Document:

EX-10.5

 

Exhibit 10.5

A. SCHULMAN, INC.

2006 INCENTIVE PLAN

INSTRUCTIONS FOR COMPLETING TIME-BASED RESTRICTED STOCK UNIT

AWARD AGREEMENT FOR NON-EMPLOYEE DIRECTORS

Code Sheet

The following codes are used in this Award Agreement and should be replaced using your P.C.’s
“Replace” function (see instructions accompanying this form).

	 	 	 	 	 
	 

	 	VTA
	 	Grantee’s name (all capital letters)
	 
	 	 	 	 
	 

	 	VTB
	 	Grant Date (all capital letters)
	 
	 	 	 	 
	 

	 	Vtb
	 	Grant Date (initial capital letters only)
	 
	 	 	 	 
	 

	 	Vtc
	 	Person to contact for more information
	 
	 	 	 	 
	 

	 	Vtd
	 	Contact’s telephone number, including area code
	 
	 	 	 	 
	 

	 	Vte
	 	Date that is 30 days after the Grant Date (initial capital letters only)
	 
	 	 	 	 
	 

	 	Vtf
	 	Number of Restricted Stock Units granted (insert only the number in Arabic
numerals)
	 
	 	 	 	 
	 

	 	Vtg
	 	Contact’s street address
	 
	 	 	 	 
	 

	 	Vth
	 	Contact’s city, state and zip code
	 
	 	 	 	 
	 

	 	Vti
	 	Calendar year in which grant is made (e.g., 2006)
	 
	 	 	 	 
	 

	 	Vtq
	 	Grantee’s name (initial capital letters only)

1

 

A. SCHULMAN, INC.

2006 INCENTIVE PLAN

AMENDED AND RESTATED

TIME-BASED RESTRICTED STOCK UNITS AWARD AGREEMENT ISSUED TO

VTA on VTB

A. Schulman, Inc. (“Company”) and its shareholders believe that their business interests are best
served by extending to you an opportunity to earn additional compensation based on the growth of
the Company’s business. To this end, the Company’s shareholders adopted the A. Schulman, Inc. 2006
Incentive Plan (“Plan”) as a means through which you may share in the Company’s success. The
Restricted Stock Units granted pursuant to this Award Agreement represent the right to receive cash
equal to the Fair Market Value of a specified number of shares of the Company’s common stock, par
value $1.00, if certain conditions are satisfied.

This Award Agreement describes many features of your Award and the conditions you must meet before
you may receive the value associated with your Award. To ensure you fully understand these terms
and conditions, you should:

	 	•	 	Read the Plan carefully to ensure you understand how the Plan works;
	 
	 	•	 	Read this Award Agreement carefully to ensure you understand the nature of your Award
and what you must do to earn it; and
	 
	 	•	 	Contact Vtc at Vtd if you have any questions about your Award.

Also, no later than Vte, you must return a signed copy of the Award Agreement to:

Vtc

A. Schulman, Inc.

Vtg

Vth

If you do not do this, your Award will be forfeited and you will not be entitled to receive
anything on account of this Award.

Section 409A of the Internal Revenue Code imposes substantial penalties on persons who receive some
forms of deferred compensation. Your Award has been designed to avoid these penalties. However,
it may be necessary to revise your Award Agreement if you are to avoid these penalties. As a
condition of accepting this Award, you must agree to accept those revisions, without any further
consideration, even if those revisions change the terms of your Award and reduce its value or
potential value.

1

 

Nature of Your Award

You have been granted Restricted Stock Units. If you satisfy the conditions described in this
Award Agreement, the Restricted Stock Units will vest and you will receive cash equal to the Fair
Market Value of the shares underlying such Restricted Stock Units. These and other conditions
affecting your Restricted Stock Units are described in this Award Agreement and the Plan, both of
which you should read carefully.

No later than Vte you must return a signed copy of this Award Agreement to:

Vtc

A. Schulman, Inc.

Vtg

Vth

If you do not do this, your Award will be forfeited and you will not be entitled to receive
anything on account of this Award.

Grant Date: Vtb.

Number of Restricted Stock Units: You have been granted Vtf Restricted Stock Units. The
conditions that you must meet before these Restricted Stock Units will be settled are discussed
below in the section titled “When Your Award Will Vest.”

When Your Award Will Vest

Your Restricted Stock Units will be settled or will be forfeited depending on whether the
applicable terms and conditions have been met.

Normal Vesting Date: Normally, your Restricted Stock Units will vest with respect to 33 1/3% of
the shares underlying such Restricted Stock Units on each anniversary of the Grant Date if you
continue to serve on the Board or a Related Board on that date.

However, your Restricted Stock Units may vest earlier in the circumstances described in the next
section.

How Your Restricted Stock Units Might Vest Earlier Than the Normal Vesting Date: Your Restricted
Stock Units will be immediately vested if there is a “change in control” (as defined in the Plan).

How Termination of Your Board Service Will Affect Your Restricted Stock Units: You may forfeit
your Restricted Stock Units if your service on the Board and any Related Boards terminates before
the Normal Vesting Date, although this will depend on why you terminate.

	 	•	 	If your service on the Board and any Related Boards terminates because of [1]
death or [2] disability (as defined in the Plan), your Restricted Stock Units will
fully vest on your termination date;

2

 

	 	•	 	If your service on the Board terminates because of retirement (as defined in the
Plan) and if the Committee agrees to treat your termination as a “retirement,” a
prorata portion of your Restricted Stock Units will vest on your retirement date
equal to:

	 	 	 	 	 	 	 
	 

	 	Number of
Restricted Stock

Units at
retirement date
	 	 

X
	 	the number of whole months between Vtb

and your retirement date                              

the number of whole months between Vtb

and the Normal Vesting Date

	 	•	 	If you service on the Board and any Related Boards terminates under any other
circumstances, all of the Restricted Stock Units granted through this Award
Agreement will be forfeited on your termination date.

Settling Your Award

Your vested Restricted Stock Units will be settled within 60 days following the applicable vesting
date for a cash payment equal to the whole number of vested Restricted Stock Units to be settled,
multiplied by the Fair Market Value of a share on the Settlement Date. All Restricted Stock Units
relating to fractional shares will be cancelled without any consideration.

Other Rules Affecting Your Award

Voting Rights During the Restriction Period: During the Restriction Period (as defined in the
Plan), you will have no voting rights with respect to the shares underlying your Restricted Stock
Units.

Dividend Equivalents During the Restriction Period: You are entitled to one Dividend Equivalent
for each Restricted Stock Unit granted under this Award Agreement. A Dividend Equivalent entitles
you to receive a cash amount equal to any dividends or other distributions paid on a share of the
Company’s common stock, which have a record date between the Grant Date and the vesting date of the
related Restricted Stock Unit. Each Dividend Equivalent will vest and be settled (or will be
forfeited) on the same terms and conditions as the related Restricted Stock Unit.

Beneficiary Designation: You may name a beneficiary or beneficiaries to receive any Restricted
Stock Units that are settled after you die. This may be done only on the attached Beneficiary
Designation Form and by following the rules described in that form. This form need not be
completed now and is not required as a condition of receiving your Award. If you die without
completing a Beneficiary Designation Form or if you do not complete that form correctly, your
beneficiary will be your surviving spouse or, if you do not have a surviving spouse, your estate.

Transferring Your Restricted Stock Units: Normally, your Restricted Stock Units may not be
transferred to another person. However, you may complete a Beneficiary Designation Form to name
the person to receive any Restricted Stock Units that are settled after you die. Also, the
Committee may allow you to place your Restricted Stock Units into a trust established for your

3

 

benefit or the benefit of your family. Contact Vtc at the address or number given below if you are
interested in doing this.

Governing Law: This Award Agreement will be construed in accordance with and governed by the laws
(other than laws governing conflicts of laws) of the State of Ohio, except to the extent that the
Delaware General Corporation Law is mandatorily applicable.

Other Agreements: Also, your Restricted Stock Units will be subject to the terms of any other
written agreements between you and the Company to the extent that those other agreements do not
directly conflict with the terms of the Plan or this Award Agreement.

Adjustments to Your Restricted Stock Units: Your Award will be adjusted, if appropriate, to
reflect any change to the Company’s capital structure (e.g., the number of your Restricted Stock
Units will be adjusted to reflect a stock split).

Other Rules: Your Restricted Stock Units also are subject to more rules described in the Plan.
You should read the Plan carefully to ensure you fully understand all the terms and conditions of
this Award.

*****

You may contact Vtc at the address or number given below if you have any questions about your Award
or this Award Agreement.

*****

Your Acknowledgment of Award Conditions

Note: You must sign and return a copy of this Award Agreement to Vtc at the address given below no
later than Vte.

By signing below, I acknowledge and agree that:

	 	•	 	A copy of the Plan has been made available to me;
	 
	 	•	 	I understand and accept the conditions placed on my Award and understand what I must
do to earn my Award;
	 
	 	•	 	I will consent (in my own behalf and in behalf of my beneficiaries and without any
further consideration) to any change to my Award or this Award Agreement to avoid
paying penalties under Section 409A of the Internal Revenue Code, even if those changes
affect the terms of my Award and reduce its value or potential value; and
	 
	 	•	 	If I do not return a signed copy of this Award Agreement to the address shown below
by Vte, my Award will be forfeited and I will not be entitled to receive anything on
account of this Award.

4

 

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Vtq	 	 	 	A. SCHULMAN, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	(signature)
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date signed:	 	 	 	Date signed:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

A signed copy of this form must be sent to the following address no later than Vte:

Vtc

A. Schulman, Inc.

Vtg

Vth

Vtd

After it is received, the A. Schulman, Inc. 2006 Incentive Plan Committee will acknowledge receipt
of your signed Award Agreement.

*****

5

 

Committee’s Acknowledgment of Receipt

A signed copy of this Award Agreement was received on                     .

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 

Vtq:

___ Has complied with the conditions imposed on the grant and the Award and the Award
remains in effect; or

___ Has not complied with the conditions imposed on the grant and the Award and the Award
is forfeited because

 

 

.

describe deficiency

A. Schulman, Inc. 2006 Incentive Plan Committee

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 	 	 

Note: Send a copy of this completed form to Vtq and keep a copy as part of the Plan’s permanent
records.

6

 

A. SCHULMAN, INC.

2006 INCENTIVE PLAN

BENEFICIARY DESIGNATION FORM

RELATING TO TIME-BASED RESTRICTED STOCK UNITS ISSUED TO

VTA ON VTB

Instructions for Completing This Form

You may use this form to [1] name the person you want to receive any amount due under the A.
Schulman, Inc. 2006 Incentive Plan after your death or [2] change the person who will receive these
benefits.

There are several things you should know before you complete this form.

First, if you do not elect another beneficiary, any amount due to you under the Plan when you die
will be paid to your surviving spouse or, if you have no surviving spouse, to your estate.

Second, your election will not be effective (and will not be implemented) unless you complete all
applicable portions of this form and return it to Vtc at the address given below.

Third, all elections will remain in effect until they are changed (or until all death benefits are
paid).

Fourth, if you designate your spouse as your beneficiary but are subsequently divorced from that
person (or your marriage is annulled), your beneficiary designation will be revoked automatically.

Fifth, if you have any questions about this form or if you need additional copies of this form,
please contact Vtc at Vtd or at the address or number given below.

1.00 Designation of Beneficiary

1.01 Primary Beneficiary:

I designate the following persons as my primary beneficiary or beneficiaries to receive any amount
due after my death under the terms of the Award Agreement described at the top of this form. This
benefit will be paid, in the proportion specified, to:

	 	 	 	 	 	 	 	 	 
	 

	 	___% to
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	(Name)
	 	(Relationship)	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	___% to	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	(Name)
	 	(Relationship)	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	___% to	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	(Name)
	 	(Relationship)	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	___% to	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	(Name)
	 	(Relationship)	 	 
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 

1.02 Contingent Beneficiary:

If one or more of my primary beneficiaries die before I die, I direct that any amount due after my
death under the terms of the Award Agreement described at the top of this form:

___ Be paid to my other named primary beneficiaries in proportion to the allocation given
above (ignoring the interest allocated to the deceased primary beneficiary); or

___ Be distributed, in the proportion specified, among the following contingent
beneficiaries:

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	___% to	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	(Name)
	 	(Relationship)	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	___% to	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	(Name)
	 	(Relationship)	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	___% to	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	(Name)
	 	(Relationship)	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	___% to	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	(Name)
	 	(Relationship)	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 	 	 

****

2

 

Elections made on this form will be effective only after this form is received by Vtc and only if
it is fully and properly completed and signed.

Vtq

	 	 	 	 	 
	Date of Birth:

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	 

Sign and return this form to Vtc at the address given below.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Date

	 	 	 	Signature	 	 

Return this signed form to Vtc at the following address:

Vtc

A. Schulman, Inc.

Vtg

Vth

Vtd

Received on:                     

	 	 	 	 	 
	 

	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 

3ex10-1.htm

     

    
      EXHIBIT
        10.1

       

      EXECUTION
        COPY

       

      

       

      U.S.
        $100,000,000

       

      CREDIT
        AGREEMENT

       

      Dated
        as
        of June 26, 2007

       

      Among

       

      OLIN
        CORPORATION

       

      as
        Borrower

       

      and

       

      THE
        BANKS
        NAMED HEREIN

       

      as
        Banks

       

      and

       

      CITIBANK,
        N.A.

       

      as
        Administrative Agent

       

      and

       

      and

       

      CITIGROUP
        GLOBAL MARKETS INC.

       

      as
        Lead Arranger

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          Table
            of Contents 

        

      

       

      
        CREDIT
          AGREEMENT

      

      

        Dated
          as
          of June 26, 2007

         

      

      OLIN
        CORPORATION, a Virginia
        corporation (the “Borrower”), the banks (the “Banks”) listed on
        the signature pages hereof and CITIBANK, N.A., as administrative agent (the
        “Agent”) for the Banks, 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):

       

      “Acquisition”
means
        any
        acquisition by the Borrower or any of its Subsidiaries of all or substantially
        all of the capital stock of, or all or a substantial part of the assets of,
        or
        of a business unit or division of, any Person.

       

      “Advance”
means
        an advance by a
        Lender to the Borrower pursuant to Section 2.02, and refers to a Base Rate
        Advance or a Eurodollar Rate Advance (each of which shall be a “Type” of
        Advance).

       

      “Affiliate”
means,
        when used
        with respect to any Person, any other Person directly or indirectly controlling,
        controlled by or under common control with such Person.  The term
“control” (including the terms “controlled by” or “under common control with”)
        means the possession directly or indirectly of the power, whether or not
        exercised, to direct or cause the direction of the management and policies
        of
        any Person, whether through ownership of voting securities or by contract
        or
        otherwise.

       

      “Agent’s
        Account” means the
        account of the Agent maintained by the Agent at Citibank at its office at
        388
        Greenwich Street, New York, New York 10013, Account No. 36852248,
        Attention:  Bank Loan Syndications.

       

      “Applicable
        Lending Office”
means, with respect to each Lender, such Lender’s Domestic Lending Office in the
        case of a Base Rate Advance, and such Lender’s Eurodollar Lending Office in the
        case of a Eurodollar Rate Advance.

       

      “Applicable
        Margin” means, as of
        any date of determination, a rate per annum determined by reference to the
        Performance Level applicable on such date as set forth below:

       

      
        	
                Performance

                Level

              	
                Applicable
                  Margin for

                Base
                  Rate Advances

              	
                Applicable
                  Margin for

                Eurodollar
                  Rate Advances

              
	
                I

              	
                0.000%

              	
                0.470%

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          Table
            of Contents 

        

      

      

         

        
          	
                  II

                	
                  0.000%

                	
                  0.625%

                
	
                  III

                	
                  0.000%

                	
                  0.725%

                
	
                  IV

                	
                  0.000%

                	
                  0.825%

                
	
                  V

                	
                  0.000%

                	
                  1.0250%

                

        

         

         

      

      “Assignment
        and Acceptance”
means an assignment and acceptance entered into by a Lender and an assignee,
        and
        accepted by the Agent, in substantially the form of Exhibit C hereto and
        otherwise in accordance with Article VIII.

       

      “Assumption
        Agreement” has the
        meaning specified in Section 2.04(d).

       

      “Base
        Rate” means, for any
        Interest Period or any other period, a fluctuating interest rate per annum
        as
        shall be in effect from time to time which rate per annum shall at all times
        be
        equal to the higher of:

       

      (a)           The
        rate of interest announced publicly by Citibank, N.A. in New York, New York,
        from time to time, as Citibank, N.A.’s base rate, or

       

      (b)           The
        sum (adjusted to the nearest 1/100 of one percent or, if there is no nearest
        1/100 of one percent, to the next higher 1/100 of one percent) of (i) 1/2
        of one
        percent per annum, plus (ii) the Federal Funds Rate.

       

      “Base
        Rate Advance” means an
        Advance which bears interest as provided in Section 2.06(a).

       

      “Borrowing”
means
        a borrowing
        consisting of Advances of the same Type made on the same day by the
        Lenders.

       

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

       

      “Capital
        Lease Obligations” of
        any Person means the obligations of such Person to pay rent or other amounts
        under any lease of (or other arrangement conveying the right to use) real
        or
        personal property, or a combination thereof, which obligations are required
        to
        be classified and accounted for as capital leases on a balance sheet of such
        Person under GAAP, and the amount of such obligations shall be the capitalized
        amount thereof determined in accordance with GAAP.

       

      “Change
        in Law” has the meaning
        specified in Section 2.10(c).

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          Table
            of Contents 

        

      

       

      “Commitment”
means,
        with respect
        to any Bank at any time, the amount set forth opposite such Bank’s name on the
        signature pages hereto under the caption “Commitment” or, if such Bank has
        entered into one or more Assignment and Acceptances, set forth for such Bank
        in
        the Register maintained by the Agent pursuant to Section 8.02(d) as such
        Bank’s “Commitment”, as such amount may be reduced at or prior to such time
        pursuant to Section 2.04.

       

      “Confidential
        Information” has
        the meaning specified in Section 9.11.

       

      “Consolidated
        EBITDA” means, for
        any period, Consolidated Net Income for such period (adjusted to exclude
        all
        extraordinary or unusual items and any gains or losses on sales of assets
        outside the ordinary course of business) plus, without duplication and to
        the extent deducted in calculating such Consolidated Net Income for such
        period,
        the sum of (a) income tax expense, (b) interest expense, amortization or
        writeoff of debt discount with respect to Indebtedness (including the Advances),
        plus, without duplication, interest-equivalent costs associated with any
        receivables securitization program (whether accounted for as interest expense
        or
        loss on the sale of receivables), (c) depreciation and amortization expense,
        (d)
        amortization of intangibles (including, but not limited to, goodwill) and
        organization costs, and (e) any other non-cash charges.  For the
        purposes of calculating Consolidated EBITDA for any Reference Period pursuant
        to
        any determination of the Consolidated Leverage Ratio, (x) Consolidated EBITDA
        of
        the Borrower shall include, without duplication, the Borrower’s pro rata share
        of the “Consolidated EBITDA” of Sunbelt Chlor Alkali Partnership (determined by
        reference to the Borrower’s actual ownership therein) and (y) if during such
        Reference Period the Borrower or any Subsidiary shall have made an Acquisition,
        Consolidated EBITDA for such Reference Period shall be calculated after giving
        pro forma effect thereto and any Indebtedness incurred or assumed in connection
        therewith as if such Acquisition occurred and such Indebtedness had been
        incurred or assumed on the first day of such Reference Period.

       

      “Consolidated
        Interest Coverage
        Ratio” means, for any Reference Period, the ratio of (a) Consolidated EBITDA
        for such Reference Period to (b) Consolidated Interest Expense for such
        Reference Period.

       

      “Consolidated
        Interest Expense”
means, for any period, the sum of total interest expense (including that
        attributable to capitalized lease obligations) plus, without duplication,
        interest-equivalent costs associated with any receivables securitization
        program
        (whether accounted for as interest expense or loss on the sale of receivables),
        in each case of the Borrower and its Subsidiaries for such period with respect
        to all outstanding Indebtedness of the Borrower and its Subsidiaries (including
        all commission, discounts and other fees and charges accrued with respect
        to
        letters of credit, bankers’ acceptance financing and, without duplication, in
        respect to any receivables securitization program allocable to such period
        in
        accordance with GAAP), minus (in the case of net benefits) or plus (in the
        case
        of net costs) the net benefits or net costs under all Hedging Agreements
        in
        respect of Indebtedness of the Borrower and its Subsidiaries to the extent
        such
        net benefits or net costs are allocable to such period in accordance with
        GAAP.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          Table
            of Contents 

        

      

       

      “Consolidated
        Leverage Ratio”
means, as at the last day of any Reference Period, the ratio of (a) Consolidated
        Total Debt on such date to (b) Consolidated EBITDA, for such Reference
        Period.  The Consolidated Leverage Ratio shall be calculated on the
        date on which the Borrower delivers to the Agent the financial statements
        required to be delivered pursuant to Section 5.01(i)(i) or (ii), as the case
        may
        be, and the certificate required to be delivered pursuant to Section 5.01(i)(iv)
        demonstrating such ratio.

       

      “Consolidated
        Net Income” means,
        for any period, the consolidated net income (or loss) of the Borrower and
        its
        Subsidiaries, determined on a consolidated basis in accordance with GAAP;
        provided that there shall be excluded (a) the income (or deficit) of any
        Person accrued prior to the date it becomes a Subsidiary of the Borrower
        or is
        merged into or consolidated with the Borrower or any of its Subsidiaries,
        (b)
        the income (or deficit) of any Person (other than a Subsidiary of the Borrower)
        in which the Borrower or any of its Subsidiaries has an ownership interest,
        except to the extent that any such income is actually received by the Borrower
        or such Subsidiary in the form of dividends or similar distributions and
        (c) the
        undistributed earnings of any Subsidiary of the Borrower to the extent that
        the
        declaration or payment of dividends or similar distributions by such Subsidiary
        is not at the time permitted by the terms of any Contractual Obligation (other
        than under any Loan Document) or any law applicable to such
        Subsidiary.

       

      “Consolidated
        Net Tangible
        Assets” means, at any date, the total assets of the Borrower and its
        Subsidiaries at such date, determined on a consolidated basis, minus (a)
        the
        consolidated current liabilities (excluding interest-bearing liabilities)
        of the
        Borrower and its Subsidiaries as of such date, (b) unamortized debt discount
        and
        expense, goodwill, trademarks, brand names, patents and other intangible
        assets,
        and (c) any write-up of the value of any assets (other than an allocation
        of
        purchase price in an acquisition) after December 31, 2006; all as determined
        in
        accordance with GAAP.

       

      “Consolidated
        Total Debt” means,
        at any date, the aggregate principal amount of all Indebtedness of the Borrower
        and its Subsidiaries at such date (including the Borrower’s Indebtedness in
        respect of its Guarantee of the Guaranteed Secured Senior Notes due 2017,
        Series
        O, of Sunbelt Chlor Alkali Partnership), determined on a consolidated basis
        in
        accordance with GAAP.

       

      “Contractual
        Obligation” means,
        as to any Person, any provision of any security issued by such Person or
        of any
        agreement, instrument or other undertaking to which such Person is a party
        or by
        which it or any of its property is bound.

       

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

       

      “Domestic
        Subsidiary” shall mean
        any Subsidiary organized under the laws of any State of the United States
        of
        America, substantially all of the assets of which are located, and substantially
        all of the business of which is conducted, in the United States of
        America.

       

       

      
        
          
          

        

        
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      “Eligible
        Assignee” means (i) a
        Lender; (ii) an Affiliate of a Lender; and (iii) any other Person approved
        by
        the Agent and, unless an Event of Default has occurred and is continuing
        at the
        time any assignment is effected in accordance with Section 8.02, the Borrower;
        provided, however, that neither the Borrower nor any Affiliate of
        the Borrower shall qualify as an Eligible Assignee.

       

      “Environmental
        Laws” means any
        and all applicable federal, state, local and foreign statutes, laws, judicial
        decisions, regulations, ordinances, rules, judgments, orders, decrees,
        injunctions, permits, grants, franchises, licenses or governmental restrictions
        relating to (i) the effect of the environment on human health, (ii) the
        environment or (iii) emissions, discharges or releases of Hazardous Substances
        into the environment including, without limitation, ambient air, surface
        water,
        groundwater, or land, or otherwise relating to the effect on the environment
        of
        the manufacture, processing, distribution, use, treatment, storage, disposal,
        transport or handling of Hazardous Substances or the remediation
        thereof.

       

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

       

      “ERISA
        Affiliate” means any
        Person who 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 from time
        to
        time, and the regulations promulgated and rulings issued
        thereunder.

       

      “ERISA
        Event” means (i) the
        occurrence 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
        PBGC; (ii) 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); (iii) the cessation of operations at a facility in the circumstances
        described in Section 4068(f) of ERISA; (iv) the withdrawal by the Borrower
        or an
        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; (v)
        the
        failure by the Borrower or any ERISA Affiliate to make a payment to a Plan
        required under Section 302(f)(1) of ERISA, which Section imposes a lien for
        failure to make required payments; (vi) the adoption of an amendment to a
        Plan
        requiring the provision of security to such Plan, pursuant to Section 307
        of
        ERISA; or (vii) the institution by the PBGC of proceedings to terminate a
        Plan,
        pursuant to Section 4042 of ERISA, or the occurrence of any event or condition
        which would constitute grounds under Section 4042 of ERISA for the termination
        of, or the appointment of a trustee to administer, a Plan.

       

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

       

       

      
        
          
          

        

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

       

      “Eurodollar
        Rate” means, for the
        Interest Period for each Eurodollar Rate Advance comprising part of the same
        Borrowing, an interest rate per annum equal to the rate per annum (rounded
        upward to the nearest whole multiple of 1/16 of 1% per annum) appearing on
        Reuters Screen LIBOR01 Page (or any successor page) as the London interbank
        offered rate for deposits in U.S. dollars at approximately 11:00 A.M. (London
        time) two Business Days prior to the first day of such period for a term
        comparable to such period or, if for any reason such rate is not available,
        the
        rate per annum at which deposits in U.S. dollars are offered by the principal
        office of the Agent in London, England to prime banks in the London interbank
        market at 10:00 A.M. (New York time) two Business Days before the first day
        of
        such Interest Period in an amount substantially equal to the Agent’s (or its
        Affiliate’s) Eurodollar Rate Advance comprising part of such Borrowing and for a
        period equal to such Interest Period, subject, however, to the
        provisions of Section 2.08.

       

      “Eurodollar
        Rate Advance” means
        an Advance which bears interest as provided in Section 2.06(b).

       

      “Eurodollar
        Rate Reserve
        Percentage” of any Lender for the Interest Period for any Eurodollar Rate
        Advance means 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) 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 having a term equal to such Interest Period.

       

      “Events
        of Default” has the
        meaning specified in Section 6.01.

       

      “Existing
        Credit Agreement”
means the Credit Agreement dated as of July 30, 2004, as amended, amended
        and
        restated, supplemented or otherwise modified from time to time, among the
        Borrower, the banks named therein and Citibank, N.A., as agent for said
        banks.

       

      “Facility
        Fee Rate” means, as of
        any date of determination, a rate per annum determined by reference to the
        Performance Level applicable on such date as set forth below:

       

      
        	
                Performance
                  Level

              	
                Facility
                  Fee Rate

              
	
                I

              	
                0.080%

              

      

       

       

      
        
          
          

        

        
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                  II

                	
                  0.125%

                
	
                  III

                	
                  0.150%

                
	
                  IV

                	
                  0.175%

                
	
                  V

                	
                  0.225%

                

        

         

      

       

      “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 in Federal Reserve Statistical Release H.15(519),
        for such day (or, if such day is not a Business Day, for the next preceding
        Business Day) by the Federal Reserve Bank of New York, or, if such rate is
        not
        so published for any day which is a Business Day, the average of the quotations
        for such day on such transactions received by the Agent from three Federal
        funds
        brokers of recognized standing selected by it.

       

      “Foreign
        Subsidiary” shall mean
        any Subsidiary other than a Domestic Subsidiary.

       

      “GAAP”
is
        defined in Section
        1.03.

       

      “Guarantee”
of
        or by any Person
        (the “guarantor”) means any obligation, contingent or otherwise, of the
        guarantor guaranteeing or having the economic effect of guaranteeing any
        Indebtedness or other obligation of any other Person (the “primary
        obligor”) in any manner, whether directly or indirectly, and including any
        obligation of the guarantor, direct or indirect, (a) to purchase or pay (or
        advance or supply funds for the purchase or payment of) such Indebtedness
        or
        other obligation or to purchase (or to advance or supply funds for the purchase
        of) any security for the payment thereof, (b) to purchase or lease property,
        securities or services for the purpose of assuring the owner of such
        Indebtedness or other obligation of the payment thereof, (c) to maintain
        working
        capital, equity capital or any other financial statement condition or liquidity
        of the primary obligor so as to enable the primary obligor to pay such
        Indebtedness or other obligation or (d) as an account party in respect of
        any
        letter of credit or letter of guaranty issued to support such Indebtedness
        or
        obligation; provided, that the term Guarantee shall not include
        endorsements for collection or deposit in the ordinary course of
        business.

       

      “Hazardous
        Substances” means any
        toxic, radioactive, caustic or otherwise hazardous substance, material or
        waste,
        including petroleum, its derivatives, by-products and other hydrocarbons,
        in
        each case regulated by Environmental Law.

       

       

      
        
          
          

        

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

       

      “Indebtedness”
of
        any Person
        means, without duplication, (a) all obligations of such Person for borrowed
        money or with respect to deposits or advances of any kind, (b) all
        obligations of such Person evidenced by bonds, debentures, notes or similar
        instruments, (c) all obligations of such Person upon which interest charges
        are
        customarily paid, excluding deferred compensation of officers and directors,
        (d)
        all obligations of such Person under conditional sale or other title retention
        agreements relating to property acquired by such Person, (e) all obligations
        of
        such Person in respect of the deferred purchase price of property or services
        (excluding current accounts payable incurred in the ordinary course of
        business), (f) all Indebtedness of others secured by (or for which the holder
        of
        such Indebtedness has an existing right, contingent or otherwise, to be secured
        by) any Lien on property owned or acquired by such Person, whether or not
        the
        Indebtedness secured thereby has been assumed, (g) all Guarantees by such
        Person
        of Indebtedness of others, (h) all Capital Lease Obligations of such Person
        and
        all obligations of such Person under synthetic leases, (i) all obligations,
        contingent or otherwise, of such Person as an account party in respect of
        letters of credit and letters of guaranty, other than letters of credit and
        letters of guaranty issued to support obligations (other than Indebtedness)
        incurred in the ordinary course of business, (j) all obligations, contingent
        or
        otherwise, of such Person in respect of bankers’ acceptances and (k) all
        Invested Amounts.  The Indebtedness of any Person shall include the
        Indebtedness of any other entity (including any partnership in which such
        Person
        is a general partner) to the extent such Person is liable therefore as a
        result
        of such Person’s ownership interest in or other relationship with such entity,
        except to the extent the terms of such Indebtedness provide that such Person
        is
        not liable therefor.

       

      “Indemnified
        Costs” has the
        meaning specified in Section 7.05(a).

       

      “Insufficiency”
means,
        with
        respect to any Plan, the amount, if any, of its unfunded benefit liabilities,
        as
        defined in Section 4001(a)(18) of ERISA.

       

      “Interest
        Election Request”
means a request by the Borrower to convert or continue a Borrowing in
        accordance
        with Section 2.15.

       

      “Interest
        Period” means, for
        each Eurodollar Rate Advance comprising part of the same Borrowing, the period
        commencing on the date of such Advance (or on the effective date of any election
        applicable to such Borrowing pursuant to Section 2.15) and ending the last
        day
        of the period selected by the Borrower pursuant to the provisions
        below.  The duration of each such Interest Period shall be 1, 2, 3 or
        6 months or, with the consent of all the Lenders, nine or twelve months,
        in each
        case as the Borrower may select, upon notice received by the Agent not later
        than 11:00 A.M. (New York City time) on the third Business Day prior to the
        first day of such Interest Period; provided, however, that:

       

       

      
        
          
          

        

        
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      (A)           the
        Borrower may not select any Interest Period which ends after the Termination
        Date;

       

      (B)           Interest
        Periods commencing on the same date for Advances comprising part of the same
        Borrowing shall be of the same duration; and

       

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

       

      “Invested
        Amounts” means the
        amounts invested by investors that are not Affiliates of the Borrower in
        connection with a receivables securitization program and paid to the Borrower
        or
        any of its Subsidiaries, as reduced by the aggregate amounts received by
        such
        investors from the payment of receivables and applied to reduce such invested
        amounts.

       

      “Lenders”
means
        the Banks listed
        on the signature pages hereof (until such Bank shall have assigned or had
        assumed all interests hereunder as provided in Sections 8.02 or 2.04(d))
        and each assignee or Assuming Bank that shall become a party hereto pursuant
        to
        Sections 8.02 or 2.04(d).

       

      “Lien”
means
        any mortgage,
        pledge, security interest, encumbrance, lien or charge of any kind (including
        any conditional sale or other title retention agreement).

       

      “Loan
        Documents” means this
        Agreement and the Notes.

       

      “Margin
        Stock” shall have the
        meaning given such term under Regulation U issued by the Board of Governors
        of
        the Federal Reserve System.

       

      “Majority
        Lenders” means at any
        time Lenders at least a majority in interest of the then aggregate unpaid
        principal amount of the Advances owing to Lenders, or, if no such principal
        amount is then outstanding, Lenders having at least a majority in interest
        of
        the Commitments.

       

      “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, such plan being maintained pursuant
        to one or more collective bargaining agreements.

       

      “Multiple
        Employer Plan” means a
        single employer plan, as defined in Section 4001(a)(15) of ERISA, which (i)
        is
        maintained for employees of the Borrower or an ERISA Affiliate and at least
        one
        Person other than the Borrower and its 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.

       

       

      
        
          
          

        

        
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      “Note”
means
        a promissory note
        of the Borrower payable to the order of any Lender, in substantially the
        form of
        Exhibit A hereto, evidencing the aggregate Indebtedness of the Borrower to
        such
        Lender resulting from the Advances made by such Lender.

       

      “Notice
        of Borrowing” has the
        meaning specified in Section 2.02(a).

       

      “Officer’s
        Certificate” means a
        certificate signed in the name of the Borrower by its President, one of its
        Vice
        Presidents, its Treasurer or its Controller.

       

      “PBGC”
means
        the Pension Benefit
        Guaranty Corporation.

       

      “Performance
        Level” means, as of
        any date of determination, the level set forth below as then
        applicable:

       

       

      
        	
                 

              	
                I  

              	
                Consolidated
                  Leverage Ratio is less than or equal to
                  1.00:1.00.

              

      

       

      
        	 	
                II

              	Consolidated
                Leverage Ratio is greater than 1.00:1.00 but less than or equal to
                1.50:1.00.

      

       

      
        	
                 

              	
                III

              	
                Consolidated
                  Leverage Ratio is greater than 1.50:1.00 but less than or equal
                  to
                  2.50:1.00.

              

      

       

      
        	
                 

              	
                IV

              	
                Consolidated
                  Leverage Ratio is greater than 2.50:1.00 but less than or equal
                  to
                  3.00:1.00.

              

      

       

      
        	
                 

              	
                V

              	
                Consolidated
                  Leverage Ratio is greater than
                  3.00:1.00.

              

      

       

      For
        purposes of this definition, the Performance Level shall be determined (i)
        from
        the date hereof, until adjusted pursuant to clause (ii) below, by reference
        to
        the Consolidated Leverage Ratio calculated for the Reference Period that
        would
        have ended March 31, 2007 had this Agreement then been in effect and (ii)
        as at
        the end of each Reference Period ended after the date hereof based upon the
        calculation of the Consolidated Leverage Ratio for such Reference
        Period.  The Applicable Margin, Facility Fee Rate and Utilization Fee
        Rate shall be adjusted (if necessary) upward or downward on the first day
        following delivery of the certificate referred to in Section
        5.01(i)(iv).

       

      “Permitted
        Encumbrances”
means:

       

      (a)           Liens
        imposed by law for taxes that are not yet due or are being contested in good
        faith by appropriate proceedings;

       

      (b)           carriers’,
        warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens
        imposed by law, arising in the ordinary course of business and securing
        obligations that are not overdue by more than 30 days or are being contested
        in
        good faith by appropriate proceedings;

       

       

      
        
          
          

        

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

       

      (d)           deposits
        to secure the performance of bids, trade contracts, leases, statutory
        obligations, surety and appeal bonds, performance bonds and other obligations
        of
        a like nature, in each case in the ordinary course of business;

       

      (e)           judgment
        liens in respect of judgments that do not constitute an Event of Default
        under
        Section 6.01(f); and

       

      (f)           easements,
        zoning restrictions, rights-of-way and similar encumbrances on real property
        imposed by law or arising in the ordinary course of business that do not
        secure
        any monetary obligations and do not materially detract from the value of
        the
        affected property or interfere with the ordinary conduct of business of the
        Borrower or any Subsidiary;

       

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

       

      “Person”
means
        an individual,
        partnership, corporation (including a business trust), limited liability
        company, 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.

       

      “Pro
        Rata Share” of any amount
        means, with respect to any Lender at any time, the product of such amount
        times a fraction the numerator of which is the amount of such Lender’s
        Commitment at such time (or, if the Commitments shall have been terminated
        pursuant to Section 2.04 or 6.01, such Lender’s Commitment as in effect
        immediately prior to such termination) and the denominator of which is the
        aggregate amount of all Commitments at such time (or, if the Commitments
        shall
        have been terminated pursuant to Section 2.04 or 6.01, the aggregate amount
        of all Commitments as in effect immediately prior to such
        termination).

       

      “Reference
        Period” means any
        period of four consecutive fiscal quarters of the Borrower.

       

      “Register”
has
        the meaning
        specified in Section 8.02(d).

       

      “Regulation
        FD” has the meaning
        specified in Section 9.11.

       

       

      
        
          
          

        

        
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      “Significant
        Subsidiary” means
        each Subsidiary, but excludes any Subsidiary the United States dollar value
        (or
        equivalent thereof) of whose assets is less than 5% of the total assets of
        the
        Borrower and the Subsidiaries, on a consolidated basis.

       

      “Single-Employer
        Plan” means a
        single employer plan, as defined in Section 4001(a)(15) of ERISA, which (i)
        is
        maintained for employees of the Borrower or an ERISA Affiliate and no Person
        other than the Borrower and its 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.

       

      “Subsidiary”
means,
        as at any
        particular time, any Person controlled by the Borrower the accounts of which
        would be consolidated with those of the Borrower in the Borrower’s consolidated
        financial statements if such financial statements were to be prepared at
        such
        time in accordance with GAAP.

       

      “Tax-Exempt
        Financing” means a
        transaction with a governmental unit or instrumentality which involves (i)
        the
        issuance by such governmental unit or instrumentality to Persons other than
        the
        Borrower or a Subsidiary of bonds or other obligations on which the interest
        is
        exempt from Federal income taxes under Section 103 of the Internal Revenue
        Code
        and the proceeds of which are applied to finance or refinance the cost of
        acquisition of equipment or facilities of the Borrower or any of its
        subsidiaries, and (ii) participation in the transaction by the Borrower or
        a
        Subsidiary in any manner permitted by this Agreement.

       

      “Termination
        Date” means (i)
        June 24, 2008 or (ii) the earlier date on which the termination in whole
        of the
        Commitments occurs pursuant to Section 2.04 or 6.01.

       

      “Type”
shall
        have the meaning
        given such term in the definition of Advance.

       

      “Unused
        Commitment” means, with
        respect to each Lender at any time, (a) such Lender’s Commitment at such time
minus (b) the aggregate principal amount of all Advances made by such
        Lender (in its capacity as a Lender) and outstanding at such time.

       

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

       

      “Utilization
        Fee Rate” means,
        for any date on which the aggregate Usage exceeds 50% of the aggregate
        Commitments, a rate per annum determined by reference to the Performance
        Level
        applicable on such date as set forth below:

       

      
        	
                Performance

                Level

              	
                Utilization
                  Fee Rate

              
	
                I

              	
                0.075%

              

      

       

       

      
        
          
          

        

        
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                  II

                	
                  0.125%

                
	
                  III

                	
                  0.125%

                
	
                  IV

                	
                  0.125%

                
	
                  V

                	
                  0.250%

                

        

         

      

       

      “Voting
        Rights” means, as to any
        corporation or any other entity, ordinary voting power (whether associated
        with
        outstanding common stock or outstanding preferred stock, or both, or other
        outstanding equity interests, as applicable) to elect members of the Board
        of
        Directors of such corporation or other entity (irrespective of whether or
        not at
        the time capital stock of any class or classes of such corporation or entity
        shall or might have voting power or additional voting power upon the occurrence
        of any contingency).

       

      “Wholly
        Owned” means, with
        respect to any corporation or other entity, a corporation or other entity
        of
        which 100% of the Voting Rights are at the time directly or indirectly owned
        by
        the Borrower, by the Borrower and one or more other Wholly Owned Subsidiaries,
        or by one or more other Wholly Owned Subsidiaries.

       

      “Withdrawal
        Liability” shall
        have the meaning given such term under Part I of Subtitle E of Title IV of
        ERISA.

       

                            SECTION
        1.02.  Computation of
        Time Periods.  (a)  In this Agreement and the other
        Loan Documents 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”.

       

      (b)           In
        this Agreement and the other Loan Documents each reference to a year shall
        be a
        reference to the twelve consecutive months beginning January 1 in such year
        and
        ending December 31 in such year and each reference to a quarter shall be
        a
        reference to one of the three consecutive month periods beginning January
        1,
        April 1, July 1 or October 1, in each year.

       

                            SECTION
        1.03.  Accounting
        Terms.  All accounting terms not specifically defined herein
        shall be construed in accordance with GAAP.  “GAAP” shall mean
        generally accepted accounting principles as in effect from time to time,
        applied
        on a basis consistent with the most recent certified consolidated financial
        statements of the Borrower and its Subsidiaries delivered to the Lenders,
        except
        that if the Borrower notifies the Agent that the Borrower requests an amendment
        to any provision hereof to eliminate the effect of a change occurring after
        the
        date of this Agreement in GAAP or the application thereof on the operation
        of
        such provision (or if the Agent notifies the Borrower that the Majority Lenders
        request an amendment to any provision hereof for such purpose), regardless
        of
        whether any such notice is given before or after such change in GAAP or in
        the
        application thereof, then such provision shall be construed and interpreted
        on
        the basis of GAAP as in effect and applied immediately before such change
        shall
        have become effective until such notice shall have been withdrawn or such
        provision amended in accordance with Section 9.01.

       

       

      
        
          
          

        

        
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      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 date hereof until the
        Termination Date in an aggregate amount not to exceed at any time such Lender’s
        Unused Commitment.  Each Borrowing shall be in an aggregate amount not
        less than $10,000,000 or an integral multiple of $1,000,000 in excess thereof
        and 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 may borrow, repay pursuant to
        Section 2.05 or prepay pursuant to Section 2.09(b), and reborrow, prior to
        the
        Termination Date, under this Section 2.01.

       

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

       

      (B)           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.

       

      (ii)           Anything
        in subsection (i) above to the contrary notwithstanding,

       

      (A)           if
        any Lender shall, at least one Business Day before the date of any requested
        Borrowing, notify the Agent (with a copy to the Borrower) that the introduction
        of or any change in or in the interpretation of any law or regulation by
        any
        court, authority or agency, or any other governmental, judicial or regulatory
        body, makes it unlawful, or that any central bank or other governmental
        authority asserts that it is unlawful, for such Lender or its Eurodollar
        Lending
        Office to perform its obligations hereunder to make Eurodollar Rate Advances
        or
        to fund or maintain Eurodollar Rate Advances hereunder, the right of the
        Borrower to select Eurodollar Rate Advances for such Borrowing or any subsequent
        Borrowing, with respect to such Lender (only), shall be suspended until such
        Lender shall notify the Agent (with a copy to the Borrower) that the
        circumstances causing such suspension no longer exist or such Lender shall
        cease
        to be a party hereto, and each Advance comprising such Borrowing shall, with
        respect to such Lender (only), be a Base Rate Advance of an equivalent amount
        and for an approximately equivalent term, provided that if all the
        Lenders so notify the Agent, the Agent shall so notify the Borrower and the
        Notice of Borrowing in respect of such requested Borrowing shall be
        automatically revoked.  Each Lender giving a notice under this
        subclause (A) shall, promptly after giving such notice, provide the Borrower
        (with a copy to the Agent) with an explanation, in reasonable detail, as
        to the
        circumstances causing such suspension;

       

       

      
        
          
          

        

        
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      (B)           in
        the event that it is necessary to determine the Eurodollar Rate with reference
        to the Agent, and if the Agent is unable to timely determine the Eurodollar
        Rate
        for Eurodollar Rate Advances comprising any requested Borrowing, the right
        of
        the Borrower to select Eurodollar Rate Advances for such Borrowing or any
        subsequent Borrowing shall be suspended until the Agent shall notify the
        Borrower and the Lenders that the circumstances causing such suspension no
        longer exist, and each Advance comprising such Borrowing shall be a Eurodollar
        Rate Advance, if available (or, if not available or the Borrower so notifies
        the
        Lenders, a Base Rate Advance); and

       

      (C)           if
        the Majority Lenders shall, at least one Business Day before the date of
        any
        requested Borrowing, notify the Agent (with a copy to the Borrower) that
        the
        Eurodollar Rate for Eurodollar Rate Advances comprising such Borrowing will
        not
        adequately reflect the cost to the Lenders of making or funding their respective
        Eurodollar Rate Advances for such Borrowing, the Notice of Borrowing given
        in
        respect of such requested Borrowing shall be automatically revoked and the
        right
        of the Borrower to select Eurodollar Rate Advances for such Borrowing or
        any
        subsequent Borrowing shall be suspended until the Majority Lenders shall
        notify
        the Agent (with a copy to the Borrower) and the other Lenders that the
        circumstances causing such suspension no longer exist.  The Majority
        Lenders giving a notice under this subclause (C) shall, promptly after giving
        such notice, provide the Borrower (with a copy to the Agent) with an
        explanation, in reasonable detail, as to the circumstances causing such
        suspension.

       

      (D)           Anything
        in subsection (i) above to the contrary notwithstanding, (1) the Borrower
        may
        not select Eurodollar Rate Advances for any Borrowing if the aggregate amount
        of
        such Borrowing is less than $10,000,000 and (2) the Eurodollar Rate Advances
        may
        not be outstanding as part of more than ten separate Borrowings.

       

      (iii)           Each
        Notice of Borrowing (subject to (ii)(A) and (ii)(C) above) shall be irrevocable
        and binding on the Borrower.  In the case of any Borrowing which the
        related Notice of Borrowing specifies is to be comprised of Eurodollar Rate
        Advances, the Borrower shall indemnify each Lender against any loss, cost
        or
        expense incurred by such Lender as a result of any failure to fulfill on
        or
        before the date specified in such Notice of Borrowing for such Borrowing
        the
        applicable conditions set forth in Article III, including, without limitation,
        any loss (excluding loss of anticipated profits), cost or expense incurred
        by
        reason of the liquidation or reemployment of deposits or other funds acquired
        by
        such Lender to fund the 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.  Each Lender claiming indemnity for any such loss, cost or
        expense under this clause (iii) shall provide, at the time of making such
        claim,
        the Borrower (with a copy to the Agent) with reasonable details, including
        the
        basis for the calculation thereof, of such loss, cost or expense,
provided that, in the absence of manifest error, the amount of such
        claims so notified shall be conclusive and binding upon the
        Borrower.

       

       

      
        
          
          

        

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

       

                            SECTION
        2.03.  Fees.  (a)
Facility Fee.  The Borrower agrees to pay to the Agent for the
        account of each Lender a facility fee on the average daily aggregate amount
        of
        the Lenders’ Commitments from the date hereof in the case of each Bank and from
        the effective date specified in the Assignment and Acceptance or Assumption
        Agreement pursuant to which it became a Lender in the case of each other
        Lender
        until the Termination Date at the Facility Fee Rate, payable quarterly in
        arrears and on the Termination Date.

       

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

       

                            SECTION
        2.04.  Reduction of the
        Commitments/Substitution of Banks.  (a)  The
        Borrower shall have the right, upon at least two Business Days’ notice to the
        Agent, to terminate in whole or reduce ratably in part the Commitments of
        the
        Lenders, provided that (i) each partial reduction shall be in the
        aggregate amount of $10,000,000 or an integral multiple of $1,000,000 in
        excess
        thereof and (ii) any notice of termination may state that such notice is
        conditioned upon the effectiveness of other credit facilities, in which case
        such notice may be revoked by the Borrower (by notice to the Agent) if such
        condition is not satisfied.

       

      (b)           On
        the date of receipt (i) by the Borrower of any cash proceeds from the issuance
        of any equity interests of, the Borrower or any of its Subsidiaries (other
        than
        pursuant to any employee stock or stock option compensation plan or any issuance
        of any equity interests to the Borrower or any of its Subsidiaries) and (ii)
        by
        the Borrower or any of its Subsidiaries of any cash proceeds from the incurrence
        of any Indebtedness of the Borrower or any of its Subsidiaries (other than
        (A)
        Indebtedness incurred under the Existing Credit Agreement or any replacement
        thereof, (B) any refinancing of Indebtedness, (C) Indebtedness owing to the
        Borrower or any of its Subsidiaries or (D) Indebtedness incurred to finance
        the
        acquisition, construction or improvement of any fixed or capital assets that
        is
        incurred prior to or within 90 days after such acquisition, or completion
        of
        such construction or improvement, provided each such incurrence under this
        clause (D) is in an amount not greater than $250,000), the Commitments shall
        be
        automatically and permanently reduced by an amount equal to the amount by
        which
        (x) 100% of such proceeds, net of underwriting discounts and commissions
        and
        other reasonable costs and expenses associated therewith, including reasonable
        legal fees and expenses exceeds (y) $150,000,000.

       

      

      
        
          
          

        

        
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                 (c)           The
        Commitments shall be automatically and permanently terminated in full on
        the
        first date of the consummation of both (x) an increase of the commitments
        under
        the Existing Credit Agreement and (y) an accounts receivable securitization
        program.

       

               
         (d)           Optional
        Termination and Substitution of Lenders.  The Borrower may, upon
        not less than two Business Days prior notice to a Lender or Lenders, terminate
        in whole the Commitment of such Lender or Lenders and arrange in respect
        of each
        terminated Lender for one or more bank or banks (“Assuming Lender or
        Lenders”), which may include one or more of the Lenders, but no Lender shall
        have any obligation, to assume a Commitment equal to or Commitments in aggregate
        amount equal to the amount of the Commitment of the terminated Lender,
provided that no such termination shall be made unless, at such time, no
        event has occurred and is continuing which constitutes an Event of
        Default.  Such termination shall be effective (x) with respect to each
        such terminated Lender’s Unused Commitment, on the date set forth in such
        notice, provided, however, that such date shall be no earlier than
        two Business Days after receipt of such notice or (y) in the event that an
        Advance is outstanding from such terminated Lender which is to be paid in
        connection with such termination, on the last day of the then current interest
        period relating to such Advance.  Such assumption shall be effective
        on the date specified in (x) or (y) above, as the case may be, provided,
however, that each Assuming Lender shall have delivered to the other
        Lenders, on or prior to such date, an agreement in form and substance
        satisfactory to the Borrower and the Agent (an “Assumption Agreement”) in
        substantially the form of Exhibit E hereto.  (The term “Lender” as
        used in this Agreement immediately following such assumption shall include
        an
        Assuming Lender.)  Notwithstanding the provisions of this Section
        2.04(d), termination or substitution shall not be effective unless the Assuming
        Lender meets, at the time of substitution, the criteria set forth in this
        Agreement for an “Eligible Assignee.”

       

      Upon
        the termination of a Lender’s
        Commitment under this subsection 2.04(d), the Borrower will pay or cause
        to be
        paid all principal of, and interest accrued to the date of such payment on,
        Advances owing to such Lender and pay any fees payable to such Lender pursuant
        to the provisions of Section 2.03 with respect to the Commitment which is
        terminated, any amounts payable pursuant to the provisions of Section 9.04
        and
        any other amounts payable to such Lender hereunder with respect to the
        Commitment which is terminated or Advances which are paid; and upon such
        payments, the obligations of such Lender hereunder shall, by the provisions
        hereof, be released and discharged, and it shall be deemed to have relinquished
        its rights under this Agreement (other than any rights under Section
        9.06).

       

       

      
        
          
          

        

        
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                            SECTION
        2.05.  Repayment.  The Borrower shall repay to
        the Agent for the ratable account of the Lenders the principal amount of
        each
        Advance owing to each Lender on the Termination Date.

       

                            SECTION
        2.06.  Interest.  The Borrower shall pay interest
        on the unpaid principal amount of each Advance owing to each Lender from
        the
        date of such Advance until such principal amount shall be paid in full, at
        the
        following rates per annum:

       

      (a)           Base
        Rate Advances.  If such Advance is a Base Rate Advance, a rate per
        annum equal at all times to the sum of the Base Rate in effect from time
        to
        time, plus the Applicable Margin, plus the Utilization Fee Rate,
        if applicable, payable in arrears on (i) the last day of each quarter and
        (ii)
        the date such Base Rate Advance shall be paid in full; provided that any
        amount of principal which is not paid when due (whether at stated maturity,
        by
        acceleration or otherwise) shall bear interest, from the date on which such
        amount is due until such amount is paid in full, payable on demand, at a
        rate
        per annum equal at all times to 1-1/2% per annum above the Base
        Rate.

       

      (b)           Eurodollar
        Rate Advances.  If such Advance is a Eurodollar Rate Advance, a
        rate per annum equal at all times during the Interest Period for such Advance
        to
        the sum of the Eurodollar Rate for such Interest Period, plus the
        Applicable Margin plus the Utilization Fee Rate, if applicable, payable
        in arrears on (A) if the Interest Period in respect of such Advance is less
        than
        or equal to three months, the last day of such Interest Period, or (B) if
        the
        Interest Period in respect of such Advance is greater than three months,
        the
        last day of each three-month period (beginning the first day of such Interest
        Period) occurring during that Interest Period, and also on the last day of
        such
        Interest Period; provided that any amount of principal which is not paid
        when due (whether at stated maturity, by acceleration or otherwise) shall
        bear
        interest, from the date on which such amount is due until such amount is
        paid in
        full, payable on demand, at a rate per annum equal at all times to 1 1/2%
        per
        annum above the Base Rate in effect from time to time.

       

                            SECTION
        2.07.  Additional
        Interest on Eurodollar Rate Advances.  The Borrower shall pay
        to the Agent for the account of each Lender additional interest on the unpaid
        principal amount of each Eurodollar 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
        Eurodollar Rate for the Interest Period for such Advance from (ii) the rate
        obtained by dividing such Eurodollar Rate by a percentage equal to 100% minus
        the Eurodollar 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 to the Borrower and the Agent.  Each Lender notifying the
        Borrower and the Agent of such additional interest shall provide the Borrower
        (with a copy to the Agent), at the time of such notification, with reasonable
        details, including the basis for the calculation thereof, of such additional
        interest, provided that, in the absence of manifest error, the amount of
        such additional interest so notified shall be conclusive and binding upon
        the
        Borrower.

       

       

      
        
          
          

        

        
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                            SECTION
        2.08.  Interest Rate
        Determination.  The Agent shall give prompt notice to the
        Borrower and the Lenders of the applicable interest rate determined by the
        Agent
        for purposes of Section 2.06(a) or (b).

       

                            SECTION
        2.09.  Prepayments.  (a)  The Borrower
        shall have no right to prepay any principal amount of any Advances other
        than as
        provided in subsection (b) or (c) below.

       

      (b)           The
        Borrower may, (i) upon same-day notice in the case of Base Rate Advances
        or (ii)
        upon at least three Business Days’ notice in the case of Eurodollar Rate
        Advances, to the Agent stating the proposed date and aggregate principal
        amount
        of the prepayment, and if such notice is given the Borrower shall, prepay
        the
        outstanding principal amounts of the Advances comprising part of the same
        Borrowing in whole or ratably in part, together with accrued interest to
        the
        date of such prepayment on the principal amount prepaid; provided,
however, that (i) each partial prepayment shall be in an aggregate
        principal amount not less than $10,000,000 or an integral multiple of $1,000,000
        in excess thereof, (ii) any notice of prepayment may state that such notice
        is
        conditioned upon the effectiveness of other credit facilities, in which case
        such notice may be revoked by the Borrower (by notice to the Agent) if such
        condition is not satisfied and (iii) in the event of any such prepayment
        of a
        Eurodollar Rate Advance, the Borrower shall be obligated to reimburse the
        Banks
        in respect thereof pursuant to Section 9.04(b).

       

      (c)           On
        the date of any termination or reduction of Commitments pursuant to this
        Agreement, the Borrower shall pay or prepay so much of the Advances as shall
        be
        necessary in order that the aggregate Usage will not exceed the aggregate
        Commitments of the Lenders after giving effect to such termination or
        reduction.

       

                            SECTION
        2.10.  Increased
        Costs.  (a)  If, due to either (i) the introduction
        of or any change (other than any change by way of imposition or increase
        of
        reserve requirements, in the case of Eurodollar Rate Advances, included in
        the
        Eurodollar Rate Reserve Percentage) in or in the interpretation of any law
        or
        regulation by any court, authority or agency, or any other governmental,
        judicial or regulatory body, or (ii) the compliance with any guideline or
        request from any central bank or other governmental authority (whether or
        not
        having the force of law), there shall be any increase in the cost to any
        Lender
        of agreeing to make or making, funding or maintaining Eurodollar Rate Advances,
        then the Borrower shall from time to time, upon demand by such Lender (with
        a
        copy of such demand to the Agent), pay to the Agent for the account of such
        Lender additional amounts sufficient to compensate such Lender for such
        increased cost.  Each Lender demanding payment of such amount shall
        provide, at the time of making such demand, the Borrower and the Agent with
        reasonable details, including the basis for the calculation thereof, of such
        increase, provided that, in the absence of manifest error, the amount so
        notified shall be conclusive and binding upon the Borrower.

       

      (b)           If
        any Lender determines (in good faith) that compliance with any law or regulation
        or any guideline or request from any central bank or other governmental
        authority (whether or not having the force of law) affects or would affect
        the
        amount of capital required or expected to be maintained by such Lender or
        any
        corporation controlling such Lender and that the amount of such capital is
        increased by or based upon the existence of such Lender’s commitment to lend
        hereunder and other commitments of this type, then, upon demand by such Lender
        (with a copy of such demand to the Agent), the Borrower shall immediately
        pay to
        the Agent for the account of such Lender, from time to time as specified
        by such
        Lender, additional amounts sufficient to compensate such Lender in the light
        of
        such circumstances, to the extent that such Lender reasonably determines
        such
        increase in capital to be allocable to the existence of such Lender’s commitment
        to lend hereunder.  Each Lender demanding payment of such amount shall
        provide, at the time of making such demand, the Borrower and the Agent with
        reasonable details, including the basis for the calculation thereof, of such
        increase, provided that, in the absence of manifest error, the amount so
        notified shall be conclusive and binding upon the Borrower.

       

       

      
        
          
          

        

        
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      (c)           Failure
        or delay on the part of any Lender to demand compensation pursuant to this
        Section shall not constitute a waiver of such Lender’s right to demand such
        compensation; provided that the Borrower shall not be required to
        compensate a Lender pursuant to this Section for any increased costs incurred
        more than 270 days prior to the date that such Lender notifies the Borrower
        and
        the Agent of any event described in paragraph (a) or (b) of this Section
        (a
“Change in Law”) which gives rise to such increased costs and of such
        Lender’s intention to claim compensation therefor; provided
further that, if the Change in Law giving rise to such increased
        costs is retroactive, then the 270-day period referred to above shall be
        extended to include the period of retroactive effect thereof.

       

      (d)           If
        any Lender requests compensation under this Section, then such Lender shall
        use
        reasonable efforts to designate a different lending office for funding or
        booking its Advances hereunder or to assign its rights and obligations hereunder
        to another of its offices, branches or affiliates, if, in the judgment of
        such
        Lender, such designation or assignment (i) would eliminate or reduce amounts
        payable pursuant to this Section and (ii) would not subject such Lender to
        any
        unreimbursed cost or expense and would not otherwise be disadvantageous to
        such
        Lender.  The Borrower hereby agrees to pay all reasonable costs and
        expenses incurred by any Lender in connection with any such designation or
        assignment.

       

      (e)           If
        any Lender requests compensation under this Section, then the Borrower may,
        at
        its sole expense and effort, upon notice to such Lender require such Lender
        to
        assign and delegate, without recourse (in accordance with and subject to
        the
        restrictions contained in Section 8.02), all its interests, rights and
        obligations under this Agreement to an assignee that shall assume such
        obligations (which assignee may be another Lender, if a Lender accepts such
        assignment); provided that (i) at the time the Borrower requires such an
        assignment, no event has occurred and is continuing which constitutes an
        Event
        of Default, (ii) such Lender shall have received payment of an amount equal
        to
        the outstanding principal of its Advances, accrued interest thereon, accrued
        fees and all other amounts payable to it hereunder, from the assignee (to
        the
        extent of such outstanding principal and accrued interest and fees) or the
        Borrower (in the case of all other amounts) and (iii) in the case of any
        such
        assignment resulting from a claim for compensation under this Section, such
        assignment will result in a reduction in such compensation or
        payments.  A Lender shall not be required to make any such assignment
        and delegation if, prior thereto, as a result of a waiver by such Lender
        or
        otherwise, the circumstances entitling the Borrower to require such assignment
        and delegation cease to apply.

       

                            SECTION
        2.11.  Payments and
        Computations.  (a)  The Borrower shall make each
        payment hereunder and under the Notes, irrespective of any right of counterclaim
        or set-off, not later than 1:00 P.M. (New York City time) on the day when
        due in
        U.S. dollars to the Agent for the account of the applicable Lender at the
        Agent’s Account in same day funds.  The Agent will promptly thereafter
        cause to be distributed like funds relating to the payment of principal or
        interest or facility fees ratably (other than amounts payable pursuant to
        Section 2.07, 2.10, 2.14 or 9.04(b)) to the Lenders entitled thereto for
        the
        account of their respective Applicable Lending Offices, and like funds relating
        to the payment of any other amount payable to any Lender to such Lender for
        the
        account of its Applicable Lending Office, in each case to be applied in
        accordance with the terms of this Agreement.  Upon its acceptance of
        an Assignment and Acceptance and recording of the information contained therein
        in the Register pursuant to Section 8.02(d), from and after the effective
        date
        specified in each Assignment and Acceptance, the Agent shall make all payments
        hereunder and under the Notes in respect of the interest assigned thereby
        to the
        Lender assignee thereunder, and the parties to such Assignment and Acceptance
        shall make all appropriate adjustments in such payments for periods prior
        to
        such effective date directly between themselves.

       

       

      
        
          
          

        

        
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      (b)           All
        computations of interest with respect to the Advances based on clause (a)
        of the
        definition of Base Rate and of fees (other than the facility fee) shall be
        made
        by the Agent on the basis of a year of 365 or 366 days, as the case may be,
        and
        all computations of interest (i) with respect to the Advances based on clause
        (b) of the definition of Base Rate, the Eurodollar Rate or the Federal Funds
        Rate, (ii) the facility fee and (iii) pursuant to Section 2.07 shall be made
        by
        the Agent on the basis of a year of 360 days, in each case for the actual
        number
        of days (including the first day but excluding the last day) occurring in
        the
        period for which such interest, fee or commission is payable.  Each
        determination by the 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 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 and fees, as the case may be;
provided, however, if such extension would cause payment of
        interest on or principal of Eurodollar Rate Advances to be made in the next
        following calendar month, such payment, shall be made on the next preceding
        Business Day.

       

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

       

                            SECTION
        2.12.  Evidence of
        Indebtedness.  (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 in respect of
        Advances.  The Borrower agrees that upon notice by any Lender to the
        Borrower (with a copy of such notice to the Agent) to the effect that a Note
        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 Note payable to the order of such Lender in a principal amount up
        to
        the Commitment of such Lender.

       

       

      
        
          
          

        

        
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      (b)           The
        Register maintained by the Agent pursuant to Section 8.02(d) shall include
        a
        control account, and a subsidiary account for each Lender, in which accounts
        (taken together) shall be recorded (i) the date and amount of each Borrowing
        made hereunder, the Type of Advances comprising such Borrowing and, if
        appropriate, the Interest Period applicable thereto, (ii) the terms of each
        Assignment and Acceptance delivered to and accepted by it, (iii) the amount
        of
        any principal or interest due and payable or to become due and payable from
        the
        Borrower to each Lender hereunder and (iv) the amount of any sum received
        by the
        Agent from the Borrower hereunder and each Lender’s share thereof.

       

      (c)           Entries
        made in good faith by the Agent in the Register pursuant to subsection (b)
        above, and by each Lender in its account or accounts pursuant to subsection
        (a)
        above, shall be prima facie evidence of the amount of principal
        and interest due and payable or to become due and payable from the Borrower
        to,
        in the case of the Register, each Lender and, in the case of such account
        or
        accounts, such Lender, under this Agreement, absent manifest error;
provided, however, that the failure of the Agent or such Lender to
        make an entry, or any finding that 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
        2.13.  Sharing of
        Payments, Etc.  If any Lender shall obtain any payment
        (whether voluntary, involuntary, through the exercise of any right of set-off,
        or otherwise) on account of the Advances owing to it (other than pursuant
        to
        Section 2.04(d), 2.07, 2.10 or 2.14) in excess of its ratable share of payments
        on account of the Advances obtained by all the Lenders, such Lender shall
        forthwith purchase from the other Lenders such participations in the Advances
        owing to them as shall be necessary to cause such purchasing Lender to share
        the
        excess payment ratably with each of them, provided, however, that
        if all or any portion of such excess payment is thereafter recovered from
        such
        purchasing Lender, such purchase from each Lender shall be rescinded and
        such
        Lender shall repay to the purchasing Lender the purchase price to the extent
        of
        such recovery together with an amount equal to such Lender’s ratable share
        (according to the proportion of (i) the amount of such Lender’s required
        repayment to (ii) the total amount so recovered from the purchasing Lender)
        of
        any interest or other amount paid or payable by the purchasing Lender in
        respect
        of the total amount so recovered.  The Borrower agrees that any Lender
        so purchasing a participation from another Lender pursuant to this Section
        2.13
        may, to the fullest extent permitted by law, exercise all its rights of payment
        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
        2.14.  Taxes.  (a)  Any and all
        payments by the Borrower to or for the account of any Lender or the Agent
        hereunder or under the Notes shall be made, in accordance with Section 2.11,
        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 Agent, (x)
        taxes imposed on its income, and franchise taxes imposed on it, and any
        liability arising therefrom or with respect thereto, by the United States
        or any
        State or other political subdivision thereof or by the jurisdiction under
        the
        laws of which such Lender or the Agent (as the case may be) is organized
        or any
        political subdivision thereof and (y) 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 (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 or under any Note to any Lender or the Agent, (i) the sum payable
        shall be increased as may be necessary so that after making all required
        deductions (including deductions applicable to additional sums payable under
        this Section 2.14) such Lender or the Agent (as the case may be) receives
        an
        amount equal to the sum it would have received had no such deductions been
        made,
        (ii) the Borrower shall make such deductions and (iii) the Borrower shall
        pay
        the full amount deducted to the relevant taxation authority or other authority
        in accordance with applicable law.

       

       

      
        
          
          

        

        
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      (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 or from the execution,
        delivery or registration of, or otherwise with respect to, this Agreement
        or the
        Notes (hereinafter referred to as “Other Taxes”).

       

      (c)           The
        Borrower will indemnify each Lender and the Agent 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 or the Agent (as the case may be) and any liability (including penalties,
        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 or
        the
        Agent (as the case may be) makes written demand therefor.  If a Lender
        or the Agent receives an indemnification payment from the Borrower in accordance
        with this subsection (c) and such Lender subsequently receives from the
        applicable jurisdiction a payment of all or a portion of the amount of Taxes
        or
        Other Taxes or liability with respect to which such indemnity payment was
        made,
        such Lender shall promptly turn over (without interest) to the Borrower the
        amount of such repayment.

       

      (d)           Within
        30 days after the date of any payment of Taxes, the Borrower will furnish
        to the
        Agent, at its address referred to in Section 9.02, the original or a certified
        copy of a receipt evidencing payment thereof.  If no Taxes are payable
        in respect of any payment hereunder or under the Notes, the Borrower will,
        if
        reasonably requested by a Lender or the Agent furnish to the Agent, at such
        address, a certificate from each appropriate taxing authority, or an opinion
        of
        counsel acceptable to the Agent, in either case stating that such payment
        is
        exempt from or not subject to Taxes.

       

      (e)           Each
        Lender shall initially designate an Applicable Lending Office that will avoid
        the need for payment of additional amounts by the Borrower pursuant to this
        Section 2.14 and, furthermore, any Lender claiming any additional amounts
        payable pursuant to this Section 2.14 shall use its best efforts (consistent
        with its internal policy and legal and regulatory restrictions) to change
        the
        jurisdiction of its Applicable Lending office if the making of such a change
        would avoid the need for, or reduce the amount of, any such additional amounts
        which may thereafter accrue and would not, in the reasonable judgment of
        such
        Lender, be otherwise disadvantageous to such Lender.

       

       

      
        
          
          

        

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

       

      (g)           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 hereunder and under
        the
        Notes.

       

                            SECTION
        2.15.  Interest
        Elections.  (a)  Each Borrowing initially shall be
        of the Type specified in the applicable Notice of Borrowing and, in the case
        of
        a Eurodollar Rate Borrowing, shall have an initial Interest Period as specified
        in such Notice of Borrowing.  Thereafter, the Borrower may elect to
        convert such Borrowing to a different Type or to continue such Borrowing
        and, in
        the case of a Eurodollar Rate Borrowing, may elect Interest Periods therefor,
        all as provided in this Section.  The Borrower may elect different
        options with respect to different portions of the affected Borrowing, in
        which
        case each such Borrowing shall be allocated ratably among the Lenders having
        made the Advances comprising such Borrowing, and the Advances comprising
        each
        such portion shall be considered a separate Borrowing.

       

      (b)           To
        make an election pursuant to this Section, the Borrower shall notify the
        Agent
        of such election by telephone by the time that a Notice of Borrowing would
        be
        required under Section 2.02 if the Borrower were requesting a Borrowing of
        the
        Type resulting from such election to be made on the effective date of such
        election.  Each such telephonic Interest Election Request shall be
        irrevocable and shall be confirmed promptly by hand delivery or telecopy
        to the
        Agent of a written Interest Election Request signed by the
        Borrower.

       

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

       

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

       

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

       

      (iii)           the
        Type of Advances comprising such Borrowing; and

       

      (iv)           the
        Interest Period for each such Advance.

       

       

      
        
          
          

        

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

       

      (d)           If
        the Borrower fails to deliver a timely Interest Election Request with respect
        to
        a Borrowing prior to the end of the Interest Period applicable thereto, then,
        unless such Borrowing is repaid as provided herein, at the end of such Interest
        Period such Borrowing shall be continued as or converted to a Base Rate
        Borrowing.

       

      ARTICLE
        III

       

      CONDITIONS
        OF LENDING

       

                            SECTION
        3.01.  Condition
        Precedent to Effectiveness of Sections 2.01 and 2.02.  The
        effectiveness of Sections 2.01 and 2.02 is subject to the execution and delivery
        of counterparts of this Agreement by the Borrower, the Agent and the Lenders
        and
        the satisfaction of the following additional conditions precedent:

       

      (i)           The
        Agent shall have received the following, each dated the date hereof, in form
        and
        substance satisfactory to the Agent and (except for the Notes) in sufficient
        copies for each Lender:

       

      (a)           A
        Note to the order of any Lender requesting such note pursuant to Section
        2.12.

       

      (b)           An
        Officer’s Certificate attaching copies of the resolutions of the Board of
        Directors of the Borrower (or an authorized committee thereof) approving
        the
        Loan Documents, and of all documents evidencing other necessary corporate
        action
        and governmental approvals, if any, with respect to the Loan
        Documents.

       

      (c)           An
        Officer’s Certificate certifying the names and true signatures of the officers
        of the Borrower authorized to sign the Loan Documents and the other documents
        to
        be delivered hereunder.

       

      (d)           A
        favorable opinion of a Senior Counsel of the Borrower, substantially in the
        form
        of Exhibit D hereto and as to such other matters as any Lender through the
        Agent
        may reasonably request.

       

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

       

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

       

                            SECTION
        3.02.  Conditions
        Precedent to Initial Borrowing.  The obligation of each Lender
        to make an Advance on the occasion of the initial Borrowing shall be subject
        to
        the further conditions precedent that on or prior to the date of such Borrowing
        all of the conditions precedent to the consummation of the Borrower’s
        acquisition of Pioneer Companies Inc. (other than the payment of the proceeds
        of
        Advances) shall have been satisfied substantially in accordance with the
        terms
        of the Purchase Agreement related thereto delivered to the Lenders prior
        to May
        24, 2007, with no amendment, modification or waiver adverse to the interests
        of
        the Lenders in any material respect except as agreed to in writing by the
        Lenders.

       

       

      
        
          
          

        

        
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                            SECTION
        3.03.  Conditions Precedent
        to Each Borrowing Increasing the Aggregate Amount of
        Advances.  The obligation of each Lender to make an Advance on
        the occasion of each Borrowing (including the initial Borrowing) which would
        increase the aggregate outstanding amount of Advances owing to such Lender
        over
        the aggregate outstanding amount of Advances owing to such Lender immediately
        prior to the making of such Advance shall be subject to the further conditions
        precedent that on the date of such Borrowing 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 shall constitute
        a
        representation and warranty by the Borrower that on the date of such Borrowing
        such statements are true):

       

      (a)           The
        representations and warranties contained in this Agreement (other than the
        last
        sentence of Section 4.01(e)) are correct in all material respects on and
        as of
        the date of such Borrowing, before and after giving effect to such Borrowing
        and
        to the application of the proceeds therefrom, as though made on and as of
        such
        date, and

       

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

       

                            SECTION
        3.04.  Determinations
        Under Section 3.01.  For purposes of determining compliance
        with the conditions specified in Section 3.01, each Lender shall be deemed
        to
        have consented to, approved or accepted or to be satisfied with each document
        or
        other matter required thereunder to be consented to or approved by or acceptable
        or satisfactory to the Lenders unless an officer of the Agent responsible
        for
        the transactions contemplated by this Agreement shall have received notice
        from
        such Lender prior to the date that the Borrower, by notice to the Lenders,
        designates as the proposed effective date of Sections 2.01 and 2.02, specifying
        its objection thereto.  The Agent shall promptly notify the Lenders of
        the occurrence of the effective date of Sections 2.01 and 2.02.

       

      ARTICLE
        IV

       

      REPRESENTATIONS
        AND WARRANTIES

       

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

       

      (a)           The
        Borrower is a corporation duly organized, validly existing and in good standing
        under the laws of the jurisdiction of its incorporation indicated at the
        beginning of this Agreement, has all requisite corporate power and authority
        to
        conduct its business, to own its properties and assets as it is now conducted
        and as proposed to be conducted and is qualified or licensed to do business
        as a
        foreign corporation in good standing in all jurisdictions in which the conduct
        of its business requires it to so qualify or be licensed except where the
        failure to do so, individually or in the aggregate, could not reasonably
        be
        expected to materially and adversely affect the ability of the Borrower to
        perform its obligations under any Loan Document.

       

       

      
        
          
          

        

        
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      (b)           The
        execution, delivery and performance by the Borrower of the Loan Documents,
        including the Borrower’s use of the proceeds thereof, are within the Borrower’s
        corporate powers, have been duly authorized by all necessary corporate action,
        and do not (i) contravene the Borrower’s charter or by-laws or (ii) contravene
        law (including, without limitation, Regulations T, U and X issued by the
        Board
        of Governors of the Federal Reserve Board) or any material contractual
        restriction binding on or affecting the Borrower or (iii) result in or require
        the creation or imposition of any Lien upon or with respect to any of the
        properties of the Borrower or any of its Subsidiaries.

       

      (c)           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 any Loan Documents.

       

      (d)           This
        Agreement is, and each of other Loan Documents when delivered hereunder will
        be,
        the legal, valid and binding obligation of the Borrower enforceable against
        the
        Borrower in accordance with their respective terms.

       

      (e)           The
        consolidated balance sheet of the Borrower and its Subsidiaries as at December
        31, 2006, and the related consolidated statements of income and cash flows
        of
        the Borrower and its Subsidiaries for the fiscal year then ended, accompanied
        by
        an opinion of KPMG LLP, independent public accountants, and the consolidated
        balance sheet of the Borrower and its Subsidiaries as at March 31, 2007,
        and the
        related consolidated statements of income and cash flows of the Borrower
        and its
        Subsidiaries for the three months then ended, duly certified by the chief
        financial officer of the Borrower, copies of which have been furnished to
        each
        Lender, fairly present, subject, in the case of said balance sheet as at
        March
        31, 2007 and said statements of income and cash flows for the three months
        then
        ended, to year-end audit adjustments, the consolidated financial condition
        of
        the Borrower and its Subsidiaries as at such dates and the consolidated results
        of the operations of the Borrower and its Subsidiaries for the periods ended
        on
        such dates, all in accordance with GAAP.  Except as publicly disclosed
        prior to the date hereof, on and as of the date of this Agreement, since
        December 31, 2006, there has been no material adverse change in the business,
        financial condition or results of operations of the Borrower and its
        Subsidiaries, taken as a whole.

       

      (f)           There
        are no actions, suits or proceedings pending or, to the knowledge of the
        Borrower, threatened, against the Borrower or any Subsidiary the reasonably
        anticipated outcome of which (i) would materially and adversely affect the
        ability of the Borrower to perform its obligations under the Loan Documents
        or
        (ii) purport to affect the legality, validity or enforceability of any Loan
        Document.

       

       

      
        
          
          

        

        
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      (g)           The
        Borrower is not engaged in the business of extending credit for the purpose
        of
        purchasing or carrying Margin Stock, and no proceeds of any Advance will
        be used
        to purchase or carry any Margin Stock or to extend credit to others for the
        purpose of purchasing or carrying any Margin Stock, except in compliance
        with
        Regulations T, U and X issued by the Board of Governors of the Federal Reserve
        Board.

       

      (h)           Neither
        the Borrower nor any Subsidiary is an “investment company” or a company
“controlled” by an “investment company” within the meaning of the Investment
        Company Act of 1940.

       

      (i)           The
        Borrower and each Subsidiary have filed all material tax returns (Federal,
        state
        and local) required to be filed and paid all taxes shown thereon to be due,
        including interest and penalties, or provided adequate reserves for payment
        thereof.

       

      (j)           In
        the ordinary course of its business, the Borrower conducts an ongoing review
        of
        the effect of Environmental Laws on the operations and properties of the
        Borrower, in the course of which it identifies and evaluates associated
        liabilities and costs (including, without limitation, any capital or operating
        expenditures required for clean-up or closure of properties presently or
        previously owned, any liabilities in connection with off-site disposal of
        Hazardous Substances and any capital or operating expenditures) required
        to
        achieve or maintain compliance with Environmental Laws.  On the basis
        of this review, the Borrower has reasonably concluded that, except with respect
        to any matter disclosed in Items 1 or 3 in the Borrower’s 2006 Form 10-K or in
        the Commitments and Contingencies Note to the consolidated financial statements
        incorporated therein, such associated liabilities and costs, are unlikely
        to
        cause a material adverse change in the business, financial condition or results
        of operations of the Borrower and its Subsidiaries, taken as a whole, from
        that
        shown on the consolidated financial statements as at, and for the three-month
        period ended March 31, 2007, provided that the inclusion of such
        exception does not indicate that any such matter will cause such a material
        adverse change.

       

      ARTICLE
        V

       

      COVENANTS
        OF THE BORROWER

       

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

       

      (a)           Compliance
        with Laws, Etc.  Comply, and cause each Subsidiary to comply, with
        all applicable laws, rules, regulations and orders (such compliance to include,
        without limitation, paying before the same become delinquent all taxes,
        assessments and governmental charges imposed upon it or upon its property
        except
        to the extent contested in good faith) the failure to comply with which would
        have a material adverse effect on the business, financial condition or results
        of operations of the Borrower and its Subsidiaries taken as a
        whole.

       

       

      
        
          
          

        

        
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      (b)           Consolidated
        Leverage Ratio.  Maintain a Consolidated Leverage Ratio as of the
        last day of each Reference Period of not more than 4.00 : 1.0.

       

      (c)           Consolidated
        Interest Coverage Ratio.  Maintain a Consolidated Interest
        Coverage Ratio for each Reference Period of not less than 4.00 :
        1.0.

       

      (d)           Preservation
        of Corporate Existence, Etc.  Preserve and maintain, and cause
        each of its Subsidiaries to preserve and maintain, its corporate existence,
        and
        the rights (charter and statutory) and franchises material to the business
        of
        the Borrower and its Subsidiaries, taken as  a whole; provided,
however, that (i) the Borrower and its Subsidiaries may consummate
        any
        merger or consolidation permitted under Section 5.02(c), (ii) neither the
        Borrower nor any of its Subsidiaries shall be required to preserve any such
        right or franchise if the Borrower or such Subsidiary shall determine that
        the
        preservation thereof is no longer desirable in the conduct of the business
        of
        the Borrower or such Subsidiary, as the case may be, and that the loss thereof
        is not disadvantageous in any material respect to the Borrower, such Subsidiary
        or the Lenders and (iii) no Subsidiary shall be required to preserve its
        corporate existence if the Borrower has determined to liquidate or dissolve
        such
        Subsidiary and such liquidation or dissolution will not violate any other
        provision of this Agreement.

       

      (e)           Keeping
        of Books.  Keep, and cause each of its Subsidiaries to keep,
        proper books of record and account, in which full and correct entries shall
        be
        made of all financial transactions and the assets and business of the Borrower
        and each such Subsidiary in a manner which will permit the preparation of
        consolidated financial statements in accordance with GAAP.

       

      (f)           Maintenance
        of Properties, Etc.  Maintain and preserve, and cause each of its
        Subsidiaries to maintain and preserve, all of its properties that are material
        to the conduct of the business of the Borrower and its Subsidiaries, taken
        as a
        whole, in good working order and condition, ordinary wear and tear
        excepted.

       

      (g)           Insurance.  Maintain,
        and cause each Subsidiary to maintain, insurance with reputable insurance
        companies or associations in such amount and covering such risks as the
        Borrower, in its good faith business judgment, believes necessary.

       

      (h)           ERISA.  Ensure
        that each ERISA Affiliate will meet its minimum funding requirements and
        all of
        its other obligations under ERISA with respect to all of its Plans and satisfy
        all of its obligations to Multiemployer Plans, including any Withdrawal
        Liability, if the failure to do so would have a material adverse effect on
        the
        business, financial condition or results of operations of the Borrower and
        its
        Subsidiaries, taken as a whole.

       

      (i)           Reporting
        Requirements.  Furnish to each Lender:

       

      (i)           as
        soon as available and in any event within 60 days after the end of each of
        the
        first three quarters of each year, balance sheets of the Borrower and the
        Subsidiaries, on a consolidated basis, as of the end of such quarter and
        statements of income and retained earnings and cash flow of the Borrower
        and the
        Subsidiaries, on a consolidated basis, for the period commencing at the end
        of
        the previous year and ending with the end of such quarter, certified by the
        chief financial officer of the Borrower, subject to audit and year end
        adjustments;

       

       

      
        
          
          

        

        
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      (ii)           as
        soon as available and in any event within 120 days after the end of each
        year, a
        copy of the balance sheets of the Borrower and the Subsidiaries, on a
        consolidated basis, as of the end of such year and the statements of income
        and
        retained earnings and cash flow of the Borrower and the Subsidiaries, on
        a
        consolidated basis, for such year, certified by KPMG LLP or another independent
        nationally recognized firm of public accountants;

       

      (iii)           as
        soon as possible and in any event within ten days after an officer of the
        Borrower becomes aware of the occurrence of each Event of Default (and each
        event which, with the giving of notice or lapse of time, or both, would
        constitute an Event of Default), an Officer’s Certificate setting forth details
        of such Event of Default or event and the action which the Borrower has taken
        and proposes to take with respect thereto;

       

      (iv)           contemporaneously
        with each delivery of the statements referred to in clauses (i) and (ii)
        above,
        (A) either an Officer’s Certificate stating that no Event of Default (other than
        by reason of non-compliance with the covenants referred to in Sections 5.01(b)
        and (c)) and no event which, with the giving of notice or lapse of time,
        or
        both, would constitute an Event of Default (other than by reason of
        non-compliance with the covenants referred to in Sections 5.01(b) and (c))
        occurred during such quarter or, if applicable, an Officer’s Certificate
        pursuant to clause (iii) above, (B) an Officer’s Certificate stating that, as of
        the last day of the preceding quarter, and to the best of his or her knowledge,
        at all times during the preceding quarter, the Borrower was in compliance
        with
        the covenants referred to in Sections 5.01(b) and (c) and providing reasonable
        details of the calculations evidencing the Borrower’s compliance with such
        covenants and (C) reasonable details of each material change in GAAP from
        those
        applied in preparing the statements referred to in Section 4.01(e) insofar
        as
        such changes are applicable to the statements referred to in clauses (i)
        and
        (ii) above;

       

      (v)           promptly
        after the sending or filing thereof, copies of all reports which the Borrower
        sends to any of its shareholders, and copies of all reports and registration
        statements which the Borrower or any Subsidiary files with the Securities
        and
        Exchange Commission or any national securities exchange (other than those
        pertaining to employee benefit plans); and

       

      (vi)           such
        other information respecting the condition or operations, financial or
        otherwise, of the Borrower or any Subsidiary as any Lender through the Agent
        may
        from time to time reasonably request.

       

      Reports
        and financial statements
        required to be delivered by the Borrower pursuant to paragraphs (i), (ii)
        and (v) of this Section 5.01(i) shall be deemed to have been delivered on
        the date on which it posts such reports containing such financial statements
        are
        posted on the SEC’s website at www.sec.gov; provided that it shall
        deliver paper copies of the reports and financial statements referred to
        in
        paragraphs (i), (ii) and (v) of this Section 5.01(i) to the Agent or
        any Lender who requests it to deliver such paper copies until written notice
        to
        cease delivering paper copies is given by the Agent or such Lender.

       

       

      
        
          
          

        

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

       

      (a)           Liens.  Create,
        assume or suffer to exist or permit any Subsidiary of the Borrower to create,
        assume or suffer to exist any Lien upon any of its property or assets, whether
        now owned or hereafter acquired, except

       

      (i)           Permitted
        Encumbrances,

       

      (ii)           other
        Liens incidental to the conduct of its business or the ownership of its property
        and assets which were not incurred to secure Indebtedness, and which do not
        in
        the aggregate materially detract from the value of its property or assets
        or
        materially impair the use thereof in the operation of its business,

       

      (iii)           Liens
        on property or assets of a Domestic Subsidiary to secure obligations of such
        Subsidiary to the Borrower or another Domestic Subsidiary, and Liens on property
        or assets of a Foreign Subsidiary to secure obligations of such Subsidiary
        to
        the Borrower or any other Subsidiary,

       

      (iv)           any
        Lien on property of any Foreign Subsidiary to secure Indebtedness of such
        Subsidiary, provided that, immediately after giving effect thereto and to
        the
        concurrent repayment of any other Indebtedness, the aggregate principal amount
        of outstanding Indebtedness secured by Liens permitted by this clause (iv)
        or by
        clause (vi) or (ix) of this Section does not exceed 10% of Consolidated Net
        Tangible Assets,

       

      (v)           Liens
        incurred in connection with any Tax-Exempt Financing which do not in the
        aggregate materially detract from the value of the property or assets affected
        thereby or materially impair the use of such property or assets in the operation
        of its business,

       

      (vi)           Liens
        on property or assets granted in connection with applications for or
        reimbursement obligations with respect to letters of credit issued at the
        request of the Borrower or a Subsidiary by a banking institution to secure
        the
        performance of obligations of the Borrower or a Subsidiary relating to such
        letters of credit, to the extent such banking institution requested the granting
        to it of such Lien as a condition for its issuance of the letter of credit;
        provided that, immediately after giving effect thereto and to the concurrent
        repayment of any other Indebtedness, the aggregate principal amount of
        outstanding Indebtedness secured by Liens permitted by this clause (vi) or
        by
        clause (iv) or (ix) of this Section does not exceed 10% of Consolidated Net
        Tangible Assets,

       

       

      
        
          
          

        

        
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      (vii)           any
        Lien existing on any property or asset prior to the acquisition thereof by
        the
        Borrower or any Subsidiary or existing on any property or asset of any Person
        that becomes a Subsidiary after the date hereof prior to the time such Person
        becomes a Subsidiary; provided that (A) such Lien is not created in
        contemplation of or in connection with such acquisition or such Person becoming
        a Subsidiary, as the case may be, (B) such Lien shall not apply to any other
        property or assets of the Borrower or any Subsidiary and (C) such Lien shall
        secure only those obligations which it secures on the date of such acquisition
        or the date such Person becomes a Subsidiary, as the case may be, and
        extensions, renewals and replacements thereof that do not increase the
        outstanding principal amount thereof,

       

      (viii)                      Liens
        on fixed or capital assets acquired, constructed or improved by the Borrower
        or
        any Subsidiary; provided that (A) with respect to Liens securing
        Indebtedness of any Domestic Subsidiary, such Liens secure Indebtedness
        permitted by clause (ii) of Section 5.02(b), (B) such Liens and the Indebtedness
        secured thereby are incurred prior to or within 90 days after acquisition
        or the
        completion of such construction or improvement, (C) the Indebtedness secured
        thereby does not exceed 100% of the cost of acquiring, constructing or improving
        such fixed or capital assets and (D) such Liens shall not apply to any other
        property or assets of the Borrower or any Subsidiary,

       

      (ix)           Liens
        on assets securing other obligations of the Borrower and its Subsidiaries
        not
        expressly permitted by clauses (i) through (viii) above; provided that,
        immediately after giving effect thereto and to the concurrent repayment of
        any
        other secured obligations, the aggregate principal amount of outstanding
        obligations secured by Liens permitted by this clause (ix) or by clause (iv)
        or
        (vi) of this Section does not exceed 10% of Consolidated Net Tangible
        Assets,

       

      (x)           Liens
        on Margin Stock, if and to the extent the value of all Margin Stock of the
        Borrower and its Subsidiaries exceeds 25% of the value of the total assets
        subject to this Section 5.02(a) (it being understood that Margin Stock not
        in
        excess of 25% of the value of such assets will be subject to the restrictions
        of
        this Section 5.02(a)), and

       

      (xi)           liens
        arising in connection with a receivables securitization program.

       

      (b)           Domestic
        Subsidiary Indebtedness.  Permit any Domestic Subsidiary to
        create, incur, assume or permit to exist any Indebtedness, except:

       

      (i)           Indebtedness
        of any Domestic Subsidiary to the Borrower or any other Domestic
        Subsidiary;

       

      (ii)           Indebtedness
        incurred to finance the acquisition, construction or improvement of any fixed
        or
        capital assets, including Capital Lease Obligations and any Indebtedness
        assumed
        in connection with the acquisition of any such assets or secured by a Lien
        on
        any such assets prior to the acquisition thereof, and extensions, renewals
        and
        replacements of any such Indebtedness that do not increase the outstanding
        principal amount thereof; provided that such Indebtedness is incurred
        prior to or within 90 days after such acquisition or the completion of such
        construction or improvement;

       

       

      
        
          
          

        

        
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      (iii)           Indebtedness
        of any Person that becomes a Domestic Subsidiary after the date hereof;
provided that such Indebtedness exists at the time such Person becomes a
        Domestic Subsidiary and is not created in contemplation of or in connection
        with
        such Person becoming a Domestic Subsidiary;

       

      (iv)           other
        Indebtedness in an aggregate principal amount not exceeding $20,000,000 at
        any
        time outstanding; and

       

      (v)           Indebtedness
        consisting of Invested Amounts.

       

      (c)           Mergers,
        Etc.  (i)  Merge or consolidate with or into any other
        Person (other than a Subsidiary) or (ii) convey, transfer, lease or otherwise
        dispose of, or permit a Subsidiary to convey, transfer, lease, or otherwise
        dispose of, (whether in one transaction or in a series of related transactions)
        all or substantially all of the property or assets of the Borrower and its
        Subsidiaries taken as a whole (whether now owned or hereafter acquired),
        directly or indirectly, to any Person, including through a merger or
        consolidation of a Subsidiary with an unaffiliated party, unless (A) in each
        case of (i) or (ii), 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 (B) in the case of clause
        (i),the surviving corporation is the Borrower, provided that to the
        extent that the value of all Margin Stock owned by the Borrower and its
        Subsidiaries taken as a whole exceeds 25% of the value of the total assets
        of
        the Borrower and its Subsidiaries subject to this Section 5.02(c), nothing
        in
        this Section 5.02(c) shall prohibit the sale of such Margin Stock (it being
        understood that Margin Stock not in excess of 25% of the value of such assets
        will be subject to the restrictions of this Section 5.02(c)) .

       

      (d)           Change
        in Nature of Business.  Engage, or permit any of its Subsidiaries
        to engage, to any material extent, in any business other than the businesses
        of
        the type conducted by the Borrower and its Subsidiaries on the date of this
        Agreement and businesses reasonably related thereto.

       

      (e)           ERISA.  Create,
        assume or suffer to exist or permit any ERISA Affiliate to create, assume
        or
        suffer to exist (i) any Insufficiency of any Plan (or, in the case of a Plan
        with respect to which an ERISA Event described in clauses (iii) through (vi)
        of
        the definition of ERISA Event shall have occurred and then exist, the liability
        related thereto), in respect of which Plan an ERISA Event has occurred, or
        (ii)
        any Withdrawal Liability under any Multiemployer Plan, if the sum of (A)
        any
        such Insufficiency or Withdrawal Liability, as applicable, (B) the Insufficiency
        of any and all other Plans with respect to which an ERISA Event shall have
        occurred and then exist (or, in the case of a Plan with respect to which
        an
        ERISA Event described in clauses (iii) through (vi) of the definition of
        ERISA
        Event shall have occurred and then exist, the liability related thereto),
        (C)
        amounts then required to be paid to any and all other Multiemployer Plans
        by the
        Borrower or its ERISA Affiliates as Withdrawal Liability and (D) the aggregate
        principal amount of all Indebtedness of the Borrower and all the Subsidiaries
        secured by Liens permitted by clauses (iv), (vi), (vii), (viii) and (ix)
        of
        Section 5.02(a), shall exceed 10% of Consolidated Net Tangible
        Assets.

       

       

      
        
          
          

        

        
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      ARTICLE
        VI

       

      EVENTS
        OF
        DEFAULT

       

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

       

      (a)           The
        Borrower shall fail to pay (i) any principal of any Advance when the same
        becomes due and payable or (ii) any interest on any Advance or any fees or
        other
        amounts payable under this Agreement within five days of the same becoming
        due
        and payable; or

       

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

       

      (c)           The
        Borrower shall fail to perform or observe (i) any term, covenant or agreement
        contained in Section 5.01(b), (c) or (i)(iii) or Section 5.02, or (ii) any
        term,
        covenant or agreement contained in any Loan Document (other than as referred
        to
        in subsection (a) or clause (i) above) on its part to be performed or observed
        if, in the case of this clause (ii), such failure shall remain unremedied
        for 30
        days after written notice thereof shall have been given to the Borrower by
        the
        Agent or any Lender; or

       

      (d)           The
        Borrower or any Subsidiary shall fail to pay any installment of principal
        of or
        any premium or interest on any Indebtedness, which is outstanding in a principal
        amount of at least $25,000,000 in the aggregate (but excluding Indebtedness
        outstanding hereunder) of the Borrower or such Subsidiary (as the case may
        be),
        when the same becomes due and payable (whether by scheduled maturity, required
        prepayment, acceleration, demand or otherwise), and such failure shall continue
        after the applicable grace period, if any, specified in the agreement or
        instrument relating to such Indebtedness, or any other event shall occur
        or
        condition shall exist under any agreement or instrument relating to any such
        Indebtedness 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 Indebtedness, or any Indebtedness of the Borrower or any Subsidiary
        which
        is outstanding in an aggregate principal amount of at least $25,000,000 shall,
        for any reason, be accelerated (it being understood that a mandatory prepayment
        on the sale of any asset shall be deemed not to be an acceleration of the
        Indebtedness secured by such asset); or

       

       

      
        
          
          

        

        
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      (e)           Either
        the Borrower or any Significant Subsidiary or any two or more Subsidiaries
        which
        (when taken together) would have aggregate total assets constituting those
        of a
        Significant 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 such 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
        relief
        or the appointment of a receiver, trustee, or other similar official for
        it or
        for any substantial part of its property, and, in the case of any such
        proceeding instituted against the Borrower or such Subsidiary (but not
        instituted by it), either such proceeding shall not be dismissed or stayed
        for
        60 days or any of the actions sought in such proceeding (including, without
        limitation, the entry of an order for relief against it or the appointment
        of a
        trustee, custodian or other similar official for it or any substantial part
        of
        its property) shall occur; or the Borrower or any such Subsidiary shall take
        any
        corporate action to authorize any of the actions set forth above in this
        subsection (e); or

       

      (f)           Any
        judgment or order for the payment of money in excess of $25,000,000 shall
        be
        rendered against the Borrower or any Subsidiary and either (i) enforcement
        proceedings shall have been commenced by any creditor upon such judgment
        or
        order and, within 60 days of the commencement of such proceedings, such judgment
        shall not have been satisfied or (subject to clause (ii) below) shall have
        been
        stayed or (ii) there shall be any period of 60 consecutive days during which
        a
        stay of enforcement of such judgment or order, by reason of a pending appeal
        or
        otherwise, shall not be in effect; or

       

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

       

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

       

       

      
        
          
          

        

        
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      ARTICLE
        VII

       

      THE
        AGENT

       

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

       

                            SECTION
        7.02.  Agent’s Reliance,
        Etc.  Neither the Agent nor any of its directors, officers,
        agents or employees shall be liable for any action taken or omitted to be
        taken
        by it or them under or in connection with this Agreement, except for its
        or
        their own gross negligence or willful misconduct.  Without limitation
        of the generality of the foregoing, the Agent:  (i) may treat the
        payee of any Note as the holder thereof until the Agent receives and accepts
        an
        Assignment and Acceptance entered into by the Lender that is the payee of
        such
        Note as assignor, and an Eligible Assignee, as assignee, as provided in Section
        8.02; (ii) may consult with legal counsel (including counsel for the Borrower),
        independent public accountants and other experts selected by it and shall
        not be
        liable for any action taken or omitted to be taken in good faith by it in
        accordance with the advice of such counsel, accountants or experts; (iii)
        makes
        no warranty or representation to any Lender and shall not be responsible
        to any
        Lender for any statements, warranties or representations (whether written
        or
        oral) made in or in connection with this Agreement; (iv) shall not have any
        duty
        to ascertain or to inquire as to the performance, observance or satisfaction
        of
        any of the terms, covenants or conditions of this Agreement on the part of
        the
        Borrower or the existence at any time of any event which constitutes, or
        with
        the passage of time would constitute, an Event of Default or to inspect the
        property (including the books and records) of the Borrower; (v) shall not
        be
        responsible to any Lender for the due execution, legality, validity,
        enforceability, genuineness, sufficiency or value of, or the perfection or
        priority of any lien or security interest created or purported to be created
        in
        under or in connection with, this Agreement or any other instrument or document
        furnished pursuant hereto; and (vi) shall incur no liability under or in
        respect
        of this Agreement by acting upon any notice, consent, certificate or other
        instrument or writing (which may be by telecopier) believed by it to be genuine
        and signed or sent by the proper party or parties.

       

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

       

       

      
        
          
          

        

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

       

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

       

      (b)  For
        purposes of this
        Section 7.05, the Lenders’ respective ratable shares of any amount shall be
        determined, at any time, according to the sum of (i) the aggregate
        principal amount of the Advances outstanding at such time and owing to the
        respective Lenders and (ii) their respective Unused Commitments at such
        time.  The failure of any Lender Party to reimburse the Agent promptly
        upon demand for its ratable share of any amount required to be paid by the
        Lender Parties to such Agent as provided herein shall not relieve any other
        Lender Party of its obligation hereunder to reimburse such Agent for its
        ratable
        share of such amount, but no Lender shall be responsible for the failure
        of any
        other Lender to reimburse the Agent for such other Lender’s ratable share of
        such amount.  Without prejudice to the survival of any other agreement
        of any Lender hereunder, the agreement and obligations of each Lender contained
        in this Section 7.05 shall survive the payment in full of principal,
        interest and all other amounts payable hereunder and under the
        Notes.

       

       

      
        
          
          

        

        
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                            SECTION
        7.06.  Successor
        Agent.  The Agent may resign at any time by giving written
        notice thereof to the Lenders and the Borrower and may be removed at any
        time
        with or without cause by the Majority Lenders.  Upon any such
        resignation or removal, the Majority Lenders shall have the right to appoint
        a
        successor Agent, subject, so long as no Event of Default has occurred and
        is
        continuing, to the Borrower’s approval.  If no successor Agent shall
        have been so appointed by the Majority Lenders, and shall have accepted such
        appointment, within 30 days after the retiring Agent’s giving of notice of
        resignation or the Majority Lenders’ removal of the retiring Agent, then the
        retiring Agent may, on behalf of the Lenders, appoint a successor Agent,
        which
        shall be a commercial bank organized under the laws of the United States
        of
        America or of any State thereof and having a combined capital and surplus
        of at
        least $500,000,000.  Upon the acceptance of any appointment as Agent
        hereunder by a successor Agent, such successor Agent shall thereupon succeed
        to
        and become vested with all the rights, powers, discretion, privileges and
        duties
        of the retiring Agent, and the retiring Agent shall be discharged from its
        duties and obligations under this Agreement other than the obligations provided
        in Section 9.11.  After any retiring Agent’s resignation or removal
        hereunder as Agent, the provisions of this Article VII shall inure to its
        benefit as to any actions taken or omitted to be taken by it while it was
        Agent
        under this Agreement.

       

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

       

      ARTICLE
        VIII

       

      ASSIGNMENTS
        AND PARTICIPATIONS

       

                            SECTION
        8.01.  Binding
        Effect.  This Agreement shall become effective when it shall
        have been executed by the Borrower, the Agent and by each Bank and thereafter
        shall be binding upon and inure to the benefit of the Borrower, the Agent
        and
        each Lender and their respective successors and assigns, except that the
        Borrower shall not have the right to assign its rights hereunder or any interest
        herein without the prior written consent of the Lenders.

       

                            SECTION
        8.02.  Assignments.  (a)  Each Lender
        may, upon at least 10 Business Days’ notice to the Borrower and the Agent,
        assign to one or more banks or other entities (other than an assignment which
        would result in increased costs to the Borrower pursuant to Sections 2.07,
        2.10
        or 2.14 hereof) all or a portion of its rights and obligations under this
        Agreement (including, without limitation, all or a portion of its Commitment,
        the Advances owing to it and the Note or Notes held by it); provided,
however, that (i) if such bank or other entity is not already a
        Lender or
        an Affiliate of a Lender and prior to the expiring of the 10 Business Days’
notice referred to above, the Borrower (unless an Event of Default has occurred
        and is continuing at such time) or the Agent notifies the assignor Lender
        that
        such assignee is, in its sole discretion, not acceptable to it, such assignor
        Lender shall not make such assignment, (ii) the parties to each such assignment
        shall execute and deliver to the Agent, for its acceptance and recording
        in the
        Register an Assignment and Acceptance, together with any Note or Notes subject
        to such assignment and a processing and recordation fee of $3,500 payable
        by the
        parties to each such assignment, (iii) each such assignment shall be only
        to an
        Eligible Assignee, (iv) each such assignment shall be of a constant, and
        not a
        varying, percentage of all of the assigning Lender’s rights and obligations
        under this Agreement 

       

       

      
        
          
          

        

        
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        and
          (v)
          the amount of the Commitment of the assigning Lender being assigned pursuant
          to
          each such assignment (determined as of the date of the Assignment and Acceptance
          with respect to such assignment) shall in no event be less than $5,000,000,
          in
          the case of an assignment to a Lender and $10,000,000, in the case of an
          Assignment to an Eligible Assignee not already a Lender and, in each case,
          shall
          be an integral multiple of $5,000,000.  Upon such execution, delivery,
          acceptance and recording, from and after the effective date specified in
          each
          Assignment and Acceptance, (A) 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 (B) the Lender assignor thereunder shall, to
          the
          extent that rights and obligations hereunder have been assigned by it pursuant
          to such Assignment and Acceptance, relinquish its rights (other than its
          rights
          under Sections 2.07, 2.10, 2.14, 9.04 and 9.06 to the extent any claim
          thereunder relates to an event arising prior to such assignment) and be
          released
          from its obligations (other than those provided in Section 9.11) under
          this
          Agreement (and, in the case of an Assignment and Acceptance covering all
          or the
          remaining portion of an assigning Lender’s rights and obligations under this
          Agreement, such Lender shall cease to be a party hereto).

         

      

      (b)           By
        executing and delivering an Assignment and Acceptance, the Lender assignor
        thereunder and the assignee thereunder confirm to and agree with each other
        and
        the other parties hereto as follows: (i) other than as provided in such
        Assignment and Acceptance, such assigning Lender makes no representation
        or
        warranty and assumes no responsibility with respect to any statements,
        warranties or representations made in or in connection with this Agreement
        or
        the execution, legality, validity, enforceability, genuineness, sufficiency
        or
        value of this Agreement  or any other instrument or document furnished
        pursuant hereto; (ii) such assigning Lender makes no representation or warranty
        and assumes no responsibility with respect to the financial condition of
        the
        Borrower or the performance or observance by the Borrower of any of its
        obligations under this Agreement or any other instrument or document furnished
        pursuant hereto; (iii) such assignee confirms that it has received a copy
        of
        this Agreement, together with copies of the financial statements referred
        to in
        Section 4.01(e) and such other documents and information as it has deemed
        appropriate to make its own credit analysis and decision to enter into such
        Assignment and Acceptance; (iv) such assignee will, independently and without
        reliance upon the Agent, such assigning Lender or any other Lender and based
        on
        such documents and information as it shall deem appropriate at the time,
        continue to make its own credit decisions in taking or not taking action
        under
        this Agreement; (v) such assignee 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; (vi) such assignee confirms that
        it
        is an Eligible Assignee; and (vii) such assignee appoints and authorizes
        the
        Agent to take such action as agent on its behalf and to exercise such powers
        and
        discretion under this Agreement as are delegated to the Agent by the terms
        hereof, together with such powers and discretion as are reasonably incidental
        thereto.

       

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

       

       

      
        
          
          

        

        
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      (d)           The
        Agent shall maintain at its address referred to in Section 9.02 a copy of
        each Assignment and Acceptance delivered to and accepted by it and a register
        for the recordation of the names and addresses of the Lenders and the 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 demonstrable error, provided,
        that the failure of the Agent to make an entry, or any finding that an entry
        is
        incorrect, in the Register shall not limit or otherwise affect the obligations
        of the Borrower under this Agreement and the Borrower, the Agent and the
        Lenders
        may treat each Person whose name is recorded in the Register as a Lender
        hereunder for all purposes of this Agreement.  The Register shall be
        available for inspection by the Borrower or any Lender at any reasonable
        time
        and from time to time upon reasonable prior notice.

       

      (e)           Any
        Lender may pledge all or a portion of its Advances to any Federal Reserve
        Bank
        as collateral security pursuant to Regulation A of the Board of Governors
        of the
        Federal Reserve System and any Operating Circular issued by such Federal
        Revenue
        Bank.  No such assignment shall release the assigning Lender from its
        obligations under the Agreement.

       

                            SECTION
        8.03.  Participations.  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, and the Advances owing to
        it and
        the Note or Notes held by it); provided, however, that (a) such Lender’s
        obligations under this Agreement (including, without limitation, its Commitment
        to the Borrower hereunder) shall remain unchanged, (b) such Lender shall
        remain
        solely responsible to the other parties hereto for the performance of such
        obligations, (c) such Lender shall remain the holder of any such Note for
        all
        purposes of this Agreement, (d) the Borrower 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, (e) such participation is
        not prohibited by applicable law and (f) no participant shall have any claim
        against the Borrower or the Agent for any amounts due to it under its
        participation agreement and no Lender shall have any additional claim under
        Sections 2.07, 2.10 or 2.14 as a result of any participation.  Any
        agreement or instrument pursuant to which a Lender sells such a participation
        shall provide that such Lender shall retain the sole right to enforce this
        Agreement and to approve any amendment, modification or waiver of any provision
        of this Agreement; provided that such agreement or instrument may provide
        that such Lender will not, without the consent of the Person acquiring such
        participation, agree to any amendment, modification or waiver described in
        clause (a), (b) or (c) of the proviso to Section 9.01 that directly affects
        such
        Person.

       

                            SECTION
        8.04.  Information.  Any Lender may, in
        connection with any assignment or participation or proposed assignment or
        participation pursuant to this Article VIII, 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.

       

       

      
        
          
          

        

        
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      ARTICLE
        IX

       

      MISCELLANEOUS

       

                            SECTION
        9.01.  Amendments,
        Etc.  No amendment or waiver of any provision of this
        Agreement or the Notes, nor consent to any departure by the Borrower therefrom,
        shall in any event be effective unless the same shall be in writing and signed
        by the 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: (a)
        increase the Commitment of any Lender or subject any Lender to any additional
        obligations without the written consent of such Lender, (b) reduce the principal
        of, or interest on, any Note, Advance, or any fee or other amount payable
        hereunder without the written consent of each Lender affected thereby, (c)
        postpone any date fixed for any payment of principal of, or interest on,
        the
        Notes, Advances, or any fees or other amounts payable hereunder without the
        written consent of each Lender affected thereby, (d) change the percentage
        of
        the Commitments or of the aggregate unpaid principal amount of the Notes,
        Advances, or the number of Lenders, which shall be required for the Lenders
        or
        any of them to take any action hereunder without the written consent of all
        the
        Lenders or (e) amend this Section 9.01 without the written consent of all
        the
        Lenders and providedfurther that no amendment, waiver or consent
        shall, unless in writing and signed by the Agent in addition to the Lenders
        required above to take such action, affect the rights or duties of the Agent
        under this Agreement or any Note.

       

                            SECTION
        9.02.  Notices,
        Etc.  (a)  All notices and other communications
        provided for hereunder shall be either (x) in writing (including telecopy
        communication) and mailed, telecopied or delivered or (y) as and to the extent
        set forth in Section 9.02(b) and in the proviso to this Section 9.02(a),
        if to
        the Borrower, at its address at 190 Carondelet Plaza, Suite 1530, Clayton,
        MO
        63105, telecopy no.  (618) 258-3292, Attention: Treasury Department;
        if to any Bank, at its Domestic Lending Office specified opposite its name
        on
        Schedule I hereto; if to any other Lender, at its Domestic Lending Office
        specified in the Assignment and Acceptance pursuant to which it became a
        Lender;
        and if to the Agent, at its address at Two Penns Way, New Castle, Delaware
        19720, Attention: Bank Loan Syndications Department; or, as to the Borrower
        or
        the Agent, at such other address as shall be designated by such party in
        a
        written notice to the other parties and, as to each other party, at such
        other
        address as shall be designated by such party in a written notice to the Borrower
        and the Agent, provided that materials required to be delivered pursuant
        to Section 5.01(i)(i), (ii), (iv) and (v) may be delivered to the Agent as
        specified in Section 9.02(b) or as otherwise specified to the Borrower by
        the
        Agent.  All such notices and communications shall, when mailed or
        telecopied, be effective only when received by the relevant
        party.  Delivery by telecopier of an executed counterpart of any
        amendment or waiver of any provision of this Agreement or the Notes or of
        any
        Exhibit hereto to be executed and delivered hereunder shall be effective
        as
        delivery of a manually executed counterpart thereof.

       

      (b)           So
        long as Citibank or any of its Affiliates is the Agent, materials required
        to be
        delivered pursuant to Section 5.01(i)(i), (ii), (iv) and (v) may be delivered
        to
        the Agent in an electronic medium in a format acceptable to the Agent and
        the
        Lenders by e-mail at oploanswebadmin@citigroup.com.  The Borrower
        agrees that the Agent may make such materials, as well as any other written
        information, documents, instruments and other material relating to the Borrower,
        any of its Subsidiaries or any other materials or matters relating to this
        Agreement, the Notes or any of the transactions contemplated hereby
        (collectively, the “Communications”) available to the Lenders by posting
        such notices on Intralinks or a substantially similar electronic system (the
        “Platform”).  The Borrower acknowledges that (i) the
        distribution of material through an electronic medium is not necessarily
        secure
        and that there are confidentiality and other risks associated with such
        distribution, (ii) the Platform is provided “as is” and “as available” and (iii)
        neither the Agent nor any of its Affiliates warrants the accuracy, adequacy
        or
        completeness of the Communications or the Platform and each expressly disclaims
        liability for errors or omissions in the Communications or the
        Platform.  No warranty of any kind, express, implied or statutory,
        including, without limitation, any warranty of merchantability, fitness for
        a
        particular purpose, non-infringement of third party rights or freedom from
        viruses or other code defects, is made by the Agent or any of its Affiliates
        in
        connection with the Platform.

       

       

      
        
          
          

        

        
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      (c)           Each
        Lender agrees that notice to it (as provided in the next sentence) (a
“Notice”) specifying that any Communications have been posted to the
        Platform shall constitute effective delivery of such information, documents
        or
        other materials to such Lender for purposes of this Agreement; provided
        that if requested by any Lender the Agent shall deliver a copy of the
        Communications to such Lender by email or telecopier.  Each Lender
        agrees (i) to notify the Agent in writing of such Lender’s e-mail address to
        which a Notice may be sent by electronic transmission (including by electronic
        communication) on or before the date such Lender becomes a party to this
        Agreement (and from time to time thereafter to ensure that the Agent has
        on
        record an effective e-mail address for such Lender) and (ii) that any Notice
        may
        be sent to such e-mail address.

       

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

       

                            SECTION
        9.04.  Costs, Expenses and
        Taxes.  (a)  The Borrower agrees to pay on demand
        all reasonable out-of-pocket costs and expenses of the Agent in connection
        with
        the preparation, execution, delivery, administration, modification and amendment
        of this Agreement, the Notes and the other documents to be delivered hereunder,
        including, without limitation, the reasonable fees and out-of-pocket expenses
        of
        outside counsel for the Agent with respect thereto and with respect to advising
        the Agent as to its rights and responsibilities under this Agreement, and
        all
        out-of-pocket costs and expenses of the Agent and the Lenders, if any
        (including, without limitation, reasonable fees and expenses of outside counsel
        for each Lender), in connection with the enforcement (whether through
        negotiations, legal proceedings or otherwise) of this Agreement, the Notes
        and
        the other documents to be delivered hereunder including, without limitation,
        reasonable fees and expenses of outside counsel for the Agent and each Lender
        in
        connection with the enforcement of rights under this Section
        9.04(a).

       

      (b)           If
        any payment of principal of any Eurodollar Rate Advance is made by the Borrower
        to or for the account of a Lender other than on the last day of the Interest
        Period for such Advance, as a result of a payment pursuant to Section 2.09(b),
        acceleration of the maturity of the Notes pursuant to Section 6.01 or for
        any
        other reason, the Borrower shall, upon demand by such Lender (with a copy
        of
        such demand to the Agent), pay to the Agent for the account of such Lender
        any
        amounts required to compensate such Lender for any additional losses, costs
        or
        expenses which it may reasonably incur as a result of such payment, including,
        without limitation, any loss (excluding loss of anticipated profits), cost
        or
        expense incurred by reason of the liquidation or reemployment of deposits
        or
        other funds acquired by any Lender to fund or maintain such
        Advance.  Each Lender demanding payment of such amount shall provide,
        at the time of making such demand, the Borrower and the Agent with reasonable
        details, including the basis for the calculation thereof, of such increase,
        provided that, in the absence of manifest error, the amount so notified
        shall be conclusive and binding upon the Borrower.

       

       

      
        
          
          

        

        
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                            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 6.01 to authorize the Agent to declare the
        Notes due and payable pursuant to the provisions of Section 6.01, each Lender
        is
        hereby authorized at any time and from time to time, to the fullest extent
        permitted by law, to set off and apply any and all deposits (general or special,
        time or demand, provisional or final) at any time held and other indebtedness
        at
        any time owing by such Lender to or for the credit or the account of the
        Borrower against any and all of the obligations of the Borrower now or hereafter
        existing under this Agreement and the other Loan Documents, whether or not
        such
        Lender shall have made any demand under this Agreement or the Note held by
        such
        Lender and although such obligations may be unmatured.  Each Lender
        agrees promptly to notify the Borrower after any such set-off and application,
        provided that the failure to give such notice shall not affect the
        validity of such set-off and application.  The rights of each Lender
        under this Section are in addition to other rights and remedies (including,
        without limitation, other rights of set-off) that such Lender may
        have.

       

                            SECTION
        9.06.  Indemnification
        by Borrower.  The Borrower agrees to indemnify and hold
        harmless the Agent and each Lender (and each of their respective officers,
        agents, employees and directors) (each, an “Indemnified Party”) from and
        against any and all claims, damages, liabilities, obligations, losses,
        penalties, actions, judgments, suits, costs, expenses and disbursements
        (including, without limitation, reasonable fees and disbursements of outside
        counsel) of any kind or nature whatsoever (“Claims”) which may be imposed
        on, incurred by or asserted against such Lender or any of its officers, agents,
        employees or directors (but excluding Claims of any Person resulting from
        such
        Person’s gross negligence or willful misconduct) in connection with or arising
        out of any investigation, litigation or proceeding (including, without
        limitation, any threatened investigation, litigation or proceeding or
        preparation of a defense in connection therewith) related to the Notes, this
        Agreement, any of the transactions contemplated herein or the actual or proposed
        use of the proceeds of the Advances, except to the extent such claim, damage,
        loss, liability or expense resulted from such Indemnified Party’s gross
        negligence or willful misconduct.  In the case of an investigation,
        litigation or other proceeding to which the indemnity in this Section 9.06
        applies, such indemnity shall be effective whether or not such investigation,
        litigation or proceeding is brought by the Borrower, its directors,
        equityholders or creditors or an Indemnified Party or any other Person, whether
        or not any Indemnified Party is otherwise a party thereto and whether or
        not the
        transactions contemplated hereby are consummated.  The Borrower also
        agrees not to assert any claim for special, indirect, consequential or punitive
        damages against the Agent, any Lender, any of their Affiliates, or any of
        their
        respective directors, officers, employees, attorneys and agents, on any theory
        of liability, arising out of or otherwise relating to the Notes, this Agreement,
        any of the transactions contemplated herein or the actual or proposed use
        of the
        proceeds of the Advances.

       

       

      
        
          
          

        

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

       

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

       

                            SECTION
        9.09.  Special
        Prepayment Right.  (a)  In the event that a Change
        of Control Date shall occur, the Borrower will, within 10 days after such
        Change
        of Control Date, give the Agent written notice thereof and describe in
        reasonable detail the facts and circumstances giving rise thereto, and the
        Borrower will prepay, if any Lender shall so request, all of the Advances
        from
        such Lender plus interest accrued to the date of prepayment and any other
        fees
        and amounts as may then be payable by Borrower under this
        Agreement.  Said request (the “Prepayment Notice”) shall be
        made by a Lender in writing not later than 45 days after the Change of Control
        Date and shall specify (i) the date (the “Special Prepayment Date”) upon
        which the Borrower shall prepay the Advances, which date shall be not less
        than
        15 days nor more than 45 days from the date of the Prepayment Notice and
        (ii)
        the amount of the Advances to be prepaid.  In the event of such
        request, the Commitment of such Lender to make Advances shall forthwith
        terminate.

       

      (b)           On
        the Special Prepayment Date, the Borrower shall prepay all of the Advances
        of
        such Lender plus interest accrued thereon to the Special Prepayment Date
        and
        such other fees and amounts as may then be payable by Borrower under this
        Agreement.  Payment shall be made as provided in this
        Agreement.

       

      (c)           For
        the purposes of this Section 9.09:

       

      (i)           the
        term “Change of Control Date” shall mean (A) the first day on which any
        person, or group of related persons, has beneficial ownership of more than
        33
        1/3% of the outstanding voting stock of the Borrower or (B) the date immediately
        following the first date on which the members of the Board of Directors of
        the
        Borrower (the “Board”) at the commencement of any period of 730
        consecutive days (together with any other Directors whose appointment or
        election by the Board or whose nomination for election by the stockholders
        of
        the Borrower was approved by a vote of at least a majority of the Directors
        then
        in office who either were Directors at the beginning of such period or whose
        appointment or election or nomination for election was previously so approved)
        shall cease to constitute a majority of the Board at the end of such period;
        provided, however, that a Change of Control Date shall not be
        deemed to have occurred under clause (A) hereof if (x) the Borrower shall
        have
        merged or disposed of a portion of its assets in compliance with the
        requirements of subsection 5.02(c) hereof within 10 days after the acquisition
        of such beneficial ownership shall have occurred and (y) no person or group
        of
        related persons shall have beneficial ownership of more than 33 1/3% of the
        outstanding voting stock of the Borrower after such merger or
        disposition.

       

       

      
        
          
          

        

        
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      (ii)           the
        term “voting stock” shall mean stock of any class or classes (however
        designated) having ordinary voting power for the election of a majority of
        the
        directors of the Borrower other than stock having such power only by reason
        of a
        contingency.

       

                            SECTION
        9.10.  Jurisdiction,
        Etc.  (a)  Each of the parties hereto hereby
        irrevocably and unconditionally submits, for itself and its property, to
        the
        nonexclusive jurisdiction of any New York State court or federal court of
        the
        United States of America sitting in New York City, and any appellate court
        from
        any thereof, in any action or proceeding arising out of or relating to this
        Agreement or any of the other Loan Documents, or for recognition or enforcement
        of any judgment, and each of the parties hereto hereby irrevocably and
        unconditionally agrees that all claims in respect of any such action or
        proceeding may be heard and determined in any such New York State court or,
        to
        the extent permitted by law, in such federal court.  The Borrower
        hereby further irrevocably consents to the service of process in any action
        or
        proceeding in such courts by the mailing thereof by any parties hereto by
        registered or certified mail, postage prepaid, to the Borrower at its address
        specified pursuant to Section 9.02.  Each of the parties hereto agrees
        that a final judgment in any such action or proceeding shall be conclusive
        and
        may be enforced in other jurisdictions by suit on the judgment or in any
        other
        manner provided by law.  Nothing in this Agreement shall affect any
        right that any party may otherwise have to bring any action or proceeding
        relating to this Agreement or any of the other Loan Documents in the courts
        of
        any jurisdiction.

       

      (b)           Each
        of the parties hereto irrevocably and unconditionally waives, to the fullest
        extent it may legally and effectively do so, any objection that it may now
        or
        hereafter have to the laying of venue of any suit, action or proceeding arising
        out of or relating to this Agreement or any of the other Loan Documents in
        any
        New York State or federal court sitting in New York City.  Each of the
        parties hereto hereby irrevocably waives, to the fullest extent permitted
        by
        law, the defense of an inconvenient forum to the maintenance of such action
        or
        proceeding in any such court.

       

                            SECTION
        9.11.  Confidentiality.  Each of the Agent and
        the Lenders expressly agrees, for the benefit of the Borrower and its
        Subsidiaries, to maintain the confidentiality of the Confidential Information,
        except that Confidential Information may be disclosed (a) to its and its
        Affiliates’ directors, officers, employees and agents, including accountants,
        legal counsel and other advisors (it being understood that the Persons to
        whom
        such disclosure is made will be informed of the confidential nature of such
        Confidential Information and instructed to keep such Confidential Information
        confidential), (b) to the extent requested by any regulatory authority, (c)
        to
        the extent required by applicable laws or regulations or by any subpoena
        or
        similar legal process, (d) to any other party to this Agreement, (e) in
        connection with the exercise of any remedies hereunder or any suit, action
        or
        proceeding relating to this Agreement or the enforcement of rights hereunder,
        (f) subject to an express agreement for the benefit of the Borrower and its
        Subsidiaries containing provisions substantially the same as those of this
        Section, to any Eligible Assignee of or participant in, or any prospective
        assignee of or participant in, any of its rights or obligations under this
        Agreement, (g) with the consent of the Borrower or (h) to the extent such
        Confidential Information (i) becomes publicly available other than as a result
        of a breach of this Section or (ii) becomes available to the Agent or any
        Lender
        on a nonconfidential basis from a source other than the Borrower or any of
        its
        Subsidiaries.  For the purposes of this Section, “Confidential
        Information” means 

       

       

      
        
          
          

        

        
          45

          
            

          

        

        
          
          

        

      

       

       

      all
        information, including material nonpublic information with the meaning of
        Regulation FD promulgated by the SEC (“Regulation FD”), received from the
        Borrower or its Subsidiaries relating to such entities or their respective
        businesses, other than any such information that is available to the Agent
        or
        any Lender on a nonconfidential basis prior to disclosure by such entities;
        provided, that such information is clearly identified at the time of delivery
        as
        confidential.  Any Person required to maintain the confidentiality of
        Confidential Information as provided in this Section shall be considered
        to have
        compiled with its obligation to do so if such Person has exercised the same
        degree of care to maintain the confidentiality of such information as such
        Person customarily accords to its own confidential information; provided,
        however, that with respect to disclosures pursuant to clauses (b) and (c)
        of
        this Section, unless prohibited by law or applicable court order, each Lender
        and the Agent shall attempt to notify the Borrower of any request by any
        governmental agency or representative thereof or other Person for disclosure
        of
        Confidential Information after receipt of such request, and if reasonable,
        practicable and permissible, before disclosure of such Confidential
        Information.  It is understood and agreed that the Borrower, its
        Subsidiaries and their respective Affiliates may rely upon this Section for
        any
        purpose, including without limitation to comply with Regulation FD.

       

                            SECTION
        9.12.  Patriot
        Act.  Each Lender hereby notifies the Borrower that, pursuant
        to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed
        into law October 26, 2001)) (the “Act”), it is required to obtain, verify and
        record information that identifies each borrower, guarantor or grantor (the
        “Loan Parties”), which information includes the name and address of each Loan
        Party and other information that will allow such Lender to identify such
        Loan
        Party in accordance with the Act.

       

      

      
        
          
          

        

        
          46

          
            

          

        

        
          Table
            of Contents 

        

      

       

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

       

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

       

      
        	 	Borrower	 
	 	 	 	 
	 	OLIN
                CORPORATION 	 
	 	 	 
	
                 

              	
                By:
                  

              	 /s/
                Stephen C. Curley	 
	 	 	Name: Stephen
                C.
                Curley	 
	 	 	Title: 
Vice
                President and
                Treasurer 	 
	 	 	 	 

      

       

      
         

        
          	 	Agent	 
	 	 	 	 
	 	CITIBANK,
                  N.A., as Agent	 
	 	 	 
	
                   

                	
                  By:
                    

                	 /s/
                  Shannon A. Sweeney	 
	 	 	Name: Shannon
                  A.
                  Sweeney	 
	 	 	Title:  
Vice
                  President	 
	 	 	 	 

        

         

      

      
         

        
          	 	Lenders	 
	 	 	 	 
	Commitment	 	 	 
	 	 	 	 
	$100,000,000	CITIBANK,
                  N.A.	 
	 	 	 
	
                   

                	
                  By:
                    

                	 /s/
                  Shannon A. Sweeney	 
	 	 	Name: Shannon
                  A.
                  Sweeney	 
	 	 	Title:  
Vice
                  President	 
	 	 	 	 
	$100,000,000
                  Total of Commitments	 	 	 

        

         

      

       

       

      
        
          
          

        

        
          47

          
            

          

        

        
          Table
            of Contents 

        

      

       

       

      
        	 	
                TABLE
                  OF CONTENTS

              	 
	 	 	 
	 	 	
                Page

              
	 	
                ARTICLE
                  I

                 

                DEFINITIONS
                  AND ACCOUNTING TERMS

                 

              	 
	
                SECTION
                  1.01.

              	
                Certain
                  Defined
                  Terms

              	
                1

              
	
                SECTION
                  1.02.

              	
                Computation
                  of Time
                  Periods

              	
                12

              
	
                SECTION
                  1.03.

              	
                Accounting
                  Terms

              	
                12

              
	 	
                ARTICLE
                  II

                 

                AMOUNTS
                  AND TERMS OF THE ADVANCES

                 

              	 
	
                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/Substitution of Banks

              	
                15

              
	
                SECTION
                  2.05.

              	
                Repayment

              	
                17

              
	
                SECTION
                  2.06.

              	
                Interest

              	
                17

              
	
                SECTION
                  2.07.

              	
                Additional
                  Interest on Eurodollar
                  Rate Advances

              	
                17

              
	
                SECTION
                  2.08.

              	
                Interest
                  Rate
                  Determination

              	
                18

              
	
                SECTION
                  2.09.

              	
                Prepayments

              	
                18

              
	
                SECTION
                  2.10.

              	
                Increased
                  Costs

              	
                18

              
	
                SECTION
                  2.11.

              	
                Payments
                  and
                  Computations

              	
                19

              
	
                SECTION
                  2.12.

              	
                Evidence
                  of
                  Indebtedness

              	
                20

              
	
                SECTION
                  2.13.

              	
                Sharing
                  of Payments,
                  Etc

              	
                21

              
	
                SECTION
                  2.14.

              	
                Taxes

              	
                21

              
	
                SECTION
                  2.15.

              	
                Interest
                  Elections

              	
                23

              
	 	
                ARTICLE
                  III

                 

                CONDITIONS
                  OF LENDING

                 

              	 
	
                SECTION
                  3.01.

              	
                Condition
                  Precedent to
                  Effectiveness of Sections 2.01 and 2.02

              	
                24

              
	
                SECTION
                  3.02.

              	
                Conditions
                  Precedent to Initial
                  Borrowing

              	
                24

              
	
                SECTION
                  3.03.

              	
                Conditions
                  Precedent to Each Borrowing
                  Increasing the Aggregate

                Amount
                  of Advances

              	
                25

              
	
                SECTION
                  3.04.

              	
                Determinations
                  Under Section
                  3.01

              	
                25

              
	 	
                ARTICLE
                  IV

                 

                REPRESENTATIONS
                  AND WARRANTIES

                 

              	 
	
                SECTION
                  4.01.

              	
                Representations
                  and Warranties of
                  the Borrower

              	
                25

              
	 	
                ARTICLE
                  V

                 

                COVENANTS
                  OF THE BORROWER

                 

              	 
	
                SECTION
                  5.01.

              	
                Affirmative
                  Covenants

              	
                27

              
	
                SECTION
                  5.02.

              	
                Negative
                  Covenants

              	
                30

              
	 	
                ARTICLE
                  VI

                 

                EVENTS
                  OF DEFAULT

                 

              	 
	
                SECTION
                  6.01.

              	
                Events
                  of Default

              	
                33

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      
        	 	
                ARTICLE
                  VII

                 

                THE
                  AGENT

                 

              	 
	
                SECTION
                  7.01.

              	
                Authorization
                  and
                  Action

              	
                35

              
	
                SECTION
                  7.02.

              	
                Agent’s
                  Reliance, Etc

              	
                35

              
	
                SECTION
                  7.03.

              	
                Citibank
                  and
                  Affiliates

              	
                35

              
	
                SECTION
                  7.04.

              	
                Lender
                  Credit
                  Decision

              	
                36

              
	
                SECTION
                  7.05.

              	
                Indemnification

              	
                36

              
	
                SECTION
                  7.06.

              	
                Successor
                  Agent

              	
                37

              
	
                SECTION
                  7.07.

              	
                Other
                  Agents

              	
                37

              
	 	
                ARTICLE
                  VIII

                 

                ASSIGNMENTS
                  AND PARTICIPATIONS

              	 
	
                SECTION
                  8.01.

              	
                Binding
                  Effect

              	
                37

              
	
                SECTION
                  8.02.

              	
                Assignments

              	
                37

              
	
                SECTION
                  8.03.

              	
                Participations

              	
                39

              
	
                SECTION
                  8.04.

              	
                Information

              	
                39

              
	 	
                ARTICLE
                  IX

                 

                MISCELLANEOUS

                 

              	 
	
                SECTION
                  9.01.

              	
                Amendments,
                  Etc.

              	
                40

              
	
                SECTION
                  9.02.

              	
                Notices,
                  Etc

              	
                40

              
	
                SECTION
                  9.03.

              	
                No
                  Waiver;
                  Remedies

              	
                41

              
	
                SECTION
                  9.04.

              	
                Costs,
                  Expenses and
                  Taxes

              	
                41

              
	
                SECTION
                  9.05.

              	
                Right
                  of Set-off

              	
                42

              
	
                SECTION
                  9.06.

              	
                Indemnification
                  by
                  Borrower

              	
                42

              
	
                SECTION
                  9.07.

              	
                Governing
                  Law

              	
                43

              
	
                SECTION
                  9.08.

              	
                Execution
                  in
                  Counterparts

              	
                43

              
	
                SECTION
                  9.09.

              	
                Special
                  Prepayment
                  Right

              	
                43

              
	
                SECTION
                  9.10.

              	
                Jurisdiction,
                  Etc

              	
                44

              
	
                SECTION
                  9.11.

              	
                Confidentiality

              	
                44

              
	
                SECTION
                  9.12.

              	
                Patriot
                  Act

              	
                44

              
	
                SECTION
                  9.13.

              	
                Waiver
                  of Jury
                  Trial

              	
                45

              
	 	 	 

      

       

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

       

      
        
          
            	 	
                    Schedule
                      I

                  	
                    –

                  	
                    List
                      of Applicable Lending Offices

                  

          

          

          

          
            	 	
                    Exhibit
                      A

                  	
                    –

                  	
                    Promissory
                      Note

                  
	 	
                    Exhibit
                      B

                  	
                    –

                  	
                    Notice
                      of Borrowing

                  
	 	
                    Exhibit
                      C

                  	
                    –

                  	
                    Assignment
                      and Acceptance

                  
	 	
                    Exhibit
                      D

                  	
                    –

                  	
                    Opinion
                      of Counsel to the Borrower

                  
	 	
                    Exhibit
                      E

                  	
                    –

                  	
                    Assumption
                      Agreement

                  

          

        

         

         

         

         

         

         

         

         

         

         

         

        iii

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