamp, notary,
      practising in Wuppertal (instrument no. 974/2003), and recorded in the
      commercial register held at the Local Court of Wuppertal on 28 August
      2003. The version of the Company's articles of association contained in
      the aforementioned instrument remains unchanged.

1.3   The Company's nominal capital was fully paid in by virtue of the change in
      legal form described in Section 1.2. In this respect, after deducting
      debts, the remaining assets of the Limited Partnership were, on the basis
      of an appraisal (Sachgrundungsbericht) attached hereto as Annex 1.3,
      determined to be equivalent to the amount of the Company's nominal
      capital, and the shares held by the partners of the Limited Partnership in
      the Limited Partnership's assets were equivalent to the initial
      contributions created at that time (EUR 30,457,600 and EUR 1,542,400).

1.4   In the course of changing the legal form as described in Section 1.2, the
      share referred to in Section 1.1 with a nominal value of EUR 30,457,600
      was granted to GHW Gebaudemanagement, and a share with a nominal value of
      EUR 1,542,400 was granted to Hartmann Metallwaren GmbH, with registered
      office in Wuppertal. Hartmann Metallwaren GmbH was then merged with the
      Company pursuant to a merger agreement and shareholders' resolutions dated
      26 July 2003, which were notarised by Stefanie Steinkamp, notary,
      practising in Wuppertal (instrument no. 976/2003 and instrument no.
      977/2003), as well as by virtue of registration in the relevant commercial

<PAGE>

                                     - 3 -

      register on 10 October 2003, and the Company thus acquired its own share
      with a nominal value of EUR 1,542,400.

1.5   The sole managing director of the Company is Mr Franz Margraf, an MBA
      graduate (Dipl.-Kfm.) and the 1st Deponent.

1.6   Today GHW Gebaudemanagement has receivables against the Company, which are
      based on the loan agreements contained in Annex 1.6 ("Receivables"). The
      Sellers transferred such Receivables to the GHW Gebaudemanagement pursuant
      to the agreements contained in Annex 1.6. As of This Day, the Receivables
      total, including accrued interest, EUR 3,455,084.80. The Company has
      issued a corresponding acknowledgment of debt, which is contained in Annex
      1.6.

                                   SECTION 2
                               SALE AND PURCHASE

2.1   The Sellers hereby sell, and agree to transfer as provided for in Section
      4, to the Purchaser all of their limited partners' interests as described
      in No. 1 of the Preamble, together with all partners' accounts including
      loan accounts, owned by the Sellers. The Purchaser hereby accepts the sale
      and the subsequent transfer of such interests as provided for in Section
      4.

2.2   [deleted]

2.3   GHW Verwaltung hereby agrees to transfer as provided for in Section 4, to
      Lear Verwaltung its general partner's interest (Komplementarstellung) in
      GHW Gebaudemanagement as described in No. 1 of the Preamble. Lear
      Verwaltung hereby accepts the transfer of such interest as provided for in
      Section 4.

2.4   GHW Verwaltung hereby agrees to transfer as provided for in Section 4, to
      Lear Verwaltung its future general partner's interest in the future GHW
      Grote & Hartmann GmbH & Co. KG (which will come into existence once the
      Company has changed its legal form to a GmbH & Co. KG as provided for in
      Section 13 1. b)). Lear Verwaltung hereby accepts the transfer of such
      interest as provided for in Section 4.

2.5   The transfers of the Interests take effect contractually as between the
      Parties as of 24:00 hours on the date on which the last of the conditions
      for releasing the funds in the

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                                     - 4 -

      trust account as mentioned in Section 3.4 (i) through (iv) have been met
      (hereinafter the "CLOSING" or the "CLOSING DATE" (Wirksamkeit oder
      Wirksamkeitstag)).

2.6   The Parties agree that the profit rights, including rights to withdrawals
      attaching to the limited partners' interests being sold may be exercised
      by the Purchaser as of the Closing Date, and such rights may also relate
      to the current financial year and to financial years, which ended prior to
      the Closing Date to the extent profit or drawing rights were not
      exercised. This was taken into account in calculating the Purchase Price
      under Section 3.1.

2.7   All of the limited partner's interests in GHW Gebaudemanagement, the
      general partner's interest of GHW Verwaltung in GHW Gebaudemanagement and
      the general partner's interest of GHW Verwaltung in the future [GHW Grote
      & Hartmann GmbH & Co. KG] shall in this Agreement collectively be referred
      to as the "INTERESTS".

                                   SECTION 3
                           PURCHASE PRICES, DUE DATE

3.1   The purchase price to be paid to the Sellers for the Interests

                              -hereinafter referred to as the "PURCHASE PRICE" -

      shall be

                                 EUR 60,000,000

                            ("sixty million Euros").

3.2   [deleted]

3.3   [deleted]

3.4   Except as otherwise provided in Section 3.6 hereof, within 10 banking days
      (Frankfurt/Main) of the conditions precedent set forth in Section 13.1
      being satisfied, the Purchaser must pay, in Euros, an amount of EUR
      48,000,000, unconditionally, and clear of any fees and charges into the
      following trust account held by the officiating notary:

<PAGE>

                                      - 5 -

      Bank is to be chosen by the notary at his own discretion. Bank and Bank
      Account are to be notified by the notary.

      The officiating notary is hereby irrevocably instructed to immediately
      release the funds including any interests accrued in this trust account to
      the Sellers upon receipt of, submitted by either of the Sellers or the
      Purchaser or obtained by the notary himself, the following certified
      excerpts from the Commercial Register of the Local Court of Wuppertal
      showing that

      (i)   the Purchaser is registered as the only limited partner of GHW
            Gebaudemanagement and

      (ii)  Lear Verwaltung is registered as the only general partner of GHW
            Gebaudemanagement and

      (iii) Lear Verwaltung is registered as the only general partner of the
            future [GHW Grote & Hartmann GmbH & Co. KG] (which will come into
            existence once the Company has changed its legal form to a GmbH &
            Co. KG as provided for in Section 13 1. b)) and

      (iv)  GHW Gebaudemanagement is the only limited partner of such future
            [GHW Grote & Hartmann GmbH & Co. KG].

      The released amounts shall be transferred via express wire transfer
      (Blitzuberweisung) in equal portions to the accounts of the Sellers,
      details of which shall be notified to the notary by the Sellers.

      The costs of the trust account shall be shared equally between the
      Purchaser on the one hand and the Sellers on the other hand.

      If the registrations referred to in this Section 3.4 have not occurred
      within four months following the date on which payment into the trust
      account has been made, the provisions of Section 13.3 shall apply.

3.5   If the Purchase Price has not been credited to the trust account (Section
      3.4) and the escrow account (Section 3.6) by the due dates as per Section
      3.4 and Section 3.6, then the Purchaser must pay default interest on the
      outstanding amount at a rate that is 6.0 percentage points higher than the
      respective base interest rate under Section 247 BGB. The Sellers reserve
      the right to demand compensation for any greater damage or to rescind this
      Agreement.

<PAGE>

                                     - 6 -

      The Purchase Price shall bear interest at a rate of 3 % per annum from the
      date on which the last of the anti-trust approvals referred to in Section
      13.1 a) is received until the date upon which the funds in the trust
      account referred to in Section 3.4 are released to the Sellers pursuant to
      the provisions in Section 3.4. The interest due shall be reduced by the
      aggregate amount of interest accruing on the funds in the escrow account
      in the period until the funds in the trust account are released and of
      interest accruing on the funds in the trust account to the date of release
      of the funds in the trust. The payment of such interest determined as
      provided for in this paragraph shall be paid to the Sellers' accounts
      specified in equal portions within 10 banking days (Frankfurt/Main) after
      the release of the funds in the trust account.

3.6   Within 10 banking days (Frankfurt/Main) of the conditions precedent set
      forth in Section 13.1 being satisfied, the Purchaser must deposit the
      remaining amount of EUR 12,000,000 (the "ESCROW AMOUNT") in an
      interest-bearing escrow account in the name of the Sellers to be held and
      administered by Michael H. Spring, pursuant to the terms of the escrow
      agreement (the "ESCROW AGREEMENT") contained in Annex 3.6 hereof. The
      Escrow Amount shall serve as Purchaser's security for the observance of
      Sellers' warranties as set forth in Section 5 hereof as provided for in
      detail in the Escrow Agreement.

                                    SECTION 4
                                   COMPLETION

4.1   Subject to the occurrence of the conditions precedent that:

      a)    the conditions precedent set forth in Section 13.1 are satisfied;

      and

      b)    the Purchase Price is paid into the trust and escrow accounts in
            accordance with Section 3.4 and 3.6 above;

                         - the day on which payment of the Purchase Price occurs
                             shall be referred to as "COMPLETION" or "COMPLETION
                                             DATE" (Vollzug oder Vollzugstag) -.

      the Sellers hereby assign all of their limited partners' interests,
      together with all partners' accounts including loan accounts, in GHW
      Gebaudemanagement sold pursuant to Section 2.1, i.e. Ms Ruth Matzler
      assigns her limited partner's interest in the amount of EUR 5,000,000
      (Haft- und Pflichteinlage), together with all partner's accounts including
      loan accounts, and Mr. Klaus Hartmann assigns his limited partner's

<PAGE>

                                     - 7 -

      interest in the amount of EUR 5,000,000 (Haft- und Pflichteinlage),
      together with all partner's accounts including loan accounts, to the
      Purchaser and the Purchaser accepts such assignments, whereby such
      assignments shall only become effective upon registration of the Purchaser
      as successor in title to the Sellers' limited partners' interests in the
      commercial register, and

      GHW Verwaltung hereby assigns its general partner's interest in GHW
      Gebaudemanagement to Lear Verwaltung and Lear Verwaltung accepts such
      assignment, whereby such assignment shall only become effective upon
      registration of the Purchaser as the new limited partner of GHW
      Gebaudemanagement in the commercial register, and

      GHW Verwaltung hereby assigns its future general partner's interest in the
      future [GHW Grote & Hartmann GmbH & Co. KG] (which will come into
      existence once the Company has changed its legal form to a GmbH & Co. KG
      as provided for in Section 13 1. b)) to Lear Verwaltung and Lear
      Verwaltung accepts such assignment, whereby such assignment shall only
      become effective upon registration of the Purchaser as the new limited
      partner of GHW Gebaudemanagement in the commercial register.

4.2   On the Completion Date, the Parties shall

      (i)   sign a completion memorandum in substantially the form as attached
            as Annex 4.2 in which they confirm that the conditions precedent
            contained in Section 13.1 have occurred, that the Purchase Price has
            been paid as provided for in Section 3.4 and Section 3.6, and in
            which they confirm and repeat the transfers of the Interests as
            contained in Section 4.1; and

      (ii)  the Sellers, the Purchaser, GHW Verwaltung and Lear Verwaltung shall
            sign before a notary a notification letter to the commercial
            register in substantially the form as attached hereto in German as
            Annex 4.2 (a) applying for registration of the changes of the
            partners of GHW Gebaudemanagement;

      and

      (iii) Lear Verwaltung, GHW Verwaltung and GHW Gebaudemanagement shall sign
            before a notary a notification letter to the commercial register in
            substantially the form as attached hereto in German as Annex 4.2 (b)
            applying for registration of the change of the general partner of
            the future [GHW Grote & Hartmann GmbH & Co. KG],

<PAGE>

                                      - 8 -

      and submit such notification letters to the commercial register
      immediately. All of the Parties are obligated to provide all cooperation
      as any other Party requests to bring about the registrations applied for
      in these notification letters as soon as possible.

                                   SECTION 5
                              SELLERS' WARRANTIES

The Sellers hereby furnish the Purchaser with warranties, which take the form of
an independent guarantee (selbststandiges Garantieversprechen) and in part are
based on both subjective and objective observations. Unless another point in
time is specifically indicated below, the warranties are based on the facts as
they exist on this day (i.e., the date on which the Parties sign this Agreement
in front of the notary ("THIS DAY")). The warranties made in Section 5.1 and
Section 5.5 and Section 5.6 and, for the avoidance of doubt, the warranties
specifically given as to This Day and/or the Closing Date below, however, relate
to This Day and the Closing Date.

5.1   Ownership relations:

      5.1.1 GHW Gebaudemanagement owns the share in the Company and Company owns
            the shares, either directly or indirectly, in the Associated
            Companies. GHW Gebaudemanagement may freely sell or otherwise
            dispose of the share in the Company. This share and, except as
            provided for in Annex 5.1.1 (a) (Security Pool Agreement) and Annex
            5.1.1 (b), the shares representing the ownership of the Associated
            Companies are free and clear of any third party rights and are
            specifically not subject to any rights of first refusal or purchase
            options.

      5.1.2 The statements made in the Preamble, Nos. 1 and 2, and in Section
            1.1 through Section 1.5 are true and correct.

      5.1.3 The Company's nominal capital has been fully paid in and has not
            been repaid to the shareholders. The net worth of the Company on the
            date of its reorganisation as a German limited liability company
            was not less than EUR 32,000,000.

      5.1.4 The Company's articles of association, in the version indicated in
            the last sentence of Section 1.2 have not been amended, and no
            resolutions to amend the Articles have been adopted.

<PAGE>

                                      - 9 -

      5.1.5 The Company is not subject to any control agreement, profit transfer
            agreement or other intra-group agreement, all within the meaning of
            Sections 291 et seq. of the German Stock Corporation Act ("AKTG").
            The Company has no silent participations, participating loans or, to
            the Sellers' best knowledge, similar obligations, unless otherwise
            specified in Annex 5.1.5.

      5.1.6 Except for the transactions contemplated in this Agreement or
            otherwise disclosed in this Agreement including its Annexes, neither
            the share of GHW Gebaudemanagement in the Company nor the shares
            held by the Company and by GHW Engineering GmbH in the Associated
            Companies will be sold or transferred prior to the Closing Date nor
            will obligations relating thereto be incurred. If the shares in GHW
            Brazil Ltda. are transferred as a result of the call option
            addressed in Annex 5.1.1 (b) being exercised, this shall not lead to
            a violation of this Section 5.1.6. If the shares in Klingel Italiana
            s.r.l. are transferred as a result of the preemptive right addressed
            in Annex 5.1.1 (b) being exercised, this shall not lead to a
            violation of this Section 5.1.6.

5.2   Financial condition:

      5.2.1 When provided, the Company's and the Associated Companies' audited
            annual financial statements and, if the law applicable to an
            Associated Company does not require such Associated Company to have
            the annual financial statements audited, the non-audited annual
            financial statements, as per 31 December 2003 - subject to the
            commentary in the auditor's report - have been prepared in
            accordance with the generally accepted principles of accounting as
            applicable to the respective annual financial statements (valuation
            rules consistently applied) and to the Sellers' best knowledge,
            these financial statements - subject to the statements in this
            section 5.2.1 - present a true and fair reflection of the Company's
            and the Associated Companies' net assets, financial position and
            results of operation as at 31 December 2003.

            For the purposes of this Section 5.2.1 and of the following Section
            5.2.2, the term Associated Companies shall not include GHW Brazil
            Ltda and Klingel Italiana s.r.l.

      5.2.2 The fixed and current assets reported (i) as owned by the Company
            and the Associated Companies or (ii) as to which the Company and the
            Associated Companies have rights, in the Company's and the
            Associated Companies' annual financial statements per 31 December
            2003 were owned by the Company and the Associated Companies on that
            date or the respective rights existed on the same date and there
            have been no dispositions in the fixed assets

<PAGE>

                                     - 10 -

            between that date and the Closing Date except as disclosed in Annex
            5.2.2 (a) and in Annex 5.3.4 under b), whereby only dispositions of
            assets exceeding EUR 25,000 (purchase price if arms' length
            transaction or actual value (Teilwert)) regarding a single asset
            and dispositions of assets exceeding EUR 150,000 (purchase price if
            arms' length transaction or actual value (Teilwert)) in the
            aggregate are relevant (it being understood that a disposition of a
            single asset already disclosed in such Annexes shall not be taken
            into account in the determination of dispositions of assets in the
            aggregate), and to the Sellers' best knowledge, were not encumbered
            by any third party rights, except for (i) the security interests
            customarily used in the ordinary course of business to secure the
            claims of banks, suppliers and other creditors and (ii) the
            collateral listed in Annex 5.2.2 (b) and inuring to the benefit of
            the financial institutions listed therein, and to the Sellers' best
            knowledge, include any and all assets as of 31 December 2003 that
            are recorded on the balance sheet of the Company and the Associated
            Companies, as the case may be, and that are necessary to operate the
            business of the Company and the Associated Companies as at the
            Closing Date. "Fixed assets" shall, for the purpose of this Section
            5.2.2, mean such assets which are needed for the manufacturing of
            products for sale or lease to customers.

      5.2.3 The statements including the respective best knowledge
            qualifications made under Section 5.2.1 and Section 5.2.2 also apply
            to the Company's consolidated financial statements per 31 December
            2003.

      5.2.4 To the Sellers' best knowledge, Annex 5.2.4 represents a true and
            complete listing of all bank accounts held by the Company and the
            Associated Companies and of the relevant authorised signatories.

      5.2.5 All debt to be discharged by the Purchaser owed to the Pool Banks
            and secured by Security Pool Agreement shall not exceed the amount
            of EUR 68,332,000 as of February 29, 2004 and shall not exceed the
            amount of EUR 70,332,000 at the Closing Date, it being understood
            that the amount by which the debt owed at the Closing Date exceeds
            the aforementioned maximum amount as per This Day shall only be
            caused by draw-downs in the ordinary course of business. As of
            This Day and the Closing Date, there is no other debt due to
            financial institutions (for the avoidance of doubt, not including
            sale and lease back arrangements and capital leases
            (Finanzierungsleasing)) other than due under Security Pool
            Agreement or under the agreements as listed in Annex 5.2.5 (a). The
            debt as described in Annex 5.2.5 (a) shall not exceed the amount of
            EUR 6,463,000 as of February 29, 2004 and the

<PAGE>

                                     - 11 -

            amount of EUR 6,463,000 at the Closing Date, it being understood
            that the amount by which the debt owed at the Closing Date exceeds
            the aforementioned maximum amount as per This Day shall only be
            caused by draw-downs in the ordinary course of business. At the
            Closing Date, there are no encumbrances on the assets of the Company
            or the Associated Companies other than under the Security Pool
            Agreement or mentioned in Annex 5.2.2.(b). A list of banks as of
            This Day, a list of bank credit lines as of This Day and the amounts
            drawn down thereunder as at the day two days prior to This Day and
            statements of account as at the day two days prior to This Day are
            attached as Annex 5.2.5(b).

            It is understood that the above mentioned debts shall be amounts
            owing to banks minus cash as defined in Section 266 para. 2 B IV
            German Commercial Code (HGB).

      5.2.6 Except as in accordance with the contracts listed in Annex 5.3.1,
            Company has made no distributions to GHW Gebaudemanagement and to
            the holders of its partnership interests (Komplementar and
            Kommanditisten) in cash or in kind or undertaken to do so, whether
            disclosed or undisclosed, since 31 December 2003 and will not make
            such distributions prior to the Closing Date.

      5.2.7 Except as listed in Annex 5.2.7, none of the receivables of the
            Company and the Associated Companies are subject to factoring
            agreements with third parties.

      5.2.8 The Company's and the Associated Companies' monthly management
            accounts as attached in Annex 5.2.8 have been prepared in accordance
            with the company accounting guidelines for such monthly management
            accounts, consistently applied, and, to the Seller's best knowledge,
            these monthly management accounts present a fair reflection, taking
            into consideration the scope of monthly management accounts, of the
            Company's and the Associated Companies' financial position and
            results of operation as at the respective day.

<PAGE>

                                     - 12 -

5.3   Contracts:

      5.3.1 Except for the contracts listed in Annex 5.3.1, the Company is, as
            of This Day and through and as of the Closing Date, not bound by any
            contracts with the Sellers or with any of the Sellers'
            closely-related persons within the meaning of Section 15 of the
            German Tax Code ("AO"), apart from the Associated Companies.

      5.3.2 Except for the equity joint venture and written cooperation
            agreements listed in Annex 5.3.2 (a), no written cooperation
            agreements on development, research, manufacture and distribution,
            and, without such limitation, no equity joint venture agreements
            exist with third parties, nor will the Company or an Associated
            Company enter into any such agreement prior to the Closing Date
            without giving prior written notice to Purchaser. Except as listed
            in Annex 5.3.2(b), there are, to the Sellers' best knowledge, no
            oral cooperation agreements with substantial importance to either
            the Company or one of the Associated Companies. To the Sellers' best
            knowledge, except for the contracts listed in Annex 5.3.2(c), the
            Company and the Associated Companies, as the case may be, are not
            party to any agreements, pursuant to which the contract may be
            terminated because of a contractual clause explicitly providing for
            a right to terminate such contract on the basis of a change in
            control of the Company or the Associated Companies.

      5.3.3 To the Sellers' best knowledge, the Company and/or the Associated
            Companies have in effect the insurance policies, which are listed in
            Annex 5.3.3.

      5.3.4 To the Sellers' best knowledge, Annex 5.3.4 contains a true and
            complete listing of all contracts, which have been concluded between
            GHW Gebaudemanagement, the Company or an Associated Company (for
            the purpose of this Clause 5.3.4 Associated Companies shall not
            include GHW Brazil Ltda. and Klingel Italiana s.r.l.) and a third
            party and which (i) have not yet been fully performed by at least
            one of the contracting parties, (ii) relate to a subject matter set
            forth below and/or are executed with one of the third parties set
            forth below, and (iii) are deemed significant to the business
            operations of GHW Gebaudemanagement, the Company and/or its
            Associated Companies (i.e., the value of the contractual subject
            matter exceeds at least EUR 250,000 or, in the case of term
            contracts or framework agreements, the actual or estimated value
            exceeds EUR 100,000 annually, whereby if there is any uncertainty as
            to the basis for such estimate, the values existing in 2003 should
            dictate):

<PAGE>

                                     - 13 -

            a)    Contracts or obligations concerning the purchase, sale,
                  encumbrance or other disposal of real property or interests in
                  real property.

            b)    Contracts concerning the purchase or sale of fixed assets,
                  including any intangible assets, tangible assets (with the
                  exception of those defined in a)) and financial assets.

            c)    Any leases or leasing contracts with a lessor or lessee, etc.

            d)    Licence agreements with a licensor or licensee, except those
                  licenses relating to software as listed in Annex 5.3.4 d).

            e)    Loan agreements with lenders or borrowers, except for
                  customary credit agreements entered into in the ordinary
                  course of business and except for the agreements listed in
                  Annex 5.2.5 (a) and Annex 5.1.1 (a).

            f)    Employment agreements.

            g)    Sales agency, distributorships or similar distribution
                  agreements.

            h)    Capital leases (Finanzierungsleasing).

            i)    All customer relationships with BMW and VW.

            j)    Contracts containing non-compete covenants (it shall not be
                  considered a violation of this Section 5.3.4 j), if
                  non-compete covenants are not contained in Annex 5.3.4 under
                  j), but notified to the Purchaser until the Completion Date
                  and the Purchaser, upon demand of the Sellers, confirm in
                  writing the receipt of such notification).

      5.3.5 The contracts regarding the sale of the Galvanic assets shall only
            be executed after consultation with the Purchaser.

5.4   Other relationships:

      5.4.1 To the Sellers' best knowledge, the Company or the Associated
            Companies are the lawful holders of the patents, patent
            registrations, trademarks or trademark registrations as well as
            other industrial property rights, which are

<PAGE>

                                     - 14 -

            summarised in Annex 5.4.1, and, to the Seller's best knowledge, the
            Company and the Associated Companies have not violated any patent,
            patent registration, trademark or trademark registration as well as
            other industrial property rights, including know how, of third
            parties.

      5.4.2 The public subsidies or grants (offentliche Zulagen oder Zuschusse)
            exceeding EUR 100,000, which the Company has obtained since 1
            January 1999 for the procurement or manufacture of capital goods,
            are limited to those summa-rised in Annex 5.4.2.

      5.4.3 Neither the Company nor an Associated Company is a claimant or
            claimee in any pending judicial or arbitration proceedings, where
            the amount in controversy exceeds EUR 100,000, nor is any such
            proceeding explicitly threatened in writing, unless otherwise
            specified in Annex 5.4.3, and the accumulated amount of all amounts
            in controversy, irrespective of whether or not the aforementioned
            threshold of EUR 100,000 is exceeded, does not exceed EUR 500,000.

      5.4.4 The real property owned on This Day by the Company or the Associated
            Companies is on the Closing Date free and clear of a contamination,
            as defined in Section 2 (3) of the Federal Soil Contamination Act
            ("BBODSCHG") and/or other applicable German federal and/or state or
            local soil and water laws and regulations, for which the Company or
            the Associated Companies, even though the manner of use of such
            property (for instance, industrial usage) has not been altered,
            could be held liable for remediation under the legislation that
            governs environmental contamination and is applicable and in effect
            on This Day ("PRE-EXISTING CONTAMINATION").

      5.4.5 To the Sellers' best knowledge, the Company and the Associated
            Companies have, from 31 December 2003 to This Day, conducted their
            business operations in the same customary manner as before, subject
            to the exceptions listed in Annex 5.4.5.

      5.4.6 From This Day until the Closing Date, the Company and the Associated
            Companies will continue to manage their business affairs in
            accordance with prior practice and in accordance with the care
            exercised by an ordinary merchant, specifically no assets will be
            purchased, sold or encumbered outside the ordinary course of
            business, except for the transactions listed in Annex 5.4.6 (a) and
            Annex 5.2.2 (a) and Annex 5.3.4 under b). GHW Gebaudemanagement, the
            Company and the Associated Companies will not enter into any sale
            and

<PAGE>

                                     - 15 -

            lease back transactions, nor enter into any capital lease
            transaction, nor incur any capital expenditure in excess of Euro
            10,000 prior to the Closing Date.

            Annex 5.4.6 (b) contains all items of capital expenditure
            (Investitionen) and commitments to capital expenditure for the
            period from April through the end of July 2004 for the Company and
            the Associated Companies. The Company and the Associated Companies
            will not spend any amounts exceeding the aggregate amount of capital
            expenditures mentioned in Annex 5.4.6 (b) during this period. After
            the expiration of the aforementioned period, any further capital
            expenditure shall only be incurred after discussion with the
            Purchaser.

      5.4.7 The Company, including the Company prior to its reorganisation as a
            German limited liability company, and the As sociated Companies have
            filed all necessary Tax returns in a timely, complete and correct
            manner and have paid all Taxes assessed by the competent authorities
            in the past when due or, if not due on the respective cut-off dates,
            have been duly entered in the reserve of the financial statements.
            If hidden profit distributions have been made prior the sale and
            transfer of the Interests, Seller shall bear all Taxes resulting
            therefrom. All social security contributions due and payable with
            respect to the period until the Closing Date have been paid. "Taxes"
            shall mean any direct and/or indirect levies by the governmental
            authorities and/or any direct or indirect fiscal and/or financial
            public burdens (i.e., Zolle, Steuern, Abgaben, Gebuhren) on the
            Company's, respectively, the Associated Companies' business,
            transactions, assets and respective income.

      5.4.8 To the best knowledge of the Sellers the business operations of, and
            all products manufactured by, the Company and the Associated
            Companies conform to applicable legal requirements and quality
            standards (ISO TS 19949 or VDA 6.1. or QS 9000 or ISO 9001 plus the
            respective quality standards of OEMs, internal quality standards of
            the Company and the Associated Companies and approved prototypes
            (Muster)) which at the Closing Date were in force in their
            respective jurisdictions and which must be observed pursuant to
            administrative regulations and applicable laws, including such legal
            requirement and quality standards in other countries in which the
            Company and the Associated Companies manufacture and sell their
            products. Seller is not aware of any product recalls pending or
            decisions by competent public authorities (Behorden) in respect of
            such a recall. On This Day, except as listed in Annex 5.4.8, no
            product liability claim has been asserted which could result in a
            payment obligation of the Company or the Associated Companies over
            and above EUR 100,000 in the current business year and/or the
            following three business

<PAGE>

                                     - 16 -

             years and neither the Company nor the Associated Companies have
             been notified as per This Day, of any specific concerns which could
             reasonably lead to the assertion of such claims. Regarding the
             potential MAN/Porsche product liability issues addressed in more
             detail in Annex 5.4.8, any amount of damages arising in connection
             with these issues exceeding the amount of EUR 750,000 reserved
             therefor in the annual financial statements ending December
             31, 2003 has full insurance coverage.

      5.4.9  The list of the real property owned or leased by the Company and
             the Associated Companies set forth in Annex 5.4.9 is complete and
             correct. Neither the Company nor the Associated Companies own,
             directly or indirectly, additional real property which is not
             listed in the aforesaid Annex 5.4.9.

      5.4.10 Except as listed in Annex 5.4.10 a) or otherwise disclosed in this
             Agreement and its Annexes, between December 31, 2003 and This Day,
             the Sellers have not received factual information of customer- or
             supplier-related circumstances which could materially adversely
             affect the business of the Company or the Associated Companies;
             this applies, in particular, but without limitation, to the
             termination of a material relationship with a customer or supplier
             as listed in Annex 5.4.10 b) and to claims for damages. The Sellers
             have no knowledge of an event that has a material adverse affect on
             the business of the Company.

             From This Day until the Closing Date, the Company and the
             Associated Companies will inform the Purchaser in writing without
             undue delay regarding any customer-related facts and circumstances
             which are "materially adverse", whereby, only for purposes of this
             obligation to inform, "material adverse" shall also comprise
             material adverse events the influence of which on the sales
             revenues can not be computed. In the event of doubt, the Company
             and the Associated Companies shall not act without having provided
             prior information to Purchaser regarding an existing or threatened
             "material adverse" event as defined herein.

             For the avoidance of doubt, it is understood that (i) a loss of the
             sales revenues net of tax and customs of the Company or Associated
             Companies not exceeding EUR 3,000,000 net of tax and customs, or
             (ii) an event in the public knowledge, or (iii) an event in the
             ordinary course of business shall not be deemed to be "materially
             adverse" within the meaning of this clause 5.4.10.

      5.4.11 The attached list of employees of the Company and Associated
             Companies in Annex 5.4.11 lists all service, employment and labor
             relationships (Dienst-,

<PAGE>

                                     - 17 -

             Angestellten- und Arbeitsvertragen) and shows, respectively, name
             of employee, amount of monthly fixed salary, bonus, date of
             commencement of the employment and job title and is complete, true
             and correct.

             The accruals for pension commitments of the Company and of the
             Associated Companies in their annual financial statements for the
             fiscal year ending December 31, 2003 have been consistently
             provided for in the same manner as in the financial statements for
             the fiscal years prior to December 31, 2003 and, regarding the
             Company and GHW Engineering GmbH, in accordance with the valuation
             principles of Dr. Klaus Heubeck.

      5.4.12 No member of the Company's or the Associated Companies' management
             (managing directors (Geschaftsfuhrer) or their equivalent in
             foreign jurisdictions, as the case may be) has indicated that
             he/she intends to terminate their employment agreement on the
             grounds of a change of control brought about in connection with
             this Agreement.

5.5   Receivables pursuant to Section 1.6:

      5.5.1  GHW Gebaudemanagement may freely sell or otherwise dispose of the
             Receivables. These Receivables exist, are not encumbered by third
             party rights and are specifically not subject to any rights of
             first refusal or purchase options.

      5.5.2  The statements made in Section 1.6 are true and correct.

      5.5.3  No repayments and payments of interest have been made on the
             Receivables since This Day.

      5.5.4  The loan agreements comprising the Receivables exist in the
             versions appended hereto as Annex 1.6 and have not been modified.

5.6   GHW Gebaudemanagement:

      The Sellers provide the Purchaser with the following warranties in respect
      of GHW Gebaudemanagement:

<PAGE>

                                     - 18 -

      5.6.1 GHW Gebaudemanagement is a German limited partnership
            (Kommanditgesellschaft) duly organized, registered and validly
            existing under the laws of the Federal Republic of Germany and,
            except as disclosed in Annex 5.1.1 a), has the full power and
            authority to own, lease and operate its assets and properties, to
            own and hold the share in the Company, to execute and to perform its
            obligations under this Agreement, to perform the other transactions
            contemplated herein, and to carry out its business as currently
            conducted and as set forth in the effective GHW Gebaudemanagement's
            partnership agreement. GHW Gebaudemangment is, on the Closing Date,
            financially solvent, is neither over-indebted nor unable to pay its
            accounts payable. GHW Gebaudemanagement acts through its general
            partner, GHW Verwaltungs GmbH, the latter acts through its sole
            managing director (Geschaftsfuhrer), which is, at This Day, Franz
            Margraf with sole power of representation. Franz Margraf is exempted
            from the restrictions of Section 181 of the German Civil Code
            ("BGB").

      5.6.2 GHW Verwaltungs GmbH is a German limited liability company
            (Gesellschaft mit beschrankter Haftung) organized, registered and
            validly existing under the laws of the Federal Republic of Germany.
            It has the authority to assume the position and assumes the position
            as general partner in GHW Gebaudemanagement.

      5.6.3 Sellers may freely sell or otherwise dispose of their interests in
            GHW Gebaudemanagement and their interests are free and clear of all
            liens, charges, encumbrances and of any third party rights or rights
            in favour of the Sellers and are specifically not subject to any
            rights of first refusal, pre-emptive rights or purchase or call
            options.

      5.6.4 Sellers' limited partner interests (Pflichteinlagen) in GHW
            Gebaudemanagement are fully paid-in, all capital contributions in
            kind regarding their limited partner interests in GHW
            Gebaudemanagement have been made and have the full value at which
            they were transferred and accepted; their interests have not been
            repaid or decreased as a result of losses and no hidden repayments
            were made nor do obligations exist to effect repayments. The
            contributions have not been withdrawn. GHW Verwaltungs GmbH does not
            hold a capital interest in GHW Gebaudemanagement. No further
            partners exist. In addition to the Partnership Agreement of GHW
            Gebaudemanagement, there are no side agreements relating to the
            constitution and organization of GHW Gebaudemanagement.

<PAGE>

                                     - 19 -

      5.6.5 With respect to GHW Gebaudemanagement, there are no rights of the
            Sellers or third parties to subscribe to or otherwise acquire new
            interests or to convert any other rights into interests or to
            require the issue of new interests or to grant any of the aforesaid
            rights. The Sellers have, except from the powers of attorney
            attached to this notarial deed as Annex Set N, to be used for
            declarations in connection with the transactions contemplated in
            this Agreement, not granted any third party the right to exercise
            Sellers' voting rights in partnership meetings of GHW
            Gebaudemanagement, whether by way of powers of attorney or
            otherwise.

      5.6.6 GHW Gebaudemanagement is not subject to any control agreement,
            profit transfer agreement or other intra-group agreement, all within
            the meaning of Sections 291 et seq. of the German Stock Corporation
            Act ("AkTG"). GHW Gebaudemanagement has no silent participations,
            participating loans or, to the best of Sellers' knowledge, similar
            obligations.

      5.6.7 GHW Gebaudemanagement's partnership agreement, in the currently
            governing version attached hereto as Annex 5.6.7, has not been
            amended, and no resolutions to amend the partnership agreement have
            been adopted, except for the resolution adopted in the partners'
            meeting of today, contained in Annex Set 17.2.

      5.6.8 GHW Gebaudemanagement does not directly or indirectly own or hold
            any share or interest in any company other than the Company or the
            Associated Companies.

      5.6.9 GHW Gebaudemanagements' annual financial statements as per 31
            December 2003, the draft of which is attached hereto as Annex 5.6.9,
            have been prepared in accordance with generally accepted principles
            of accounting (valuation rules consistently applied) and these
            financial statements present a true, correct, complete and fair
            reflection in all material respects, in particular, but not limited
            to, of GHW Gebaudemanagement's net assets, liabilities, financial
            position and results of operation as at 31 December 2003.

            Any incorrectness of the annual financial statements addressed in
            Section 5.2.1 which does not lead to a warranty claim of the
            Purchaser under Section 5.2.1 shall also not lead to a warranty
            claim under this Section 5.6.9 regarding the value of the interest
            in the Company as stated in GHW Gebaudemanagement's annual financial
            statements.

<PAGE>

                                     - 20 -

      5.6.10 The fixed, intangible and current assets reported in GHW
             Gebaudemanagements' annual financial statements per 31 December
             2003 were owned by GHW Gebaudemanagement on that date and there
             have been no dispositions or encumbrances in favour of third
             parties with regard to these assets. GHW Gebaudemanagements' annual
             financial statements per 31 December 2003 include any and all
             assets as of 31 December 2003 that are recorded on the balance
             sheet of GHW Gebaudemanagement and that are necessary to operate
             the business of GHW Gebaudemanagement as at the Closing Date. As of
             the Closing Date, the net assets of GHW Gebaudemanagement will
             amount to at least the amount specified in the financial statements
             per December 31, 2003.

      5.6.11 All of the receivables of GHW Gebaudemanagement reported in GHW
             Gebaudemanagements' annual financial statements per 31 December
             2003 were owned by GHW Gebaudemanagement on that date and there
             have been no dispositions and no encumbrances in favour of third
             parties. None of the receivables of the GHW Gebaudemanagement are
             subject to factoring agreements.

      5.6.12 Annex 5.6.12 represents a true and complete listing of all bank
             accounts held by GHW Gebaudemanagement and of the relevant
             authorised signatories. The list includes, broken down by account
             number, purpose, currency, maturity dates, current debit and
             amounts not yet drawn down.

      5.6.13 Sellers have not received payments or withdrawn funds from GHW
             Gebaudemanagement in cash or in kind since 31 December 2003,
             except as disclosed in Annex 5.6.13. GHW Gebaudemanagement has made
             no distributions in cash or in kind or undertaken to do so or
             resolved a capital contribution, whether disclosed or undisclosed,
             since December 31, 2003.

      5.6.14 Except for the Receivables, GHW Gebaudemanagement has not taken out
             any loans and is, except for the Security Pool Agreement contained
             in Annex 5.1.1 a), not party to any other financing, borrowing or
             lease arrangement and has not undertaken any form of off-balance
             sheet financing such as, but not limited to sale-and-lease-back
             agreements, or financial leases. GHW Gebaudemanagement has
             undertaken no obligation which prohibits it from pledging or
             assigning any of its assets or to otherwise use them as collateral.

      5.6.15 Except as for the obligations of GHW Gebaudemanagement as provided
             for in the Security Pool Agreement contained in Annex 5.1.1 a),
             there are no

<PAGE>

                                     - 21 -

             guaranties, warranties or securities of any kind (including comfort
             letters) granted by GHW Gebaudemanagement in favor of third
             parties, the Sellers, the Company, the Associated Companies or any
             of its shareholders, partners, managers or employees or any member
             of the families of the Sellers.

      5.6.16 There are no liabilities or debt of GHW Gebaudemanagement of any
             kind whatsoever, whether accrued, contingent, absolute, determined,
             determinable or otherwise, and there is no existing condition,
             situation or set of circumstances which could reasonably be
             expected to result in such a liability or debt, other than: (i)
             liabilities/debt fully reflected or provided for in the financial
             statements per 31 December 2003; (ii) current liabilities incurred
             in the ordinary course of business consistent with past practice
             since December 31, 2003 which are comprehensively listed in Annex
             5.6.16 and which, in the aggregate, do not materially affect the
             valuation of the business; and (iii) liabilities under contracts
             and bids entered into or made in the ordinary course of business
             consistent with past practice.

      5.6.17 Except as attached as Annex 5.6.17, there are no contractual
             relationships or agreements or arrangements whether written or oral
             of whatever kind and content exceeding an annual value of EUR
             15,000. The contractual relationships or agreements or arrangements
             attached as Annex 5.6.17 are agreed between GHW Gebaudemanagement
             and the Company or the Associated Companies only. These are entered
             into at arm's length and are attributable to GHW
             Gebaudemanagements' ordinary business only. GHW Gebaudemanagement,
             with the exception of its partnership agreement, is not bound by
             any contracts with the Sellers or with any of the Sellers'
             closely-related persons as defined in clause 5.3.1. Except for the
             Receivables, there are no claims of GHW Gebaudemanagement against
             the Sellers, Company, Associated Companies or any of its
             shareholders, partners, managers or employees or any member of the
             families of the Sellers and no claims of the Sellers, Company,
             Associated Companies or any of its shareholders, partners, managers
             or employees or any member of the families of the Sellers against
             GHW Gebaudemanagement.

      5.6.18 GHW Gebaudemanagement does not manufacture, purchase, sell,
             distribute or trade products - for the avoidance of doubt,
             "products" shall not include the provision of services to the
             Company or the Associated Companies pursuant to the contracts
             listed in Annex 5.6.17 - of whatever kind and nature.

<PAGE>

                                     - 22 -

      5.6.19 GHW Gebaudemanagement has filed all necessary tax returns in a
             timely, complete and correct manner and has paid all Taxes assessed
             by the competent authorities in the past when due or, if not due on
             the respective cut-off dates, have been duly entered in the reserve
             of the financial statements. If hidden profit distributions have
             been made prior to the sale and transfer of the interests in GHW
             Gebaudemanagement, the Sellers shall bear all Taxes resulting
             therefrom. All social security contributions due and payable with
             respect to the period until the Closing Date have been paid.
             "TAXES" shall mean any direct and/or indirect levies by the
             governmental authorities and/or any direct or indirect fiscal
             and/or financial public burdens (i.e., Zolle, Steuern, Abgaben,
             Gebuhren) on GHW Gebaudemanagement's business, transactions, assets
             and respective income.

      5.6.20 GHW Gebaudemanagement has not entered into any lease contracts
             regarding real property.

      5.6.21 GHW Gebaudemanagement does not own real property. The real property
             leased or used by GHW Gebaudemanagement is on the Closing Date free
             and clear of a contamination, as defined in Section 2 (3) of the
             Federal Soil Contamination Act ("BBodSchg") and/or other applicable
             German federal and/or state or local soil and water laws and
             regulations, for which the Company or the Associated Companies,
             even though the manner of use of such property (for instance,
             industrial usage) has not been altered, could be held liable for
             remediation under the legislation that governs environmental
             contamination and is applicable and in effect on This Day
             ("PRE-EXISTING CONTAMINATION"). The same applies for all real
             property owned or leased or used previous to the Closing Day by GHW
             Gebaudemanagement, even if they were not owned or leased or used on
             This Day or Closing Date.

      5.6.22 Except as listed in Annex 5.6.22, GHW Gebaudemanagement has not
             entered into any service, employment and labor contracts (Dienst-,
             Angestellten- und Arbeitsvertrage). There are no pension
             commitments or obligations other than those for which reserves are
             booked in the annual financial statements as per December 31, 2003
             and these reserves adequately reflect those pension commitments.
             There are no obligations or commitments regarding direct insurance.

      5.6.23 There are no works councils. There are no applicable collective
             bargaining agreements (Tarifvertrage), shop agreements
             (Betriebsvereinbarungen) and social plans.

<PAGE>

                                     - 23 -

      5.6.24 All social security contributions, if any, legally required to be
             paid by GHW Gebaudemanagement have been paid and will be paid in
             the future. To the extent that there are any outstanding social
             security contributions, sufficient accruals have been set up in the
             financial statements.

      5.6.25 All of the members of the supervisory board or similar boards of
             GHW Gebaudemanagement will resign from their office as of the
             Closing Date. Except for current year supervisory board fees and
             expenses pro rata temporis as per the Closing Date, they have no
             claims against GHW Gebaudemanagement, the Company or any Associated
             Companies.

      5.6.26 GHW Gebaudemanagement does not own any intellectual property rights
             (e.g. patents, patent applications, utility model registrations,
             trademarks, trademark registrations, service marks, business or
             trade names, brand names, logos, registered designs, design rights,
             copyrights, recipes and formulas, rights in domains, domain names,
             rights in know-how, trade secret or invention) as well as other
             industrial property rights, all of the foregoing hereinafter also
             referred to as "IPR".

      5.6.27 There are no outstanding claims by third parties against GHW
             Gebaudemanagement relating to the infringement of any IPR and no
             such claims are threatened or pending and there are, to the best of
             Sellers' knowledge, no known circumstances possibly leading to such
             claims.

      5.6.28 No material IPR of a third party, apart from standard office
             software, are used by GHW Gebaudemanagement and GHW
             Gebaudemanagement is not dependent on any other IPR of a third
             party.

      5.6.29 There are no insurance contracts, and there are no insurable risks.

      5.6.30 GHW Gebaudemanagement is neither a claimant nor claimee in any
             pending judicial or arbitration proceedings exceeding an amount in
             dispute of EUR 50,000 and there are; to the best knowledge of the
             Sellers, no threatened legal disputes exceeding the same threshold.
             According to the Sellers' best knowledge, there are currently no
             administrative investigations or procedures against GHW
             Gebaudemanagement in connection with the operations of the busine
             Section There are, to the best of Sellers' knowledge, no facts or
             circumstances which could give rise to any such actions, suits,
             proceedings or investigations. This is, in particular, true with
             respect to proceedings in trade, tax,

<PAGE>

                                     - 24 -

             product liability, product warranty, environmental liability, or
             unfair trade practices or real estate matters.

      5.6.31 There are no public subsidies or grants (offentliche Zulagen oder
             Zuschusse) which GHW Gebaudemanagement has obtained.

      5.6.32 All administrative approvals, permits, licenses and registrations
             which are necessary for GHW Gebaudemanagement to operate and
             continue its respective business are without exception existing and
             valid.

      5.6.33 GHW Gebaudemanagement has at all times prior to the Closing Date
             without exception been in compliance with all administrative
             security regulations applicable to it in connection with the
             operation of its businesses, including requirements imposed by
             trade authorities, construction authorities, technical supervisors.
             No additional requirements are to be expected in the future under
             the presently existing laws. Any commissioners required by law have
             been duly appointed.

                                   SECTION 6
                   LEGAL CONSEQUENCES OF A BREACH OF WARRANTY

6.1   If and to the extent that any warranties provided in Section 5 are
      breached, then, within two months following receipt of a Purchaser's
      relevant performance demand, which must be sent via certified mail (return
      receipt requested), the Sellers shall in their discretion either perform
      the warranty or pay compensatory damages such that the Purchaser or GHW
      Gebaudemanagement or the Company or the Associated Company is placed in
      the position it would have been in, had the warranty not been breached. If
      the Sellers fail to perform the warranty within the meaning of the
      aforementioned sentence within the two months period indicated or if the
      Sellers notify the Purchaser by registered letter (return receipt
      requested) that the Sellers see no possibility to perform the warranty or
      that the Sellers refuse the claim (such letter, in this Agreement, being
      referred to as the "REFUSAL LETTER"), then it will be required to pay
      compensatory damages suffered by either of the Purchaser, GHW
      Gebaudemanagement, the Company or the Associated Companies after the
      expiration of this period or upon receipt of such notification.

      For the avoidance of doubt, the aforementioned two months period shall not
      prevent the Purchaser, GHW Gebaudemanagement or the Company or one of the
      Associated Companies from taking immediate action even before the
      aforementioned two months

<PAGE>

                                     - 25 -

      period has lapsed, if without such action the interest of the Purchaser,
      GHW Gebaudemanagement, the Company or the Associated Companies would be
      impaired. The Purchaser, GHW Gebaudemanagement, the Company or the
      Associated Companies are obligated to inform the Seller immediately of
      such action, if possible, prior to such action.

6.2   The Purchaser will be entitled to enforce its breach of warranty claims,
      only if and to the extent that

      a)    the value of any single given claim or series of claims relating to
            a specific product (Teile) exceeds a minimum amount of EUR 100,000.

      and

      b)    the value of all claims, which are included under sub-paragraph a),
            exceeds an allowance (Freibetrag) of EUR 1,000,000; i.e. the
            Purchaser's claim will be limited only to the amount exceeding this
            allowance amount.

      c)    The provisions of this Section 6.2 a) and b) shall not be applicable
            to a warranty claim of the Purchaser under Section 5.4.7 or Section
            5.6.19 relating to possible real estate transfer tax to be paid in
            connection with the reorganization of the Company described in
            Section 1.2, such reorganization having been preceded by a transfer
            of Sellers' former limited partners' interests in the Company prior
            to the reorganization described in Section 1.2 to GHW
            Gebaudemanagement, i.e. the full amount of the damages to which such
            warranty claim relates shall be paid and not be subject to the above
            limitations in Section 6.2 a) and b).

6.3   The Sellers' quantitative liability shall be limited as follows:

      a)    in the case of a breach of the warranties provided in Section 5.1.1
            and Section 5.1.2, to an amount equal to the Purchase Price paid;

      b)    in the case of a breach of the warranties provided in Section 5.5.1
            and Section 5.5.2, to the amount referred to in Section 1.6;

      c)    in the case of a breach of the warranties provided in Section 5.4.4
            and Section 5.6.21, to an amount equalling EUR 7,500,000 and up to
            that amount,

            (i) 80% of the damages, which the Purchaser enforces during the
                period ending twelve months following the Closing Date;

<PAGE>

                                     - 26 -

            (ii) 45% of the damages, which the Purchaser enforces within the
                 period from the expiration of twelve months until the
                 expiration of twenty-four months following the Closing Date;

            (iii) 25% of the damages, which the Purchaser enforces within the
                  period from the expiration of twenty-four months until the
                  expiration of thirty-six months following the Closing Date;

      d)    in the case of one or more other breaches of warranty, to an amount
            totalling 28% of the Purchase Price paid;

      e)    however, in no event shall the liability of the Sellers under this
            Agreement exceed the total Purchase Price.

6.4   The Sellers may not be held liable twice (mehrfach) under this Agreement
      for any claims, which are based on the same set of facts and circumstances
      but enforced under another legal theory. This is to say, forms of double
      jeopardy are hereby excluded. In calculating the Purchaser's claims, the
      principal of offsetting gains (Vorteilsaus-gleich) must be applied,
      specifically any equity capital items or other items reducing or
      increasing the damages must be offset in a fair and reasonable manner;
      this also applies in connection with any tax detriment suffered by the
      Purchaser or the Company, which merely results in a postponement of the
      basis for taxation.

6.5   The Purchaser is not entitled to enforce any claims under the Agreement,
      if and to the extent that either an accrual was created in the annual
      audited financial statements per 31 December 2003 of GHW
      Gebaudemanagement, the Company or at an Associated Company to take into
      account such an event or if a third party (specifically an insurance
      carrier) succeeds in performing the warranty, paying compensatory damages
      or otherwise compensating the Purchaser, GHW Gebaudemanagement, the
      Company or another Associated Company in any given case. Section 8.5 shall
      continue to apply.

6.6   Section 254 of the German Civil Code ("BGB") shall be applicable to
      warranty claim of the Purchaser, i.e. the Purchaser shall have no claim
      for damages to the extent such damages were caused or increased by the
      Purchaser or to the extent the Purchaser has failed to mitigate, although
      possible, such damages.

6.7   If and to the extent that the Sellers have provided a warranty to their
      best knowledge or in a similarly qualified manner, then such knowledge
      applies only to the facts, which were actually known, or should have been
      known had they applied the diligence a businessman in their position, line
      of business and country would have customarily

<PAGE>

                                     - 27 -

      applied, by Franz Margraf, Markus Donni and the managing directors of the
      Associated Companies excluding the managing director of GHW Brazil Ltda
      and Klingel Italiana s.r.l. at the time this Agreement was notarised.

6.8   For the avoidance of doubt, the Parties agreed that there shall be no
      violation of any of the warranties in Section 5 resulting solely from the
      fact that the company has been converted as provided for under Section
      13.1. b), i.e. the "violation" would not have occurred if the Company had
      not been converted.

                                   SECTION 7
                                TIME LIMITATIONS

7.1   Any claims by the Purchaser based on a breach of the warranties provided
      in Section 5.1.1, Section 5.1.2, Section 5.5.1,Section 5.5.2, Section
      5.6.1, Section 5.6.2, Section 5.6.3 and Section 5.6.5 will be time-barred
      four years following the Closing Date. Claims based on any other breaches
      of warranties will be time-barred six months from the date on which the
      Purchaser receives knowledge of the relevant warranty breach, but no later
      than two years from the Closing Date and no later than four years from the
      Closing Date in the event of a breach of the warranties stated in Section
      5.4.4., provided, however, that the breach of the warranty provided in
      Section 5.4.7 shall be time-barred after a period of six months commencing
      with the date on which the relevant assessment of Taxes becomes final and
      unappealable.

7.2   The rules under the applicable statutes of limitations, as contained in
      the BGB, will determine when the time limitations set forth herein
      commence to run anew or are tolled, but such time limitations will not be
      tolled or suspended as a result of negotiations.

7.3   A warranty claim of the Purchaser shall not be time-barred if it has been
      asserted within the meaning of Section 6.1 sentence 1 (performance demand)
      before the above-mentioned limitation periods have lapsed, provided the
      Purchaser initiates court proceedings (Klageeinreichung) within three
      months following the date on which it has asserted the claim within the
      meaning of Section 6.1 sentence 1 (performance demand) or within one month
      after receipt of the Refusal Letter as defined in Section 6.1, as the case
      may be. If court proceedings have not been initiated within such periods,
      the respective warranty claim of the Purchaser shall be time-barred. In
      any event, no warranty claims of the Purchaser shall be time-barred before
      the limitation periods of Section 7.1 have lapsed.

<PAGE>

                                     - 28 -

                                   SECTION 8
                                WAIVER OF CLAIMS

8.1   The Parties hereby recognise and acknowledge that they intend for the
      warranties relating to Sections 5, 6 and 7, this Section 8 and Section
      17.3 to constitute an independent guarantee made by the Sellers within the
      meaning of Section 311 (1) BGB and that these warranties should in no way
      represent a guarantee as to qualities (Beschaffenheitsgarantie) or
      durability (Haltbarkeitgarantie) within the meaning of Sections 443, 444
      BGB.

8.2   The Sellers do not provide any warranty, representation, guarantee or
      other promises in the broadest sense beyond those contained in this
      Agreement regarding the Interests and the Receivables, specifically not
      with respect to

      a)    the legal, economic, financial, tax or other conditions of GHW
            Gebaudemanagement, the Company or the Associated Companies or any
            of their assets;

      b)    the continuation of any prior, current or future financial condition
            or earnings situation of GHW Gebaudemanagement, the Company or the
            Associated Companies, their revenues or other features, about which
            the Sellers or any of its authorised agents made statements either
            prior to or during the negotiations of this Agreement;

      c)    the ability to collect (Einbringlichkeit) the Receivables and the
            possible function of the loan pursuant to Section 1.6, as either a
            partial or complete substitute for equity.

8.3   The Purchaser shall have no claim under the warranty provided in Section
      5.4.4 and 5.6.21, if and to the extent that one of the following facts
      exist with respect to the real property in question:

      a)    Pre-Existing Contamination - within the meaning of the laws and
            regulations governing the real property in question - (i) was not
            identified as a result of a final and binding order issued by the
            competent regulatory authorities or a final court judgment and (ii)
            with respect to which, remediation is required, but not as a result
            of an immediately enforceable order issued by a regulatory authority
            or an enforceable court judgment;

      b)    there has been a change of use, which led to a rezoning of the
            relevant property following the Closing Date (e.g., industrial to
            commercial use or residential use). Excluded herefrom is the real
            property located at Wuppertal-Ronsdorf, provided,
<PAGE>

                                     - 29 -

            however, that the change of use is not the result of a decision of
            the Purchaser but was initiated by the Company prior to the Closing
            Date;

      c)    there has been a sale of the relevant real property or a change in
            ownership or a sale of individual divisions or the entire operating
            business of the Company or an Associated Company.

8.4   The statutory provisions regarding defects in the product or in legal
      title, including Section 442 para. 1 BGB, do not apply. Any other
      Purchaser claims not expressly stipulated in this Agreement, irrespective
      of the legal basis therefore, are hereby waived, whether the claims seek
      compensatory damages, price reduction, subsequent performance, rescission
      and restitution, action for avoidance or other such claims. This waiver of
      claims also include any claims based on torts or those under Sections 311
      (2), 313 BGB. Any other limitations on liability or claim waivers in this
      Agreement will not be applicable to the extent that such liability is
      mandatory and cannot be waived under Sections 276 (3), 826, 123 BGB.

8.5   The Purchaser and the Sellers hereby enter into a true third party
      beneficiary contract (Section 328 BGB), pursuant to which the Purchaser
      agrees to waive any and all claims, which are based on a breach of duties
      and may be brought against (i) the Sellers, (ii) supervisory board members
      of GHW Gebaudemanagement and the Company, and (iii) managers of GHW
      Gebaudemanagement's general partner and of the Company. The Purchaser
      shall ensure that the Company and the Associated Companies excluding GHW
      Brazil Ltda and Klingel Italiana s.r.l. will not enforce any liability
      claim of the Company against the foregoing persons provided they are not
      based on wilful acts (Vorsatz), gross negligence (grobe Fahrlassigkeif) of
      the diligence of a prudent businessman or fraud.

<PAGE>

                                     - 30 -

                                   SECTION 9
                                RIGHTS TO NAMES

9.1   The Purchaser hereby covenants, in the form of an independent guarantee
      (each made separately), to Ms Ruth Matzler, Kreuzberg Promenade 39, A5026
      Salzburg and Mr Klaus Hartmann, Im Leimenacker 3, 64658 Furth-Steinbach,
      in the form of a true third party beneficiary contract under Section 328
      BGB, that the Purchaser or the enterprises directly or indirectly
      affiliated with it will use and apply the corporate name or corporate name
      components GHW, GHW Grote & Hartmann, Grote & Hartmann as well as the name
      Grote and Hartmann such that this use does not injure the good reputation
      of Ms Matzler and/or Mr Hartmann. This covenant also applies to any marks
      or trademarks, which include any of these components. A use and
      application within the meaning of this subsection must be understood in
      its broadest sense, particularly in terms of each competitive act and any
      use of electronic media (e.g., internet domains).

9.2   Whether and to what extent a reputation has been injured as a result of
      such use will be determined according to the due discretion of the
      relevant protected party (i.e. Ms Matzler or Mr Hartmann (in each case
      individually)).

9.3   The use of the corporate names or the names or name components in
      connection with the business operations of (i) GHW Gebaudemanagement, the
      Company or its Associated Companies as of This Day and of (ii) the
      Purchaser and its affiliated companies on This Day will in no way be
      deemed injurious and will be permissible in any manner. Any use in the
      "automotive" industry is likewise permissible. Any actions taken by the
      Purchaser, which were decided in the ordinary course of management
      decision-making and which limit or restructure the business operations of
      GHW Gebaudemanagement, the Company and the Associated Companies, will
      likewise not be considered injurious.

9.4   If the independent guarantee provided under Section 9 is breached, then
      the injured party will have an injunctive claim. Ms Matzler and/or Mr
      Hartmann will each have their own injunction claim, if and to the extent
      that a breach of duty under the aforementioned provisions applies to
      them.

<PAGE>

                                     - 31 -

                                   SECTION 10
                           SELLERS' PARTICIPATION IN
                               LIABILITY DISPUTES

10.1  The Purchaser must promptly notify the Sellers in writing, if it receives
      knowledge that the tax authorities are considering or indeed conducting a
      tax audit at GHW Gebaudemanagement, the Company or an Associated
      Company. The Sellers must be given an opportunity, at the earliest
      possible time, to participate in defending any claims brought by the tax
      authorities in all relevant tax proceedings including tax audits,
      administrative proceedings and judicial proceedings, to the extent such
      claims relate to a period of time prior to the Closing Date. If such a
      dispute exists or a tax audit is called, then the Purchaser must promptly
      inform the Sellers concerning the actual status of such a dispute or
      audit. The Purchaser must provide the Sellers with all documents and
      information, which could be relevant for the latter to protect their tax
      interests. In the event of a tax audit, the Sellers have the right to
      participate in the audit or to dispatch a representative, who is bound by
      professional duties of confidentiality, to participate in the audit or any
      final audit discussions.

10.2  In addition, the Sellers must be promptly provided with an opportunity, at
      any time and at their own cost, to participate in the dispute with a third
      party, to the extent these disputes affect the rights or interests of a
      third party with respect to GHW Gebaudemanagement, the Company or an
      Associated Company and to the extent that the results of any such disputes
      could influence the purchase price claim of the Sellers and/or other
      claims, which the Purchaser may have against the Sellers regarding to the
      Company. Section 10.1 applies mutatis mutandis. In connection with any
      environmental liability cases, the Purchaser must inform the Sellers in
      advance respecting any inspection or remediation programs and must cause
      GHW Gebaudemanagement, the Company or the relevant Associated Company to
      inform the Sellers. The Sellers must also be granted access to the real
      property in question.

10.3  For the purposes of an alleged violation of the warranty under Section
      5.4.7 or Section 5.6.19 relating to the obligation to pay real estate
      transfer tax which may have arisen in the context of the reorganization
      addressed in Section 1, in addition to the duties under Section 10.1 and
      Section 10.2, the Purchaser shall procure, if possible, that the Sellers
      and/or their advisers are put in a position which allows them to
      participate in any audit, assessment, proceeding or litigation (authority
      to control and determine the conduct of the defence), as if they were a
      direct party to such audit, assessment, proceeding or litigation.
      Purchaser shall or shall procure that the Company or the taxable entity -
      upon request of the Sellers

<PAGE>

                                     - 32 -

      and/or their advisers - appeal any decision, order, assessment or judgment
      (Rechtsmittel einlegen) and to conduct and control such proceedings.
      Purchaser and/or the Company or the taxable entity may only issue notices
      on declarations or other communication with the tax authorities or the
      courts upon written approval or Sellers advisers in respect of this
      matter. The Purchaser shall further procure that the Company or the
      taxable entity and the Purchaser provide adequate support to the Sellers
      and their advisers in order to allow them to defend their matter as
      efficiently as possible, in particular provide documents and information
      needed. Any reasonable external costs of the Purchaser and any costs of
      the Sellers incurred in connection with all of the foregoing shall be
      borne by the Sellers.

                                   SECTION 11
                            DUTIES PRIOR TO CLOSING

11.1  To the extent permitted by merger control law, after This Day and until
      merger control clearance has been granted pursuant to Section 14.1, the
      Purchaser may demand that the Sellers cause GHW Gebaudemanagement, the
      Company's management to grant the representatives designated by the
      Purchaser access to all business premises, business documentation and
      information concerning all business affairs of GHW Gebaudemanagement, the
      Company and the Associated Companies and that such access be granted in a
      reasonable manner and within a reasonable period of time to enable the
      Purchaser to understand the business of the Company and the Associated
      Companies, provided however that such cooperation shall not have a
      significant adverse affect on the day to day business of the Company or
      the Associated Companies. The Purchaser acknowledges that it has been
      provided with certain sensitive information as contained in Annex 11.1.
      Following the issuance of merger control clearance pursuant to Section
      14.1, Purchaser's request for the grant of access as set forth in sentence
      1 of this Section 11.1 shall not be subject to merger control restraints.

11.2  The Parties shall provide each other with any and all information and
      documents and take all business and legal steps necessary to duly perform
      this Agreement. As of This Day, in particular, without limitation, each
      Party is obligated to provide such cooperation as any other Party
      reasonably requests, provided however that such cooperation shall not have
      a significant adverse affect on the day to day business of the Company or
      the Associated Companies, and to execute or procure the execution of all
      documents the execution of which is either needed to give full effect to
      the transactions contemplated herein or reasonably requested by any other
      Party. This shall serve to ensure, in particular, without limitation, to
      bring about, as soon as possible, the change of legal form

<PAGE>

                                     - 33 -

      as addressed in Section 13.1 (b) and to take all steps described in
      Section 13.1 (b) (ii) through (v) immediately after the German antitrust
      clearance has been obtained. The Sellers shall provide after This Day such
      cooperation or procure the provision of such cooperation as the Purchaser
      reasonably may request, at the Purchaser's expense, to enable the
      Purchaser to prepare for the conduct of the Company's and the Associated
      Companies' businesses after the Closing Date. Such cooperation shall
      include (it is agreed that with respect to (ii) and (iii) of this
      paragraph such measures, or any other measures which the Purchaser
      requests may only be implemented, if in the reasonable opinion of Sellers'
      tax or accountants advisers, such measures will not violate German GAAP
      (HGB) or any applicable local accounting standards and they are only to be
      permitted if and to the extent that reasonable opinion of the Sellers tax
      or accountants advisers are not detrimental to the Sellers, to their tax
      and financial position arising from the sale of Interests contemplated
      hereunder. In the event of any changes agreed under this Section 11.2 (ii)
      and (iii) such changes shall not give rise to any warranty claim by the
      Purchaser), but not limited to, the following matters:

      (i)   a review of the financial systems and financial control procedures
            of the Company and of the Associated Companies only to enable the
            Purchaser to determine what systems and procedures the Purchaser
            will be required to implement after the Closing Date so as to
            comply with Sarbanes Oxley requirements;

      (ii)  to obtain prior to Closing (or allow the Purchaser to obtain for the
            Sellers) US Identification Numbers, if not already obtained, and,
            for each of the following respective Associated Companies, to
            execute US Form 8832 entity elections, on or before Closing, for GHW
            Engineering GmbH, GHW Polska Sp zoo, GHW France Sarl, Grote &
            Hartmann South Africa (Pty) Ltd., GHW Czech Republic sro, and Grote
            & Hartmann Iberica SL;

      (iii) to review the US Purchasing Accounting issues with the Purchaser and
            to make such adjustments to the accounts of the Company and the
            Associated Companies immediately prior to Closing as may be
            desirable for the Purchaser to effectively account under US Purchase
            Accounting Requirements for the acquisition of the Interests and the
            Associated Companies;

      (iv)  to participate or procure that the appropriate persons participate,
            and provide all cooperation reasonably requested in connection
            therewith, in talks of the Purchaser with the pool banks under the
            Security Pool Agreement as contained in Annex 5.1.1 (a);

<PAGE>

                                     - 34 -

      (v)   to grant the Purchaser access to all of the premises as listed in
            Annex 5.4.9 immediately after signing in order to conduct phase II
            environmental due diligence, the results of which the Purchaser will
            share with the Sellers and the costs of which will be borne by the
            Purchaser;

      (vi)  to provide the Purchaser with information required to make the
            necessary filings with the competent anti-trust authorities within
            five calendar days from This Day.

      (vii) to provide the Purchaser two days prior to Closing with an updated
            list of the amounts drawn down under the Security Pool Agreement
            contained in Annex 5.1.1 (a) and under the agreements listed in
            Annex 5.2.5 (a).

      (viii) to provide access to sites, management, Sellers' insurance brokers
            and insurance files and policies in order for the Purchaser to
            assess the insurance risk.

      (ix)  to provide the Purchaser prior to Completion with the financial
            statements as addressed in Section 5.2.1 and 5.6.9.

      Advisers to the Purchaser, Sellers, Company and the Associated Companies
      shall cooperate with each other in good faith and as instructed to assist
      in the implementation of this Section 11. The Purchaser herewith indemnify
      Sellers as regard any reasonable Sellers advisers' costs in the context of
      this Section 11 (ii) and Section 11 (iii).

                                   SECTION 12
                              NON-COMPETE COVENANT

12.1  The Sellers covenant for a period of two (2) years from the Closing Date
      to refrain from engaging in the product or geographic markets, on which
      the Company actually does business on This Day, in any activities, which
      would compete directly or indirectly with the Company or would have as its
      effect direct or indirect competition. The Sellers shall specifically not
      form, purchase, acquire an interest in or otherwise advise any enterprise,
      with which the Company competes either directly or indirectly. This
      non-compete covenant does not apply to the purchasing of shares equal to
      10% or less of a publicly listed company.

12.2  If one or both of the Sellers breach the non-compete covenant stipulated
      in Section 12.1, then they shall each pay to the Purchaser a contractual
      penalty equal to EUR 150,000. If the breach continues, then the Sellers
      must pay an additional contractual penalty of EUR 200,000 for each
      additional month of the breach. The Purchaser reserves the right

<PAGE>

                                     - 35 -

      to enforce any other additional damages resulting therefrom and to demand
      that such conduct cease and desist.

12.3  The Sellers shall not owe any additional special damages or compensation
      for the non-compete covenant.

                                   SECTION 13
                              CONDITIONS PRECEDENT

13.1  This Agreement shall not be contractually consummated and the assignment
      of the Interests shall not become effective, unless and until the
      following conditions have been met:

      a)    the planned combination connected with this Agreement has not been
            prohibited either by the German Federal Cartel Office pursuant to
            Section 36 of the Act against Restraints of Competition ("GWB") and
            by the competent antitrust regulators defined in Section 14.1
            through Section 14.3;

      and

      a2)   the change of the articles of association of GHW Verwaltung as
            resolved upon by way of the notarized shareholders' resolution of
            April_4, 2004 (Roll of Deed No. 320/2004 of the officiating notary)
            has been registered in the commercial register and thereby become
            effective;

      and

      b)    the Company's change of legal form from a GmbH to a GmbH & Co. KG
            has been registered in the commercial register and the entries in
            the commercial register show that (i) GHW Verwaltung is the only
            general partner without any capital in terest; and (ii) GHW
            Gebaudemanagement is the only limited partner with a capital
            interest (Haft- und Pflichteinlage) of EUR [30,457,600] or another
            amount; and (iii) the new name of the Company is [GHW Grote &
            Hartmann GmbH & Co. KG] or with another firm name;

            the aforementioned change of legal form of the Company shall be
            brought about by GHW Gebaudemanagement and GHW Verwaltung and the
            Company as soon

<PAGE>

                                     - 36 -

            as practically feasible after notarization of this Agreement, but,
            however, shall not be reported for registration before the condition
            precedent of Section 13.1 a) has been met, observing the following
            steps in close consultation with the Purchaser whose prior approval
            has to be sought before any of the following is finally executed,
            such approval not to be unreasonably withheld or delayed:

            (i)   the draft resolution on the change of legal form
                  (UmwandlungsbeschluB) to be adopted by GHW Gebaudemanagement
                  and GHW Verwaltung (once the latter has been made a
                  shareholder in the Company) shall be drawn up, in
                  substantially the form as attached hereto in German as Annex
                  13.1 (b) (i), and submitted to the Company's works council as
                  soon as feasible after notarization of this Agreement, at the
                  latest, however, at the end of the tenth day following This
                  Day;

            (ii)  GHW Gebaudemanagement shall, after the condition precedent set
                  forth in Section 13.1 a2) has occurred, assign and transfer,
                  in a notarial deed, in substantially the form as attached
                  hereto in German as Annex 13.1 (b) (ii), a portion of its
                  share in the Company in the amount of EUR 600 to GHW
                  Verwaltung who shall hold it in trust for GHW
                  Gebaudemanagement and reassign and retransfer it to GHW
                  Gebaudemanagement as per the registration of the change of
                  legal form of the Company in the commercial register (the
                  notification of the acquisition of the share in the amount of
                  EUR 600 by GHW Verwaltung in the Company pursuant to Section
                  16 of the German Law on Limited Liability Companies is already
                  provided for in the draft attached in Annex 13.1 (b) (ii));

            (iii) the Company shall prepare, in substantially the form as
                  attached hereto in German as Annex 13.1 (b) (iii), a revised
                  shareholders' list and submit it to the commercial register;

            (iv)  GHW Verwaltung and GHW Gebaudemanagement shall adopt, in a
                  notarial deed, in substantially the form as attached hereto in
                  German as Annex 13.1 (b) (i), the resolution on the change of
                  form of the Company the draft of which had been submitted to
                  the works council of the Company in accordance with (i) above,
                  waiving all requirements and rights relating to reports and
                  the voidance or challenge of the resolution that can be waived
                  under the applicable laws, and

            (v)   the Company, acting through the deponent under 1., shall
                  notify the change of legal form for registration in the
                  commercial register by signing and submitting

<PAGE>

                                     - 37 -

                  the notification letter in substantially the form as attached
                  hereto as Annex 13.1 (b)(v);

      and

      c)    all of the members of the supervisory boards of the Company
            appointed by the shareholders and of GHW Gebaudemanagement have
            provided the Purchaser with resignation letters as of the Closing
            Date in which they confirm that they have no claims against the
            Company other than claims for compensation pro rata temporis as
            per the Closing Date;

      and

      d)    The Sellers have provided the Purchaser with a balance sheet of GHW
            Gebaudemanagement as per a date as close as possible to the
            Completion Date which shows no assets other than the participation
            in the Company and the loan accounts and with no liabilities or
            accruals other than relating to the three employees of GHW
            Gebaudemanagement.

13.2  If any of the aforementioned conditions precedent described in Section
      13.1 have not been satisfied on or before December 31, 2004, then either
      the Sellers or the Purchaser may rescind this Agreement by sending a
      corresponding certified letter (return receipt requested). If the
      Purchase Price has not been paid into the trust and escrow accounts in
      accordance with Section 3.4. and Section 3.6 within thirty banking days
      (Frankfurt/Main) following the date on which such payment has become due,
      then the Sellers may rescind this Agreement by sending a certified letter
      to the Purchaser (return receipt requested).

13.3  If the Purchase Price has been paid into the trust and escrow accounts in
      accordance with Section 3.4 and Section 3.6, but if the conditions
      described in Section 3.4 for releasing the funds in the trust account to
      the Sellers have not been met within four months following the date on
      which payment into the trust account had been made, then either the
      Sellers or the Purchaser may rescind this Agreement by sending - with a
      copy to the officiating notary and the Escrow Agent under the Escrow
      Agreement, as attached as Annex 3.6 sent by either the Sellers or the
      Purchaser - a certified letter (return receipt requested) to the Purchaser
      or to the Sellers, as the case may be, and all funds in the trust and
      escrow accounts are to be released to the Purchaser upon receipt of such
      copy.

13.4  Purchaser may waive by a letter to the Sellers (i) any warranty provided
      by the Sellers under this Agreement and/or (ii) any of the following
      conditions precedents: Section 13.1 b), Section 13.1 c), and Section 13.1
      d).

<PAGE>

                                     - 38 -

                                   SECTION 14
                                 MERGER CONTROL

14.1  The condition precedent set forth in Section 13.1 a) concerning the
      Federal Cartel Office will be deemed satisfied at the expiration of the
      day, on which

      a)    the one-month period set forth in Section 40 (1) sentence 1 GWB has
            expired, without the Federal Cartel Office having notified the
            Parties that it will initiate a second-stage review of the planned
            combination,

      or

      b)    the four-month period set forth in Section 40 (2) sentence 2 GWB has
            expired, and no prohibition order from the Federal Cartel Office
            pursuant to Section 40 (2) sentence 1 GWB has been received during
            this period of time;

      or

      c)    receipt of a written notice from the Federal Cartel Office
            indicating that the planned combination does not fulfil the
            requirements for prohibition under Section 36 GWB,

      or

      d)    the Federal Cartel Office has authorised the combination, subject to
            conditions and/or requirements, the fulfilment of which is declared
            economically feasible by both GHW Gebaudemanagement and the
            Purchaser in writing at their sole discretion (willkurlich). GHW
            Gebaudemanagement and the Purchaser may declare at any time upon
            receipt of such authorisation in their sole discretion (willkurlich)
            to the respective other party that it does not accept such
            requirement or condition with the effect that this condition
            (Section 13.1 a)) is not fulfilled and such non-fulfilment is final.

14.2  In addition to Section 14.1 above, the respective merger notification
      regulations applicable in the following countries outside the Federal
      Republic of Germany must be complied with in a manner which allows
      consummation of this Agreement:

      a)    Austria;

<PAGE>

                                     - 39 -

      b)    Finland;

      c)    Slovak Republic;

      d)    Turkey;

      e)    Poland;

      f)    Czech Republic;

      g)    South Africa.

      Besides, the Parties agree that a filing in Brazil is necessary and will
      be made in a timely manner.

14.3  The condition precedent set forth in Section 13.1 a) will be met under the
      collective application of the rules under Section 14.1 and Section 14.2,
      only when the conditions for the Federal Republic of Germany under
      Section 14.1 and for the countries listed in Section 14.2 have been met.

14.4  If the planned combination under this Agreement is subject to merger
      control, then this Agreement will be subject to a condition subsequent,
      that neither the Federal Cartel Office nor the antitrust regulators of
      any country listed in Section 14.2 will prohibit the combination. This
      condition subsequent will enter into effect two weeks from the date on
      which one of the Parties has been served with a prohibition order from
      either the Federal Cartel Office or the antitrust regulators of the
      countries listed in Section 14.2.

14.5  The Parties shall co-operate with one another intensively in order to
      secure, promptly after the execution of this Agreement, the authorisation
      from the competent cartel and antitrust regulators under Section 14.1 and
      Section 14.2 to consummate the transaction. In particular, the Sellers
      and their advisors will use their best efforts to provide the Purchaser
      and its advisors promptly with all necessary information relating to GHW
      Gebaudemanagement and the Company and the Associated Companies to enable
      the Purchaser and its advisors to make complete and timely notifications
      in the countries listed in Section 14.1 and Section 14.2 above. If it
      appears that there is a risk that the planned combination will be pro
      hibited by one or more of the regulatory authorities, then the Parties
      must promptly contact one another in order to eliminate, where possible,
      the circumstances obstructing the combination.

14.6  The Purchaser and/or Sellers, as the case may be, shall through their
      respective advisors promptly prepare all necessary and reasonable merger
      notifications and promptly gather any documents and information which are
      required in order to prepare merger notifications for filing with the
      competent cartel and antitrust regulatory authorities in the countries
      mentioned in Section 14.1 and Section 14.2. The draft petitions and the
      attachments and information related thereto must be coordinated with the
      Sellers' advisors and promptly

<PAGE>

                                     - 40 -

      filed by the Purchaser. The Purchaser will advise the Sellers when each
      notification is made and will without undue delay provide the Sellers with
      a non-confidential version of each notification made. The Purchaser shall
      promptly inform the Sellers' advisors about any and all correspondence,
      orders, inquiries, prohibition orders, etc. issued by the competent
      regulatory authorities.

14.7  The Purchaser shall file any required closing notices to the cartel and
      antitrust regulatory authorities, such as the notification under Section
      39 (6) GWB with the Federal Cartel Office.

14.8  Any fees or costs for filing and registering the planned combination will
      be borne solely by the Purchaser. The Sellers shall bear only the costs of
      their own advisers.

14.9  As regards proceedings in Section 14.2 a) through g), Section 14.1 d)
      sentence 2 shall apply respectively (entsprechend) so as to allow the
      parties to declare that the condition precedent in Section 13.1 a) is not
      fulfilled and such non-fulfillment is final.

                                   SECTION 15
             CONFIDENTIALITY, PRESS RELEASES AND OTHER DISCLOSURES

15.1  The Parties agree to treat as strictly confidential any information and
      knowledge, which they have received or will yet receive in connection with
      the negotiation, the execution and the performance of this Agreement as
      between themselves and concerning their respective affiliated enterprises
      as well as the content of this Agreement, including the Purchase Price.

15.2  The Sellers, on the one hand, and the Purchaser, on the other hand, shall
      issue press releases and other notices relating to this Agreement, only
      after obtaining the prior written consent of the other Party, such
      consent not to be unreasonably withheld or delayed.

15.3  Each Party must impose the foregoing duties on its affiliated companies,
      owners, committee members, employees and advisors.

15.4  The aforementioned provisions will not be affected by the fulfilment of
      any legally required notices, disclosures and other publication duties
      and of such rules and regulations of the Stock Exchange, to which a Party
      or its shareholders are admitted and by the fulfilment of any duties,
      which are required in order to perform this Agreement. In all

<PAGE>

                                     - 41 -

      cases, each Party is obligated to inform the other Party about any intent
      to publish or otherwise disseminate information to the public and to
      obtain in advance that other Party's opinion with respect thereto.

                                   SECTION 16
                    JOINT LIABILITY OF GUARANTOR, GUARANTEE

The Guarantor hereby assumes as co-debtor vis-a-vis the Sellers the obligation
to cover any and all payments owed by the Purchaser under this Agreement.

                                   SECTION 17
                              CONSENT REQUIREMENTS

17.1  The Sellers, as the sole limited partners, and GHW Verwaltung, as the sole
      general partner, hereby hold an extraordinary partners' meeting of GHW
      Gebaudemanagement (waiving all procedural forms and notice requirements)
      and, as a precautionary measure, adopt a resolution approving the sale
      and assignment of the Interests under the terms of this Agreement.

17.2  GHW Gebaudemanagement's supervisory board has already approved this
      Agreement. Minutes of the relevant resolution have been appended hereto as
      Annex Set 17.2. In addition, Annex Set 17.2 contains, as a measure of
      precaution, a declaration of consent of today from Dr. Reinhard Freiherr
      von Dalwigk, in his capacity as chairman of the supervisory board of GHW
      Gebaudemanagement, in which he has consented to and approved of all
      declarations given in and under this Agreement by GHW Verwaltung, both in
      the latter's name and in GHW Gebaudemanagement's name, regarding GHW
      Gebaudemanagement's participation in the Company and the future exercise
      of its voting rights in the Company as contemplated in this Agreement.

17.3  The Sellers hereby state, warrant and represent that no other consents or
      approvals will be required to affect the validity of this Agreement or its
      performance.

17.4  The Purchaser hereby represents that it has obtained any and all consents,
      approvals and authorisations required from its governing bodies in order
      to execute and perform this Agreement and that the Purchaser is not
      required to take any other action to legally execute and perform this
      Agreement.

<PAGE>

                                      - 42 -

                                   SECTION 18
                              WRITING REQUIREMENT

Any modifications to this Agreement must be made in writing, unless a more
stringent legal requirement prescribes otherwise. This same rule governs the
waiver of this written form requirement.

                                   SECTION 19
                                COSTS AND TAXES

As between the Parties, the Purchaser shall bear the costs of the notarisation
of this Agreement as well as, unless expressly stipulated otherwise herein, any
other costs arising as a result of the execution and continued performance of
this Agreement, including any transaction taxes (Verkehrsteuern). Otherwise,
each Party shall bear its own costs and expenditures, including the costs of its
advisors.

                                   SECTION 20
                         CHOICE OF LAW, JUDICIAL FORUM

20.1  This Agreement is governed by the substantive and procedural laws of the
      Federal Republic of Germany, to the exclusion of any reference provisions
      of German private international law (conflicts of law) and the UN
      Convention on Contracts for the International Sale of Goods (CISG).

20.2  The exclusive judicial forum - to the extent legally permissible - for any
      and all disputes arising from or connected with this Agreement (including
      any agreements attached thereto) and its/their validity is the District
      Court (Landgericht) of Dusseldorf. Any jurisdiction (international,
      federal, state, local, material) of the courts of the United States of
      America, or courts within the United States of America shall be excluded.

<PAGE>

                                     - 43 -

                                   SECTION 21
                                 MISCELLANEOUS

21.1  The Parties declare that the Company and Associated Companies' assets
      include real property.

21.2  The Parties are precluded from asserting a right to offset their
      respective claims under this Agreement against one another and/or from
      withholding performance if and to the extent that their claims or
      counterclaims have not been acknowledged or confirmed by a final and
      binding judgment.

21.3  The Parties hereby mutually accept all representations made in this
      Agreement.

21.4  The headings contained in this Agreement have been inserted for
      explanatory purposes only and may not be used for the purpose of
      contractual interpretation. For the avoidance of doubt, the Preamble and
      its contents form an integral part of this Agreement and are subject to
      the same rules of interpretation and construction as the main body of this
      Agreement.

21.5  Unless the relevant Party notifies the other Parties of another attorney
      who must have his/her practice in the Federal Republic of Germany, apart
      from (instead of) the Parties themselves, the following persons are
      authorised to receive service of all notices in connection with a legal
      dispute as described in Section 20.2 and any documents to be served in any
      pending legal dispute (including a Statement of Claim), and such persons
      are also authorised to receive declarations of intent under this
      Agreement, the validity of which is contingent upon receipt:

      a)    On behalf of the Sellers:

            Aderhold v. Dalwigk Knuppel Rechtsanwaltsgesellschaft GmbH
            Attn: Dirk Lange
            Grafenberger Allee 159
            40237 Dusseldorf
            Facsimile: +49/211/6901-355

      b)    On behalf of the Purchaser:

            Mayer Brown Rowe & Maw LLP
            Attn. John A. Faylor
            Bockenheimer Landstra(beta)e 98-100
            60323 Frankfurt a.M.

<PAGE>

                                     - 44 -

            Facsimile: +49/69/7941-100

            with a simple copy, for information purposes only, to

            Lear Corporation
            Attn.: Mr. Paul Jefferson
            22, rue Guynemer,
            78600 Maisons-Laffitte, France

            Facsimile: 0033 134 935281

c) On behalf of the Guarantor:

            Mayer Brown Rowe & Maw LLP
            Attn. John A. Faylor
            Bockenheimer Landstra(beta)e 98-100
            60323 Frankfurt a. M.
            Facsimile: +49/69/7941-100

            with a simple copy, for information purposes only, to :

            Lear Corporation GmbH & Co. KG
            Attn.: Mr. Daniel A. Ninivaggi
            Vice President and General Counsel
            21557 Telegraph Road
            Southfield, Michigan 48384
            Facsimile: 001 248 447 1524

All other notices under this Agreement shall be sent to:

d) On behalf of the Purchaser:

            Lear Corporation
            Attn.: Mr. Paul Jefferson
            22, rue Guynemer,
            78600 Maisons-Laffitte, France

            Facsimile: 0033 134 935281

e) On behalf of the Sellers:

            Aderhold v. Dalwigk Knuppel Rechtsanwaltsgesellschaft GmbH
            Attn: Dr. Reinhard Freiherr von Dalwigk
            Grafenberger Allee 159
            40237 Dusseldorf
            Facsimile: +49/211/6901-355

<PAGE>

                                     - 45 -

      f)    On behalf of the Guarantor:

            Lear Corporation GmbH & Co. KG
            Attn.: Mr. Daniel A. Ninivaggi
            Vice President and General Counsel
            21557 Telegraph Road
            Southfield, Michigan 48384

            Facsimile: 001 248 447 1524

21.6  Where not expressly permitted subject to certain conditions under this
      Agreement, claims for restoration of the agreed state of affairs, for
      compensatory damages or for indemnity under this Agreement may only be
      assigned with the consent of the other Party.

21.7  With the exception of the confidentiality agreement attached as Annex
      21.7, this Agreement supersedes all agreements reached by the Parties
      prior to the conclusion of this Agreement.

21.8  If a term of this Agreement is or becomes wholly or partially invalid,
      this will not affect the validity of the remaining terms. The invalid term
      is to be replaced by a suitable term which, to the extent permitted by
      law, most closely reflects the commercial purpose intended by the Parties
      with the conclusion of this Agreement. The foregoing also applies if a
      term is invalid because of a performance standard or period of time
      prescribed by this Agreement. In such a case, the performance standard or
      period of time which comes closest to that which the parties intended
      shall be deemed agreed. The same applies in the event that any omissions
      are discovered.

21.9  The Sellers are jointly and severally liable for the performance of their
      obligations and the discharge of their liabilities under this Agreement.

                                   SECTION 22
                     INSTRUCTIONS AND ADVICE OF THE NOTARY

The Deponents were instructed and advised by the notary that

<PAGE>

                                     - 46 -

a)    a change of legal form only becomes effective upon registration in the
      commercial register;

b)    irrespective of the arrangements agreed between the Parties in this
      instrument they remain jointly and severally liable for the notary's
      costs;

c)    the sale of the Interests under this Agreement may be subject to real
      property transfer tax;

d)    the notary has not provided the Parties with any tax advice, as they
      indicated that they received tax advice from elsewhere.

This instrument together with its Annexes with the exception of the following
Annexes:

                            Annex Set N
                            Annex 5.2.2 a)
                            Annex 5.2.2 (b) pages 2 to 11
                            Annex 5.2.4
                            Annex 5.2.5 (a)
                            Annex 5.2.5 (b)
                            Annex 5.2.8 pages 2 to the end
                            Annex 5.3.1 pages 2 to the end
                            Annex 5.3.2 (a) pages 1 to 8
                            Annex 5.3.2 (b)
                            Annex 5.3.3
                            Annex 5.3.4
                            Annex 5.3.4 d)
                            Annex 5.4.1
                            Annex 5.4.2
                            Annex 5.4.3
                            Annex 5.4.6 (b)
                            Annex 5.4.8 pages 7 to the end
                            Annex 5.4.9
                            Annex 5.4.11
                            Annex 5.6.9
                            Annex 5.6.12
                            Annex 5.6.16
                            Annex 5.6.17
                            Annex 5.6.22

were read aloud to the Deponents in the presence of the notary, approved by the
Deponents and then personally signed by them and the notary as follows.

The Deponents waived their right to have read the aforementioned Annexes (with
exception of the Annex Set N), they have taken cognizance of its content and
have signed each page

<PAGE>

                                     - 47 -

of these Annexes. Annex 1.6 is the recording notary's deed of April 4, 2004
(Roll of Deed No. 319/2004). The deed has been presented in the original. The
parties have taken cognizance of the content of the deed and have waived its
reading. A notarially certified copy is to be taken as Annex 1.6 to this deed.

gez.        Mr. Dipl.-Kfm. Margraf

gez.        Mr. Jorg Swoboda

gez.        Mr. Dirk Lange

gez. Mr. John A. Faylor                            gez. Mr. Paul R. Jefferson

                                                   gez. Mr. Thomas Saeli

gez.        Mr. Dr. Gerhard Pilger, Notar<PAGE>
                                                                   EXHIBIT 10(a)

                           FIVE-YEAR CREDIT AGREEMENT

                          Dated as of February 25, 2004

                                      Among

                             THE WALT DISNEY COMPANY

                                   as Borrower

                                       and

                     THE FINANCIAL INSTITUTIONS NAMED HEREIN

                                   as Lenders

                                       and

        BANC OF AMERICA SECURITIES LLC and CITIGROUP GLOBAL MARKETS, INC.

                 as Joint Lead Arrangers and Joint Book Managers

                                       and

                               CITICORP USA, INC.

                             as Administrative Agent

                                       and

                              BANK OF AMERICA, N.A.

                              as Syndication Agent

                                       and

                               BARCLAYS BANK, PLC,
                        BNP PARIBAS SA, HSBC BANK USA and
                               JPMORGAN CHASE BANK

                           as Co-Documentation Agents

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                    Page
                                                                                                                    ----
<S>                                                                                                                 <C>
ARTICLE I DEFINITIONS AND ACCOUNTING TERMS........................................................................    1

         SECTION 1.01 Certain Defined Terms.......................................................................    1
         SECTION 1.02 Computation of Time Periods.................................................................   12
         SECTION 1.03 Accounting Terms............................................................................   13

ARTICLE II AMOUNTS AND TERMS OF THE ADVANCES......................................................................   13

         SECTION 2.01 The Advances................................................................................   13
         SECTION 2.02 Making the Advances.........................................................................   13
         SECTION 2.03 Fees........................................................................................   15
         SECTION 2.04 Reduction of the Commitments................................................................   15
         SECTION 2.05 Repayment of Advances.......................................................................   15
         SECTION 2.06 Interest on Advances........................................................................   15
         SECTION 2.07 Additional Interest on Eurocurrency Rate Advances...........................................   16
         SECTION 2.08 Interest Rate Determination.................................................................   16
         SECTION 2.09 Optional Conversion of Advances.............................................................   17
         SECTION 2.10 Prepayments of Advances.....................................................................   18
         SECTION 2.11 Increased Costs.............................................................................   19
         SECTION 2.12 Illegality..................................................................................   20
         SECTION 2.13 Payments and Computations...................................................................   20
         SECTION 2.14 Taxes.......................................................................................   22
         SECTION 2.15 Sharing of Payments, Etc....................................................................   24
         SECTION 2.16 Mandatory Assignment by a Lender; Mitigation................................................   25
         SECTION 2.17 Evidence of Debt............................................................................   25
         SECTION 2.18 Use of Proceeds.............................................................................   26
         SECTION 2.19 Increase in the Aggregate Commitments.......................................................   26
         SECTION 2.20 Extension of Termination Date...............................................................   27

ARTICLE III AMOUNT AND TERMS OF LETTERS OF CREDIT AND PARTICIPATIONS THEREIN......................................   29

         SECTION 3.01 Letters of Credit...........................................................................   29
         SECTION 3.02 Limitation on the Issuance of Letters of Credit Denominated in Committed Currencies.........   31
         SECTION 3.03 Issuing the Letters of Credit...............................................................   31
         SECTION 3.04 Reimbursement Obligations...................................................................   31
         SECTION 3.05 Participations Purchased by the Lenders.....................................................   32
         SECTION 3.06 Letter of Credit Fees.......................................................................   32
         SECTION 3.07 Indemnification; Nature of the Issuing Banks' Duties........................................   33
         SECTION 3.08 Uniform Customs and Practice................................................................   34
         SECTION 3.09 Additional Issuing Banks....................................................................   34
         SECTION 3.10 Dollar Payment Obligation...................................................................   34
         SECTION 3.11 Survival of Provisions; Cash Collateral.....................................................   34

ARTICLE IV CONDITIONS OF EFFECTIVENESS AND LENDING................................................................   35

         SECTION 4.01 Conditions Precedent to Effectiveness of Section 2.01.......................................   35
         SECTION 4.02 Conditions Precedent to Each Borrowing/Issuance.............................................   35
         SECTION 4.03 Determinations Under Section 4.01...........................................................   36
</TABLE>

                                        i
<PAGE>

<TABLE>
<S>                                                                                                                   <C>
ARTICLE V REPRESENTATIONS AND WARRANTIES..........................................................................    36

         SECTION 5.01 Representations and Warranties of the Borrower..............................................    36
         SECTION 5.02 Additional Representations and Warranties of the Borrower as of Each Increase Date and
                  Each Extension Date.............................................................................    37

ARTICLE VI COVENANTS OF THE BORROWER..............................................................................    38

         SECTION 6.01 Affirmative Covenants.......................................................................    38
         SECTION 6.02 Negative Covenants..........................................................................    39

ARTICLE VII EVENTS OF DEFAULT.....................................................................................    40

         SECTION 7.01 Events of Default...........................................................................    40

ARTICLE VIII THE ADMINISTRATIVE AGENT.............................................................................    41

         SECTION 8.01 Authorization and Action....................................................................    41
         SECTION 8.02 Administrative Agent's Reliance, Etc........................................................    42
         SECTION 8.03 CUSA and Affiliates.........................................................................    42
         SECTION 8.04 Lender Credit Decision......................................................................    43
         SECTION 8.05 Indemnification.............................................................................    43
         SECTION 8.06 Successor Administrative Agent..............................................................    43
         SECTION 8.07 Sub-Agent...................................................................................    44

ARTICLE IX MISCELLANEOUS..........................................................................................    44

         SECTION 9.01 Amendments, Etc.............................................................................    44
         SECTION 9.02 Notices, Etc................................................................................    44
         SECTION 9.03 No Waiver; Remedies.........................................................................    46
         SECTION 9.04 Costs and Expenses..........................................................................    46
         SECTION 9.05 Right of Set-off............................................................................    46
         SECTION 9.06 Binding Effect..............................................................................    47
         SECTION 9.07 Assignments and Participations..............................................................    47
         SECTION 9.08 Indemnification.............................................................................    49
         SECTION 9.09 Confidentiality.............................................................................    50
         SECTION 9.10 Patriot Act.................................................................................    50
         SECTION 9.11 Judgment....................................................................................    50
         SECTION 9.12 Consent to Jurisdiction and Service of Process..............................................    51
         SECTION 9.13 Substitution of Currency....................................................................    51
         SECTION 9.14 Governing Law...............................................................................    52
         SECTION 9.15 Execution in Counterparts...................................................................    52
         SECTION 9.16 Severability................................................................................    52
</TABLE>

                                       ii
<PAGE>

SCHEDULE

Schedule I    -        List of Applicable Lending Offices

Schedule II   -        LC Commitments

Schedule III  -        Existing LCs

EXHIBITS

Exhibit A-1   -        Form of Notice of Borrowing

Exhibit A-2   -        Form of Notice of Letter of Credit Request

Exhibit B     -        Form of Assignment and Acceptance

Exhibit C     -        Form of Opinion of Deputy General Counsel of the Borrower

Exhibit D-1   -        Form of Foreign Lender Certificate

Exhibit D-2   -        Form of Foreign Lender Certificate

                                       iii
<PAGE>

                           FIVE-YEAR CREDIT AGREEMENT

                          DATED AS OF FEBRUARY 25, 2004

            THE WALT DISNEY COMPANY, a Delaware corporation (the "BORROWER"),
the banks, financial institutions and other institutional lenders (the "INITIAL
LENDERS") listed on the signature pages hereof under the heading "The Initial
Lenders", the Issuing Banks (as defined herein), CITICORP USA, INC., a Delaware
corporation ("CUSA"), as administrative agent (together with any successor
administrative agent appointed pursuant to Article VIII, the "ADMINISTRATIVE
AGENT") for the Lenders (as hereinafter defined) and the Issuing Banks
hereunder, BANK OF AMERICA, N.A., as syndication agent (the "SYNDICATION
AGENT"), BANC OF AMERICA SECURITIES LLC and CITIGROUP GLOBAL MARKETS, INC., as
Joint Lead Arrangers and Joint Book Managers (the "ARRANGERS"), and BARCLAYS
BANK PLC, BNP PARIBAS SA, HSBC BANK USA and JPMORGAN CHASE BANK, as
co-documentation agents (the "CO-DOCUMENTATION AGENTS") for the Lenders
hereunder, hereby 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):

            "ABC" means ABC, Inc., a New York corporation and a wholly owned
      Subsidiary of the Borrower, or any successor thereto.

            "ADMINISTRATIVE AGENT" has the meaning specified in the recital of
      parties to this Agreement.

            "ADMINISTRATIVE AGENT'S ACCOUNT" means (a) in the case of Advances
      denominated in Dollars, the account of the Administrative Agent maintained
      by the Administrative Agent at the office of Citibank at 399 Park Avenue,
      New York, New York 10043, (b) in the case of Advances denominated in any
      Committed Currency, the account of the Sub-Agent, as the Administrative
      Agent shall notify in writing the Borrower and the Lenders from time to
      time, and (c) in any such case, such other account of the Administrative
      Agent or the Sub-Agent, as the case may be, as the Administrative Agent or
      the Sub-Agent shall notify in writing the Borrower and the Lenders from
      time to time.

            "ADVANCE" means an advance by a Lender to the Borrower as part of a
      Borrowing and refers to a Base Rate Advance or a Eurocurrency Rate
      Advance, each of which shall be a "Type" of 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.

            "AGREEMENT" means this Five-Year Credit Agreement, as it may be
      amended, supplemented or otherwise modified from time to time in
      accordance with Section 9.01.

            "ANNIVERSARY DATE" means February 25, 2005 and February 25 in each
      succeeding calendar year occurring during the term of this Agreement.

<PAGE>

            "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 Eurocurrency Lending Office in the case of a Eurocurrency
      Rate Advance.

            "ASSIGNMENT AND ACCEPTANCE" means an assignment and acceptance
      entered into by a Lender and an Eligible Assignee, and accepted by the
      Administrative Agent and the Borrower, in substantially the form of
      Exhibit B hereto.

            "ASSUMING LENDER" has the meaning specified in Section 2.19(d).

            "ASSUMPTION AGREEMENT" has the meaning specified in Section
      2.19(d)(ii).

            AUTO-RENEWAL LETTER OF CREDIT" has the meaning specified in Section
      3.01(d).

            "AVAILABLE AMOUNT" of any Letter of Credit means, at any time, the
      maximum amount available to be drawn under such Letter of Credit at such
      time (assuming compliance at such time with all conditions to drawing).

            "BASE RATE" means, for each day in any period, a fluctuating
      interest rate per annum as shall be in effect from time to time, which
      rate per annum shall at all times for such day during such period be equal
      to the higher of:

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

                  (b)   0.50% per annum above the Federal Funds Rate for such
      day.

            "BASE RATE ADVANCE" means an Advance which bears interest as
      provided in Section 2.06(a)(i).

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

            "BUSINESS DAY" means a day of the year on which banks are not
      required or authorized to close in Los Angeles, California, or New York
      City, New York, or San Francisco, California, or, if the applicable
      Business Day relates to any Eurocurrency Rate Advances, on which dealings
      are carried on in the London interbank market.

            "CITIBANK" means Citibank, N.A., a national banking association.

            "CO-DOCUMENTATION AGENTS" has the meaning specified in the recital
      of parties to this Agreement.

            "COMMITMENT" has the meaning specified in Section 2.01.

            "COMMITMENT DATE" has the meaning specified in Section 2.19(b).

            "COMMITMENT INCREASE" has the meaning specified in Section 2.19(a).

            "COMMITTED CURRENCIES" means lawful currency of the United Kingdom
      of Great Britain and Northern Ireland, lawful currency of Japan and lawful
      currency of the European Economic and Monetary Union.

                                       2
<PAGE>

            "CONSOLIDATED EBITDA" means, for any period, (a) net income or net
      loss, as the case may be, of the Borrower and its Subsidiaries on a
      consolidated basis for such period, as determined in accordance with GAAP
      for such period, plus (b) the sum of all amounts which, in the
      determination of such consolidated net income or net loss, as the case may
      be, for such period, have been deducted for (i) Consolidated Interest
      Expense, (ii) consolidated income tax expense, (iii) consolidated
      depreciation expense, and (iv) consolidated amortization expense, in each
      case determined in accordance with GAAP for such period.

            "CONSOLIDATED INTEREST EXPENSE" means, for any period, total
      interest expense of the Borrower and its Subsidiaries with respect to all
      outstanding Debt of the Borrower and its Subsidiaries during such period,
      all as determined on a consolidated basis for such period and in
      accordance with GAAP for such period.

            "CONVERT", "CONVERSION" and "CONVERTED" each refers to a conversion
      of Advances of one Type into Advances of another Type pursuant to Section
      2.08 or 2.09.

            "CUSA" has the meaning specified in the recital of parties to this
      Agreement.

            "DEBT" means, with respect to any Person: (a) indebtedness for
      borrowed money, (b) obligations evidenced by bonds, debentures, notes or
      other similar instruments, (c) obligations to pay the deferred purchase
      price of property or services (other than trade payables incurred in the
      ordinary course of business), (d) obligations as lessee under leases which
      shall have been or should be, in accordance with GAAP, recorded as capital
      leases and (e) obligations under direct or indirect guaranties in respect
      of, and obligations (contingent or otherwise) to purchase or otherwise
      acquire, or otherwise to assure a creditor against loss in respect of,
      indebtedness or obligations of any other Person of the kinds referred to
      in clauses (a) through (d) above.

            "DECLINING LENDER" has the meaning specified in Section 2.20(b).

            "DISNEY" means Disney Enterprises, Inc., a Delaware corporation and
      a wholly owned Subsidiary of the Borrower, or any successor thereto.

            "DOLLARS" and the "$" sign each means lawful currency of the United
      States.

            "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 Assumption Agreement or the
      Assignment and Acceptance, as the case may be, 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 Administrative Agent for such
      purpose.

            "EFFECTIVE DATE" has the meaning specified in Section 3.01.

            "ELIGIBLE ASSIGNEE" means (a) a Lender or any Affiliate of a Lender
      or (b) any bank or other financial institution, or any other Person, which
      has been approved in writing by the Borrower, the Administrative Agent and
      each Issuing Bank as an Eligible Assignee for purposes of this Agreement;
      provided, however, that none of the Borrower's approval, the
      Administrative Agent's approval or any Issuing Bank's approval shall be
      unreasonably withheld; and provided further, however, that the Borrower
      may withhold its approval if the Borrower reasonably believes that an
      assignment to such Eligible Assignee pursuant to Section 9.07 will result
      in the incurrence of increased costs payable by the Borrower pursuant to
      Section 2.11 or 2.14.

                                       3
<PAGE>

            "ENVIRONMENTAL CLAIM" means any administrative, regulatory or
      judicial action, suit, demand, claim, lien, notice or proceeding relating
      to any Environmental Law or any Environmental Permit.

            "ENVIRONMENTAL LAW" means any federal, state or local statute, law,
      rule, regulation, ordinance, code or duly promulgated policy or rule of
      common law, now or hereafter in effect, and in each case as amended, and
      any judicial or administrative interpretation thereof, including any
      order, consent decree or judgment, relating to the environment, health,
      safety or any Hazardous Material.

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

            "EQUIVALENT" in Dollars of any Committed Currency on any date means
      the equivalent in Dollars of such Committed Currency determined by using
      the quoted spot rate at which the Sub-Agent's principal office in London
      offers to exchange Dollars for such Committed Currency in London at or
      about 4:00 P.M. (London time) (unless otherwise indicated by the terms of
      this Agreement) on such date as is required pursuant to the terms of this
      Agreement, and the "Equivalent" in any Committed Currency of Dollars means
      the equivalent in such Committed Currency of Dollars determined by using
      the quoted spot rate at which the Sub-Agent's principal office in London
      offers to exchange such Committed Currency for Dollars in London at or
      about 4:00 P.M. (London time) (unless otherwise indicated by the terms of
      this Agreement) on such date as is required pursuant to the terms of this
      Agreement.

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

            "ERISA AFFILIATE" means 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 of 1986, as amended.

            "ERISA EVENT" means: (a) (i) the occurrence with respect to a Plan
      of a reportable event, within the meaning of Section 4043 of ERISA, unless
      the 30-day notice requirement with respect thereto has been waived by the
      Pension Benefit Guaranty Corporation or (ii) the provisions of paragraph
      (1) of Section 4043(b) of ERISA (without regard to paragraph (2) of such
      Section) are applicable 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 could
      reasonably be expected to occur with respect to such Plan within the
      following 30 days; (b) 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); (c) the cessation of operations by the
      Borrower or any ERISA Affiliate at a facility in the circumstances
      described in Section 4062(e) of ERISA; (d) 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; (e) the failure by the Borrower or any ERISA Affiliate to make a
      payment to a Plan described in Section 302(f)(1)(A) of ERISA; (f) the
      adoption of an amendment to a Plan requiring the provision of security to
      such Plan, pursuant to Section 307 of ERISA; or (g) the institution by the
      Pension Benefit Guaranty Corporation of proceedings to terminate a Plan,
      pursuant to Section 4042 of ERISA, or the occurrence of any event or
      condition which is reasonably likely to constitute grounds under Section
      4042 of ERISA for the termination of, or the appointment of a trustee to
      administer, a Plan.

                                       4
<PAGE>

            "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.

            "EUROCURRENCY LENDING OFFICE" means, with respect to any Lender, the
      office of such Lender specified as its "Eurocurrency Lending Office"
      opposite its name on Schedule I hereto or in the Assumption Agreement or
      the Assignment and Acceptance, as the case may be, 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 Administrative Agent for such
      purpose.

            "EUROCURRENCY RATE" means, for any Interest Period for each
      Eurocurrency Rate Advance comprising part of the same Borrowing, (a) the
      rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%)
      appearing on Telerate Page 3750 (or any successor page) as the London
      interbank offered rate for deposits in Dollars or the applicable Committed
      Currency, as the case may be, at 11:00 A.M. (London time) two Business
      Days before the first day of such Interest Period for a period equal to
      such Interest Period divided by (b) a percentage equal to 100% minus the
      Eurocurrency Rate Reserve Percentage for such Interest Period (provided,
      that, if for any reason such rate is not available, the term "Eurocurrency
      Rate" shall mean, for any Interest Period for each Eurocurrency Rate
      Advance comprising part of the same Borrowing, (a) an interest rate per
      annum equal to 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 Dollars or the applicable Committed
      Currency, as the case may be, 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 for a period equal to such Interest
      Period and in an amount substantially equal to such Reference Bank's (or,
      in the case of Citibank, CUSA's) Eurocurrency Rate Advance comprising part
      of such Borrowing divided by (b) a percentage equal to 100% minus the
      Eurocurrency Rate Reserve Percentage for such Interest Period). In the
      event that the Eurocurrency Rate is to be determined by the Reference
      Banks, the Eurocurrency Rate for any Interest Period for each Eurocurrency
      Rate Advance comprising part of the same Borrowing shall be determined by
      the Administrative Agent on the basis of applicable rates furnished to and
      received by the Administrative 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.

            "EUROCURRENCY RATE ADVANCE" means an Advance denominated in Dollars
      or a Committed Currency which bears interest as provided in Section
      2.06(a)(ii).

            "EUROCURRENCY RATE MARGIN" 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
      S&P/MOODY'S                                         APPLICABLE MARGIN
-------------------------                                 -----------------
<S>                                                       <C>
Level 1
AA-/Aa3 or above                                                0.115%
Level 2
Lower than AA-/Aa3 but                                          0.130%
at least A/A2
Level 3
Lower than A/A2 but                                             0.140%
at least A-/A3
</TABLE>

                                       5
<PAGE>

<TABLE>
<S>                                                             <C>
Level 4
Lower than A-/A3 but                                            0.165%
at least BBB+/Baa1
Level 5
Lower than BBB+/Baa1 or no                                      0.300%
Public Debt Rating in effect
</TABLE>

            "EUROCURRENCY RATE RESERVE PERCENTAGE" means, with respect to any
      Lender for any Interest Period for any Eurocurrency Rate Advance, the
      reserve percentage applicable during such Interest Period (or, if more
      than one such percentage shall be so applicable, the daily average of such
      percentages for those days in such Interest Period during which any such
      percentage shall be so applicable) under regulations issued from time to
      time by the Board of Governors of the Federal Reserve System (or any
      successor thereto) for determining the maximum reserve requirement
      (including, without limitation, any emergency, supplemental or other
      marginal reserve requirement) for such Lender 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 Eurocurrency Rate Advances is
      determined) having a term equal to such Interest Period.

            "EURO DISNEY ENTITY" means any Subsidiary of the Borrower and any
      other Person whose equity securities or interests are owned, directly or
      indirectly, in whole or in part, by the Borrower or any of its
      Subsidiaries, the primary business of which is the direct or indirect
      ownership, management, operation, design, construction and/or financing of
      the recreational, commercial and residential facilities and complex, or
      any part thereof or any addition thereto, commonly known as `Euro Disney',
      `Euro Disneyland' or `Disneyland Resort Paris', located in
      Marne-la-Vallee, France, which Subsidiaries and other Persons include,
      without limitation, as of the date hereof, Euro Disney Investments, Inc.,
      EDL S.N.C. Corporation, Euro Disney Associes S.N.C., Euro Disneyland SNC,
      Euro Disney SCA, Euro Disneyland Participations S.A.., Euro Disney S.A..,
      EDL Holding Company, EDL Participations S.A.., Centre de Congres Newport
      S.A.S., Euro Disneyland Imagineering S.a.r.l. and Societe de Gerance
      d'Euro Disneyland SA.

            "EVENTS OF DEFAULT" has the meaning specified in Section 7.01.

            "EXCLUDED ENTITY" means each of the Euro Disney Entities, the Hong
      Kong Disneyland Entities and the Specified Project Entities.

            "EXISTING LETTERS OF CREDIT" means the outstanding letters of credit
      originally issued under the Replaced Loan Agreements and identified on
      Schedule III hereto.

            "EXTENSION DATE" has the meaning specified in Section 2.20(b).

            "EXTENDING LENDER" has the meaning specified in Section 2.20(b).

            "FACILITY FEE 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
          S&P/MOODY'S                                         PERCENTAGE
------------------------------                                ----------
<S>                                                           <C>
Level 1
AA-/Aa3 or above                                                0.060%
</TABLE>

                                       6
<PAGE>

<TABLE>
<CAPTION>
      PUBLIC DEBT RATING
          S&P/MOODY'S                                         PERCENTAGE
------------------------------                                ----------
<S>                                                           <C>
Level 2
Lower than AA-/Aa3 but                                          0.070%
at least A/A2
Level 3
Lower than A/A2 but                                             0.085%
at least A-/A3
Level 4
Lower than A-/A3 but                                            0.110%
at least BBB+/Baa1
Level 5
Lower than BBB+/Baa1 or                                         0.150%
no Public Debt Rating in effect
</TABLE>

            "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
      immediately preceding Business Day) by the Federal Reserve Bank of New
      York, or, if such rate is not so published for any day which is a Business
      Day, the average of the quotations for such day on such transactions
      received by the Administrative Agent from three federal funds brokers of
      recognized standing selected by the Administrative Agent.

            "GAAP" means generally accepted accounting principles consistent
      with those applied in the preparation of the audited financial statements
      referred to in Section 5.01(c) dated September 30, 2003, subject, however,
      to the provisions of Section 1.03.

            "HAZARDOUS MATERIAL" means (a) any petroleum or petroleum product,
      natural or synthetic gas, asbestos in any form that is or could become
      friable, urea formaldehyde foam insulation, or radon gas, (b) any
      substance defined as or included in the definition of "hazardous
      substances", "hazardous wastes", "hazardous materials", "toxic
      substances", "contaminants" or "pollutants", or words of similar import,
      under any applicable Environmental Law or (c) any other substance exposure
      to which is regulated by any governmental or regulatory authority.

            "HONG KONG DISNEYLAND ENTITY" means any Subsidiary of the Borrower
      and any other Person whose equity securities or interests are owned,
      directly or indirectly, in whole or in part, by the Borrower or any of its
      Subsidiaries, the primary business of which is the direct or indirect
      ownership, management, operation, design, construction and/or financing of
      the recreational and commercial facilities and complex, or any part
      thereof or any addition thereto, commonly known as `Hong Kong Disney',
      `Hong Kong Disneyland' or `Disneyland Resort Hong Kong' located at Penny's
      Bay on Lantau Island, Hong Kong, which Subsidiaries and other Persons
      include, without limitation, as of the date hereof, Hongkong International
      Theme Parks Limited, Hong Kong Disneyland Management Limited, and Walt
      Disney Holdings (Hong Kong) Limited.

            "INCREASE DATE" has the meaning specified in Section 2.19(a).

            "INCREASING LENDER" has the meaning specified in Section 2.19(b).

            "INDEMNIFIED MATTERS" has the meaning specified in Section 9.08.

                                       7
<PAGE>

            "INDEMNIFIED PARTY" has the meaning specified in Section 9.08.

            "INITIAL LENDERS" has the meaning specified in the recital of
      parties to this Agreement.

            "INTEREST PERIOD" means, for each Eurocurrency Rate Advance
      comprising part of the same Borrowing, the period commencing on the date
      of such Eurocurrency Rate Advance or on the date of the Conversion of any
      Base Rate Advance into such Eurocurrency Rate Advance and ending on the
      last day of the period selected by the Borrower pursuant to the provisions
      below and, thereafter, 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, six or, if
      generally available to all of the Lenders, nine or twelve months as the
      Borrower may, upon notice received by the Administrative Agent not later
      than (x) 11:00 A.M. (New York City time) on the third Business Day prior
      to the first day of such Interest Period for each Eurocurrency Rate
      Advance denominated in any Committed Currency, or (y) 1:00 P.M. (New York
      City time) on the third Business Day prior to the first day of such
      Interest Period for each Eurocurrency Rate Advance denominated in Dollars,
      select; provided, however, that:

                  (i)   Interest Periods commencing on the same date for
            Eurocurrency Rate Advances comprising part of the same Borrowing
            shall be of the same duration;

                  (ii)  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 succeeding calendar month, the last day of such Interest Period
            shall occur on the immediately preceding Business Day;

                  (iii) 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; and

                  (iv)  the Borrower may not select for any Advance any Interest
            Period which ends after the scheduled Termination Date then in
            effect.

            "IRS" has the meaning specified in Section 2.14(e).

            "ISSUE" means, with respect to any Letter of Credit, either to
      issue, or to increase the amount of, such Letter of Credit, and the term
      "Issued" or "Issuance" shall have corresponding meanings. For the
      avoidance of doubt, the renewal of an Auto Renewal Letter of Credit shall
      not be deemed to be an Issuance.

            "ISSUING BANK" means Standard Chartered Bank, BNP Paribas or any
      other Lender which agrees to become, and is designated as an Issuing Bank
      under Section 3.09(a) or any Affiliate thereof as agreed to from time to
      time by the Borrower and such Issuing Bank, that may from time to time
      Issue Letters of Credit for the account of the Borrower.

            "ISSUING COMMITMENT" means, as to any Issuing Bank, the amount set
      forth opposite such Issuing Bank's name on Schedule II hereto under the
      caption "Issuing Commitment," as it may change pursuant to Section
      3.09(b).

                                       8
<PAGE>

            "LC COLLATERAL ACCOUNT" means a deposit account to be designated by
      the Administrative Agent from time to time.

            "LC COMMITMENT" means, as to any Lender, the amount set forth
      opposite such Lender's name on Schedule II hereto under the caption "LC
      Commitment" or, if such Lender has entered into one or more Assignment and
      Acceptances, the amount set forth for such Lender with respect thereto in
      the Register maintained by the Administrative Agent pursuant to Section
      9.07(c) hereof.

            "LC COMMITMENT PERCENTAGE" means, with respect to each Lender, the
      percentage which the then existing LC Commitment of such Lender is of the
      LC Commitments of all Lenders; provided, however, that when used with
      respect to Letters of Credit which expire after the Termination Date has
      occurred, the LC Commitment Percentage of each Lender shall be the
      percentage, immediately prior to the Termination Date, that such Lender's
      LC Commitment is of the LC Commitment of all Lenders.

            "LENDERS" means, collectively, each Initial Lender, to the extent
      applicable, each Issuing Bank, each Assuming Lender that shall become a
      party hereto pursuant to Section 2.19 or 2.20 and each Eligible Assignee
      that shall become a party hereto pursuant to Section 9.07; provided,
      however, that for purposes of any determination to be made under Section
      2.07, 2.11, 2.12 or 9.04(b) with respect to CUSA, in its capacity as
      Lender, the term "Lenders" shall be deemed to include Citibank.

            "LETTER OF CREDIT" means a letter of credit or other credit support
      instrument issued as credit support for the obligations of, or for the
      account of, the Borrower or any of its Subsidiaries.

            "LETTER OF CREDIT LIABILITY" means, as of any date of determination,
      all then existing liabilities of the Borrower to the Issuing Banks in
      respect of the Letters of Credit, whether such liability is contingent or
      fixed, and shall, in each case, consist of the sum of (i) the aggregate
      maximum amount (the determination of such maximum amount to assume
      compliance with all conditions for drawing) then available to be drawn
      under such Letters of Credit (including without limitation, amounts
      available under such Letters of Credit for which a draft has been
      presented but not yet honored) and (ii) the aggregate amount which has
      then been paid by and not been reimbursed to, the Issuing Banks under such
      Letters of Credit. For the purposes of determining the Letter of Credit
      Liability, the face amount of Letters of Credit outstanding in any
      Committed Currency shall be expressed as the Equivalent in Dollars of such
      Committed Currency.

            "LIEN" means any lien, security interest or other charge or
      encumbrance of any kind, or any other type of preferential arrangement
      which has the same effect as a lien or security interest.

            "MAJORITY LENDERS" means, at any time, Lenders owed at least a
      majority in interest of the aggregate unpaid principal amount of the
      Advances owing to the Lenders at such time, or, if no such principal
      amount is outstanding at such time, Lenders having at least a majority in
      interest of the Commitments at such time; provided, however, that neither
      the Borrower nor any of its Affiliates, if a Lender, shall be included in
      the determination of the Majority Lenders at any time. For the purposes of
      this definition, the aggregate principal amount of Letter of Credit
      Liability owing to each Issuing Bank shall be considered Advances to be
      owed to the Lenders ratably in accordance with their respective
      Commitments.

            "MATERIAL SUBSIDIARY" means, at any date of determination, a
      Subsidiary of the Borrower that, either individually or together with its
      Subsidiaries, taken as a whole, has total assets exceeding $100,000,000 on
      such date.

                                       9
<PAGE>

            "MEASUREMENT PERIOD" means, at any date of determination, the most
      recently completed four consecutive fiscal quarters of the Borrower on or
      immediately prior to such date.

            "MOODY'S" means Moody's Investors Service, Inc. or any successor
      thereto.

            "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 (i) 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 (ii) was so maintained and in respect
      of which the Borrower or an ERISA Affiliate could have liability under
      Section 4064 or 4069 of ERISA in the event such plan has been or were to
      be terminated.

            "NOTE" has the meaning specified in Section 2.17.

            "NOTICE OF BORROWING" has the meaning specified in Section 2.02(a).

            "NOTICE OF LETTER OF CREDIT REQUEST" has the meaning set forth in
      Section 3.03.

            "OTHER TAXES" has the meaning specified in Section 2.14(b).

            "PATRIOT ACT" means the Uniting and Strengthening America by
      Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
      Act of 2001, Pub. L. 107-56 and all other laws and regulations relating to
      money-laundering and terrorist activities.

            "PAYMENT OFFICE" means, for any Committed Currency, such office of
      Citibank as shall be from time to time selected by the Administrative
      Agent and notified by the Administrative Agent to the Borrower and the
      Lenders.

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

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

            "PUBLIC DEBT RATING" means, as of any date of determination, the
      higher 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 public debt issued by the Borrower. For
      purposes of the foregoing, (a) if only one of S&P and Moody's shall have
      in effect a Public Debt Rating, the Eurocurrency Rate Margin and the
      Facility Fee Percentage 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 Eurocurrency Rate Margin and the Facility Fee Percentage will
      be set in accordance with Level 5 under the definition of "Eurocurrency
      Rate Margin" or "Facility Fee Percentage", as the case may be; (c) if the
      ratings established by S&P and Moody's shall fall within different levels,
      the Eurocurrency Rate Margin and the Facility Fee Percentage shall be
      based upon the higher rating; (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

                                       10
<PAGE>

      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.

            "REFERENCE BANKS" means Citibank, Bank of America, N.A., Barclays
      Bank Plc and BNP Paribas, or, in the event that fewer than two of such
      banks remain Lenders hereunder at any time, any other commercial bank
      designated by the Borrower and approved by the Majority Lenders as
      constituting a "Reference Bank" hereunder.

            "REGISTER" has the meaning specified in Section 9.07(c).

            "REPLACED LOAN AGREEMENTS" means, collectively, (a) the Amended and
      Restated 364-Day Credit Agreement dated as of February 26, 2003, as
      amended, among the Borrower, the lenders party thereto and Citicorp USA,
      Inc., as administrative agent, and (b) the Five-Year Credit Agreement,
      dated as of March 8, 2000, as amended, among the Borrower, the lenders
      party thereto and Citicorp USA, Inc., as administrative agent.

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

            "SEC" has the meaning specified in Section 6.01(e)(i).

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

            "SPECIFIED PROJECT ENTITY" means:

            (a)   DVD Financing, Inc.;

            (b)   each Affiliate of the Borrower organized after the Closing
      Date (or whose business commenced after the Closing Date) and any other
      Person organized after the Closing Date (or whose business commenced after
      the Closing Date) whose equity securities or interests are owned, directly
      or indirectly, in whole or in part, by the Borrower or any of its
      Subsidiaries, in each case, if:

                  (i)   such Affiliate or other Person has incurred Debt for the
            purpose of financing all or a part of the costs of the acquisition,
            construction, development or operation of a particular project
            ("PROJECT DEBT");

                  (ii)  except for customary guaranties, keep-well agreements
            and similar credit and equity support arrangements in respect of
            Project Debt incurred by such Affiliate or other Person from the
            Borrower or any of its Subsidiaries not in excess of $150,000,000 or
            from third parties, the source of repayment of such Project Debt is
            limited to the assets and revenues of such particular project (or,
            if such particular project comprises all or substantially all of the
            assets of such Affiliate or other Person, the assets and revenues of
            such Affiliate or other Person); and

                  (iii) the property over which Liens are granted to secure such
            Project Debt, if any, consists solely of the assets and revenues of
            such particular project or the equity securities or

                                       11
<PAGE>

            interests of such Affiliate or other Person or a Subsidiary of the
            Borrower referred to in clause (c) below; and

            (c)   each Affiliate of the Borrower organized after the Closing
      Date (or whose business commenced after the Closing Date) whose equity
      securities or interests are owned, directly or indirectly, in whole or in
      part, by the Borrower or any of its Subsidiaries, the primary business of
      which is the direct or indirect ownership, management or operation of, or
      provision of services to, any Affiliate or other Person referred to in
      clause (b) above.

            "SUB-AGENT" means Citibank International plc.

            "SUBSIDIARY" means with respect to any Person, any (a) corporation
      (or foreign equivalent) other than an Excluded Entity or (b) general
      partnership, limited partnership or limited liability company (or foreign
      equivalent) other than an Excluded Entity (each, a "NON-CORPORATE
      ENTITY"), in either case, of which more than 50% of the outstanding
      capital stock (or comparable interest) having ordinary voting power
      (irrespective of whether at the time capital stock (or comparable
      interest) of any other class or classes of such corporation or
      Non-Corporate Entity shall or might have voting power upon the occurrence
      of any contingency) is at the time directly or indirectly (through one or
      more Subsidiaries) owned by such Person. In the case of a Non-Corporate
      Entity, a Person shall be deemed to have more than 50% of interests having
      ordinary voting power only if such Person's vote in respect of such
      interests comprises more than 50% of the total voting power of all such
      interests in such Non-Corporate Entity. For purposes of this definition,
      any managerial powers or rights comparable to managerial powers afforded
      to a Person solely by reason of such Person's ownership of general partner
      or comparable interests (or foreign equivalent) shall not be deemed to be
      `interests having ordinary voting power'.

            "TAXES" has the meaning specified in Section 2.14(a).

            "TERMINATION DATE" means the earlier of (a) February 24, 2009,
      subject to the extension thereof pursuant to Section 2.20, and (b) the
      date of termination in whole of the aggregate Commitments and LC
      Commitments pursuant to Section 2.04 or 7.01; provided, however, that the
      Termination Date of any Lender that is a Declining Lender in connection
      with any requested extension pursuant to Section 2.20 shall be the
      Termination Date in effect immediately prior to the applicable Extension
      Date for all purposes of this Agreement.

            "364-DAY CREDIT AGREEMENT" means the 364-Day Credit Agreement dated
      as of February 25, 2004 among the Borrower, the banks, financial
      institutions and other institutional lenders party thereto, CUSA, as
      administrative agent thereunder, Bank of America, N.A., as syndication
      agent, and Barclays Bank Plc, BNP Paribas SA, HSBC Bank USA and JPMorgan
      Chase Bank, as co-documentation agents thereunder, as such agreement may
      be amended, supplemented or otherwise modified hereafter from time to
      time.

            "TYPE" has the meaning specified in the definition of "Advance".

            "UNITED STATES" and "U.S." each means the United States of America.

            "UTILIZATION FEE" has the meaning specified in Section 2.03(b).

            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
means "to but excluding".

                                       12
<PAGE>

            SECTION 1.03 Accounting Terms. All accounting terms not specifically
defined herein shall be construed in accordance with GAAP; provided, however,
that if any changes in accounting principles from those used in the preparation
of the financial statements referred to in Section 4.01(c) dated September 30,
2003 hereafter occur by reason of the promulgation of rules, regulations,
pronouncements, opinions or other requirements of the Financial Accounting
Standards Board or the American Institute of Certified Public Accountants (or
successors thereto or agencies with similar functions) and result in a change in
the method of calculation of financial covenants or the terms related thereto
contained in this Agreement, the Borrower shall, at its option, (i) furnish to
the Administrative Agent, together with each delivery of the consolidated
financial statements of the Borrower and its subsidiaries required to be
delivered pursuant to Section 6.01(e), a written reconciliation setting forth
the differences that would have resulted if such financial statements had been
prepared utilizing accounting principles and policies in conformity with those
used to prepare the financial statements referred to in Section 4.01(c) dated
September 30, 2003 or (ii) enter into negotiations with the Administrative Agent
and the Lenders to amend such financial covenants or terms equitably to reflect
such changes so that the criteria for evaluating the financial condition of the
Borrower and its subsidiaries shall be the same after such changes as if such
changes had not been made; provided, however, that at all times in the case of
clause (i) above, and in the case of clause (ii) above until the amendment
referred to in such clause (ii) becomes effective, all covenants and related
calculations under this Agreement shall be performed, observed and determined as
though no such changes in accounting principles had been made.

                                   ARTICLE II
                        AMOUNTS AND TERMS OF THE ADVANCES

            SECTION 2.01 The Advances. Each Lender severally agrees, on the
terms and conditions hereinafter set forth, to make 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 aggregate amount (based in respect of any
Advances denominated in a Committed Currency on the Equivalent in Dollars
determined on the date of delivery of the applicable Notice of Borrowing) not to
exceed at any time outstanding the Dollar amount set forth opposite such
Lender's name on the signature pages hereof or, if such Lender has become a
Lender hereunder pursuant to an Assumption Agreement, the Dollar amount set
forth as the Commitment of such Lender in such Assumption Agreement or, if such
Lender has entered into an Assignment and Acceptance the Dollar amount set forth
for such Lender in the Register maintained by the Administrative Agent pursuant
to Section 9.07(c), as such amount may be reduced pursuant to Section 2.04 or
increased pursuant to Section 2.19 (such Lender's "COMMITMENT"), provided, that,
the Lenders shall not be obligated to, and shall not, make any Advances as part
of a Borrowing if after giving effect to such Borrowing the sum of the then
outstanding aggregate amount of all Borrowings, and the then outstanding
aggregate amount of all Letter of Credit Liability shall exceed the aggregate
amount of the Commitments then in effect. Each Borrowing shall be in an
aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess
thereof (or the Equivalent thereof in any Committed Currency determined on the
date of delivery of the applicable Notice of Borrowing); provided, that, in the
case of any Borrowing made for the purpose of reimbursing a drawing under any
Letter of Credit, (A) the aggregate amount of such Borrowing shall be not less
than $1,000,000 and (B) if the aggregate amount of such Borrowing is less than
$20,000,000, such Borrowing shall consist solely of Base Rate Advances. Except
as set forth in clause (B) of the preceding sentence, each Borrowing shall
consist of Advances of the same Type made on the same day by the Lenders ratably
according to their respective Commitments. Within the limits of each Lender's
Commitment, the Borrower from time to time may borrow under this Section 2.01,
prepay pursuant to Section 2.10 and reborrow under this Section 2.01.

            SECTION 2.02 Making the Advances. (a) Each Borrowing shall be made
on notice, given not later than (x) 11:00 A.M. (New York City time) on the same
Business Day as the date of a proposed Borrowing comprised of Base Rate
Advances, (y) 11:00 A.M. (New York City time) on the third Business Day prior to
the date of a proposed Borrowing comprised of Eurocurrency Rate Advances
denominated in any

                                       13
<PAGE>

Committed Currency, or (z) 1:00 P.M. (New York City time) on the third Business
Day prior to the date of a proposed Borrowing comprised of Eurocurrency Rate
Advances denominated in Dollars, by the Borrower to the Administrative Agent
(and, in the case of a Borrowing consisting in Eurocurrency Rate Advances
denominated in any Committed Currency, simultaneously to the Sub-Agent), which
shall give to each Lender prompt notice thereof by telecopier. Each such notice
of a Borrowing (a "NOTICE OF BORROWING") shall be by telecopier, or by
telephone, confirmed immediately by telecopier, in substantially the form of
Exhibit A hereto, specifying therein the requested (i) date of such Borrowing
(which shall be a Business Day), (ii) Type of Advances comprising such
Borrowing, (iii) aggregate amount of such Borrowing, and (iv) in the case of a
Borrowing comprised of Eurocurrency Rate Advances, initial Interest Period and
currency for each such Advance. Each Lender shall, before (A) 1:00 P.M. (New
York City time) on the date of such Borrowing consisting of Advances denominated
in Dollars or (B) 1:00 P.M. (London time) on the date of such Borrowing
consisting of Advances denominated in any Committed Currency, make available for
the account of its Applicable Lending Office to the Administrative Agent at the
Administrative Agent's (or the Sub-Agent's, as the case may be) Account, in same
day funds, such Lender's ratable portion of such Borrowing. After the
Administrative Agent's receipt of such funds and upon fulfillment of the
applicable conditions set forth in Article IV, the Administrative Agent will
make such funds available to the Borrower at the office where the Administrative
Agent's (or the Sub-Agent's, as the case may be) Account is maintained.

            (b)   Anything in subsection (a) above or Section 2.01 to the
contrary notwithstanding, the Borrower may not select Eurocurrency Rate Advances
for any Borrowing if the aggregate amount of such Borrowing is less than
$20,000,000 (or the Equivalent thereof in any Committed Currency determined on
the date of delivery of the applicable Notice of Borrowing) or if the obligation
of the Lenders to make Eurocurrency Rate Advances shall be suspended at such
time pursuant to Section 2.08.

            (c)   Each Notice of Borrowing shall be irrevocable and binding on
the Borrower. In the case of any Borrowing which the related Notice of Borrowing
specifies as to be comprised of Eurocurrency 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 Borrowing for such Borrowing the applicable conditions set forth in
Article IV, including, without limitation, any loss, cost or expense incurred by
reason of the liquidation or redeployment of deposits or other funds acquired by
such Lender to fund the Advance to be made by such Lender as part of such
Borrowing when such Advance, as a result of such failure, is not made on such
date.

            (d)   Unless the Administrative Agent shall have received notice
from a Lender prior to the date of any Borrowing that such Lender will not make
available to the Administrative Agent such Lender's ratable portion of such
Borrowing, the Administrative Agent may assume that such Lender has made such
portion available to the Administrative Agent on the date of such Borrowing in
accordance with subsection (a) of this Section 2.02 and the Administrative Agent
may, in reliance upon such assumption, make available to the Borrower on such
date a corresponding amount. If and to the extent that any Lender shall not have
so made such ratable portion available to the Administrative Agent, such Lender
agrees to pay to the Administrative 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 paid to the
Administrative Agent, at (A) the Federal Funds Rate in the case of Advances
denominated in Dollars or (B) the cost of funds incurred by the Administrative
Agent in respect of such amount in the case of Advances denominated in Committed
Currencies; provided, however, that (i) within two Business Days after any
Lender shall fail to make such ratable portion available to the Administrative
Agent, the Administrative Agent shall notify the Borrower of such failure and
(ii) if such Lender shall not have paid such corresponding amount to the
Administrative Agent within two Business Days after such demand is made of such
Lender by the Administrative Agent, the Borrower agrees to repay to the
Administrative Agent forthwith, upon demand by the Administrative Agent to the
Borrower, 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

                                       14
<PAGE>

the Administrative Agent, at the interest rate applicable at the time to
Advances comprising such Borrowing. If and to the extent such corresponding
amount shall be paid by such Lender to the Administrative Agent in accordance
with this Section 2.02(d), such amount so paid shall constitute such Lender's
Advance as part of such Borrowing for all purposes of this Agreement.

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

            SECTION 2.03 Fees. (a) Facility Fee. The Borrower agrees to pay to
each Lender a facility fee on the average daily amount (whether used or unused)
of such Lender's Commitment from the Effective Date, in the case of each Initial
Lender, and from the later of (a) the Effective Date and (b) the effective date
specified in the Assumption Agreement or the Assignment and Acceptance pursuant
to which it became a Lender, in the case of each other Lender, until, in each
case, the Termination Date, payable quarterly in arrears on the first Business
Day of each January, April, July and October during the term of such Lender's
Commitment, commencing April 1, 2004, and on the Termination Date, at the rate
per annum equal to the Facility Fee Percentage in effect from time to time.

            (b)   Utilization Fee. For each day on which the sum of (i) the
outstanding Advances and (ii) the Letter of Credit Liability exceeds 50% of the
Commitments, the Borrower agrees to pay to the Agent for the account of each
Lender, a utilization fee equal to the quotient obtained by dividing (A) the
product of (1)the sum of (a) the Letter of Credit Liability on such day and (b)
the difference between the aggregate outstanding Advances on such day and the
outstanding Base Rate Advances on such day and (2) 0.125% by (B) 365 (or, for
any such day in a leap year, 366). This Utilization Fee shall be paid quarterly
in arrears on the first Business Day of each January, April, July and October of
each year, and on the Termination Date.

            SECTION 2.04 Reduction of the Commitments. The Borrower shall have
the right, upon at least three Business Days' notice to the Administrative
Agent, to terminate in whole or reduce ratably in part the unused portions of
the respective Commitments of the Lenders; provided that each partial reduction
shall be in the aggregate amount of $5,000,000 or an integral multiple of
$1,000,000 in excess thereof and; provided, further, that after giving effect to
any such partial reduction, the total Commitments shall not be less than the sum
of (i) the then outstanding aggregate amount of Advances and (ii) the greater of
(x) Letter of Credit Liability or (y) aggregate amount of LC Commitments. Once
terminated, such Commitments may not be reinstated.

            SECTION 2.05 Repayment of Advances. The Borrower shall repay to each
Lender on the Termination Date the aggregate principal amount of the Advances
owing to such Lender on such date.

            SECTION 2.06 Interest on Advances. (a) Scheduled Interest. The
Borrower shall pay to each Lender interest on the unpaid principal amount of
each Advance owing to such Lender from the date of such 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 Base Rate in
effect from time to time, payable quarterly in arrears on the first Business Day
of each January, April, July and October during such periods and on the date
such Base Rate Advance shall be Converted or paid in full and, for the avoidance
of doubt, a Utilization Fee shall not be payable during such periods as such
Advance is a Base Rate Advance.

                  (ii)  Eurocurrency Rate Advances. During such periods as such
Advance is a Eurocurrency Rate Advance, a rate per annum equal at all times
during each Interest Period for such Advance

                                       15
<PAGE>

to the sum of (A) the Eurocurrency Rate for such Interest Period for such
Advance and (B) the Eurocurrency Rate Margin 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 the date which occurs three
months and, if applicable, six months, nine months and twelve months after the
first day of such Interest Period and on the date such Eurocurrency Rate Advance
shall be Converted or paid in full .

            (b)   Default Interest. The Borrower shall pay interest on the
unpaid principal amount of each Advance that is not paid when due and on the
unpaid amount of all interest, fees and other amounts payable hereunder that is
not paid when due, payable on demand, at a rate per annum equal at all times to
(i) in the case of any amount of principal, the greater of (x) 2% per annum
above the rate per annum required to be paid on such Advance immediately prior
to the date on which such amount became due and (y) 2% per annum above the Base
Rate in effect from time to time and (ii) to the fullest extent permitted by
law, in the case of all other amounts, 2% per annum above the Base Rate in
effect from time to time.

            SECTION 2.07 Additional Interest on Eurocurrency Rate Advances. The
Borrower shall pay to each Lender, so long as such Lender shall be required
under regulations of the Board of Governors of the Federal Reserve System to
maintain reserves with respect to liabilities or assets consisting of or
including Eurocurrency Liabilities, additional interest on the unpaid principal
amount of each Eurocurrency Rate Advance of such Lender, from the date of such
Advance until such principal amount is paid in full, at an interest rate per
annum equal at all times to the remainder obtained by subtracting (i) the
Eurocurrency Rate for the applicable Interest Period for such Advance from (ii)
the rate obtained by dividing such Eurocurrency Rate by a percentage equal to
100% minus the Eurocurrency Rate Reserve Percentage of such Lender for such
Interest Period, payable on each date on which interest is payable on such
Advance. Such additional interest shall be determined by such Lender and
notified in reasonable detail to the Borrower through the Administrative Agent.

            SECTION 2.08 Interest Rate Determination. (a) To the extent
required, each Reference Bank agrees to furnish to the Administrative Agent
timely information for the purpose of determining each Eurocurrency Rate. If any
one or more of the Reference Banks shall not furnish such timely information to
the Administrative Agent for the purpose of determining such interest rate, the
Administrative Agent shall determine such interest rate on the basis of timely
information furnished by the remaining Reference Banks.

            (b)   The Administrative Agent shall give prompt notice to the
Borrower and the Lenders of the applicable interest rate determined by the
Administrative Agent for purposes of Section 2.06(a)(i) or (a)(ii), and, if
applicable, the rate, if any, furnished by each Reference Bank for the purpose
of determining the applicable interest rate under Section 2.06(a)(ii).

            (c)   If fewer than two Reference Banks furnish timely information
to the Administrative Agent for purposes of determining the Eurocurrency Rate
for any Eurocurrency Rate Advances, (i) the Administrative Agent shall forthwith
notify the Borrower and the Lenders that the interest rate cannot be determined
for such Eurocurrency Rate Advances, (ii) 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, or to Convert Advances into, Eurocurrency Rate Advances shall be suspended
until the Administrative Agent shall notify the Borrower and the Lenders that
the circumstances causing such suspension no longer exist.

            (d)   If, with respect to any Eurocurrency Rate Advances, the
Majority Lenders notify the Administrative Agent that (i) they are unable to
obtain matching deposits in the London inter-bank market at or about 11:00 A.M.
(London time) on the second Business Day before the making of a Borrowing in
sufficient amounts to fund their respective Eurocurrency Rate Advances as a part
of such Borrowing during its Interest Period or (ii) the Eurocurrency Rate for
any Interest Period for such Advances will not adequately

                                       16
<PAGE>

reflect the cost to such Majority Lenders (which cost each such Majority Lender
reasonably determines in good faith is material) of making, funding or
maintaining their respective Eurocurrency Rate Advances for such Interest
Period, the Administrative Agent shall forthwith so notify the Borrower and the
Lenders, whereupon, unless the Eurocurrency Rate Margin shall be increased to
reflect such costs as determined by such Majority Lenders and as agreed by the
Borrower, (A) the obligation of the Lenders to make, or to Convert Base Rate
Advances into, Eurocurrency Rate Advances shall be suspended until the
Administrative Agent shall notify the Borrower and the Lenders that the
circumstances causing such suspension no longer exist, and (B) the Borrower
will, on the last day of the then existing Interest Period therefor, (1) if such
Eurocurrency Rate Advances are denominated in Dollars, either (x) prepay such
Advances or (y) Convert such Advances into Base Rate Advances and (2) if such
Eurocurrency Rate Advances are denominated in any Committed Currency, either (x)
prepay such Advances or (y) redenominate such Advances into an Equivalent amount
of Dollars and Convert such Advances into Base Rate Advances. The Administrative
Agent shall use reasonable efforts to determine from time to time whether the
circumstances causing such suspension no longer exist and, promptly after the
Administrative Agent knows that the circumstances causing such suspension no
longer exist, the Administrative Agent shall so notify the Borrower and the
Lenders.

            (e)   If the Borrower shall fail to select the duration of any
Interest Period for any Eurocurrency Rate Advances in accordance with the
provisions contained in the definition of "Interest Period" in Section 1.01, the
Administrative 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, (i) if such Eurocurrency Rate Advances are denominated in
Dollars, be Converted into Base Rate Advances and (ii) if such Eurocurrency Rate
Advances are denominated in a Committed Currency, be redenominated into an
Equivalent amount of Dollars and be Converted into Base Rate Advances.

            (f)   On the date on which the aggregate unpaid principal amount of
Eurocurrency Rate Advances comprising any Borrowing shall be reduced, by payment
or prepayment or otherwise, to less than $20,000,000, such Eurocurrency Rate
Advances shall automatically Convert into Base Rate Advances and, on and after
such date, the right of the Borrower to Convert such Advances into Eurocurrency
Rate Advances shall terminate; provided, however, that if and so long as each
such Eurocurrency Rate Advance shall have the same Interest Period as
Eurocurrency Rate Advances comprising another Borrowing or Borrowings, and the
aggregate unpaid principal amount of all such Eurocurrency Rate Advances shall
equal or exceed $20,000,000, the Borrower shall have the right to continue all
such Eurocurrency Rate Advances as, or to Convert all such Advances into,
Eurocurrency Rate Advances having such Interest Period.

            (g)   Upon the occurrence and during the continuance of any Event of
Default under Section 7.01(a), (i) each Eurocurrency Rate Advance will
automatically, on the last day of the then existing Interest Period therefor,
(A) if such Eurocurrency Rate Advances are denominated in Dollars, be Converted
into Base Rate Advances and (B) if such Eurocurrency Rate Advances are
denominated in any Committed Currency, be redenominated into an Equivalent
amount of Dollars and be Converted into Base Rate Advances and (ii) the
obligation of the Lenders to make, or to Convert Advances into, Eurocurrency
Rate Advances shall be suspended.

            SECTION 2.09 Optional Conversion of Advances. The Borrower may on
any Business Day, upon notice given to the Administrative Agent not later than
(i) 11:00 A.M. (New York City time) on the same Business Day as the date of the
proposed Conversion in the case of a Conversion of Eurocurrency Rate Advances
into Base Rate Advances, and (ii) 1:00 P.M. (New York City time) on the third
Business Day prior to the date of the proposed Conversion in the case of a
Conversion of Base Rate Advances into Eurocurrency Rate Advances or of
Eurocurrency Rate Advances of one Interest Period into Eurocurrency Rate
Advances of another Interest Period, as the case may be, and subject to the
provisions of Sections 2.08, 2.09 and 2.12, Convert all Advances denominated in
Dollars of one Type comprising the same Borrowing into Advances denominated in
Dollars of the other Type; provided, however, that any Conversion of any

                                       17
<PAGE>

Eurocurrency Rate Advances into Base Rate Advances or into Eurocurrency Rate
Advances of another Interest Period shall be made on, and only on, the last day
of an Interest Period for such Eurocurrency Rate Advances. Promptly upon receipt
from the Borrower of a notice of a proposed Conversion hereunder, the
Administrative Agent shall give notice of such proposed Conversion to each
Lender. Each such notice of a Conversion shall, within the restrictions set
forth above, specify (x) the date of such Conversion (which shall be a Business
Day), (y) the Advances to be Converted, and (z) if such Conversion is into
Eurocurrency Rate Advances, the duration of the initial Interest Period for each
such Advance. The Borrower may Convert all Eurocurrency Rate Advances of any one
Lender into Base Rate Advances of such Lender in accordance with the provisions
of Section 2.12 by complying with the procedures set forth therein and in this
Section 2.09 as though each reference in this Section 2.09 to Advances
denominated in Dollars of any Type was to such Advances of such Lender. Each
such notice of Conversion shall, subject to the provisions of Sections 2.08 and
2.12, be irrevocable and binding on the Borrower.

            SECTION 2.10 Prepayments of Advances. (a) Optional. The Borrower
may, upon not less than (i) the same Business Day's notice to the Administrative
Agent received not later than 11:00 A.M. (New York City time) in the case of
Borrowings consisting of Base Rate Advances, (ii) three Business Days' notice to
the Administrative Agent received not later than 11:00 A.M. (New York City time)
in the case of Borrowings consisting of Eurocurrency Rate Advances denominated
in any Committed Currency, or (iii) three Business Days' notice to the
Administrative Agent received not later than 1:00 P.M. (New York City time) in
the case of Borrowings consisting of Eurocurrency Rate Advances denominated in
Dollars, stating the proposed date and aggregate principal amount of the
prepayment, and if such notice is given the Borrower shall, prepay the
outstanding principal amounts of the Advances constituting part of the same
Borrowings 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
$1,000,000 or an integral multiple of $1,000,000 in excess thereof (or the
Equivalent thereof in a Committed Currency determined on the date notice of
prepayment is given), and (y) in the case of any such prepayment of Eurocurrency
Rate Advances, the Borrower shall be obligated to reimburse the Lenders in
respect thereof pursuant to Section 9.04(b).

            (b)   Mandatory. (i) If, the Administrative Agent notifies the
Borrower in writing that, on any date, the sum of (A) the aggregate principal
amount of all Advances and Letter of Credit Liabilities denominated in Dollars
then outstanding and (B) the Equivalent in Dollars (determined on the third
Business Day prior to such date) of the aggregate principal amount of all
Advances and Letter of Credit Liabilities denominated in Committed Currencies
then outstanding exceeds 102% of the aggregate Commitments of the Lenders on
such date, the Borrower shall, within two Business Days after receipt of such
notice, prepay the outstanding principal amount of any Advances, and to the
extent necessary, deposit into the LC Collateral Account in Dollars, an amount
(which amount shall be held by the Administrative Agent, for the benefit of the
Lenders, as cash collateral for the Borrower's obligations with respect to
outstanding Letters of Credit) necessary so that, after giving effect to such
prepayment of Advances and such deposit, the sum of (A) and (B) above less the
amount deposited in the LC Collateral Account does not exceed 100% of the
aggregate Commitments of the Lenders on such date as set forth in the written
notice from the Administrative Agent to the Borrower pursuant to the terms
hereof. Any such amounts on deposit with the Administrative Agent as cash
collateral in the LC Collateral Account shall (so long as no Event of Default
has occurred and is continuing) be released to the Borrower on the date on which
the sum of (A) and (B) above does not exceed 100% of the sum of the aggregate
Commitments of the Lenders and the amount on deposit in the LC Collateral
Account (after giving effect to any proposed release) on such date. In
connection therewith, upon the request of the Administrative Agent the Borrower
shall open the LC Collateral Account with the Administrative Agent and enter
into such documents relating thereto as are reasonably requested by the
Administrative Agent.

                                       18
<PAGE>

                  (ii)  Each prepayment made pursuant to this Section 2.10(b)
shall be made together with any interest accrued to the date of such prepayment
on the principal amounts prepaid and, in the case of any prepayment of a
Eurocurrency Rate Advance on a date other than the last day of an Interest
Period, with any additional amounts which the Borrower shall be obligated to
reimburse to the Lenders in respect thereof pursuant to Section 9.04(b). The
Administrative Agent shall give prompt notice of any prepayment required under
this Section 2.10(b) to the Borrower and the Lenders.

            SECTION 2.11 Increased Costs. (a) If after the date hereof, due to
either (i) the introduction of or any change (other than any change by way of
imposition or increase of reserve requirements included in the Eurocurrency Rate
Reserve Percentage) in or in the interpretation of any law or regulation or (ii)
the compliance with any hereafter promulgated guideline or request from any
central bank or other governmental authority, including, without limitation, any
agency of the European Union or similar monetary or multinational authority
(whether or not having the force of law), which guideline or request either (x)
imposes, modifies or deems applicable any reserve, special deposit or similar
requirement against letters of credit or guarantees issued by, or assets held by
or deposits in or for the account of, any Lender or (y) imposes on any Lender
any other condition regarding this Agreement or any collateral thereon, there
shall be any increase in the cost (excluding any allocation of corporate
overhead) to the Issuing Banks or any Lender (which cost such Issuing Bank or
such Lender reasonably determines in good faith is material) of agreeing to make
or making, funding or maintaining Eurocurrency Rate Advances or issuing, or
purchasing participations in, the Letters of Credit, then such Issuing Bank or
such Lender shall so notify the Borrower promptly after such Issuing Bank or
such Lender knows of such increased cost and determines that such cost is
material and the Borrower shall from time to time, upon demand by such Issuing
Bank or such Lender (with a copy of such demand to the Administrative Agent),
pay to the Administrative Agent for the account of such Issuing Bank or such
Lender additional amounts sufficient to compensate such Issuing Bank or such
Lender for such increased cost. A certificate of such Issuing Bank or such
Lender as to the amount of such increased cost in reasonable detail and stating
the basis upon which such amount has been calculated and certifying that such
Issuing Bank's or such Lender's method of allocating such costs is fair and
reasonable and that such Issuing Bank's or such Lender's demand for payment of
such costs hereunder is not inconsistent with its treatment of other borrowers
which, as a credit matter, are substantially similar to the Borrower and which
are subject to similar provisions, submitted to the Borrower and the
Administrative Agent by such Issuing Bank or such Lender, shall be conclusive
and binding for all purposes, absent manifest error.

            (b)   If, after the date hereof, either (i) the introduction of or
change in or in the interpretation of any law or regulation or (ii) the
compliance by any Issuing Bank or any Lender with any hereafter promulgated
guideline or request from any central bank or other governmental authority,
including, without limitation, any agency of the European Union or similar
monetary or multinational 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 Issuing Bank or such Lender or any entity controlling such
Issuing Bank or such Lender and the amount of such capital is materially
increased by or based upon the existence of such Issuing Bank's or such Lender's
commitment to lend hereunder and other commitments of this type, then such
Issuing Bank or such Lender shall so notify the Borrower promptly after such
Issuing Bank or such Lender makes such determination and, upon demand by such
Issuing Bank or such Lender (with a copy of such demand to the Administrative
Agent), the Borrower shall pay to such Issuing Bank or such Lender within five
days from the date of such demand, from time to time as specified by such
Issuing Bank or such Lender, additional amounts sufficient to compensate such
Issuing Bank or such Lender or such corporation in the light of such
circumstances, to the extent that such Issuing Bank or such Lender reasonably
determines such increase in capital to be allocable to the existence of such
Issuing Bank's or such Lender's commitment to lend hereunder. A certificate of
such Issuing Bank or such Lender as to such amount in reasonable detail and
stating the basis upon which such amount has been calculated and certifying that
such Issuing Bank's or such Lender's method of allocating such increase of
capital is fair and reasonable and that such Issuing Bank's or Lender's demand
for payment of such increase of capital hereunder is not inconsistent with its
treatment of

                                       19
<PAGE>

other borrowers which, as a credit matter, are substantially similar to the
Borrower and which are subject to similar provisions, submitted to the Borrower
and the Administrative Agent by such Issuing Bank or such Lender, shall be
conclusive and binding for all purposes, absent manifest error.

            (c)   The Borrower shall not be obligated to pay under this Section
2.11 any amounts which relate to costs or increases of capital incurred prior to
the 12 months immediately preceding the date of demand for payment of such
amounts, unless the applicable law, regulation, guideline or request resulting
in such costs or increases of capital is imposed retroactively. In the case of
any law, regulation, guideline or request which is imposed retroactively, the
Issuing Bank or Lender making demand for payment of any amount under this
Section 2.11 shall notify the Borrower not later than 12 months from the date
that such Issuing Bank or such Lender should reasonably have known of such law,
regulation, guideline or request and the Borrower's obligation to compensate
such Issuing Bank or such Lender for such amount is contingent upon such Issuing
Bank or such Lender so notifying the Borrower; provided, however, that any
failure by such Issuing Bank or such Lender to provide such notice shall not
affect the Borrower's obligations under this Section 2.11 with respect to
amounts resulting from costs or increases of capital incurred after the date
which occurs 12 months immediately preceding the date on which such Issuing Bank
or such Lender notified the Borrower of such law, regulation, guideline or
request.

            (d)   If any Issuing Bank or any Lender shall subsequently recoup
any costs (other than from the Borrower) for which such Issuing Bank or such
Lender has theretofore been compensated by the Borrower under this Section 2.11,
such Issuing Bank or such Lender shall remit to the Borrower an amount equal to
the amount of such recoupment. Amounts required to be paid by the Borrower
pursuant to this Section 2.11 shall be paid in addition to, and without
duplication of, any amounts required to be paid pursuant to Section 2.14.

            (e)   Without prejudice to the survival of any other agreement of
the Borrower hereunder, the agreements and obligations of the Borrower contained
in this Section 2.11 shall survive the payment in full (after the Termination
Date) of all payment obligations of the Borrower in respect of Advances or
Letters of Credit hereunder.

            SECTION 2.12 Illegality. Notwithstanding any other provision of this
Agreement, if any Lender shall notify the Administrative Agent that the
introduction of or any change in or in the interpretation of any law or
regulation after the date hereof makes it unlawful, or any central bank or other
governmental authority asserts that it is unlawful, for any Lender or its
Eurocurrency Lending Office to perform its obligations hereunder to make
Eurocurrency Rate Advances in Dollars or any Committed Currency or to fund or
maintain Eurocurrency Rate Advances in Dollars or any Committed Currency, (a)
the obligation of such Lender to make, or to Convert Base Rate Advances into,
Eurocurrency Rate Advances shall be suspended until such Lender shall notify the
Administrative Agent, and the Administrative Agent shall notify the Borrower and
the other Lenders (which notice shall be given promptly after the Administrative
Agent knows that the circumstances causing such suspension no longer exist) that
the circumstances causing such suspension no longer exist, and (b) the Borrower
shall forthwith prepay in full all Eurocurrency Rate Advances of such Lender
then outstanding, together with interest accrued thereon, unless the Borrower,
within five Business Days of notice from the Administrative Agent or, if
permitted by law, on and as of the last day of the then existing Interest Period
for such Eurocurrency Rate Advances, (i) if such Eurocurrency Rate Advance is
denominated in Dollars, Converts it into a Base Rate Advance or an Advance that
bears interest at the rate set forth in Section 2.06(a)(i), and (ii) if such
Eurocurrency Rate Advance is denominated in any Committed Currency,
redenominates it into an Equivalent amount of Dollars and Converts it into a
Base Rate Advance or an Advance that bears interest at the rate set forth in
Section 2.06(a)(i).

            SECTION 2.13 Payments and Computations. (a) The Borrower shall make
each payment hereunder (and under the Notes, if any), irrespective of any right
of set-off or counterclaim, except with

                                       20
<PAGE>

respect to principal of, interest on, and other amounts relating to, Advances
denominated in a Committed Currency, not later than 11:00 A.M. (New York City
time) on the day when due, in Dollars (i) to the Administrative Agent at the
Administrative Agent's (or Sub-Agent's) Account in same day funds, or (ii) to
the Issuing Bank at its address referred to in Section 9.02 in same day funds,
in respect of payments to reimburse the Issuing Banks for payments under Letters
of Credit and the payments under Section 3.06(b). The Borrower shall make each
payment hereunder with respect to principal of, interest on, and other amounts
relating to, Advances denominated in a Committed Currency, not later than 11:00
A.M. (at the Payment Office for such Committed Currency) on the day when due, in
such Committed Currency to the Administrative Agent, by deposit of such funds to
the Administrative Agent's (or Sub-Agent's) Account in same day funds. The
Borrower shall make each payment hereunder with respect to reimbursement of a
Letter of Credit denominated in a Committed Currency, (A) in such Committed
Currency, at the office designated therefor by the respective Issuing Bank so
long as such payment is made by the close of business on the Business Day when
due and (B) thereafter in Dollars (at the then Dollar Equivalent of the amount
due on such preceding Business Day), by 11:00 A.M. (New York City time) to the
respective Issuing Bank at its address referred to in Section 9.02 in same day
funds as provided in Section 3.10 below. The Administrative Agent or the
respective Issuing Bank, as the case may be, will promptly thereafter cause to
be distributed like funds relating to the payment of principal or interest or
fees ratably (other than amounts payable pursuant to Sections 2.07, 2.11, 2.14,
3.04, 9.04 and 9.08) 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 Issuing Bank or Lender to such Issuing Bank or Lender for
the account of its Applicable Lending Office, in each case to be applied in
accordance with the terms of this Agreement. Upon any Assuming Lender becoming a
Lender hereunder as a result of a Commitment Increase pursuant to Section 2.19
or an extension of the Termination Date pursuant to Section 2.20, and upon the
Administrative Agent's receipt of such Lender's Assumption Agreement and
recording of the information contained therein in the Register, from and after
the applicable Increase Date or Extension Date, or the respective Issuing Bank,
as the case may be, the Administrative Agent shall make all payments hereunder
and under any Notes issued in connection therewith in respect of the interest
assumed thereby to the Assuming Lender. Upon its acceptance of an Assignment and
Acceptance and recording of the information contained therein in the Register
pursuant to Section 9.07(d), from and after the effective date specified in such
Assignment and Acceptance, the Administrative Agent or the respective Issuing
Bank, as the case may be, shall make all payments hereunder and under the Notes,
if any, issued in connection therewith 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 clause (a) of the
definition of "Base Rate" shall be made by the Administrative 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 Eurocurrency Rate or the Federal Funds Rate and of fees
shall be made by the Administrative Agent, and all computations of additional
interest pursuant to Section 2.07 shall be made by a Lender, on the basis of a
year of 360 days (or, in each case of Advances denominated in Committed
Currencies where market practice differs, in accordance with such market
practice after notification of the Borrower), 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 fees are payable. Each determination by the
Administrative Agent (or, in the case of Section 2.07, by a Lender) 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, if any,
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 fees, as the
case may be; provided, however, that if such extension would cause payment of
interest on or principal of Eurocurrency Rate Advances to be made in the next
following calendar month, such payment shall be made on the immediately
preceding Business Day.

                                       21
<PAGE>

            (d)   Unless the Administrative Agent or the respective Issuing Bank
shall have received notice from the Borrower prior to the date on which any
payment is due to the Lenders or an Issuing Bank hereunder that the Borrower
will not make such payment in full, the Administrative Agent may assume that the
Borrower has made such payment in full to the Administrative Agent or the
respective Issuing Bank on such date and the Administrative Agent or the
respective Issuing Bank 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 that the Borrower shall not have so made
such payment in full to the Administrative Agent or the respective Issuing Bank,
each Lender shall repay to the Administrative Agent or the respective Issuing
Bank, 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 Administrative Agent
or the respective Issuing Bank, at (i) the Federal Funds Rate in the case of
Advances denominated in Dollars or (ii) the cost of funds incurred by the
Administrative Agent in respect of such amount in the case of Advances or
Letters of Credit denominated in Committed Currencies.

            SECTION 2.14 Taxes. (a) Any and all payments by the Borrower
hereunder or under the Notes, if any, shall be made, in accordance with Section
2.13, free and clear of and without deduction for any and all present or future
taxes, levies, imposts, deductions, charges or withholdings, and all liabilities
with respect thereto, excluding, in the case of each Lender and the
Administrative Agent or any Issuing Bank (as the case may be), taxes imposed on
its income, and franchise taxes imposed on it, by the jurisdiction under the
laws of which such Lender, the Administrative Agent or such Issuing Bank (as the
case may be) is organized or any political subdivision thereof and, in the case
of each Lender, taxes imposed on its income, and franchise taxes imposed on it
by the jurisdiction of such Lender's Applicable Lending Office or any political
subdivision thereof or by any other jurisdiction in which such Lender, the
Administrative Agent or such Issuing Bank (as the case may be) is doing business
that is unrelated to this Agreement (all such non-excluded taxes, levies,
imposts, deductions, charges, withholdings and liabilities 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 to any Lender, the
Administrative Agent or any Issuing Bank (as the case may be), (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, the Administrative Agent or such Issuing Bank
(as the case may be) receives an amount equal to the sum it would have received
had no such deductions been made, (ii) 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 agrees to pay any present or future
stamp or documentary taxes or any other excise or property taxes, charges or
similar levies which arise from any payment made hereunder or under the Notes,
if any, or from the execution, delivery or registration of, or otherwise with
respect to, this Agreement or the Notes, if any (hereinafter referred to as
"OTHER TAXES").

            (c)   The Borrower will indemnify each Lender and the Administrative
Agent or each Issuing Bank (as the case may be) for the full amount of Taxes or
Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by
any jurisdiction on amounts payable under this Section 2.14) paid by such
Lender, the Administrative Agent or such Issuing Bank (as the case may be) and
any liability (including penalties to the extent not imposed as a result of such
Lender's, the Administrative Agent's or such Issuing Bank's (as the case may be)
gross negligence or willful misconduct, interest and expenses) arising therefrom
or with respect thereto, whether or not such Taxes or Other Taxes were correctly
or legally asserted. This indemnification shall be made within 30 days from the
date such Lender, the Administrative Agent or such Issuing Bank (as the case may
be) makes written demand therefor.

                                       22
<PAGE>

            (d)   Within 30 days after the date of any payment of Taxes, the
Borrower will furnish to the Administrative Agent, at its address referred to in
Section 9.02 or the Issuing Bank at its address referred to in Schedule I (as
the case may be), the original or a certified copy of a receipt evidencing
payment thereof, to the extent that such a receipt is issued, or if such receipt
is not issued, other evidence of payment thereof that is reasonably satisfactory
to the Administrative Agent or such Issuing Bank (as the case may be).

            (e)   Each Lender that is not created or organized under the laws of
the United States or a political subdivision thereof shall deliver to the
Borrower and the Administrative Agent on or prior to the date of its execution
and delivery of this Agreement, and each such Lender that is not a party hereto
on the date hereof shall deliver to the Borrower and the Administrative Agent on
or prior to the date on which such Lender becomes a Lender pursuant to Section
2.19, 2.20 or 9.07 (as the case may be), a true and accurate certificate
executed in duplicate by a duly authorized officer of such Lender in
substantially the form set out in Exhibit D-1 or D-2 hereto, as applicable, to
the effect that such Lender is eligible under the provisions of an applicable
tax treaty concluded by the United States (in which case the certificate shall
be accompanied by two executed copies of Form W-8BEN (or any successor or
substitute form or forms) of the Internal Revenue Service of the United States
(the "IRS"), or under Section 1441(c) or 1442 of the Internal Revenue Code (in
which case the certificate shall be accompanied by two copies of IRS Form W-8ECI
(or any successor or substitute form or forms) of the IRS, to receive, as of the
date hereof or as of the date such party becomes a Lender hereto pursuant to
Section 2.19, 2.20 or 9.07 (as the case may be), as appropriate, payments
hereunder without deduction or withholding of United States federal income tax.
Each such Lender further agrees to deliver to the Borrower and the
Administrative Agent from time to time, as reasonably requested by the Borrower
or the Administrative Agent, and in any case before or promptly upon the
occurrence of any events requiring a change in the most recent certificate
previously delivered pursuant to this Section 2.14(e), a true and accurate
certificate executed in duplicate by a duly authorized officer of such Lender in
substantially the form set out in Exhibit D-1 or D-2 hereto, as applicable.
Further, each Lender that delivers a certificate in the form set out in Exhibit
D-1 hereto agrees, to the extent permitted by law, to deliver to the Borrower
and the Administrative Agent within 15 days prior to every third anniversary of
the date of delivery of the initial IRS Form W-8BEN by such Lender (or more
often if required by law) on which this Agreement is still in effect, two
accurate and complete original signed copies of IRS Form W-8BEN (or any
successor or substitute form or forms required under the Internal Revenue Code
or the applicable regulations promulgated thereunder) and a certificate in the
form set out in such Exhibit D-1, and each Lender that delivers a certificate in
the form set out in Exhibit D-2 hereto agrees to deliver to the Borrower and the
Administrative Agent, to the extent permitted by law, within 15 days prior to
every third anniversary of the date of delivery of the initial IRS Form W-8ECI
by such Lender (or more often if required by law) on which this Agreement is
still in effect, two accurate and complete original signed copies of IRS Form
W-8ECI (or any successor or substitute form or forms required under the Internal
Revenue Code or the applicable regulations promulgated thereunder) and a
certificate in the form of such Exhibit D-2. Each such certificate shall certify
as to one of the following:

                  (i)   that such Lender is eligible to receive payments
hereunder without deduction or withholding of United States federal income tax;

                  (ii)  that such Lender is not eligible to receive payments
hereunder without deduction or withholding of United States federal income tax
as specified therein but does not require additional payments therefor pursuant
to Section 2.14(a) or (c) because it is eligible and able to recover the full
amount of any such deduction or withholding from a source other than the
Borrower; or

                  (iii) that such Lender is not eligible to receive payments
hereunder without deduction or withholding of United States federal income tax
as specified therein and that it is not eligible and able to recover the full
amount of the same from a source other than the Borrower.

                                       23
<PAGE>

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 IRS Forms W-8BEN or
W-8ECI, that any Lender reasonably considers to be confidential, such Lender
promptly shall give notice thereof to the Borrower and the Administrative Agent
and shall not be obligated to include in such form or document such confidential
information; provided that such Lender certifies to the Borrower that the
failure to disclose such confidential information does not increase the
obligations of the Borrower under this Section 2.14.

            (f)   For any period with respect to which a Lender has failed to
provide the Borrower with the appropriate form described in Section 2.14(e)
(other than if such failure is due to a change in law occurring subsequent to
the date on which a form originally was required to be provided, or if such form
otherwise is not required under the first two sentences of subsection (e)
above), such Lender shall not be entitled to indemnification under Section
2.14(c) with respect to Taxes imposed by any jurisdiction (including, without
limitation, the United States); provided, however, that should a Lender become
subject to Taxes because of its failure to deliver a form required hereunder,
the Borrower shall take such steps as the Lender shall reasonably request to
assist the Lender to recover such Taxes.

            (g)   Without affecting its rights under this Section 2.14 or any
provision of this Agreement, each Lender agrees that if any Taxes or Other Taxes
are imposed and required by law to be paid or to be withheld from any amount
payable to any Lender or its Applicable Lending Office with respect to which the
Borrower would be obligated pursuant to this Section 2.14 to increase any
amounts payable to such Lender or to pay any such Taxes or Other Taxes, such
Lender shall use reasonable efforts to select an alternative Applicable Lending
Office which would not result in the imposition of such Taxes or Other Taxes;
provided, however, that no Lender shall be obligated to select an alternative
Applicable Lending Office if such Lender determines that (i) as a result of such
selection such Lender would be in violation of an applicable law, regulation, or
treaty, or would incur unreasonable additional costs or expenses or (ii) such
selection would be inadvisable for regulatory reasons or inconsistent with the
interests of such Lender.

            (h)   Each Lender agrees with the Borrower that it will take all
reasonable actions by all usual means (i) to secure and maintain the benefit of
all benefits available to it under the provisions of any applicable double tax
treaty concluded by the United States of America to which it may be entitled by
reason of the location of such Lender's Applicable Lending Office or place of
incorporation or its status as an enterprise of any jurisdiction having any such
applicable double tax treaty, if such benefit would reduce the amount payable by
the Borrower in accordance with this Section 2.14 and (ii) otherwise to
cooperate with the Borrower to minimize the amount payable by the Borrower
pursuant to this Section 2.14; provided, however, that no Lender shall be
obliged to disclose to the Borrower any information regarding its tax affairs or
tax computations nor to reorder its tax affairs or tax planning pursuant hereto.

            (i)   Without prejudice to the survival of any other agreement of
the Borrower hereunder, the agreements and obligations of the Borrower contained
in this Section 2.14 shall survive the payment in full of principal and interest
on all Advances and the termination of this Agreement until such date as all
applicable statutes of limitations (including any extensions thereof) have
expired with respect to such agreements and obligations of the Borrower
contained in this Section 2.14.

            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 (i) the Advances made by it (other than
pursuant to Section 2.07, 2.11, 2.14, 9.04 or 9.08) in excess of its ratable
share of payments on account of the Advances obtained by all the Lenders or (ii)
any Letter of Credit Liability of the Borrower hereunder (other than pursuant to
Section 2.11, 2.14, 9.04 or 9.08) in excess of its LC Commitment Percentage of
any such payments on account of such Letter of Credit Liability obtained by all
the Lenders, such Lender shall forthwith purchase from the other Lenders such
participations in the Advances

                                       24
<PAGE>

made by them or the participations purchased pursuant to Section 3.05 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 Mandatory Assignment by a Lender; Mitigation. If any
Lender requests from the Borrower either payment of additional interest on
Eurocurrency Rate Advances pursuant to Section 2.07, or reimbursement for
increased costs pursuant to Section 2.11, or payment of or reimbursement for
Taxes pursuant to Section 2.14, or if any Lender notifies the Administrative
Agent that it is unlawful for such Lender or its Eurocurrency Lending Office to
perform its obligations hereunder pursuant to Section 2.12, (i) such Lender
will, upon three Business Days' notice by the Borrower to such Lender and the
Administrative Agent, to the extent not inconsistent with such Lender's internal
policies and applicable legal and regulatory restrictions, use reasonable
efforts to make, fund or maintain its Eurocurrency Rate Advances through another
Eurocurrency Lending Office of such Lender if (A) as a result thereof the
additional amounts required to be paid pursuant to Section 2.07, 2.11 or 2.14,
as applicable, in respect of such Eurocurrency Rate Advances would be materially
reduced or the provisions of Section 2.12 would not apply to such Lender, as
applicable, and (B) as determined by such Lender in good faith but in its sole
discretion, the making or maintaining of such Eurocurrency Rate Advances through
such other Eurocurrency Lending Office would not otherwise materially and
adversely affect such Eurocurrency Rate Advances or such Lender and (ii) unless
such Lender has theretofore taken steps to remove or cure, and has removed or
cured, the conditions creating such obligation to pay such additional amounts or
the circumstances described in Section 2.12, the Borrower may designate an
Eligible Assignee to purchase for cash (pursuant to an Assignment and
Acceptance) all, but not less than all, of the Advances then owing to such
Lender and all, but not less than all, of such Lender's rights and obligations
hereunder, without recourse to or warranty by, or expense to, such Lender, for a
purchase price equal to the outstanding principal amount of each such Advance
then owing to such Lender plus any accrued but unpaid interest thereon and any
accrued but unpaid fees owing thereto and, in addition, (A) all additional cost
reimbursements, expense reimbursements and indemnities, if any, owing in respect
of such Lender's Commitment hereunder, and all other accrued and unpaid amounts
owing to such Lender hereunder, at such time shall be paid to such Lender and
(B) if such Eligible Assignee is not otherwise a Lender at such time, the
applicable processing and recordation fee under Section 9.07(a) for such
assignment shall have been paid.

            SECTION 2.17 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 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. The Borrower agrees
that upon notice by any Lender to the Borrower (with a copy of such notice to
the Administrative Agent) to the effect that a promissory note or other evidence
of indebtedness is required or appropriate in order for such Lender to evidence
(whether for purposes of pledge, enforcement or otherwise) the Advances owing
to, or to be made by, such Lender, the Borrower shall promptly execute and
deliver to such Lender a promissory note or other evidence of indebtedness, in
form and substance reasonably satisfactory to the Borrower and such Lender (each
a "NOTE"), payable to the order of such Lender in a principal amount equal to
the Commitment of such Lender; provided, however, that the execution and
delivery of such promissory note or other evidence of indebtedness shall not be
a condition precedent to the making of any Advance under this Agreement.

                                       25
<PAGE>

            (b)   The Register maintained by the Administrative Agent pursuant
to Section 9.07(c) 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 and currencies
comprising such Borrowing and, if appropriate, the Interest Period applicable
thereto, (ii) the terms of each Assumption Agreement and 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 Administrative
Agent from the Borrower hereunder and each Lender's share thereof.

            (c)   Entries made in good faith by the Administrative 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 Administrative Agent or such
Lender to make an entry, or any finding that 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 2.18 Use of Proceeds.The proceeds of the Advances shall be
available and Letters of Credit shall be Issued (and the Borrower agrees that it
shall use such proceeds and such Letters of Credit) to support the obligations
of the Borrower in respect of commercial paper issued by the Borrower and/or for
other general corporate purposes of the Borrower and its Subsidiaries,
including, but not limited to, the payment in full on the Effective Date of all
amounts due under each of the Replaced Loan Agreements and the replacement on
the Effective Date of all the Existing Letters of Credit. Notwithstanding the
foregoing provisions of this Section 2.18, the Borrower will not use the
proceeds of any Advance to purchase the capital stock of any corporation in a
transaction, or as part of a series of transactions, (i) the purpose of which
is, at the time of any such purchase, to acquire control of such corporation or
(ii) the result of which is the ownership by the Borrower and its Subsidiaries
of 10% or more of the capital stock of such corporation, in either case if the
board of directors of such corporation has publicly announced its opposition to
such transaction.

            SECTION 2.19 Increase in the Aggregate Commitments. (a) The Borrower
may, at any time but in any event not more than once in any calendar year prior
to the Termination Date, by notice to the Administrative Agent, request that the
aggregate amount of the Commitments be increased by an amount of $100,000,000 or
an integral multiple of $5,000,000 in excess thereof (each a "COMMITMENT
INCREASE") to be effective as of a date that is at least 90 days prior to the
scheduled Termination Date then in effect (the "INCREASE DATE") as specified in
the related notice to the Administrative Agent; provided, however, that (i) in
no event shall the aggregate amount of the Commitments at any time exceed
$5,000,000,000, (ii) on the date of any request by the Borrower for a Commitment
Increase and at all times thereafter to and including the related Increase Date,
the Public Debt Rating shall be at least BBB+ by S&P and at least Baa1 by
Moody's and (iii) no Event of Default, or event that with the giving of notice
or passage of time or both would constitute an Event of Default, shall have
occurred and be continuing as of the date of such request or as of the
applicable Increase Date, or shall occur as a result thereof.

            (b)   The Administrative Agent shall promptly notify the Lenders of
a request by the Borrower for a Commitment Increase, which notice shall include
(i) the proposed amount of such requested Commitment Increase, (ii) the proposed
Increase Date and (iii) the date by which Lenders wishing to participate in the
Commitment Increase must commit to an increase in the amount of their respective
Commitments (the "COMMITMENT DATE"). Each Lender that is willing to participate
in such requested Commitment Increase (each an "INCREASING LENDER") shall give
written notice to the Administrative Agent on or prior to the Commitment Date of
the amount by which it is willing to increase its Commitment. If the

                                       26
<PAGE>

Lenders notify the Administrative Agent that they are willing to increase the
amount of their respective Commitments by an aggregate amount that exceeds the
amount of the requested Commitment Increase, the requested Commitment Increase
shall be allocated among the Lenders willing to participate therein in such
amounts as are agreed between the Borrower and the Administrative Agent.

            (c)   Promptly following each Commitment Date, the Administrative
Agent shall notify the Borrower as to the amount, if any, by which the Lenders
are willing to participate in the requested Commitment Increase. If the
aggregate amount by which the Lenders are willing to participate in any
requested Commitment Increase on any such Commitment Date is less than the
requested Commitment Increase, then the Borrower may extend offers to one or
more Eligible Assignees to participate in any portion of the requested
Commitment Increase that has not been committed to by the Lenders as of the
applicable Commitment Date; provided, however, that the Commitment of each such
Eligible Assignee shall be in an amount of $25,000,000 or an integral multiple
of $1,000,000 in excess thereof.

            (d)   On each Increase Date, each Eligible Assignee that accepts an
offer to participate in a requested Commitment Increase in accordance with
Section 2.19(c) (each such Eligible Assignee and each Eligible Assignee that
agrees to an extension of the Termination Date in accordance with Section
2.20(c), an "ASSUMING LENDER") shall become a Lender party to this Agreement as
of such Increase Date and the Commitment of each Increasing Lender for such
requested Commitment Increase shall be so increased by such amount (or by the
amount allocated to such Lender pursuant to the last sentence of Section
2.19(b)) as of such Increase Date; provided, however, that the Administrative
Agent shall have received on or before such Increase Date the following, each
dated such date:

                  (i)   (A) certified copies of resolutions of the Board of
Directors of the Borrower or the Executive Committee of such Board approving the
Commitment Increase and the corresponding modifications to this Agreement and
(B) an opinion of counsel for the Borrower (which may be in-house counsel), in
substantially the form of Exhibit C hereto;

                  (ii)  an assumption agreement from each Assuming Lender, if
any, in form and substance satisfactory to the Borrower and the Administrative
Agent (each an "ASSUMPTION AGREEMENT"), duly executed by such Eligible Assignee,
the Administrative Agent and the Borrower; and

                  (iii) confirmation from each Increasing Lender of the increase
in the amount of its Commitment in a writing satisfactory to the Borrower and
the Administrative Agent.

            (e)   On each Increase Date, upon fulfillment of the conditions set
forth in the immediately preceding sentence of this Section 2.19(d), the
Administrative Agent shall notify the Lenders (including, without limitation,
each Assuming Lender) and the Borrower, on or before 1:00 P.M. (New York City
time), by telecopier, of the occurrence of the Commitment Increase to be
effected on such Increase Date and shall record in the Register the relevant
information with respect to each Increasing Lender and each Assuming Lender on
such date.

            SECTION 2.20 Extension of Termination Date. (a) At least 45 days but
not more than 60 days prior to the next Anniversary Date, the Borrower, by
written notice to the Administrative Agent, may request an extension of the
Termination Date in effect at such time by one calendar year from its then
scheduled expiration; provided, however, that, if the Borrower does not request
an extension of the Termination Date in a timely manner prior to any Anniversary
Date it may, but shall not be obligated to, request that the Termination Date be
extended for two consecutive calendar years from its then scheduled expiration
by making a request therefor in a timely manner prior to the next succeeding
Anniversary Date. The Administrative Agent shall promptly notify each Lender of
such request, and each Lender shall in turn, in its sole discretion, not later
than 30 days prior to such next Anniversary Date, notify the Borrower and the

                                       27
<PAGE>

Administrative Agent in writing as to whether such Lender will consent to such
extension. If any Lender shall fail to notify the Administrative Agent and the
Borrower in writing of its consent to any such request for extension of the
Termination Date at least 30 days prior to the next Anniversary Date, such
Lender shall be deemed to be a Declining Lender with respect to such request.
The Administrative Agent shall notify the Borrower not later than 25 days prior
to such next Anniversary Date of the decision of the Lenders regarding the
Borrower's request for an extension of the Termination Date.

            (b)   If all of the Lenders consent in writing to any such request
in accordance with subsection (a) of this Section 2.20, the Termination Date in
effect at such time shall, effective as at such next Anniversary Date (the
"EXTENSION DATE"), be extended for one calendar year or two calendar years, as
properly requested; provided that on each Extension Date, no Event of Default,
or event that with the giving of notice or passage of time or both would
constitute an Event of Default, shall have occurred and be continuing, or shall
occur as a consequence thereof. If less than all of the Lenders consent in
writing to any such request in accordance with subsection (a) of this Section
2.20, the Termination Date in effect at such time shall, effective as at the
applicable Extension Date, be extended as to those Lenders that so consented
(each an "EXTENDING LENDER") but shall not be extended as to any other Lender
(each a "DECLINING LENDER"). To the extent that the Termination Date is not
extended as to any Lender pursuant to this Section 2.20 and the Commitment of
such Lender is not assumed in accordance with subsection (c) of this Section
2.20 on or prior to the applicable Extension Date, the Commitment of such
Declining Lender shall automatically terminate in whole on such unextended
Termination Date without any further notice or other action by the Borrower,
such Lender or any other Person; provided that such Declining Lender's rights
under Sections 2.11, 2.14, 9.04 and 9.08, and its obligations under Section
8.05, shall survive the Termination Date for such Lender as to matters occurring
prior to such date. It is understood and agreed that no Lender shall have any
obligation whatsoever to agree to any request made by the Borrower for any
requested extension of the Termination Date.

            (c)   If there are any Declining Lenders, the Borrower may arrange
for one or more Extending Lenders or other Eligible Assignees (each such
Eligible Assignee that accepts an offer to assume a Declining Lender's
Commitment as of the applicable Extension Date being an "ASSUMING LENDER") to
assume, effective as of the Extension Date, any Declining Lender's Commitment
and all of the obligations of such Declining Lender under this Agreement
thereafter arising, without recourse to or warranty by, or expense to, such
Declining Lender; provided, however, that the amount of the Commitment of any
such Assuming Lender as a result of such substitution shall in no event be less
than $25,000,000 unless the amount of the Commitment of such Declining Lender is
less than $25,000,000, in which case such Assuming Lender shall assume all of
such lesser amount; and provided further that:

                  (i)   any such Extending Lender or Assuming Lender shall have
paid to such Declining Lender (A) the aggregate principal amount of, and any
interest accrued and unpaid to the effective date of the assignment on, the
outstanding Advances, if any, of such Declining Lender plus (B) any accrued but
unpaid fees owing to such Declining Lender as of the effective date of such
assignment;

                  (ii)  all additional costs reimbursements, expense
reimbursements and indemnities payable to such Declining Lender, and all other
accrued and unpaid amounts owing to such Declining Lender hereunder, as of the
effective date of such assignment shall have been paid to such Declining Lender;
and

                  (iii) with respect to any such Assuming Lender, the applicable
processing and recordation fee required under Section 9.07(a) for such
assignment shall have been paid;

provided further that such Declining Lender's rights under Sections 2.11, 2.14,
9.04 and 9.08, and its obligations under Section 8.05, shall survive such
substitution as to matters occurring prior to the date of substitution. At least
three Business Days prior to any Extension Date, (A) each such Assuming Lender,
if

                                       28
<PAGE>

any, shall have delivered to the Borrower and the Administrative Agent an
assumption agreement, in form and substance satisfactory to the Borrower and the
Administrative Agent (an "ASSUMPTION AGREEMENT"), duly executed by such Assuming
Lender, such Declining Lender, the Borrower and the Administrative Agent, (B)
any such Extending Lender shall have delivered confirmation in writing
satisfactory to the Borrower and the Administrative Agent as to the increase in
the amount of its Commitment and (C) each Declining Lender being replaced
pursuant to this Section 2.20 shall have delivered to the Administrative Agent
any Note or Notes held by such Declining Lender. Upon the payment or prepayment
of all amounts referred to in clauses (i), (ii) and (iii) of the immediately
preceding sentence, each such Extending Lender or Assuming Lender, as of the
Extension Date, will be substituted for such Declining Lender under this
Agreement and shall be a Lender for all purposes of this Agreement, without any
further acknowledgment by or the consent of the other Lenders, and the
obligations of each such Declining Lender hereunder shall, by the provisions
hereof, be released and discharged.

            (d)   If all of the Extending and Assuming Lenders (after giving
effect to any assignments and assumptions pursuant to subsection (c) of this
Section 2.20) consent in writing to a requested extension (whether by written
consent pursuant to subsection (a) of this Section 2.20, by execution and
delivery of an Assumption Agreement or otherwise) not later than one Business
Day prior to such Extension Date, the Administrative Agent shall so notify the
Borrower, and, so long as no Event of Default, or event that with the giving of
notice or passage of time or both would constitute an Event of Default, shall
have occurred and be continuing as of such Extension Date, or shall occur as a
consequence thereof, the Termination Date then in effect shall be extended for
the additional one-year period or two-year period, as the case may be, as
described in subsection (a) of this Section 2.20, and all references in this
Agreement, and in the Notes, if any, to the "Termination Date" shall, with
respect to each Extending Lender and each Assuming Lender for such Extension
Date, refer to the Termination Date as so extended. Promptly following each
Extension Date, the Administrative Agent shall notify the Lenders (including,
without limitation, each Assuming Lender) of the extension of the scheduled
Termination Date in effect immediately prior thereto and shall thereupon record
in the Register the relevant information with respect to each such Extending
Lender and each such Assuming Lender.

                                   ARTICLE III
                         AMOUNT AND TERMS OF LETTERS OF
                                     CREDIT
                           AND PARTICIPATIONS THEREIN

            SECTION 3.01 Letters of Credit. (a) As of the Effective Date,
without further action on the part of any Person, each Existing Letter of Credit
shall be automatically deemed to be a Letter of Credit issued hereunder for all
purposes of this Agreement in the amounts, upon the terms and in favor of the
beneficiaries specified on Schedule III hereto, and the original issuing bank of
each such Letter of Credit shall be the Issuing Bank thereof for all purposes
hereof.

            (b)   Each Issuing Bank agrees, on the terms and conditions
hereinafter set forth, to Issue for the account of the Borrower, one or more
Letters of Credit from time to time during the period from the date of this
Agreement until the Termination Date, each Letter of Credit to be in a minimum
amount of $1,000,000 (or the Equivalent thereof in any Committed Currency
determined on the date of delivery of the applicable Notice of Letter of Credit
Request) and each such Letter of Credit upon its Issuance to expire on or before
the date which occurs one year from the date of its Issuance but in any event
prior to the first anniversary of the Termination Date (except for Auto-Renewal
Letters of Credit as provided in Section 3.01(c) below); provided, however, that
an Issuing Bank shall not be obligated to, and shall not, Issue any Letter of
Credit if:

                                       29
<PAGE>

            (i)   after giving effect to the Issuance of such Letter of Credit,
      the sum of the then outstanding aggregate amount of all Letter of Credit
      Liability and the then outstanding principal amount of all Advances, shall
      exceed the aggregate amount of the Commitments then in effect; provided,
      that, the respective Issuing Bank may assume that the aggregate amount of
      the Commitments then in effect shall not be so exceeded if it has not been
      so informed by the Administrative Agent within two Business Days after
      receiving the notice delivered by the Borrower pursuant to Section 3.03
      below;

            (ii)  after giving effect to the Issuance of such Letter of Credit,
      the then outstanding aggregate amount of Letter of Credit Liability in
      respect of all Letters of Credit shall exceed the aggregate amount of the
      LC Commitments then in effect; provided, that, the respective Issuing Bank
      may assume that the aggregate amount of the LC Commitments then in effect
      shall not be so exceeded if it has not been so informed by the
      Administrative Agent within two Business Days after receiving the notice
      delivered by the Borrower pursuant to Section 3.03 below;

            (iii) after giving effect to the Issuance of such Letter of Credit,
      the then outstanding aggregate amount of all Letter of Credit Liability in
      respect of Letters of Credit Issued by such Issuing Bank shall exceed the
      Issuing Commitment of such Issuing Bank; or

            (iv)  the Borrower is not able to meet any of the applicable
      conditions set forth in Article IV, and the Administrative Agent or the
      Majority Lenders shall have notified the Issuing Banks and the Borrower
      that no further Letters of Credit are to be Issued by the Issuing Banks
      due to such failure, and such notice has not been withdrawn.

            (c)   Each Issuing Bank shall provide to the Administrative Agent in
writing, on the last Business Day of each month, a report with respect to the
outstanding Letters of Credit issued by such Issuing Bank, which report shall
(i) set forth the undrawn amount and drawn but unreimbursed amount as of the end
of each day during that month of all such Letters of Credit and (ii) shall
calculate the Letter of Credit Liability in respect of such Letters of Credit on
such date (converting any amounts of the Letter of Credit Liability which are
denominated in a Committed Currency to Dollars for purposes of such
calculation). Promptly after receiving such reports, the Administrative Agent
shall forward copies thereof to each Lender and the Borrower and, if the Dollar
amount of all such Letter of Credit Liabilities exceeds the total of LC
Commitments, the Borrower shall promptly upon receipt thereof make the payments
provided for in Section 2.10 above, if applicable.

            (d)   If the Borrower so requests, an Issuing Bank may, in its sole
discretion, agree to issue a Letter of Credit that has automatic renewal
provisions (an "AUTO-RENEWAL LETTER OF CREDIT"); provided, that any such
Auto-Renewal Letter of Credit must permit the respective Issuing Bank to prevent
any such renewal at least once in each twelve-month period (commencing with its
date of Issuance) by giving prior notice to the beneficiary thereof not later
than a day (the "NON-RENEWAL NOTICE DATE") in each such twelve-month period to
be agreed upon at the time such Letter of Credit is issued. Once an Auto-Renewal
Letter of Credit has been issued, the Lenders shall be deemed to have authorized
(but may not require) the respective Issuing Bank to permit the renewal of such
Letter of Credit at any time, provided, however, that, in any event, the Issuing
Bank shall not permit any such renewal only if such Issuing Bank has received
notice on or before the day that is five Business Days before the Non-Renewal
Notice Date from the Administrative Agent that one or more of the applicable
conditions specified in Section 4.02 is not then satisfied. Notwithstanding the
above, nothing in this Section 3.01(c) shall limit the ability of the respective
Issuing Bank from exercising any of its rights with respect to any Auto-Renewal
Letter of Credit after the termination of this Agreement.

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<PAGE>

            (e)   Each Issuing Bank shall notify the Administrative Agent in
writing upon the reduction or termination of any Letter of Credit Issued by it
within two Business Days after any such reduction or termination.

            (f)   Within the limits of the obligations of the Issuing Banks set
forth above and in Section 3.02, the Borrower may request the Issuing Banks to
Issue one or more Letters of Credit, reimburse the Issuing Banks for payments
made thereunder pursuant to Section 3.04(a) and request the Issuing Banks to
Issue one or more additional Letters of Credit under this Section 3.01.

            SECTION 3.02 Limitation on the Issuance of Letters of Credit
Denominated in Committed Currencies. The Issuing Banks shall not be obligated
to, and shall not, Issue any Letter of Credit denominated in a Committed
Currency if, after giving effect to the Issuance of any Letter of Credit
denominated in a Committed Currency, the then outstanding aggregate amount of
all Letter of Credit Liability with respect to all Letters of Credit denominated
in a Committed Currency equals or exceeds (on a Dollar Equivalent basis)
$500,000,000.

            SECTION 3.03 Issuing the Letters of Credit. Each Letter of Credit
shall be Issued on three Business Days' notice from the Borrower to the
respective Issuing Bank and the Administrative Agent as provided in a Notice of
Letter of Credit Request in the form of Exhibit A-2 hereto, accompanied by the
proposed form of such Letter of Credit in form and substance satisfactory to
such Issuing Bank. On the date specified by the Borrower in such notice and upon
fulfillment of the applicable conditions set forth in Section 4.02, such Issuing
Bank will Issue such Letter of Credit and shall promptly notify the
Administrative Agent thereof.

            SECTION 3.04 Reimbursement Obligations. (a) The Borrower shall:

            (i)   pay to the respective Issuing Bank an amount equal to, and in
      reimbursement for, each amount which such Issuing Bank pays under any
      Letter of Credit (such amount to be notified to the Borrower on or before
      the date of payment by such Issuing Bank) not later than the date which
      occurs three Business Days after payment of such amount by such Issuing
      Bank under such Letter of Credit; and

            (ii)  pay to such Issuing Bank interest on any amount paid by such
      Issuing Bank under any Letter of Credit from the date on which such
      Issuing Bank pays such amount under any Letter of Credit until such amount
      is reimbursed in full to such Issuing Bank pursuant to clause (i) above,
      payable on demand, at a rate per annum equal to the rate per annum
      required to be paid on Base Rate Advances; provided, that, if the Borrower
      shall not have reimbursed the respective Issuing Bank within three
      Business Days of payment by such Issuing Bank as provided in paragraph (i)
      above, the Borrower shall thereafter until such amount is reimbursed in
      full to such Issuing Bank pay interest, payable on demand, at a
      fluctuating rate per annum equal to 2% per annum above the rate per annum
      required to be paid on Base Rate Advances immediately prior to the date on
      which such Issuing Bank makes such payment under such Letter of Credit.

            (b)   All amounts to be reimbursed to an Issuing Bank in accordance
with subsection (a) above may, at the Borrower's option and subject to the
limitations set forth in Section 2.01 (inclusive of minimum borrowing
limitations), be paid from the proceeds of Advances.

            (c)   All payments in respect of Letters of Credit shall be made
free and clear of all claims, charges, offsets or deductions whatsoever.

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<PAGE>

            SECTION 3.05 Participations Purchased by the Lenders. (a) On the
date of Issuance of each Letter of Credit the respective Issuing Bank shall be
deemed irrevocably and unconditionally to have sold and transferred to each
Lender without recourse or warranty, and each Lender shall be deemed to have
irrevocably and unconditionally purchased and received from such Issuing Bank,
an undivided interest and participation, to the extent of such Lender's LC
Commitment Percentage in effect from time to time, in such Letter of Credit and
all Letter of Credit Liability relating to such Letter of Credit and all
documents securing, guaranteeing, supporting, or otherwise benefiting the
payment of such Letter of Credit Liability.

            (b)   In the event that any reimbursement obligation under Section
3.04(a) is not paid within three Business Days after the due date to the
respective Issuing Bank with respect to any Letter of Credit, such Issuing Bank
shall promptly notify the Administrative Agent who shall promptly notify the
Lenders of the amount of such reimbursement obligation (on a Dollar Equivalent
basis in the case of Letters of Credit denominated in an Committed Currency) and
each Lender shall pay to such Issuing Bank, in lawful money of the United States
and in same day funds, an amount equal to such Lender's LC Commitment Percentage
then in effect of the amount of such unpaid reimbursement obligation with such
payment to be made on the date of notification to such Lender, if such
notification is made prior to 11:00 A.M. (New York City time) on a Business Day
and if such notification is made after 11:00 A.M. (New York City time) on a
Business Day, such payment to be made on the immediately succeeding Business
Day, and in each case with interest at the Federal Funds Rate for each day after
such payment is due until such amount is paid to such Issuing Bank.

            (c)   Promptly after the respective Issuing Bank receives a payment
(including interest payments) on account of a reimbursement obligation with
respect to any Letter of Credit, such Issuing Bank shall promptly pay to each
Lender which funded its participation therein, in lawful money of the United
States, the Dollar Equivalent of funds so received, in an amount equal to such
Lender's LC Commitment Percentage thereof.

            (d)   Upon the request of any Lender, the Administrative Agent shall
furnish, or cause the respective Issuing Bank to furnish, to such Lender copies
of any outstanding Letter of Credit as may be reasonably requested by such
Lender.

            (e)   The obligation of each Lender to make payments under
subsection (b) above shall be unconditional and irrevocable and shall remain in
effect after the occurrence of the Termination Date with respect to any Letter
of Credit that was Issued by the respective Issuing Bank on behalf of the
Borrower on or before the Termination Date and such payments shall be made under
all circumstances, including, without limitation, any of the circumstances
referred to in Section 3.07 other than in connection with circumstances
involving any willful misconduct or gross negligence of such Issuing Bank in
Issuing a Letter of Credit or in determining whether documents presented under a
Letter of Credit comply with the terms thereof.

            (f)   If any payment received on account of any reimbursement
obligation with respect to a Letter of Credit and distributed to a Lender as a
participant under Section 3.05(c) is thereafter recovered from the respective
Issuing Bank in connection with any bankruptcy or insolvency proceeding relating
to the Borrower, each Lender which received such distribution shall, upon demand
by such Issuing Bank, repay to such Issuing Bank such Lender's ratable share of
the amount so recovered 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) of any interest or other amount
paid or payable by such Issuing Bank in respect of the total amount so
recovered.

            SECTION 3.06 Letter of Credit Fees. (a) Letter of Credit Facility
Fees. The Borrower hereby agrees to pay to the Administrative Agent for the
account of each Lender (in accordance with its LC Commitment Percentage), a
letter of credit fee at a rate per annum equal to the Eurocurrency Rate Margin

                                       32
<PAGE>

applicable to Eurocurrency Rate Advances in effect from time to time while a
Letter of Credit is outstanding, on the maximum amount available to be drawn
under each such Letter of Credit from time to time (the determination of such
maximum amount to give effect to the actual amount that can be drawn thereunder
during the relevant period for which such letter of credit fee is calculated and
to assume compliance with all conditions for drawing) from the date of Issuance
of each such Letter of Credit until the expiry date of each such Letter of
Credit, payable in arrears on the last day of each January, April, July and
October prior to the expiry date of each such Letter of Credit and on the expiry
date of each such Letter of Credit.

            (b)   Issuing Bank Fees. The Borrower hereby agrees to pay directly
to each Issuing Bank, for its own account, a fronting fee with respect to each
Issued Letter of Credit of 0.10% per annum. In addition, the Borrower shall pay
directly to each Issuing Bank for its own account such customary issuance,
presentation, amendment and other processing fees as are specifically agreed to
in a writing between the Borrower and such Issuing Bank. Such customary fees and
standard costs and charges are due and payable on demand and are non-refundable.

            SECTION 3.07 Indemnification; Nature of the Issuing Banks' Duties.
The obligations of the Borrower hereunder with respect to Letters of Credit
shall be unconditional and irrevocable, and shall be paid strictly in accordance
with the terms hereof under all circumstances, including, without limitation,
any of the following circumstances:

            (i)    any lack of validity or enforceability of any Letter of
Credit or this Agreement or any agreement or instrument relating thereto;

            (ii)   the existence of any claim, setoff, defense or other right
which the Borrower may have at any time against the beneficiary, or any
transferee, of any Letter of Credit, or the Issuing Banks, any Lender, or any
other Person;

            (iii)  any draft, certificate, or other document presented under any
Letter of Credit proving to be forged, fraudulent, invalid or insufficient in
any respect or any statement therein being untrue or inaccurate in any respect;

            (iv)   any lack of validity, effectiveness, or sufficiency of any
instrument transferring or assigning or purporting to transfer or assign any
Letter of Credit or the rights or benefits thereunder or proceeds thereof, in
whole or in part;

            (v)    any loss or delay in the transmission or otherwise of any
document required in order to make a drawing under any Letter of Credit or of
the proceeds thereof;

            (vi)   any exchange, release or non-perfection of any collateral, or
any release or amendment or waiver of or consent to departure from any
guarantee, for all or any of the obligations of the Borrower in respect of the
Letters of Credit;

            (vii)  any change in the time, manner or place of payment of, or in
any other terms of, all or any of the obligations of the Borrower in respect of
the Letters of Credit or any other amendment or waiver of or any consent to
departure from all or any of this Agreement;

            (viii) any failure of the beneficiary of a Letter of Credit to
strictly comply with the conditions required in order to draw upon any Letter of
Credit;

            (ix)   any misapplication by the beneficiary of any Letter of Credit
of the proceeds of any drawing under such Letter of Credit; or

                                       33
<PAGE>

            (x)    any other circumstance or happening whatsoever, whether or
not similar to the foregoing;

provided, that, notwithstanding the foregoing, an Issuing Bank shall not be
relieved of any liability it may otherwise have as a result of its gross
negligence or willful misconduct.

            SECTION 3.08 Uniform Customs and Practice. The Uniform Customs and
Practice for Documentary Credits as most recently published by the International
Chamber of Commerce ("UCP") shall in all respects be deemed a part of this
Article III as if incorporated herein and shall apply to the Letters of Credit.

            SECTION 3.09 Additional Issuing Banks.

            (a)   The Borrower may at any time, upon at least five Business
Days' prior written notice to the Administrative Agent and the Lenders,
designate as an Issuing Bank any Lender that has agreed in writing to act as an
Issuing Bank and the Issuing Commitment of such Lender. Thereupon any Lender so
designated as an Issuing Bank shall thenceforth issue Letters of Credit on the
terms and subject to the conditions herein, and the Administrative Agent shall
record all relevant information with respect to such Lender as such Issuing Bank
and its Issuing Commitment in the Register.

            (b)   The Borrower may at any time, upon at least 5 Business Days'
prior written notice to the respective Issuing Bank and the Administrative
Agent, increase the Issuing Commitment of an Issuing Bank and at the same time
reduce by an equivalent amount the Issuing Commitment of one or more of the
other Issuing Banks; provided, that such notice is consented to by each Issuing
Bank affected by such increase and decrease and provided, further, that the
Administrative Agent shall record each such increase and decrease of the Issuing
Commitment of the respective Issuing Bank in the Register.

            SECTION 3.10 Dollar Payment Obligation. Notwithstanding any other
term or provision hereof to the contrary, if the Borrower fails to reimburse the
respective Issuing Bank for any payment made by such Issuing Bank under a Letter
of Credit denominated in a Committed Currency by the close of business on the
Business Day when due at the office designated therefor by such Issuing Bank
specified for such reimbursement payment, then the payment made by such Issuing
Bank in such Committed Currency shall be converted into Dollars (the "DOLLAR
PAYMENT AMOUNT") by such Issuing Bank as provided for herein, and the Borrower
agrees that it shall be unconditionally obligated to, and shall immediately,
reimburse such Issuing Bank the Dollar Payment Amount at the office designated
therefor by such Issuing Bank.

            SECTION 3.11 Survival of Provisions; Cash Collateral. The provisions
in this Article shall survive the Termination Date in respect of all Letters of
Credit outstanding thereafter. On the Termination Date, the Borrower shall
deposit into the LC Collateral Account held by the Administrative Agent cash (in
Dollars) in an amount equal to the undrawn amount of all Letters of Credit as
security for the reimbursement of drawings thereunder which shall be used to
reimburse the respective Issuing Bank promptly upon a drawing under its
respective Letter of Credit, with the respective portion thereof to be returned
to the Borrower when the respective Letter of Credit expires or is returned to
the respective Issuing Bank, and in connection therewith the Borrower shall
execute all documents as reasonably requested by the Administrative Agent.

                                       34
<PAGE>

                                   ARTICLE IV
                     CONDITIONS OF EFFECTIVENESS AND LENDING

            SECTION 4.01 Conditions Precedent to Effectiveness of Section 2.01.
Section 2.01 of this Agreement shall become effective on and as of the first
date (the "EFFECTIVE DATE") on which all of the following conditions precedent
have been satisfied or waived in accordance with Section 9.01:

            (a)   the Administrative Agent shall have received on or before the
Effective Date the following, each dated as of the Effective Date, in form and
substance satisfactory to the Administrative Agent: (i) certified copies of the
resolutions of the Board of Directors of the Borrower or the Executive Committee
of such Board authorizing the execution and delivery of this Agreement, and
approving all documents evidencing other necessary corporate action and
governmental approvals, if any, with respect to this Agreement; (ii) a
certificate of the Secretary or an Assistant Secretary of the Borrower
certifying the name and true signature of the officer of the Borrower executing
this Agreement on its behalf; and (iii) an opinion of David K. Thompson, Esq.,
Senior Vice President, Deputy General Counsel-Corporate and Corporate Secretary
of the Borrower, in substantially the form of Exhibit C hereto;

            (b)   all consents and approvals of any governmental or regulatory
authority and any other third party necessary in connection with this Agreement
or the consummation of the transactions contemplated hereby shall have been
obtained and shall remain in effect;

            (c)   there shall have occurred no material adverse change in the
business, financial condition or operations of the Borrower and its
Subsidiaries, taken as a whole, since September 30, 2003, except as disclosed in
reports filed by the Borrower and its Subsidiaries, if any, during the period
from September 30, 2003 to the date of this Agreement pursuant to Section 13 of
the Securities Exchange Act of 1934, as amended, copies of which have been
furnished to the Initial Lenders prior to the date of this Agreement;

            (d)   the Borrower shall have notified each Lender and the
Administrative Agent in writing as to the proposed Effective Date at least three
Business Days prior to the occurrence thereof;

            (e)   all of the representations and warranties contained in Section
5.01 shall be correct in all material respects on and as of the Effective Date,
before and after giving effect to such date, as though made on and as of the
Effective Date (except to the extent that such representations and warranties
relate to an earlier date, in which case such representations and warranties
shall have been correct in all material respects on and as of such earlier
date);

            (f)   no event shall have occurred and be continuing, or shall
result from the occurrence of the Effective Date, that constitutes an Event of
Default or would constitute an Event of Default but for the requirement that
notice be given or time elapse or both; and

            (g)   the Administrative Agent shall have received a letter from an
authorized officer of the administrative agent under each of the Replaced Loan
Agreements to the effect that upon the deemed issuance of Letters of Credit on
the Effective Date as set in Section 3.01(a), (i) all obligations under such
Replaced Loan Agreements will be paid and satisfied in full (other than any
obligations which, pursuant to the terms of each respective Replaced Loan
Agreement, shall survive the termination of such Agreement), and (ii) there will
be no commitments outstanding under such Replaced Loan Agreements

            SECTION 4.02 Conditions Precedent to Each Borrowing/Issuance. The
obligation of each Lender to make an Advance on the occasion of each Borrowing
(including the initial Borrowing) and the obligation of each Issuing Bank to
Issue each Letter of Credit (including the initial Letters of Credit) shall be

                                       35
<PAGE>

subject to the further conditions precedent that the Effective Date shall have
occurred and on the date of such Borrowing or Issuance the following statements
shall be true (and each of the giving of the applicable Notice of Borrowing and
the acceptance by the Borrower of the proceeds of such Borrowing and the request
for Issuance by the Borrower shall constitute a representation and warranty by
the Borrower that on the date of such Borrowing or Issuance such statements are
true):

            (a)   the representations and warranties contained in Section 5.01
are true and correct in all material respects on and as of the date of such
Borrowing or Issuance, before and after giving effect to such Borrowing or
Issuance and to the application of the proceeds therefrom, as though made on and
as of such date (except to the extent that such representations and warranties
relate to an earlier date, in which case such representations and warranties
shall have been correct in all material respects on and as of such earlier
date); and

            (b)   no event has occurred and is continuing, or would result from
such Borrowing or Issuance or from the application of the proceeds therefrom,
which constitutes an Event of Default or would constitute an Event of Default
but for the requirement that notice be given or time elapse or both.

            SECTION 4.03 Determinations Under Section 4.01. For purposes of
determining compliance with the conditions specified in Section 4.01, 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 Administrative 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 Administrative Agent shall
promptly notify the Lenders of the occurrence of the Effective Date.

                                    ARTICLE V
                         REPRESENTATIONS AND WARRANTIES

            SECTION 5.01 Representations and Warranties of the Borrower. The
Borrower represents and warrants as of the Effective Date and from time to time
thereafter as required under this Agreement as follows:

            (a)   The Borrower is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware. The Borrower,
Disney and ABC are duly qualified and in good standing as foreign corporations
authorized to do business in each jurisdiction (other than the respective
jurisdictions of their incorporation) in which the nature of their respective
activities or the character of the properties they own or lease make such
qualification necessary and in which the failure so to qualify would have a
material adverse effect on the financial condition or operations of the Borrower
and its Subsidiaries, taken as a whole.

            (b)   The execution, delivery and performance by the Borrower of
this Agreement and each of the Notes, if any, delivered hereunder 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) any law, rule, regulation, order, writ, judgment, injunction, decree,
determination or award or any material contractual restriction binding on or
affecting the Borrower, Disney or ABC; no authorization or approval or other
action by, and no notice to or filing with, any governmental authority or
regulatory body is required for the due execution, delivery and performance by
the Borrower of this Agreement or the Notes, if any; and this Agreement is and
each of the Notes, when delivered hereunder, will be the legal, valid and
binding obligation of the Borrower, enforceable against the Borrower in
accordance with their respective terms, subject to

                                       36
<PAGE>

applicable bankruptcy, reorganization, insolvency, moratorium or similar laws
affecting creditors' rights generally and general principles of equity.

            (c)   The Borrower's most recent annual report on Form 10-K
containing the consolidated balance sheet of the Borrower and its Subsidiaries,
and the related consolidated statements of income and of cash flows of the
Borrower and its Subsidiaries, copies of which have been furnished to each
Lender pursuant to Section 6.01(e)(ii) or as otherwise furnished to the Lenders,
fairly present the consolidated financial condition of the Borrower and its
Subsidiaries as at the date of such balance sheet and the consolidated results
of operations of the Borrower and its Subsidiaries for the fiscal year ended on
such date, all in accordance with generally accepted accounting principles
consistently applied.

            (d)   There is no pending or, to the Borrower's knowledge,
threatened claim, action or proceeding affecting the Borrower or any of its
Subsidiaries which could reasonably be expected to have a material adverse
effect on the financial condition or operations of the Borrower and its
Subsidiaries, taken as a whole, or which could reasonably be expected to affect
the legality, validity or enforceability of this Agreement; and to the
Borrower's knowledge, the Borrower and each of its Subsidiaries have complied,
and are in compliance, with all applicable laws, rules, regulations, permits,
orders, consent decrees and judgments, except for any such matters which have
not had, and would not reasonably be expected to have, a material adverse effect
on the financial condition or operations of the Borrower and its Subsidiaries,
taken as a whole.

            (e)   The Borrower and the ERISA Affiliates have not incurred and
are not reasonably expected to incur any material liability in connection with
their Single Employer Plans or Multiple Employer Plans, other than ordinary
liabilities for benefits; neither the Borrower nor any ERISA Affiliate has
incurred or is reasonably expected to incur any material withdrawal liability
(as defined in Part I of Subtitle E of Title IV of ERISA) to any Multiemployer
Plan; and no Multiemployer Plan of the Borrower or any ERISA Affiliate is
reasonably expected to be in reorganization or to be terminated, within the
meaning of Title IV of ERISA.

            SECTION 5.02 Additional Representations and Warranties of the
Borrower as of Each Increase Date and Each Extension Date. The Borrower
represents and warrants on each Increase Date and each Extension Date (and at no
other time) that, as of each such date, the following statements shall be true:

            (a)   there has been no material adverse change in the business,
financial condition or operations of the Borrower and its Subsidiaries, taken as
a whole, since the date of the audited financial statements of the Borrower and
its Subsidiaries most recently delivered to the Lenders pursuant to Section
6.01(e)(ii) prior to the applicable Increase Date or Extension Date, as the case
may be (except as disclosed in periodic or other reports filed by the Borrower
and its Subsidiaries pursuant to Section 13 of the Securities Exchange Act of
1934, as amended, during the period from the date of the most recently delivered
audited financial statements of the Borrower and its Subsidiaries pursuant to
Section 6.01(e)(ii) to the date of the request for an increase in the aggregate
Commitments related to such Increase Date or for an extension of the Termination
Date then in effect related to such Extension Date, as the case may be); and

            (b)   the representations and warranties contained in Section 5.01
are correct in all material respects on and as of such date, as though made on
and as of such date (except to the extent that such representations and
warranties relate to an earlier date, in which case such representations and
warranties shall have been correct in all material respects on and as of such
earlier date).

                                       37
<PAGE>

                                   ARTICLE VI
                            COVENANTS OF THE BORROWER

            SECTION 6.01 Affirmative Covenants. So long as any Advance shall
remain unpaid or any Lender shall have any Commitment hereunder, the Borrower
will, unless the Majority Lenders shall otherwise consent in writing:

            (a)   Compliance with Laws, Etc. Comply, and cause each of its
Subsidiaries to comply, in all material respects with all applicable laws,
rules, regulations, permits, orders, consent decrees and judgments binding on
the Borrower and its Subsidiaries, including ERISA and the Patriot Act, the
failure with which to comply would have a material adverse effect on the
financial condition or operations of the Borrower and its Subsidiaries, taken as
a whole.

            (b)   Payment of Taxes, Etc. Pay and discharge, and cause each of
its Subsidiaries to pay and discharge, before the same shall become delinquent,
if the failure to so pay and discharge would have a material adverse effect on
the financial condition or operations of the Borrower and its Subsidiaries,
taken as a whole, (i) all taxes, assessments and governmental charges or levies
imposed upon it or upon its property, and (ii) all lawful claims which, if
unpaid, will 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, levy or claim which is being
contested in good faith and by proper proceedings and as to which appropriate
reserves are being maintained in accordance with GAAP.

            (c)   Preservation of Corporate Existence, Etc. Subject to Section
6.02(a), preserve and maintain, and cause each of Disney and ABC to preserve and
maintain, its corporate existence, rights (charter and statutory) and
franchises; provided, however, that none of the Borrower, Disney or ABC shall be
required to preserve any right or franchise if the loss thereof would not have a
material adverse effect on the business, financial condition or operations of
the Borrower and its Subsidiaries, taken as a whole; and provided further,
however, that neither Disney nor ABC shall be required to preserve its corporate
existence if the loss thereof would not have a material adverse effect on the
business, financial condition or operations of the Borrower and its
Subsidiaries, taken as a whole.

            (d)   Maintenance of Interest Coverage Ratio. Maintain as of the
last day of each fiscal quarter of the Borrower, commencing with the first
fiscal quarter of the Borrower following the Effective Date, a ratio of (i)
Consolidated EBITDA for the Measurement Period ending on such day to (ii)
Consolidated Interest Expense for the Measurement Period ending on such day, of
not less than 3 to 1.

            (e)   Reporting Requirements. Furnish to the Administrative Agent,
on behalf of the Lenders and the Issuing Banks:

                  (i)    as soon as available and in any event within 50 days
after the end of each of the first three quarters of each fiscal year of the
Borrower, a copy of the Borrower's quarterly report to shareholders on Form 10-Q
as filed with the Securities and Exchange Commission (the "SEC"), in each case
containing a consolidated balance sheet of the Borrower and its Subsidiaries as
of the end of such quarter and consolidated statements of income and of 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, and a
certificate of any of the Borrower's Chairman of the Board of Directors,
President, Chief Financial Officer, Treasurer, Assistant Treasurer or Controller
(A) stating that no Event of Default, or event that with the giving of notice or
passage of time or both would constitute an Event of Default, has occurred and
is continuing and (B) containing a schedule which shall set forth the
computations used by the Borrower in determining compliance with the covenant
contained in Section 6.01(d);

                                       38
<PAGE>

                  (ii)   as soon as available and in any event within 100 days
after the end of each fiscal year of the Borrower, a copy of the Borrower's
annual report to shareholders on Form 10-K as filed with the SEC, in each case
containing consolidated financial statements of the Borrower and its
Subsidiaries for such year and a certificate of any of the Borrower's Chairman
of the Board of Directors, President, Chief Financial Officer, Treasurer,
Assistant Treasurer or Controller (A) stating that no Event of Default, or event
that with the giving of notice or passage of time or both would constitute an
Event of Default, has occurred and is continuing and (B) containing a schedule
which shall set forth the computations used by the Borrower in determining
compliance with the covenant contained in Section 6.01(d);

                  (iii)  promptly after the Borrower obtains actual knowledge of
the occurrence of each Event of Default, and each event that with the giving of
notice or passage of time or both would constitute an Event of Default, a
statement of any of the Borrower's Chairman of the Board of Directors,
President, Chief Financial Officer, Treasurer, Assistant Treasurer or Controller
setting forth details of such Event of Default or event continuing on the date
of such statement, and the action which the Borrower has taken and proposes to
take with respect thereto;

                  (iv)   promptly after the commencement thereof, notice of any
actions, suits and proceedings before any court or governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign,
affecting the Borrower or any of its Subsidiaries of the type described in
Section 5.01(d);

                  (v)    promptly after the Borrower obtains actual knowledge
thereof, written notice of any pending or threatened Environmental Claim against
the Borrower or any of its Subsidiaries or any of their respective properties
which could reasonably be expected to materially and adversely affect the
financial condition or operations of the Borrower and its Subsidiaries, taken as
a whole;

                  (vi)   promptly after the Borrower obtains actual knowledge of
the occurrence of any ERISA Event which could reasonably be expected to
materially and adversely affect the financial condition or operations of the
Borrower and its Subsidiaries, taken as a whole, a statement of any of the
Borrower's Chairman of the Board of Directors, President, Chief Financial
Officer, Treasurer, Assistant Treasurer or Controller describing such ERISA
Event and the action, if any, which the Borrower has taken and proposes to take
with respect thereto;

                  (vii)  promptly after receipt thereof by the Borrower or any
ERISA Affiliate from the sponsor of a Multiemployer Plan, a copy of each notice
received by the Borrower or any ERISA Affiliate concerning (A) the imposition of
withdrawal liability (as defined in Part I of Subtitle E of Title IV of ERISA)
by a Multiemployer Plan, which withdrawal liability could reasonably be expected
to materially and adversely affect the financial condition or operations of the
Borrower and its Subsidiaries, taken as a whole, (B) the reorganization or
termination, within the meaning of Title IV of ERISA, of any Multiemployer Plan,
which reorganization or termination could reasonably be expected to materially
adversely affect the financial condition or operations of the Borrower and its
Subsidiaries, taken as a whole, or (C) the amount of liability incurred, or
which may be incurred, by the Borrower or any ERISA Affiliate in connection with
any event described in subclause (vii)(A) or (vii)(B) above; and

                  (viii) such other material information reasonably related to
any Lender's credit analysis of the Borrower or any of its Subsidiaries as any
Lender through the Administrative Agent may from time to time reasonably
request.

            SECTION 6.02 Negative Covenants. So long as any Advance shall remain
unpaid or any Lender shall have any Commitment hereunder, the Borrower will not,
without the written consent of the Majority Lenders:

                                       39
<PAGE>

            (a)   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 the assets of the Borrower
and its Subsidiaries, taken as a whole (whether now owned or hereafter
acquired), to, any Person, or permit any of its Subsidiaries to do so, unless
(i) immediately after giving effect to such proposed transaction, no Event of
Default or event which, with the giving of notice or lapse of time, or both,
would constitute an Event of Default would exist and (ii) in the case of any
such merger to which the Borrower is a party, the Borrower is the surviving
corporation.

                                   ARTICLE VII
                                EVENTS OF DEFAULT

            SECTION 7.01 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 or
any reimbursement obligation under any Letter of Credit when the same becomes
due and payable; or the Borrower shall fail to pay any interest on any Advance,
or on any reimbursement obligation under any Letter of Credit or any fee or
other amount payable under this Agreement, in each case within three Business
Days after such interest, fee or other amount becomes due and payable; or

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

            (c)   The Borrower shall fail to perform or observe any covenant
contained in Section 6.01(d), Section 6.01(e)(iii) or Section 6.02; or

            (d)   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 the failure to perform or observe such other term, covenant or
agreement shall remain unremedied for 30 days after written notice thereof shall
have been given to the Borrower by the Administrative Agent or any Lender; or

            (e)   The Borrower or any of its Subsidiaries shall fail to pay any
principal of or premium or interest on any Debt of the Borrower or such
Subsidiary which is outstanding in a principal amount of at least $250,000,000
in the aggregate (but excluding Debt arising hereunder), when the same becomes
due and payable (whether by scheduled maturity, required prepayment,
acceleration, demand or otherwise), and such failure (i) shall continue after
the applicable grace period, if any, specified in the agreement or instrument
relating to such Debt and (ii) shall not have been cured or waived; 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 (other than by a regularly scheduled required prepayment),
redeemed, 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

            (f)   The Borrower or any Material Subsidiary 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 Material Subsidiary 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

                                       40
<PAGE>

relief or the appointment of a receiver, trustee, custodian or other similar
official for it or for substantially all 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 60 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 Material Subsidiary shall take any
corporate action to authorize any of the actions set forth above in this
subsection (f); or

            (g)   Any money judgment, writ or warrant of attachment or similar
process against the Borrower, any Material Subsidiary or any of their respective
assets involving in any case an amount in excess of $100,000,000 is entered and
shall remain undischarged, unvacated, unbonded or unstayed for a period of 30
days or, in any case, within five days of any pending sale or disposition of any
asset pursuant to any such process;

then, and in any such event, the Administrative Agent shall at the request, or
may with the consent, of the Majority Lenders, by notice to the Borrower, (A)
declare the obligation of each Lender to make Advances to be terminated,
whereupon the same shall forthwith terminate, (B) declare the Advances, all
interest thereon and all other amounts payable under this Agreement to 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;
(C) declare the obligation of the Issuing Banks to issue further Letters of
Credit to be terminated, whereupon the same shall forthwith terminate, and/or
(D) demand from time to time that the Borrower pay to the Administrative Agent
for the benefit of the Issuing Banks, an amount in immediately available funds
(in Dollars) equal to the then outstanding Letter of Credit Liability which
shall be held by the Administrative Agent as cash collateral in the LC
Collateral Account under the exclusive control and dominion of the
Administrative Agent and applied to the reduction of such Letter of Credit
Liability as drawings are made on outstanding Letters of Credit; 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,
(B) the Advances, all such interest and all such amounts shall automatically
become and be due and payable, without presentment, demand, protest or notice of
any kind, all of which are hereby expressly waived by the Borrower, (C) all
obligations of the Issuing Banks to issue further Letters of Credit shall be
terminated, and/or (D) the Borrower shall pay to the Administrative Agent for
the benefit of the Issuing Banks, an amount in immediately available funds (in
Dollars) equal to the then outstanding Letter of Credit Liability which shall be
held by the Administrative Agent as cash collateral in the LC Collateral Account
under the exclusive control and dominion of the Administrative Agent and applied
to the reduction of such Letter of Credit Liability as drawings are made on
outstanding Letters of Credit. Promptly upon the expiration or cancellation of
any Letter of Credit with respect to which cash collateral is on deposit in the
LC Collateral Account, the Administrative Agent shall (i) return all cash
collateral related to such Letter of Credit to the Borrower by depositing such
amounts in the account identified by the Borrower at such time and (ii)
thereafter, upon the expiration or cancellation of the final Letter of Credit
with respect to which cash collateral is on deposit in the LC Collateral
Account, close the LC Collateral Account.

                                  ARTICLE VIII
                            THE ADMINISTRATIVE AGENT

            SECTION 8.01 Authorization and Action. (a) Each Lender and each
Issuing Bank hereby appoints and authorizes the Administrative Agent to take
such action as agent on its behalf and to exercise such powers under this
Agreement as are delegated to the Administrative Agent by the terms hereof,
together with such powers as are reasonably incidental thereto. As to any
matters not expressly provided for by this Agreement (including, without
limitation, enforcement of this Agreement or collection of the Advances), the
Administrative Agent shall not be required to exercise any discretion or take
any action, but shall be required

                                       41
<PAGE>

to act or to refrain from acting (and shall be fully protected in so acting or
refraining from acting) upon the instructions of the Majority Lenders, and such
instructions shall be binding upon all Lenders and all holders of Notes;
provided, however, that the Administrative Agent shall not be required to take
any action which exposes the Administrative Agent to personal liability or which
is contrary to this Agreement or applicable law. The Administrative 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.

            Each Issuing Bank shall act on behalf of the Lenders with respect to
any Letters of Credit Issued by it and the documents associated therewith and
such Issuing Bank shall have all of the benefits and immunities (i) provided to
the Administrative Agent in this Article VIII with respect to any acts taken or
omissions suffered by such Issuing Bank in connection with Letters of Credit
Issued by it or proposed to be Issued by it as fully as if the term
"Administrative Agent," as used in this Article VIII, included such Issuing Bank
with respect to such acts or omissions, and (ii) as additionally provided in
this Agreement with respect to such Issuing Bank.

            (b)   The Syndication Agent, the Co-Documentation Agents and the
Arrangers shall have no duties under this Agreement other than those afforded to
them in their capacities as Lenders, and each Lender and each Issuing Bank
hereby acknowledges that the Syndication Agent, the Co-Documentation Agents and
the Arrangers have no liability under this Agreement other than those assumed by
them in their capacities as Lenders.

            SECTION 8.02 Administrative Agent's Reliance, Etc. Neither the
Administrative Agent nor any of its directors, officers, agents or employees
shall be liable to any Lender 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 Administrative Agent: (i) may treat the Lender which made any
Advance (or purchased or funded a participation with respect to a Letter of
Credit) as the holder of the Debt resulting therefrom until the Administrative
Agent receives and accepts an Assumption Agreement entered into by an Assuming
Lender as provided in Section 2.19 or 2.20, as the case may be, or an Assignment
and Acceptance entered into by such Lender, as assignor, and an Eligible
Assignee, as assignee, as provided in Section 9.07; (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 or observance of any of the terms, covenants or conditions of
this Agreement on the part of the Borrower 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 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) believed by it to be genuine and signed or
sent by the proper party or parties.

            SECTION 8.03 CUSA and Affiliates. With respect to its Commitment and
the Advances made by it and any Note or Notes issued to it, CUSA 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 Administrative Agent; and the term "Lender"
or "Lenders" shall, unless otherwise expressly indicated, include CUSA in its
individual capacity. CUSA and its respective 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

                                       42
<PAGE>

securities of the Borrower or any such Subsidiary, all as if CUSA was not the
Administrative Agent and without any duty to account therefor to the Lenders.

            SECTION 8.04 Lender Credit Decision. Each Lender acknowledges that
it has, independently and without reliance upon the Administrative Agent, any
Issuing Bank or any other Lender and based on the financial statements referred
to in Section 5.01(c) 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 Administrative Agent, any Issuing Bank 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 8.05 Indemnification. The Lenders agree to indemnify the
Administrative Agent (to the extent not reimbursed by the Borrower), ratably
according to the respective principal amounts of Advances then owing to each of
them (or, if no Advances are at the time outstanding or if any Advances are then
owing to Persons which are not Lenders, ratably according to the respective
amounts of their Commitments), from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever which may be imposed
on, incurred by, or asserted against the Administrative Agent in any way
relating to or arising out of this Agreement or any action taken or omitted by
the Administrative Agent under this Agreement; provided that no Lender shall be
liable for any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting
from the Administrative Agent's gross negligence or willful misconduct. Without
limitation of the foregoing, each Lender agrees to reimburse the Administrative
Agent promptly upon demand for its ratable share of any out-of-pocket expenses
(including reasonable counsel fees) incurred by the Administrative Agent in
connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal or
bankruptcy proceedings or otherwise) of, or legal advice in respect of rights or
responsibilities under, this Agreement, to the extent that the Administrative
Agent is not reimbursed for such expenses by the Borrower.

            (b)   Issuing Bank. The Lenders agree to indemnify each Issuing Bank
(to the extent not reimbursed by the Borrower), ratably according to their
respective LC Commitment Percentages, from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever which may be imposed
on, incurred by, or asserted against such Issuing Bank in any way relating to or
arising out of this Agreement and the Letters of Credit issued by it or any
action taken or omitted by such Issuing Bank under this Agreement or the Letters
of Credit Issued by it; provided, that, no Lender shall be liable for any
portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements resulting from such Issuing
Bank's gross negligence or willful misconduct. Without limitation of the
foregoing, each Lender agrees to reimburse such Issuing Bank promptly upon
demand for its ratable share of any out-of-pocket expenses (including reasonable
counsel fees) incurred by such Issuing Bank in connection with the preparation,
execution, 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 or the Letters of
Credit Issued by it, to the extent that the Issuing Bank is not reimbursed for
such expenses by the Borrower. In the case of any investigation, litigation or
proceeding giving rise to any such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs expenses or disbursements, this
Section 8.05(b) applies whether any such investigation, litigation or proceeding
is brought by the Administrative Agent, any Issuing Bank any Lender or a third
party.

            SECTION 8.06 Successor Administrative Agent. The Administrative
Agent may resign at any time by giving written notice thereof to the Lenders and
the Borrower and such resignation shall be effective upon the appointment of a
successor Administrative Agent as provided herein. Upon any such resignation,
the Majority Lenders shall have the right to appoint a successor Administrative
Agent. If no

                                       43
<PAGE>

successor Administrative Agent shall have been so appointed by the Majority
Lenders, and shall have accepted such appointment, within 30 days after the
retiring Administrative Agent's giving of notice of resignation, then the
retiring Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent. Any successor Administrative Agent appointed hereunder
shall be a commercial bank organized or licensed under the laws of the United
States or of any State thereof, or an Affiliate of any such commercial bank,
having a combined capital and surplus of at least $500,000,000. Upon the
acceptance of any appointment as Administrative Agent hereunder by a successor
Administrative Agent, such successor Administrative Agent shall thereupon
succeed to and become vested with all the rights, powers, discretion, privileges
and duties of the retiring Administrative Agent, and the retiring Administrative
Agent shall be discharged from its duties and obligations under this Agreement.
After any retiring Administrative Agent's resignation hereunder as
Administrative Agent, the provisions of this Article VIII shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent under this Agreement.

            SECTION 8.07 Sub-Agent. The Borrower and the Lenders hereby
acknowledge that the Administrative Agent may, in its sole discretion, delegate
any of its obligations hereunder to the Sub-Agent, provided that it has obtained
prior consent to such delegation from the Sub-Agent. The Borrower and the
Lenders further agree that the Sub-Agent shall be entitled to exercise each of
the rights and to enjoy each of the benefits of the Administrative Agent under
this Agreement as related to the performance of its obligations hereunder.

                                   ARTICLE IX
                                  MISCELLANEOUS

            SECTION 9.01 Amendments, Etc. (a) No amendment or waiver of any
provision of this Agreement, 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 Majority 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 (other than the Borrower or any of its
Affiliates, if a Lender, at the time of any such amendment, waiver or consent),
do any of the following: (a) waive any of the conditions specified in Section
4.01 or 4.02, (b) increase the Commitments of the Lenders (other than as
provided in Section 2.19) or subject the Lenders to any additional obligations,
(c) reduce the principal of, or interest on, the Advances or any reimbursement
obligation in respect of any Letters of Credit or the fees payable hereunder,
(d) postpone any date fixed for any payment of principal of, or interest on, the
Advances (other than as provided in Section 2.20), any reimbursement obligation
in respect of any Letters of Credit or any fee, (e) change the percentage of the
Commitments, LC Commitments or of the aggregate unpaid principal amount of
Advances or Letter of Credit Liability, or the number of Lenders, which shall be
required for the Lenders or any of them to take any action hereunder or (f)
amend this Section 9.01; and provided further that no amendment, waiver or
consent shall, unless in writing and signed by the Administrative Agent or each
Issuing Bank, as the case may be, in addition to the Lenders required above to
take such action, affect the rights or duties of the Administrative Agent or
such Issuing Bank, respectively, under this Agreement or any Note.

            (b)   Limitation of Scope. All waivers and consents granted under
this Section 9.01 shall be effective only in the specific instance and for the
specific purpose for which given.

            SECTION 9.02 Notices, Etc. (a) All notices and other communications
provided for hereunder shall, except as otherwise expressly provided for herein,
be in writing (including telecopier communication) and mailed, telecopied or
delivered, if to the Borrower, at its address at:

                  The Walt Disney Company
                  500 South Buena Vista Street

                                       44
<PAGE>

                  Burbank, California  91521
                  Attention:  Jonathan S. Headley and Carlos A. Gomez
                  Telecopier Number:  (818) 563-1682;

with a copy to:

                  The Walt Disney Company
                  500 South Buena Vista Street
                  Burbank, California  91521
                  Attention:  Corporate Legal Department
                  Telecopier Number:  (818) 563-4160;

if to any Issuing Bank, at its  respective address at:

                  BNP Paribas SA
                  919 Third Avenue
                  New York, NY  10022
                  Attention:  James Broadus
                  Telecopier Number: ( 212) 471-6630

                  or

                  Standard Chartered Bank
                  One Evertrust Plaza
                  5th Floor
                  Jersey City, NJ
                  Attention:  Victoria Faltine
                  Telecopier Number: (212) 667-0287;

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 Assumption Agreement or the Assignment and Acceptance
pursuant to which it became a Lender, as the case may be; and if to the
Administrative Agent, at its address at:

                  Citicorp USA, Inc.
                  Two Penns Way, Second Floor
                  New Castle, Delaware 19720
                  Attention:  Cristian Garcia
                  Phone Number:  (302) 894-6054
                  Telecopy Number:  (302) 894-6120;

with a copy to:

                  Citicorp USA, Inc.
                  787 West Fifth Street, 29th Floor
                  Los Angeles, California  90071
                  Attention:  Greg Davis
                  Phone Number:  (213) 239-1896
                  Telecopier Number:  (213) 239-1899;

                                       45
<PAGE>

or, as to each party, at such other address as shall be designated by such party
in a written notice to the other parties. All such notices and communications
shall, when mailed or telecopied, be effective when deposited in the mails or
telecopied, respectively, except that notices and communications to the
Administrative Agent pursuant to Article II or VIII and to an Issuing Bank
pursuant to Article III or VIII shall not be effective until received by the
Administrative Agent or such Issuing Bank, as the case may be. Delivery by
telecopier of an executed counterpart of any amendment or waiver of any
provision of this Agreement or of any Exhibit hereto to be executed and
delivered hereunder shall be effective as delivery of an original executed
counterpart thereof.

            (b)   If any notice required under this Agreement is permitted to be
made, and is made, by telephone, actions taken or omitted to be taken in
reliance thereon by the Administrative Agent, any Issuing Bank or any Lender
shall be binding upon the Borrower notwithstanding any inconsistency between the
notice provided by telephone and any subsequent writing in confirmation thereof
provided to the Administrative Agent, such Issuing Bank or such Lender; provided
that any such action taken or omitted to be taken by the Administrative Agent,
such Issuing Bank or such Lender shall have been in good faith and in accordance
with the terms of this Agreement.

            SECTION 9.03 No Waiver; Remedies. No failure on the part of any
Lender, any Issuing Bank or the Administrative Agent to exercise, and no delay
in exercising, any right hereunder 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 9.04 Costs and Expenses. (a) The Borrower agrees to pay,
within five Business Days of demand, all actual and reasonable costs and
expenses, if any (including, without limitation, actual and reasonable counsel
fees and expenses), of the Administrative Agent, each Issuing Bank and each
Lender in connection with the enforcement (whether through legal proceedings or
otherwise) of this Agreement, the Letters of Credit and the other instruments
and documents to be delivered hereunder, including, without limitation,
reasonable counsel fees and expenses in connection with the enforcement of
rights under this Section 9.04(a).

            (b)   If any payment of principal of, or Conversion of, any
Eurocurrency Rate Advance is made 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(f) or 2.10 or acceleration of the maturity of the Advances pursuant
to Section 7.01 or for any other reason (other than by reason of a payment
pursuant to Section 2.12), the Borrower shall, within five Business Days of
demand by any Lender (with a copy of such demand to the Administrative Agent),
pay to such Lender any amounts required to compensate such Lender for any
additional losses, costs or expenses which it may reasonably incur as a result
of such payment or Conversion, including, without limitation, any loss, cost or
expense incurred by reason of the liquidation or redeployment of deposits or
other funds acquired by such Lender to fund or maintain such Advance.

            SECTION 9.05 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 7.01 to authorize the
Administrative Agent to declare the Advances due and payable pursuant to the
provisions of Section 7.01, or to demand payment of (or cash collateralization
of) all then outstanding Letter of Credit Liability, each Lender (and, in the
case of CUSA, Citibank) 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, but
excluding trust accounts) at any time held and other indebtedness at any time
owing by such Lender (and, in the case of CUSA, Citibank) 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 (including, to the
fullest extent permitted by law, obligations indirectly owed to such Lender by

                                       46
<PAGE>

virtue of its purchase of a participation or sub-participation of the Letter of
Credit Liability pursuant to Section 3.05), whether or not such Lender shall
have made any demand under this Agreement. Each Lender agrees promptly to notify
the Borrower after any such setoff and application made by such Lender (and, in
the case of CUSA, Citibank); 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, in the case of CUSA, Citibank) under this Section are in
addition to other rights and remedies (including, without limitation, other
rights of setoff) which such Lender may have.

            SECTION 9.06 Binding Effect. This Agreement shall become effective
(other than Section 2.01, which shall only become effective upon satisfaction of
the conditions precedent set forth in Section 4.01) when it shall have been
executed by the Borrower, the Administrative Agent and each Co-Documentation
Agent and when the Administrative 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, each Issuing Bank, the
Administrative Agent, each Co-Documentation Agent and each Lender and their
respective successors and permitted 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 9.07 Assignments and Participations. (a) Each Lender may
and, if requested by the Borrower upon notice by the Borrower delivered to such
Lender and the Administrative Agent pursuant to clause (ii) of Section 2.16,
will, assign to one or more Eligible Assignees all or a portion of its rights
and obligations under this Agreement (including, without limitation, all or a
portion of its Commitment and the Advances owing to it and any Note or Notes
held by it, its LC Commitment and participations in Letter of Credit Liability);
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, (ii)
the amount (without duplication) of the Commitment, pro-rata share of
outstanding Advances and pro-rata share of participations in Letter of Credit
Liability of the assigning Lender being assigned pursuant to each such
assignment (determined as of the date of the Assignment and Acceptance) shall
not be less than $12,500,000 (unless such lesser amount is previously agreed
among such assigning Lender, the Administrative Agent and the Borrower) or an
integral multiple of $500,000 in excess thereof, (iii) the sum of (A) the amount
(without duplication) of the Commitment, pro-rata share of outstanding Advances
and pro-rata share of participations in Letter of Credit Liability of the
assigning Lender being assigned pursuant to each such assignment and (B) the
amount of the commitment and pro-rata share of outstanding advances of the
assigning Lender being contemporaneously assigned under the 364-Day Credit
Agreement by the Person that is such assigning Lender (in both cases determined
as of the date of the Assignment and Acceptance or similar agreement with
respect to such assignments) shall not be less than $25,000,000 in the aggregate
(unless such lesser amount is previously agreed among such assigning Lender, the
Administrative Agent and the Borrower) or an integral multiple of $1,000,000 in
excess thereof, provided, however, that if the aggregate amount of the
Commitment of such assigning Lender hereunder and its commitment under the
364-Day Credit Agreement is less than $25,000,000 on the date of such proposed
assignments, such assigning Lender may assign all, but not less than all, of its
remaining rights and obligations under this Agreement and the 364-Day Credit
Agreement (unless an assignment of a portion of such assigning Lender's
obligations hereunder and thereunder is otherwise previously agreed among such
assigning Lender, the Administrative Agent and the Borrower), (iv) each such
assignment shall be to an Eligible Assignee, and (v) the parties to each such
assignment (other than the Borrower) shall execute and deliver to the
Administrative Agent, for its acceptance and recording in the Register, an
Assignment and Acceptance, together with a processing and recordation fee of
$3,500. 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 any rights such Lender assignor may have under
Sections 2.11, 2.14 and 9.08)

                                       47
<PAGE>

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 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 or any of
its Subsidiaries or the performance or observance by the Borrower of any of its
obligations under this Agreement or any 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 5.01(c) 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 Administrative Agent, any Issuing Bank, 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 Administrative
Agent or the respective Issuing Bank to take such action as agent on its behalf
and to exercise such powers under this Agreement as are delegated to the
Administrative Agent by the terms hereof, together with such powers as are
reasonably incidental thereto; and (vii) such assignee agrees that it will
perform in accordance with their terms all of the obligations which by the terms
of this Agreement are required to be performed by it as a Lender.

            (c)   The Administrative Agent shall maintain at its address
referred to in Section 9.02 a copy of each Assignment and Acceptance and each
Assumption Agreement delivered to and accepted by it and a register for the
recordation of the names and addresses of the Lenders and the Commitment and the
LC 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 Administrative 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.

            (d)   Upon its receipt of an Assignment and Acceptance executed by
an assigning Lender and an assignee representing that it is an Eligible Assignee
and, if applicable, the Borrower, together with any Note subject to such
assignment, the Administrative Agent shall, if such Assignment and Acceptance
has been completed and is in substantially the form of Exhibit B 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 and
each Issuing Bank.

            (e)   Each Lender may sell participations to one or more banks or
other entities in or to all or a portion of its rights and obligations under
this Agreement (including, without limitation, all or a portion of its
Commitment, LC Commitment and the Advances owing to it and any Note issued to it
hereunder); provided, however, that (i) such Lender's obligations under this
Agreement (including, without limitation, its Commitment and LC Commitment
hereunder) shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations,
(iii) the Borrower, the Administrative Agent and the other Lenders shall
continue to deal solely and directly with such Lender in connection with such
Lender's rights and obligations under this Agreement, and (iv) such Lender shall
not

                                       48
<PAGE>

agree in any participation agreement with any participant or proposed
participant to obtain the consent of such participant before agreeing to the
amendment, modification or waiver of any of the terms of this Agreement or any
Note, before consenting to any action or failure to act by the Borrower or any
other party hereunder or under any Note, or before exercising any rights it may
have in respect thereof, unless such amendment, modification, waiver, consent or
exercise would (A) increase the amount of such participant's portion of such
Lender's Commitment, (B) reduce the principal amount of or rate of interest on
the Advances, any amount due hereunder with respect to the Letters of Credit or
any fee or other amounts payable hereunder to which such participant would be
entitled to receive a share under such participation agreement, or (C) postpone
any date fixed for any payment of principal of or interest on the Advances, for
amounts due with respect to Letters of Credit or any fee or other amounts
payable hereunder to which such participant would be entitled to receive a share
under such participation agreement.

            (f)   Any Lender may, in connection with any assignment or
participation or proposed assignment or participation pursuant to this Section
9.07, 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 in writing and directly related to the transactions
contemplated hereunder; provided that, prior to any such disclosure, the
assignee or participant or proposed assignee or participant shall agree to
preserve the confidentiality of any confidential information relating to the
Borrower received by it from such Lender in accordance with the terms of Section
9.09.

            (g)   No participation or assignment hereunder shall be made in
violation of the Securities Act of 1933, as amended from time to time, or any
applicable state securities laws, and each Lender hereby represents that it will
make any Advance for its own account in the ordinary course of its business and
not with a view to the public distribution or sale thereof.

            (h)   Anything in this Agreement to the contrary notwithstanding,
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 issued to it hereunder) in favor of any Federal Reserve
Bank in accordance with Regulation A of the Board of Governors of the Federal
Reserve System (or any successor regulation thereto) and the applicable
operating circular of such Federal Reserve Bank.

            SECTION 9.08 Indemnification. The Borrower agrees to indemnify and
hold harmless the Administrative Agent, each Issuing Bank, each Co-Documentation
Agent and each Lender and each of their Affiliates and their respective
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) that may be incurred by or asserted against any Indemnified Party, in
each case arising out of or in connection with or by reason of, or in connection
with the preparation for a defense of, any investigation, litigation or
proceeding (whether or not an Indemnified Party is a party thereto) arising out
of, related to or in connection with the Commitments hereunder or the Advances
or Letter of Credit Issuances made pursuant hereto or any transactions done in
connection herewith, including, without limitation, any transaction in which any
proceeds of the Advances or any Letter of Credit Issuance are, or are proposed,
to be applied, or any action or proceeding relating to a court order, injunction
or other process or decree restraining or seeking to restrain any Issuing Bank
from paying any amount under any Letter of Credit (collectively, the
"INDEMNIFIED MATTERS"); provided that the Borrower shall have no obligation to
any Indemnified Party under this Section 9.08 with respect to (i) matters for
which such Indemnified Party has been reimbursed by or on behalf of the Borrower
pursuant to any other provision of this Agreement, but only to the extent of
such reimbursement, or (ii) Indemnified Matters found by a court of competent
jurisdiction to have resulted from the willful misconduct or gross negligence of
such Indemnified Party. If any action is brought against any Indemnified Party,
such Indemnified Party shall promptly notify the Borrower in writing of the
institution of such action and the Borrower shall thereupon have the right, at
its option, to elect to assume the defense of such action; provided, however,
that the Borrower shall not, in

                                       49
<PAGE>

assuming the defense of any Indemnified Party in any Indemnified Matter, agree
to any dismissal or settlement of such Indemnified Matter without the prior
written consent of such Indemnified Party, which consent shall not be
unreasonably withheld, if such dismissal or settlement (A) would require any
admission or acknowledgment of culpability or wrongdoing by such Indemnified
Party or (B) would provide for any nonmonetary relief to any Person to be
performed by such Indemnified Party. If the Borrower so elects, it shall
promptly assume the defense of such action, including the employment of counsel
(reasonably satisfactory to such Indemnified Party) and payment of expenses.
Such Indemnified Party shall have the right to employ its or their own counsel
in any such case, but the fees and expenses of such counsel shall be at the
expense of such Indemnified Party unless (1) the employment of such counsel
shall have been authorized in writing by the Borrower in connection with the
defense of such action or (2) the Borrower shall not have properly employed
counsel reasonably satisfactory to such Indemnified Party to have charge of the
defense of such action, in which case such fees and expenses shall be paid by
the Borrower. If an Indemnified Party shall have reasonably concluded (based
upon the advice of counsel) that the representation by one counsel of such
Indemnified Party and the Borrower creates a conflict of interest for such
counsel, the reasonable fees and expenses of such counsel shall be borne by the
Borrower and the Borrower shall not have the right to direct the defense of such
action on behalf of such Indemnified Party (but shall retain the right to direct
the defense of such action on behalf of the Borrower). Anything in this Section
9.08 to the contrary notwithstanding, the Borrower shall not be liable for the
fees and expenses of more than one counsel for any Indemnified Party in any
jurisdiction as to any Indemnified Matter or for any settlement of any
Indemnified Matter effected without its written consent. All obligations of the
Borrower under this Section 9.08 shall survive the making and repayment of the
Advances and the termination of this Agreement.

            SECTION 9.09 Confidentiality. None of the Administrative Agent, the
Issuing Banks or Lenders may disclose to any Person any confidential,
proprietary or non-public information of the Borrower furnished to the
Administrative Agent, the Issuing Banks or the Lenders by the Borrower or any of
its Subsidiaries (such information being referred to collectively herein as the
"BORROWER INFORMATION"), except that each of the Administrative Agent, each of
the Issuing Banks and each of the Lenders may disclose Borrower Information (i)
to its and its Affiliates' employees, officers, directors, agents, auditors 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
instructed 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 9.09 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 9.09
by the Administrative Agent, such Issuing Bank or such Lender, or (B) is or
becomes available to the Administrative Agent, such Issuing Bank or such Lender
on a non-confidential basis from a source other than the Borrower, provided such
source is not bound by a confidentiality agreement or other legal or fiduciary
obligations of secrecy with the Borrower with respect to the Borrower
Information, and (viii) with the consent of the Borrower.

            SECTION 9.10 Patriot Act. The Administrative Agent hereby notifies
the Borrower that, pursuant to the requirements of the Patriot Act, it is
required to obtain, verify and record information that identifies the Borrower,
which information includes names and addresses and other information that will
allow it to identify the Borrower in accordance with the Patriot Act.

            SECTION 9.11 Judgment. (a) If for the purposes of obtaining judgment
in any court it is necessary to convert a sum due hereunder in Dollars into
another currency, the parties hereto agree, to the fullest extent that they may
effectively do so, that the rate of exchange used shall be that at which in

                                       50
<PAGE>

accordance with normal banking procedures the Administrative Agent could
purchase Dollars with such other currency at Citibank's principal office in
London at 11:00 A.M. (London time) on the Business Day preceding that on which
final judgment is given.

            (b)   If for the purposes of obtaining judgment in any court it is
necessary to convert a sum due hereunder in a Committed Currency into Dollars,
the parties agree to the fullest extent that they may effectively do so, that
the rate of exchange used shall be that at which in accordance with normal
banking procedures the Administrative Agent could purchase such Committed
Currency with Dollars at Citibank's principal office in London at 11:00 A.M.
(London time) on the Business Day preceding that on which final judgment is
given.

            (c)   The obligation of the Borrower in respect of any sum due from
it in any currency (the "PRIMARY CURRENCY") to any Lender, any Issuing Bank or
the Administrative Agent hereunder shall, notwithstanding any judgment in any
other currency, be discharged only to the extent that on the Business Day
following receipt by such Lender, Issuing Bank or the Administrative Agent (as
the case may be), of any sum adjudged to be so due in such other currency, such
Lender, Issuing Bank or the Administrative Agent (as the case may be) may in
accordance with normal banking procedures purchase the applicable Primary
Currency with such other currency; if the amount of the applicable Primary
Currency so purchased is less than such sum due to such Lender, Issuing Bank or
the Administrative Agent (as the case may be) in the applicable Primary
Currency, the Borrower agrees, as a separate obligation and notwithstanding any
such judgment, to indemnify such Lender, any Issuing Bank or the Administrative
Agent (as the case may be) against such loss, and if the amount of the
applicable Primary Currency so purchased exceeds such sum due to any Lender,
Issuing Bank or the Administrative Agent (as the case may be) in the applicable
Primary Currency, such Lender, Issuing Bank or the Administrative Agent (as the
case may be) agrees to remit to the Borrower such excess.

            SECTION 9.12 Consent to Jurisdiction and Service of Process. All
judicial proceedings brought against the Borrower with respect to this Agreement
or any instrument or other documents delivered hereunder may be brought in any
state or federal court in the Borough of Manhattan in the State of New York, and
by execution and delivery of this Agreement, the Borrower accepts, for itself
and in connection with its properties, generally and unconditionally, the
nonexclusive jurisdiction of the aforesaid courts, and irrevocably agrees to be
bound by any final judgment rendered thereby in connection with this Agreement
or any instrument or other document delivered hereunder from which no appeal has
been taken or is available. The Borrower agrees to receive service of process in
any such proceeding in any such court at its office at 77 West 66th Street, 15th
Floor, New York, New York 10023, Attention: Kenneth E. Newman (or at such other
address in the Borough of Manhattan in the State of New York as the Borrower
shall notify the Administrative Agent from time to time) and, if the Borrower
ever ceases to maintain such office in the Borough of Manhattan, irrevocably
designates and appoints CT Corporation System, 1633 Broadway, New York, New York
10019, or any other address in the State of New York communicated by CT
Corporation System to the Administrative Agent, as its agent to receive on its
behalf service of all process in any such proceeding in any such court, such
service being hereby acknowledged by the Borrower to be effective and binding
service in every respect.

            SECTION 9.13 Substitution of Currency. If a change in any Committed
Currency occurs pursuant to any applicable law, rule or regulation of any
governmental, monetary or multi-national authority, this Agreement (including,
without limitation, the definition of Eurocurrency Rate) will be amended to the
extent determined by the Administrative Agent (acting reasonably, in
consultation with the Borrower and in accordance with the terms of Section 9.01
hereof) to be necessary to reflect the change in currency and to put the Lenders
and the Borrower in the same position, so far as possible, that they would have
been in if no change in such Committed Currency had occurred.

                                       51
<PAGE>

            SECTION 9.14 Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York.

            SECTION 9.15 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 an original executed
counterpart of this Agreement. A full set of executed counterparts of this
Agreement shall be lodged with the Administrative Agent and the Borrower.

            SECTION 9.16 Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

                                       52
<PAGE>

            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.

                                  THE BORROWER

                                           THE WALT DISNEY COMPANY

                                           By: /s/ Christine M. McCarthy
                                               ---------------------------------
                                           Title: Senior Vice President and
                                                  Treasurer

                                  THE ADMINISTRATIVE AGENT

                                           CITICORP USA, INC.,
                                           as Administrative Agent

                                           By: /s/ William S. Timmons, III
                                               ---------------------------------
                                           Title: Vice President

                                  THE JOINT LEAD ARRANGERS
                                  AND JOINT BOOK MANAGERS

                                           BANC OF AMERICA, SECURITIES LLC
                                           as Joint Lead Arranger and Joint Book
                                           Manager

                                           By: /s/ Thomas J. Kane
                                               ---------------------------------
                                           Title: Principal

                                           CITIGROUP GLOBAL MARKETS, INC.,
                                           as Joint Lead Arranger and Joint Book
                                           Manager

                                           By: /s/ J. Gregory Davis
                                               ---------------------------------
                                           Title: Attorney-In-Fact

                                       53
<PAGE>

                                  THE SYNDICATION AGENT

                                           BANK OF AMERICA, N.A.
                                           as Syndication Agent

                                           By: /s/ Thomas J. Kane
                                               ---------------------------------
                                           Title: Principal

                                  THE CO-DOCUMENTATION AGENTS

                                           BARCLAYS BANK PLC,
                                           as Co-Documentation Agent

                                           By: /s/ L. Peter Yetman
                                               ---------------------------------
                                           Title: Director

                                           BNP PARIBAS SA,
                                           as Co-Documentation Agent

                                           By: /s/ Nuala Marley
                                               ---------------------------------
                                           Title: Managing Director

                                           By: /s/ Todd Rodgers
                                               ---------------------------------
                                           Title: Vice President

                                           HSBC BANK USA,
                                           as Co-Documentation Agent

                                           By: /s/ David Wagstaff
                                               ---------------------------------
                                           Title: Senior Vice President

                                           JPMORGAN CHASE BANK,
                                           as Co-Documentation Agent

                                           By: /s/ William Rindfuss
                                               ---------------------------------
                                           Title: Vice President

                                       54
<PAGE>

                                 INITIAL LENDERS

   Commitment
$210,000,000.00                           CITICORP USA, INC., as Lender

                                          By: /s/ William S. Timmons, III
                                             -----------------------------------
                                          Title: Vice President

                                       55
<PAGE>

$210,000,000.00                           BANK OF AMERICA, N.A.,
                                          as Lender

                                          By: /s/ Thomas J. Kane
                                             -----------------------------------
                                          Title: Principal

                                       56
<PAGE>

$160,000,000.00                           BARCLAYS BANK PLC,
                                          as Lender

                                          By: /s/ L. Peter Yetman
                                              ----------------------------------
                                          Title: Director

                                       57
<PAGE>

$160,000,000.00                           BNP PARIBAS SA,
                                          as Lender

                                          By: /s/ Nuala Marley
                                              ----------------------------------
                                          Title: Managing Director

                                          By: /s/ Todd Rodgers
                                              ----------------------------------
                                          Title: Vice President

                                       58
<PAGE>

$160,000,000.00                           HSBC BANK USA,
                                          as Lender

                                          By: /s/ David Wagstaff
                                              ----------------------------------
                                          Title: Senior Vice President

                                       59
<PAGE>

$160,000,000.00                           JPMORGAN CHASE BANK,
                                          as Lender

                                          By: /s/ William Rindfuss
                                              ----------------------------------
                                          Title: Vice President

                                       60
<PAGE>

$107,500,000.00                           CREDIT SUISSE FIRST BOSTON,
                                          acting through its Cayman Islands
                                          Branch as Lender

                                          By: /s/ Jay Chall
                                              ----------------------------------
                                          Title: Director

                                          By: /s/ Jennifer A. Pieza
                                              ----------------------------------
                                          Title: Associate

                                       61
<PAGE>

$107,500,000.00                           DEUTSCHE BANK AG,
                                          as Lender

                                          By: /s/ William M. McGinty
                                              ----------------------------------
                                          Title: Director

                                          By: /s/ Christopher S. Hall
                                              ----------------------------------
                                          Title: Managing Director

                                       62
<PAGE>

$107,500,000.00                           STANDARD CHARTERED BANK,
                                          as Lender

                                          By: /s/ Frieda Youlios
                                              ----------------------------------
                                          Title: Vice President

                                          By: /s/ Robert Reddington
                                              ----------------------------------
                                          Title: Assistant Vice President

                                       63
<PAGE>

$107,500,000.00                           UBS LOAN FINANCE LLC,
                                          as Lender

                                          By: /s/ Wilfred V. Saint
                                              ----------------------------------
                                          Title: Associate Director

                                          By: /s/ Thomas R. Salzano
                                              ----------------------------------
                                          Title: Director

                                       64
<PAGE>

$57,500,000.00                            BANCA INTESA, SPA,
                                          as Lender

                                          By: /s/ F. Maffei
                                              ----------------------------------
                                          Title: Vice President

                                       65
<PAGE>

$57,500,000.00                            HARRIS NESBITT FINANCING, INC.,
                                          as Lender

                                          By: /s/ Joseph W. Linder
                                              ----------------------------------
                                          Title: Vice President

                                       66
<PAGE>

$57,500,000.00                            MIZUHO CORPORATE BANK, LTD.,
                                          as Lender

                                          By: /s/ Mark Gronich
                                              ----------------------------------
                                          Title: Vice President

                                       67
<PAGE>

$57,500,000.00                            SOCIETE GENERALE,
                                          as Lender

                                          By: /s/ Mark Vigil
                                              ----------------------------------
                                          Title: Managing Director

                                       68
<PAGE>

$57,500,000.00                            SUMITOMO MITSUI
                                          BANKING CORPORATION,
                                          as Lender

                                          By: /s/ Leo E. Pagarigan
                                              ----------------------------------
                                          Title: Senior Vice President

                                       69
<PAGE>

$57,500,000.00                            SUNTRUST BANK,
                                          as Lender

                                          By: /s/ David W. Penter
                                              ----------------------------------
                                          Title: Director

                                       70
<PAGE>

$57,500,000.00                            WILLIAM STREET
                                          COMMITMENT CORPORATION,
                                          (Recourse only to assets of William
                                          Street Commitment Corporation),
                                          as Lender

                                          By: /s/ J.M. Hill
                                              ----------------------------------
                                          Title: CFO

                                       71
<PAGE>

$32,500,000.00                            AUSTRALIA AND NEW ZEALAND BANKING
                                          GROUP LIMITED,
                                          as Lender

                                          By: /s/ Damodar Menon
                                              ----------------------------------
                                          Title: Director

                                       72
<PAGE>

$32,500,000.00                            BANCA DI ROMA - SAN FRANCISCO,
                                          as Lender

                                          By: /s/ Luca Balestra
                                              ----------------------------------
                                          Title: Senior Vice President & Manager

                                          By: /s/ Richard G. Dietz
                                              ----------------------------------
                                          Title: Vice President

                                       73
<PAGE>

$32,500,000.00                            BEAR STEARNS CORPORATE LENDING INC.,
                                          as Lender

                                          By: /s/ Victor Bulzacchelli
                                              ----------------------------------
                                          Title: Vice President

                                       74
<PAGE>

$32,500,000.00                            ING BANK N .V.,
                                          as Lender

                                          By: /s/ Michael Fenlan
                                              ----------------------------------
                                          Title: Vice President

                                       75
<PAGE>

$32,500,000.00                            LEHMAN BROTHERS BANK, FSB,
                                          as Lender

                                          By: /s/ Gary T. Taylor
                                              ----------------------------------
                                          Title: Vice President

                                       76
<PAGE>

$32,500,000.00                            LLOYDS TSB BANK PLC,
                                          as Lender

                                          By: /s/ Peter Doyle
                                              ----------------------------------
                                          Title: Vice President

                                          By: /s/ Lisa Maguire
                                              ----------------------------------
                                          Title: Assistant Vice President

                                       77
<PAGE>

$32,500,000.00                            MERRILL LYNCH BANK USA,
                                          as Lender

                                          By: /s/ Preston Jackson
                                              ----------------------------------
                                          Title: President and CEO

                                       78
<PAGE>

$32,500,000.00                            STATE STREET BANK AND TRUST COMPANY,
                                          as Lender

                                          By: /s/ Mary H. Carey
                                              ----------------------------------
                                          Title: Vice President

                                       79
<PAGE>

$32,500,000.00                            UFJ BANK LIMITED,
                                          as Lender

                                          By: /s/ Toshiko Boyd
                                              ----------------------------------
                                          Title: Vice President

                                       80
<PAGE>

$32,500,000.00                            UNION BANK OF CALIFORNIA, N.A.,
                                          as Lender

                                          By: /s/ Kin W. Cheng
                                              ----------------------------------
                                          Title: Assistant Vice President

                                       81
<PAGE>

$32,500,000.00                            WELLS FARGO BANK, N.A.,
                                          as Lender

                                          By: /s/ Ling Li
                                             -----------------------------------
                                          Title: Vice President

                                       82
<PAGE>

                                THE ISSUING BANKS

                                          BNP PARIBAS SA.,
                                          as Issuing Bank

                                          By: /s/ Nuala Marley
                                              ----------------------------
                                          Title: Director

                                          By: /s/ Todd Rodgers
                                             -----------------------------
                                          Title: Vice President

                                          STANDARD CHARTERED BANK,
                                          as Issuing Bank

                                          By: /s/ Frieda Youlios
                                              ----------------------------
                                          Title: Vice President

                                       73

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