Document:

EXHIBIT 4.2

                    STANWICH ASSET ACCEPTANCE COMPANY, L.L.C.
                                    Company,

                       [NAME OF CERTIFICATE ADMINISTRATOR]
                            Certificate Administrator

                                       and

                                [NAME OF TRUSTEE]
                                     Trustee

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

                                 TRUST AGREEMENT
                         Dated as of [_______ __, 20__]

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

              Mortgage Pass-Through Certificates, Series 20[___-__]

                                TABLE OF CONTENTS

<TABLE>

                                                                                                             PAGE

                                    ARTICLE I
                                   DEFINITIONS

SECTION 1.01               Defined Terms.........................................................................2

                                   ARTICLE II
         CONVEYANCE OF THE UNDERLYING MORTGAGE SECURITIES; ORIGINAL ISSUANCE OF THE CERTIFICATES

SECTION 2.01               Conveyance of the Underlying Agency Securities.......................................11

SECTION 2.02               Acceptance by Trustee................................................................11

SECTION 2.03               Execution and Authentication of Certificates.........................................12

                                   ARTICLE III
            ADMINISTRATION OF THE UNDERLYING AGENCY SECURITIES; REPORTS TO CERTIFICATEHOLDERS

SECTION 3.01               Administration of the Trust Fund and the Underlying Agency Securities................12

SECTION 3.02               Collection of Monies.................................................................12

SECTION 3.03               Establishment of Certificate Account; Deposits in Certificate Account................13

SECTION 3.04               Permitted Withdrawals From the Certificate Account...................................13

SECTION 3.05               Annual Statement as to Compliance....................................................14

SECTION 3.06               Rights of the Company in Respect of the Certificate Administrator....................14

                                   ARTICLE IV
                         PAYMENTS TO CERTIFICATEHOLDERS

SECTION 4.01               Distributions........................................................................14

SECTION 4.02               Statements to Certificateholders.....................................................16

SECTION 4.03               Access to Certain Documentation and Information......................................17

SECTION 4.04               Permitted Investments................................................................17

                                    ARTICLE V
                                THE CERTIFICATES

SECTION 5.01               The Certificates.....................................................................18

SECTION 5.02               Registration of Transfer and Exchange of Certificates................................18

SECTION 5.03               Mutilated, Destroyed, Lost or Stolen Certificates....................................22

</TABLE>

                                       ii

                                TABLE OF CONTENTS
                                  (continued)

<TABLE>

                                                                                                             PAGE

SECTION 5.04               Persons Deemed Owners................................................................23

SECTION 5.05               Appointment of Paying Agent..........................................................23

                                   ARTICLE VI
                  THE COMPANY AND THE CERTIFICATE ADMINISTRATOR

SECTION 6.01               Respective Liabilities of the Company and the Certificate
                           Administrator........................................................................23

SECTION 6.02               Merger, Consolidation or Conversion of the Company or the Certificate
                           Administrator........................................................................23

SECTION 6.03               Limitation on Liability of the Company, the Certificate Administrator
                           and Others...........................................................................24

SECTION 6.04               Company and Certificate Administrator Not to Resign..................................24

                                   ARTICLE VII
                                     DEFAULT

SECTION 7.01               Events of Default....................................................................25

SECTION 7.02               Trustee or Company to Act; Appointment of Successor..................................26

SECTION 7.03               Notification to Certificateholders...................................................27

SECTION 7.04               Waiver of Events of Default..........................................................27

                                  ARTICLE VIII
                                   THE TRUSTEE

SECTION 8.01               Duties of Trustee....................................................................27

SECTION 8.02               Certain Matters Affecting the Trustee................................................29

SECTION 8.03               Trustee Not Liable for Certificates or Underlying Agency Securities..................30

SECTION 8.04               Trustee May Own Certificates.........................................................31

SECTION 8.05               Certificate Administrator to Pay Trustee's Fees and Expenses;
                           Indemnification......................................................................31

SECTION 8.06               Eligibility Requirements for Trustee.................................................32

SECTION 8.07               Resignation and Removal of the Trustee...............................................32

SECTION 8.08               Successor Trustee....................................................................33

SECTION 8.09               Merger or Consolidation of Trustee...................................................33

SECTION 8.10               Appointment of Co-Trustee or Separate Trustee........................................33

</TABLE>

                                      iii

                                TABLE OF CONTENTS
                                  (continued)

<TABLE>

                                                                                                             PAGE

SECTION 8.11               Appointment of Office or Agency......................................................34

                                   ARTICLE IX
                                   TERMINATION

SECTION 9.01               Termination..........................................................................35

SECTION 9.02               Additional Termination Requirements..................................................36

                                    ARTICLE X
                                REMIC PROVISIONS

SECTION 10.01              REMIC Administration.................................................................37

SECTION 10.02              Certificate Administrator and Trustee Indemnification................................40

                                   ARTICLE XI
                            MISCELLANEOUS PROVISIONS

SECTION 11.01              Amendment............................................................................40

SECTION 11.02              Counterparts.........................................................................42

SECTION 11.03              Limitation on Rights of Certificateholders...........................................42

SECTION 11.04              Governing Law........................................................................43

SECTION 11.05              Notices..............................................................................43

SECTION 11.06              Notices to Rating Agency.............................................................43

SECTION 11.07              Severability of Provisions...........................................................44

SECTION 11.08              Successors and Assigns...............................................................44

SECTION 11.09              Article and Section Headings.........................................................44

</TABLE>

                                       iv

                                TABLE OF CONTENTS
                                  (continued)

<TABLE>

                                                                                                             PAGE

EXHIBITS

Exhibit A-1                         Form of Class [A-1] [A-2] [A-3] [S] Certificate
Exhibit A-2                         Form of Class R Certificate
Exhibit B-1                         Form of Transfer Affidavit and Agreement
Exhibit B-2                         Form of Transferor Certificate

</TABLE>

                                       v

        THIS TRUST AGREEMENT, dated as of [___________ 1, 20__], by and among
Stanwich Asset Acceptance Company, L.L.C., as the company (together with its
permitted successors and assigns, the "Company"), [______________] (together
with its permitted successors and assigns, the "Certificate Administrator") and
[_____________], as trustee (together with its permitted successors and assigns
(the "Trustee")).

                              PRELIMINARY STATEMENT

         The Company is the owner of the Underlying Agency Securities being
conveyed by it to the Trustee for inclusion in the Trust Fund and has duly
authorized the execution and delivery of this Agreement to provide for the sale
and conveyance to the Trustee of the Underlying Agency Securities and the
issuance of the Mortgage Pass-Through Certificates, Series 20[__-__], Class
[A-l], Class [A-2], Class [A-3], Class [S] and Class R (collectively, the
"Certificates"), representing in the aggregate all of the "regular interests"
and "residual interests" in the Trust Fund, which Certificates are issuable as
provided in this Agreement. All covenants and agreements made by the Company,
the Certificate Administrator and the Trustee herein are for the benefit of the
Holders of the Certificates. The Company and the Certificate Administrator are
entering into this Agreement, and the Trustee is accepting the trusts created
hereby, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged.

         The Underlying Agency Securities are [GNMA] [I] [II] Certificates and
are identified as [____________]. The Aggregate Underlying Certificate Balance
as of the Closing Date will be $[____________].

         The following table sets forth the designation, Pass-Through Rate,
aggregate Initial Certificate Principal Balance, features, Maturity Date and
initial rating for each Class of Certificates comprising the interests in the
Trust Fund created hereunder.

<TABLE>

                                  Pass-Through     Aggregate Initial
         Designation Rate             Rate         Principal Balance           Features
         ----------------         ------------     ------------------      ------------------

         Class [A-1]                  [ ]%                $[ ]             Sequential
         Class [A-2]                  [ ]%                $[ ]             Sequential
         Class [A-3]                  [ ]%                $[ ]             Sequential/Accrual
         Class [S]                    [ ]%                $[ ]             Fixed Strip
         Class R                      [ ]%                $[ ]             Residual
</TABLE>

<TABLE>

                                    Maturity                       Initial Rating
         Designation                  Date             [S&P]           [Fitch]         [Moody's]
         ------------               --------           -----       --------------      ---------

         Class [A-1]
         Class [A-2]
         Class [A-3]
         Class [S]
         Class R
</TABLE>

         In consideration of the premises and the mutual agreements herein
contained, the Company, the Certificate Administrator and the Trustee agree as
follows:

                                   ARTICLE I

                                   DEFINITIONS

         SECTION 1.01 Defined Terms. Whenever used in this Agreement, the
following words and phrases, unless the context otherwise requires, shall have
the following meanings:

         "Accretion Termination Date": With respect to the Class [A-3]
Certificates, the first Distribution Date on which the Certificate Principal
Balances of the Class R, Class [A-1] and Class [A-2] Certificates have been
reduced to zero.

         "Accretion Amount": As to any Distribution Date, the amount set forth
in Section 4.01(b).

         "Accrued Certificate Interest": With respect to each Distribution Date,
(a) as to each Class of Certificates (other than the Class [S] Certificates),
one month's interest accrued on the Certificate Principal Balance of the
Certificates of such Class at the related Pass-Through Rate and (b) in the case
of the Class [S] Certificates, one month's interest accrued on the related
Notional Amount at the related Pass-Through Rate. Accrued Certificate Interest
will be calculated on the basis of a 360-day year consisting of twelve 30-day
months. In each case, Accrued Certificate Interest on any Class of Certificates
will be reduced by the amount (to the extent such amount is allocated to the
Underlying Agency Securities) of the following shortfalls: (i) Prepayment
Interest Shortfalls, and (ii) any other interest shortfalls, including interest
that is not collectible from the Mortgagor pursuant to the Soldiers' and
Sailors' Civil Relief Act of 1940, as amended; with all such reductions
allocated among the Certificates in proportion to their respective amounts of
Accrued Certificate Interest which would have resulted absent such reductions.

         "Affiliate": An "affiliate" of, or Person "affiliated" with, a
specified Person, is a Person that directly, or indirectly through one or more
intermediaries, controls or is controlled by, or is under common control with,
the Person specified.

         "Aggregate Underlying Certificate Balance": As of any date of
determination, the aggregate of the Underlying Certificate Balances of all of
the Underlying Agency Securities as of such date. As of the Closing Date, the
Aggregate Underlying Certificate Balance was $[], after giving effect to
distributions made thereon prior to the Closing Date.

         "Agreement": This Trust Agreement together with all amendments hereof
and supplements hereto.

         "Anticipated Termination Date": Any Distribution Date on which the
Certificate Administrator anticipates that the Trust Fund will be terminated
pursuant to Section 9.01.

                                       2

         "Available Distribution Amount": As of any Distribution Date, the
aggregate amount on deposit in the Certificate Account as of such Distribution
Date, net of any portion thereof which represents amounts payable pursuant to
clauses (ii) and (iii) of Section 3.04.

         "Business Day": Any day other than (i) a Saturday or a Sunday, or (ii)
a day on which banking institutions in the State of New York[, the State of
[__________] or the State of [_________]] and such other state or states in
which the Certificate Account or any account relating to the Underlying Agency
Securities are required or authorized by law or executive order to be closed.

         "Certificate": Any Class [A-1], Class [A-2], Class [A-3], Class [S] or
Class R Certificate.

         "Certificate Account": The trust account or accounts, which shall at
all times be Eligible Accounts, created and maintained by the Trustee pursuant
to Section 3.03. Funds deposited in the Certificate Account shall be held in
trust for the Certificateholders for the uses and purposes set forth in Article
III hereof.

         "Certificate Administrator": [___________] or its successor in
interest, solely in its capacity as certificate administrator under this
Agreement, or any successor certificate administrator appointed as provided
herein.

         "Certificateholder or Holder": The Person in whose name a Certificate
is registered in the Certificate Register, except that neither a Disqualified
Organization nor a Non-United States Person shall be a Holder of a Class R
Certificate for any purpose hereof. Solely for the purpose of giving any consent
or exercising any Voting Rights pursuant to this Agreement, any Certificate
registered in the name of the Company, the Certificate Administrator or any
Affiliate of either of them shall be deemed not to be Outstanding and the
Percentage Interest or Voting Rights evidenced thereby shall not be taken into
account in determining whether the requisite amount of Percentage Interests or
Voting Rights necessary to effect any such consent or direction has been
obtained.

         "Certificate Principal Balance": With respect to each Certificate
(other than the Class [S] Certificates), on any date of determination, an amount
equal to (i) the Initial Certificate Principal Balance of such Certificate as
specified on the face thereof plus (ii) in the case of the Class [A-3]
Certificates, all Accrued Certificate Interest added to the Certificate
Principal Balances thereof on each Distribution Date on or prior to the
Accretion Termination Date pursuant to Section 4.01(b), minus (iii) the
aggregate of all amounts previously distributed with respect to such Certificate
and applied to reduce the Certificate Principal Balance thereof pursuant to
Section 4.01. The Class [S] Certificates have no Certificate Principal Balance.

         "Certificate Registrar and Certificate Register": The registrar
appointed and the register maintained pursuant to Section 5.02.

         "Class": Collectively, all of the Certificates bearing the same
designation.

         "Class [A-1] Certificate": Any one of the Class [A-1] Certificates,
executed by the Trustee and authenticated by the Certificate Registrar,
substantially in the form annexed hereto

                                       3

as Exhibit A-1 and evidencing an interest designated as a "regular interest" in
the REMIC for purposes of the REMIC Provisions.

         "Class [A-2] Certificate": Any one of the Class [A-2] Certificates,
executed by the Trustee and authenticated by the Certificate Registrar,
substantially in the form annexed hereto as Exhibit A-1 and evidencing an
interest designated as a "regular interest" in the REMIC for purposes of the
REMIC Provisions.

         "Class [A-3] Certificate": Any one of the Class [A-3] Certificates,
executed by the Trustee and authenticated by the Certificate Registrar,
substantially in the form annexed hereto as Exhibit A-1 and evidencing an
interest designated as a "regular interest" in the REMIC for purposes of the
REMIC Provisions.

         "Class R Certificate": Any one of the Class R Certificates, executed by
the Trustee and authenticated by the Certificate Registrar, substantially in the
form annexed hereto as Exhibit A-2 and evidencing an interest designated as a
"residual interest" in the REMIC for purposes of the REMIC Provisions.

         "Class [S] Certificate": Any one of the Class [S] Certificates,
executed by the Trustee and authenticated by the Certificate Registrar,
substantially in the form annexed hereto as Exhibit A-1 and evidencing an
interest designated as a "regular interest" in the REMIC for purposes of the
REMIC provisions.

          "Closing Date":  [_________, 20__].

         "Code":  The Internal Revenue Code of 1986.

         "Corporate Trust Office": The principal corporate trust office of the
Trustee in the State of New York at which at any particular time its corporate
trust business with respect to this Agreement shall be administered, which
office at the date of the execution of this Agreement is located at
[_________].

         "Disqualified Organization": Any of the following: (i) the United
States, any State or political subdivision thereof, any possession of the United
States, or any agency or instrumentality of any of the foregoing (other than an
instrumentality which is a corporation if all of its activities are subject to
tax and, except for the FHLMC, a majority of its board of directors is not
selected by such governmental unit), (ii) a foreign government, any
international organization, or any agency or instrumentality of any of the
foregoing, (iii) any organization (other than certain farmers' cooperatives
described in Section 521 of the Code) which is exempt from the tax imposed by
Chapter 1 of the Code (unless such organization is subject to the tax imposed by
Section 511 of the Code on unrelated business taxable income), (iv) rural
electric and telephone cooperatives described in Section 1381 (a) (2) (C) of the
Code and (v) any other Person so designated by the Trustee based upon an Opinion
of Counsel that the holding of an Ownership Interest in a Class R Certificate by
such Person may cause Trust Fund or any Person having an ownership Interest in
any Class of Certificates, other than such Person, to incur a liability for any
federal tax imposed under the Code that would not otherwise be imposed but for
the Transfer of an Ownership Interest in a Class R Certificate to such Person.
The terms "United

                                       4

States", "State" and "international organization" shall have the meanings set
forth in Section 7701 of the Code or successor provisions.

         "Distribution Date": The third Business Day following each Underlying
Security Distribution Date, commencing with the Distribution Date on
[___________, 20__] .

         "Eligible Account": An account that is any of the following: (i)
maintained with a depository institution the debt obligations of which have been
rated by the Rating Agency in its highest rating available, (ii) an account or
accounts in a depository institution in which such accounts are fully insured to
the limits established by the FDIC, provided that any such deposits not so
insured shall, to the extent acceptable to the Rating Agency, as evidenced in
writing, be maintained such that (as evidenced by an Opinion of Counsel
delivered to the Trustee and the Rating Agency) the registered Holders of
Certificates have a claim with respect to the funds in such account or a
perfected first security interest against any collateral (which shall be limited
to Permitted Investments) securing such funds that is superior to claims of any
other depositors or creditors of the depository institution with which such
account is maintained, (iii) a trust account or accounts maintained in the
corporate trust department of [________], or (iv) an account or accounts of a
depository institution acceptable to the Rating Agency (as evidenced in writing
by the Rating Agency that use of any such account as the Certificate Account
will not reduce the rating assigned to the Certificates by such Rating Agency
below the lower of the then-current rating or the rating assigned to such
Certificates as of the Closing Date by such Rating Agency).

         "ERISA": The Employment Retirement Income Security Act of 1974, as
amended.

         "Event of Default":  As defined in Section 7.01.

         ["GNMA Issuer": Any one of the mortgage banking companies or other
financial concerns approved by GNMA that has issued and is servicing an
Underlying Security.]

          "Independent": When used with respect to any specified Person, such a
Person who (i) is in fact independent of the Company, the Certificate
Administrator and the Trustee, or any Affiliate thereof, (ii) does not have any
direct financial interest in the Company, the Certificate Administrator and the
Trustee, or any Affiliate thereof, and (iii) is not connected with the Company,
the Certificate Administrator and the Trustee as an officer, employee, promoter,
underwriter, trustee, partner, director or Person performing similar functions.

         "Initial Certificate Principal Balance": With respect to each
Certificate (other than a Class [S] Certificate) the initial Certificate
Principal Balance of such Certificate as specified on the face thereof as of the
Closing Date.

         "Maturity Date": The latest possible maturity date, solely for purposes
of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, by which the
Certificate Principal Balance of each Class of Certificates representing a
regular interest in the REMIC would be reduced to zero, which shall be the
Distribution Date immediately following the latest stated maturity date of any
of the Underlying Agency Securities.

         "Mortgage Loans": With respect to any Underlying Agency Security, the
mortgage loans in which such Underlying Agency Security evidence a beneficial
ownership interest.

                                       5

         "Non-United States Person": Any Person other than a United States
Person.

         "Notice of Final Distribution": With respect to any Underlying Agency
Security, the notice to be provided pursuant to the Trustee as holder of such
Underlying Agency Security to the effect that final distribution on such
Underlying Agency Security shall be made only upon presentation and surrender
thereof.

         "Notice of Termination": Any of the notices given to the Trustee by the
Certificate Administrator pursuant to Section 9.01(b).

         "Notional Amount": As of any Distribution Date, with respect to the
Class [S] Certificates, the Aggregate Underlying Certificate Balance immediately
prior to the most recent Underlying Security Distribution Date.

         "Officer's Certificate": A certificate signed by the President, Chief
Financial Officer, Treasurer, any Vice President, Secretary or any other officer
authorized by the board of directors of the Company, the Certificate
Administrator or the Trustee, as required by this Agreement.

         "Opinion of Counsel": A written opinion of counsel, who may be counsel
for the Company or the Certificate Administrator, which opinion is reasonably
acceptable to the Trustee; except that any opinion of counsel relating to (i)
the qualification of any account required to be maintained pursuant to this
Agreement as an Eligible Account or (ii) the qualification of the Trust Fund as
a REMIC or compliance with the REMIC Provisions, must be an opinion of
Independent counsel.

         "Outstanding": With respect to the Certificates, as of the date of
determination, all Certificates previously executed and delivered under this
Agreement except (i) Certificates previously canceled by the Trustee or
delivered to the Trustee for cancellation; and (ii) Certificates in exchange for
which or in lieu of which other Certificates have been executed and delivered
pursuant to this Agreement.

         "Ownership Interest": As to any Certificate, any ownership or security
interest in such Certificate, including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

         "Pass-Through Rate": With respect to each Class of Certificates, the
respective per annum rate set forth in the Preliminary Statement hereto.

         "Paying Agent":  Any Paying Agent appointed by the Trustee.

         "Percentage Interest": With respect to a Certificate (other than a
Class [S] Certificate or a Class R Certificate), the undivided percentage
ownership interest in the related Class evidenced by such Certificate, which
percentage ownership interest shall be equal to the Initial Certificate
Principal Balance thereof divided by the aggregate Initial Certificate Principal
Balance of all of the Certificates of the same Class. With respect to a Class
[S] Certificate or a Class R Certificate, the interest in distributions to be
made with respect to such Class evidenced thereby, expressed as a percentage, as
stated on the face of such Certificate.

                                       6

         "Permitted Investments":  One or more of the following:

                  (i) obligations of, or guaranteed as to principal and interest
         by, the United States or any agency or instrumentality thereof when
         such obligations are backed by the full faith and credit of the United
         States;

                  (ii) repurchase agreements on obligations specified in clause
         (i) maturing not more than one month from the date of acquisition
         thereof, provided that the unsecured obligations of the party agreeing
         to repurchase such obligations are at the time rated by the Rating
         Agency in its highest short-term rating available;

                  (iii) federal funds, certificates of deposit, demand deposits,
         time deposits and bankers' acceptances (which shall each have an
         original maturity of not more than 90 days and, in the case of bankers'
         acceptances, shall in no event have an original maturity of more than
         365 days or a remaining maturity of more than 30 days) denominated in
         United States dollars of any U.S. depository institution or trust
         company incorporated under the laws of the United States or any state
         thereof or of any domestic branch of a foreign depository institution
         or trust company; provided that the debt obligations of such depository
         institution or trust company (or, if the only Rating Agency is Standard
         & Poor's in the case of the principal depository institution in a
         depository institution holding company, debt obligations of the
         depository institution holding company) at the date of acquisition
         thereof have been rated by the Rating Agency in its highest short-term
         rating available; and provided further that if the only Rating Agency
         is Standard & Poor's and if the depository or trust company is a
         principal subsidiary of a bank holding company and the debt obligations
         of such subsidiary are not separately rated, the applicable rating
         shall be that of the bank holding company; and provided further that,
         if the original maturity of such short-term obligations of a domestic
         branch of a foreign depository institution or trust company shall
         exceed 30 days, the short-term rating of such institution shall be A-1+
         if Standard & Poor's is the Rating Agency;

                  (iv) commercial paper (having original maturities of not more
         than 365 days) of any corporation incorporated under the laws of the
         United States or any state thereof which on the date of acquisition has
         been rated by the Rating Agency in its highest short-term rating
         available; provided that such commercial paper shall have a remaining
         maturity of not more than 30 days;

                  (v) a money market fund or qualified investment fund rated by
         the Rating Agency in its highest rating available; and

                  (vi) other obligations or securities that are acceptable to
         the Rating Agency as a Permitted Investment hereunder and will not
         reduce the rating assigned to the Certificates by such Rating Agency
         below the lower of the then-current rating or the rating assigned to
         the Certificates as of the Closing Date by such Rating Agency, as
         evidenced in writing; provided, however, that no instrument shall be a
         Permitted Investment if it represents, either (1) the right to receive
         only interest payments with respect to the underlying debt instrument
         or (2) the right to receive both principal and interest payments
         derived from obligations underlying such instrument and the principal

                                       7

         payments with respect to such instrument provide a yield to maturity
         greater than 120% of the yield to maturity at par of such underlying
         obligations. References herein to the highest rating available on
         unsecured long-term debt shall mean Aaa in the case of Moody's
         Investors Service, Inc., AAA in the case of Standard & Poor's and Fitch
         Investors Service, Inc. and in the case of any other Rating Agency
         shall mean such ratings without any plus or minus, and references
         herein to the highest rating available on unsecured commercial paper
         and short-term debt obligations shall mean P-1 in the case of Moody's
         Investors Service, Inc., A-1 in the case of Standard & Poor's and
         either A-1 by Standard & Poor's, P-1 by Moody's Investors Service, Inc.
         or F-1 by Fitch Investors Service, Inc. in the case of Fitch Investors
         Service, Inc.

         "Permitted Transferee": Any Transferee of a Class R Certificate, other
than a Disqualified Organization or a Non-United States Person.

         "Person": Any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

         "Prepayment Assumption": A prepayment assumption of [__]% of the
standard prepayment assumption used for determining the accrual of original
issue discount and market discount on the Certificates for federal income tax
purposes. The standard prepayment assumption assumes a constant rate of
prepayment of mortgage loans of [__]% per annum of the outstanding principal
balance of such mortgage loans in the first month of life of the mortgage loans,
increasing by an additional [__]% per annum in each succeeding month until the
thirtieth month, and a constant [__]% per annum rate of prepayment thereafter
for the life of the mortgage loans.

         "Principal Distribution Amount": With respect to any Distribution Date,
the sum of (i) the aggregate of the Underlying Certificate Principal
Distribution Amount for the immediately preceding Underlying Security
Distribution Date, plus any amounts received as described in Section 3.03(a)(ii)
since the preceding Distribution Date to the extent allocated to principal of
one or more Underlying Agency Securities and (ii) the Accretion Amount.

         "Rating Agencies": [________] and [________]. If an agency or a
successor is no longer in existence, "Rating Agency" shall include such
statistical credit rating agency, or other comparable Person, designated by the
Company, notice of which designation shall be given to the Trustee and the
Certificate Administrator.

         "Record Date": With respect to any Distribution Date, other than the
first Distribution Date, the last Business Day of the month preceding the month
in which the Underlying Security Distribution Date on the Underlying Agency
Securities occurs and with respect to the first Distribution Date, the Closing
Date.

         "Reference Date":  [______________ 1, 20__].

         "Regular Certificates": Any of the Certificates other than the Class R
Certificates.

                                       8

         "REMIC": A "real estate mortgage investment conduit" within the meaning
of Section 860D of the Code.

         "REMIC Provisions": Provisions of the federal income tax law relating
to REMICs, which appear at Sections 860A through 860G of Subchapter M of Chapter
1 of the Code, and related provisions, and temporary and final regulations (or,
to the extent not inconsistent with such temporary or final regulations,
proposed regulations) and published rulings, notices and announcements
promulgated thereunder, as the foregoing may be in effect from time to time.

         "Residual Certificate":  Any one of the Class R Certificates.

         "Responsible Officer": When used with respect to the Trustee, any
officer of the Trustee employed in its corporate trust department, including any
Senior Vice President, any Vice President, any Assistant Vice President, any
Assistant Secretary, any Trust Officer or Assistant Trust Officer or Assistant
Trust Officer, or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers to
whom, with respect to a particular matter arising under this Agreement, such
matter is referred.

         "Servicing Fee": With respect to any Distribution Date, the fee payable
monthly to the Certificate Administrator in respect of its compensation
hereunder that accrues at an annual rate equal to [__]% on the Aggregate
Underlying Certificate Balance as in effect immediately prior to the preceding
Underlying Security Distribution Date.

         "Servicing Officer": Any officer of the Certificate Administrator
involved in, or responsible for, the administration and servicing of the Trust
Fund whose name and specimen signature appear on a list of servicing officers
furnished to the Trustee by the Certificate Administrator, as such list may from
time to time be amended.

         "Standard & Poor's": Standard & Poor's Ratings Group or its successor
in interest.

         "Tax Returns": The federal income tax return on Internal Revenue
Service Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax
Return, including Schedule Q thereto, Quarterly Notice to Residual Interest
Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms,
to be filed on behalf of the Trust Fund due to its classification as a REMIC
under the REMIC Provisions, together with any and all other information, reports
or returns that may be required to be furnished to the Certificateholders or
filed with the Internal Revenue Service or any other governmental taxing
authority under any applicable provisions of federal, state or local tax laws.

         "Termination Date": The Distribution Date on which the Trust Fund is
terminated pursuant to Section 9.01.

         "Trust Fund": The corpus of the trust created by and to be administered
under this Agreement consisting of: (i) the Underlying Agency Securities, (ii)
all distributions thereon payable after the Closing Date and (iii) the
Certificate Account and such assets that are deposited therein from time to
time, together with any and all income, proceeds and payments with respect
thereto.

                                       9

         "Trustee": [________], a [national bank] [[state bank] [trust company]
[organized under the laws of [_________]] or its successor in interest, or any
successor trustee appointed as herein provided.

         "Underlying Security": Any of the [GNMA] [I] [II] Certificates
transferred to the Trustee by the Company pursuant to Section 2.01 to be held as
a part of the Trust Fund, as more fully described in the Preliminary Statement
hereto.

         "Underlying Agency Securityholder": The registered holder of any
Underlying Agency Security which, following the execution and delivery of this
Agreement by the parties hereto, shall be the Trustee for the benefit of the
Certificateholders.

         "Underlying Certificate Balance": With respect to any Underlying Agency
Security, as of any Underlying Security Distribution Date (following all
distributions to be made with respect to the Underlying Agency Security on such
Underlying Security Distribution Date), and as of any date of determination
thereafter until the next succeeding Underlying Security Distribution Date, the
principal balance of such Underlying Agency Security as set forth in, or
calculated in accordance with the terms of such Underlying Agency Security on
the basis of, the Underlying Security Distribution Date Statement sent to the
Trustee as Underlying Agency Securityholder relating to such Underlying Security
Distribution Date.

         "Underlying Certificate Principal Distribution Amount": With respect to
any Distribution Date, the aggregate amount actually distributed on the
Underlying Agency Securities on the immediately preceding Underlying Security
Distribution Date and identified as applied to reduce the related Underlying
Certificate Balance in the respective Underlying Security Distribution Date
Statement.

         "Underlying Certificate Rate": With respect to any Underlying Agency
Security and any Underlying Security Distribution Date, the rate per annum at
which interest payable with respect to such Underlying Agency Security on such
Underlying Security Distribution Date accrued.

         "Underlying Security Distribution Date": With respect to any Underlying
Agency Security, the "Distribution Date", as such term is defined on such
Underlying Agency Security.

         "Underlying Security Distribution Date Statement": With respect to any
Underlying Agency Security and any Underlying Security Distribution Date, the
monthly remittance report forwarded to the holder thereof with respect to such
Underlying Security Distribution Date pursuant to such Underlying Agency
Security.

         "United States Person": A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includible in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States. The
term "United States" shall have the meaning set forth in Section 7701 of the
Code or successor provisions.

         "Voting Rights": The portion of the voting rights of all Certificates
which is allocated to any Certificate. For so long as the related Classes of
Certificates remain outstanding, [__]% of

                                       10

all of the Voting Rights shall be allocated among all Holders of the Class [A-1]
Certificates, Class [A-2] Certificates and Class [A-3] Certificates in
proportion to their then outstanding Certificate Principal Balances; and
[__]% and [__]% of the Voting Rights shall be allocated among the Class [S] and
the Class R Certificates, respectively, in proportion to the Percentage
Interests evidenced by their respective Certificates.

                                   ARTICLE II

           CONVEYANCE OF THE UNDERLYING MORTGAGE SECURITIES; ORIGINAL
                          ISSUANCE OF THE CERTIFICATES

         SECTION 2.01 Conveyance of the Underlying Agency Securities. The
Company, concurrently with the execution and delivery hereof, does hereby sell,
transfer, assign, set-over and otherwise convey to the Trustee, in trust, for
the use and benefit of the Certificateholders, without recourse, all the right,
title and interest of the Company in and to the Underlying Agency Securities and
all other assets constituting the Trust Fund. Such assignment includes, without
limitation, all amounts payable to and all rights of the Underlying Agency
Securityholders after the Closing Date.

         In connection with such transfer and assignment, the Company does
hereby deliver to, and deposit with, the Trustee each of the Underlying Agency
Securities, together with the following documents or instruments relating to
each Underlying Agency Security:

                  (i) a duly issued and authenticated certificate for each
         Underlying Agency Security, each evidencing the entire interest in such
         [series and class] and registered in the name of "[Name of Trustee], as
         trustee under the Trust Agreement relating to Mortgage Pass-Through
         Certificates, Series 20[__-__]"; and

                  (ii) copies of the most recent Underlying Security
         Distribution Date Statements, if any, delivered to the related
         Underlying Agency Securityholder with respect to such Underlying Agency
         Security.

         The transfer of the Underlying Agency Securities and all other assets
constituting the Trust Fund is absolute and is intended by the parties hereto as
a sale by the Company to the Trustee of the Underlying Agency Securities for the
benefit of the Certificateholders. Except as provided in Sections 3.02(b) and
9.01 hereof, the Trustee shall not assign, sell, dispose of or transfer any
interest in the Underlying Agency Securities or any other asset constituting the
Trust Fund or permit the Underlying Agency Securities or any other asset
constituting the Trust Fund to be subjected to any lien, claim or encumbrance
arising by, through or under the Trustee or any Person claiming by, through or
under the Trustee.

         SECTION 2.02 Acceptance by Trustee. The Trustee hereby acknowledges
receipt of the documents referred to in Section 2.01(i) and (ii) above and
declares that it holds and will hold the Underlying Agency Securities and such
other documents and instruments delivered to it with respect to the Underlying
Agency Securities in trust for the use and benefit of all present and future
Certificateholders. Upon delivery of any document or instrument relating to a
Underlying

                                       11

Agency Security by the Company or the Certificate Administrator, the Trustee
shall acknowledge receipt of such documents.

         SECTION 2.03 Execution and Authentication of Certificates. Concurrently
with the transfer and delivery of the Underlying Agency Securities and all
related documents and instruments, the Trustee has executed, authenticated and
delivered, to or upon the order of the Company, the Certificates duly executed
and authenticated by the Trustee in authorized Percentage Interests, registered
in such names as the Company has requested.

                                  ARTICLE III

         ADMINISTRATION OF THE UNDERLYING AGENCY SECURITIES; REPORTS TO
                               CERTIFICATEHOLDERS

         SECTION 3.01 Administration of the Trust Fund and the Underlying Agency
Securities. (a) If at any time the Trustee, as Underlying Agency Securityholder,
is requested in such capacity to take any action or to give any consent,
approval or waiver, or if an Event of Default as defined under the terms of the
Underlying Agency Security occurs, the Trustee, in its capacity as Underlying
Agency Securityholder, may take such action in connection with the enforcement
of any rights and remedies available to it in such capacity with respect thereto
and only in accordance with the written directions of Holders of Certificates
evidencing at least 51% of the Voting Rights. The Trustee shall promptly notify
all of the Certificateholders of any such request.

         (b) The holders of the Class R Certificates shall pay in proportion to
their ownership interests in such Class R Certificates any taxes imposed on the
Trust Fund resulting from the Certificate Administrator's exercise of any option
to repurchase any of the Underlying Agency Securities in accordance with the
Assignment and Assumption Agreement.

         SECTION 3.02 Collection of Monies. (a) In connection with its receipt
of any distribution on a Underlying Agency Security on any Underlying Security
Distribution Date, the Trustee shall review the Underlying Security Distribution
Date Statement and shall confirm that the information contained therein is
arithmetically correct. If (i) the Trustee shall not have received a
distribution on any Underlying Agency Security by the close of business on the
date on which such distribution was to be received by the Trustee, the Trustee
shall notify the Certificate Administrator if such distribution shall not have
been received by the Trustee one Business Day following such notice or (ii) the
Trustee shall gain actual knowledge of any event of default under and as defined
in any Underlying Agency Security, the Trustee shall promptly notify the
Certificate Administrator and the Certificateholders and such parties shall
proceed in accordance with the terms and conditions of Section 3.01(a).

         (b) Except as otherwise provided in Section 9.01, upon its receipt of a
Notice of Final Distribution, the Trustee shall present and surrender the
applicable Underlying Agency Security to which such notice applies for final
payment thereon in accordance with the terms and conditions of such Underlying
Agency Security and such Notice of Final Distribution. The Trustee shall
promptly deposit in the Certificate Account the final distribution received upon
presentation and surrender of such Underlying Agency Security.

                                       12

         SECTION 3.03 Establishment of Certificate Account; Deposits in
Certificate Account. (a)The Trustee, for the benefit of the Certificateholders,
shall establish and maintain one or more accounts (collectively, the
"Certificate Account"), each of which shall be an Eligible Account, entitled
"[Name of Trustee], in trust for the registered holders of Mortgage
Pass-Through Certificates, Series 20[__-__]", held in trust by the Trustee for
the benefit of the Certificateholders. The Trustee shall cause the following
payments and collections in respect of the Underlying Agency Securities to be
deposited directly into the Certificate Account:

                  (i) all distributions received on the Underlying Agency
         Securities subsequent to the Closing Date;

                  (ii) any amounts received in connection with the sale of the
         Underlying Agency Securities pursuant to Section 9.01 in accordance
         with a plan of complete liquidation of the Trust Fund meeting the
         requirements of Section 860F(a)(4)A of the Code[, or in connection with
         any optional repurchase by the Certificate Administrator or any GNMA
         Issuer of any Underlying Security]; and

                  (iii) any other amounts specifically required to be deposited
         in the Certificate Account hereunder.

         The foregoing requirements for deposit in the Certificate Account shall
be exclusive.

         (b) Funds in the Certificate Account shall be invested by the Trustee
in Permitted Investments in accordance with the provisions set forth in Section
4.04. The Trustee shall give notice to the Certificate Administrator and the
Company of the location of each Certificate Account upon establishment thereof
and prior to any change thereof.

         SECTION 3.04 Permitted Withdrawals From the Certificate Account. The
Trustee shall from time to time withdraw funds from the Certificate Account for
the following purposes:

                  (i) to make distributions in the amounts and in the manner
         provided for in Section 4.01;

                  (ii) to pay to the Certificate Administrator on each
         Distribution Date, as compensation for its services hereunder, the
         Servicing Fee plus any investment income on amounts in the Certificate
         Account;

                  (iii) to reimburse the Company or the Certificate
         Administrator for expenses incurred by and reimbursable to the Company
         or the Certificate Administrator pursuant to Section 6.03, Sections
         10.01(c) and (g) or as otherwise permitted under this Agreement; and

                  (iv) to clear and terminate the Certificate Account upon the
         termination of this Agreement.

                                       13

         On each Distribution Date, the Trustee shall withdraw all funds from
the Certificate Account and shall use such funds withdrawn from the Certificate
Account only for the purposes described in this Section 3.04 and in Section
4.01.

         SECTION 3.05 Annual Statement as to Compliance. On or before March 31st
of each calendar year, beginning with calendar year [20__], the Certificate
Administrator shall deliver to the Trustee an Officer's Certificate stating that
(a) a review of the activities of the Certificate Administrator during the
preceding calendar year and of its performance under this Agreement (and similar
agreements) has been made under the supervision of the officer signing such
certificate and (b) to the best of such officer's knowledge, based on such
review, the Certificate Administrator has fulfilled in all material respects all
of its material obligations under this Agreement (and similar agreements)
throughout such year, or, if there has been a default in the fulfillment in any
material respect of any such obligation, specifying each such default known to
such officer, the nature and status thereof.

         SECTION 3.06 Rights of the Company in Respect of the Certificate
Administrator. The Certificate Administrator shall afford the Company, upon
reasonable notice, during normal business hours access to all records maintained
by the Certificate Administrator in respect of its rights and obligations
hereunder and access to officers of the Certificate Administrator responsible
for such obligations. Upon request, the Certificate Administrator shall furnish
the Company with its most recent financial statements and such other information
as the Certificate Administrator possesses regarding its business, affairs,
property and condition, financial or otherwise. The Certificate Administrator
shall also cooperate with all reasonable requests for information including, but
not limited to, notices and copies of files, regarding itself, the Underlying
Agency Securities or the Certificates from any Person or Persons identified by
the Company or the Certificate Administrator. The Company may, but is not
obligated to, enforce the obligations of the Certificate Administrator hereunder
and may, but is not obligated to, perform, or cause a designee to perform, any
defaulted obligation of the Certificate Administrator hereunder or exercise the
rights of the Certificate Administrator hereunder; provided that the Certificate
Administrator shall not be relieved of any of its obligations hereunder by
virtue of such performance by the Company or its designee. The Company shall not
have any responsibility or liability for any action or failure to act by the
Certificate Administrator and is not obligated to supervise the performance of
the Certificate Administrator under this Agreement or otherwise.

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

         SECTION 4.01 Distributions. (a) On the Business Day prior to each
Distribution Date, the Certificate Administrator shall provide written notice to
the Trustee indicating the amount of Accrued Certificate Interest on each Class
of the Certificates, and the Principal Distribution Amount and the allocation
thereof to each Class of Certificates, for such Distribution Date. On each
Distribution Date, the Trustee shall withdraw from the Certificate Account all
funds then on deposit, and the Trustee or the Paying Agent appointed by the
Trustee shall distribute to the Holders of each respective Class of
Certificates, from such Available Distribution Amount, the

                                       14

following amounts, in the following order of priority, in each case to the
extent of the Available Distribution Amount:

                  (i) first, concurrently to the Class [A-1] Certificateholders,
         Class [A-2] Certificateholders, Class [S] Certificateholders and Class
         R Certificateholders on a pro rata basis based on the Accrued
         Certificate Interest payable thereon, Accrued Certificate Interest on
         such Class of Certificates as applicable for such Distribution Date,
         plus any Accrued Certificate Interest thereon remaining unpaid for any
         previous Distribution Date;

                  (ii) second, an amount equal to the Principal Distribution
         Amount shall be distributed in reduction of the Certificate Principal
         Balances of the Classes set forth below as follows:

                           (A) first, to the Class R Certificates, until the
                  Certificate Principal Balance thereof is reduced to zero;

                           (B) second, to the Class [A-1] Certificates, until
                  the Certificate Principal Balance thereof is reduced to zero;
                  and

                           (C) third, to the Class [A-2] Certificates, until the
                  Certificate Principal Balance thereof is reduced to zero;

                  (iii) third, to the Class [A-3] Certificateholders, Accrued
         Certificate Interest on such Classes of Certificates as applicable for
         such Distribution Date, plus any Accrued Certificate Interest thereon
         remaining unpaid from any previous Distribution Date (to the extent
         such unpaid Accrued Certificate Interest does not constitute an
         Accretion Amount);

                  (iv) fourth, an amount equal to the Principal Distribution
         Amount remaining after the distribution described in clause (ii) above
         shall be distributed in reduction of the Certificate Principal Balance
         of the Class [A-3] Certificates, until the Certificate Principal
         Balance thereof is reduced to zero;

provided, that if such Distribution Date is on or prior to the Accretion
Termination Date, no distribution shall be made pursuant to clause (iii) above
to the Class [A-3] Certificateholders to the extent that Accrued Certificate
Interest is not then payable in accordance with Section 4.01(b); and provided
further, that the amount available for interest distributions on the
Certificates on any Distribution Date as described above shall not exceed the
aggregate amount distributed on the Underlying Agency Securities on the
preceding Underlying Security Distribution Date in respect of interest, reduced
by the Servicing Fee; and provided further, that no such unpaid Accrued
Certificate Interest on the Certificates will be carried forward to the extent
that the corresponding amount of any shortfall in interest distributions on any
of the Underlying Agency Securities on the preceding Underlying Security
Distribution Date is not carried forward with respect to such Underlying Agency
Securities;

         (b) On each Distribution Date prior to the Accretion Termination Date,
an amount equal to the amount of Accrued Certificate Interest on the Class [A-3]
Certificates for such Distribution Date that would otherwise be distributed on
such Certificates on such Distribution

                                       15

Date pursuant to Section 4.01(a)(iii) shall be added to the Certificate
Principal Balance thereof (such amount, the "Accretion Amount"). On and after
the Accretion Termination Date, the entire amount of Accrued Certificate
Interest on the Class [A-3] Certificates for such Distribution Date shall be
payable to such Certificates to the extent not required to retire fully the
Class [A-1], Class [A-2] and Class R Certificates on the Accretion Termination
Date. Any Accrued Certificate Interest on the Class [A-3] Certificates which is
required to be paid to the holders of the Class [A-1], Class [A-2] or Class R
Certificates on the Accretion Termination Date as provided in the preceding
sentence will be added to the Certificate Principal Balance of the Class [A-3]
Certificates in the manner described in the first sentence of this Section
4.01(b).

         (c) Payments on each Distribution Date will be made to the
Certificateholders of record on the related Record Date. Distributions to any
Certificateholder on any Distribution Date shall be made by wire transfer of
immediately available funds to the account of such Certificateholder at a bank
or other entity having appropriate facilities therefor, if such
Certificateholder shall have so notified the Trustee or the Paying Agent in
writing at least five Business Days prior to the Record Date and if the
aggregate amount of distribution to be made to such Holder is at least $10,000,
or in such other manner as shall be agreed to by the Trustee and such
Certificateholder, or otherwise by check mailed by first class mail to the
address of such Certificateholder appearing in the Certificate Register. Final
distribution on each Certificate will be made in like manner, but only upon
presentment and surrender of such Certificate at the Corporate Trust Office or
such other location specified in the notice to Certificateholders of such final
distribution.

         (d) Except as otherwise provided in Section 9.01, whenever the Trustee,
as of five Business Days prior to any Record Date, expects that the final
distribution with respect to the Certificates will be made on the related
Distribution Date, the Trustee shall, no later than such related Record Date
mail to each Holder of the Certificates on such date a notice to the effect
that:

                  (i) the Trustee expects that the final distribution with
         respect to the Certificates will be made on such Distribution Date but
         only upon presentation and surrender of such Certificates at the office
         of the Trustee therein specified; and

                  (ii) no interest shall accrue on such Certificates from and
         after such Distribution Date.

         SECTION 4.02 Statements to Certificateholders. On each Distribution
Date, the Certificate Administrator shall prepare and the Trustee shall forward
by mail a statement to each Certificateholder stating:

                  (i) the Available Distribution Amount for such Distribution
         Date and the respective portions thereof constituting interest and
         principal distributions on the Underlying Agency Securities;

                  (ii) with respect to such Distribution Date, the aggregate
         amount of Accrued Certificate Interest and the amounts of interest and
         principal distributed to the Certificateholders of each Class on such
         Distribution Date pursuant to Section 4.01;

                                       16

                  (iii) the respective amounts of any prepayments and any
         purchases of mortgage Loans (due to conversion or otherwise) included
         in such distributions;

                  (iv) the Certificate Principal Balance or Notional Amount of
         the Certificates of each Class after giving effect to distributions of
         principal on such Distribution Date; and

                  (v) the Underlying Certificate Balance for each Underlying
         Agency Security as of the Underlying Security Distribution Date
         immediately preceding such Distribution Date, after giving effect to
         the distribution of principal made thereon on such Underlying Security
         Distribution Date.

         In the case of the information furnished pursuant to clause (ii) above,
the amounts shall also be expressed as a dollar amount per Certificate
evidencing a $1,000 denomination.

         In addition, the Trustee promptly will furnish to Certificateholders
and the Certificate Administrator copies of any notices, statements, reports or
other communications including, without limitation, the Underlying Security
Distribution Date Statements (or, in lieu thereof, if the Certificate
Administrator so elects, a summary report of information relevant to the
Certificates, reported by the [GNMA] with regard to the Underlying Agency
Securities) for each Underlying

         Security Distribution Date, received by the Trustee as the Underlying
Agency Securityholder.

         On or before March 31st of each calendar year, beginning with calendar
year 20[__], the Trustee shall prepare and deliver by first class mail to each
Person who at any time during the previous calendar year was a Certificateholder
of record a statement containing the information required to be contained in the
regular monthly report to Certificateholders, as set forth in clause (ii) above
aggregated for such calendar year or the applicable portion thereof during which
such Person was a Certificateholder. Such obligation of the Trustee shall be
deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Trustee pursuant to any requirements of the
Code and regulations thereunder as from time to time are in force. The Trustee,
upon request, will furnish the Certificate Administrator with all information
the Trustee has as may reasonably be requested in connection with the
preparation by the Certificate Administrator of all tax returns described in
Section 10.01.

         SECTION 4.03 Access to Certain Documentation and Information. The
Trustee shall provide to the Certificateholders access to certificates and all
reports, documents and records maintained by the Trustee in respect of its
duties hereunder, such access being afforded without charge but only upon
reasonable written request and during normal business hours at offices
designated by the Trustee.

         SECTION 4.04 Permitted Investments. The Certificate Administrator shall
direct any institution maintaining the Certificate Account to invest the funds
in such Certificate Account in Permitted Investments, which shall mature not
later than the Business Day immediately preceding the next Distribution Date
(except that, (i) any investment in the institution with which the Certificate
Account is maintained may mature on such Distribution Date and (ii) any other
investment may mature on such Distribution Date if the Trustee shall advance
funds on such

                                       17

Distribution Date to the Certificate Account in the amount payable
on such investment on such Distribution Date, pending receipt thereof to the
extent necessary to make distributions on the Certificates), and shall not be
sold or disposed of prior to their maturity. All such Permitted Investments
shall be made in the name of the Trustee, in trust for the Holders of the
Certificates, or its nominee. All income and gain received from any such
investment shall be deposited in the appropriate Certificate Account and may
only be withdrawn and applied for the purposes set forth in Section 3.04. The
amount of any losses incurred in respect of any such investments shall be
deposited in the Certificate Account by the Certificate Administrator out of its
own funds immediately as realized.

                                    ARTICLE V

                                THE CERTIFICATES

         SECTION 5.01 The Certificates. The Certificates shall be substantially
in the form set forth in Exhibits A-1 and A-2 hereto. The Certificates (other
than the Class [S] Certificates and the Class R Certificates) will be issuable
in registered form, with minimum initial Certificate Principal Balances as of
the Closing Date of $[_______] and integral multiples of $[_____] in excess
thereof[; provided, however, that one Class [___] Certificate will be issued in
an initial denomination equal to $[_______], or the sum of $[_______] and any
integral multiple of $[_______]]. The Class [S] Certificates and the Class R
Certificates will be issuable in registered form, in minimum denominations of
not less than a [___]% Percentage Interest; [provided, however, that at all
times one Class R Certificate will be held by [the Certificate Administrator] as
"tax matters person" pursuant to Section 10.01(c) in a minimum denomination
representing a Percentage Interest of not less than 0.01%].

         The Certificates shall be executed by manual or facsimile signature on
behalf of an authorized officer of the Trustee. Certificates bearing the manual
or facsimile signatures of individuals who were at any time the authorized
officers of the Trustee shall bind the Trustee, notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Certificates or did not hold such offices at
the date of such Certificates. No Certificate shall be entitled to any benefit
under this Agreement, or be valid for any purpose, unless there appears on such
Certificate a certificate of authentication substantially in the form provided
for herein executed by the Certificate Registrar by manual signature, and such
certificate upon any Certificate shall be conclusive evidence, and the only
evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.

         SECTION 5.02 Registration of Transfer and Exchange of Certificates. (a)
The Trustee shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in accordance with the provisions of this Section 5.02
a Certificate Register in which, subject to such reasonable regulations as it
may prescribe, the Trustee shall provide for the registration of Certificates
and of transfers and exchanges of Certificates as herein provided. The Trustee
is initially appointed Certificate Registrar for the purpose of registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar, or the Trustee, shall provide the Certificate
Administrator with a certified list of Certificateholders as of each Record Date
prior to the Distribution Date. Upon satisfaction of the conditions set forth
below, the

                                       18

Trustee shall execute and the Certificate Registrar shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Certificates of a like Class and aggregate Percentage Interest. In addition,
the Trustee shall notify the Company of every proposed transfer or exchange of
the Certificates.

         (b) At the option of the Certificateholders, Certificates may be
exchanged for other Certificates of authorized denominations of a like Class and
aggregate Percentage Interest, upon surrender of the Certificates to be
exchanged at any such office or agency. Whenever any Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall authenticate and deliver the Certificates which the Certificateholder
making the exchange is entitled to receive. Every Certificate presented or
surrendered for transfer or exchange shall (if so required by the Trustee or the
Certificate Registrar) be duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Trustee and the Certificate
Registrar duly executed by, the Holder thereof or his attorney duly authorized
in writing.

         (c) In the case of any Certificate presented for registration in the
name of an employee benefit plan or other plan subject to the fiduciary
responsibility provisions of ERISA, or Section 4975 of the Code (or comparable
provisions of any subsequent enactments), an investment manager, a named
fiduciary or a trustee of such plan, or any other Person who is using "plan
assets" of any such plan to effect such acquisition (including any insurance
company using funds in its general or separate accounts that may constitute
"plan assets"), unless otherwise directed by the Company, the Trustee shall
require an opinion of Counsel acceptable to and in form and substance
satisfactory to the Trustee, the Company and the Certificate Administrator to
the effect that the purchase or holding of such Certificate is permissible under
applicable law, will not constitute or result in any non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, and will not
subject the Trustee, the Company or the Certificate Administrator to any
obligation or liability (including obligations or liabilities under ERISA or
Section 4975 of the Code) in addition to those undertaken in this Agreement,
which Opinion of Counsel shall not be an expense of the Trustee, the Company or
the Certificate Administrator. Neither the Company, the Certificate
Administrator nor the Trustee will be required to obtain such opinion of Counsel
on behalf of any prospective transferee.

         (d) (i) Each Person who has or who acquires any Ownership Interest in a
Class R Certificate shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the following provisions and to
have irrevocably authorized the Trustee or its designee under clause (iii) (A)
below to deliver payments to a Person other than such Person and to negotiate
the terms of any mandatory sale under clause (iii) (B) below and to execute all
instruments of transfer and to do all other things necessary in connection with
any such sale. The rights of each Person acquiring any Ownership Interest in a
Class R Certificate are expressly subject to the following provisions:

                           (A) Each Person holding or acquiring any Ownership
                  Interest in a Class R Certificate shall be a Permitted
                  Transferee and shall promptly notify the Trustee of any change
                  or impending change in its status as a Permitted Transferee.

                                       19

                           (B) In connection with any proposed Transfer of any
                  Ownership Interest in a Class R Certificate, the Trustee shall
                  require delivery to it, and shall not register the Transfer of
                  any Class R Certificate until its receipt of, (I) an affidavit
                  and agreement (a "Transfer Affidavit and Agreement" attached
                  hereto as Exhibit B-1) from the proposed Transferee, in form
                  and substance satisfactory to the Trustee and the Certificate
                  Administrator, representing and warranting, among other
                  things, that it is a United States Person and Permitted
                  Transferee, that it is not acquiring its ownership Interest in
                  the Class R Certificate that is the subject of the proposed
                  transfer as a nominee, trustee or agent for any Person who is
                  not a Permitted Transferee, that for so long as it retains its
                  Ownership Interest in a Class R Certificate, it will endeavor
                  to remain a Permitted Transferee, and that it has reviewed the
                  provisions of this Section 5.02(d) and agrees to be bound by
                  them and (II) a certificate, attached hereto as Exhibit B-2,
                  from the Holder wishing to transfer the Class R Certificate,
                  in form and substance satisfactory to the Certificate
                  Administrator, representing and warranting, among other
                  things, that no purpose of the proposed Transfer is to impede
                  the assessment or collection of tax.

                           (C) Notwithstanding the delivery of a Transfer
                  Affidavit and Agreement by a proposed Transferee under clause
                  (B) above, if the Trustee has actual knowledge that the
                  proposed Transferee is not a Permitted Transferee, no transfer
                  of an ownership Interest in a Class R Certificate to such
                  proposed Transferee shall be effected.

                           (D) Each Person holding or acquiring any ownership
                  Interest in a Class R Certificate shall agree (1) to require a
                  Transfer Affidavit and Agreement from any other Person to whom
                  such Person attempts to transfer its Ownership Interest in a
                  Class R Certificate and (2) not to transfer its Ownership
                  Interest unless it provides a certificate to the Trustee and
                  the Certificate Administrator in the form attached hereto as
                  Exhibit B-2.

                           (E) Each Person holding or acquiring an Ownership
                  Interest in a Class R Certificate, by purchasing an ownership
                  Interest in such Certificate, agrees to give the Trustee
                  written notice that it is a "pass-through interest holder"
                  within the meaning of Temporary Treasury Regulations Section
                  1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership
                  Interest in a Class R Certificate, if it is, or is holding an
                  Ownership Interest in a Class R Certificate on behalf of,
                  "pass-through interest holder."

                           (F) Each Person holding or acquiring any Ownership
                  Interest in a Class R Certificate shall be a "qualified
                  institutional buyer" as defined in Rule 144A under the
                  Securities Act of 1933, as amended, or an Affiliate of the
                  Company or the Certificate Administrator.

                  (ii) The Trustee will register the transfer of any Class R
         Certificate only if it shall have received the Transfer Affidavit and
         Agreement, a Certificate of the Holder requesting such transfer in the
         form attached hereto as Exhibit B-2 and all of such other

                                       20

         documents as shall have been reasonably required by the Certificate
         Administrator as a condition to such registration. Transfers of the
         Class R Certificates to Non-United States Persons and "Disqualified
         Organizations" (as defined in Section 860E(e)(5) of the Code) are
         prohibited.

                  (iii) (A) If any Disqualified Organization shall become a
         holder of a Class R Certificate, then the last preceding Permitted
         Transferee shall be restored, to the extent permitted by law, to all
         rights as Holder thereof retroactive to the date of registration of
         such transfer of such Class R Certificate. If a Non-United States
         Person shall become a holder of a Class R Certificate, then the last
         preceding United States Person shall be restored, to the extent
         permitted by law, to all rights and obligations as Holder thereof
         retroactive to the date of registration of such transfer of such Class
         R Certificate. If a transfer of a Class R Certificate is disregarded
         pursuant to the provisions of Treasury Regulation Sections 1.860E-1 or
         1.860G-3, then the last preceding Permitted Transferee shall be
         restored, to the extent permitted by law, to all rights and obligations
         as Holder thereof retroactive to the date of registration of such
         transfer of such Class R Certificate. The Trustee shall be under no
         liability to any Person for any registration of transfer of a Class R
         Certificate that is in fact not permitted by this Section 5.02(d) or
         for making any payments due on such Certificate to the holder thereof
         or for taking any other action with respect to such holder under the
         provisions of this Agreement.

                           (B) If any purported Transferee shall become a Holder
                  of a Class R Certificate in violation of the restrictions in
                  this Section 5.02(d) and to the extent that the retroactive
                  restoration of the rights of the Holder of such Class R
                  Certificate as described in clause (iii) (A) above shall be
                  invalid, illegal or unenforceable, then the Certificate
                  Administrator shall have the right, without notice to the
                  Holder or any prior Holder of such Class R Certificate, to
                  sell such Class R Certificate to a purchaser selected by the
                  Certificate Administrator on such terms as the Certificate
                  Administrator may choose. Such purported Transferee shall
                  promptly endorse and deliver each Class R Certificate in
                  accordance with the instructions of the Certificate
                  Administrator. Such purchaser may be the Company, the
                  Certificate Administrator itself or any affiliate of the
                  Company or the Certificate Administrator. The proceeds of such
                  sale, net of the commissions (which may include commissions
                  payable to the Certificate Administrator or its affiliates),
                  expenses and taxes due, if any, will be remitted by the
                  Certificate Administrator to such purported Transferee. The
                  terms and conditions of any sale under this clause (iii) (B)
                  shall be determined in the sole discretion of the Certificate
                  Administrator, and the Certificate Administrator shall not be
                  liable to any Person having an ownership Interest in a Class R
                  Certificate as a result of its exercise of such discretion.

                  (iv) The Certificate Administrator, on behalf of the Trustee,
         shall make available, upon written request from the Trustee, all
         information necessary to compute any tax imposed (A) as a result of the
         transfer of an Ownership Interest in a Class R Certificate to any
         Person who is not a Permitted Transferee, including the information
         regarding "excess inclusions" of such Class R Certificates required to
         be provided to the Internal Revenue Service and certain Persons as
         described in Treasury Regulation

                                       21

         Section 1.860D-l(b)(5), and (B) as a result of any regulated investment
         company, real estate investment trust, common trust fund, partnership,
         trust, estate or organizations described in Section 1381 of the Code
         having as among its record holders at any time any Person who is not a
         Permitted Transferee. Reasonable compensation for providing such
         information may be required by the Certificate Administrator from such
         person.

                  (v) The provisions of this Section 5.02(d) set forth prior to
         this subsection (v) may be modified, added or eliminated, provided that
         there shall have been delivered to the Trustee:

                           (A) written notification from the Rating Agency to
                  the effect that the modification, addition or elimination of
                  such provisions will not cause such Rating Agency to downgrade
                  its then-current ratings of the Certificates below the lower
                  of the then-current rating or the rating assigned to such
                  Certificates on the Closing Date by such Rating Agency; and

                           (B) a certificate of the Certificate Administrator
                  stating that the Certificate Administrator has received an
                  Opinion of Counsel, in form and substance satisfactory to the
                  Certificate Administrator, to the effect that such
                  modification, addition or absence of such provisions will not
                  cause the Trust Fund to cease to qualify as a REMIC and will
                  not cause (1) the Trust Fund to be subject to an entity-level
                  tax caused by the transfer of any Class R Certificate to a
                  Person that is not a Permitted Transferee or (2) a
                  Certificateholder or another Person to be subject to a
                  REMIC-related tax caused by the transfer of a Class R
                  Certificate to a Person that is not a Permitted Transferee.

         (e) No service charge shall be made for any transfer or exchange of
Certificates, but the Trustee may require payment of a sum sufficient to cover
any tax or governmental charge that may be imposed in connection with any
transfer or exchange of Certificates.

         (f) All Certificates surrendered for transfer and exchange shall be
destroyed by the Certificate Registrar.

         SECTION 5.03 Mutilated, Destroyed, Lost or Stolen Certificates. If (i)
any mutilated Certificate is surrendered to the Certificate Registrar, or the
Trustee and the Certificate Registrar receive evidence to their satisfaction of
the destruction, loss or theft of any Certificate, and (ii) there is delivered
to the Trustee and the Certificate Registrar such security or indemnity as may
be required by them to save each of them harmless, then, in the absence of
notice to the Trustee or the Certificate Registrar that such Certificate has
been acquired by a bona fide purchaser, the Trustee shall execute and the
Certificate Registrar shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
of like Class and Percentage Interest but bearing a number not contemporaneously
outstanding. Upon the issuance of any new Certificate under this Section, the
Trustee may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee and the Certificate
Registrar) connected therewith. Any duplicate Certificate issued pursuant to
this Section shall constitute complete and indefeasible evidence of ownership in
the Trust Fund, as if

                                       22

originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

         SECTION 5.04 Persons Deemed Owners. Prior to due presentation of a
Certificate for registration of transfer, the Company, the Certificate
Administrator, the Trustee, the Certificate Registrar and any agent of the
Company, the Certificate Administrator, the Trustee or the Certificate Registrar
may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions pursuant to Section
4.01 and for all other purposes whatsoever, and neither the Company, the
Certificate Administrator, the Trustee, the Certificate Registrar nor any agent
of the Company, the Certificate Administrator, the Trustee or the Certificate
Registrar shall be affected by notice to the contrary except as provided in
Section 5.02(d).

         SECTION 5.05 Appointment of Paying Agent. The Trustee may appoint a
Paying Agent for the purpose of making distributions to Certificateholders
pursuant to Section 4.01. In the event of any such appointment, on or prior to
each Distribution Date the Trustee shall deposit or cause to be deposited with
the Paying Agent a sum sufficient to make the payments to Certificateholders in
the amounts and in the manner provided for in Section 4.01, such sum to be held
in trust for the benefit of Certificateholders.

         The Trustee shall cause each Paying Agent to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee
that such Paying Agent will hold all sums held by it for the payment to
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. Any sums so
held by such Paying Agent shall be held only in Eligible Accounts to the extent
such sums are not distributed to the Certificateholders on the date of receipt
by such Paying Agent.

                                   ARTICLE VI

                  THE COMPANY AND THE CERTIFICATE ADMINISTRATOR

         SECTION 6.01 Respective Liabilities of the Company and the Certificate
Administrator. The Company and the Certificate Administrator shall be liable in
accordance herewith only to the extent of the respective obligations
specifically imposed upon and undertaken by the Company and the Certificate
Administrator herein.

         SECTION 6.02 Merger, Consolidation or Conversion of the Company or the
Certificate Administrator. Subject to the following paragraph, the Company and
the Certificate Administrator will each keep in full effect its existence,
rights and franchises as a corporation or association under the laws of the
jurisdiction of its incorporation, and each will obtain and preserve its
qualification to do business as a foreign corporation in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement and the Certificates and to perform its
respective duties under this Agreement.

         The Company or the Certificate Administrator may be merged or
consolidated with or into any Person, or transfer all or substantially all of
its assets to any Person, in which case any Person resulting from any merger or
consolidation to which the Company or the Certificate

                                       23

Administrator shall be a party, or any Person succeeding to the business of the
Company or the Certificate Administrator, shall be the successor of the Company
or the Certificate Administrator, as the case may be, hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding; provided, that
no Event of Default shall result therefrom and such successor shall meet the
qualifications set forth in Section 7.02.

         SECTION 6.03 Limitation on Liability of the Company, the Certificate
Administrator and Others. Neither the Company, the Certificate Administrator nor
any of the directors, officers, employees or agents of the Company or the
Certificate Administrator shall be under any liability to the Trust Fund or the
Certificateholders for any action taken or for refraining from the taking of any
action in good faith pursuant to this Agreement, or for errors in judgment;
provided, however, that this provision shall not protect the Company, the
Certificate Administrator or any such Person against any breach of warranties or
representations made herein, or against any specific liability imposed on the
Certificate Administrator pursuant to any Section hereof, or against any
liability which would otherwise be imposed by reason of willful misfeasance, bad
faith or gross negligence in the performance of duties or by reason of reckless
disregard of obligations or duties hereunder. The Company, the Certificate
Administrator and any director, officer, employee or agent of the Company or the
Certificate Administrator may rely in good faith on any document of any kind
which, prima facie, is properly executed and submitted by any Person respecting
any matters arising hereunder. The Company, the Certificate Administrator and
any director, officer, employee or agent of the Company or the Certificate
Administrator shall be indemnified and held harmless by the Trust Fund against
any loss, liability or expense incurred in connection with any legal action
relating to this Agreement or the Certificates, other than any loss, liability
or expense incurred by reason of willful misfeasance, bad faith or gross
negligence in the performance of duties or by reason of reckless disregard of
obligations or duties hereunder. Neither the Company nor the Certificate
Administrator shall be under any obligation to appear in, prosecute or defend
any legal action unless such action is related to its respective duties under
this Agreement and which in its opinion does not involve it in any expense or
liability; provided, however, that the Company may in its discretion undertake
any such action which it may deem necessary or desirable with respect to this
Agreement and the rights and duties of the parties hereto and the interests of
the Certificateholders hereunder. In such event, and provided that such action
has been consented to by the Holders of Certificates evidencing at least 51% of
the Voting Rights, the legal expenses and costs of such action and any liability
resulting therefrom shall be expenses, costs and liabilities of the Trust Fund,
and the Company shall be entitled to be reimbursed therefor from the Certificate
Account as provided in Section 3.04. In no event shall the Certificate
Administrator be liable (solely in its capacity as Certificate Administrator)
for any error arising out of any inaccurate information contained in any
Distribution Date Statement. This provision shall not limit the Certificate
Administrator's liability in any other capacity.

         SECTION 6.04 Company and Certificate Administrator Not to Resign. The
Certificate Administrator shall not resign from the obligations and duties
hereby imposed on it, except upon determination that its duties hereunder are no
longer permissible under applicable law or are in material conflict by reason of
applicable law with any other activities carried on by it, the other activities
of the Certificate Administrator so causing such a conflict being of a type and
nature carried on by the Certificate Administrator at the date of this
Agreement. Any such

                                       24

determination permitting the resignation of the Certificate Administrator shall
be evidenced by an Opinion of Counsel to such effect which shall be delivered in
form and substance satisfactory to the Trustee. No such resignation shall become
effective until the Trustee or a successor certificate administrator shall have
assumed the Certificate Administrator's responsibilities and obligations in
accordance with Section 7.02 hereof.

                                   ARTICLE VII

                                     DEFAULT

         SECTION 7.01 Events of Default. "Event of Default", wherever used
herein, means any one of the following events (whatever reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

                  (i) the Certificate Administrator shall fail to observe or
         perform in any material respect any of the covenants or agreements on
         the part of the Certificate Administrator contained in the Certificates
         or in this Agreement and such failure shall continue unremedied for a
         period of 30 days after the date on which written notice of such
         failure, requiring the same to be remedied, shall have been given to
         the Certificate Administrator by the Trustee or the Company, or to the
         Certificate Administrator, the Company and the Trustee by the Holders
         of Certificates evidencing Percentage Interests aggregating not less
         than 33%; or

                  (ii) a decree or order of a court or agency or supervisory
         authority having jurisdiction in the premises in an involuntary case
         under any present or future federal or state bankruptcy, insolvency or
         similar law or appointing a conservator or receiver or liquidator in
         any insolvency, readjustment of debt, marshalling of assets and
         liabilities or similar proceedings, or for the winding-up or
         liquidation of its affairs, shall have been entered against the
         Certificate Administrator and such decree or order shall have remained
         in force undischarged or unstayed for a period of 60 days; or

                  (iii) the Certificate Administrator shall consent to the
         appointment of a conservator or receiver or liquidator in any
         insolvency, readjustment of debt, marshalling of assets and
         liabilities, or similar proceedings of, or relating to, the Certificate
         Administrator or of, or relating to, all or substantially all of the
         property of the Certificate Administrator; or

                  (iv) the Certificate Administrator shall admit in writing its
         inability to pay its debts generally as they become due, file a
         petition to take advantage of, or commence a voluntary case under, any
         applicable insolvency or reorganization statute, make an assignment for
         the benefit of its creditors, or voluntarily suspend payment of its
         obligations.

         If an Event of Default described in this Section shall occur, then, and
in each and every such case, so long as such Event of Default shall not have
been remedied, either the Company or

                                       25

the Trustee may, and at the direction of Holders of Certificates evidencing at
least 51% of the Voting Rights, the Trustee shall, by notice in writing to the
Certificate Administrator (and to the Company if given by the Trustee or to the
Trustee if given by the Company), terminate all of the rights and obligations of
the Certificate Administrator under this Agreement and in and to the Underlying
Agency Securities and the proceeds thereof, other than its rights as a
Certificateholder hereunder; provided, however, that the Certificate
Administrator will be entitled to all compensation and any income on the
Certificate Account that accrued to the Certificate Administrator prior to such
termination. The Trustee is hereby authorized and empowered to execute and
deliver, on behalf of the Certificate Administrator, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement or
assignment of the Underlying Agency Securities and related documents, or
otherwise. The Certificate Administrator agrees to cooperate with the Trustee in
effecting the termination of the Certificate Administrator's responsibilities
and rights hereunder, including, without limitation, the transfer to the Trustee
or its designee for administration by it of all cash amounts which shall at the
time be credited to the Certificate Account or thereafter be received with
respect to the Underlying Agency Securities. No such termination shall release
the Certificate Administrator for any liability that it would otherwise have
hereunder for any act or omission prior to the effective time of such
termination.

         SECTION 7.02 Trustee or Company to Act; Appointment of Successor. On
and after the time the Certificate Administrator receives a notice of
termination pursuant to Section 7.01, the Trustee or, upon notice to the
Company, and with the Company's consent (which shall not be unreasonably
withheld) a designee (which meets the standards set forth below) of the Trustee,
shall be the successor in all respects to the Certificate Administrator in its
capacity as Certificate Administrator under this Agreement and the transactions
set forth or provided for herein and shall be subject to all the
responsibilities, duties and liabilities relating thereto placed on the
Certificate Administrator (except for its obligations to deposit amounts in
respect of losses incurred prior to such notice of termination on the investment
of funds in the Certificate Account pursuant to Section 4.04 by the terms and
provisions hereof) ; provided, however, that any failure to perform such duties
or responsibilities caused by the preceding Certificate Administrator's failure
to provide information required by Section 4.01 shall not be considered a
default by the Trustee hereunder. As compensation therefor, the Trustee shall be
entitled to all funds relating to the Underlying Agency Securities which the
Certificate Administrator would have been entitled to charge to the Certificate
Account if the Certificate Administrator had continued to act hereunder and, in
addition, shall be entitled to the income from any Permitted Investments made
with amounts attributable to the Underlying Agency Securities held in the
Certificate Account. If the Trustee has become the successor to the Certificate
Administrator in accordance with Section 7.01, then notwithstanding the above,
the Trustee may, if it shall be unwilling to so act, or shall, if it is unable
to so act, appoint, or petition a court of competent jurisdiction to appoint,
any established housing and home finance institution, which is also a FNMA- or
FHLMC-approved mortgage servicing institution, having a net worth of not less
than $10,000,000 as the successor to the Certificate Administrator hereunder in
the assumption of all or any part of the responsibilities, duties or liabilities
of the Certificate Administrator hereunder. Pending appointment of a successor
to the Certificate Administrator hereunder, the Trustee shall become successor
to the Certificate Administrator and shall act in such capacity as hereinabove
provided. In connection with such appointment and assumption, the Trustee may
make such arrangements

                                       26

for the compensation of such successor out of payments on Underlying Agency
Securities as it and such successor shall agree; provided, however, that no such
compensation shall be in excess of that permitted the initial Certificate
Administrator hereunder. The Company, the Trustee, the Certificate
Administrator, the Custodian and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such
succession.

         SECTION 7.03 Notification to Certificateholders. (a) Upon any such
termination or appointment of a successor to the Certificate Administrator, the
Trustee shall give prompt written notice thereof to Certificateholders at their
respective addresses appearing in the Certificate Register.

         (b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Holders of Certificates notice of each
such Event of Default hereunder known to the Trustee, unless such Event of
Default shall have been cured or waived.

         SECTION 7.04 Waiver of Events of Default. The Holders representing at
least 66% of the Voting Rights of Certificates may waive such default or Event
of Default; provided, however, that no waiver pursuant to this Section 7.04
shall affect the Holders of Certificates in the manner set forth in Section
10.01. Upon any such waiver of a default or Event of Default, such default or
Event of Default by the Holders representing the requisite percentage of Voting
Rights of Certificates affected by such default or Event of Default, shall cease
to exist and shall be deemed to have been remedied for every purpose hereunder.
No such waiver shall extend to any subsequent or other default or Event of
Default or impair any right consequent thereon except to the extent expressly so
waived.

                                  ARTICLE VIII

                                   THE TRUSTEE

         SECTION 8.01 Duties of Trustee. (a) The Trustee, prior to the
occurrence of an Event of Default and after the curing of all Events of Default
which may have occurred, undertakes to perform such duties and only such duties
as are specifically set forth in this Agreement. In case an Event of Default has
occurred (which has not been cured or waived), the Trustee shall exercise such
of the rights and powers vested in it by this Agreement, and use the same degree
of care and skill in their exercise as a prudent investor would exercise or use
under the circumstances in the conduct of such investor's own affairs.

         (b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement and the terms of the Underlying
Agency Securities. The Trustee shall notify the Certificateholders of any such
documents which do not materially conform to the requirements of this Agreement
in the event that the Trustee, after so requesting, does not receive
satisfactorily corrected documents or a satisfactory explanation regarding any
such nonconformities.

                                       27

         The Trustee shall forward or cause to be forwarded in a timely fashion
the notices, reports and statements required to be forwarded by the Trustee
pursuant to Sections 3.01, 4.02 and 9.01. The Trustee shall furnish in a timely
fashion to the Certificate Administrator such information as the Certificate
Administrator may reasonably request from time to time for the Certificate
Administrator to fulfill its duties as set forth in this Agreement. The Trustee
covenants and agrees that it shall perform its obligations hereunder in a manner
so as to maintain the status of the Trust Fund as a REMIC, under the REMIC
Provisions and to prevent the imposition of any federal, state or local income,
prohibited transaction, contribution or other tax on the Trust Fund to the
extent that maintaining such status and avoiding such taxes are reasonably
within the control of the Trustee and are reasonably within the scope of its
duties under this Agreement, notwithstanding the foregoing. Also, the Trustee
shall have no additional obligations with respect to maintenance of the Trust
Fund as a REMIC other than as specifically set forth herein.

         (c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; provided, however, that:

                  (i) Prior to the occurrence of an Event of Default, and after
         the curing or waiver of all such Events of Default which may have
         occurred, the duties and obligations of the Trustee shall be determined
         solely by the express provisions of this Agreement, the Trustee shall
         not be liable except for the performance of such duties and obligations
         as are specifically set forth in this Agreement, no implied covenants
         or obligations shall be read into this Agreement against the Trustee
         and, in the absence of bad faith on the part of the Trustee, the
         Trustee may conclusively rely, as to the truth of the statements and
         the correctness of the opinions expressed therein, upon any
         certificates or opinions furnished by the Company or the Certificate
         Administrator to the Trustee and which on their face, do not contradict
         the requirements of this Agreement;

                  (ii) The Trustee shall not be personally liable for an error
         of judgment made in good faith by a Responsible Officer or Responsible
         Officers of the Trustee, unless it shall be proved that the Trustee was
         negligent in ascertaining the pertinent facts;

                  (iii) The Trustee shall not be personally liable with respect
         to any action taken, suffered or omitted to be taken by it in good
         faith in accordance with the direction of the Certificateholders of any
         Class holding Certificates which evidence, as to such Class, Percentage
         Interests aggregating not less than 25% as to the time, method and
         place of conducting any proceeding for any remedy available to the
         Trustee, or exercising any trust or power conferred upon the Trustee,
         under this Agreement;

                  (iv) The Trustee shall not be charged with knowledge of any
         default or an Event of Default under clauses (i), (ii), (iii) or (iv)
         of Section 7.01 unless a Responsible Officer of the Trustee assigned to
         and working in the Corporate Trust Office obtains actual knowledge of
         such failure or event or the Trustee receives written notice of such
         failure or event at its Corporate Trust Office from the Certificate
         Administrator, the Company, or any Certificateholder; and

                                       28

                  (v) Except to the extent provided in Section 7.02, no
         provision in this Agreement shall require the Trustee to expend or risk
         its own funds or otherwise incur any personal financial liability in
         the performance of any of its duties as Trustee hereunder, or in the
         exercise of any of its rights or powers, if the Trustee shall have
         reasonable grounds for believing that repayment of funds or adequate
         indemnity against such risk or liability is not reasonably assured to
         it. In the event the Trustee has been authorized by Certificateholders
         evidencing the percentage of Percentage Interests required to authorize
         such action pursuant to the terms of this Agreement and the
         indemnification provided to the Trustee by such Certificateholders is
         not reasonably satisfactory to the Trustee, the Trustee may require the
         approval of all Certificateholders and/or additional indemnification
         prior to taking any such action. In addition, the Trustee may seek
         indemnification from the Certificate Administrator or the Company prior
         to taking any such action provided that neither the Certificate
         Administrator nor the Company shall be required to provide such
         indemnification.

         (d) The Trustee shall timely pay, from its own funds, the amount of any
and all federal, state and local taxes imposed on the Trust Fund or its assets
or transactions including, without limitation, (i) "prohibited transaction"
penalty taxes as defined in Section 860F of the Code, if, when and as the same
shall be due and payable, and (ii) any tax on contributions to the Trust Fund
after the Closing Date imposed by Section 860G(d) of the Code, but only if such
taxes arise out of a breach by the Trustee of its obligations hereunder which
breach constitutes negligence or willful misconduct of the Trustee.

         SECTION 8.02 Certain Matters Affecting the Trustee. (a) Except as
otherwise provided in Section 8.01:

                  (i) the Trustee may rely and shall be protected in acting or
         refraining from acting upon any resolution, Officer's Certificate,
         certificate of auditors or any other certificate, statement,
         instrument, opinion, report, notice, request, consent, order,
         appraisal, bond or other paper or document believed by it to be genuine
         and to have been signed or presented by the proper party or parties;

                  (ii) the Trustee may consult with counsel and any opinion of
         Counsel shall be full and complete authorization and protection in
         respect of any action taken or suffered or omitted by it hereunder in
         good faith and in accordance with such Opinion of Counsel;

                  (iii) the Trustee shall be under no obligation to exercise any
         of the trusts or powers vested in it by this Agreement or to institute,
         conduct or defend any litigation hereunder or in relation hereto at the
         request, order or direction of any of the Certificateholders, pursuant
         to the provisions of this Agreement, unless such Certificateholders
         shall have offered to the Trustee reasonable security or indemnity
         against the costs, expenses and liabilities which may be incurred
         therein or thereby; nothing contained herein shall, however, relieve
         the Trustee of the obligation, upon the occurrence of an Event of
         Default (which has not been cured), to exercise such of the rights and
         powers vested in it by this Agreement, and to use the same degree of
         care and skill in their exercise as a prudent investor would exercise
         or use under the circumstances in the conduct of such investor's own
         affairs;

                                       29

                  (iv) the Trustee shall not be personally liable for any action
         taken, suffered or omitted by it in good faith and believed by it to be
         authorized or within the discretion or rights or powers conferred upon
         it by this Agreement;

                  (v) prior to the occurrence of an Event of Default hereunder
         and after the curing of all Events of Default which may have occurred,
         the Trustee shall not be bound to make any investigation into the facts
         or matters stated in any resolution, certificate, statement,
         instrument, opinion, report, notice, request, consent, order, approval,
         bond or other paper or document, unless requested in writing so to do
         by Holders of Certificates evidencing Percentage Interests, aggregating
         not less than 50%; provided, however, that if the payment within a
         reasonable time to the Trustee of the costs, expenses or liabilities
         likely to be incurred by it in the making of such investigation is, in
         the opinion of the Trustee, not reasonably assured to the Trustee by
         the security afforded to it by the terms of this Agreement, the Trustee
         may require reasonable indemnity against such expense or liability as a
         condition to so proceeding. The reasonable expense of every such
         examination shall be paid by the Certificate Administrator, if an Event
         of Default shall have occurred and is continuing, and otherwise by the
         Certificateholder requesting the investigation;

                  (vi) the Trustee may execute any of the trusts or powers
         hereunder or perform any duties hereunder either directly or by or
         through agents or attorneys; and

                  (vii) to the extent authorized or required from time to time
         under the Code and the regulations promulgated thereunder, each Holder
         of a Class R Certificate hereby irrevocably appoints and authorizes the
         Trustee to be its attorney-in-fact for purposes of signing any Tax
         Returns required to be filed on behalf of the Trust Fund. The Trustee
         shall sign on behalf of the Trust Fund and deliver to the Certificate
         Administrator in a timely manner any Tax Returns prepared by or on
         behalf of the Certificate Administrator that the Trustee is required to
         sign as determined by the Certificate Administrator pursuant to
         applicable federal, state or local tax laws, provided that the
         Certificate Administrator shall indemnify the Trustee for signing any
         such Tax Returns that contain errors or omissions.

         (b) Following the issuance of the Certificates, the Trustee shall not
accept any contribution of assets to the Trust Fund unless it shall have
obtained or been furnished with an Opinion of Counsel to the effect that such
contribution will not (i) cause the REMIC to fail to qualify as a REMIC at any
time that any Certificates are outstanding or (ii) cause the Trust Fund to be
subject to any tax as a result of such contribution (including the imposition of
any tax on "prohibited transactions" of the Trust Fund imposed under Section
860F(a) of the Code).

         SECTION 8.03 Trustee Not Liable for Certificates or Underlying Agency
Securities. The recitals contained herein and in the Certificates (other than
the execution of the Certificates and relating to the acceptance and receipt of
the Underlying Agency Securities) shall be taken as the statements of the
Company or the Certificate Administrator, as the case may be, and the Trustee
assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Agreement or of the
Certificates (except that the Certificates shall be duly and validly executed
and authenticated by it as Certificate Registrar) or of the

                                       30

Underlying Agency Securities or any related document. Except as otherwise
provided herein, the Trustee shall not be accountable for the use or application
by the Company or the Certificate Administrator of any of the Certificates or of
the proceeds of such Certificates, or for the use or application of any funds
paid to the Company or the Certificate Administrator in respect of the
Underlying Agency Securities deposited in or withdrawn from the Certificate
Account by the Company or the Certificate Administrator.

         SECTION 8.04 Trustee May Own Certificates. The Trustee in its
individual or any other capacity may become the owner or pledgee of Certificates
with the same rights it would have if it were not Trustee.

         SECTION 8.05 Certificate Administrator to Pay Trustee's Fees and
Expenses; Indemnification. (a) The Certificate Administrator covenants and
agrees to pay to the Trustee and any co-trustee from time to time, and the
Trustee and any co-trustee shall be entitled to, reasonable compensation (which
shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) for all services rendered by each of them in the
execution of the trusts hereby created and in the exercise and performance of
any of the powers and duties hereunder of the Trustee and any co-trustee, and
the Certificate Administrator will pay or reimburse the Trustee and any
co-trustee upon request for all reasonable expenses, disbursements and advances
incurred or made by the Trustee or any co-trustee in accordance with any of the
provisions of this Agreement (including the reasonable compensation and the
expenses and disbursements of its counsel and of all Persons not regularly in
its employ, and the expenses incurred by the Trustee or any co-trustee in
connection with the appointment of an office or agency pursuant to Section 8.11)
except any such expense, disbursement or advance as may arise from its
negligence or bad faith.

         (b) The Certificate Administrator agrees to indemnify the Trustee for,
and to hold the Trustee harmless against, any loss, liability or expense
incurred without negligence or willful misconduct on its part, arising out of,
or in connection with, the acceptance and administration of the Trust Fund,
including the costs and expenses (including reasonable legal fees and expenses)
of defending itself against any claim in connection with the exercise or
performance of any of its powers or duties under this Agreement, provided that:

                  (i) with respect to any such claim, the Trustee shall have
         given the Certificate Administrator written notice thereof promptly
         after the Trustee shall have actual knowledge thereof;

                  (ii) while maintaining control over its own defense, the
         Trustee shall cooperate and consult fully with the Certificate
         Administrator in preparing such defense; and

                  (iii) notwithstanding anything in this Agreement to the
         contrary, the Certificate Administrator shall not be liable for
         settlement of any claim by the Trustee entered into without the prior
         consent of the Certificate Administrator which consent shall not be
         unreasonably withheld.

                                       31

         No termination of this Agreement shall affect the obligations created
by this Section 8.05(b) of the Certificate Administrator to indemnify the
Trustee under the conditions and to the extent set forth herein.

         Notwithstanding the foregoing, the indemnification provided by the
Certificate Administrator in this Section 8.05(b) shall not pertain to any loss,
liability or expense of the Trustee, including the costs and expenses of
defending itself against any claim, incurred in connection with any actions
taken by the Trustee at the direction of Certificateholders pursuant to the
terms of this Agreement.

         (c) Notwithstanding Section 8.05(b) above, the Certificate
Administrator shall not indemnify the Trustee for any loss, liability or
expense, including the costs and expenses of defending itself against any claim,
incurred in connection with the Trustee's establishment, maintenance or
management of the Certificate Account; provided, however, that the foregoing
shall not limit the Certificate Administrator's obligation to made deposits into
the Certificate Account to cover losses incurred in respect of Permitted
Investments pursuant to Section 4.04.

         SECTION 8.06 Eligibility Requirements for Trustee. The Trustee
hereunder shall at all times be a corporation or a national banking association
having its principal office in a state and city acceptable to the Company and
organized and doing business under the laws of such state or the United States
of America, authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of at least $50,000,000 and subject to
supervision or examination by federal or state authority. If such corporation or
national banking association publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Trustee shall resign immediately in the manner
and with the effect specified in Section 8.07.

         SECTION 8.07 Resignation and Removal of the Trustee. (a) The Trustee
may at any time resign and be discharged from the trusts hereby created by
giving written notice thereof to the Company. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
resigning Trustee and one copy each to the successor trustee. If no successor
trustee shall have been so appointed and have accepted appointment within 30
days after the giving of such notice of resignation, then the resigning Trustee
may petition any court of competent jurisdiction for the appointment of a
successor trustee.

         (b) If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.06 and shall fail to resign after written
request therefor by the Company, or if at any time the Trustee shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a successor trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee.

                                       32

         (c) The Holders of Certificates evidencing at least 51% of the Voting
Rights may at any time remove the Trustee and appoint a successor trustee by
written instrument or instruments, in triplicate, signed by such Holders or
their attorneys-in-fact duly authorized, one complete set of which instruments
shall be delivered to the Company, one complete set to the Trustee so removed
and one complete set to the successor so appointed.

         (d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.

         SECTION 8.08 Successor Trustee. (a) Any successor trustee appointed as
provided in Section 8.07 shall execute, acknowledge and deliver to the Company
and to its predecessor trustee an instrument accepting such appointment
hereunder, and thereupon the resignation or removal of the predecessor trustee
shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with the like effect as if originally
named as trustee herein. The predecessor trustee shall deliver to the successor
trustee all Underlying Agency Securities and related documents and statements
held by it hereunder, and the Company, the Certificate Administrator and the
predecessor trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for more fully and certainly vesting and
confirming in the successor trustee all such rights, powers, duties and
obligations.

         (b) No successor trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor trustee shall be
eligible under the provisions of Section 8.06.

         (c) Upon acceptance of appointment by a successor trustee as provided
in this Section, the Company shall mail notice of the succession of such trustee
hereunder to all Holders of Certificates at their addresses as shown in the
Certificate Register. If the Company fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee, the successor trustee
shall cause such notice to be mailed at the expense of the Company.

         SECTION 8.09 Merger or Consolidation of Trustee. Any corporation or
national banking association into which the Trustee may be merged or converted
or with which it may be consolidated or any corporation or national banking
association resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any corporation or national banking association
succeeding to all or substantially all of the corporation trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation or national banking association shall be eligible under the
provisions of Section 8.06, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding. The Trustee shall mail notice of any such merger or
consolidation to the Certificateholders at their address as shown in the
Certificate Register.

         SECTION 8.10 Appointment of Co-Trustee or Separate Trustee. (a)
Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting any legal requirements of any jurisdiction in which any part of the
Trust Fund or property securing the same may at the time be located, the
Certificate Administrator and the Trustee acting jointly shall have the power

                                       33

and shall execute and deliver all instruments to appoint one or more Persons
approved by the Trustee to act as co-trustee or co-trustees, jointly with the
Trustee, or separate trustee or separate trustees, of all or any part of the
Trust Fund, and to vest in such Person or Persons, in such capacity, such title
to the Trust Fund, or any part thereof, and, subject to the other provisions of
this Section 8.10, such powers, duties, obligations, rights and trusts as the
Certificate Administrator and the Trustee may consider necessary or desirable.
If the Certificate Administrator shall not have joined in such appointment
within 15 days after the receipt by it of a request so to do, or in case an
Event of Default shall have occurred and be continuing, the Trustee alone shall
have the power to make such appointment. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 8.06 hereunder and no notice to Holders of Certificates of
the appointment of co-trustee(s) or separate trustee(s) shall be required under
Section 8.08 hereof.

         (b) In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 8.10 all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee, and such separate trustee or co-trustee
jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the Certificate Administrator hereunder), the Trustee shall be
incompetent or unqualified to perform such act or acts, in which event such
rights, powers, duties and obligations (including the holding of title to the
Trust Fund or any portion thereof in any such jurisdiction) shall be exercised
and performed by such separate trustee or co-trustee at the direction of the
Trustee.

         (c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee.

         (d) Any separate trustee or co-trustee may, at any time, constitute the
Trustee, its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.

         SECTION 8.11 Appointment of Office or Agency. The Trustee will maintain
an office or agency in the City of New York where Certificates may be
surrendered for registration of transfer or exchange. The Trustee initially
designates [______], which is located at [_______] for the purpose of keeping
the Certificate Register. The Trustee will maintain an office at the address
stated in Section 11.05(c) hereof where notices and demands to or upon the
Trustee in respect of this Agreement may be served.

                                       34

                                   ARTICLE IX

                                   TERMINATION

         SECTION 9.01 Termination. (a) Subject to Section 9.02, the respective
obligations and responsibilities of the Certificate Administrator, the Company
and the Trustee created hereby with respect to the Certificates (other than the
obligation to make certain payments and to send certain notices to
Certificateholders as hereinafter set forth) shall terminate immediately upon
payment to the Certificateholders of all amounts held by or on behalf of the
Trustee and required to be paid to them hereunder following the earlier to occur
of (i) the repurchase by the Certificate Administrator or the Company of all of
the Underlying Agency Securities and other assets remaining in the Trust Fund at
a price equal to 100% of the then outstanding Certificate Principal Balance of
each of the Class [A-1], Class [A-2], Class [A-3] and Class R Certificates on
the day of repurchase together with accrued interest thereon on such then
outstanding Certificate Principal Balance and on the Certificates and the Class
[S] Certificates at the then applicable Notional Amount at the related
Pass-Through Rate to the first day of the month in which the proceeds of such
repurchase are to be distributed, and (ii) the last action required to be taken
by the Trustee on the Termination Date pursuant to this Article IX following
receipt of the final distribution to be made on the last remaining Underlying
Agency Security in the Trust Fund upon presentation and surrender of such
Underlying Agency Security in accordance with the terms and conditions thereof;
provided, however, that in no event shall the trust created hereby continue
beyond the expiration of twenty-one years from the death of the survivor of the
descendants of Joseph P. Kennedy, the late ambassador of the United States to
the United Kingdom, living on the date hereof.

         The right of the Certificate Administrator or the Company to repurchase
all of the Underlying Agency Securities pursuant to (i) above shall be
conditioned upon the aggregate of the Underlying Certificate Balances of such
Underlying Agency Securities at the time of any such repurchase aggregating an
amount equal to or less than [_]% of the aggregate of the Underlying Certificate
Balances of the Underlying Agency Securities at the Closing Date.

         (b) The Certificate Administrator shall give the Trustee and the Rating
Agency notice (a "Notice of Termination") as soon as practicable of the
Distribution Date on which the Certificate Administrator anticipates that the
final distribution will be made to the Certificateholders. Notice of any
termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by
the Trustee to affected Certificateholders at their addresses shown in the
Certificate Register as soon as practicable after the Trustee shall have
received a Notice of Termination but in any event, not more than thirty days,
and not less than ten days, prior to the Anticipated Termination Date. The
notice mailed by the Trustee to affected Certificateholders shall:

                           (A) specify the Anticipated Termination Date on which
                  the final distribution is anticipated to be made to Holders of
                  the Certificates;

                           (B) specify the amount of any such final
                  distribution, if known; and

                                       35

                           (C) state that the final distribution to
                  Certificateholders will be made only upon presentation and
                  surrender of Certificates at the office of the Trustee therein
                  specified.

         If the Trust Fund is not terminated on the Anticipated Termination Date
for any reason, the Trustee shall promptly mail notice thereof to each affected
Certificateholder.

         (c) Upon presentation and surrender of the Certificates by the
Certificateholders on the Termination Date, the Trustee shall distribute to the
Certificateholders the amounts otherwise distributable on such Distribution Date
pursuant to Section 4.01(a). Any funds not distributed on the Termination Date
because of the failure of any Certificateholders to tender their Certificates
shall be set aside and held in trust for the account of the appropriate
non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If
any Certificates as to which notice of the Termination Date has been given
pursuant to this Section 9.01 shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Trustee shall
mail a second notice to the remaining Certificateholders, at their last
addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution
with respect thereto. If within one year after the second notice any Certificate
shall not have been surrendered for cancellation, the Trustee shall so notify
the Certificate Administrator who shall upon receipt of such notice, directly or
through an agent, take reasonable steps to contact the remaining
Certificateholders concerning surrender of their Certificates. The costs and
expenses of maintaining such funds and of contacting Certificateholders shall be
paid out of the assets which remain held. If within two years after the second
notice any Certificates shall not have been surrendered for cancellation, the
Trustee shall pay to the Certificate Administrator all amounts distributable to
the Holders thereof and the Certificate Administrator shall thereafter hold such
amounts for the benefit of such Holders. No interest shall accrue or be payable
to any Certificateholder on any amount held as a result of such
Certificateholder's failure to surrender its Certificate(s) for final payment
thereof in accordance with this Section 9.01.

         SECTION 9.02 Additional Termination Requirements. (a) The Trust Fund
shall be terminated in accordance with the following additional requirements,
unless the Trustee and the Certificate Administrator have received an Opinion of
Counsel to the effect that the failure of the Trust Fund to comply with the
requirements of this Section 9.02 will not (i) result in the imposition on the
Trust Fund of taxes on "prohibited transactions", as described in Section 860F
of the Code, or (ii) cause the Trust Fund to fail to qualify as a REMIC at any
time that any Certificate is outstanding.

                  (i) The Certificate Administrator shall establish a 90-day
         liquidation period for the Trust Fund and specify the first day of such
         period in a statement attached to the Trust Fund's final Tax Return
         pursuant to Treasury regulations Section 1.860F-1. The Certificate
         Administrator also shall satisfy all of the requirements of a qualified
         liquidation for the Trust Fund under Section 860F of the Code and the
         regulations thereunder;

                  (ii) The Certificate Administrator shall notify the Trustee at
         the commencement of such 90-day liquidation period and, at or prior to
         the time of making

                                       36

         of the final payment on the Certificates, the Trustee shall sell or
         otherwise dispose of all of the remaining assets of the Trust Fund in
         accordance with the terms hereof; and

                  (iii) After making the final payment on the Certificates, the
         Certificate Administrator shall distribute or credit, or cause to be
         distributed or credited, to the Holders of the Class R Certificates all
         cash remaining in the Certificate Account (other than cash retained to
         meet claims), and the Trust Fund shall terminate at that time.

         (b) Each Holder of a Certificate hereby irrevocably approves and
appoints the Certificate Administrator as its attorney-in-fact for the purposes
of adoption of the plan of complete liquidation and obtaining the signature of
the Trustee in accordance with the terms and conditions of this Agreement.

                                   ARTICLE X

                                REMIC PROVISIONS

         SECTION 10.01 REMIC Administration. (a) The Certificate Administrator
shall make an election to treat the Trust Fund as a REMIC under the Code and, if
necessary, under applicable state law. Such election will be made on Form 1066
or other appropriate federal tax or information return (including Form 8811) or
any appropriate state return for the taxable year ending on the last day of the
calendar year in which the Certificates are issued. For the purposes of the
REMIC election in respect of the Trust Fund, the Certificates (other than the
Class R Certificates) shall be designated as the "regular interests" and the
Class R Certificates shall be designated as the sole class of "residual
interest" in the Trust Fund. The Certificate Administrator and the Trustee shall
not permit the creation of any "interests" (within the meaning of Section 860G
of the Code) in the Trust Fund other than the Trust Fund regular interests and
the interests represented by the Certificates, respectively.

         (b) The Closing Date is hereby designated as the "Startup Day" of the
Trust Fund within the meaning of Section 860G(a)(9) of the Code.

         (c) [[The Certificate Administrator] shall hold a Class R Certificate
representing a 0.01% Percentage Interest of all Class R Certificates and shall
be designated as the tax matters person of the Trust Fund in the manner provided
under Treasury regulations section 1.860F-4(d) and temporary Treasury
regulations section 301.6231(a)(7)-1T.] [the Certificate Administrator] as tax
matters person, shall (i) act on behalf of the Trust Fund in relation to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental taxing authority with respect thereto. The legal expenses,
including without limitation attorneys' or accountants' fees, and costs of any
such proceeding and any liability resulting therefrom shall be expenses of the
Trust Fund and [the Certificate Administrator] shall be entitled to
reimbursement therefor out of amounts attributable to the Mortgage Loans on
deposit in the Certificate Account as provided by Section 3.04 unless such legal
expenses and costs are incurred by reason of [the Certificate Administrator's]
willful misfeasance, bad faith or gross negligence. If [the Certificate
Administrator] is no longer the Certificate Administrator hereunder [the
Certificate

                                       37

Administrator] shall be paid reasonable compensation by any successor
Certificate Administrator hereto for so acting as "tax matters person."]

         (d) The Certificate Administrator shall prepare or cause to be prepared
all of the Tax Returns that it determines are required with respect to the Trust
Fund created hereunder and deliver such Tax Returns in a timely manner to the
Trustee and the Trustee shall sign and file such Tax Returns in a timely manner.
The expenses of preparing such returns shall be. borne by the Certificate
Administrator without any right of reimbursement therefor. The Certificate
Administrator agrees to indemnify and hold harmless the Trustee with respect to
any tax or liability arising from the Trustee's signing of Tax Returns that
contain errors or omissions.

         (e) The Certificate Administrator shall provide (i) to any transferor
of a Class R Certificate such information as is necessary for the application of
any tax relating to the transfer of a Class R Certificate to any Person who is
not a Permitted Transferee, (ii) to the Trustee and the Trustee shall forward to
the Certificateholders such information or reports as are required by the Code
or the REMIC Provisions including reports relating to interest, original issue
discount and market discount or premium (using the Prepayment Assumption) and
(iii) to the Internal Revenue Service the name, title, address and telephone
number of the person who will serve as the representative of the Trust Fund.

         (f) The Certificate Administrator shall take such actions and shall
cause the Trust Fund created hereunder to take such actions as are reasonably
within the Certificate Administrator's control and the scope of its duties more
specifically set forth herein as shall be necessary to maintain the status
thereof as a REMIC under the REMIC Provisions (and the Trustee shall assist the
Certificate Administrator, to the extent reasonably requested by the Certificate
Administrator to do so). The Certificate Administrator shall not knowingly or
intentionally take any action, cause the Trust Fund to take any action or fail
to take (or fail to cause to be taken) any action reasonably within its control
and the scope of duties more specifically set forth herein, that, under the
REMIC Provisions, if taken or not taken, as the case may be, could (i) endanger
the status of the Trust Fund as a REMIC or (ii) result in the imposition of a
tax upon the Trust Fund (including but not limited to the tax on prohibited
transactions as defined in Section 860F(a)(2) of the Code and the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code) (either such
event, an "Adverse REMIC Event") unless the Certificate Administrator has
received an opinion of Counsel (at the expense of the party seeking to take such
action or, if such party fails to pay such expense, and the Certificate
Administrator determines that taking such action is in the best interest of the
Trust Fund and the Certificateholders, at the expense of the Trust Fund, but in
no event at the expense of the Certificate Administrator or the Trustee) to the
effect that the contemplated action will not, with respect to the Trust Fund
created hereunder, endanger such status or, unless the Certificate Administrator
determines in its sole discretion to indemnify the Trust Fund against such tax,
result in the imposition of such a tax. The Trustee shall not take or fail to
take any action (whether or not authorized hereunder) as to which the
Certificate Administrator has advised it in writing that it has received an
Opinion of Counsel to the effect that an Adverse REMIC Event could occur with
respect to such action. In addition, prior to taking any action with respect to
the Trust Fund or its assets, or causing the Trust Fund to take any action,
which is not expressly permitted under the terms of this Agreement, the Trustee
will consult with the Certificate Administrator or its designee, in writing,
with respect to whether such action could cause an

                                       38

Adverse REMIC Event to occur with respect to the Trust Fund, and the Trustee
shall not take any such action or cause the Trust Fund to take any such action
as to which the Certificate Administrator has advised it in writing that an
Adverse REMIC Event could occur. The Certificate Administrator may consult with
counsel to make such written advice, and the cost of same shall be borne by the
party seeking to take the action not expressly permitted by this Agreement, but
in no event at the expense of the Certificate Administrator. At all times as may
be required by the Code, the Certificate Administrator will, to the extent
within its control and the scope of its duties more specifically set forth
herein, maintain substantially all of the assets of the Trust Fund as "qualified
mortgages" as defined in Section 860G(a)(3) of the Code and "permitted
investments" as defined in Section 860G(a)(5) of the Code.

         (g) In the event that any tax is imposed on "prohibited transactions"
of the Trust Fund created hereunder as defined in Section 860F(a)(2) of the
Code, on "net income from foreclosure property" of the Trust Fund as defined in
Section 860G(c) of the Code, on any contributions to the Trust Fund after the
Startup Day therefor pursuant to Section 860G(d) of the Code, or any other tax
is imposed by the Code or any applicable provisions of state or local tax laws,
such tax shall be charged (i) to the Certificate Administrator, if such tax
arises out of or results from a breach by the Certificate Administrator of any
of its obligations under this Agreement or the Certificate Administrator has in
its sole discretion determined to indemnify the Trust Fund against such tax;
(ii) to the Trustee, if such tax arises out of or results from a breach by the
Trustee of any of its obligations under this Agreement; or otherwise (iii)
against amounts on deposit in the Certificate Account as provided by Section
3.04 and on the Distribution Date(s) following such reimbursement the aggregate
of such taxes shall be allocated in reduction of the Accrued Certificate
Interest on each Class entitled thereto in the same manner as if such taxes
constituted a Prepayment Interest Shortfall.

         (h) The Trustee and the Certificate Administrator shall, for federal
income tax purposes, maintain books and records with respect to the Trust Fund
on a calendar year and on an accrual basis or as otherwise may be required by
the REMIC Provisions.

         (i) Following the Startup Day, neither the Certificate Administrator
nor the Trustee shall accept any contributions of assets to the Trust Fund
unless the Certificate Administrator and the Trustee shall have received an
Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in the Trust Fund
will not cause the Trust Fund to fail to qualify as a REMIC at any time that any
Certificates are outstanding or subject the Trust Fund to any tax under the
REMIC Provisions or other applicable provisions of federal, state and local law
or ordinances.

         (j) Neither the Certificate Administrator nor the Trustee shall enter
into any arrangement by which the Trust Fund will receive a fee or other
compensation for services nor permit either such REMIC to receive any income
from assets other than "qualified mortgages" as defined in Section 860G(a)(3) of
the Code or "permitted investments" as defined in Section 860G(a)(5) of the
Code.

         (k) Solely for the purposes of Section 1.860G1(a)(4)(iii) of the
Treasury regulations, the "latest possible maturity date" by which the
Certificate Principal Balance of each Class of Certificates representing a
regular interest in the Trust Fund would be reduced to zero is

                                       39

[________ __, 20_] which is the Distribution Date immediately following the
latest scheduled maturity of any Mortgage Loan.

         (l) Within 30 days after the Closing Date, the Certificate
Administrator shall prepare and file with the Internal Revenue Service Form
8811, "Information Return for Real Estate Mortgage Investment Conduits (REMIC)
and Issuers of Collateralized Debt Obligations" for the Trust Fund.

         (m) Neither the Trustee nor the Certificate Administrator shall sell,
dispose of or substitute for any of the Mortgage Loans (except in connection
with (i) the default, imminent default or foreclosure of a Mortgage Loan,
including but not limited to, the acquisition or sale of a Mortgaged Property
acquired by deed in lieu of foreclosure, (ii) the bankruptcy of the Trust Fund,
(iii) the termination of the Trust Fund pursuant to Article IX of this Agreement
or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this
Agreement) nor acquire any assets for the Trust Fund, nor sell or dispose of any
investments in the Custodial Account or the Certificate Account for gain, nor
accept any contributions to the Trust Fund after the Closing Date unless it has
received an Opinion of Counsel that such sale, disposition, substitution or
acquisition will not (a) affect adversely the status of the Trust Fund as a
REMIC or (b) unless the Certificate Administrator has determined in its sole
discretion to indemnify the Trust Fund against such tax, cause the Trust Fund to
be subject to a tax on "prohibited transactions" or "contributions" pursuant to
the REMIC Provisions.

         SECTION 10.02 Certificate Administrator and Trustee Indemnification.
(a) The Trustee agrees to indemnify the Trust Fund, the Company and the
Certificate Administrator for any taxes and costs including, without limitation,
any reasonable attorneys fees imposed on or incurred by the Trust Fund, the
Company or the Certificate Administrator, as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.

         (b) The Certificate Administrator agrees to indemnify the Trust Fund,
the Company and the Trustee for any taxes and costs (including, without
limitation, any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company or the Trustee, as a result of a breach of the Certificate
Administrator's covenants set forth in this Article X or in Article III with
respect to compliance with the REMIC Provisions, including without limitation,
any penalties arising from the Trustee's execution of Tax Returns prepared by
the Certificate Administrator that contain errors or omissions.

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

         SECTION 11.01 Amendment. (a) his Agreement may be amended from time to
time by the Company, the Certificate Administrator and the Trustee, without the
consent of any of the Certificateholders:

                  (i) to cure any ambiguity;

                  (ii) to correct or supplement any provisions herein or
         therein, which may be inconsistent with any other provisions herein;

                                       40

                  (iii) to modify, eliminate or add to any of its provisions to
         such extent as shall be necessary to maintain the qualification of the
         Trust Fund as a REMIC at all times that any Certificate is outstanding
         or to avoid or minimize the risk of the imposition of any tax on the
         Trust Fund pursuant to the Code that would be a claim against the Trust
         Fund, provided that the Trustee has received an Opinion of Counsel to
         the effect that (A) such action is necessary or desirable to maintain
         such qualification or to avoid or minimize the risk of the imposition
         of any such tax and (B) such action will not adversely affect in any
         material respect the interests of any Certificateholder;

                  (iv) to change the timing and/or nature of deposits into the
         Certificate Account, provided that (A) such change shall not, as
         evidenced by an Opinion of Counsel, adversely affect in any material
         respect the interests of any Certificateholder and (B) such change
         shall not adversely affect the then-current rating of the Certificates,
         as evidenced by a letter from the Rating Agency then rating the
         Certificates to such effect;

                  (v) to modify, eliminate or add to the provisions of Section
         5.02(d) or any other provision hereof restricting transfer of the Class
         R Certificates by virtue of their being the REMIC "residual interest",
         provided that (A) such change shall not adversely affect the
         then-current ratings of the Certificates, as evidenced by a letter from
         the Rating Agency to such effect, and (B) such change shall not, as
         evidenced by an Opinion of Counsel, cause either the Trust Fund or any
         of the Certificateholders (other than the transferor) to be subject to
         a tax caused by a transfer to a non-Permitted Transferee; and

                  (vi) to make any other provisions with respect to matters or
         questions arising under this Agreement which shall not be materially
         inconsistent with the provisions of this Agreement, provided that such
         action shall not, as evidenced by an Opinion of Counsel, adversely
         affect in any material respect the interests of any Certificateholder.

         (b) This Agreement may also be amended from time to time by the
Company, the Certificate Administrator and the Trustee with the consent of the
Holders of Certificates evidencing in the aggregate not less than 66% of the
Percentage Interests of each Class of Certificates affected thereby for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of
the Holders of Certificates of such Class; provided, however, that no such
amendment shall:

                  (i) reduce in any manner the amount of, or delay the timing
         of, payments which are required to be distributed on any Certificate
         without the consent of the Holder of such Certificate,

                  (ii) reduce the aforesaid percentage of Certificates of any
         Class the Holders of which are required to consent to any such
         amendment, in any such case without the consent of the Holders of all
         Certificates of such Class then outstanding, or

                  (iii) adversely affect in any material respect the interests
         of the Holders of Certificates of any Class in a manner other than as
         described in clause (i) hereof without

                                       41

         the consent of Holders of Certificates of such Class evidencing, as to
         such Class, Percentage Interests aggregating not less than 66%.

         (c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel to the effect that (1) such amendment
or the exercise of any power granted to the Certificate Administrator, the
Company or the Trustee in accordance with such amendment will not result in the
imposition of a tax on the Trust Fund or cause the Trust Fund to fail to qualify
as a REMIC at any time that any Certificate is outstanding and (2) such
amendment, if made pursuant to any provision of Section 11.01(a), is permitted
under such provision.

         (d) Promptly after the execution of any such amendment the Trustee
shall furnish written notification of the substance of such amendment to each
Certificateholder. It shall not be necessary for the consent of
Certificateholders under this Section 11.01 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.

         SECTION 11.02 Counterparts. For the purpose of facilitating the
recordation of this Agreement as herein provided and for other purposes, this
Agreement may be executed simultaneously in any number of counterparts, each of
which counterparts shall be deemed to be an original, and such counterparts
shall constitute but one and the same instrument.

         SECTION 11.03 Limitation on Rights of Certificateholders. (a) The death
or incapacity of any Certificateholder shall not operate to terminate this
Agreement or the Trust Fund, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of the Trust Fund, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.

         (b) No Certificateholder shall have any right to vote (except as
expressly provided for herein) or in any manner otherwise control the operation
and management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth, or contained in the terms of the Certificates,
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third party by reason of any action taken by the parties to
this Agreement pursuant to any provision hereof.

         (c) No Certificateholder shall have any right by virtue of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a notice of a default by the
Company, the Certificate Administrator or the Trustee in the performance of any
obligation hereunder, and of the continuance thereof, as herein- before
provided, and unless also the Holders of Certificates of any Class evidencing at
least 33% of the Voting Rights of such Class, shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses and liabilities to be
incurred

                                       42

therein or thereby, and the Trustee, for 60 days after its receipt of such
notice, request and offer of indemnity, shall have neglected or refused to
institute any such action, suit or proceeding. For the protection and
enforcement of the provisions of this Section, each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law
or in equity.

         SECTION 11.04 Governing Law. THIS AGREEMENT AND THE CERTIFICATES SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

         SECTION 11.05 Notices. All demands and notices hereunder shall be in
writing and shall be deemed to have been duly given if personally delivered at
or mailed by registered mail, postage prepaid (except for notices to the Trustee
which shall be deemed to have been duly given only when received), to (a) in the
case of the Company, Stanwich Asset Acceptance Company, L.L.C., Nine Greenwich
Office Park, Greenwich, Connecticut 06831, Attention: [____________], or such
other address as may hereafter be furnished to the Certificate Administrator and
the Trustee in writing by the Company, (b) in the case of the Certificate
Administrator, [______], Attention: [__________], or such other address as may
be hereafter furnished to the Company and the Trustee by the Certificate
Administrator in writing, (c) in the case of the Trustee, [_________],
Attention: Mortgage Pass-Through Certificates, Series 20[__-__], with a copy to
[__________], Attention: Mortgage Pass-Through Certificates, Series 20[__-__],
or such other address as may hereafter be furnished to the Company and the
Certificate Administrator in writing by the Trustee, and (d) in the case of
[name of rating agency], [__________], or such other address as may hereafter be
furnished to the Company, the Trustee and the Certificate Administrator in
writing by [name of rating agency]. Any notice required or permitted to be
mailed to a Certificateholder shall be given by first-class mail, postage
prepaid, at the address of such holder as shown in the Certificate Register and
shall be conclusively presumed to have been duly given when mailed.

         SECTION 11.06 Notices to Rating Agency. The Company, the Certificate
Administrator or the Trustee, as applicable, shall notify the Rating Agency at
such time as it is otherwise required pursuant to this Agreement to give notice
of the occurrence of any of the events described in clauses (a), (b), (c), (f)
or (g) below or provide a copy to the Rating Agency at such time as otherwise
required to be delivered pursuant to this Agreement of any of the statements
described in clauses (d) and (e) below:

                  (a) a material change or amendment to this Agreement;

                  (b) the occurrence of an Event of Default;

                  (c) the termination or appointment of a successor Certificate
         Administrator or Trustee or a change in the majority ownership of the
         Trustee;

                  (d) the statement required to be delivered to the Holders of
         the Certificates pursuant to Section 4.02;

                  (e) the statements required to be delivered pursuant to
         Section 3.05;

                                       43

                  (f) a change in the location of the Certificate Account;

                  (g) the occurrence of the Final Distribution Date; and

                  (h) the repurchase of any Underlying Agency Securities.

         SECTION 11.07 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the Holders thereof.

         SECTION 11.08 Successors and Assigns. The provisions of this Agreement
shall be binding upon and inure to the benefit of the respective successors and
assigns of the parties hereto, and all such provisions shall inure to the
benefit of the Certificateholders.

         SECTION 11.09 Article and Section Headings. The article and section
headings herein are for convenience of reference only, and shall not limit or
otherwise affect the meaning hereof.

                                       44

         IN WITNESS WHEREOF, the Company, the Certificate Administrator and the
Trustee have caused their names to be signed hereto by their respective officers
thereunto duly authorized and their respective seals, if required, duly
attested, to be hereunto affixed, all as of the day and year first above
written.

<TABLE>

                                                     STANWICH ASSET ACCEPTANCE COMPANY, L.L.C.

[Seal]                                                     By:
                                                           ______________________________________
                                                           Name: Title:

Attest: ______________________________________
      Name:
      Title:

                                                      [NAME OF CERTIFICATE ADMINISTRATOR] as Certificate
                                                     Administrator

[Seal]                                                     By:
                                                           ______________________________________
                                                           Name: Title:

Attest: ______________________________________
      Name:
      Title:

                                                      [NAME OF TRUSTEE], as Trustee

                                                            By:
                                                            ______________________________________
                                                            Name:
                                                            Title:

Attest: ______________________________________
      Name:
      Title:

</TABLE>

STATE OF [___________]                )
                                      ) ss:
COUNTY OF [__________]                )

         On the [________] day of [_______ ___, 20__] before me, a notary public
in and for said State, personally appeared [__________], known to me to be a
[__________] of Stanwich Asset Acceptance Company, L.L.C., one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said corporation, and acknowledged to me
that such corporation executed the within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                 ______________________________
                                                 Notary Public

[Notarial Seal]

STATE OF [                            ]     )
                                            ) ss:
COUNTY OF [                           ]     )

         On the [___________] day of [_______ __, 20__] before me, a notary
public in and for said State, personally appeared [________], known to me to be
an [_______] of (Name of Trustee], a [_________] that executed the within
instrument, and also known to me to be the person who executed it on behalf of
said [____________], and acknowledged to me that such [___________] executed the
within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                  _____________________________
                                                  Notary Public

[Notarial Seal]

STATE OF [                            ]     )
                                            ) ss:
COUNTY OF [                           ]     )

         On the [________] day of [_________ 20__] before me, a notary public in
and for said State, personally appeared [________] to me to be the [_________]
of [Name of Certificate Administrator], one of the corporations that executed
the within instrument, and also known to me to be the person who executed it on
behalf of said corporation, and acknowledged to me that such corporation
executed the within instrument.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                   ____________________________
                                                   Notary Public

[Notarial Seal]

                                                                    EXHIBIT A-1

                 FORM OF CLASS [A-1] [A-2] [A-3] [S] CERTIFICATE

         SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

         [NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT
PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE CODE,
UNLESS THE TRANSFEREE PROVIDES AN OPINION OF COUNSEL SATISFACTORY TO THE
CERTIFICATE ADMINISTRATOR, THE COMPANY AND THE TRUSTEE THAT THE PURCHASE OF THIS
CERTIFICATE BY, ON BEHALF OF, OR WITH "PLAN ASSETS" OF SUCH PLAN IS PERMISSIBLE
UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION AND WILL NOT SUBJECT THE CERTIFICATE ADMINISTRATOR, THE COMPANY OR
THE TRUSTEE TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT
(AS DEFINED BELOW), PROVIDED THAT NO SUCH OPINION SHALL BE REQUIRED UNDER THE
CIRCUMSTANCES SET FORTH IN THE AGREEMENT.]

         [THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF
APPLYING THE U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO
THIS CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS [_________ __, 20__].
ASSUMING THAT THE MORTGAGE LOANS PREPAY AT [__]% OF THE STANDARD PREPAYMENT
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS SUPPLEMENT) AND ASSUMING A CONSTANT
PASS-THROUGH RATE EQUAL TO THE INITIAL PASS-THROUGH RATE, THIS CERTIFICATE HAS
BEEN ISSUED WITH NO MORE THAN $[________] OF OID PER [$1,000/$100,000] OF
[PRINCIPAL/NOTIONAL] AMOUNT AND THE YIELD TO MATURITY IS [_____]%, COMPUTED
UNDER THE APPROXIMATE METHOD. THERE IS NO SHORT ACCRUAL PERIOD WITH RESPECT TO
THIS CERTIFICATE. NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY
AT A RATE BASED ON THE STANDARD PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE OR AS
TO THE CONSTANCY OF THE PASS-THROUGH RATE.]

Class [A-1] [A-2] [A-3] [S]               Certificate No. [________]

Date of Trust Agreement:                  [_]% Pass-Through Rate
[__________ 1, 20__]                      [based on Notional Amount]

Reference Date:
[___________ 1, 20__]

First Distribution Date:                  [Aggregate Initial
Certificate
[___________ __, 20__]                    Principal Balance of the
                                          Class [A-1] [A-2][A-3]
                                          Certificates as of the
                                          Reference Date:  $[______]

Certificate Administrator:                [Initial Certificate Principal
[_______________]                         Balance of this Certificate:
                                          $_____________]

Assumed Termination Date:
[____________ __, 20__]                   [Percentage Interest:_____$]

                                          CUSIP [___________]

              MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 20[__-__]

                  evidencing a percentage interest in any distributions
                  allocable to the Class [A-1][A-2][A-3][S] Certificates with
                  respect to the Trust Fund consisting of the Underlying Agency
                  Securities formed and sold by Stanwich Asset Acceptance
                  Company, L.L.C.

         This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Stanwich Asset Acceptance
Company, L.L.C., the Certificate Administrator or the Trustee. Although payment
of principal and interest on the Underlying Agency Securities is guaranteed by
[GNMA], this Certificate is not guaranteed or insured by any governmental agency
or instrumentality or by Stanwich Asset Acceptance Company, L.L.C., the
Certificate Administrator or the Trustee.

         This certifies that [__________] is the registered owner of the
Percentage Interest evidenced by this Certificate ([obtained by dividing the
Certificate Principal Balance of this Certificate by the aggregate Certificate
Principal Balance of all Class [A-1][A-2][A-3] Certificates, both] as specified
above) in certain distributions with respect to a Trust Fund consisting
primarily of a pool of the Underlying Agency Securities, formed and sold by
Stanwich Asset Acceptance Company, L.L.C. (hereinafter called the "Company",
which term includes any successor entity under the Agreement referred to below).
The Trust Fund was created pursuant to a Trust Agreement dated as specified
above (the "Agreement") among the Company, the Certificate Administrator and
[_________], as trustee (the "Trustee"), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the

                                     A-1-2

capitalized terms used herein have the meanings assigned in the Agreement.
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

         Pursuant to the terms of the Agreement, a distribution will be made on
the third Business Day following the Underlying Security Distribution Date for
the Underlying Agency Securities (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next preceding the month of the Underlying Security
Distribution Date for the Underlying Agency Securities (the "Record Date"), from
the Available Funds in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount required to be distributed to
Holders of Class [__] Certificates on such Distribution Date. [The Notional
Amount of the Class [S] Certificates as of any date of determination is equal to
the Aggregate Underlying Certificate Balance. The Class [S] Certificates have no
Certificate Principal Balance.]

         Distributions on this Certificate will be made either by the Trustee or
by a Paying Agent appointed by the Trustee in immediately available funds (by
wire transfer or otherwise) for the account of the Person entitled thereto
except as otherwise provided in the Agreement if such Person shall have so
notified the Certificate Administrator or such Paying Agent, or by check mailed
to the address of the Person entitled thereto, as such name and address shall
appear on the Certificate Register.

         Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City of New York. [The initial aggregate
Certificate Principal Balance of the Certificates is set forth above. The
Certificate Principal Balance hereof will be reduced to the extent of the
distributions allocable to principal.]

         This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Pass-Through Certificates of
the Series specified hereon (herein collectively called the "Certificates"). The
Certificates are limited in right of payment to certain collections and
recoveries respecting the Underlying Agency Securities, all as more specifically
set forth herein and in the Agreement.

         As provided in the Agreement, withdrawals from the Certificate Account
created for the benefit of Certificateholders may be made by the Certificate
Administrator from time to time for purposes other than distributions to
Certificateholders, such purposes including without limitation reimbursement to
the Company and the Certificate Administrator of certain expenses incurred, by
either of them.

         The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Certificate Administrator and the Trustee and the rights of the
Certificateholders under the Agreement at

                                     A-1-3

any time by the Company, the Certificate Administrator and the Trustee with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66% of the Percentage Interests of each Class of Certificates affected thereby.
Any such consent by the Holder of this Certificate shall be conclusive and
binding on such Holder and upon all future holders of this Certificate and of
any Certificate issued upon the transfer hereof or in exchange herefor or in
lieu hereof whether or not notation of such consent is made upon the
Certificate. The Agreement also permits the amendment thereof in certain
circumstances without the consent of the Holders of any of the Certificates and,
in certain additional circumstances, without the consent of the Holders of
certain Classes of Certificates.

         As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee in the City and State of New York,
duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by, the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of authorized denominations evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.

         The Certificates are issuable only as registered Certificates without
coupons in Classes and in denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

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

         The Company, the Certificate Administrator, the Trustee and the
Certificate Registrar and any agent of the Company, the Certificate
Administrator, the Trustee or the Certificate Registrar may treat the Person in
whose name this Certificate is registered as the owner hereof for all purposes,
and neither the Company, the Certificate Administrator, the Trustee nor any such
agent shall be affected by notice to the contrary.

         THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

         The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following receipt of the
final distribution to be made on the last remaining Underlying Agency Security
in the Trust Fund upon presentation and surrender of such Underlying Agency
Security in accordance with the terms and conditions thereof.

                                     A-1-4

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated:
                                         [NAME OF TRUSTEE],
                                         as Trustee

                                         By:    ________________________________
                                                Authorized Signatory

                                     A-1-5

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Class [A-1] [A-2] [A-3] [S] Certificates referred to
in the within-mentioned Agreement.

                                          [NAME OF CERTIFICATE REGISTRAR],
                                           as Certificate Registrar

                                           By:    ______________________________
                                                  Authorized Signatory

                                     A-1-6

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

         (Please print or typewrite name and address including postal zip code
of assignee) the beneficial interest evidenced by the within the Certificate and
hereby authorizes the transfer of registration of such interest to assignee on
the Certificate Register of the Trust Fund.

         I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination to the above named assignee and deliver such
Certificate to the following address:

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

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

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

Dated:
      --------------------------------

                                          -------------------------------------
                                          Signature by or on behalf of assignor

                                          -------------------------------------
                                          Signature Guaranteed

                                     A-1-7

                            DISTRIBUTION INSTRUCTIONS

         The assignee should include the following for purposes of distribution:

         Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to ______________ for the account of __________
account number _________, or, if mailed by check, to
___________________.

         Applicable statements should be mailed to:  _______________________.

         This information is provided by ___________________ the assignee named
above, or ____________, as its agent.

                                     A-1-8

                                                                    EXHIBIT A-2

                           FORM OF CLASS R CERTIFICATE

         THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

         SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"RESIDUAL INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

         NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN
SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, OR SECTION 4975 OF THE CODE, AS AMENDED, OR SECTION
4975 OF THE CODE, UNLESS THE TRANSFEREE PROVIDES AN OPINION OF COUNSEL
SATISFACTORY TO THE CERTIFICATE ADMINISTRATOR, THE COMPANY AND THE TRUSTEE THAT
THE PURCHASE OF THIS CERTIFICATE BY, ON BEHALF OF, OR WITH "PLAN ASSETS" OF SUCH
PLAN IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT SUBJECT THE CERTIFICATE
ADMINISTRATOR, THE COMPANY OR THE TRUSTEE TO ANY OBLIGATION IN ADDITION TO THOSE
UNDERTAKEN IN THE AGREEMENT (AS DEFINED BELOW), PROVIDED THAT NO SUCH OPINION
SHALL BE REQUIRED UNDER THE CIRCUMSTANCES SET FORTH IN THE AGREEMENT.

         ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE
MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE
CERTIFICATE ADMINISTRATOR AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT EITHER
(A) THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN
GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF
ANY OF THE FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED
IN SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF
THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511
OF THE CODE, (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE
CODE, (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING
HEREINAFTER REFERRED TO AS A "DISQUALIFIED ORGANIZATION") OR (D) AN AGENT OF A
DISQUALIFIED ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE
ASSESSMENT OR COLLECTION OF TAX, AND (3) SUCH TRANSFEREE SATISFIES CERTAIN
ADDITIONAL CONDITIONS OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE
REGISTRATION IN THE

         CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS
RESIDUAL CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN

                                     A-2-1

AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF
NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A
CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE
RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY
ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE
PROVISIONS OF THIS PARAGRAPH.

                                     A-2-2

Class R                                        Certificate No.[________]

Date of Trust Agreement:                       [_]% Pass-Through Rate
[__________ 1, 20__]

Reference Date:
[___________ 1, 20__]

First Distribution Date:                       Aggregate Initial Certificate
[___________ __, 20__]                         Principal the Class R
                                               Certificates:  $[______]

Certificate Administrator:                     Initial Certificate Principal
[_______________]                              Balance of this Certificate:
                                               $[________________________]

Assumed Termination Date:
[____________ __, 20_]                         [____] % Percentage Interest

                                               CUSIP [___________]

              MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 20[__-__]

                  evidencing a percentage interest in any distributions
                  allocable to the Class R Certificates with respect to the
                  Trust Fund consisting of a pool of Underlying Agency
                  Securities formed and sold by Stanwich Asset Acceptance
                  Company, L.L.C.

         This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Stanwich Asset Acceptance
Company, L.L.C., the Certificate Administrator or the Trustee. Although payment
of principal and interest on the Underlying Agency Securities is guaranteed by
[GNMA], this Certificate is not guaranteed or insured by any governmental agency
or instrumentality or by Stanwich Asset Acceptance Company, L.L.C., the
Certificate Administrator or the Trustee.

         This certifies that [__________] is the registered owner of a
percentage interest evidenced by this Certificate (obtained by dividing the
Initial Certificate Principal Balance of the Certificate by the aggregate
Initial Certificate Principal Balance of all Class R Certificates, both as
specified above) in certain distributions with respect to the Trust Fund
consisting primarily of a pool of Underlying Agency Securities, formed and sold
by Stanwich Asset Acceptance Company, L.L.C. (hereinafter called the "Company",
which term includes any successor entity under the Agreement referred to below).
The Trust Fund was created pursuant to a Trust Agreement dated as specified
above (the "Agreement") among the Company, the Certificate Administrator and
[________], as trustee (the "Trustee"), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms used herein have the meanings assigned in the Agreement.
This Certificate is issued under and is

                                     A-2-3

subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

         Pursuant to the terms of the Agreement, a distribution will be made on
the third Business Day following the Underlying Security Distribution Date for
the Underlying Agency Securities (the "Distribution Date"), commencing on the
first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month immediately preceding the month of the related Distribution
Date for the Underlying Agency Securities (the "Record Date"), from the
Available Funds in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount required to be distributed to
Holders of Class R Certificates on such Distribution Date.

         Each Holder of this Certificate will be deemed to have agreed to be
bound by the restrictions set forth in the Agreement to the effect that (i) each
person holding or acquiring any Ownership Interest in this Certificate must be a
United States Person and a Permitted Transferee, (ii) the transfer of any
Ownership Interest in this Certificate will be conditioned upon the delivery to
the Trustee of, among other things, an affidavit to the effect that it is a
United States Person and Permitted Transferee, (iii) any attempted or purported
transfer of any ownership Interest in this Certificate in violation of such
restrictions will be absolutely null and void and will vest no rights in the
purported transferee, and (iv) if any person other than a United States Person
and a Permitted Transferee acquires any Ownership Interest in this Certificate
in violation of such restrictions, then the Company will have the right, in its
sole discretion and without notice to the Holder of this Certificate, to sell
this Certificate to a purchaser selected by the Company, which purchaser may be
the Company, or any affiliate of the Company, on such terms and conditions as
the Company may choose.

         Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City of New York. The Initial Certificate
Principal Balance of this Certificate is set forth above. The Certificate
Principal Balance hereof will be reduced to the extent of distributions
allocable to principal. Notwithstanding the reduction of the Certificate
Principal Balance hereof to zero, this Certificate will remain outstanding under
the Agreement and the Holder hereof may have additional obligations with respect
to this Certificate, including tax liabilities, and may be entitled to certain
additional distributions hereon, in accordance with the terms and provisions of
the Agreement.

         In connection with any transfer of this Certificate, the Trustee will
require (a) a representation letter, in the form as described by the Agreement,
stating that the transferee is not an employee benefit plan or other plan
subject to the fiduciary responsibility provisions of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or (b) if such transferee is
an employee benefit plan or other plan subject to ERISA, an opinion of counsel
acceptable to and in form and substance satisfactory to the Trustee, the Company
and the Servicer with respect to the permissibility of such transfer under ERISA
and stating, among other things, that the transferee's acquisition of this Class
R Certificate is permissible under applicable law, will not constitute or result
in any non-exempt "prohibited transaction" under Section 406 of

                                     A-2-4

ERISA or Section 4975 of the Internal Revenue Code of 1986 and will not subject
the Trustee, the Company or the Certificate Administrator to any obligation or
liability (including obligations under ERISA or Section 4975 of the Code) in
addition to those undertaken in the Agreement. Each Holder of this Class R
Certificate will be deemed to have agreed to be bound by the restrictions set
forth in the Agreement to the effect that (i) each person holding or acquiring
any Ownership Interest in this Class R Certificate must be a Permitted
Transferee (and may not be a Non-United States Person), (ii) no ownership
Interest in this Class R Certificate may be transferred without the express
written consent of the Company, which consent may be conditioned on the delivery
to the Company of, among other things, an opinion of counsel, (iii) any
attempted or purported transfer of any Ownership Interest in this Class R
Certificate in violation of such restrictions will be absolutely null and void
and will vest no rights in the purported transferee, and (iv) if any Person
other than a Permitted Transferee acquires any Ownership Interest in this Class
R Certificate in violation of such restrictions, then the Company will have the
right, in its sole discretion and without notice to the Holder of this Class R
Certificate to sell this Class R Certificate to a purchaser selected by the
Company, which purchaser may be the Company, or any affiliate of the Company, on
such terms and conditions as the Company may choose.

         This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Pass-Through Certificates of
the specified hereon (herein collectively called the "Certificates"). The
Certificates are limited in right of payment to certain collections and
recoveries respecting the Underlying Agency Securities, all as more specifically
set forth herein and in the Agreement.

         As provided in the Agreement, withdrawals from the Certificate Account
created for the benefit of Certificateholders may be made by the Certificate
Administrator from time to time for purposes other than distributions to
Certificateholders, such purposes including without limitation reimbursement to
the Company and the Certificate Administrator of advances made, or certain
expenses incurred, by either of them.

         The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Certificate Administrator and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the
Certificate Administrator and the Trustee with the consent of the Holders of
Certificates evidencing in the aggregate not less than 66% of the Percentage
Interests of each Class of Certificates affected thereby. Any such consent by
the Holder of this Certificate shall be conclusive and binding on such Holder
and upon all future holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent is made upon the Certificate. The Agreement also
permits the amendment thereof in certain circumstances without the consent of
the Holders of any of the Certificates and, in certain additional circumstances,
without the consent of the Holders of certain Classes of Certificates.

         As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee in the City and State of New York,
duly endorsed by, or accompanied by an assignment in the form

                                     A-2-5

below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by, the Holder hereof or
such Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

         The Certificates are issuable only as registered Certificates without
coupons in Classes and in denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

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

         The Company, the Certificate Administrator, the Trustee and the
Certificate Registrar and any agent of the Company, the Certificate
Administrator, the Trustee or the Certificate Registrar may treat the Person in
whose name this Certificate is registered as the owner hereof for all purposes,
and neither the Company, the Certificate Administrator, the Trustee nor any such
agent shall be affected by notice to the contrary.

         THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

         The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following receipt of the
final distribution to be made on the last remaining Underlying Agency Security
in the Trust Fund upon presentation and surrender of such Underlying Agency
Security in accordance with the terms and conditions thereof.

                                     A-2-6

         IN WITNESS WHEREOF, the Trustee has caused this Class R Certificate to
be duly executed.

Dated:                                    [NAME OF TRUSTEE],
                                          as Trustee

                                          By:___________________________________
                                             Authorized Signatory

                                     A-2-7

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Class R Certificates referred to in the
within-mentioned Agreement.

                                         [NAME OF CERTIFICATE REGISTRAR],
                                          as Certificate Registrar

                                          By:___________________________________
                                             Authorized Signatory

                                     A-2-8

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ____________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

         (Please print or typewrite name and address including postal zip code
of assignee) the beneficial interest evidenced by the within the Certificate and
hereby authorizes the transfer of registration of such interest to assignee on
the Certificate Register of the Trust Fund.

         I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address: ___________________.

Dated:  ________________

                                   _____________________________________________
                                   Signature by or on behalf of assignor

                                   _____________________________________________
                                   Signature Guaranteed

                                     A-2-9

                            DISTRIBUTION INSTRUCTIONS

         The assignee should include the following for purposes of distribution:

         Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _____________________________ for the account of
___________________ account number ______________ or, if mailed by check, to
_________________________________ _______________. Applicable statements should
be mailed to ___________________________.

         This information is provided by ______________________, the assignee
named above, or __________________, as its agent.

                                     A-2-10

                                                                    EXHIBIT B-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF [                            ]     )
                                            ) ss:
COUNTY OF [                           ]     )

         [NAME OF OFFICER], being first duly sworn, deposes and says:

         1. That he or she is [Title of Officer] of [Name of Owner] (record or
beneficial owner (the "Owner") of the Mortgage Pass-Through Certificates,
Series 20[__-__], Class R Certificate (the "Residual Certificates")), a [savings
institution] [corporation] duly organized and existing under the laws of [the
State of __________] [the United States], on behalf of which he makes this
affidavit and agreement. The Residual Certificates were issued pursuant to the
Trust Agreement, dated as of [________ 1, 20__], among Stanwich Asset Acceptance
Company, L.L.C., as the company (the "Company"), [____________], as certificate
administrator (the "Certificate Administrator") and [__________________], as
trustee (the "Trustee").

         2. That the Owner (i) is not and will not be a "disqualified
organization" as of [date of transfer] within the meaning of Section 860E(e)(5)
of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) will
endeavor to remain other than a disqualified organization for so long as it
retains its ownership interest in the Residual Certificate and (iii) is
acquiring the Residual Certificates for its own account or for the account of
another Owner from which it has received an affidavit in substantially the same
form as this affidavit and agreement. (For this purpose, a "disqualified
organization" means the United States, any state or political subdivision
thereof, or any agency or instrumentality of any of the foregoing (other than an
instrumentality all of the activities of which are subject to tax and, except
for the Federal Home Loan Mortgage Corporation, a majority of whose board of
directors is not selected by any such governmental entity), or any foreign
government, international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

         3. That the Owner is aware (i) of the tax that would be imposed on
transfers of the Residual Certificates to disqualified organizations under the
Code that applies to all transfers of Residual Certificates after March 31,
1988; (ii) that such tax would be on the transferor, or, if such transfer is
through an agent (which person includes a broker, nominee or middleman) for a
disqualified organization, on the agent; (iii) that the person otherwise liable
for the tax shall be relieved of liability for (b) the tax if the transferee
furnishes to such person an affidavit that the transferee is not a disqualified
organization and, at the time of transfer, such person does not have actual
knowledge that the affidavit is false; and (iv) that the Residual Certificates
may be "noneconomic residual interests" within the meaning of proposed Treasury
regulations promulgated pursuant to the Code and that the transferor of a
noneconomic residual interest will

                                     B-1-1

remain liable for any taxes due with respect to the income of such residual
interest, unless no significant purpose of the transfer was to impede the
assessment or collection of tax.

         1. That the Owner is aware of the tax imposed on a "pass-through
entity" holding the Residual Certificates if at any time during the taxable year
of the pass-through entity a disqualified organization is the record holder of
an interest in such entity. (For this purpose, a "pass through entity" includes
a regulated investment company, a real estate investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)

         2. That the Owner is aware that the Trustee will not register the
transfer of any Residual Certificates unless the transferee, or the transferee's
agent, delivers to it an affidavit and agreement, among other things, in
substantially the same form as this affidavit and agreement. The Owner expressly
agrees that it will not consummate any such transfer if it knows or believes
that any of the representations contained in such affidavit and agreement are
false.

         3. That the Owner has reviewed the restrictions set forth on the face
of the Residual Certificates and the provisions of Section 4.02(f) of the
Pooling and Servicing Agreement under which the Residual Certificates were
issued (in particular, clause (iii)(A) and (iii)(B) of Section 4.02(f) which
authorize the Trustee to deliver payments to a person other than the Owner and
negotiate a mandatory sale by the Trustee in the event the Owner holds such
Certificates in violation of Section 4.02(f)). The Owner expressly agrees to be
bound by and to comply with such restrictions and provisions.

         4. The Owner warrants and represents that it is [a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933, as amended] [a person involved in the organization or operation of
the Company or Certificate Administrator, or an affiliate, as defined in Rule
405 under the Securities Act of 1933, as amended, of either of them].

         5. That the Owner consents to any additional restrictions or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Residual Certificates will only be
owned, directly or indirectly, by an Owner that is not a disqualified
organization.

         6. The Owner's Taxpayer Identification Number is [_____________].

         7. This affidavit and agreement relates only to the Residual
Certificates held by the owner and not to any other holder of the Residual
Certificates. The Owner understands that the liabilities described herein relate
only to the Residual Certificates.

         8. That no purpose of the Owner relating to the purchase of any of the
Residual Certificates by the owner is or will be to impede the assessment or
collection of any tax.

         9. That the Owner has no present knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long as any of the
Residual Certificates remain outstanding. In this regard, the owner hereby
represents to and for the benefit of the person from whom it acquired the
Residual Certificate that the Owner intends to pay taxes associated with holding
such Residual Certificate as they become due, fully understanding that it may
incur tax liabilities in excess of any cash flows generated by the Residual
Certificate.

                                     B-1-2

         10. The Owner is a citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includible in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States.

         11. The Owner is not an employee benefit plan or other plan subject to
the Employee Retirement Income Security Act of 1974, as amended ("ERISA") or
Section 4975 of the Internal Revenue Code of 1986 (the "Code"), or an investment
manager, a named fiduciary or a trustee of any such plan or any other Person
acting, directly or indirectly, on behalf of or purchasing any Residual
Certificate with "plan assets" of any such plan, and understands that
registration of transfer of any Residual Certificate to any such plan, or to any
Person acting on behalf of or purchasing any Residual Certificate with "plan
assets" of any such plan, will not be made unless such plan or Person delivers
an opinion of its counsel, addressed and satisfactory to the Trustee, the
Company and the Certificate Administrator, to the effect that the purchase and
holding of a Residual Certificate by, on behalf of or with "plan assets" of any
such plan is permissible under applicable law, would not constitute or result in
any non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, and would not subject the Company, the Certificate Administrator or
the Trustee to any obligation or liability (including liabilities under Section
406 of ERISA or Section 4975 of the Code) in addition to those undertaken in the
Trust Agreement or any other liability.

                                     B-1-3

         IN WITNESS WHEREOF, the Owner has caused this instrument to be executed
on its behalf, pursuant to the authority of its Board of Directors, by its
[Title of Officer] and its corporate seal to be hereunto attached, attested by
its [Assistant] Secretary, this __ day of _____, 20__.

                               [NAME OF OWNER]

                               By:    _____________________________________
                                      [Name of Officer]
                                      [Title of Officer]

[Corporate Seal]

ATTEST:

[Assistant] Secretary

         Personally appeared before me the above-named [Name of Officer], known
or proved to me to be the same person who executed the foregoing instrument and
to be the [Title of Officer] of the Owner, and acknowledged to me that he
executed the same as his free act and deed and the free act and deed of the
Owner.

         Subscribed and sworn before me this ___ day of ______________, 20__.

                                           ____________________________________
                                           NOTARY PUBLIC

COUNTY OF
STATE OF

         My Commission expires the ___________ day of _____________, 20_.

                                     B-1-4

                                                                    EXHIBIT B-2

                         FORM OF TRANSFEROR CERTIFICATE

                                                           [_____________ 20_]

Stanwich Asset Acceptance Company, L.L.C.
Nine Greenwich Office Park
Greenwich, Connecticut 06831

[Name of Trustee]
[Address of Trustee]

Attention:  [_________________]

         Re: Mortgage Pass-Through Certificates, Residual Certificates,
Series 20[__-__]

Ladies and Gentlemen:

         This letter is delivered to you in connection with the transfer by
[_________] (the "Seller") to [___________] (the "Purchaser") of $[_________]
Initial Certificate Principal Balance of the Mortgage Pass-Through Certificates,
Series 20[__-__], Class R Certificate (the "Residual Certificates"), pursuant to
Section [___________] of the Trust Agreement (the "Trust Agreement"), dated as
of [__________ 1, 20__] among Stanwich Asset Acceptance Company, L.L.C., as the
company (the "Company"), [___________], as the certificate administrator (the
"Certificate Administrator"), and [_________], as trustee (the "Trustee"). All
terms used herein and not otherwise defined shall have the meanings set forth in
the Trust Agreement. The Seller hereby certifies, represents and warrants to,
and covenants with, the Company and the Trustee that:

                  1. No purpose of the Seller relating to transfer of the
         Residual Certificate by the Seller to the Purchaser is or will be to
         impede the assessment or collection of any tax.

                  2. The Seller understands that the Purchaser has delivered to
         the Trustee and the Certificate Administrator a Transfer Affidavit and
         Agreement in the form attached to the Trust Agreement as Exhibit B-1.
         The Seller does not know or believe that any representation contained
         therein is false.

                  3. The Seller has at the time of the transfer conducted a
         reasonable investigation of the financial condition of the Purchaser as
         contemplated by Treasury Regulations Section 1.860E-1(c)(r)(i) and, as
         a result of that investigation, the Seller has determined that the
         Purchaser has historically paid its debts as they become due and has
         found no significant evidence to indicate that the Purchaser will not
         continue to pay its

                                     B-2-1

         debts as they become due in the future. The Seller understands that the
         transfer of a Residual Certificate may not be respected for United
         States income tax purposes (and the Seller may continue to be liable
         for United States income taxes associated therewith) unless the Seller
         has conducted such an investigation.

                                   Very truly yours,

                                   [NAME OF SELLER]
                                   (Seller)

                                   By:    _____________________________________
                                          Name:
                                          Title:

                                     B-2-2<PAGE>

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

                                            Published CUSIP Number: ____________

                                CREDIT AGREEMENT

                           Dated as of June 30, 2005

                                     among

                               STERICYCLE, INC.,

                                      and

                              CERTAIN SUBSIDIARIES

                                 as Borrowers,

                             BANK OF AMERICA, N.A.,
              as Administrative Agent, Swing Line Lender, a Lender
                                and L/C Issuer,

                         The Other Lenders Party Hereto

                           JPMORGAN CHASE BANK, N.A.,
                              as Syndication Agent

                                      and

                FORTIS CAPITAL CORP. AND CALYON-NEW YORK BRANCH,
                           as Co-Documentation Agents

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

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
SECTION                                                                                                       PAGE
-------                                                                                                       ----
<S>                                                                                                           <C>
ARTICLE I..................................................................................................     1

      1.01   Defined Terms.................................................................................     1
      1.02   Other Interpretive Provisions.................................................................    25
      1.03   Accounting Terms..............................................................................    26
      1.04   Exchange Rates; Currency Equivalents..........................................................    26
      1.05   Additional Alternative Currencies.............................................................    27
      1.06   Change of Currency............................................................................    28
      1.07   Times of Day..................................................................................    28
      1.08   Letter of Credit Amounts......................................................................    28
      1.09   Excluded Entities.............................................................................    28

ARTICLE II.  THE COMMITMENTS AND CREDIT EXTENSIONS.........................................................    29

      2.01   Committed Loans...............................................................................    29
      2.02   Borrowings, Conversions and Continuations of Committed Loans..................................    29
      2.03   Letters of Credit.............................................................................    31
      2.04   Swing Line Loans..............................................................................    40
      2.05   Prepayments...................................................................................    43
      2.06   Termination or Reduction of Commitments.......................................................    44
      2.07   Repayment of Loans............................................................................    45
      2.08   Interest......................................................................................    45
      2.09   Fees..........................................................................................    46
      2.10   Computation of Interest and Fees..............................................................    46
      2.11   Evidence of Debt..............................................................................    47
      2.12   Payments Generally; Administrative Agent's Clawback...........................................    47
      2.13   Sharing of Payments by Lenders................................................................    49
      2.14   Designated Borrowers..........................................................................    50
      2.15   Increase in Commitments.......................................................................    51

ARTICLE III.  TAXES, YIELD PROTECTION AND ILLEGALITY.......................................................    52

      3.01   Taxes.........................................................................................    52
      3.02   Illegality....................................................................................    55
      3.03   Inability to Determine Rates..................................................................    56
      3.04   Increased Costs; Reserves on Eurocurrency Rate Loans..........................................    56
      3.05   Compensation for Losses.......................................................................    58
      3.06   Mitigation Obligations; Replacement of Lenders................................................    59
      3.07   Survival......................................................................................    59

ARTICLE IV.  CONDITIONS PRECEDENT TO CREDIT EXTENSIONS.....................................................    59

      4.01   Conditions of Initial Credit Extension........................................................    60
      4.02   Conditions to all Credit Extensions...........................................................    61

ARTICLE V.  REPRESENTATIONS AND WARRANTIES.................................................................    62

      5.01   Existence, Qualification and Power; Compliance with Laws......................................    62
      5.02   Authorization; No Contravention...............................................................    63
</TABLE>

<PAGE>

                          TABLE OF CONTENTS (CONTINUED)

<TABLE>
<CAPTION>
SECTION                                                                                                       PAGE
-------                                                                                                       ----
<S>                                                                                                           <C>
      5.03   Governmental Authorization; Other Consents....................................................    63
      5.04   Binding Effect................................................................................    63
      5.05   Financial Statements; No Material Adverse Effect; No Internal Control Event...................    63
      5.06   Litigation....................................................................................    64
      5.07   No Default....................................................................................    64
      5.08   Ownership of Property; Liens..................................................................    64
      5.09   Environmental Compliance......................................................................    64
      5.10   Insurance.....................................................................................    64
      5.11   Taxes.........................................................................................    65
      5.12   ERISA Compliance..............................................................................    65
      5.13   Subsidiaries; Equity Interests................................................................    65
      5.14   Margin Regulations; Investment Company Act; Public Utility Holding Company Act................    66
      5.15   Disclosure....................................................................................    66
      5.16   Compliance with Laws..........................................................................    66
      5.17   Intellectual Property; Licenses, Etc..........................................................    66
      5.18   Representations as to Foreign Obligors........................................................    67
      5.19   Material Subsidiaries.........................................................................    68

ARTICLE VI.  AFFIRMATIVE COVENANTS.........................................................................    68

      6.01   Financial Statements..........................................................................    68
      6.02   Certificates; Other Information...............................................................    69
      6.03   Notices.......................................................................................    71
      6.04   Payment of Obligations........................................................................    71
      6.05   Preservation of Existence, Etc................................................................    71
      6.06   Maintenance of Properties.....................................................................    72
      6.07   Maintenance of Insurance......................................................................    72
      6.08   Compliance with Laws..........................................................................    72
      6.09   Books and Records.............................................................................    72
      6.10   Inspection Rights.............................................................................    73
      6.11   Use of Proceeds...............................................................................    73
      6.12   Approvals and Authorizations..................................................................    73
      6.13   Additional Subsidiary Guarantors..............................................................    73
      6.14   Further Assurances............................................................................    74

ARTICLE VII.  NEGATIVE COVENANTS...........................................................................    74

      7.01   Liens.........................................................................................    74
      7.02   Investments...................................................................................    75
      7.03   Indebtedness..................................................................................    77
      7.04   Fundamental Changes...........................................................................    78
      7.05   Dispositions..................................................................................    79
      7.06   Restricted Payments...........................................................................    80
      7.07   Change in Nature of Business..................................................................    81
      7.08   Transactions with Affiliates..................................................................    81
</TABLE>

                                       ii
<PAGE>

                          TABLE OF CONTENTS (CONTINUED)

<TABLE>
<CAPTION>
SECTION                                                                                                       PAGE
-------                                                                                                       ----
<S>                                                                                                           <C>
      7.09   Burdensome Agreements.........................................................................    81
      7.10   Use of Proceeds...............................................................................    81
      7.11   Financial Covenants...........................................................................    82

ARTICLE VIII.  EVENTS OF DEFAULT AND REMEDIES..............................................................    82

      8.01   Events of Default.............................................................................    82
      8.02   Remedies Upon Event of Default................................................................    84
      8.03   Application of Funds..........................................................................    85

ARTICLE IX.  ADMINISTRATIVE AGENT..........................................................................    85

      9.01   Appointment and Authority.....................................................................    85
      9.02   Rights as a Lender............................................................................    86
      9.03   Exculpatory Provisions........................................................................    86
      9.04   Reliance by Administrative Agent..............................................................    87
      9.05   Delegation of Duties..........................................................................    87
      9.06   Resignation of Administrative Agent...........................................................    87
      9.07   Non-Reliance on Administrative Agent and Other Lenders........................................    88
      9.08   No Other Duties, Etc..........................................................................    89
      9.09   Administrative Agent May File Proofs of Claim.................................................    89
      9.10   Guaranty Matters..............................................................................    89

ARTICLE X.  MISCELLANEOUS..................................................................................    90

      10.01  Amendments, Etc...............................................................................    90
      10.02  Notices; Effectiveness; Electronic Communication..............................................    91
      10.03  No Waiver; Cumulative Remedies................................................................    93
      10.04  Expenses; Indemnity; Damage Waiver............................................................    93
      10.05  Payments Set Aside............................................................................    95
      10.06  Successors and Assigns........................................................................    95
      10.07  Treatment of Certain Information; Confidentiality.............................................    99
      10.08  Right of Setoff...............................................................................   100
      10.09  Interest Rate Limitation......................................................................   101
      10.10  Counterparts; Integration; Effectiveness......................................................   101
      10.11  Survival of Representations and Warranties....................................................   101
      10.12  Severability..................................................................................   101
      10.13  Replacement of Lenders........................................................................   102
      10.14  Governing Law; Jurisdiction; Etc..............................................................   102
      10.15  Waiver of Jury Trial..........................................................................   103
      10.16  USA PATRIOT Act Notice........................................................................   103
      10.17  Judgment Currency.............................................................................   104
</TABLE>

                                      iii

<PAGE>

SCHEDULES

      1.01   Mandatory Cost Formulae
      1.02   Existing Letters of Credit
      2.01   Commitments and Applicable Percentages
      4.01   List of Closing Documents
      5.05   Supplement to Interim Financial Statements
      5.09   Environmental Matters
      5.13   Subsidiaries and Other Equity Investments
      5.19   Material Subsidiaries
      7.01   Existing Liens
      7.02   Existing Investments
      7.03   Existing Indebtedness
      10.02  Administrative Agent's Office; Certain Addresses for Notices
      10.06  Processing and Recordation Fees

EXHIBITS

             FORM OF

      A      Committed Loan Notice
      B      Swing Line Loan Notice
      C      Note
      D      Compliance Certificate
      E      Assignment and Assumption
      F      Company Guaranty
      G      Subsidiary Guaranty
      H      Designated Borrower Request and Assumption Agreement
      I      Designated Borrower Notice
      J      Forms of Opinion Letters

<PAGE>

                                CREDIT AGREEMENT

      This CREDIT AGREEMENT ("Agreement") is entered into as of June 30, 2005,
among STERICYCLE, INC., a Delaware Corporation (the "Company"), certain
Subsidiaries of the Company party hereto pursuant to Section 2.14 (each a
"Designated Borrower" and, together with the Company, the "Borrowers" and, each
a "Borrower"), each lender from time to time party hereto (collectively, the
"Lenders" and individually, a "Lender"), JPMORGAN CHASE BANK, N.A., as
Syndication Agent (the "Syndication Agent"), FORTIS CAPITAL CORP. and CALYON-NEW
YORK BRANCH, as Co-Documentation Agents (collectively, the "Co-Documentation
Agents"), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender
and an L/C Issuer.

      The Borrowers have requested that the Lenders provide a revolving credit
facility, and the Lenders are willing to do so on the terms and conditions set
forth herein.

      In consideration of the mutual covenants and agreements herein contained,
the parties hereto covenant and agree as follows:

                                   ARTICLE I.
                        DEFINITIONS AND ACCOUNTING TERMS

            1.01 DEFINED TERMS. As used in this Agreement, the following terms
shall have the meanings set forth below:

      "Acquisition" means the acquisition, by purchase or otherwise, of all or
substantially all of the assets (or any part of the assets constituting all or
substantially all of a business or line of business) of any Person, whether such
acquisition is direct or indirect, including through the acquisition of the
business of, or more than 50% of the outstanding Voting Stock of, such Person,
and whether such acquisition is effected in a single transaction or in a series
of related transactions, and the acquisition, by purchase or otherwise, of
additional shares of the outstanding Voting Stock of any Subsidiary of the
Company which is not then a wholly-owned Subsidiary of the Company.

      "Administrative Agent" means Bank of America in its capacity as
administrative agent under any of the Loan Documents, or any successor
administrative agent.

      "Administrative Agent's Office" means, with respect to any currency, the
Administrative Agent's address and, as appropriate, account as set forth on
Schedule 10.02 with respect to such currency, or such other address or account
with respect to such currency as the Administrative Agent may from time to time
notify to the Company and the Lenders.

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

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

                                       1
<PAGE>

      "Aggregate Commitments" means the Commitments of all the Lenders.

      "Agreement" means this Credit Agreement.

      "Alternative Currency" means each of Euro, Sterling, Yen and Canadian
Dollars and each other currency (other than Dollars) that is approved in
accordance with Section 1.05.

      "Alternative Currency Equivalent" means, at any time, with respect to any
amount denominated in Dollars, the equivalent amount thereof in the applicable
Alternative Currency as determined by the Administrative Agent or the L/C
Issuer, as the case may be, at such time on the basis of the Spot Rate
(determined in respect of the most recent Revaluation Date) for the purchase of
such Alternative Currency with Dollars.

      "Alternative Currency Sublimit" means an amount equal to the lesser of the
Aggregate Commitments and $125,000,000. The Alternative Currency Sublimit is
part of, and not in addition to, the Aggregate Commitments.

      "Applicable Percentage" means with respect to any Lender at any time, the
percentage (carried out to the ninth decimal place) of the Aggregate Commitments
represented by such Lender's Commitment at such time. If the commitment of each
Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit
Extensions have been terminated pursuant to Section 8.02 or if the Aggregate
Commitments have expired, then the Applicable Percentage of each Lender shall be
determined based on the Applicable Percentage of such Lender most recently in
effect, giving effect to any subsequent assignments. The initial Applicable
Percentage of each Lender is set forth opposite the name of such Lender on
Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable.

      "Applicable Rate" means the following percentages per annum, based upon
the Consolidated Leverage Ratio as set forth in the most recent Compliance
Certificate received by the Administrative Agent pursuant to Section 6.02(a):

<TABLE>
<CAPTION>
                                                        EUROCURRENCY RATE+
     CONSOLIDATED LEVERAGE RATIO         FACILITY FEE   LETTER OF CREDIT +
--------------------------------------   ------------   ------------------
<S>                                      <C>            <C>
Less than 0.50 to 1.00 ("LEVEL 1")            0.100%            0.400%
Greater than or equal to 0.50 to 1.00         0.125%            0.500%
but less than 1.00 to 1.00 ("LEVEL 2")
Greater than or equal to 1.00 to 1.00         0.150%            0.600%
but less than 1.50 to 1.00 ("LEVEL 3")
Greater than or equal to 1.50 to 1.00         0.200%            0.675%
but less than 2.00 to 1.00 ("LEVEL 4")
</TABLE>

                                       2
<PAGE>

<TABLE>
<S>                                      <C>            <C>
Greater than or equal to 2.00 to 1.00    0.250%         0.750%
but less than 2.50 to 1.00 ("LEVEL 5")
Greater than or equal to 2.50 to 1.00    0.300%         0.950%
("LEVEL 6")
</TABLE>

      Any increase or decrease in the Applicable Rate resulting from a change in
the Consolidated Leverage Ratio shall become effective as of the first Business
Day immediately following the date a Compliance Certificate is delivered
pursuant to Section 6.02(a); provided, however, that if a Compliance Certificate
is not delivered when due in accordance with such Section, then Pricing Level 6
shall apply as of the first Business Day after the date on which such Compliance
Certificate was required to have been delivered. Subject to the proviso in the
preceding sentence, the Applicable Rate in effect from the Closing Date until
the date the first Compliance Certificate is delivered pursuant to Section
6.02(a) shall be determined based upon Pricing Level 3.

      "Applicable Time" means, with respect to any borrowings and payments in
any Alternative Currency, the local time in the place of settlement for such
Alternative Currency as may be determined by the Administrative Agent or the L/C
Issuer, as the case may be, to be necessary for timely settlement on the
relevant date in accordance with normal banking procedures in the place of
payment.

      "Applicant Borrower" has the meaning specified in Section 2.14(b).

      "Approved Fund" means any Fund that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an
entity that administers or manages a Lender.

      "Arranger" means Banc of America Securities LLC, in its capacity as sole
lead arranger and sole book manager.

      "Assignee Group" means two or more Eligible Assignees that are Affiliates
of one another or two or more Approved Funds managed by the same investment
advisor.

      "Assignment and Assumption" means an assignment and assumption entered
into by a Lender and an Eligible Assignee (with the consent of any party whose
consent is required by Section 10.06(b), and accepted by the Administrative
Agent, in substantially the form of Exhibit E or any other form approved by the
Administrative Agent.

      "Attributable Indebtedness" means, on any date, (a) in respect of any
capital lease of any Person, the capitalized amount thereof that would appear on
a balance sheet of such Person prepared as of such date in accordance with GAAP,
and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of
the remaining lease payments under the relevant lease that would appear on a
balance sheet of such Person prepared as of such date in accordance with GAAP if
such lease were accounted for as a capital lease.

                                       3
<PAGE>

      "Audited Financial Statements" means the audited consolidated balance
sheet of the Company and its Consolidated Subsidiaries for the fiscal year ended
December 31, 2004, and the related consolidated statements of income or
operations, shareholders' equity and cash flows for such fiscal year of the
Company and its Consolidated Subsidiaries, including the notes thereto.

      "Availability Period" means the period from and including the Closing Date
to the earliest of (a) the Maturity Date, (b) the date of termination of the
Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination
of the commitment of each Lender to make Loans and of the obligation of the L/C
Issuer to make L/C Credit Extensions pursuant to Section 8.02.

      "Bank of America" means Bank of America, N.A. and its successors.

      "Base Rate" means for any day a fluctuating rate per annum equal to the
higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest
in effect for such day as publicly announced from time to time by Bank of
America as its "prime rate." The "prime rate" is a rate set by Bank of America
based upon various factors including Bank of America's costs and desired return,
general economic conditions and other factors, and is used as a reference point
for pricing some loans, which may be priced at, above, or below such announced
rate. Any change in such rate announced by Bank of America shall take effect at
the opening of business on the day specified in the public announcement of such
change.

      "Base Rate Committed Loan" means a Committed Loan that is a Base Rate
Loan.

      "Base Rate Loan" means a Loan that bears interest based on the Base Rate.
All Base Rate Loans shall be denominated in Dollars.

      "Borrower" and "Borrowers" each has the meaning specified in the
introductory paragraph hereto.

      "Borrower Materials" has the meaning specified in Section 6.02.

      "Borrowing" means a Committed Borrowing or a Swing Line Borrowing, as the
context may require.

      "Business Day" means any day other than a Saturday, Sunday or other day on
which commercial banks are authorized to close under the Laws of, or are in fact
closed in, the state where the Administrative Agent's Office with respect to
Obligations denominated in Dollars is located and:

            (a) if such day relates to any interest rate settings as to a
      Eurocurrency Rate Loan denominated in Dollars, any fundings,
      disbursements, settlements and payments in Dollars in respect of any such
      Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out
      pursuant to this Agreement in respect of any such Eurocurrency Rate Loan,
      means any such day on which dealings in deposits in Dollars are conducted
      by and between banks in the London interbank eurodollar market;

                                       4
<PAGE>

            (b) if such day relates to any interest rate settings as to a
      Eurocurrency Rate Loan denominated in Euro, any fundings, disbursements,
      settlements and payments in Euro in respect of any such Eurocurrency Rate
      Loan, or any other dealings in Euro to be carried out pursuant to this
      Agreement in respect of any such Eurocurrency Rate Loan, means a TARGET
      Day;

            (c) if such day relates to any interest rate settings as to a
      Eurocurrency Rate Loan denominated in a currency other than Dollars or
      Euro, means any such day on which dealings in deposits in the relevant
      currency are conducted by and between banks in the London or other
      applicable offshore interbank market for such currency; and

            (d) if such day relates to any fundings, disbursements, settlements
      and payments in a currency other than Dollars or Euro in respect of a
      Eurocurrency Rate Loan denominated in a currency other than Dollars or
      Euro, or any other dealings in any currency other than Dollars or Euro to
      be carried out pursuant to this Agreement in respect of any such
      Eurocurrency Rate Loan (other than any interest rate settings), means any
      such day on which banks are open for foreign exchange business in the
      principal financial center of the country of such currency.

      "Canadian Dollars" means the lawful currency of Canada.

      "Cash Equivalent Investment" means any Investment described in Section
7.02(b).

      "Cash Collateralize" has the meaning specified in Section 2.03(g).

      "Change in Law" means the occurrence, after the date of this Agreement, of
any of the following: (a) the adoption or taking effect of any law, rule,
regulation or treaty, (b) any change in any law, rule, regulation or treaty or
in the administration, interpretation or application thereof by any Governmental
Authority or (c) the making or issuance of any request, guideline or directive
(whether or not having the force of law) by any Governmental Authority.

      "Change of Control" means an event or series of events by which:

            (a) any "person" or "group" (as such terms are used in Sections
      13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any
      employee benefit plan of such person or its subsidiaries, and any person
      or entity acting in its capacity as trustee, agent or other fiduciary or
      administrator of any such plan) becomes the "beneficial owner" (as defined
      in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except
      that a person or group shall be deemed to have "beneficial ownership" of
      all securities that such person or group has the right to acquire (such
      right, an "option right"), whether such right is exercisable immediately
      or only after the passage of time), directly or indirectly, of 25% or more
      of the equity securities of the Company entitled to vote for members of
      the board of directors or equivalent governing body of the Company on a
      fully-diluted basis (and taking into account all such securities that such
      person or group has the right to acquire pursuant to any option right);

            (b) during any period of 24 consecutive months, a majority of the
      members of the board of directors or other equivalent governing body of
      the Company cease to be

                                       5
<PAGE>

      composed of individuals (i) who were members of that board or equivalent
      governing body on the first day of such period, (ii) whose election or
      nomination to that board or equivalent governing body was approved by
      individuals referred to in clause (i) above constituting at the time of
      such election or nomination at least a majority of that board or
      equivalent governing body or (iii) whose election or nomination to that
      board or other equivalent governing body was approved by individuals
      referred to in clauses (i) and (ii) above constituting at the time of such
      election or nomination at least a majority of that board or equivalent
      governing body (excluding, in the case of both clause (ii) and clause
      (iii), any individual whose initial nomination for, or assumption of
      office as, a member of that board or equivalent governing body occurs as a
      result of an actual or threatened solicitation of proxies or consents for
      the election or removal of one or more directors by any person or group
      other than a solicitation for the election of one or more directors by or
      on behalf of the board of directors); or

            (c) any Person or two or more Persons acting in concert shall have
      acquired by contract or otherwise, or shall have entered into a contract
      or arrangement that, upon consummation thereof, will result in its or
      their acquisition of the power to exercise, directly or indirectly, a
      controlling influence over the management or policies of the Company, or
      control over the equity securities of the Company entitled to vote for
      members of the board of directors or equivalent governing body of the
      Company on a fully-diluted basis (and taking into account all such
      securities that such Person or group has the right to acquire pursuant to
      any option right) representing 25% or more of the combined voting power of
      such securities.

      "Closing Date" means the first date all the conditions precedent in
Section 4.01 are satisfied or waived in accordance with Section 10.01.

      "Co-Documentation Agent" is defined in the introductory paragraph hereto.

      "Code" means the Internal Revenue Code of 1986.

      "Commitment" means, as to each Lender, its obligation to (a) make
Committed Loans to the Borrowers pursuant to Section 2.01, (b) purchase
participations in L/C Obligations, and (c) purchase participations in Swing Line
Loans, in an aggregate principal amount at any one time outstanding not to
exceed the Dollar amount set forth opposite such Lender's name on Schedule 2.01
or in the Assignment and Assumption pursuant to which such Lender becomes a
party hereto, as applicable, as such amount may be adjusted from time to time in
accordance with this Agreement.

      "Committed Borrowing" means a borrowing consisting of simultaneous
Committed Loans of the same Type, in the same currency and, in the case of
Eurocurrency Rate Loans, having the same Interest Period made by each of the
Lenders pursuant to Section 2.01.

      "Committed Loan" has the meaning specified in Section 2.01.

      "Committed Loan Notice" means a notice of (a) a Committed Borrowing, (b) a
conversion of Committed Loans from one Type to the other, or (c) a continuation
of

                                       6
<PAGE>

Eurocurrency Rate Loans, pursuant to Section 2.02(a), which, if in writing,
shall be substantially in the form of Exhibit A.

      "Company" has the meaning specified in the introductory paragraph hereto.

      "Company Guaranty" means the Company Guaranty made by the Company in favor
of the Administrative Agent and the Lenders, substantially in the form of
Exhibit F.

      "Compliance Certificate" means a certificate substantially in the form of
Exhibit D.

      "Consolidated EBITDA" means, for any period, for the Company and its
Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income
for such period plus (a) the following to the extent deducted in calculating
such Consolidated Net Income: (i) Consolidated Interest Charges for such period,
(ii) the provision for Federal, state, local and foreign income taxes payable by
the Company and its Subsidiaries for such period, (iii) depreciation and
amortization expense and (iv) other non-recurring expenses of the Company and
its Subsidiaries reducing such Consolidated Net Income which do not represent a
cash item in such period or any future period and minus (b) the following to the
extent included in calculating such Consolidated Net Income: (i) Federal, state,
local and foreign income tax credits of the Company and its Subsidiaries for
such period and (ii) all non-cash items increasing Consolidated Net Income for
such period; provided, however, that Consolidated EBITDA shall be increased by
the amount of Transaction Costs incurred during such period to the extent such
amount was deducted in determining Consolidated Net Income for such period.

      "Consolidated Funded Indebtedness" means, as of any date of determination,
for the Company and its Subsidiaries on a consolidated basis, the sum of (a) the
outstanding principal amount of all obligations, whether current or long-term,
for borrowed money (including Obligations hereunder) and all obligations
evidenced by bonds, debentures, notes, loan agreements or other similar
instruments, (b) all purchase money Indebtedness, (c) all direct obligations
arising under letters of credit (including standby and commercial), bankers'
acceptances, bank guaranties, surety bonds and similar instruments (other than
letters of credit, bankers' acceptances, bank guaranties, surety bonds and
similar instruments to the extent supporting Indebtedness of the type described
in clauses (a) and (b) of this definition), (d) all obligations in respect of
the deferred purchase price of property or services (other than trade accounts
payable in the ordinary course of business), (e) Attributable Indebtedness in
respect of capital leases and Synthetic Lease Obligations, (f) without
duplication, all Guarantees with respect to outstanding Indebtedness of the
types specified in clauses (a) through (e) above of Persons other than the
Company or any Subsidiary, and (g) all Indebtedness of the types referred to in
clauses (a) through (f) above of any partnership or joint venture (other than a
joint venture that is itself a corporation or limited liability company) in
which the Company or a Subsidiary is a general partner or joint venturer, unless
such Indebtedness is expressly made non-recourse to the Company or such
Subsidiary.

      "Consolidated Interest Charges" means, for any period, for the Company and
its Subsidiaries on a consolidated basis, the sum of (a) all interest, premium
payments, debt discount, fees, charges and related expenses of the Company and
its Subsidiaries in connection with borrowed money (including capitalized
interest) or in connection with the deferred purchase

                                       7
<PAGE>

price of assets, in each case to the extent treated as interest in accordance
with GAAP, and (b) the portion of rent expense of the Company and its
Subsidiaries with respect to such period under capital leases and Synthetic
Lease Obligations that is treated as interest in accordance with GAAP.

      "Consolidated Interest Coverage Ratio" means, as of any date of
determination, the ratio of (a) Consolidated EBITDA for the period of the four
prior fiscal quarters ending on such date to (b) Consolidated Interest Charges
for such period.

      "Consolidated Leverage Ratio" means, as of any date of determination, the
ratio of (a) (i) Consolidated Funded Indebtedness as of such date minus (ii)
Unrestricted Cash as of such date to (b) Consolidated EBITDA for the period of
the four fiscal quarters most recently ended.

      "Consolidated Net Income" means, for any period, for the Company and its
Subsidiaries on a consolidated basis, the net income of the Company and its
Subsidiaries (including extraordinary losses, but excluding, except to the
extent of extraordinary losses during such period, extraordinary gains) for that
period.

      "Consolidated Revenue" means, as of any date of determination, the total
revenue of the Company and its Subsidiaries on a consolidated basis, determined
in accordance with GAAP.

      "Consolidated Subsidiaries" means the consolidated subsidiaries of the
Company as determined in accordance with GAAP.

      "Consolidated Total Assets" means, as of any date of determination, the
total assets of the Company and its Subsidiaries on a consolidated basis as of
such date, determined 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.

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

      "Credit Extension" means each of the following: (a) a Borrowing and (b) an
L/C Credit Extension.

      "Debtor Relief Laws" means the Bankruptcy Code of the United States, and
all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency,
reorganization, or similar debtor relief Laws of the United States or other
applicable jurisdictions from time to time in effect and affecting the rights of
creditors generally.

      "Default" means any event or condition that constitutes an Event of
Default or that, with the giving of any notice, the passage of time, or both,
would be an Event of Default.

                                       8
<PAGE>

      "Default Rate" means (a) when used with respect to Obligations other than
Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) 2%
per annum; provided, however, that with respect to a Eurocurrency Rate Loan, the
Default Rate shall be an interest rate equal to the interest rate (including any
Applicable Rate and any Mandatory Cost) otherwise applicable to such Loan plus
2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate
equal to the Applicable Rate plus 2% per annum.

      "Defaulting Lender" means any Lender that (a) has failed to fund any
portion of the Committed Loans, participations in L/C Obligations or
participations in Swing Line Loans required to be funded by it hereunder within
one Business Day of the date required to be funded by it hereunder, (b) has
otherwise failed to pay over to the Administrative Agent or any other Lender any
other amount required to be paid by it hereunder within one Business Day of the
date when due, unless the subject of a good faith dispute, or (c) has been
deemed insolvent or become the subject of a bankruptcy or insolvency proceeding.

      "Designated Borrower" has the meaning specified in the introductory
paragraph hereto.

      "Designated Borrower Notice" has the meaning specified in Section 2.14(b).

      "Designated Borrower Request and Assumption Agreement" has the meaning
specified in Section 2.14(b).

      "Disposition" or "Dispose" means the sale, transfer, license, lease or
other disposition (including any sale and leaseback transaction) of any property
by any Person, including any sale, assignment, transfer or other disposal, with
or without recourse, of any notes or accounts receivable or any rights and
claims associated therewith.

      "Dollar" and "$" mean lawful money of the United States.

      "Dollar Equivalent" means, at any time, (a) with respect to any amount
denominated in Dollars, such amount, and (b) with respect to any amount
denominated in any Alternative Currency, the equivalent amount thereof in
Dollars as determined by the Administrative Agent or the L/C Issuer, as the case
may be, at such time on the basis of the Spot Rate (determined in respect of the
most recent Revaluation Date) for the purchase of Dollars with such Alternative
Currency.

      "Domestic Subsidiary" means any Subsidiary that is organized under the
laws of any political subdivision of the United States.

      "Eligible Assignee" means (a) a Lender; (b) an Affiliate of a Lender; (c)
an Approved Fund; and (d) any other Person (other than a natural person)
approved by (i) the Administrative Agent, each L/C Issuer and the Swing Line
Lender, and (ii) unless an Event of Default has occurred and is continuing, the
Company (each such approval not to be unreasonably withheld or delayed);
provided that notwithstanding the foregoing, "Eligible Assignee" shall not
include the Company or any of the Company's Affiliates or Subsidiaries.

      "Enhanced Performance Condition" means on any date of determination, with
respect to any proposed incurrence or assumption of any Indebtedness, any
proposed making or acquisition

                                       9
<PAGE>

of any Investment, or any proposed declaration, making or payment of a
Restricted Payment, the requirement that (A) the Consolidated Leverage Ratio as
of the end of the most recently ended fiscal quarter for which a Compliance
Certificate has been delivered pursuant to Section 6.02(a) (without giving pro
forma effect to such proposed Indebtedness or Investment, as applicable) did not
exceed 2.50:1.00 and (B) the Consolidated Leverage Ratio as of the end of such
fiscal quarter after giving pro forma effect (consistent with Section 1.03(c) if
applicable) to such proposed Indebtedness, Investment or Restricted Payment, as
applicable shall not exceed 2.50:1.00.

      "Enhanced Performance Noncompliance Date" means the first date of
determination upon which the Enhanced Performance Condition is not satisfied
following a date of determination upon which the Enhanced Performance Condition
was satisfied.

      "Enhanced Performance Restoration Date" means the first date of
determination following an Enhanced Performance Noncompliance Date upon which of
a Responsible Officer of the Company delivers a certificate to the
Administrative Agent, prepared on a pro forma basis (consistent with Section
1.03(c) if applicable), demonstrating compliance with the Enhanced Performance
Condition after giving effect to any proposed Investment or Indebtedness.

      "EMU" means the economic and monetary union in accordance with the Treaty
of Rome 1957, as amended by the Single European Act 1986, the Maastricht Treaty
of 1992 and the Amsterdam Treaty of 1998.

      "EMU Legislation" means the legislative measures of the European Council
for the introduction of, changeover to or operation of a single or unified
European currency.

      "Environmental Laws" means any and all Federal, state, local, and foreign
statutes, laws, regulations, ordinances, rules, judgments, orders, decrees,
permits, concessions, grants, franchises, licenses, agreements or governmental
restrictions relating to pollution and the protection of the environment or the
release of any materials into the environment, including those related to
hazardous substances or wastes, air emissions and discharges to waste or public
systems.

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

      "Equity Interests" means, with respect to any Person, all of the shares of
capital stock of (or other ownership or profit interests in) such Person, all of
the warrants, options or other rights for the purchase or acquisition from such
Person of shares of capital stock of (or other ownership or profit interests in)
such Person, all of the securities convertible into or exchangeable for shares
of capital stock of (or other ownership or profit interests in) such Person or
warrants, rights or options for the purchase or acquisition from such Person of
such shares (or such other interests),

                                       10
<PAGE>

and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting,
and whether or not such shares, warrants, options, rights or other interests are
outstanding on any date of determination.

      "ERISA" means the Employee Retirement Income Security Act of 1974.

      "ERISA Affiliate" means any trade or business (whether or not
incorporated) under common control with the Company within the meaning of
Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for
purposes of provisions relating to Section 412 of the Code).

      "ERISA Event" means (a) a Reportable Event with respect to a Pension Plan;
(b) a withdrawal by the Company or any ERISA Affiliate from a Pension Plan
subject to Section 4063 of ERISA during a plan year in which it was a
substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation
of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by the Company or any ERISA
Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is
in reorganization; (d) the filing of a notice of intent to terminate, the
treatment of a Plan amendment as a termination under Sections 4041 or 4041A of
ERISA, or the commencement of proceedings by the PBGC to terminate a Pension
Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds
under Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the
imposition of any liability under Title IV of ERISA, other than for PBGC
premiums due but not delinquent under Section 4007 of ERISA, upon the Company or
any ERISA Affiliate.

      "Euro" and "EUR" mean the lawful currency of the Participating Member
States introduced in accordance with the EMU Legislation.

      "Eurocurrency Rate" means, for any Interest Period with respect to a
Eurocurrency Rate Loan, the rate per annum equal to the British Bankers
Association LIBOR Rate ("BBA LIBOR"), as published by Reuters (or other
commercially available source providing quotations of BBA LIBOR as designated by
the Administrative Agent from time to time) at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period, for
deposits in the relevant currency (for delivery on the first day of such
Interest Period) with a term equivalent to such Interest Period. If such rate is
not available at such time for any reason, then the "Eurocurrency Rate" for such
Interest Period shall be the rate per annum determined by the Administrative
Agent to be the rate at which deposits in the relevant currency for delivery on
the first day of such Interest Period in Same Day Funds in the approximate
amount of the Eurocurrency Rate Loan being made, continued or converted by Bank
of America and with a term equivalent to such Interest Period would be offered
by Bank of America's London Branch (or other Bank of America branch or
Affiliate) to major banks in the London or other offshore interbank market for
such currency at their request at approximately 11:00 a.m. (London time) two
Business Days prior to the commencement of such Interest Period.

      "Eurocurrency Rate Loan" means a Committed Loan that bears interest at a
rate based on the Eurocurrency Rate. Eurocurrency Rate Loans may be denominated
in Dollars or in an

                                       11
<PAGE>

Alternative Currency. All Committed Loans denominated in an Alternative Currency
must be Eurocurrency Rate Loans.

      "Event of Default" has the meaning specified in Section 8.01.

      "Excluded Entity" means, each of (a) 3CI Complete Compliance Corporation,
a Delaware corporation, so long as it is not directly or indirectly wholly-owned
by the Company, (ii) Argentina Medam, B.A. Srl, an Argentina company, so long as
it is not directly or indirectly wholly-owned by the Company and (iii) Medam
S.A. de C.V., a Mexican company, so long as it is not directly or indirectly
wholly-owned by the Company.

      "Excluded Taxes" means, with respect to the Administrative Agent, any
Lender, any L/C Issuer or any other recipient (each, a "Recipient") of any
payment to be made by or on account of any obligation of any Borrower hereunder,
(a) taxes imposed on or measured by such Recipient's overall net income (however
denominated), and franchise taxes imposed on such Recipient (in lieu of net
income taxes), by the jurisdiction (or any political subdivision thereof) under
the laws of which such recipient is organized or in which its principal office
is located or, in the case of any Lender, in which its applicable Lending Office
is located, (b) any branch profits taxes imposed by the United States or any
similar tax imposed by any other jurisdiction in which such Borrower is located
and (c) except as provided in the following sentence, in the case of a Foreign
Lender (other than an assignee pursuant to a request by the Company under
Section 10.13), any withholding tax that is imposed on amounts payable to such
Foreign Lender at the time such Foreign Lender becomes a party hereto (or
designates a new Lending Office) or is attributable to such Foreign Lender's
failure or inability (other than as a result of a Change in Law) to comply with
Section 3.01(e), except to the extent that such Foreign Lender (or its assignor,
if any) was entitled, at the time of designation of a new Lending Office (or
assignment), to receive additional amounts from the applicable Borrower with
respect to such withholding tax pursuant to Section 3.01(a). Notwithstanding
anything to the contrary contained in this definition, "Excluded Taxes" shall
not include any withholding tax imposed at any time on payments made by or on
behalf of a Foreign Obligor to any Lender hereunder or under any other Loan
Document, provided that such Lender shall have complied with the last paragraph
of Section 3.01(e).

      "Existing Credit Agreement" means that certain Amended and Restated Credit
Agreement dated as of October 5, 2001 among the Company, Bank of America, N.A.,
as administrative agent, and a syndicate of lenders, as amended, supplemented or
otherwise modified prior to the date hereof.

      "Existing Letters of Credit" means each standby letter of credit described
in Schedule 1.02.

      "Federal Funds Rate" means, for any day, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers on such
day, as published by the Federal Reserve Bank of New York on the Business Day
next succeeding such day; provided that (a) if such day is not a Business Day,
the Federal Funds Rate for such day shall be such rate on such transactions on
the next preceding Business Day as so published on the next succeeding Business

                                       12
<PAGE>

Day, and (b) if no such rate is so published on such next succeeding Business
Day, the Federal Funds Rate for such day shall be the average rate (rounded
upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of
America on such day on such transactions as determined by the Administrative
Agent.

      "Fee Letter" means the letter agreement, dated May 9, 2005, among the
Company, the Administrative Agent and the Arranger.

      "Foreign Lender" means, with respect to any Borrower, any Lender that is
organized under the laws of a jurisdiction other than that in which such
Borrower is resident for tax purposes. For purposes of this definition, the
United States, each State thereof and the District of Columbia shall be deemed
to constitute a single jurisdiction.

      "Foreign Obligor" means a Loan Party that is a Foreign Subsidiary.

      "Foreign Subsidiary" means any Subsidiary that is organized under the laws
of a jurisdiction other than the United States, a State thereof or the District
of Columbia.

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

      "Fund" means any Person (other than a natural person) that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its business.

      "GAAP" means generally accepted accounting principles in the United States
set forth in the opinions and pronouncements of the Accounting Principles Board
and the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or such other
principles as may be approved by a significant segment of the accounting
profession in the United States, that are applicable to the circumstances as of
the date of determination, consistently applied.

      "Governmental Authority" means the government of the United States or any
other nation, or of any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank
or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central
Bank).

      "Granting Lender" has the meaning specified in Section 10.06(h).

      "Guarantee" means, as to any Person, any (a) obligation, contingent or
otherwise, of such Person guaranteeing or having the economic effect of
guaranteeing any Indebtedness or other obligation payable or performable by
another Person (the "primary obligor") in any manner, whether directly or
indirectly, and including any obligation of such Person, direct or indirect, (i)
to purchase or pay (or advance or supply funds for the purchase or payment of)
such Indebtedness or other obligation, (ii) to purchase or lease property,
securities or services for the purpose of assuring the obligee in respect of
such Indebtedness or other obligation of the

                                       13
<PAGE>

payment or performance of such Indebtedness or other obligation, (iii) to
maintain working capital, equity capital or any other financial statement
condition or liquidity or level of income or cash flow of the primary obligor so
as to enable the primary obligor to pay such Indebtedness or other obligation,
or (iv) entered into for the purpose of assuring in any other manner the obligee
in respect of such Indebtedness or other obligation of the payment or
performance thereof or to protect such obligee against loss in respect thereof
(in whole or in part), or (b) any Lien on any assets of such Person securing any
Indebtedness or other obligation of any other Person, whether or not such
Indebtedness or other obligation is assumed by such Person (or any right,
contingent or otherwise, of any holder of such Indebtedness to obtain any such
Lien). The amount of any Guarantee shall be deemed to be an amount equal to the
stated or determinable amount of the related primary obligation, or portion
thereof, in respect of which such Guarantee is made or, if not stated or
determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guaranteeing Person in good faith. The term "Guarantee" as a
verb has a corresponding meaning.

      "Guaranteed Swap Contract" means any Swap Contract to which the Company or
any other Loan Party and any Lender (or any Affiliate of any Lender) is a party.

      "Guaranties" means the Company Guaranty, the Subsidiary Guaranty and any
other guaranty executed by any Designated Borrower or any Subsidiary Guarantor
in favor of the Administrative Agent, on behalf of the Lenders, in respect of
the Obligations.

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

      "Indebtedness" means, as to any Person at a particular time, without
duplication, all of the following, whether or not included as indebtedness or
liabilities in accordance with GAAP:

      (a) all obligations of such Person for borrowed money and all obligations
of such Person evidenced by bonds, debentures, notes, loan agreements or other
similar instruments;

      (b) all direct or contingent obligations of such Person arising under
letters of credit (including standby and commercial), bankers' acceptances, bank
guaranties, surety bonds and similar instruments;

      (c) net obligations of such Person under any Swap Contract;

      (d) all obligations of such Person to pay the deferred purchase price of
property or services (other than trade accounts payable in the ordinary course
of business and, in each case, not past due for a period of more than 120 days
or, if overdue for more than 120 days, as to which a dispute exists and adequate
reserves in accordance with GAAP have been established on the books of such
Person);

      (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on
property owned or being purchased by such Person (including indebtedness arising
under conditional

                                       14
<PAGE>

sales or other title retention agreements), whether or not such indebtedness
shall have been assumed by such Person or is limited in recourse;

      (f) capital leases and Synthetic Lease Obligations;

      (g) all obligations of such Person to purchase, redeem, retire, defease or
otherwise make any payment in respect of any Equity Interest in such Person or
any other Person, valued, in the case of a redeemable preferred interest, at the
greater of its voluntary or involuntary liquidation preference plus accrued and
unpaid dividends; and

      (h) all Guarantees of such Person in respect of any of the foregoing.

      For all purposes hereof, the Indebtedness of any Person shall include the
Indebtedness of any partnership or joint venture (other than a joint venture
that is itself a corporation or limited liability company) in which such Person
is a general partner or a joint venturer, unless such Indebtedness is expressly
made non-recourse to such Person. The amount of any net obligation under any
Swap Contract on any date shall be deemed to be the Swap Termination Value
thereof as of such date. The amount of any capital lease or Synthetic Lease
Obligation as of any date shall be deemed to be the amount of Attributable
Indebtedness in respect thereof as of such date.

      "Indemnified Taxes" means Taxes other than Excluded Taxes.

      "Indemnitees" has the meaning specified in Section 10.04(b).

      "Information" has the meaning specified in Section 10.07.

      "Initial Designated Borrower" means Stericycle International, Ltd., a
company formed under the laws of England.

      "Interest Payment Date" means, (a) as to any Loan other than a Base Rate
Loan, the last day of each Interest Period applicable to such Loan and the
Maturity Date; provided, however, that if any Interest Period for a Eurocurrency
Rate Loan exceeds three months, the respective dates that fall every three
months after the beginning of such Interest Period shall also be Interest
Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan),
the last Business Day of each March, June, September and December and the
Maturity Date.

      "Interest Period" means, as to each Eurocurrency Rate Loan, the period
commencing on the date such Eurocurrency Rate Loan is disbursed or converted to
or continued as a Eurocurrency Rate Loan and ending on the date one, two, three
or six months thereafter or, with the consent of the Administrative Agent (such
consent not to be unreasonably withheld) such shorter periods requested by the
Company from time to time but in any event not more than six times during any
calendar year, as selected by the Company in its Committed Loan Notice;
provided, further, that:

            (i) any Interest Period that would otherwise end on a day that is
      not a Business Day shall be extended to the next succeeding Business Day
      unless such Business Day falls in another calendar month, in which case
      such Interest Period shall end on the next preceding Business Day;

                                       15
<PAGE>

            (ii) any Interest Period that begins on the last Business Day of a
      calendar month (or on a day for which there is no numerically
      corresponding day in the calendar month at the end of such Interest
      Period) shall end on the last Business Day of the calendar month at the
      end of such Interest Period; and

            (iii) no Interest Period shall extend beyond the Maturity Date.

      "Internal Control Event" means a material weakness in, or fraud that
involves management or other employees who have a significant role in, the
Company's internal controls over financial reporting, in each case as described
in the Securities Laws.

      "Investment" means, as to any Person, any direct or indirect acquisition
or investment by such Person, whether by means of (a) the purchase or other
acquisition of capital stock or other securities of another Person, (b) a loan,
advance or capital contribution to, Guarantee or assumption of debt of, or
purchase or other acquisition of any other debt or equity participation or
interest in, another Person, including any partnership or joint venture interest
in such other Person and any arrangement pursuant to which the investor
Guarantees Indebtedness of such other Person, or (c) an Acquisition. For
purposes of covenant compliance, the amount of any Investment shall be the
amount actually invested, without adjustment for subsequent increases or
decreases in the value of such Investment.

      "IP Rights" has the meaning specified in Section 5.17.

      "IRS" means the United States Internal Revenue Service.

      "ISP" means, with respect to any Letter of Credit, the "International
Standby Practices 1998" published by the Institute of International Banking Law
& Practice (or such later version thereof as may be in effect at the time of
issuance).

      "Issuer Documents" means with respect to any Letter of Credit, the Letter
of Credit Application, and any other document, agreement and instrument entered
into by any L/C Issuer and the Company (or any Subsidiary) or in favor such L/C
Issuer and relating to any such Letter of Credit.

      "Laws" means, collectively, all international, foreign, Federal, state and
local statutes, treaties, rules, guidelines, regulations, ordinances, codes and
administrative or judicial precedents or authorities, including the
interpretation or administration thereof by any Governmental Authority charged
with the enforcement, interpretation or administration thereof, and all
applicable administrative orders, directed duties, requests, licenses,
authorizations and permits of, and agreements with, any Governmental Authority,
in each case whether or not having the force of law.

      "L/C Advance" means, with respect to each Lender, such Lender's funding of
its participation in any L/C Borrowing in accordance with its Applicable
Percentage. All L/C Advances shall be denominated in Dollars.

                                       16
<PAGE>

      "L/C Borrowing" means an extension of credit resulting from a drawing
under any Letter of Credit which has not been reimbursed on the date when made
or refinanced as a Committed Borrowing. All L/C Borrowings shall be denominated
in Dollars.

      "L/C Credit Extension" means, with respect to any Letter of Credit, the
issuance thereof or extension of the expiry date thereof, or the increase of the
amount thereof.

      "L/C Issuer" means each of Bank of America and Comerica Bank in its
respective capacity as issuer of Letters of Credit hereunder, or any successor
issuer of Letters of Credit hereunder and, at the request of either the Company
or Bank of America and with the consent of Bank of America or the Company, as
applicable (in either case, not to be unreasonably withheld), another Lender
(subject to such Lender's consent) or an Affiliate of Bank of America as issuer
of one or more Letters of Credit hereunder; provided, however, that no more than
four Persons shall at any time be, or be deemed to be, an "L/C Issuer" under the
terms of this Agreement.

      "L/C Obligations" means, as at any date of determination, the aggregate
amount available to be drawn under all outstanding Letters of Credit plus the
aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For
purposes of computing the amount available to be drawn under any Letter of
Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.08. For all purposes of this Agreement, if on any date of
determination a Letter of Credit has expired by its terms but any amount may
still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP,
such Letter of Credit shall be deemed to be "outstanding" in the amount so
remaining available to be drawn.

      "Lender" has the meaning specified in the introductory paragraph hereto
and, as the context requires, includes the Swing Line Lender.

      "Lending Office" means, as to any Lender, the office or offices of such
Lender described as such in such Lender's Administrative Questionnaire, or such
other office or offices as a Lender may from time to time notify the Company and
the Administrative Agent.

      "Letter of Credit" means any standby letter of credit issued hereunder and
shall include the Existing Letters of Credit. Letters of Credit may be issued in
Dollars or in an Alternative Currency.

      "Letter of Credit Application" means an application and agreement for the
issuance or amendment of a Letter of Credit in the form from time to time in use
by the any L/C Issuer.

      "Letter of Credit Expiration Date" means the day that is seven days prior
to the Maturity Date then in effect (or, if such day is not a Business Day, the
next preceding Business Day).

      "Letter of Credit Fee" has the meaning specified in Section 2.03(i).

      "Letter of Credit Sublimit" means an amount equal to the lesser of (a)
$125,000,000 and (b) the Aggregate Commitments. The Letter of Credit Sublimit is
part of, and not in addition to, the Aggregate Commitments.

                                       17
<PAGE>

      "Lien" means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge, or preference,
priority or other security interest or preferential arrangement in the nature of
a security interest of any kind or nature whatsoever (including any conditional
sale or other title retention agreement, any easement, right of way or other
encumbrance on title to real property, and any financing lease having
substantially the same economic effect as any of the foregoing).

      "Loan" means an extension of credit by a Lender to a Borrower under
Article II in the form of a Committed Loan or a Swing Line Loan.

      "Loan Documents" means this Agreement, each Designated Borrower Request
and Assumption Agreement, each Note, each Issuer Document, the Fee Letter and
the Guaranties.

      "Loan Parties" means, collectively, the Company, each Subsidiary Guarantor
and each Designated Borrower.

      "Mandatory Cost" means, with respect to any period, the percentage rate
per annum determined in accordance with Schedule 1.01.

      "Material Adverse Effect" means (a) a material adverse change in, or a
material adverse effect upon, the operations, business, properties, liabilities
(actual or contingent), condition (financial or otherwise) of the Company or the
Company and its Subsidiaries taken as a whole; (b) a material impairment of the
ability of any Loan Party to perform its obligations under any Loan Document to
which it is a party; or (c) a material adverse effect upon the legality,
validity, binding effect or enforceability against any Loan Party of any Loan
Document to which it is a party.

      "Material Subsidiary" means, as of any date of determination, any
Subsidiary (i) which, as of the end of the then most recently ended fiscal
quarter of the Company for the period of four consecutive fiscal quarters then
ended, contributes greater than five percent (5.0%) of Consolidated EBITDA
(adjusted to eliminate the effect of intercompany transactions) for such period,
(ii) the consolidated total assets of which as of the end of such fiscal quarter
were greater than five percent (5.0%) of the Company's Consolidated Total Assets
(adjusted to eliminate intercompany transactions) as of such date or the IP
Rights of which are material to the operation of the business of the Company and
its Subsidiaries taken as a whole or (iii) which, as of the end of such fiscal
quarter for the period of four consecutive fiscal quarters then ended,
contributes greater than five percent (5.0%) of Consolidated Revenue (adjusted
to eliminate the effect of intercompany transactions) for such period.

      "Maturity Date" means June 30, 2010.

      "Multiemployer Plan" means any employee benefit plan of the type described
in Section 4001(a)(3) of ERISA, to which the Company or any ERISA Affiliate
makes or is obligated to make contributions, or during the preceding five plan
years, has made or been obligated to make contributions.

      "Note" means a promissory note made by a Borrower in favor of a Lender
evidencing Loans made by such Lender to such Borrower, substantially in the form
of Exhibit C.

                                       18
<PAGE>

      "Obligations" means all advances to, and debts, liabilities, obligations,
covenants and duties of, any Loan Party arising under any Loan Document or any
Guaranteed Swap Contract or otherwise with respect to any Loan or Letter of
Credit, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising
and including interest and fees that accrue after the commencement by or against
any Loan Party or any Affiliate thereof of any proceeding under any Debtor
Relief Laws naming such Person as the debtor in such proceeding, regardless of
whether such interest and fees are allowed claims in such proceeding.

      "Organization Documents" means, (a) with respect to any corporation, the
certificate or articles of incorporation and the bylaws (or equivalent or
comparable constitutive documents with respect to any non-U.S. jurisdiction);
(b) with respect to any limited liability company, the certificate or articles
of formation or organization and operating agreement; and (c) with respect to
any partnership, joint venture, trust or other form of business entity, the
partnership, joint venture or other applicable agreement of formation or
organization and any agreement, instrument, filing or notice with respect
thereto filed in connection with its formation or organization with the
applicable Governmental Authority in the jurisdiction of its formation or
organization and, if applicable, any certificate or articles of formation or
organization of such entity.

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

      "Outstanding Amount" means (i) with respect to Committed Loans on any
date, the Dollar Equivalent amount of the aggregate outstanding principal amount
thereof after giving effect to any borrowings and prepayments or repayments of
such Committed Loans occurring on such date; (ii) with respect to Swing Line
Loans on any date, the aggregate outstanding principal amount thereof after
giving effect to any borrowings and prepayments or repayments of such Swing Line
Loans occurring on such date; and (iii) with respect to any L/C Obligations on
any date, the Dollar Equivalent amount of the aggregate outstanding amount of
such L/C Obligations on such date after giving effect to any L/C Credit
Extension occurring on such date and any other changes in the aggregate amount
of the L/C Obligations as of such date, including as a result of any
reimbursements by the Company of Unreimbursed Amounts.

      "Overnight Rate" means, for any day, (a) with respect to any amount
denominated in Dollars, the greater of (i) the Federal Funds Rate and (ii) an
overnight rate determined by the Administrative Agent, any L/C Issuer, or the
Swing Line Lender, as the case may be, in accordance with banking industry rules
on interbank compensation, and (b) with respect to any amount denominated in an
Alternative Currency, the rate of interest per annum at which overnight deposits
in the applicable Alternative Currency, in an amount approximately equal to the
amount with respect to which such rate is being determined, would be offered for
such day by a branch or Affiliate of Bank of America in the applicable offshore
interbank market for such currency to major banks in such interbank market.

      "Participant" has the meaning specified in Section 10.06(d).

                                       19
<PAGE>

      "Participating Member State" means each state so described in any EMU
Legislation.

      "PBGC" means the Pension Benefit Guaranty Corporation.

      "Pension Plan" means any "employee pension benefit plan" (as such term is
defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is
subject to Title IV of ERISA and is sponsored or maintained by the Company or
any ERISA Affiliate or to which the Company or any ERISA Affiliate contributes
or has an obligation to contribute, or in the case of a multiple employer or
other plan described in Section 4064(a) of ERISA, has made contributions at any
time during the immediately preceding five plan years.

      "Permitted Acquisition" means any Acquisition permitted under the terms of
Section 7.02.

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

      "Plan" means any "employee benefit plan" (as such term is defined in
Section 3(3) of ERISA) established by the Company or, with respect to any such
plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA
Affiliate.

      "Platform" has the meaning specified in Section 6.02.

      "PTR Scheme" means the Provisional Treaty Relief scheme as described in
Guidelines dated January 2003 and administered by H.M. Revenue & Customs's
Centre for Non-Residents.

      "Purchase Price" means, with respect to any Acquisition, (a) the aggregate
amount of consideration for such Acquisition consisting of cash, Indebtedness
directly or indirectly incurred or assumed in connection therewith (including,
without limitation, Indebtedness of the Person subject to such Acquisition if
effected as an acquisition of such Person's Equity Interests or merger of such
Person with and into the Company or any existing Subsidiary) and contingent
obligations to repurchase Equity Interests issued as part of the consideration
for such Acquisition minus (b) the aggregate amount of any cash and cash
equivalents acquired pursuant to such Acquisition or held by the Person subject
to such Acquisition.

      "Register" has the meaning specified in Section 10.06(c).

      "Registered Public Accounting Firm" has the meaning specified in the
Securities Laws and shall be independent of the Company as prescribed by the
Securities Laws.

      "Related Parties" means, with respect to any Person, such Person's
Affiliates and the partners, directors, officers, employees, agents and advisors
of such Person and of such Person's Affiliates.

      "Reportable Event" means any of the events set forth in Section 4043(c) of
ERISA, other than events for which the 30 day notice period has been waived.

                                       20
<PAGE>

      "Request for Credit Extension" means (a) with respect to a Borrowing,
conversion or continuation of Committed Loans, a Committed Loan Notice, (b) with
respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with
respect to a Swing Line Loan, a Swing Line Loan Notice.

      "Required Lenders" means, as of any date of determination, Lenders having
more than 50% of the Aggregate Commitments or, if the commitment of each Lender
to make Loans and the obligation of the L/C Issuers to make L/C Credit
Extensions have been terminated pursuant to Section 8.02, Lenders holding in the
aggregate more than 50% of the Total Outstandings (with the aggregate amount of
each Lender's risk participation and funded participation in L/C Obligations and
Swing Line Loans being deemed "held" by such Lender for purposes of this
definition); provided that the Commitment of, and the portion of the Total
Outstandings held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Required Lenders.

      "Responsible Officer" means the chief executive officer, president or
chief financial officer of a Loan Party. Any document delivered hereunder that
is signed by a Responsible Officer of a Loan Party shall be conclusively
presumed to have been authorized by all necessary corporate, partnership and/or
other action on the part of such Loan Party and such Responsible Officer shall
be conclusively presumed to have acted on behalf of such Loan Party.

      "Restricted Payment" means any dividend or other distribution (whether in
cash, securities or other property) with respect to any capital stock or other
Equity Interest of the Company or any Subsidiary, or any payment (whether in
cash, securities or other property), including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such capital stock or other Equity Interest,
or on account of any return of capital to the Company's stockholders, partners
or members (or the equivalent Person thereof).

      "Revaluation Date" means (a) with respect to any Loan, each of the
following: (i) each date of a Borrowing of a Eurocurrency Rate Loan denominated
in an Alternative Currency, (ii) each date of a continuation of a Eurocurrency
Rate Loan denominated in an Alternative Currency pursuant to Section 2.02, and
(iii) such additional dates as the Administrative Agent shall determine or the
Required Lenders shall require; and (b) with respect to any Letter of Credit,
each of the following: (i) each date of issuance of a Letter of Credit
denominated in an Alternative Currency, (ii) each date of an amendment of any
such Letter of Credit having the effect of increasing the amount thereof (solely
with respect to the increased amount), (iii) each date of any payment by any L/C
Issuer under any Letter of Credit denominated in an Alternative Currency, (iv)
in the case of the Existing Letters of Credit, June 30, 2005, (v) the first
Business Day of each calendar month, and (vi) such additional dates as the
Administrative Agent or any L/C Issuer shall determine or the Required Lenders
shall require.

      "Same Day Funds" means (a) with respect to disbursements and payments in
Dollars, immediately available funds, and (b) with respect to disbursements and
payments in an Alternative Currency, same day or other funds as may be
determined by the Administrative Agent or the L/C Issuer, as the case may be, to
be customary in the place of disbursement or

                                       21
<PAGE>

payment for the settlement of international banking transactions in the relevant
Alternative Currency.

      "Sarbanes-Oxley" means the Sarbanes-Oxley Act of 2002.

      "SEC" means the Securities and Exchange Commission, or any Governmental
Authority succeeding to any of its principal functions.

      "Securities Laws" means the Securities Act of 1933, the Securities
Exchange Act of 1934, Sarbanes-Oxley and the applicable accounting and auditing
principles, rules, standards and practices promulgated, approved or incorporated
by the SEC or the Public Company Accounting Oversight Board, as each of the
foregoing may be amended and in effect on any applicable date hereunder.

      "Shareholders' Equity" means, as of any date of determination, the
consolidated shareholders' equity of the Company and its Subsidiaries as of that
date determined in accordance with GAAP.

      "SPC" has the meaning specified in Section 10.06(h).

      "Special Notice Currency" means at any time an Alternative Currency, other
than the currency of a country that is a member of the Organization for Economic
Cooperation and Development at such time located in North America or Europe.

      "Spot Rate" for a currency means the rate determined by the Administrative
Agent or the L/C Issuer, as applicable, to be the rate quoted by the Person
acting in such capacity as the spot rate for the purchase by such Person of such
currency with another currency through its principal foreign exchange trading
office at approximately 10:00 a.m. on the date two Business Days prior to the
date as of which the foreign exchange computation is made; provided that the
Administrative Agent or the L/C Issuer may obtain such spot rate from another
financial institution designated by the Administrative Agent or the L/C Issuer
if the Person acting in such capacity does not have as of the date of
determination a spot buying rate for any such currency; and provided further
that the L/C Issuer may use such spot rate quoted on the date as of which the
foreign exchange computation is made in the case of any Letter of Credit
denominated in an Alternative Currency.

      "Sterling" and "(pound)" mean the lawful currency of the United Kingdom.

      "Subsidiary" of a Person means a corporation, partnership, joint venture,
limited liability company or other business entity of which a majority of the
shares of securities or other interests having ordinary voting power for the
election of directors or other governing body (other than securities or
interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise
controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. Unless otherwise specified, all references herein to a
"Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of
the Company. Notwithstanding the foregoing, no Excluded Entity shall constitute
a "Subsidiary" hereunder.

                                       22
<PAGE>

      "Subsidiary Guarantors" means, collectively, (i) all of the Material
Subsidiaries as of the Closing Date and (ii) all new Persons which become
Subsidiary Guarantors after the Closing Date in accordance with Section 6.13.

      "Subsidiary Guaranty" means the Subsidiary Guaranty made by the Subsidiary
Guarantors in favor of the Administrative Agent and the Lenders, substantially
in the form of Exhibit G.

      "Swap Contract" means (a) any and all rate swap transactions, basis swaps,
credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or
options, bond or bond price or bond index swaps or options or forward bond or
forward bond price or forward bond index transactions, interest rate options,
forward foreign exchange transactions, cap transactions, floor transactions,
collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options
to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions
of any kind, and the related confirmations, which are subject to the terms and
conditions of, or governed by, any form of master agreement published by the
International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a "Master Agreement"), including
any such obligations or liabilities under any Master Agreement.

      "Swap Termination Value" means, in respect of any one or more Swap
Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after
the date such Swap Contracts have been closed out and termination value(s)
determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the
mark-to-market value(s) for such Swap Contracts, as determined based upon one or
more mid-market or other readily available quotations provided by any recognized
dealer in such Swap Contracts (which may include a Lender or any Affiliate of a
Lender).

      "Swing Line" means the revolving credit facility made available by the
Swing Line Lender pursuant to Section 2.04.

      "Swing Line Borrowing" means a borrowing of a Swing Line Loan pursuant to
Section 2.04.

      "Swing Line Lender" means Bank of America in its capacity as provider of
Swing Line Loans, or any successor swing line lender hereunder.

      "Swing Line Loan" has the meaning specified in Section 2.04(a).

      "Swing Line Loan Notice" means a notice of a Swing Line Borrowing pursuant
to Section 2.04(b), which, if in writing, shall be substantially in the form of
Exhibit B.

                                       23
<PAGE>

      "Swing Line Sublimit" means an amount equal to the lesser of (a)
$25,000,000 and (b) the Aggregate Commitments. The Swing Line Sublimit is part
of, and not in addition to, the Aggregate Commitments.

      "Syndication Agent" is defined in the introductory paragraph hereto.

      "Synthetic Lease Obligation" means the monetary obligation of a Person
under (a) a so-called synthetic, off-balance sheet or tax retention lease, or
(b) an agreement for the use or possession of property creating obligations that
do not appear on the balance sheet of such Person but which, upon the insolvency
or bankruptcy of such Person, would be characterized as the indebtedness of such
Person (without regard to accounting treatment).

      "TARGET Day" means any day on which the Trans-European Automated Real-time
Gross Settlement Express Transfer (TARGET) payment system (or, if such payment
system ceases to be operative, such other payment system (if any) determined by
the Administrative Agent to be a suitable replacement) is open for the
settlement of payments in Euro.

      "Taxes" means all present or future taxes, levies, imposts, duties,
deductions, withholdings, assessments, fees or other charges imposed by any
Governmental Authority, including any interest, additions to tax or penalties
applicable thereto.

      "Threshold Amount" means $25,000,000.

      "Total Outstandings" means the aggregate Outstanding Amount of all Loans
and all L/C Obligations.

      "Transaction Costs" means extraordinary and non-recurring costs in respect
of (i) fees payable to the Administrative Agent and Arranger on or prior to the
Closing Date pursuant to the Fee Letter and the other costs and expenses
incurred by the Company or any of its Subsidiaries in connection with the
preparation, execution and delivery of the Loan Documents and (ii) all other
costs and expenses incurred by the Company or any Subsidiary (including fees of
any consultant engaged by the Company or such Subsidiary to assist with due
diligence matters) in effecting any Permitted Acquisition.

      "Type" means, with respect to a Committed Loan, its character as a Base
Rate Loan or a Eurocurrency Rate Loan.

      "UK Borrower" has the meaning specified in Section 3.01(g).

      "Unfunded Pension Liability" means the excess of a Pension Plan's benefit
liabilities under Section 4001(a)(16) of ERISA, over the current value of that
Pension Plan's assets, determined in accordance with the assumptions used for
funding the Pension Plan pursuant to Section 412 of the Code for the applicable
plan year.

      "United States" and "U.S." mean the United States of America.

      "Unreimbursed Amount" has the meaning specified in Section 2.03(c)(i).

                                       24
<PAGE>

      "Unrestricted Cash" means, at any time, cash and Cash Equivalent
Investments of the Company and its Subsidiaries to the extent such cash and Cash
Equivalent Investments are not subject to any Lien (other than a banker's Lien
or right of setoff pursuant to customary deposit arrangements) or any
restriction as to its use and is included in "cash and cash equivalents" and not
"restricted Cash" on the consolidated balance sheet of the Company.

      "Voting Stock" means, with respect to any Person, Equity Interests of any
class or kind ordinarily having the power to vote for the election of directors,
managers or other voting members of the governing body of such Person.

      "Yen" and "Y" mean the lawful currency of Japan.

            1.02 OTHER INTERPRETIVE PROVISIONS. With reference to this
Agreement and each other Loan Document, unless otherwise specified herein or in
such other Loan Document:

      (a) The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neuter forms.
The words "include," "includes" and "including" shall be deemed to be followed
by the phrase "without limitation." The word "will" shall be construed to have
the same meaning and effect as the word "shall." Unless the context requires
otherwise, (i) any definition of or reference to any agreement, instrument or
other document (including any Organization Document) shall be construed as
referring to such agreement, instrument or other document as from time to time
amended, restated, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein
or in any other Loan Document), (ii) any reference herein to any Person shall be
construed to include such Person's successors and assigns, (iii) the words
"herein," "hereof" and "hereunder," and words of similar import when used in any
Loan Document, shall be construed to refer to such Loan Document in its entirety
and not to any particular provision thereof, (iv) all references in a Loan
Document to Articles, Sections, Exhibits and Schedules shall be construed to
refer to Articles and Sections of, and Exhibits and Schedules to, the Loan
Document in which such references appear, (v) any reference to any law shall
include all statutory and regulatory provisions consolidating, amending,
replacing or interpreting such law and any reference to any law or regulation
shall, unless otherwise specified, refer to such law or regulation as amended,
modified or supplemented from time to time, and (vi) the words "asset" and
"property" shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights.

      (b) In the computation of periods of time from a specified date to a later
specified date, the word "from" means "from and including;" the words "to" and
"until" each mean "to but excluding;" and the word "through" means "to and
including."

      (c) Section headings herein and in the other Loan Documents are included
for convenience of reference only and shall not affect the interpretation of
this Agreement or any other Loan Document.

                                       25
<PAGE>

            1.03 ACCOUNTING TERMS. (a) Generally. All accounting terms not
specifically or completely defined herein shall be construed in conformity with,
and all financial data (including financial ratios and other financial
calculations) required to be submitted pursuant to this Agreement shall be
prepared in conformity with, GAAP applied on a consistent basis, as in effect
from time to time, applied in a manner consistent with that used in preparing
the Audited Financial Statements, except as otherwise specifically prescribed
herein.

      (b) Changes in GAAP. If at any time any change in GAAP would affect the
computation of any financial ratio or requirement set forth in any Loan
Document, and either the Company or the Required Lenders shall so request, the
Administrative Agent, the Lenders and the Company shall negotiate in good faith
to amend such ratio or requirement to preserve the original intent thereof in
light of such change in GAAP (subject to the approval of the Required Lenders);
provided that, until so amended, (i) such ratio or requirement shall continue to
be computed in accordance with GAAP prior to such change therein and (ii) the
Company shall provide to the Administrative Agent and the Lenders financial
statements and other documents required under this Agreement or as reasonably
requested hereunder setting forth a reconciliation between calculations of such
ratio or requirement made before and after giving effect to such change in GAAP.

      (c) Pro Forma Basis. For purposes of computing the Consolidated Leverage
Ratio and the Consolidated Interest Coverage Ratio, such ratios (and any
financial calculations or components required to be made or included therein)
shall be determined, with respect to the relevant period, after giving pro forma
effect to each Acquisition and Disposition of a Person, business or asset
consummated during such period, together with all transactions relating thereto
consummated during such period (including any incurrence, assumption,
refinancing or repayment of Indebtedness), as if such Acquisition, Disposition
and related transactions had been consummated on the first day of such period,
in each case (i) based on historical results accounted for in accordance with
GAAP and (ii) prepared in accordance with Regulation S-X under the Securities
Act of 1933, as in effect on the Closing Date (provided, that cost savings
expected to be realized following an Acquisition in respect of the elimination
of duplicative positions and the closing of duplicative facilities may be
reflected in such determination as if such cost savings had been effected as of
the beginning of such period, so long as (x) such elimination and/or closings
are implemented by the business that was the subject of any such Acquisition
within six months of the date of such Acquisition and are supportable and
quantifiable by the underlying accounting records of such business and (y) all
cost increases expected to be incurred following such Acquisition are also
reflected in such determination as if such cost increases had been incurred as
of the beginning of such period), and, with respect to all calculations made in
clauses (i) and (ii), to the extent applicable, based upon reasonable
assumptions that are specified in reasonable detail in the relevant Compliance
Certificate or other certificate furnished to the Administrative Agent in
connection with the terms of this Agreement.

            1.04. EXCHANGE RATES; CURRENCY EQUIVALENTS. (a) The Administrative
Agent or the L/C Issuer, as applicable, shall determine the Spot Rates as of
each Revaluation Date to be used for calculating Dollar Equivalent amounts of
Credit Extensions and Outstanding Amounts denominated in Alternative Currencies.
Such Spot Rates shall become effective as of such Revaluation Date and shall be
the Spot Rates employed in converting any amounts between the applicable
currencies until the next Revaluation Date to occur. Except for purposes of
financial

                                       26
<PAGE>

statements delivered by Loan Parties hereunder or calculating financial
covenants hereunder or except as otherwise provided herein, the applicable
amount of any currency (other than Dollars) for purposes of the Loan Documents
shall be such Dollar Equivalent amount as so determined by the Administrative
Agent or the L/C Issuer, as applicable.

      (b) Wherever in this Agreement in connection with a Committed Borrowing,
conversion, continuation or prepayment of a Eurocurrency Rate Loan or the
issuance, amendment or extension of a Letter of Credit, an amount, such as a
required minimum or multiple amount, is expressed in Dollars, but such Committed
Borrowing, Eurocurrency Rate Loan or Letter of Credit is denominated in an
Alternative Currency, such amount shall be the relevant Alternative Currency
Equivalent of such Dollar amount (rounded to the nearest unit of such
Alternative Currency, with 0.5 of a unit being rounded upward), as determined by
the Administrative Agent or the L/C Issuer, as the case may be.

            1.05 ADDITIONAL ALTERNATIVE CURRENCIES. (a) The Company may from
time to time request that Eurocurrency Rate Loans be made and/or Letters of
Credit be issued in a currency other than those specifically listed in the
definition of "Alternative Currency;" provided that such requested currency is a
lawful currency (other than Dollars) that is readily available and freely
transferable and convertible into Dollars. In the case of any such request with
respect to the making of Eurocurrency Rate Loans, such request shall be subject
to the approval of the Administrative Agent and the Lenders; and in the case of
any such request with respect to the issuance of Letters of Credit, such request
shall be subject to the approval of the Administrative Agent and the L/C Issuer.

      (b) Any such request shall be made to the Administrative Agent not later
than 10:00 a.m., 20 Business Days prior to the date of the desired Credit
Extension (or such other time or date as may be agreed by the Administrative
Agent and, in the case of any such request pertaining to Letters of Credit, the
applicable L/C Issuer, in its or their sole discretion). In the case of any such
request pertaining to Eurocurrency Rate Loans, the Administrative Agent shall
promptly notify each Lender thereof; and in the case of any such request
pertaining to Letters of Credit, the Administrative Agent shall promptly notify
the L/C Issuer thereof. Each Lender (in the case of any such request pertaining
to Eurocurrency Rate Loans) or the applicable L/C Issuer (in the case of a
request pertaining to Letters of Credit) shall notify the Administrative Agent,
not later than 10:00 a.m., ten Business Days after receipt of such request
whether it consents, in its sole discretion, to the making of Eurocurrency Rate
Loans or the issuance of Letters of Credit, as the case may be, in such
requested currency.

      (c) Any failure by a Lender or an L/C Issuer, as the case may be, to
respond to such request within the time period specified in the preceding
sentence shall be deemed to be a refusal by such Lender or such L/C Issuer, as
the case may be, to permit Eurocurrency Rate Loans to be made or Letters of
Credit to be issued in such requested currency. If the Administrative Agent and
all the Lenders consent to making Eurocurrency Rate Loans in such requested
currency, the Administrative Agent shall so notify the Company and such currency
shall thereupon be deemed for all purposes to be an Alternative Currency
hereunder for purposes of any Committed Borrowings of Eurocurrency Rate Loans;
and if the Administrative Agent and the L/C Issuer consent to the issuance of
Letters of Credit in such requested currency, the Administrative Agent shall so
notify the Company and such currency shall thereupon be deemed for all purposes
to be

                                       27
<PAGE>

an Alternative Currency hereunder for purposes of any Letter of Credit
issuances. If the Administrative Agent shall fail to obtain consent to any
request for an additional currency under this Section 1.05, the Administrative
Agent shall promptly so notify the Company.

            1.06 CHANGE OF CURRENCY. (a) Each obligation of the Borrowers to
make a payment denominated in the national currency unit of any member state of
the European Union that adopts the Euro as its lawful currency after the date
hereof shall be redenominated into Euro at the time of such adoption (in
accordance with the EMU Legislation). If, in relation to the currency of any
such member state, the basis of accrual of interest expressed in this Agreement
in respect of that currency shall be inconsistent with any convention or
practice in the London interbank market for the basis of accrual of interest in
respect of the Euro, such expressed basis shall be replaced by such convention
or practice with effect from the date on which such member state adopts the Euro
as its lawful currency; provided that if any Committed Borrowing in the currency
of such member state is outstanding immediately prior to such date, such
replacement shall take effect, with respect to such Committed Borrowing, at the
end of the then current Interest Period.

      (b) Each provision of this Agreement shall be subject to such reasonable
changes of construction as the Administrative Agent may from time to time
specify to be appropriate to reflect the adoption of the Euro by any member
state of the European Union and any relevant market conventions or practices
relating to the Euro.

      (c) Each provision of this Agreement also shall be subject to such
reasonable changes of construction as the Administrative Agent may from time to
time specify to be appropriate to reflect a change in currency of any other
country and any relevant market conventions or practices relating to the change
in currency.

            1.07 TIMES OF DAY. Unless otherwise specified, all references
herein to times of day shall be references to Central time (daylight or
standard, as applicable).

            1.08 LETTER OF CREDIT AMOUNTS. Unless otherwise specified herein,
the amount of a Letter of Credit at any time shall be deemed to be the Dollar
Equivalent of the stated amount of such Letter of Credit in effect at such time;
provided, however, that with respect to any Letter of Credit that, by its terms
or the terms of any Issuer Document related thereto, provides for one or more
automatic increases in the stated amount thereof, the amount of such Letter of
Credit shall be deemed to be the Dollar Equivalent of the maximum stated amount
of such Letter of Credit after giving effect to all such increases, whether or
not such maximum stated amount is in effect at such time.

            1.09 EXCLUDED ENTITIES. For the avoidance of doubt, the parties
hereto acknowledge and agree that (a) the Consolidated Leverage Ratio and the
Consolidated Interest Coverage Ratio and other financial accounting terms used
herein with reference to the Company's "Subsidiaries" as opposed to the
Company's "Consolidated Subsidiaries" will be calculated without giving effect
to the financial performance or condition of any Excluded Entity and (b) the
representations, warranties and covenants set forth in Article V (other than
Section 5.05 and 5.09), Article VI (other than Section 6.01 and Section 6.02)
and Article VII, each of which refers to the Company's "Subsidiaries" as opposed
to the Company's "Consolidated

                                       28
<PAGE>

Subsidiaries", shall not be made with respect to, require any performance by or
behalf of or restrict the operations of, any Excluded Entity.

                                   ARTICLE II.
                      THE COMMITMENTS AND CREDIT EXTENSIONS

            2.01 COMMITTED LOANS. Subject to the terms and conditions set forth
herein, each Lender severally agrees to make loans (each such loan, a "Committed
Loan") to the Borrowers in Dollars or in one or more Alternative Currencies from
time to time, on any Business Day during the Availability Period, in an
aggregate amount not to exceed at any time outstanding the amount of such
Lender's Commitment; provided, however, that after giving effect to any
Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate
Commitments, (ii) the aggregate Outstanding Amount of the Committed Loans of any
Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of
all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding
Amount of all Swing Line Loans shall not exceed such Lender's Commitment and
(iii) the aggregate Outstanding Amount of all Committed Loans and Letters of
Credit denominated in Alternative Currencies shall not exceed the Alternative
Currency Sublimit. Within the limits of each Lender's Commitment, and subject to
the other terms and conditions hereof, the Borrowers may borrow under this
Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01.
Committed Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further
provided herein.

            2.02 BORROWINGS, CONVERSIONS AND CONTINUATIONS OF COMMITTED LOANS.

      (a) Each Committed Borrowing, each conversion of Committed Loans from one
Type to the other, and each continuation of Eurocurrency Rate Loans shall be
made upon the Company's irrevocable notice to the Administrative Agent, which
may be given by telephone. Each such notice must be received by the
Administrative Agent not later than 10:00 a.m. (i) three Business Days prior to
the requested date of any Borrowing of, conversion to or continuation of
Eurocurrency Rate Loans denominated in Dollars or of any conversion of
Eurocurrency Rate Loans denominated in Dollars to Base Rate Committed Loans,
(ii) four Business Days (or five Business Days in the case of a Special Notice
Currency) prior to the requested date of any Borrowing or continuation of
Eurocurrency Rate Loans denominated in Alternative Currencies, and (iii) on the
requested date of any Borrowing of Base Rate Committed Loans. Each telephonic
notice by the Company pursuant to this Section 2.02(a) must be confirmed
promptly by delivery to the Administrative Agent of a written Committed Loan
Notice, appropriately completed and signed by a Responsible Officer of the
Company. Each Borrowing of, conversion to or continuation of Eurocurrency Rate
Loans shall be in a principal amount of $5,000,000 or a whole multiple of
$1,000,000 in excess thereof. Except as provided in Sections 2.03(c) and
2.04(c), each Committed Borrowing of or conversion to Base Rate Committed Loans
shall be in a principal amount of $500,000 or a whole multiple of $100,000 in
excess thereof. Each Committed Loan Notice (whether telephonic or written) shall
specify (i) whether the Company is requesting a Committed Borrowing, a
conversion of Committed Loans from one Type to the other, or a continuation of
Eurocurrency Rate Loans, (ii) the requested date of the Borrowing, conversion or
continuation, as the case may be (which shall be a Business Day), (iii) the
principal amount of Committed Loans to be borrowed, converted or continued, (iv)
the Type of Committed Loans to be borrowed or to which existing Committed Loans
are to be converted, (v)

                                       29
<PAGE>

if applicable, the duration of the Interest Period with respect thereto, (vi)
the currency of the Committed Loans to be borrowed, and (vii) if applicable, the
Designated Borrower. If the Company fails to specify a currency in a Committed
Loan Notice requesting a Borrowing, then the Committed Loans so requested shall
be made in Dollars. If the Company fails to specify a Type of Committed Loan in
a Committed Loan Notice or if the Company fails to give a timely notice
requesting a conversion or continuation, then the applicable Committed Loans
shall be made as, or converted to, Base Rate Loans; provided, however, that in
the case of a failure to timely request a continuation of Committed Loans
denominated in an Alternative Currency, such Loans shall be continued as
Eurocurrency Rate Loans in their original currency with an Interest Period of
one month. Any automatic conversion to Base Rate Loans shall be effective as of
the last day of the Interest Period then in effect with respect to the
applicable Eurocurrency Rate Loans. If the Company requests a Borrowing of,
conversion to, or continuation of Eurocurrency Rate Loans in any such Committed
Loan Notice, but fails to specify an Interest Period, it will be deemed to have
specified an Interest Period of one month. No Committed Loan may be converted
into or continued as a Committed Loan denominated in a different currency, but
instead must be prepaid in the original currency of such Committed Loan and
reborrowed in the other currency.

      (b) Following receipt of a Committed Loan Notice, the Administrative Agent
shall promptly notify each Lender of the amount (and currency) of its Applicable
Percentage of the applicable Committed Loans, and if no timely notice of a
conversion or continuation is provided by the Company, the Administrative Agent
shall notify each Lender of the details of any automatic conversion to Base Rate
Loans or continuation of Committed Loans denominated in a currency other than
Dollars, in each case as described in the preceding subsection. In the case of a
Committed Borrowing, each Lender shall make the amount of its Committed Loan
available to the Administrative Agent in Same Day Funds at the Administrative
Agent's Office for the applicable currency not later than 12:00 noon, in the
case of any Committed Loan denominated in Dollars, and not later than the
Applicable Time specified by the Administrative Agent in the case of any
Committed Loan in an Alternative Currency, in each case on the Business Day
specified in the applicable Committed Loan Notice. Upon satisfaction of the
applicable conditions set forth in Section 4.02 (and, if such Borrowing is the
initial Credit Extension, Section 4.01), the Administrative Agent shall make all
funds so received available to the Company or the other applicable Borrower in
like funds as received by the Administrative Agent either by (i) crediting the
account of such Borrower on the books of Bank of America with the amount of such
funds or (ii) wire transfer of such funds, in each case in accordance with
instructions provided to (and reasonably acceptable to) the Administrative Agent
by the Company; provided, however, that if, on the date the Committed Loan
Notice with respect to such Borrowing denominated in Dollars is given by the
Company, there are L/C Borrowings outstanding, then the proceeds of such
Borrowing, first, shall be applied to the payment in full of any such L/C
Borrowings, and, second, shall be made available to the applicable Borrower as
provided above.

      (c) Except as otherwise provided herein, a Eurocurrency Rate Loan may be
continued or converted only on the last day of an Interest Period for such
Eurocurrency Rate Loan. During the existence of a Default, no Loans may be
requested as, converted to or continued as Eurocurrency Rate Loans (whether in
Dollars or any Alternative Currency) without the consent of the Required
Lenders, and the Required Lenders may demand that any or all of the then

                                       30
<PAGE>

outstanding Eurocurrency Rate Loans denominated in an Alternative Currency be
prepaid, or redenominated into Dollars in the amount of the Dollar Equivalent
thereof, on the last day of the then current Interest Period with respect
thereto.

      (d) The Administrative Agent shall promptly notify the Company and the
Lenders of the interest rate applicable to any Interest Period for Eurocurrency
Rate Loans upon determination of such interest rate. At any time that Base Rate
Loans are outstanding, the Administrative Agent shall notify the Company and the
Lenders of any change in Bank of America's prime rate used in determining the
Base Rate promptly following the public announcement of such change.

      (e) After giving effect to all Committed Borrowings, all conversions of
Committed Loans from one Type to the other, and all continuations of Committed
Loans as the same Type, there shall not be more than ten Interest Periods in
effect with respect to Committed Loans.

            2.03 LETTERS OF CREDIT.

      (a) The Letter of Credit Commitment.

            (i) Subject to the terms and conditions set forth herein, (A) the
      L/C Issuers agree, in reliance upon the agreements of the Lenders set
      forth in this Section 2.03, (1) from time to time on any Business Day
      during the period from the Closing Date until the Letter of Credit
      Expiration Date, to issue Letters of Credit denominated in Dollars or in
      one or more Alternative Currencies for the account of (i) in the case of
      any Letter of Credit issued at the request of the Company, the Company or
      its Subsidiaries or (ii) in the case of any Letter of Credit issued at the
      request of a Designated Borrower, such Designated Borrower or any of its
      Subsidiaries, and to amend or extend Letters of Credit previously issued
      by it, in accordance with subsection (b) below, and (2) to honor drawings
      under the Letters of Credit; and (B) the Lenders severally agree to
      participate in Letters of Credit issued for the account of the Company or
      its Subsidiaries and any drawings thereunder; provided that after giving
      effect to any L/C Credit Extension with respect to any Letter of Credit,
      (w) the Total Outstandings denominated in Alternative Currencies shall not
      exceed the Alternative Currency Sublimit, (x) the Total Outstandings shall
      not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount
      of the Committed Loans of any Lender, plus such Lender's Applicable
      Percentage of the Outstanding Amount of all L/C Obligations, plus such
      Lender's Applicable Percentage of the Outstanding Amount of all Swing Line
      Loans shall not exceed such Lender's Commitment, and (z) the Outstanding
      Amount of the L/C Obligations shall not exceed the Letter of Credit
      Sublimit. Each request by the Company for the issuance or amendment of a
      Letter of Credit shall be deemed to be a representation by the Company
      that the L/C Credit Extension so requested complies with the conditions
      set forth in the provisos to the preceding sentence. Within the foregoing
      limits, and subject to the terms and conditions hereof, the Company's
      ability to obtain Letters of Credit shall be fully revolving, and
      accordingly the Company may, during the foregoing period, obtain Letters
      of Credit to replace Letters of Credit that have expired or that have been
      drawn upon and reimbursed. All Existing Letters of Credit shall be deemed
      to have been issued pursuant

                                       31
<PAGE>

      hereto, and from and after the Closing Date shall be subject to and
      governed by the terms and conditions hereof.

            (ii) The L/C Issuers shall not issue any Letter of Credit, if:

                  (A) the expiry date of such requested Letter of Credit would
            occur after the Letter of Credit Expiration Date, unless all the
            Lenders have approved such expiry date; or

                  (B) subject to Section 2.03(b)(iii), the expiry date of such
            requested Letter of Credit would occur more than twelve months after
            the date of issuance or last extension, unless the Required Lenders
            have approved such expiry date. The parties hereto acknowledge that
            certain Existing Letters of Credit identified on Schedule 1.02
            expire on July 30, 2007 and the Lenders hereby consent to such
            expiry dates.

            (iii) An L/C Issuer shall not be under any obligation to issue any
      Letter of Credit if:

                  (A) any order, judgment or decree of any Governmental
            Authority or arbitrator shall by its terms purport to enjoin or
            restrain such L/C Issuer from issuing such Letter of Credit, or any
            Law applicable to such L/C Issuer or any request or directive
            (whether or not having the force of law) from any Governmental
            Authority with jurisdiction over such L/C Issuer shall prohibit, or
            request that such L/C Issuer refrain from, the issuance of letters
            of credit generally or such Letter of Credit in particular or shall
            impose upon such L/C Issuer with respect to such Letter of Credit
            any restriction, reserve or capital requirement (for which such L/C
            Issuer is not otherwise compensated hereunder) not in effect on the
            Closing Date, or shall impose upon such L/C Issuer any unreimbursed
            loss, cost or expense which was not applicable on the Closing Date
            and which such L/C Issuer in good faith deems material to it;

                  (B) the issuance of such Letter of Credit would violate one or
            more policies of such L/C Issuer;

                  (C) except as otherwise agreed by the Administrative Agent and
            such L/C Issuer, such Letter of Credit is to be denominated in a
            currency other than Dollars or an Alternative Currency;

                  (D) such L/C Issuer does not as of the issuance date of such
            requested Letter of Credit issue Letters of Credit in the requested
            currency;

                  (E) such Letter of Credit contains any provisions for
            automatic reinstatement of the stated amount after any drawing
            thereunder; or

                  (F) a default of any Lender's obligations to fund under
            Section 2.03(c) exists or any Lender is at such time a Defaulting
            Lender hereunder, unless the L/C

                                       32
<PAGE>

            Issuer has entered into satisfactory arrangements with the
            Company or such Lender to eliminate such L/C Issuer's risk with
            respect to such Lender.

            (iv) No L/C Issuer shall amend any Letter of Credit if such L/C
      Issuer would not be permitted at such time to issue such Letter of Credit
      in its amended form under the terms hereof.

            (v) No L/C Issuer shall be under any obligation to amend any Letter
      of Credit if (A) such L/C Issuer would have no obligation at such time to
      issue such Letter of Credit in its amended form under the terms hereof, or
      (B) the beneficiary of such Letter of Credit does not accept the proposed
      amendment to such Letter of Credit.

            (vi) The L/C Issuers shall act on behalf of the Lenders with respect
      to any Letters of Credit issued by it and the documents associated
      therewith, and the L/C Issuers shall have all of the benefits and
      immunities (A) provided to the Administrative Agent in Article IX with
      respect to any acts taken or omissions suffered by the L/C Issuer in
      connection with Letters of Credit issued by it or proposed to be issued by
      it and Issuer Documents pertaining to such Letters of Credit as fully as
      if the term "Administrative Agent" as used in Article IX included the L/C
      Issuers with respect to such acts or omissions, and (B) as additionally
      provided herein with respect to the L/C Issuers.

      (b) Procedures for Issuance and Amendment of Letters of Credit;
Auto-Extension Letters of Credit.

            (i) Each Letter of Credit shall be issued or amended, as the case
      may be, upon the request of the Company delivered to the applicable L/C
      Issuer (with a copy to the Administrative Agent) in the form of a Letter
      of Credit Application, appropriately completed and signed by a Responsible
      Officer of the Company. Such Letter of Credit Application must be received
      by the applicable L/C Issuer and the Administrative Agent not later than
      10:00 a.m. at least two Business Days (or such later date and time as the
      Administrative Agent and the such L/C Issuer may agree in a particular
      instance in their sole discretion) prior to the proposed issuance date or
      date of amendment, as the case may be. In the case of a request for an
      initial issuance of a Letter of Credit, such Letter of Credit Application
      shall specify in form and detail satisfactory to the applicable L/C
      Issuer: (A) the proposed issuance date of the requested Letter of Credit
      (which shall be a Business Day); (B) the amount and currency thereof; (C)
      the expiry date thereof; (D) the name and address of the beneficiary
      thereof; (E) the documents to be presented by such beneficiary in case of
      any drawing thereunder; (F) the full text of any certificate to be
      presented by such beneficiary in case of any drawing thereunder; and (G)
      such other matters as the applicable L/C Issuer may require. In the case
      of a request for an amendment of any outstanding Letter of Credit, such
      Letter of Credit Application shall specify in form and detail satisfactory
      to the applicable L/C Issuer (A) the Letter of Credit to be amended; (B)
      the proposed date of amendment thereof (which shall be a Business Day);
      (C) the nature of the proposed amendment; and (D) such other matters as
      the L/C Issuer may require. Additionally, the Company shall furnish to the
      applicable L/C Issuer and the Administrative Agent such other documents
      and information

                                       33
<PAGE>

      pertaining to such requested Letter of Credit issuance or amendment,
      including any Issuer Documents, as applicable L/C Issuer or the
      Administrative Agent may require.

            (ii) Promptly after receipt of any Letter of Credit Application, the
      applicable L/C Issuer will confirm with the Administrative Agent (by
      telephone or in writing) that the Administrative Agent has received a copy
      of such Letter of Credit Application from the Company and, if not, the
      applicable L/C Issuer will provide the Administrative Agent with a copy
      thereof. Unless the applicable L/C Issuer has received written notice from
      any Lender, the Administrative Agent or any Loan Party, at least one
      Business Day prior to the requested date of issuance or amendment of the
      applicable Letter of Credit, that one or more applicable conditions
      contained in Article IV shall not then be satisfied, then, subject to the
      terms and conditions hereof, the applicable L/C Issuer shall, on the
      requested date, issue a Letter of Credit for the account of the Company
      (or the applicable Subsidiary) or enter into the applicable amendment, as
      the case may be, in each case in accordance with the such L/C Issuer's
      usual and customary business practices. Immediately upon the issuance of
      each Letter of Credit, each Lender shall be deemed to, and hereby
      irrevocably and unconditionally agrees to, purchase from the applicable
      L/C Issuer a risk participation in such Letter of Credit in an amount
      equal to the product of such Lender's Applicable Percentage times the
      amount of such Letter of Credit.

            (iii) If the Company so requests in any applicable Letter of Credit
      Application, the applicable L/C Issuer may, in its sole and absolute
      discretion, agree to issue a Letter of Credit that has automatic extension
      provisions (each, an "Auto-Extension Letter of Credit"); provided that any
      such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent
      any such extension at least once in each twelve-month period (commencing
      with the date of issuance of such Letter of Credit) by giving prior notice
      to the beneficiary thereof not later than a day (the "Non-Extension Notice
      Date") in each such twelve-month period to be agreed upon at the time such
      Letter of Credit is issued. Unless otherwise directed by the applicable
      L/C Issuer, the Company shall not be required to make a specific request
      to such L/C Issuer for any such extension. Once an Auto-Extension Letter
      of Credit has been issued, the Lenders shall be deemed to have authorized
      (but may not require) the applicable L/C Issuer to permit the extension of
      such Letter of Credit at any time to an expiry date not later than the
      Letter of Credit Expiration Date; provided, however, that the L/C Issuer
      shall not permit any such extension if (A) such L/C Issuer has determined
      that it would not be permitted, or would have no obligation, at such time
      to issue such Letter of Credit in its revised form (as extended) under the
      terms hereof (by reason of the provisions of clause (ii) or (iii) of
      Section 2.03(a) or otherwise), or (B) it has received notice (which may be
      by telephone or in writing) on or before the day that is five Business
      Days before the Non-Extension Notice Date (1) from the Administrative
      Agent that the Required Lenders have elected not to permit such extension
      or (2) from the Administrative Agent, any Lender or the Company that one
      or more of the applicable conditions specified in Section 4.02 is not then
      satisfied, and in each such case directing such L/C Issuer not to permit
      such extension.

            (iv) Promptly after its delivery of any Letter of Credit or any
      amendment to a Letter of Credit to an advising bank with respect thereto
      or to the beneficiary thereof, the

                                       34
<PAGE>

      applicable L/C Issuer will also deliver to the Company and the
      Administrative Agent a true and complete copy of such Letter of Credit or
      amendment.

      (c) Drawings and Reimbursements; Funding of Participations.

            (i) Upon receipt from the beneficiary of any Letter of Credit of any
      notice of a drawing under such Letter of Credit, the applicable L/C Issuer
      shall notify the Company and the Administrative Agent thereof. In the case
      of a Letter of Credit denominated in an Alternative Currency, the Company
      shall reimburse the applicable L/C Issuer in such Alternative Currency,
      unless (A) such L/C Issuer (at its option) shall have specified in such
      notice that it will require reimbursement in Dollars, or (B) in the
      absence of any such requirement for reimbursement in Dollars, the Company
      shall have notified such L/C Issuer promptly following receipt of the
      notice of drawing that the Company will reimburse such L/C Issuer in
      Dollars. In the case of any such reimbursement in Dollars of a drawing
      under a Letter of Credit denominated in an Alternative Currency, the
      applicable L/C Issuer shall notify the Company of the Dollar Equivalent of
      the amount of the drawing promptly following the determination thereof.
      Not later than 10:00 a.m. on the date of any payment by the applicable L/C
      Issuer under a Letter of Credit to be reimbursed in Dollars, or the
      Applicable Time on the date of any payment by such L/C Issuer under a
      Letter of Credit to be reimbursed in an Alternative Currency (each such
      date, an "Honor Date"), the Company shall reimburse such L/C Issuer
      through the Administrative Agent in an amount equal to the amount of such
      drawing and in the applicable currency. If the Company fails to so
      reimburse such L/C Issuer by such time, the Administrative Agent shall
      promptly notify each Lender of the Honor Date, the amount of the
      unreimbursed drawing (expressed in Dollars in the amount of the Dollar
      Equivalent thereof in the case of a Letter of Credit denominated in an
      Alternative Currency) (the "Unreimbursed Amount"), and the amount of such
      Lender's Applicable Percentage thereof. In such event, the Company shall
      be deemed to have requested a Committed Borrowing of Base Rate Loans to be
      disbursed on the Honor Date in Dollars in an amount equal to the
      Unreimbursed Amount, without regard to the minimum and multiples specified
      in Section 2.02 for the principal amount of Base Rate Loans, but subject
      to the amount of the unutilized portion of the Aggregate Commitments and
      the conditions set forth in Section 4.02 (other than the delivery of a
      Committed Loan Notice). Any notice given by any L/C Issuer or the
      Administrative Agent pursuant to this Section 2.03(c)(i) may be given by
      telephone if immediately confirmed in writing; provided that the lack of
      such an immediate confirmation shall not affect the conclusiveness or
      binding effect of such notice.

            (ii) Each Lender shall upon any notice pursuant to Section
      2.03(c)(i) make funds available to the Administrative Agent for the
      account of any L/C Issuer, in Dollars, at the Administrative Agent's
      Office for Dollar-denominated payments in an amount equal to its
      Applicable Percentage of the Unreimbursed Amount not later than 12:00 noon
      on the Business Day specified in such notice by the Administrative Agent,
      whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender
      that so makes funds available shall be deemed to have made a Base Rate
      Committed Loan to the Company in such amount. The Administrative Agent
      shall remit the funds so received to the L/C Issuer in Dollars.

                                       35
<PAGE>

            (iii) With respect to any Unreimbursed Amount that is not fully
      refinanced by a Committed Borrowing of Base Rate Loans because the
      conditions set forth in Section 4.02 cannot be satisfied or for any other
      reason, the Company shall be deemed to have incurred from the applicable
      L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that
      is not so refinanced, which L/C Borrowing shall be due and payable on
      demand (together with interest) and shall bear interest at the Default
      Rate. In such event, each Lender's payment to the Administrative Agent for
      the account of the applicable L/C Issuer pursuant to Section 2.03(c)(ii)
      shall be deemed payment in respect of its participation in such L/C
      Borrowing and shall constitute an L/C Advance from such Lender in
      satisfaction of its participation obligation under this Section 2.03.

            (iv) Until a Lender funds its Committed Loan or L/C Advance pursuant
      to this Section 2.03(c) to reimburse the applicable L/C Issuer for any
      amount drawn under any Letter of Credit, interest in respect of such
      Lender's Applicable Percentage of such amount shall be solely for the
      account of such L/C Issuer.

            (v) Each Lender's obligation to make Committed Loans or L/C Advances
      to reimburse the applicable L/C Issuer for amounts drawn under Letters of
      Credit, as contemplated by this Section 2.03(c), shall be absolute and
      unconditional and shall not be affected by any circumstance, including (A)
      any setoff, counterclaim, recoupment, defense or other right which such
      Lender may have against such L/C Issuer, the Company, any Subsidiary or
      any other Person for any reason whatsoever; (B) the occurrence or
      continuance of a Default, or (C) any other occurrence, event or condition,
      whether or not similar to any of the foregoing; provided, however, that
      each Lender's obligation to make Committed Loans pursuant to this Section
      2.03(c) is subject to the conditions set forth in Section 4.02 (other than
      delivery by the Company of a Committed Loan Notice). No such making of an
      L/C Advance shall relieve or otherwise impair the obligation of the
      Company to reimburse the applicable L/C Issuer for the amount of any
      payment made by such L/C Issuer under any Letter of Credit, together with
      interest as provided herein.

            (vi) If any Lender fails to make available to the Administrative
      Agent for the account of the applicable L/C Issuer any amount required to
      be paid by such Lender pursuant to the foregoing provisions of this
      Section 2.03(c) by the time specified in Section 2.03(c)(ii), such L/C
      Issuer shall be entitled to recover from such Lender (acting through the
      Administrative Agent), on demand, such amount with interest thereon for
      the period from the date such payment is required to the date on which
      such payment is immediately available to such L/C Issuer at a rate per
      annum equal to the applicable Overnight Rate from time to time in effect.
      A certificate of the applicable L/C Issuer submitted to any Lender
      (through the Administrative Agent) with respect to any amounts owing under
      this clause (vi) shall be conclusive absent manifest error.

      (d) Repayment of Participations.

            (i) At any time after the applicable L/C Issuer has made a payment
      under any Letter of Credit and has received from any Lender such Lender's
      L/C Advance in respect of such payment in accordance with Section 2.03(c),
      if the Administrative Agent (or the

                                       36
<PAGE>

      applicable L/C Issuer) receives for the account of such L/C Issuer any
      payment in respect of the related Unreimbursed Amount or interest thereon
      (whether directly from the Company or otherwise, including proceeds of
      Cash Collateral applied thereto by the Administrative Agent (or the
      applicable L/C Issuer, as the case may be)), the Administrative Agent will
      (or the applicable L/C Issuer, as the case may be) distribute to such
      Lender its Applicable Percentage thereof (appropriately adjusted, in the
      case of interest payments, to reflect the period of time during which such
      Lender's L/C Advance was outstanding) in Dollars and in the same funds as
      those received by the Administrative Agent.

            (ii) If any payment received by the Administrative Agent for the
      account of the applicable L/C Issuer pursuant to Section 2.03(c)(i) is
      required to be returned under any of the circumstances described in
      Section 10.05 (including pursuant to any settlement entered into by such
      L/C Issuer in its discretion), each Lender shall pay to the Administrative
      Agent for the account of such L/C Issuer its Applicable Percentage thereof
      on demand of the Administrative Agent, plus interest thereon from the date
      of such demand to the date such amount is returned by such Lender, at a
      rate per annum equal to the applicable Overnight Rate from time to time in
      effect. The obligations of the Lenders under this clause shall survive the
      payment in full of the Obligations and the termination of this Agreement.

      (e) Obligations Absolute. The obligation of the Company to reimburse the
applicable L/C Issuer for each drawing under each Letter of Credit and to repay
each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall
be paid strictly in accordance with the terms of this Agreement under all
circumstances, including the following:

            (i) any lack of validity or enforceability of such Letter of Credit,
      this Agreement, or any other Loan Document;

            (ii) the existence of any claim, counterclaim, setoff, defense or
      other right that the Company or any Subsidiary may have at any time
      against any beneficiary or any transferee of such Letter of Credit (or any
      Person for whom any such beneficiary or any such transferee may be
      acting), the applicable L/C Issuer or any other Person, whether in
      connection with this Agreement, the transactions contemplated hereby or by
      such Letter of Credit or any agreement or instrument relating thereto, or
      any unrelated transaction;

            (iii) any draft, demand, certificate or other document presented
      under such Letter of Credit proving to be forged, fraudulent, invalid or
      insufficient in any respect or any statement therein being untrue or
      inaccurate in any respect; or any loss or delay in the transmission or
      otherwise of any document required in order to make a drawing under such
      Letter of Credit;

            (iv) any payment by any L/C Issuer under such Letter of Credit
      against presentation of a draft or certificate that does not strictly
      comply with the terms of such Letter of Credit; or any payment made by
      such L/C Issuer under such Letter of Credit to any Person purporting to be
      a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
      creditors, liquidator, receiver or other representative of or successor to
      any

                                       37
<PAGE>

      beneficiary or any transferee of such Letter of Credit, including any
      arising in connection with any proceeding under any Debtor Relief Law;

            (v) any adverse change in the relevant exchange rates or in the
      availability of the relevant Alternative Currency to the Company or any
      Subsidiary or in the relevant currency markets generally; or

            (vi) any other circumstance or happening whatsoever, whether or not
      similar to any of the foregoing, including any other circumstance that
      might otherwise constitute a defense available to, or a discharge of, the
      Company or any Subsidiary.

      The Company shall promptly examine a copy of each Letter of Credit and
each amendment thereto that is delivered to it and, in the event of any claim of
noncompliance with the Company's instructions or other irregularity, the Company
will immediately notify applicable L/C Issuer. The Company shall be conclusively
deemed to have waived any such claim against such L/C Issuer and its
correspondents unless such notice is given as aforesaid.

      (f) Role of L/C Issuer. Each Lender and the Company agree that, in paying
any drawing under a Letter of Credit, the L/C Issuers shall not have any
responsibility to obtain any document (other than any sight draft, certificates
and documents expressly required by the Letter of Credit) or to ascertain or
inquire as to the validity or accuracy of any such document or the authority of
the Person executing or delivering any such document. None of the L/C Issuers,
the Administrative Agent, any of their respective Related Parties nor any
correspondent, participant or assignee of any L/C Issuer shall be liable to any
Lender for (i) any action taken or omitted in connection herewith at the request
or with the approval of the Lenders or the Required Lenders, as applicable; (ii)
any action taken or omitted in the absence of gross negligence or willful
misconduct; or (iii) the due execution, effectiveness, validity or
enforceability of any document or instrument related to any Letter of Credit or
Issuer Document. The Company hereby assumes all risks of the acts or omissions
of any beneficiary or transferee with respect to its use of any Letter of
Credit; provided, however, that this assumption is not intended to, and shall
not, preclude the Company's pursuing such rights and remedies as it may have
against the beneficiary or transferee at law or under any other agreement. None
of the L/C Issuers, the Administrative Agent, any of their respective Related
Parties nor any correspondent, participant or assignee of any L/C Issuer shall
be liable or responsible for any of the matters described in clauses (i) through
(v) of Section 2.03(e); provided, however, that anything in such clauses to the
contrary notwithstanding, the Company may have a claim against the L/C Issuers,
and any L/C Issuer may be liable to the Company, to the extent, but only to the
extent, of any direct, as opposed to consequential or exemplary, damages
suffered by the Company which the Company proves were caused by such L/C
Issuer's willful misconduct or gross negligence or such L/C Issuer's willful
failure to pay under any Letter of Credit after the presentation to it by the
beneficiary of a sight draft and certificate(s) strictly complying with the
terms and conditions of a Letter of Credit. In furtherance and not in limitation
of the foregoing, the L/C Issuers may accept documents that appear on their face
to be in order, without responsibility for further investigation, regardless of
any notice or information to the contrary, and the L/C Issuers shall not be
responsible for the validity or sufficiency of any instrument transferring or
assigning or purporting to transfer or assign a Letter of Credit or the rights
or benefits thereunder or proceeds thereof, in whole or in part, which may prove
to be invalid or ineffective for any reason.

                                       38
<PAGE>

      (g) Cash Collateral. (i) Upon the request of the Administrative Agent, (A)
if the applicable L/C Issuer has honored any full or partial drawing request
under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or
(B) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any
reason remains outstanding, the Borrowers shall, in each case, immediately Cash
Collateralize the then Outstanding Amount of all L/C Obligations.

            (ii) In addition, if the Administrative Agent notifies the Company
      at any time that the Outstanding Amount of all L/C Obligations at such
      time exceeds 100% of the Letter of Credit Sublimit then in effect, then,
      within two Business Days after receipt of such notice, the Company shall
      Cash Collateralize the L/C Obligations in an amount equal to the amount by
      which the Outstanding Amount of all L/C Obligations exceeds the Letter of
      Credit Sublimit.

            (iii) The Administrative Agent may, at any time and from time to
      time after the initial deposit of Cash Collateral, request that additional
      Cash Collateral be provided in order to protect against the results of
      exchange rate fluctuations.

            (iv) Sections 2.05 and 8.02(c) set forth certain additional
      requirements to deliver Cash Collateral hereunder. For purposes of this
      Section 2.03, Section 2.05 and Section 8.02(c), "Cash Collateralize" means
      to pledge and deposit with or deliver to the Administrative Agent, for the
      benefit of the L/C Issuer and the Lenders, as collateral for the L/C
      Obligations, cash or deposit account balances pursuant to documentation in
      form and substance satisfactory to the Administrative Agent and the L/C
      Issuers (which documents are hereby consented to by the Lenders).
      Derivatives of such term have corresponding meanings. The Company hereby
      grants to the Administrative Agent, for the benefit of the L/C Issuers and
      the Lenders, a security interest in all such cash, deposit accounts and
      all balances therein and all proceeds of the foregoing. Cash Collateral
      shall be maintained in blocked, non-interest bearing deposit accounts at
      Bank of America.

      (h) Applicability of ISP. Unless otherwise expressly agreed by the
applicable L/C Issuer and the Company when a Letter of Credit is issued
(including any agreement applicable to an Existing Letter of Credit), the rules
of the ISP shall apply to each Letter of Credit.

      (i) Letter of Credit Fees. The Company shall pay to the Administrative
Agent for the account of each Lender in accordance with its Applicable
Percentage, in Dollars, a Letter of Credit fee (the "Letter of Credit Fee") for
each Letter of Credit equal to the Applicable Rate times the Dollar Equivalent
of the daily amount available to be drawn under such Letter of Credit. For
purposes of computing the daily amount available to be drawn under any Letter of
Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.08. Letter of Credit Fees shall be (i) computed on a quarterly
basis in arrears and (ii) due and payable on the last Business Day of each
March, June, September and December, commencing with the first such date to
occur after the issuance of such Letter of Credit, on the Letter of Credit
Expiration Date and thereafter on demand. If there is any change in the
Applicable Rate during any quarter, the daily amount available to be drawn under
each Letter of Credit shall be computed and multiplied by the Applicable Rate
separately for each period during such quarter that such Applicable Rate was in
effect. Notwithstanding anything to the contrary contained

                                       39
<PAGE>

herein, upon the request of the Required Lenders, while any Event of Default
exists, all Letter of Credit Fees shall accrue at the Default Rate.

      (j) Fronting Fee and Documentary and Processing Charges Payable to L/C
Issuers. The Company shall pay directly to each L/C Issuer for its own account,
in Dollars, a fronting fee with respect to each Letter of Credit issued by such
L/C Issuer, at the rate per annum (a) in the case of Letters of Credit issued by
any L/C Issuer other than Bank of America, as may be agreed in writing by the
Company and such L/C Issuer and (b) in the case of Letters of Credit issued by
Bank of America, specified in the Fee Letter and computed on the Dollar
Equivalent of the daily amount available to be drawn under such Letter of Credit
on a quarterly basis in arrears. Such fronting fee shall be due and payable on
the tenth Business Day after the end of each March, June, September and December
in respect of the most recently-ended quarterly period (or portion thereof, in
the case of the first payment), commencing with the first such date to occur
after the issuance of such Letter of Credit, on the Letter of Credit Expiration
Date and thereafter on demand. For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount of such Letter of
Credit shall be determined in accordance with Section 1.08. In addition, the
Company shall pay directly to the L/C Issuers for their own account, in Dollars,
the customary issuance, presentation, amendment and other processing fees, and
other standard costs and charges, of the L/C Issuers relating to letters of
credit as from time to time in effect. Such customary fees and standard costs
and charges are due and payable on demand and are nonrefundable.

      (k) Conflict with Issuer Documents. In the event of any conflict between
the terms hereof and the terms of any Issuer Document, the terms hereof shall
control.

      (l) Letters of Credit Issued for Subsidiaries. Notwithstanding that a
Letter of Credit issued or outstanding hereunder is in support of any
obligations of, or is for the account of, a Subsidiary, the Company shall be
obligated to reimburse the applicable L/C Issuer hereunder for any and all
drawings under such Letter of Credit. The Company hereby acknowledges that the
issuance of Letters of Credit for the account of Subsidiaries inures to the
benefit of the Company, and that the Company's business derives substantial
benefits from the businesses of such Subsidiaries.

            2.04 SWING LINE LOANS.

      (a) The Swing Line. Subject to the terms and conditions set forth herein,
the Swing Line Lender agrees, in reliance upon the agreements of the other
Lenders set forth in this Section 2.04, to make loans in Dollars (each such
loan, a "Swing Line Loan") to the Company from time to time on any Business Day
during the Availability Period in an aggregate amount not to exceed at any time
outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that
such Swing Line Loans, when aggregated with the Applicable Percentage of the
Outstanding Amount of Committed Loans and L/C Obligations of the Lender acting
as Swing Line Lender, may exceed the amount of such Lender's Commitment;
provided, however, that after giving effect to any Swing Line Loan, (i) the
Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the
aggregate Outstanding Amount of the Committed Loans of any Lender, plus such
Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing

                                       40
<PAGE>

Line Loans shall not exceed such Lender's Commitment, and provided, further,
that the Company shall not use the proceeds of any Swing Line Loan to refinance
any outstanding Swing Line Loan. Within the foregoing limits, and subject to the
other terms and conditions hereof, the Company may borrow under this Section
2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each
Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a
Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the Swing Line Lender a risk
participation in such Swing Line Loan in an amount equal to the product of such
Lender's Applicable Percentage times the amount of such Swing Line Loan.

      (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the
Company's irrevocable notice to the Swing Line Lender and the Administrative
Agent, which may be given by telephone. Each such notice must be received by the
Swing Line Lender and the Administrative Agent not later than 12:00 noon on the
requested borrowing date, and shall specify (i) the amount to be borrowed, which
shall be a minimum of $100,000, and (ii) the requested borrowing date, which
shall be a Business Day. Each such telephonic notice must be confirmed promptly
by delivery to the Swing Line Lender and the Administrative Agent of a written
Swing Line Loan Notice, appropriately completed and signed by a Responsible
Officer of the Company. Promptly after receipt by the Swing Line Lender of any
telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the
Administrative Agent (by telephone or in writing) that the Administrative Agent
has also received such Swing Line Loan Notice and, if not, the Swing Line Lender
will notify the Administrative Agent (by telephone or in writing) of the
contents thereof. Unless the Swing Line Lender has received notice (by telephone
or in writing) from the Administrative Agent (including at the request of any
Lender) prior to 1:00 p.m. on the date of the proposed Swing Line Borrowing (A)
directing the Swing Line Lender not to make such Swing Line Loan as a result of
the limitations set forth in the proviso to the first sentence of Section
2.04(a), or (B) that one or more of the applicable conditions specified in
Article IV is not then satisfied, then, subject to the terms and conditions
hereof, the Swing Line Lender will, not later than 2:00 p.m. on the borrowing
date specified in such Swing Line Loan Notice, make the amount of its Swing Line
Loan available to the Company at its office by crediting the account of the
Company on the books of the Swing Line Lender in Same Day Funds.

      (c) Refinancing of Swing Line Loans.

            (i) The Swing Line Lender at any time in its sole and absolute
      discretion may request, on behalf of the Company (which hereby irrevocably
      authorizes the Swing Line Lender to so request on its behalf), that each
      Lender make a Base Rate Committed Loan in an amount equal to such Lender's
      Applicable Percentage of the amount of Swing Line Loans then outstanding.
      Such request shall be made in writing (which written request shall be
      deemed to be a Committed Loan Notice for purposes hereof) and in
      accordance with the requirements of Section 2.02, without regard to the
      minimum and multiples specified therein for the principal amount of Base
      Rate Loans, but subject to the unutilized portion of the Aggregate
      Commitments and the conditions set forth in Section 4.02. The Swing Line
      Lender shall furnish the Company with a copy of the applicable Committed
      Loan Notice promptly after delivering such notice to the Administrative
      Agent. Each Lender shall make an amount equal to its Applicable Percentage
      of the

                                       41
<PAGE>

      amount specified in such Committed Loan Notice available to the
      Administrative Agent in Same Day Funds for the account of the Swing Line
      Lender at the Administrative Agent's Office for Dollar-denominated
      payments not later than 1:00 p.m. on the day specified in such Committed
      Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Lender that
      so makes funds available shall be deemed to have made a Base Rate
      Committed Loan to the Company in such amount. The Administrative Agent
      shall remit the funds so received to the Swing Line Lender.

            (ii) If for any reason any Swing Line Loan cannot be refinanced by
      such a Committed Borrowing in accordance with Section 2.04(c)(i), the
      request for Base Rate Committed Loans submitted by the Swing Line Lender
      as set forth herein shall be deemed to be a request by the Swing Line
      Lender that each of the Lenders fund its risk participation in the
      relevant Swing Line Loan and each Lender's payment to the Administrative
      Agent for the account of the Swing Line Lender pursuant to Section
      2.04(c)(i) shall be deemed payment in respect of such participation.

            (iii) If any Lender fails to make available to the Administrative
      Agent for the account of the Swing Line Lender any amount required to be
      paid by such Lender pursuant to the foregoing provisions of this Section
      2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lender
      shall be entitled to recover from such Lender (acting through the
      Administrative Agent), on demand, such amount with interest thereon for
      the period from the date such payment is required to the date on which
      such payment is immediately available to the Swing Line Lender at a rate
      per annum equal to the applicable Overnight Rate from time to time in
      effect. A certificate of the Swing Line Lender submitted to any Lender
      (through the Administrative Agent) with respect to any amounts owing under
      this clause (iii) shall be conclusive absent manifest error.

            (iv) Each Lender's obligation to make Committed Loans or to purchase
      and fund risk participations in Swing Line Loans pursuant to this Section
      2.04(c) shall be absolute and unconditional and shall not be affected by
      any circumstance, including (A) any setoff, counterclaim, recoupment,
      defense or other right which such Lender may have against the Swing Line
      Lender, the Company or any other Person for any reason whatsoever, (B) the
      occurrence or continuance of a Default, or (C) any other occurrence, event
      or condition, whether or not similar to any of the foregoing; provided,
      however, that each Lender's obligation to make Committed Loans pursuant to
      this Section 2.04(c) is subject to the conditions set forth in Section
      4.02. No such funding of risk participations shall relieve or otherwise
      impair the obligation of the Company to repay Swing Line Loans, together
      with interest as provided herein.

      (d) Repayment of Participations.

            (i) At any time after any Lender has purchased and funded a risk
      participation in a Swing Line Loan, if the Swing Line Lender receives any
      payment on account of such Swing Line Loan, the Swing Line Lender will
      distribute to such Lender its Applicable Percentage of such payment
      (appropriately adjusted, in the case of interest payments, to reflect the
      period of time during which such Lender's risk participation was funded)
      in the same funds as those received by the Swing Line Lender.

                                       42
<PAGE>

            (ii) If any payment received by the Swing Line Lender in respect of
      principal or interest on any Swing Line Loan is required to be returned by
      the Swing Line Lender under any of the circumstances described in Section
      10.05 (including pursuant to any settlement entered into by the Swing Line
      Lender in its discretion), each Lender shall pay to the Swing Line Lender
      its Applicable Percentage thereof on demand of the Administrative Agent,
      plus interest thereon from the date of such demand to the date such amount
      is returned, at a rate per annum equal to the applicable Overnight Rate.
      The Administrative Agent will make such demand upon the request of the
      Swing Line Lender. The obligations of the Lenders under this clause shall
      survive the payment in full of the Obligations and the termination of this
      Agreement.

      (e) Interest for Account of Swing Line Lender. The Swing Line Lender shall
be responsible for invoicing the Company for interest on the Swing Line Loans.
Until each Lender funds its Base Rate Committed Loan or risk participation
pursuant to this Section 2.04 to refinance such Lender's Applicable Percentage
of any Swing Line Loan, interest in respect of such Applicable Percentage shall
be solely for the account of the Swing Line Lender.

      (f) Payments Directly to Swing Line Lender. The Company shall make all
payments of principal and interest in respect of the Swing Line Loans directly
to the Swing Line Lender.

            2.05 PREPAYMENTS. (a) Each Borrower may, upon notice from the
Company to the Administrative Agent, at any time or from time to time
voluntarily prepay Committed Loans in whole or in part without premium or
penalty; provided that (i) such notice must be received by the Administrative
Agent not later than 10:00 a.m. (A) three Business Days prior to any date of
prepayment of Eurocurrency Rate Loans denominated in Dollars, (B) four Business
Days (or five, in the case of prepayment of Loans denominated in Special Notice
Currencies) prior to any date of prepayment of Eurocurrency Rate Loans
denominated in Alternative Currencies, and (C) on the date of prepayment of Base
Rate Committed Loans; (ii) any prepayment of Eurocurrency Rate Loans denominated
in Dollars shall be in a principal amount of $1,000,000 or a whole multiple of
$1,000,000 in excess thereof; (iii) any prepayment of Eurocurrency Rate Loans
denominated in Alternative Currencies shall be in a minimum principal amount of
$1,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iv) any
prepayment of Base Rate Committed Loans shall be in a principal amount of
$500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if
less, the entire principal amount thereof then outstanding. Each such notice
shall specify the date and amount of such prepayment and the Type(s) of
Committed Loans to be prepaid and, if Eurocurrency Loans are to be prepaid, the
Interest Period(s) of such Loans. The Administrative Agent will promptly notify
each Lender of its receipt of each such notice, and of the amount of such
Lender's Applicable Percentage of such prepayment. If such notice is given by
the Company, the applicable Borrower shall make such prepayment and the payment
amount specified in such notice shall be due and payable on the date specified
therein. Any prepayment of a Eurocurrency Rate Loan shall be accompanied by all
accrued interest on the amount prepaid, together with any additional amounts
required pursuant to Section 3.05. Each such prepayment shall be applied to the
Committed Loans of the Lenders in accordance with their respective Applicable
Percentages.

      (b) The Company may, upon notice to the Swing Line Lender (with a copy to
the Administrative Agent), at any time or from time to time, voluntarily prepay
Swing Line Loans in

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<PAGE>

whole or in part without premium or penalty; provided that (i) such notice must
be received by the Swing Line Lender and the Administrative Agent not later than
12:00 noon on the date of the prepayment, and (ii) any such prepayment shall be
in a minimum principal amount of $100,000. Each such notice shall specify the
date and amount of such prepayment. If such notice is given by the Company, the
Company shall make such prepayment and the payment amount specified in such
notice shall be due and payable on the date specified therein.

      (c) If the Administrative Agent notifies the Company at any time that the
Total Outstandings at such time exceed an amount equal to 100% of the Aggregate
Commitments then in effect, then, within two Business Days after receipt of such
notice, the Borrowers shall prepay Loans and/or the Company shall Cash
Collateralize the L/C Obligations in an aggregate amount sufficient to reduce
such Outstanding Amount as of such date of payment to an amount not to exceed
100% of the Aggregate Commitments then in effect; provided, however, that,
subject to the provisions of Section 2.03(g)(ii), the Company shall not be
required to Cash Collateralize the L/C Obligations pursuant to this Section
2.05(c) unless after the prepayment in full of the Loans the Total Outstandings
exceed the Aggregate Commitments then in effect. The Administrative Agent may,
at any time and from time to time after the initial deposit of such Cash
Collateral, request that additional Cash Collateral be provided in order to
protect against the results of further exchange rate fluctuations.

      (d) If the Administrative Agent notifies the Company at any time that the
portion of the Total Outstandings denominated in Alternative Currencies at such
time exceeds an amount equal to 100% of the Alternative Currency Sublimit then
in effect, then, within two Business Days after receipt of such notice, the
Borrowers shall prepay Loans and/or the Company shall Cash Collateralize the L/C
Obligations in an aggregate amount sufficient to reduce such portion of the
Total Outstandings as of such date of payment to an amount not to exceed 100% of
the Alternative Currency Sublimit then in effect; provided, however, that,
subject to the provisions of Section 2.03(g)(ii), the Company shall not be
required to Cash Collateralize the L/C Obligations pursuant to this Section
2.05(d) unless after the prepayment in full of the Loans denominated in
Alternative Currencies the portion of the Total Outstandings denominated in
Alternative Currencies exceeds the Alternative Currency Sublimit then in effect.
The Administrative Agent may, at any time and from time to time after the
initial deposit of such Cash Collateral, request that additional Cash Collateral
be provided in order to protect against the results of further exchange rate
fluctuations.

            2.06 TERMINATION OR REDUCTION OF COMMITMENTS. The Company may, upon
notice to the Administrative Agent, terminate the Aggregate Commitments, or from
time to time permanently reduce the Aggregate Commitments; provided that (i) any
such notice shall be received by the Administrative Agent not later than 10:00
a.m. five Business Days prior to the date of termination or reduction, (ii) any
such partial reduction shall be in an aggregate amount of $10,000,000 or any
whole multiple of $1,000,000 in excess thereof, (iii) the Company shall not
terminate or reduce the Aggregate Commitments if, after giving effect thereto
and to any concurrent prepayments hereunder, the Total Outstandings would exceed
the Aggregate Commitments, and (iv) if, after giving effect to any reduction of
the Aggregate Commitments, the Alternative Currency Sublimit, the Letter of
Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate
Commitments, such Sublimit shall be automatically reduced by the amount of such
excess. The Administrative Agent will promptly notify the

                                       44
<PAGE>

Lenders of any such notice of termination or reduction of the Aggregate
Commitments. The amount of any such Aggregate Commitment reduction shall not be
applied to the Alternative Currency Sublimit or the Letter of Credit Sublimit
unless otherwise specified by the Company. Any reduction of the Aggregate
Commitments shall be applied to the Commitment of each Lender according to its
Applicable Percentage. All fees accrued until the effective date of any
termination of the Aggregate Commitments shall be paid on the effective date of
such termination.

            2.07 REPAYMENT OF LOANS. (a) Each Borrower shall repay to the
Lenders on the Maturity Date the aggregate principal amount of Committed Loans
made to such Borrower outstanding on such date.

      (b) The Company shall repay each Swing Line Loan on the earlier to occur
of (i) the date ten Business Days after such Loan is made and (ii) the Maturity
Date.

            2.08 INTEREST. (a) Subject to the provisions of subsection (b)
below, (i) each Eurocurrency Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to
the Eurocurrency Rate for such Interest Period plus the Applicable Rate plus in
the case of a Eurocurrency Rate Loan of any Lender which is lent from a Lending
Office in the United Kingdom or a Participating Member State, the Mandatory
Cost; (ii) each Base Rate Committed Loan shall bear interest on the outstanding
principal amount thereof from the applicable borrowing date at a rate per annum
equal to the Base Rate; and (iii) each Swing Line Loan shall bear interest on
the outstanding principal amount thereof from the applicable borrowing date at a
rate per annum equal to the Base Rate.

      (b) If any amount of principal of any Loan is not paid when due (without
regard to any applicable grace periods), whether at stated maturity, by
acceleration or otherwise, such amount shall thereafter bear interest at a
fluctuating interest rate per annum at all times equal to the Default Rate but
in no event greater than as may be permitted by applicable Laws.

      (c) If any amount (other than principal of any Loan) payable by any
Borrower under any Loan Document is not paid when due (without regard to any
applicable grace periods), whether at stated maturity, by acceleration or
otherwise, then upon the request of the Required Lenders, such amount shall
thereafter bear interest at a fluctuating interest rate per annum at all times
equal to the Default Rate to the fullest extent permitted by applicable Laws.

      (d) Upon the request of the Required Lenders, while any Event of Default
exists, the Borrowers shall pay interest on the principal amount of all
outstanding Obligations hereunder at a fluctuating interest rate per annum at
all times equal to the Default Rate to the fullest extent permitted by
applicable Laws.

      (e) Accrued and unpaid interest on past due amounts (including interest on
past due interest) shall be due and payable upon demand.

      (f) Interest on each Loan shall be due and payable in arrears on each
Interest Payment Date applicable thereto and at such other times as may be
specified herein. Interest hereunder shall be due and payable in accordance with
the terms hereof before and after

                                       45
<PAGE>

judgment, and before and after the commencement of any proceeding under any
Debtor Relief Law.

            2.09 FEES. In addition to certain fees described in subsections (i)
and (j) of Section 2.03:

      (a) Facility Fee. The Company shall pay to the Administrative Agent for
the account of each Lender in accordance with its Applicable Percentage, a
facility fee in Dollars equal to the Applicable Rate times the actual daily
amount of the Aggregate Commitments (or, if the Aggregate Commitments have
terminated, on the Outstanding Amount of all Committed Loans, Swing Line Loans
and L/C Obligations), regardless of usage. The facility fee shall accrue at all
times during the Availability Period (and thereafter so long as any Committed
Loans, Swing Line Loans or L/C Obligations remain outstanding), including at any
time during which one or more of the conditions in Article IV is not met, and
shall be due and payable quarterly in arrears on the last Business Day of each
March, June, September and December, commencing with the first such date to
occur after the Closing Date, and on the Maturity Date (and, if applicable,
thereafter on demand). The facility fee shall be calculated quarterly in
arrears, and if there is any change in the Applicable Rate during any quarter,
the actual daily amount shall be computed and multiplied by the Applicable Rate
separately for each period during such quarter that such Applicable Rate was in
effect.

      (b) Other Fees.

            (i) The Company shall pay to the Arranger and the Administrative
      Agent for their own respective accounts, in Dollars, fees in the amounts
      and at the times specified in the Fee Letter. Such fees shall be fully
      earned when paid and shall not be refundable for any reason whatsoever.

            (ii) The Company shall pay to the Lenders, in Dollars, such fees as
      shall have been separately agreed upon in writing in the amounts and at
      the times so specified. Such fees shall be fully earned when paid and
      shall not be refundable for any reason whatsoever.

            2.10 COMPUTATION OF INTEREST AND FEES. All computations of interest
for Base Rate Loans when the Base Rate is determined by Bank of America's "prime
rate" shall be made on the basis of a year of 365 or 366 days, as the case may
be, and actual days elapsed. All other computations of fees and interest shall
be made on the basis of a 360-day year and actual days elapsed (which results in
more fees or interest, as applicable, being paid than if computed on the basis
of a 365 or 366 day year), or, in the case of interest in respect of Committed
Loans denominated in Alternative Currencies as to which market practice differs
from the foregoing, in accordance with such market practice. Interest shall
accrue on each Loan for the day on which the Loan is made, and shall not accrue
on a Loan, or any portion thereof, for the day on which the Loan or such portion
is paid, provided, that any Loan that is repaid on the same day on which it is
made shall, subject to Section 2.12(a), bear interest for one day. Each
determination by the Administrative Agent of an interest rate or fee hereunder
shall be conclusive and binding for all purposes, absent manifest error.

                                       46
<PAGE>

            2.11 EVIDENCE OF DEBT. (a) The Credit Extensions made by each
Lender shall be evidenced by one or more accounts or records maintained by such
Lender and by the Administrative Agent in the ordinary course of business. The
accounts or records maintained by the Administrative Agent and each Lender shall
be conclusive absent manifest error of the amount of the Credit Extensions made
by the Lenders to the Borrowers and the interest and payments thereon. Any
failure to so record or any error in doing so shall not, however, limit or
otherwise affect the obligation of the Borrowers hereunder to pay any amount
owing with respect to the Obligations. In the event of any conflict between the
accounts and records maintained by any Lender and the accounts and records of
the Administrative Agent in respect of such matters, the accounts and records of
the Administrative Agent shall control in the absence of manifest error. Upon
the request of any Lender to a Borrower made through the Administrative Agent,
such Borrower shall execute and deliver to such Lender (through the
Administrative Agent) a Note, which shall evidence such Lender's Loans to such
Borrower in addition to such accounts or records. Each Lender may attach
schedules to a Note and endorse thereon the date, Type (if applicable), amount,
currency and maturity of its Loans and payments with respect thereto.

      (b) In addition to the accounts and records referred to in subsection (a),
each Lender and the Administrative Agent shall maintain in accordance with its
usual practice accounts or records evidencing the purchases and sales by such
Lender of participations in Letters of Credit and Swing Line Loans. In the event
of any conflict between the accounts and records maintained by the
Administrative Agent and the accounts and records of any Lender in respect of
such matters, the accounts and records of the Administrative Agent shall control
in the absence of manifest error.

            2.12 PAYMENTS GENERALLY; ADMINISTRATIVE AGENT'S CLAWBACK. (a)
General. All payments to be made by the Borrowers shall be made without
condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein and except with respect to
principal of and interest on Loans denominated in an Alternative Currency, all
payments by the Borrowers hereunder shall be made to the Administrative Agent,
for the account of the respective Lenders to which such payment is owed, at the
applicable Administrative Agent's Office in Dollars and in Same Day Funds not
later than 1:00 p.m. on the date specified herein. Except as otherwise expressly
provided herein, all payments by the Borrowers hereunder with respect to
principal and interest on Loans denominated in an Alternative Currency shall be
made to the Administrative Agent, for the account of the respective Lenders to
which such payment is owed, at the applicable Administrative Agent's Office in
such Alternative Currency and in Same Day Funds not later than the Applicable
Time specified by the Administrative Agent on the dates specified herein.
Without limiting the generality of the foregoing, the Administrative Agent may
require that any payments due under this Agreement be made in the United States.
If (but without limiting the Borrowers' obligations under Section 3.05), for any
reason, any Borrower is prohibited by any Law from making any required payment
hereunder in an Alternative Currency, such Borrower shall make such payment in
Dollars in the Dollar Equivalent of the Alternative Currency payment amount. The
Administrative Agent will promptly distribute to each Lender its Applicable
Percentage (or other applicable share as provided herein) of such payment in
like funds as received by wire transfer to such Lender's Lending Office. All
payments received by the Administrative Agent (i) after 1:00 p.m., in the case
of payments in Dollars, or (ii) after the Applicable Time specified by the
Administrative Agent in the case of payments in an Alternative Currency, shall
in each case be

                                       47
<PAGE>

deemed received on the next succeeding Business Day and any applicable interest
or fee shall continue to accrue. If any payment to be made by any Borrower shall
come due on a day other than a Business Day, payment shall be made on the next
following Business Day, and such extension of time shall be reflected in
computing interest or fees, as the case may be.

      (b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless
the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Committed Borrowing of Eurocurrency Rate Loans (or, in the
case of any Committed Borrowing of Base Rate Loans, prior to 11:00 a.m. on the
date of such Committed Borrowing) that such Lender will not make available to
the Administrative Agent such Lender's share of such Committed Borrowing, the
Administrative Agent may assume that such Lender has made such share available
on such date in accordance with Section 2.02 (or, in the case of a Committed
Borrowing of Base Rate Loans, that such Lender has made such share available in
accordance with and at the time required by Section 2.02) and may, in reliance
upon such assumption, make available to the applicable Borrower a corresponding
amount. In such event, if a Lender has not in fact made its share of the
applicable Committed Borrowing available to the Administrative Agent, then the
applicable Lender and the applicable Borrower severally agree to pay to the
Administrative Agent forthwith on demand such corresponding amount in Same Day
Funds with interest thereon, for each day from and including the date such
amount is made available to such Borrower to but excluding the date of payment
to the Administrative Agent, at (A) in the case of a payment to be made by such
Lender, the Overnight Rate and (B) in the case of a payment to be made by such
Borrower, the interest rate applicable to Base Rate Loans. If such Borrower and
such Lender shall pay such interest to the Administrative Agent for the same or
an overlapping period, the Administrative Agent shall promptly remit to such
Borrower the amount of such interest paid by such Borrower for such period. If
such Lender pays its share of the applicable Committed Borrowing to the
Administrative Agent, then the amount so paid shall constitute such Lender's
Committed Loan included in such Committed Borrowing. Any payment by such
Borrower shall be without prejudice to any claim such Borrower may have against
a Lender that shall have failed to make such payment to the Administrative
Agent.

            (ii) Payments by Borrowers; Presumptions by Administrative Agent.
      Unless the Administrative Agent shall have received notice from a Borrower
      prior to the date on which any payment is due to the Administrative Agent
      for the account of the Lenders or the L/C Issuers hereunder that such
      Borrower will not make such payment, the Administrative Agent may assume
      that such Borrower has made such payment on such date in accordance
      herewith and may, in reliance upon such assumption, distribute to the
      Lenders or the L/C Issuers, as the case may be, the amount due. In such
      event, if such Borrower has not in fact made such payment, then each of
      the Lenders or the L/C Issuers, as the case may be, severally agrees to
      repay to the Administrative Agent forthwith on demand the amount so
      distributed to such Lender or such L/C Issuer, in Same Day Funds with
      interest thereon, for each day from and including the date such amount is
      distributed to it to but excluding the date of payment to the
      Administrative Agent, at the Overnight Rate.

      A notice of the Administrative Agent to any Lender or Borrower with
respect to any amount owing under this subsection (b) shall be conclusive,
absent manifest error.

                                       48
<PAGE>

      (c) Failure to Satisfy Conditions Precedent. If any Lender makes available
to the Administrative Agent funds for any Loan to be made by such Lender to any
Borrower as provided in the foregoing provisions of this Article II, and such
funds are not made available to such Borrower by the Administrative Agent
because the conditions to the applicable Credit Extension set forth in Article
IV are not satisfied or waived in accordance with the terms hereof, the
Administrative Agent shall return such funds (in like funds as received from
such Lender) to such Lender, without interest.

      (d) Obligations of Lenders Several. The obligations of the Lenders
hereunder to make Committed Loans, to fund participations in Letters of Credit
and Swing Line Loans and to make payments pursuant to Section 10.04(c) are
several and not joint. The failure of any Lender to make any Committed Loan, to
fund any such participation or to make any payment under Section 10.04(c) on any
date required hereunder shall not relieve any other Lender of its corresponding
obligation to do so on such date, and no Lender shall be responsible for the
failure of any other Lender to so make its Committed Loan, to purchase its
participation or to make its payment under Section 10.04(c).

      (e) Funding Source. Nothing herein shall be deemed to obligate any Lender
to obtain the funds for any Loan in any particular place or manner or to
constitute a representation by any Lender that it has obtained or will obtain
the funds for any Loan in any particular place or manner.

            2.13 SHARING OF PAYMENTS BY LENDERS. If any Lender shall, by
exercising any right of setoff or counterclaim or otherwise, obtain payment in
respect of any principal of or interest on any of the Committed Loans made by
it, or the participations in L/C Obligations or in Swing Line Loans held by it
resulting in such Lender's receiving payment of a proportion of the aggregate
amount of such Committed Loans or participations and accrued interest thereon
greater than its pro rata share thereof as provided herein, then the Lender
receiving such greater proportion shall (a) notify the Administrative Agent of
such fact, and (b) purchase (for cash at face value) participations in the
Committed Loans and subparticipations in L/C Obligations and Swing Line Loans of
the other Lenders, or make such other adjustments as shall be equitable, so that
the benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on
their respective Committed Loans and other amounts owing them, provided that:

            (i) if any such participations or subparticipations are purchased
      and all or any portion of the payment giving rise thereto is recovered,
      such participations or subparticipations shall be rescinded and the
      purchase price restored to the extent of such recovery, without interest;
      and

            (ii) the provisions of this Section shall not be construed to apply
      to (x) any payment made by a Borrower pursuant to and in accordance with
      the express terms of this Agreement or (y) any payment obtained by a
      Lender as consideration for the assignment of or sale of a participation
      in any of its Committed Loans or or participations or subparticipations in
      L/C Obligations or Swing Line Loans to any assignee or participant, other
      than to the Company or any Subsidiary thereof (as to which the provisions
      of this Section shall apply).

                                       49
<PAGE>

      Each Borrower consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against such
Borrower rights of setoff and counterclaim with respect to such participation as
fully as if such Lender were a direct creditor of such Borrower in the amount of
such participation.

            2.14 DESIGNATED BORROWERS. (a) Effective as of the date hereof, the
Initial Designated Borrower shall be a "Designated Borrower" hereunder and may
receive Loans for its account on the terms and conditions set forth in this
Agreement.

      (b) The Company may at any time, upon not less than 15 Business Days'
notice from the Company to the Administrative Agent (or such shorter period as
may be agreed by the Administrative Agent in its sole discretion), seek to
designate any additional Material Subsidiary of the Company (an "Applicant
Borrower") as a Designated Borrower to receive Loans hereunder by delivering to
the Administrative Agent (which shall promptly deliver counterparts thereof to
each Lender) a duly executed notice and agreement in substantially the form of
Exhibit H (a "Designated Borrower Request and Assumption Agreement"). The
parties hereto acknowledge and agree that prior to any Applicant Borrower
becoming entitled to utilize the credit facilities provided for herein the
Administrative Agent and the Lenders shall have received such supporting
resolutions, incumbency certificates, opinions of counsel and other documents or
information, in form, content and scope satisfactory to the Administrative
Agent, as may be required by the Administrative Agent or the Required Lenders in
their sole discretion, and Notes signed by such new Borrowers to the extent any
Lenders so require. No Applicant Borrower shall become a Designated Borrower
unless such Applicant Borrower shall have been approved in writing by the
Administrative Agent and the Required Lenders in their sole discretion. If the
Administrative Agent and the Required Lenders agree that an Applicant Borrower
shall be entitled to receive Loans hereunder, then promptly following receipt of
all such requested resolutions, incumbency certificates, opinions of counsel and
other documents or information, the Administrative Agent shall send a notice in
substantially the form of Exhibit I (a "Designated Borrower Notice") to the
Company and the Lenders specifying the effective date upon which the Applicant
Borrower shall constitute a Designated Borrower for purposes hereof, whereupon
each of the Lenders agrees to permit such Designated Borrower to receive Loans
hereunder, on the terms and conditions set forth herein, and each of the parties
agrees that such Designated Borrower otherwise shall be a Borrower for all
purposes of this Agreement; provided that no Committed Loan Notice or Letter of
Credit Application may be submitted by or on behalf of such Designated Borrower
until the date five Business Days after such effective date.

      (c) The Obligations of the Company and each Designated Borrower that is a
Domestic Subsidiary shall be joint and several in nature. The Obligations of all
Designated Borrowers that are Foreign Subsidiaries shall be several in nature.

      (d) Each Subsidiary of the Company that is or becomes a "Designated
Borrower" pursuant to this Section 2.14 hereby irrevocably appoints the Company
as its agent for all purposes relevant to this Agreement and each of the other
Loan Documents, including (i) the giving and receipt of notices, (ii) the
execution and delivery of all documents, instruments and certificates
contemplated herein and all modifications hereto and (iii) the receipt of the
proceeds of any Loans made by the Lenders, to any such Designated Borrower
hereunder. Any

                                       50
<PAGE>

acknowledgment, consent, direction, certification or other action which might
otherwise be valid or effective only if given or taken by all Borrowers, or by
each Borrower acting singly, shall be valid and effective if given or taken only
by the Company, whether or not any such other Borrower joins therein. Any
notice, demand, consent, acknowledgement, direction, certification or other
communication delivered to the Company in accordance with the terms of this
Agreement shall be deemed to have been delivered to each Designated Borrower.

      (e) The Company may from time to time, upon not less than 15 Business
Days' notice from the Company to the Administrative Agent (or such shorter
period as may be agreed by the Administrative Agent in its sole discretion),
terminate a Designated Borrower's status as such, provided that there are no
outstanding Loans payable by such Designated Borrower, or other amounts payable
by such Designated Borrower on account of any Loans made to it, as of the
effective date of such termination. The Administrative Agent will promptly
notify the Lenders of any such termination of a Designated Borrower's status.

            2.15 INCREASE IN COMMITMENTS.

      (a) Request for Increase. Provided there exists no Default, upon notice to
the Administrative Agent (which shall promptly notify the Lenders), the Company
may from time to time, request an increase in the Aggregate Commitments by an
amount (for all such requests) not exceeding $50,000,000; provided that (i) any
such request for an increase shall be in a minimum amount of $25,000,000, and
(ii) the Company may make a maximum of two such requests. At the time of sending
such notice, the Company (in consultation with the Administrative Agent) shall
specify the time period within which each Lender is requested to respond (which
shall in no event be less than ten Business Days from the date of delivery of
such notice to the Lenders).

      (b) Lender Elections to Increase. Each Lender shall notify the
Administrative Agent within such time period whether or not it agrees to
increase its Commitment and, if so, whether by an amount equal to, greater than,
or less than its Applicable Percentage of such requested increase. Any Lender
not responding within such time period shall be deemed to have declined to
increase its Commitment.

      (c) Notification by Administrative Agent; Additional Lenders. The
Administrative Agent shall notify the Company and each Lender of the Lenders'
responses to each request made hereunder. To achieve the full amount of a
requested increase and subject to the approval of the Administrative Agent and
the L/C Issuers (which approvals shall not be unreasonably withheld), the
Company may also invite additional Eligible Assignees to become Lenders pursuant
to a joinder agreement in form and substance satisfactory to the Administrative
Agent and its counsel.

      (d) Effective Date and Allocations. If the Aggregate Commitments are
increased in accordance with this Section, the Administrative Agent and the
Company shall determine the effective date (the "Increase Effective Date") and
the final allocation of such increase. The Administrative Agent shall promptly
notify the Company and the Lenders of the final allocation of such increase and
the Increase Effective Date.

                                       51
<PAGE>

      (e) Conditions to Effectiveness of Increase. As a condition precedent to
such increase, the Company shall deliver to the Administrative Agent a
certificate of each Loan Party dated as of the Increase Effective Date (in
sufficient copies for each Lender) signed by a Responsible Officer of such Loan
Party (i) certifying and attaching the resolutions adopted by such Loan Party
approving or consenting to such increase, and (ii) in the case of the Company,
certifying that, before and after giving effect to such increase, (A) the
representations and warranties contained in Article V and the other Loan
Documents are true and correct on and as of the Increase Effective Date, except
to the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct as of such earlier date,
and except that for purposes of this Section 2.15, the representations and
warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed
to refer to the most recent statements furnished pursuant to clauses (a) and
(b), respectively, of Section 6.01, and (B) no Default exists. The Borrowers
shall prepay any Committed Loans outstanding on the Increase Effective Date (and
pay any additional amounts required pursuant to Section 3.05) to the extent
necessary to keep the outstanding Committed Loans ratable with any revised
Applicable Percentages arising from any nonratable increase in the Commitments
under this Section.

      (f) Conflicting Provisions. This Section shall supersede any provisions in
Sections 2.13 or 10.01 to the contrary.

                                  ARTICLE III.
                     TAXES, YIELD PROTECTION AND ILLEGALITY

            3.01 TAXES.

      (a) Payments Free of Taxes. Any and all payments by or on account of any
obligation of the respective Borrowers hereunder or under any other Loan
Document shall be made free and clear of and without reduction or withholding
for any Indemnified Taxes or Other Taxes, provided that if the applicable
Borrower shall be required by applicable law to deduct any Indemnified Taxes
(including any Other Taxes) from such payments, then (i) the sum payable shall
be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section)
the Administrative Agent, Lender or L/C Issuer, as the case may be, receives an
amount equal to the sum it would have received had no such deductions been made,
(ii) such Borrower shall make such deductions and (iii) such Borrower shall
timely pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law.

      (b) Payment of Other Taxes by the Borrowers. Without limiting the
provisions of subsection (a) above, each Borrower shall timely pay any Other
Taxes to the relevant Governmental Authority in accordance with applicable law.

      (c) Indemnification by the Borrowers. Each Borrower shall indemnify the
Administrative Agent, each Lender and each L/C Issuer, within 10 days after
demand therefor, for the full amount of any Indemnified Taxes or Other Taxes
(including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section) paid by the Administrative
Agent, such Lender or such L/C Issuer, as the case may be, and any penalties,
interest and reasonable expenses arising therefrom or with respect thereto,
whether or

                                       52
<PAGE>

not such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to a Borrower by a Lender or an L/C
Issuer (with a copy to the Administrative Agent), or by the Administrative Agent
on its own behalf or on behalf of a Lender or an L/C Issuer, shall be conclusive
absent manifest error.

      (d) Evidence of Payments. As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by any Borrower to a Governmental Authority,
such Borrower shall deliver to the Administrative Agent the original or a
certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

      (e) Status of Lenders. Any Foreign Lender that is entitled to an exemption
from or reduction of withholding tax under the law of the jurisdiction in which
a Borrower is resident for tax purposes, or any treaty to which such
jurisdiction is a party, with respect to payments hereunder or under any other
Loan Document shall deliver to the Company (with a copy to the Administrative
Agent), at the time or times prescribed by applicable law or reasonably
requested by the Company or the Administrative Agent, such properly completed
and executed documentation prescribed by applicable law as will permit such
payments to be made without withholding or at a reduced rate of withholding. In
addition, any Lender, if requested by the Company or the Administrative Agent,
shall deliver such other documentation prescribed by applicable law or
reasonably requested by the Company or the Administrative Agent as will enable
the Company or the Administrative Agent to determine whether or not such Lender
is subject to backup withholding or information reporting requirements.

      Without limiting the generality of the foregoing, in the event that a
Borrower is resident for tax purposes in the United States, any Foreign Lender
with respect to that Borrower shall deliver to Company and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or
prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the request of the Company or
the Administrative Agent, but only if such Foreign Lender is legally entitled to
do so), whichever of the following is applicable:

            (i) duly completed copies of Internal Revenue Service Form W-8BEN
      claiming eligibility for benefits of an income tax treaty to which the
      United States is a party,

            (ii) duly completed copies of Internal Revenue Service Form W-8ECI,

            (iii) in the case of a Foreign Lender claiming the benefits of the
      exemption for portfolio interest under section 881(c) of the Code, (x) a
      certificate to the effect that such Foreign Lender is not (A) a "bank"
      within the meaning of section 881(c)(3)(A) of the Code, (B) a "10 percent
      shareholder" of the applicable Borrower within the meaning of section
      881(c)(3)(B) of the Code, or (C) a "controlled foreign corporation"
      described in section 881(c)(3)(C) of the Code and (y) duly completed
      copies of Internal Revenue Service Form W-8BEN, or

                                       53
<PAGE>

            (iv) any other form prescribed by applicable law as a basis for
      claiming exemption from or a reduction in United States Federal
      withholding tax duly completed together with such supplementary
      documentation as may be prescribed by applicable law to permit the Company
      to determine the withholding or deduction required to be made.

      Without limiting the obligations of the Lenders set forth above regarding
delivery of certain forms and documents to establish each Lender's status for
U.S. withholding tax purposes, each Lender agrees promptly to deliver to the
Administrative Agent or the Company, as the Administrative Agent or the Company
shall reasonably request, on or prior to the Closing Date, and in a timely
fashion thereafter, such other documents and forms required by any relevant
taxing authorities under the Laws of any other jurisdiction, duly executed and
completed by such Lender, as are required under such Laws to confirm such
Lender's entitlement to any available exemption from, or reduction of,
applicable withholding taxes in respect of all payments to be made to such
Lender outside of the U.S. by the Borrowers pursuant to this Agreement or
otherwise to establish such Lender's status for withholding tax purposes in such
other jurisdiction. Each Lender shall promptly (i) notify the Administrative
Agent of any change in circumstances which would modify or render invalid any
such claimed exemption or reduction, and (ii) take such steps as shall not be
materially disadvantageous to it, in the reasonable judgment of such Lender, and
as may be reasonably necessary (including the re-designation of its Lending
Office) to avoid any requirement of applicable Laws of any such jurisdiction
that any Borrower make any deduction or withholding for taxes from amounts
payable to such Lender. Additionally, each of the Borrowers shall promptly
deliver to the Administrative Agent or any Lender, as the Administrative Agent
or such Lender shall reasonably request, on or prior to the Closing Date, and in
a timely fashion thereafter, such documents and forms required by any relevant
taxing authorities under the Laws of any jurisdiction, duly executed and
completed by such Borrower, as are required to be furnished by such Lender or
the Administrative Agent under such Laws in connection with any payment by the
Administrative Agent or any Lender of Taxes or Other Taxes, or otherwise in
connection with the Loan Documents, with respect to such jurisdiction.

      (f) Treatment of Certain Refunds. If the Administrative Agent, any Lender
or any L/C Issuer determines, in its sole discretion, that it has received a
refund of any Taxes or Other Taxes as to which it has been indemnified by any
Borrower or with respect to which any Borrower has paid additional amounts
pursuant to this Section, it shall pay to such Borrower an amount equal to such
refund (but only to the extent of indemnity payments made, or additional amounts
paid, by such Borrower under this Section with respect to the Taxes or Other
Taxes giving rise to such refund), net of all out-of-pocket expenses of the
Administrative Agent, such Lender or such L/C Issuer, as the case may be, and
without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund), provided that each Borrower, upon the
request of the Administrative Agent, such Lender or such L/C Issuer, agrees to
repay the amount paid over to such Borrower (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) to the
Administrative Agent, such Lender or such L/C Issuer in the event the
Administrative Agent, such Lender or such L/C Issuer is required to repay such
refund to such Governmental Authority. This subsection shall not be construed to
require the Administrative Agent, any Lender or any L/C Issuer to make available
its tax returns (or any other information relating to its taxes that it deems
confidential) to any Borrower or any other Person.

                                       54
<PAGE>

      (g) Provisional Treaty Relief.

            (i) Without limiting the generality of Section 3.01(e), in the event
      that a Borrower is resident for tax purposes in the United Kingdom (a "UK
      Borrower") each Foreign Lender: (a) irrevocably appoints the
      Administrative Agent to act as syndicate manager under, and authorizes the
      Administrative Agent to operate, and take any action necessary or
      desirable under, the PTR Scheme in connection with this Agreement; (b)
      shall co-operate with the Administrative Agent in completing any
      procedural formalities necessary under the PTR Scheme, and shall promptly
      supply to the Administrative Agent such information as the Administrative
      Agent may reasonably request in connection with the operation of the PTR
      Scheme; (c) without limiting the liability of any Borrower under this
      Agreement, shall, within 5 Business Days of demand, indemnify the
      Administrative Agent for any liability or loss incurred by the
      Administrative Agent as a result of the Administrative Agent acting as
      syndicate manager under the PTR Scheme in connection with the Foreign
      Lender's participation in any Loan (except to the extent that the
      liability or loss arises directly from the Administrative Agent's gross
      negligence or willful misconduct); and (d) shall, within 5 Business Days
      of demand, indemnify each Borrower for any Taxes imposed by the government
      of the United Kingdom or any political subdivision thereof which such
      Borrower becomes liable to pay in respect of any payments made to such
      Foreign Lender arising as a result of any incorrect information supplied
      by such Foreign Lender under subsection (b) above which results in a
      provisional authority issued by H.M. Revenue & Customs under the PTR
      Scheme being withdrawn.

            (ii) Each Borrower acknowledges that it is fully aware of its
      contingent obligations under the PTR Scheme and shall: (a) promptly supply
      to the Administrative Agent such information as the Administrative Agent
      may request in connection with the operation of the PTR Scheme; and (b)
      act in accordance with any provisional notice issued by H.M. Revenue &
      Customs under the PTR Scheme.

            (iii) The Administrative Agent agrees to provide, as soon as
      reasonably practicable, a copy of any provisional authority issued to it
      under the PTR Scheme in connection with any Loan to those Borrowers
      specified in such provisional authority.

            (iv) All Parties acknowledge that the Administrative Agent: (a) is
      entitled to rely completely upon information provided to it in connection
      with Section 3.01(g)(i) or Section 3.01(g)(ii) above; (b) is not obliged
      to undertake any enquiry into the accuracy of such information, nor into
      the status of the Foreign Lender or, as the case may be, the Borrower
      providing such information; and (c) shall have no liability to any person
      for the accuracy of any information it submits in connection with Section
      3.01(g)(i)(a) above.

            3.02 ILLEGALITY. If any Lender determines that any Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful,
for any Lender or its applicable Lending Office to make, maintain or fund
Eurocurrency Rate Loans (whether denominated in Dollars or an Alternative
Currency), or to determine or charge interest rates based upon the Eurocurrency
Rate, or any Governmental Authority has imposed material restrictions on the
authority of such Lender to purchase or sell, or to take deposits of, Dollars or

                                       55
<PAGE>

any Alternative Currency in the applicable interbank market, then, on notice
thereof by such Lender to the Company through the Administrative Agent, any
obligation of such Lender to make or continue Eurocurrency Rate Loans in the
affected currency or currencies or, in the case of Eurocurrency Rate Loans in
Dollars, to convert Base Rate Committed Loans to Eurocurrency Rate Loans, shall
be suspended until such Lender notifies the Administrative Agent and the Company
that the circumstances giving rise to such determination no longer exist. Upon
receipt of such notice, the Borrowers shall, upon demand from such Lender (with
a copy to the Administrative Agent), prepay or, if applicable and such Loans are
denominated in Dollars, convert all such Eurocurrency Rate Loans of such Lender
to Base Rate Loans, either on the last day of the Interest Period therefor, if
such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to
such day, or immediately, if such Lender may not lawfully continue to maintain
such Eurocurrency Rate Loans. Upon any such prepayment or conversion, the
Borrowers shall also pay accrued interest on the amount so prepaid or converted.

            3.03 INABILITY TO DETERMINE RATES. If the Required Lenders
determine that for any reason in connection with any request for a Eurocurrency
Rate Loan or a conversion to or continuation thereof that (a) deposits (whether
in Dollars or an Alternative Currency) are not being offered to banks in the
applicable offshore interbank market for such currency for the applicable amount
and Interest Period of such Eurocurrency Rate Loan, (b) adequate and reasonable
means do not exist for determining the Eurocurrency Rate for any requested
Interest Period with respect to a proposed Eurocurrency Rate Loan (whether
denominated in Dollars or an Alternative Currency), or (c) the Eurocurrency Rate
for any requested Interest Period with respect to a proposed Eurocurrency Rate
Loan does not adequately and fairly reflect the cost to such Lenders of funding
such Eurocurrency Rate Loan, the Administrative Agent will promptly so notify
the Company and each Lender. Thereafter, the obligation of the Lenders to make
or maintain Eurocurrency Rate Loans in the affected currency or currencies shall
be suspended until the Administrative Agent (upon the instruction of the
Required Lenders) revokes such notice. Upon receipt of such notice, the Company
may revoke any pending request for a Borrowing of, conversion to or continuation
of Eurocurrency Rate Loans in the affected currency or currencies or, failing
that, will be deemed to have converted such request into a request for a
Committed Borrowing of Base Rate Loans in the amount specified therein.

            3.04 INCREASED COSTS; RESERVES ON EUROCURRENCY RATE LOANS.

      (a) Increased Costs Generally. If any Change in Law shall:

            (i) impose, modify or deem applicable any reserve, special deposit,
      compulsory loan, insurance charge or similar requirement against assets
      of, deposits with or for the account of, or credit extended or
      participated in by, any Lender (except (A) any reserve requirement
      contemplated by Section 3.04(e) and (B) the requirements of the Bank of
      England and the Financial Services Authority or the European Central Bank
      reflected in the Mandatory Cost, other than as set forth below) or any L/C
      Issuer;

            (ii) subject any Lender or any L/C Issuer to any tax of any kind
      whatsoever with respect to this Agreement, any Letter of Credit, any
      participation in a Letter of Credit or any Eurocurrency Rate Loan made by
      it, or change the basis of taxation of payments to such Lender or the L/C
      Issuer in respect thereof (except for Indemnified

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      Taxes or Other Taxes covered by Section 3.01 and the imposition of, or any
      change in the rate of, any Excluded Tax payable by such Lender or such L/C
      Issuer);

            (iii) the Mandatory Cost, as calculated hereunder, does not
      represent the cost to any Lender of complying with the requirements of the
      Bank of England and/or the Financial Services Authority or the European
      Central Bank in relation to its making, funding or maintaining
      Eurocurrency Rate Loans; or

            (iv) impose on any Lender or any L/C Issuer or the London interbank
      market any other condition, cost or expense affecting this Agreement or
      Eurocurrency Rate Loans made by such Lender or any Letter of Credit or
      participation therein;

and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any Eurocurrency Rate Loan (or of maintaining
its obligation to make any such Loan), or to increase the cost to such Lender or
such L/C Issuer of participating in, issuing or maintaining any Letter of Credit
(or of maintaining its obligation to participate in or to issue any Letter of
Credit), or to reduce the amount of any sum received or receivable by such
Lender or such L/C Issuer hereunder (whether of principal, interest or any other
amount) then, upon request of such Lender or such L/C Issuer, the Company will
pay (or cause the applicable Designated Borrower to pay) to such Lender or such
L/C Issuer, as the case may be, such additional amount or amounts as will
compensate such Lender or such L/C Issuer, as the case may be, for such
additional costs incurred or reduction suffered.

      (b) Capital Requirements. If any Lender or any L/C Issuer determines that
any Change in Law affecting such Lender or such L/C Issuer or any Lending Office
of such Lender or such Lender's or such L/C Issuer's holding company, if any,
regarding capital requirements has or would have the effect of reducing the rate
of return on such Lender's or such L/C Issuer's capital or on the capital of
such Lender's or such L/C Issuer's holding company, if any, as a consequence of
this Agreement, the Commitments of such Lender or the Loans made by, or
participations in Letters of Credit held by, such Lender, or the Letters of
Credit issued by such L/C Issuer, to a level below that which such Lender or the
L/C Issuer or such Lender's or such L/C Issuer's holding company could have
achieved but for such Change in Law (taking into consideration such Lender's or
such L/C Issuer's policies and the policies of such Lender's or such L/C
Issuer's holding company with respect to capital adequacy), then from time to
time the Company will pay (or cause the applicable Designated Borrower to pay)
to such Lender or such L/C Issuer, as the case may be, such additional amount or
amounts as will compensate such Lender or such L/C Issuer or such Lender's or
such L/C Issuer's holding company for any such reduction suffered.

      (c) Certificates for Reimbursement. A certificate of a Lender or an L/C
Issuer setting forth the amount or amounts necessary to compensate such Lender
or the L/C Issuer or its holding company, as the case may be, as specified in
subsection (a) or (b) of this Section and delivered to the Company shall be
conclusive absent manifest error. The Company shall pay (or cause the applicable
Designated Borrower to pay) such Lender or such L/C Issuer, as the case may be,
the amount shown as due on any such certificate within 10 days after receipt
thereof.

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<PAGE>

      (d) Delay in Requests. Failure or delay on the part of any Lender or any
L/C Issuer to demand compensation pursuant to the foregoing provisions of this
Section shall not constitute a waiver of such Lender's or such L/C Issuer's
right to demand such compensation, provided that no Borrower shall be required
to compensate a Lender or an L/C Issuer pursuant to the foregoing provisions of
this Section for any increased costs incurred or reductions suffered more than
nine months prior to the date that such Lender or such L/C Issuer, as the case
may be, notifies the Company of the Change in Law giving rise to such increased
costs or reductions and of such Lender's or such L/C Issuer's intention to claim
compensation therefor (except that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the nine-month period
referred to above shall be extended to include the period of retroactive effect
thereof).

      (e) Additional Reserve Requirements. The Company shall pay (or cause the
applicable Designated Borrower to pay) to each Lender, (i) as long as such
Lender shall be required to maintain reserves with respect to liabilities or
assets consisting of or including Eurocurrency funds or deposits (currently
known as "Eurocurrency liabilities"), additional interest on the unpaid
principal amount of each Eurocurrency Rate Loan equal to the actual costs of
such reserves allocated to such Loan by such Lender (as determined by such
Lender in good faith, which determination shall be conclusive), and (ii) as long
as such Lender shall be required to comply with any reserve ratio requirement or
analogous requirement of any other central banking or financial regulatory
authority imposed in respect of the maintenance of the Commitments or the
funding of the Eurocurrency Rate Loans, such additional costs (expressed as a
percentage per annum and rounded upwards, if necessary, to the nearest five
decimal places) equal to the actual costs allocated to such Commitment or Loan
by such Lender (as determined by such Lender in good faith, which determination
shall be conclusive), which in each case shall be due and payable on each date
on which interest is payable on such Loan, provided the Company shall have
received at least 10 days' prior notice (with a copy to the Administrative
Agent) of such additional interest or costs from such Lender. If a Lender fails
to give notice 10 days prior to the relevant Interest Payment Date, such
additional interest or costs shall be due and payable 10 days from receipt of
such notice.

            3.05 COMPENSATION FOR LOSSES. Upon demand of any Lender (with a
copy to the Administrative Agent) from time to time, the Company shall promptly
compensate (or cause the applicable Designated Borrower to compensate) such
Lender for and hold such Lender harmless from any loss, cost or expense incurred
by it as a result of:

      (a) any continuation, conversion, payment or prepayment of any Loan other
than a Base Rate Loan on a day other than the last day of the Interest Period
for such Loan (whether voluntary, mandatory, automatic, by reason of
acceleration, or otherwise);

      (b) any failure by any Borrower (for a reason other than the failure of
such Lender to make a Loan) to prepay, borrow, continue or convert any Loan
other than a Base Rate Loan on the date or in the amount notified by the Company
or the applicable Designated Borrower;

      (c) any failure by any Borrower to make payment of any Loan in any
currency or drawing under any Letter of Credit (or interest due thereon)
denominated in an Alternative Currency on its scheduled due date or any payment
thereof in a different currency; or

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<PAGE>

      (d) any assignment of a Eurocurrency Rate Loan on a day other than the
last day of the Interest Period therefor as a result of a request by the Company
pursuant to Section 10.13; or

      (e) any assignment of any Eurocurrency Loans during the 180 day period
following the Closing Date in connection with the syndication of the Loans and
Commitments made pursuant to this Agreement,

including any loss of anticipated profits, any foreign exchange losses and any
loss or expense arising from the liquidation or reemployment of funds obtained
by it to maintain such Loan, from fees payable to terminate the deposits from
which such funds were obtained or from the performance of any foreign exchange
contract. The Company shall also pay (or cause the applicable Designated
Borrower to pay) any customary administrative fees charged by such Lender in
connection with the foregoing.

For purposes of calculating amounts payable by the Company (or the applicable
Designated Borrower) to the Lenders under this Section 3.05, each Lender shall
be deemed to have funded each Eurocurrency Rate Loan made by it at the
Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the
offshore interbank market for such currency for a comparable amount and for a
comparable period, whether or not such Eurocurrency Rate Loan was in fact so
funded.

            3.06 MITIGATION OBLIGATIONS; REPLACEMENT OF LENDERS.

      (a) Designation of a Different Lending Office. If any Lender requests
compensation under Section 3.04, or any Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for the account of
any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to
Section 3.02, then such Lender shall use reasonable efforts to designate a
different Lending Office for funding or booking its Loans hereunder or to assign
its rights and obligations hereunder to another of its offices, branches or
affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04,
as the case may be, in the future, or eliminate the need for the notice pursuant
to Section 3.02, as applicable, and (ii) in each case, would not subject such
Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Company hereby agrees to pay (or to cause
the applicable Designated Borrower to pay) all reasonable costs and expenses
incurred by any Lender in connection with any such designation or assignment.

      (b) Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if any Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to
Section 3.01, the Company may replace such Lender in accordance with Section
10.13.

            3.07 SURVIVAL. All of the Borrowers' obligations under this Article
III shall survive termination of the Aggregate Commitments and repayment of all
other Obligations hereunder.

                                   ARTICLE IV.
                    CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

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<PAGE>

            4.01 CONDITIONS OF INITIAL CREDIT EXTENSION. The obligation of each
L/C Issuer and each Lender to make its initial Credit Extension hereunder is
subject to satisfaction of the following conditions precedent:

      (a) The Administrative Agent's receipt of the following, each of which
shall be originals or telecopies (followed promptly by originals) unless
otherwise specified, each properly executed by a Responsible Officer of the
signing Loan Party, each dated the Closing Date (or, in the case of certificates
of governmental officials, a recent date before the Closing Date) and each in
form and substance satisfactory to the Administrative Agent and each of the
Lenders:

            (i) executed counterparts of this Agreement and the Guaranties,
      sufficient in number for distribution to the Administrative Agent, each
      Lender and the Company;

            (ii) Notes executed by the Borrowers in favor of each Lender
      requesting Notes;

            (iii) such certificates of resolutions or other action, incumbency
      certificates and/or other certificates of Responsible Officers of each
      Loan Party as the Administrative Agent may require evidencing the
      identity, authority and capacity of each Responsible Officer thereof
      authorized to act as a Responsible Officer in connection with this
      Agreement and the other Loan Documents to which such Loan Party is a
      party;

            (iv) such documents and certifications as the Administrative Agent
      may reasonably require to evidence that each Loan Party is duly organized
      or formed, and that each of the Borrowers and the Subsidiary Guarantors is
      validly existing, in good standing and qualified to engage in business in
      each jurisdiction where its ownership, lease or operation of properties or
      the conduct of its business requires such qualifications, except to the
      extent that failure to do so could not reasonably be expected to have a
      Material Adverse Effect;

            (v) favorable opinion letters of Johnson and Colmar, U.S. counsel to
      the Loan Parties, and DLA Piper Rudnick Gray Cary UK LLP U.K. counsel to
      the Initial Designated Borrower and its Subsidiaries, in each case
      addressed to the Administrative Agent and each Lender, as to the matters
      set forth in Exhibit J and such other matters concerning the Loan Parties
      and the Loan Documents as the Required Lenders may reasonably request;

            (vi) a certificate of a Responsible Officer of each Loan Party
      either (A) attaching copies of all consents, licenses and approvals
      required in connection with the execution, delivery and performance by
      such Loan Party and the validity against such Loan Party of the Loan
      Documents to which it is a party, and such consents, licenses and
      approvals shall be in full force and effect, or (B) stating that no such
      consents, licenses or approvals are so required;

            (vii) a certificate signed by a Responsible Officer of the Company
      certifying (A) that the conditions specified in Sections 4.02(a) and (b)
      have been satisfied and (B) that there has been no event or circumstance
      since the date of the Audited Financial

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<PAGE>

      Statements that has had or could be reasonably expected to have, either
      individually or in the aggregate, a Material Adverse Effect;

            (viii) a duly completed Compliance Certificate as of the last day of
      the fiscal quarter of the Company ended on March 31, 2005, signed by a
      Responsible Officer of the Company;

            (ix) evidence that all insurance required to be maintained pursuant
      to the Loan Documents has been obtained and is in effect;

            (x) evidence that the Existing Credit Agreement has been or
      concurrently with the Closing Date is being terminated, that all loans and
      other outstanding obligations thereunder have been satisfied and all Liens
      securing obligations under the Existing Credit Agreement have been or
      concurrently with the Closing Date are being released; and

            (xi) such other assurances, certificates, documents, consents or
      opinions as the Administrative Agent, the L/C Issuers, the Swing Line
      Lender or the Required Lenders reasonably may require (including, without
      limitation, each of the documents, instruments and agreements listed in
      the List of Closing Documents attached hereto as Schedule 4.01).

      (b) Any fees required to be paid on or before the Closing Date shall have
been paid.

      (c) Unless waived by the Administrative Agent, the Company shall have paid
all fees, charges and disbursements of counsel to the Administrative Agent to
the extent invoiced prior to or on the Closing Date, plus such additional
amounts of such fees, charges and disbursements as shall constitute its
reasonable estimate of such fees, charges and disbursements incurred or to be
incurred by it through the closing proceedings (provided that such estimate
shall not thereafter preclude a final settling of accounts between the Company
and the Administrative Agent).

      Without limiting the generality of the provisions of Section 9.04, for
purposes of determining compliance with the conditions specified in this Section
4.01, each Lender that has signed this Agreement 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 a Lender unless the Administrative Agent shall have received
notice from such Lender prior to the proposed Closing Date specifying its
objection thereto.

            4.02 CONDITIONS TO ALL CREDIT EXTENSIONS. The obligation of each
Lender to honor any Request for Credit Extension (other than a Committed Loan
Notice requesting only a conversion of Committed Loans to the other Type, or a
continuation of Eurocurrency Rate Loans) is subject to the following conditions
precedent:

      (a) The representations and warranties of (i) the Borrowers contained in
Article V and (ii) each Loan Party contained in each other Loan Document or in
any document furnished at any time under or in connection herewith or therewith,
shall be true and correct on and as of the date of such Credit Extension, except
to the extent that such representations and warranties specifically refer to an
earlier date, in which case they shall be true and correct as of such earlier

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<PAGE>

date, and except that for purposes of this Section 4.02, the representations and
warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed
to refer to the most recent statements furnished pursuant to clauses (a) and
(b), respectively, of Section 6.01.

      (b) No Default shall exist, or would result from such proposed Credit
Extension or the application of the proceeds thereof.

      (c) The Administrative Agent and, if applicable, an L/C Issuer or the
Swing Line Lender shall have received a Request for Credit Extension in
accordance with the requirements hereof.

      (d) If the applicable Borrower is a Designated Borrower, then the
conditions of Section 2.14 to the designation of such Borrower as a Designated
Borrower shall have been met to the satisfaction of the Administrative Agent.

      (e) In the case of a Credit Extension to be denominated in an Alternative
Currency, there shall not have occurred any change in national or international
financial, political or economic conditions or currency exchange rates or
exchange controls which in the reasonable opinion of the Administrative Agent,
the Required Lenders (in the case of any Loans to be denominated in an
Alternative Currency) or the applicable L/C Issuer (in the case of any Letter of
Credit to be denominated in an Alternative Currency) would make it impracticable
for such Credit Extension to be denominated in the relevant Alternative
Currency.

      Each Request for Credit Extension (other than a Committed Loan Notice
requesting only a conversion of Committed Loans to the other Type or a
continuation of Eurocurrency Rate Loans) submitted by the Company shall be
deemed to be a representation and warranty that the conditions specified in
Sections 4.02(a) and (b) have been satisfied on and as of the date of the
applicable Credit Extension.

                                   ARTICLE V.
                         REPRESENTATIONS AND WARRANTIES

      Except as otherwise provided in Section 5.18, each Borrower represents and
warrants to the Administrative Agent and the Lenders that:

            5.01 EXISTENCE, QUALIFICATION AND POWER; COMPLIANCE WITH LAWS. Each
Loan Party and each Subsidiary thereof (a) is duly organized or formed, validly
existing and in good standing under the Laws of the jurisdiction of its
incorporation or organization, (b) has all requisite power and authority and all
requisite governmental licenses, authorizations, consents and approvals to (i)
own or lease its assets and carry on its business and (ii) execute, deliver and
perform its obligations under the Loan Documents to which it is a party, (c) is
duly qualified and is licensed and in good standing under the Laws of each
jurisdiction where its ownership, lease or operation of properties or the
conduct of its business requires such qualification or license, and (d) is in
compliance with all Laws; except in each case referred to in clause (b)(i), (c)
or (d), to the extent that failure to do so could not reasonably be expected to
have a Material Adverse Effect.

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<PAGE>

            5.02 AUTHORIZATION; NO CONTRAVENTION. The execution, delivery and
performance by each Loan Party of each Loan Document to which such Person is
party, have been duly authorized by all necessary corporate or other
organizational action, and do not and will not (a) contravene the terms of any
of such Person's Organization Documents; (b) conflict with or result in any
breach or contravention of, or the creation of any Lien under, or require any
payment to be made under (i) any Contractual Obligation to which such Person is
a party or affecting such Person or the properties of such Person or any of its
Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which such Person or its property is subject;
or (c) violate any Law. Each Loan Party and each Subsidiary thereof is in
compliance with all Contractual Obligations referred to in clause (b)(i), except
to the extent that failure to do so could not reasonably be expected to have a
Material Adverse Effect.

            5.03 GOVERNMENTAL AUTHORIZATION; OTHER CONSENTS. No approval,
consent, exemption, authorization, or other action by, or notice to, or filing
with, any Governmental Authority or any other Person is necessary or required in
connection with the execution, delivery or performance by, or enforcement
against, any Loan Party of this Agreement or any other Loan Document.

            5.04 BINDING EFFECT. This Agreement has been, and each other Loan
Document, when delivered hereunder, will have been, duly executed and delivered
by each Loan Party that is party thereto. This Agreement constitutes, and each
other Loan Document when so delivered will constitute, a legal, valid and
binding obligation of such Loan Party, enforceable against each Loan Party that
is party thereto in accordance with its terms (except, in any case, as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization or similar laws affecting creditors' rights generally and by
principles of equity).

            5.05 FINANCIAL STATEMENTS; NO MATERIAL ADVERSE EFFECT; NO INTERNAL
CONTROL EVENT.

      (a) The Audited Financial Statements (i) were prepared in accordance with
GAAP consistently applied throughout the period covered thereby, except as
otherwise expressly noted therein and (ii) fairly present the financial
condition of the Company and its Consolidated Subsidiaries as of the date
thereof and their results of operations for the period covered thereby in
accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein.

      (b) The unaudited consolidated balance sheet of the Company and its
Consolidated Subsidiaries dated March 31, 2005, and the related consolidated
statements of income or operations, shareholders' equity and cash flows for the
fiscal quarter ended on that date (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein, and (ii) fairly present the financial condition of the
Company and its Consolidated Subsidiaries as of the date thereof and their
results of operations for the period covered thereby, subject, in the case of
clauses (i) and (ii), to the absence of footnotes and to normal year-end audit
adjustments. Schedule 5.05 sets forth all material indebtedness and other
liabilities, direct or contingent, of the Company and its Consolidated
Subsidiaries as of the date of such financial statements, including liabilities
for taxes, material commitments and Indebtedness.

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<PAGE>

      (c) Since the date of the Audited Financial Statements, there has been no
event or circumstance, either individually or in the aggregate, that has had or
could reasonably be expected to have a Material Adverse Effect.

      (d) Since the date of the Audited Financial Statements, no Internal
Control Event has occurred.

      (e) The consolidated forecasted balance sheet and statements of income and
cash flows of the Company and its Consolidated Subsidiaries delivered pursuant
to Section 6.01(c) were prepared in good faith on the basis of the assumptions
stated therein, which assumptions were fair in light of the conditions existing
at the time of delivery of such forecasts, and represented, at the time of
delivery, the Company's best estimate of its future financial performance.

            5.06 LITIGATION. There are no actions, suits, proceedings, claims or
disputes pending or, to the knowledge of the Company after due and diligent
investigation, threatened or contemplated, at law, in equity, in arbitration or
before any Governmental Authority, by or against the Company or any of its
Subsidiaries or against any of their properties or revenues that (a) purport to
affect or pertain to this Agreement or any other Loan Document, or any of the
transactions contemplated hereby, or (b) either individually or in the aggregate
could reasonably be expected to have a Material Adverse Effect.

            5.07 NO DEFAULT. Neither the Company nor any Subsidiary is in
default under or with respect to any Contractual Obligation that could, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. No Default has occurred and is continuing or would result from
the consummation of the transactions contemplated by this Agreement or any other
Loan Document.

            5.08 OWNERSHIP OF PROPERTY; LIENS. Each of the Company and each
Subsidiary has good record and marketable title in fee simple to, or valid
leasehold interests in, all real property necessary or used in the ordinary
conduct of its business, except for such defects in title as could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. The property of the Company and its Subsidiaries is subject to
no Liens, other than Liens permitted by Section 7.01.

            5.09 ENVIRONMENTAL COMPLIANCE. The Company and its Consolidated
Subsidiaries conduct in the ordinary course of business a review of the effect
of existing Environmental Laws and claims alleging potential liability or
responsibility for violation of any Environmental Law on their respective
businesses, operations and properties, and as a result thereof the Company has
reasonably concluded that, except as specifically disclosed in Schedule 5.09,
such Environmental Laws and claims could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

            5.10 INSURANCE. The properties of the Company and its Subsidiaries
are insured with financially sound and reputable insurance companies not
Affiliates of the Company, in such amounts, with such deductibles and covering
such risks as are customarily carried by

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<PAGE>

companies engaged in similar businesses and owning similar properties in
localities where the Company or the applicable Subsidiary operates.

            5.11 TAXES. The Company and its Subsidiaries have filed all Federal,
state and other material tax returns and reports required to be filed, and have
paid all Federal, state and other material taxes, assessments, fees and other
governmental charges levied or imposed upon them or their properties, income or
assets otherwise due and payable, except those which are being contested in good
faith by appropriate proceedings diligently conducted and for which adequate
reserves have been provided in accordance with GAAP. There is no proposed tax
assessment against the Company or any Subsidiary that would, if made, have a
Material Adverse Effect. Neither any Loan Party nor any Subsidiary thereof is
party to any tax sharing agreement.

            5.12 ERISA COMPLIANCE.

      (a) Each Plan is in compliance in all material respects with the
applicable provisions of ERISA, the Code and other Federal or state Laws. Each
Plan that is intended to qualify under Section 401(a) of the Code has received a
favorable determination letter from the IRS or an application for such a letter
is currently being processed by the IRS with respect thereto and, to the best
knowledge of the Company, nothing has occurred which would prevent, or cause the
loss of, such qualification. The Company and each ERISA Affiliate have made all
required contributions to each Plan subject to Section 412 of the Code, and no
application for a funding waiver or an extension of any amortization period
pursuant to Section 412 of the Code has been made with respect to any Plan.

      (b) There are no pending or, to the best knowledge of the Company,
threatened claims, actions or lawsuits, or action by any Governmental Authority,
with respect to any Plan that could reasonably be expected to have a Material
Adverse Effect. There has been no prohibited transaction or violation of the
fiduciary responsibility rules with respect to any Plan that has resulted or
could reasonably be expected to result in a Material Adverse Effect.

      (c) (i) No ERISA Event has occurred or is reasonably expected to occur;
(ii) no Pension Plan has any Unfunded Pension Liability; (iii) neither the
Company nor any ERISA Affiliate has incurred, or reasonably expects to incur,
any liability under Title IV of ERISA with respect to any Pension Plan (other
than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither
the Company nor any ERISA Affiliate has incurred, or reasonably expects to
incur, any material liability (and no event has occurred which, with the giving
of notice under Section 4219 of ERISA, would result in such material liability)
under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and
(v) neither the Company nor any ERISA Affiliate has engaged in a transaction
that could be subject to Sections 4069 or 4212(c) of ERISA.

            5.13 SUBSIDIARIES; EQUITY INTERESTS. As of the Closing Date, the
Company has no Subsidiaries other than those specifically disclosed in Part (a)
of Schedule 5.13, and all of the outstanding Equity Interests in such
Subsidiaries have been validly issued, are fully paid and nonassessable and are
owned in the amounts specified on Part (a) of Schedule 5.13 free and clear of
all Liens. The Company has no equity investments in any other corporation or
entity other

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<PAGE>

than those specifically disclosed in Part (b) of Schedule 5.13. All of the
outstanding Equity Interests in the Company have been validly issued, and are
fully paid and nonassessable.

            5.14 MARGIN REGULATIONS; INVESTMENT COMPANY ACT; PUBLIC UTILITY
HOLDING COMPANY ACT.

      (a) No Borrower is engaged or will engage, principally or as one of its
important activities, in the business of purchasing or carrying margin stock
(within the meaning of Regulation U issued by the FRB), or extending credit for
the purpose of purchasing or carrying margin stock. Following the application of
the proceeds of each Borrowing or drawing under each Letter of Credit, not more
than 25% of the value of the assets (either of the applicable Borrower only or
of the Company and its Subsidiaries on a consolidated basis) subject to the
provisions of Section 7.01 or Section 7.05 or subject to any restriction
contained in any agreement or instrument between any Borrower and any Lender or
any Affiliate of any Lender relating to Indebtedness and within the scope of
Section 8.01(e) will be margin stock.

      (b) None of the Company, any Person Controlling the Company, or any
Subsidiary (i) is a "holding company," or a "subsidiary company" of a "holding
company," or an "affiliate" of a "holding company" or of a "subsidiary company"
of a "holding company," within the meaning of the Public Utility Holding Company
Act of 1935, or (ii) is or is required to be registered as an "investment
company" under the Investment Company Act of 1940.

            5.15 DISCLOSURE. The Company has disclosed to the Administrative
Agent and the Lenders all agreements, instruments and corporate or other
restrictions to which it or any of its Subsidiaries is subject and all other
matters known to it, that, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Effect. No report, financial statement,
certificate or other information furnished (whether in writing or orally) by or
on behalf of any Loan Party to the Administrative Agent or any Lender in
connection with the transactions contemplated hereby and the negotiation of this
Agreement or delivered hereunder or under any other Loan Document (in each case,
as modified or supplemented by other information so furnished) contains any
material misstatement of fact or omits to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that, with respect to projected financial
information, the Company represents only that such information was prepared in
good faith based upon assumptions believed to be reasonable at the time.

            5.16 COMPLIANCE WITH LAWS. Each of the Company and each Subsidiary
is in compliance in all material respects with the requirements of all Laws and
all orders, writs, injunctions and decrees applicable to it or to its
properties, except in such instances in which (a) such requirement of Law or
order, writ, injunction or decree is being contested in good faith by
appropriate proceedings diligently conducted or (b) the failure to comply
therewith, either individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect.

            5.17 INTELLECTUAL PROPERTY; LICENSES, ETC. The Company and its
Subsidiaries own, or possess the right to use, all of the trademarks, service
marks, trade names, copyrights, patents, patent rights, franchises, licenses and
other intellectual property rights (collectively, "IP

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Rights") that are reasonably necessary for the operation of their respective
businesses, without conflict with the rights of any other Person. To the best
knowledge of the Company, no slogan or other advertising device, product,
process, method, substance, part or other material now employed, or now
contemplated to be employed, by the Company or any Subsidiary infringes upon any
rights held by any other Person. No claim or litigation regarding any of the
foregoing is pending or, to the best knowledge of the Company, threatened,
which, either individually or in the aggregate, could reasonably be expected to
have a Material Adverse Effect.

            5.18 REPRESENTATIONS AS TO FOREIGN OBLIGORS. Each of the Company and
each Foreign Obligor represents and warrants to the Administrative Agent and the
Lenders that:

      (a) Such Foreign Obligor is subject to civil and commercial Laws with
respect to its obligations under this Agreement and the other Loan Documents to
which it is a party (collectively as to such Foreign Obligor, the "Applicable
Foreign Obligor Documents"), and the execution, delivery and performance by such
Foreign Obligor of the Applicable Foreign Obligor Documents constitute and will
constitute private and commercial acts and not public or governmental acts.
Neither such Foreign Obligor nor any of its property has any immunity from
jurisdiction of any court or from any legal process (whether through service or
notice, attachment prior to judgment, attachment in aid of execution, execution
or otherwise) under the laws of the jurisdiction in which such Foreign Obligor
is organized and existing in respect of its obligations under the Applicable
Foreign Obligor Documents.

      (b) The Applicable Foreign Obligor Documents are in proper legal form
under the Laws of the jurisdiction in which such Foreign Obligor is organized
and existing for the enforcement thereof against such Foreign Obligor under the
Laws of such jurisdiction, and to ensure the legality, validity, enforceability,
priority or admissibility in evidence of the Applicable Foreign Obligor
Documents. It is not necessary to ensure the legality, validity, enforceability,
priority or admissibility in evidence of the Applicable Foreign Obligor
Documents that the Applicable Foreign Obligor Documents be filed, registered or
recorded with, or executed or notarized before, any court or other authority in
the jurisdiction in which such Foreign Obligor is organized and existing or that
any registration charge or stamp or similar tax be paid on or in respect of the
Applicable Foreign Obligor Documents or any other document, except for (i) any
such filing, registration, recording, execution or notarization as has been made
or is not required to be made until the Applicable Foreign Obligor Document or
any other document is sought to be enforced and (ii) any charge or tax as has
been timely paid.

      (c) There is no tax, levy, impost, duty, fee, assessment or other
governmental charge, or any deduction or withholding, imposed by any
Governmental Authority in or of the jurisdiction in which such Foreign Obligor
is organized and existing either (i) on or by virtue of the execution or
delivery of the Applicable Foreign Obligor Documents or (ii) on any payment to
be made by such Foreign Obligor pursuant to the Applicable Foreign Obligor
Documents, except as has been disclosed to the Administrative Agent.

      (d) The execution, delivery and performance of the Applicable Foreign
Obligor Documents executed by such Foreign Obligor are, under applicable foreign
exchange control regulations of the jurisdiction in which such Foreign Obligor
is organized and existing, not subject to any notification or authorization
except (i) such as have been made or obtained or (ii)

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such as cannot be made or obtained until a later date (provided that any
notification or authorization described in clause (ii) shall be made or obtained
as soon as is reasonably practicable).

            5.19 MATERIAL SUBSIDIARIES. As of the Closing Date Schedule 5.19, or
as of the date thereof the most recent supplement to Schedule 5.19 delivered by
the Company pursuant to Section 6.13 or Section 7.04(c)(v), sets forth the
Material Subsidiaries of the Company.

                                   ARTICLE VI.
                              AFFIRMATIVE COVENANTS

      So long as any Lender shall have any Commitment hereunder, any Loan or
other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of
Credit shall remain outstanding, the Company shall, and shall (except in the
case of the covenants set forth in Sections 6.01, 6.02, and 6.03) cause each
Subsidiary to:

            6.01 FINANCIAL STATEMENTS. Deliver to the Administrative Agent and
each Lender, in form and detail satisfactory to the Administrative Agent and the
Required Lenders:

      (a) as soon as available, but in any event within 90 days after the end of
each fiscal year of the Company, a consolidated balance sheet of the Company and
its Consolidated Subsidiaries as at the end of such fiscal year, and the related
consolidated statements of income or operations, shareholders' equity and cash
flows for such fiscal year, setting forth in each case in comparative form the
figures for the previous fiscal year, all in reasonable detail and prepared in
accordance with GAAP, audited and accompanied by (i) a report and opinion of
Ernst & Young LLP or another Registered Public Accounting Firm of nationally
recognized standing reasonably acceptable to the Required Lenders, which report
and opinion shall be prepared in accordance with generally accepted auditing
standards and applicable Securities Laws and shall not be subject to any "going
concern" or like qualification or exception or any qualification or exception as
to the scope of such audit and (ii) an attestation report of such Registered
Public Accounting Firm as to the Company's internal controls pursuant to Section
404 of Sarbanes-Oxley expressing a conclusion to which the Required Lenders do
not reasonably object;

      (b) as soon as available, but in any event within 45 days after the end of
each of the first three fiscal quarters of each fiscal year of the Company, a
consolidated balance sheet of the Company and its Consolidated Subsidiaries as
at the end of such fiscal quarter, and the related consolidated statements of
income or operations, shareholders' equity and cash flows for such fiscal
quarter and for the portion of the Company's fiscal year then ended, setting
forth in each case in comparative form the figures for the corresponding fiscal
quarter of the previous fiscal year and the corresponding portion of the
previous fiscal year, all in reasonable detail, certified by a Responsible
Officer of the Company as fairly presenting the financial condition, results of
operations, shareholders' equity and cash flows of the Company and its
Consolidated Subsidiaries in accordance with GAAP, subject only to normal
year-end audit adjustments and the absence of footnotes; and

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<PAGE>

      (c) as soon as available, but in any event no later than 45 days after the
end of each fiscal year of the Company, forecasts prepared by management of the
Company, in form satisfactory to the Administrative Agent and the Required
Lenders, of consolidated balance sheets and statements of income or operations
and cash flows of the Company and its Consolidated Subsidiaries on a monthly
basis for the immediately following fiscal year (including the fiscal year in
which the Maturity Date occurs).

As to any information contained in materials furnished pursuant to Section 6.02,
the Company shall not be separately required to furnish such information under
clause (a) or (b) above, but the foregoing shall not be in derogation of the
obligation of the Company to furnish the information and materials described in
clauses (a) and (b) above at the times specified therein.

            6.02 CERTIFICATES; OTHER INFORMATION. Deliver to the Administrative
Agent and each Lender, in form and detail satisfactory to the Administrative
Agent and the Required Lenders:

      (a) concurrently with the delivery of the financial statements referred to
in Sections 6.01(a) and (b), a duly completed Compliance Certificate signed by a
Responsible Officer of the Company together with a reconciliation of the
financial condition and financial results (including balance sheet and income
statement items) of the Company and its Consolidated Subsidiaries, on the one
hand, and the Company and its Subsidiaries (including balance sheet and income
statement items), on the other hand;

      (b) promptly after any request by the Administrative Agent or any Lender,
copies of any detailed audit reports, management letters or recommendations
submitted to the board of directors (or the audit committee of the board of
directors) of the Company by independent accountants in connection with the
accounts or books of the Company or any Consolidated Subsidiary, or any audit of
any of them;

      (c) promptly after the same are available, copies of each annual report,
proxy or financial statement or other report or communication sent to the
stockholders of the Company, and copies of all annual, regular, periodic and
special reports and registration statements which the Company may file or be
required to file with the SEC under Section 13 or 15(d) of the Securities
Exchange Act of 1934, and not otherwise required to be delivered to the
Administrative Agent pursuant hereto;

      (d) promptly after the furnishing thereof, copies of any statement or
report furnished to any holder of debt securities of any Loan Party or any
Consolidated Subsidiary thereof pursuant to the terms of any indenture, loan or
credit or similar agreement and not otherwise required to be furnished to the
Lenders pursuant to Section 6.01 or any other clause of this Section 6.02; and

      (e) promptly, and in any event within five Business Days after receipt
thereof by any Loan Party or any Consolidated Subsidiary thereof, copies of each
notice or other correspondence received from the SEC (or comparable agency in
any applicable non-U.S. jurisdiction) concerning any investigation or possible
investigation or other inquiry by such

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agency regarding financial or other operational results of any Loan Party or any
Subsidiary thereof; and

      (f) promptly, such additional information regarding the business,
financial or corporate affairs of the Company or any Consolidated Subsidiary, or
compliance with the terms of the Loan Documents, as the Administrative Agent or
any Lender may from time to time reasonably request.

      Documents required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(c) (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically and if so
delivered, shall be deemed to have been delivered on the date (i) on which the
Company posts such documents, or provides a link thereto on the Company's
website on the Internet at the website address listed on Schedule 10.02; or (ii)
on which such documents are posted on the Company's behalf on an Internet or
intranet website, if any, to which each Lender and the Administrative Agent have
access (whether a commercial, third-party website or whether sponsored by the
Administrative Agent); provided that: (i) the Company shall deliver paper copies
of such documents to the Administrative Agent or any Lender that requests the
Company to deliver such paper copies until a written request to cease delivering
paper copies is given by the Administrative Agent or such Lender and (ii) the
Company shall notify the Administrative Agent and each Lender (by telecopier or
electronic mail) of the posting of any such documents and provide to the
Administrative Agent by electronic mail electronic versions (i.e., soft copies)
of such documents. Notwithstanding anything contained herein, in every instance
the Company shall be required to provide paper copies of the Compliance
Certificates required by Section 6.02(a) to the Administrative Agent. Except for
such Compliance Certificates, the Administrative Agent shall have no obligation
to request the delivery or to maintain copies of the documents referred to
above, and in any event shall have no responsibility to monitor compliance by
the Company with any such request for delivery, and each Lender shall be solely
responsible for requesting delivery to it or maintaining its copies of such
documents.

      Each Borrower hereby acknowledges that (a) the Administrative Agent and/or
the Arranger will make available to the Lenders and the L/C Issuers materials
and/or information provided by or on behalf of such Borrower hereunder
(collectively, "Borrower Materials") by posting the Borrower Materials on
IntraLinks or another similar electronic system (the "Platform") and (b) certain
of the Lenders may be "public-side" Lenders (i.e., Lenders that do not wish to
receive material non-public information with respect to any Borrower or its
securities) (each, a "Public Lender"). Each Borrower hereby agrees that so long
as such Borrower is the issuer of any outstanding debt or equity securities that
are registered or issued pursuant to a private offering or is actively
contemplating issuing any such securities (w) all Borrower Materials that are to
be made available to Public Lenders shall be clearly and conspicuously marked
"PUBLIC" which, at a minimum, shall mean that the word "PUBLIC" shall appear
prominently on the first page thereof; (x) by marking Borrower Materials
"PUBLIC," the Borrowers shall be deemed to have authorized the Administrative
Agent, the Arranger, the L/C Issuers and the Lenders to treat such Borrower
Materials as not containing any material non-public information with respect to
the Borrowers or their respective securities for purposes of United States
Federal and state securities laws (provided, however, that to the extent such
Borrower Materials constitute Information, they shall be treated as set forth in
Section

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<PAGE>

10.07); (y) all Borrower Materials marked "PUBLIC" are permitted to be made
available through a portion of the Platform designated "Public Investor;" and
(z) the Administrative Agent and the Arranger shall be entitled to treat any
Borrower Materials that are not marked "PUBLIC" as being suitable only for
posting on a portion of the Platform not designated "Public Investor." The
Administrative Agent and the Arranger acknowledge that material non-public
information with respect to the Company and its Consolidated Subsidiaries is
highly confidential and agree to take commercially reasonable steps to protect
such information from public disclosure. In the event of the inadvertent public
disclosure of any such information by the Administrative Agent or the Arranger,
the Administrative Agent or the Arranger, as applicable, shall promptly notify
the Company.

            6.03 NOTICES. Promptly notify the Administrative Agent and each
Lender:

      (a) of the occurrence of any Default;

      (b) of any matter that has resulted or could reasonably be expected to
result in a Material Adverse Effect, including (i) breach or non-performance of,
or any default under, a Contractual Obligation of the Company or any Subsidiary;
(ii) any dispute, litigation, investigation, proceeding or suspension between
the Company or any Subsidiary and any Governmental Authority; or (iii) the
commencement of, or any material development in, any litigation or proceeding
affecting the Company or any Subsidiary, including pursuant to any applicable
Environmental Laws;

      (c) of the occurrence of any ERISA Event;

      (d) of any material change in accounting policies or financial reporting
practices by the Company or any Subsidiary; and

      (e) of the occurrence of any Internal Control Event.

      Each notice pursuant to this Section shall be accompanied by a statement
of a Responsible Officer of the Company setting forth details of the occurrence
referred to therein and stating what action the Company has taken and proposes
to take with respect thereto. Each notice pursuant to Section 6.03(a) shall
describe with particularity any and all provisions of this Agreement and any
other Loan Document that have been breached.

            6.04 PAYMENT OF OBLIGATIONS. Pay and discharge as the same shall
become due and payable, all its obligations and liabilities, including (a) all
tax liabilities, assessments and governmental charges or levies upon it or its
properties or assets, unless the same are being contested in good faith by
appropriate proceedings diligently conducted and adequate reserves in accordance
with GAAP are being maintained by the Company or such Subsidiary; (b) all lawful
claims which, if unpaid, would by law become a Lien upon its property; and (c)
all Indebtedness, as and when due and payable, but subject to any subordination
provisions contained in any instrument or agreement evidencing such
Indebtedness.

            6.05 PRESERVATION OF EXISTENCE, ETC. (a) Preserve, renew and
maintain in full force and effect its legal existence and good standing under
the Laws of the jurisdiction of its organization except in a transaction
permitted by Section 7.04 or 7.05; (b) take all reasonable

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action to maintain all rights, privileges, permits, licenses and franchises
necessary or desirable in the normal conduct of its business, except to the
extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect; and (c) preserve or renew all of its registered patents,
trademarks, trade names and service marks, the non-preservation of which could
reasonably be expected to have a Material Adverse Effect.

            6.06 MAINTENANCE OF PROPERTIES. (a) Maintain, preserve and protect
all of its material properties and equipment necessary in the operation of its
business in good working order and condition, ordinary wear and tear excepted;
(b) make all necessary repairs thereto and renewals and replacements thereof
except where the failure to do so could not reasonably be expected to have a
Material Adverse Effect; and (c) use the standard of care typical in the
industry in the operation and maintenance of its facilities.

            6.07 MAINTENANCE OF INSURANCE. (a) Maintain with financially sound
and reputable insurance companies not Affiliates of the Company, insurance with
respect to its properties and business against loss or damage of the kinds
customarily insured against by Persons engaged in the same or similar business,
of such types and in such amounts as are customarily carried under similar
circumstances by such other Persons.

      (b) Use its commercially reasonable efforts to ensure that (i) each Person
contracted by the Company or any of its Subsidiaries that at any time has
possession of any materials handled by the Company or its Subsidiaries maintains
insurance with financially sound and reputable insurance companies over such
materials with respect to property and risks of a character usually maintained
by Persons of comparable size engaged in the same or similar business and
similarly situated against loss, damage and liability of the kinds and in the
amounts customarily maintained by such Persons and (ii) in addition to, and not
in limitation of, clause (i) above, all third party contract haulers or other
Person contracted by the Company or its Subsidiaries to handle or transport
Hazardous Materials also maintains pollution legal liability insurance with
financially sound and reputable insurance companies with respect to the handling
or transporting of such materials of a character usually maintained by Persons
of comparable size engaged in the same or similar business and similarly
situated, and in each case the Company or its Subsidiary, as the case may be, be
named an additional insured under all such policies and obtain waivers of
subrogation from such third party contractors.

            6.08 COMPLIANCE WITH LAWS. Comply in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except in such instances in
which (a) such requirement of Law or order, writ, injunction or decree is being
contested in good faith by appropriate proceedings diligently conducted; or (b)
the failure to comply therewith could not reasonably be expected to have a
Material Adverse Effect.

            6.09 BOOKS AND RECORDS. (a) Maintain proper books of record and
account, in which full, true and correct entries in conformity with GAAP
consistently applied shall be made of all financial transactions and matters
involving the assets and business of the Company or such Subsidiary, as the case
may be; and (b) maintain such books of record and account in material conformity
with all applicable requirements of any Governmental Authority having regulatory
jurisdiction over the Company or such Subsidiary, as the case may be.

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<PAGE>

            6.10 INSPECTION RIGHTS. Permit representatives and independent
contractors of the Administrative Agent and each Lender to visit and inspect any
of its properties, to examine its corporate, financial and operating records,
and make copies thereof or abstracts therefrom, and to discuss its affairs,
finances and accounts with its directors, officers, and independent public
accountants, all at the expense of the Company and at such reasonable times
during normal business hours and as often as may be reasonably desired, upon
reasonable advance notice to the Company; provided, however, prior to the
occurrence of a Default, the Company shall not be required to pay the expenses
associated with more than one such visitation and inspection by each Lender
during any calendar year; provided, further, however, that when an Event of
Default exists the Administrative Agent or any Lender (or any of their
respective representatives or independent contractors) may do any of the
foregoing at the expense of the Company at any time during normal business hours
and without advance notice.

            6.11 USE OF PROCEEDS. Subject to the limitations set forth in
Section 7.10, use the proceeds of the Credit Extensions for (i) general
corporate purposes, permitted stock repurchases, Permitted Acquisitions and
other lawful corporate purposes, (ii) to refinance indebtedness of any business
acquired in a Permitted Acquisition and (iii) to refinance Indebtedness owing
under the Existing Credit Agreement, in each case, not in contravention of any
Law or of any Loan Document.

            6.12 APPROVALS AND AUTHORIZATIONS. Maintain all authorizations,
consents, approvals and licenses from, exemptions of, and filings and
registrations with, each Governmental Authority of the jurisdiction in which
each Foreign Obligor is organized and existing, and all approvals and consents
of each other Person in such jurisdiction, in each case that are required in
connection with the Loan Documents.

            6.13 ADDITIONAL SUBSIDIARY GUARANTORS. Notify the Administrative
Agent if any Person becomes a Material Subsidiary within 45 days of such
occurrence, and thereafter promptly (and in any event, within 30 days of such
notification) cause such Person to (a) provide an unconditional guaranty of the
Obligations of each Borrower by executing and delivering to the Administrative
Agent a counterpart of the Subsidiary Guaranty or such other document as the
Administrative Agent shall deem appropriate for such purpose, and (b) deliver to
the Administrative Agent (i) documents of the types referred to in clauses (iii)
and (iv) of Section 4.01(a), (ii) a supplement to Schedule 5.19 setting forth
the Subsidiaries of the Company necessary to make the representation and
warranty set forth in Section 5.19 true and correct and (iii) favorable opinion
letters of counsel to such Person (which shall cover, among other things, the
legality, validity, binding effect and enforceability of the documentation
referred to in clause (a)), all in form, content and scope reasonably
satisfactory to the Administrative Agent; provided, that, in the case of any
Material Subsidiary that is a Foreign Subsidiary, if, in the reasonable judgment
of the Company, the unconditional guaranty of the Obligations of each Borrower
by such Foreign Subsidiary would cause material adverse tax consequences to the
Company and its Subsidiaries, such Foreign Subsidiary shall provide an
unconditional guaranty only of the Obligations of such Borrowers, if any, as
will not result in material adverse tax consequences to the Company and its
Subsidiaries; provided, further, that, in the event of any change in, or the
introduction, adoption, effectiveness, interpretation, reinterpretation or
phase-in of, any law or regulation, directive or guideline of any Governmental
Authority that eliminates such material adverse tax consequences to the Company
and its Subsidiaries, the Administrative

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<PAGE>

Agent or the Required Lenders may require the execution and delivery by such
Foreign Subsidiary of the Subsidiary Guaranty required by this section. If one
or more Material Subsidiaries are created in connection with, or result from the
consummation of, an Acquisition by the Company or any of its Subsidiaries, then,
notwithstanding the notice and timing provisions set forth herein above, the
Company shall cause to be executed and delivered to the Administrative Agent,
the Subsidiary Guaranty or Subsidiary Guaranties and related documents required
by this section concurrently with the consummation of such Acquisition.

            6.14 FURTHER ASSURANCES. Cooperate with the Lenders and the
Administrative Agent and execute such further instruments and documents as the
Lenders or the Administrative Agent shall reasonably request to carry out to
their satisfaction the transactions contemplated by this Agreement and the other
Loan Documents.

                                  ARTICLE VII.
                               NEGATIVE COVENANTS

      So long as any Lender shall have any Commitment hereunder, any Loan or
other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of
Credit shall remain outstanding, the Company shall not, nor shall it permit any
Subsidiary to, directly or indirectly:

            7.01 LIENS. Create, incur, assume or suffer to exist any Lien upon
any of its property, assets or revenues, whether now owned or hereafter
acquired, other than the following:

      (a) Liens pursuant to any Loan Document;

      (b) Liens existing on the date hereof and listed on Schedule 7.01 and any
renewals or extensions thereof, provided that (i) the property covered thereby
is not changed, (ii) the amount secured or benefited thereby is not increased,
(iii) the direct or any contingent obligor with respect thereto is not changed,
and (iv) any renewal or extension of the obligations secured or benefited
thereby is permitted by Section 7.03(b);

      (c) Liens for taxes not yet due or which are being contested in good faith
and by appropriate proceedings diligently conducted, if adequate reserves with
respect thereto are maintained on the books of the applicable Person in
accordance with GAAP;

      (d) carriers', warehousemen's, mechanics', materialmen's, repairmen's or
other like Liens arising in the ordinary course of business which are not
overdue for a period of more than 30 days or which are being contested in good
faith and by appropriate proceedings diligently conducted, if adequate reserves
with respect thereto are maintained on the books of the applicable Person;

      (e) pledges or deposits in the ordinary course of business in connection
with workers' compensation, unemployment insurance and other social security
legislation, other than any Lien imposed by ERISA;

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

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<PAGE>

      (g) easements, rights-of-way, restrictions and other similar encumbrances
affecting real property which, in the aggregate, are not substantial in amount,
and which do not in any case materially detract from the value of the property
subject thereto or materially interfere with the ordinary conduct of the
business of the applicable Person;

      (h) leases, subleases, licenses and sublicenses granted to third Parties
in the ordinary course of business, in each case, not interfering with the
operations of business of the Company or its Subsidiaries;

      (i) Liens securing judgments for the payment of money not constituting an
Event of Default under Section 8.01(h); and

      (j) Liens securing Indebtedness permitted under Section 7.03(f) or (g);
provided, that the aggregate outstanding principal amount of such Indebtedness
secured by such Liens shall not exceed $50,000,000 at any time.

            7.02 INVESTMENTS. Make any Investments, except:

      (a) Investments reflected on the consolidated balance sheet included in
the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2005
and Investments since March 31, 2005 in existence on the Closing Date and
described in Schedule 7.02, and any renewal or extension of any such Investments
that does not increase the amount of the Investment being renewed or extended as
determined as of such date of renewal or extension;

      (b) Investments held by the Company or any Subsidiary in the form of cash
equivalents or short-term marketable debt securities;

      (c) advances to officers, directors and employees of the Company and its
Subsidiaries in an aggregate amount not to exceed $5,000,000 at any time
outstanding, for travel, entertainment, relocation and analogous ordinary
business purposes;

      (d) Investments of the Company in any Subsidiary Guarantor that has
provided an unconditional guaranty of the Obligations of each Borrower and
Investments of any such Subsidiary Guarantor in the Company or in another such
Subsidiary Guarantor;

      (e) with respect to any Borrower, Investments of such Borrower in any
Subsidiary Guarantor that has provided an unconditional guaranty of the
Obligations of such Borrower and Investments of any such Subsidiary Guarantor in
such Borrower or in another such Subsidiary Guarantor;

      (f) Investments consisting of extensions of credit in the nature of
accounts receivable or notes receivable arising from the grant of trade credit
in the ordinary course of business, and Investments received in satisfaction or
partial satisfaction thereof from financially troubled account debtors to the
extent reasonably necessary in order to prevent or limit loss;

      (g) Guarantees permitted by Section 7.03;

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      (h) if an Enhanced Performance Noncompliance Date has occurred and an
Enhanced Performance Restoration Date has not yet occurred with respect to such
Enhanced Performance Noncompliance Date, other Investments not otherwise
permitted under this Section 7.02 in an aggregate amount not to exceed
$30,000,000 (excluding, in the case of each such Investment constituting an
Acquisition, the aggregate amount of cash and cash equivalents acquired pursuant
to such Acquisition or held by the Person subject to such Acquisition) from such
Enhanced Performance Noncompliance Date until occurrence of an Enhanced
Performance Restoration Date; provided, that, no Default or Event of Default
shall have occurred and be continuing at the date of the making or acquisition
of such Investment; and provided, further, that, if any such Investment is an
Acquisition, the following additional conditions are satisfied:

            (i) the Person to be acquired is not engaged in any material line of
      business substantially different from those lines of business conducted by
      the Company and its Subsidiaries on the date hereof or any business
      substantially related or incidental thereto;

            (ii) the board of directors and (if required by applicable law) the
      shareholders, or the equivalent thereof, of each of the Company or the
      applicable Subsidiary and of the Person to be acquired has approved such
      Acquisition; and

            (iii) any Indebtedness directly or indirectly incurred or assumed in
      connection with such Acquisition shall have been permitted to be incurred
      or assumed pursuant to Section 7.03;

            (iv) if one or more additional Material Subsidiaries are created in
      connection with, or result from the consummation of, such Acquisition, the
      Company shall deliver or cause to be delivered to the Administrative Agent
      a supplement to Schedule 5.19 setting forth the Subsidiaries of the
      Company necessary to make the representation and warranty set forth in
      Section 5.19 true and correct after giving effect to such Acquisition and
      each of the Subsidiary Guaranty and related documents described by Section
      6.13 with respect to such additional Material Subsidiaries; and

      (i) if the Enhanced Performance Condition is satisfied, other Investments
not otherwise permitted under this Section 7.02; provided, that each of the
following conditions are satisfied:

            (i) no Default or Event of Default shall have occurred and be
      continuing at the date of the making or acquisition of such Investment;

            (ii) if, after giving effect to any such proposed Investment, the
      Company and its Subsidiaries shall have made or acquired more than
      $50,000,000 in the aggregate in Investments (excluding, in the case of
      each such Investment constituting an Acquisition, the aggregate amount of
      cash and cash equivalents acquired pursuant to such Acquisition or held by
      the Person subject to such Acquisition) during the period beginning 90
      calendar days before the date of such proposed Investment and ending on
      the date of such proposed Investment, the Company shall have delivered to
      the Administrative Agent on or prior to the date of the making or
      acquisiton of the proposed Investment (A) financial statements prepared on
      a pro forma basis (consistent with Section 1.03(c) if applicable)

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      giving effect to such Investment for the period of four consecutive fiscal
      quarters ending with the fiscal quarter then last ended for which
      financial statements have been delivered pursuant to Section 6.01 and (B)
      a certificate of a Responsible Officer prepared on a pro forma basis
      (consistent with Section 1.03(c) if applicable) giving effect to such
      Investment and demonstrating compliance with the Enhanced Performance
      Condition; and

            (iii) if any such Investment is an Acquisition, the following
      additional conditions must be satisfied:

                  (A) the Person to be acquired is not engaged in any material
            line of business substantially different from those lines of
            business conducted by the Company and its Subsidiaries on the date
            hereof or any business substantially related or incidental thereto;

                  (B) the board of directors and (if required by applicable law)
            the shareholders, or the equivalent thereof, of each of the Company
            or the applicable Subsidiary and of the Person to be acquired has
            approved such Acquisition; and

                  (C) any Indebtedness directly or indirectly incurred or
            assumed in connection with such Acquisition shall have been
            permitted to be incurred or assumed pursuant to Section 7.03; and

                  (D) if one or more additional Material Subsidiaries are
            created in connection with, or result from the consummation of, such
            Acquisition, the Company shall deliver or cause to be delivered to
            the Administrative Agent a supplement to Schedule 5.19 setting forth
            the Subsidiaries of the Company necessary to make the representation
            and warranty set forth in Section 5.19 true and correct after giving
            effect to such Acquisition and each of the Subsidiary Guaranty and
            related documents described by Section 6.13 with respect to such
            additional Material Subsidiaries.

            7.03 INDEBTEDNESS. Create, incur, assume or suffer to exist any
Indebtedness, except:

      (a) Indebtedness under the Loan Documents;

      (b) Indebtedness reflected on the consolidated balance sheet included in
the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2005
(other than Indebtedness in respect of the Existing Credit Agreement) and
Indebtedness incurred since March 31, 2005 outstanding on the date hereof and
listed on Schedule 7.03 and any refinancings, refundings, renewals or extensions
thereof; provided that (i) the amount of such Indebtedness is not increased at
the time of such refinancing, refunding, renewal or extension except by an
amount equal to a reasonable premium or other reasonable amount paid, and fees
and expenses reasonably incurred, in connection with such refinancing and by an
amount equal to any existing commitments unutilized thereunder and (ii) the
terms relating to principal amount, amortization, maturity, collateral (if any)
and subordination (if any), and other material terms taken as a whole, of any
such refinancing, refunding, renewing or extending Indebtedness, and of any
agreement

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entered into and of any instrument issued in connection therewith, are no less
favorable in any material respect to the Company and its Subsidiaries, in the
Company's reasonable judgment, than the terms of any agreement or instrument
governing the Indebtedness being refinanced, refunded, renewed or extended and
the interest rate applicable to any such refinancing, refunding, renewing or
extending Indebtedness does not exceed the then applicable market interest rate;

      (c) Guarantees of the Company or any Subsidiary Guarantor in respect of
Indebtedness otherwise permitted hereunder of the Company or any other
Subsidiary Guarantor;

      (d) obligations (contingent or otherwise) of the Company or any Subsidiary
existing or arising under any Swap Contract, provided that (i) such obligations
are (or were) entered into by such Person in the ordinary course of business for
the purpose of directly mitigating risks associated with liabilities,
commitments, investments, assets, or property held or reasonably anticipated by
such Person, or changes in the value of securities issued by such Person, and
not for purposes of speculation or taking a "market view;" and (ii) such Swap
Contract does not contain any provision exonerating the non-defaulting party
from its obligation to make payments on outstanding transactions to the
defaulting party;

      (e) intercompany Indebtedness permitted under Section 7.02;

      (f) if an Enhanced Performance Noncompliance Date has occurred and an
Enhanced Performance Restoration Date has not yet occurred with respect to such
Enhanced Performance Noncompliance Date, other Indebtedness not otherwise
permitted under this Section 7.03 in an aggregate amount not to exceed
$30,000,000 incurred from such Enhanced Performance Noncompliance Date until
occurrence of an Enhanced Performance Restoration Date, provided, that, no
Default or Event of Default shall have occurred and be continuing at the date of
the incurrence or assumption of any such Indebtedness; and

      (g) if the Enhanced Performance Condition is satisfied, other Indebtedness
not otherwise permitted under this Section 7.03; provided, that each of the
following conditions are satisfied:

            (i) no Default or Event of Default shall have occurred and be
      continuing at the date of the incurrence or assumption of such
      Indebtedness;

            (ii) in the case of the incurrence or assumption of Indebtedness
      having a principal amount in excess of $50,000,000, the Company shall have
      delivered to the Administrative Agent on or prior to the date of such
      incurrence or assumption (A) financial statements prepared on a pro forma
      basis (consistent with Section 1.03(c) if applicable) giving effect to
      such Indebtedness for the period of four consecutive fiscal quarters
      ending with the fiscal quarter then last ended for which financial
      statements have been delivered pursuant to Section 6.01 and (B) a
      certificate of a Responsible Officer prepared on a pro forma basis
      (consistent with Section 1.03(c) if applicable) giving effect to such
      Indebtedness demonstrating compliance with Enhanced Performance Condition.

            7.04 FUNDAMENTAL CHANGES. Merge, dissolve, liquidate, consolidate
with or into another Person, or Dispose of (whether in one transaction or in a
series of transactions) all or

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substantially all of its assets (whether now owned or hereafter acquired) to or
in favor of any Person, or agree to or effect any Acquisition, except that, so
long as no Default exists or would result therefrom:

      (a) any Subsidiary may liquidate or dissolve voluntarily into, and merge
with and into (i) the Company, provided that the Company shall be the continuing
or surviving Person, or (ii) any one or more other Subsidiaries, provided that
(x) when any Designated Borrower is liquidating or dissolving into, or merging
with and into, another Subsidiary, a Designated Borrower shall be the continuing
or surviving Person and (y) when any Subsidiary Guarantor is liquidating or
dissolving into, or merging with and into, another Subsidiary, a Subsidiary
Guarantor shall be the continuing or surviving Person;

      (b) any Subsidiary (other than any Designated Borrower) may Dispose of all
or substantially all of its assets (upon voluntary liquidation or otherwise) to
the Company or to another Subsidiary; provided that if the transferor in such a
transaction is a Subsidiary Guarantor, then the transferee must either be the
Company or a Subsidiary Guarantor; and

      (c) the Company or any Subsidiary may consummate any Permitted
Acquisition.

            7.05 DISPOSITIONS. Make any Disposition or enter into any agreement
to make any Disposition, except:

      (a) Dispositions of unused, obsolete or worn out property, whether now
owned or hereafter acquired, in the ordinary course of business;

      (b) Dispositions of inventory in the ordinary course of business;

      (c) Dispositions of equipment or real property to the extent that (i) such
property is exchanged for credit against the purchase price of similar
replacement property or (ii) the proceeds of such Disposition are reasonably
promptly applied to the purchase price of such replacement property;

      (d) Dispositions of property by any Subsidiary to the Company or to a
wholly-owned Subsidiary; provided that if the transferor of such property is a
Subsidiary Guarantor, the transferee thereof must be an entity in which such
Subsidiary Guarantor may make an Investment pursuant to Section 7.02(d), (e) or
(i), such Dispositions shall be treated as Investments under such section and
such Investments must be permitted thereunder;

      (e) Dispositions of accounts receivable in connection with the collection
or compromise of such accounts receivable in the ordinary course of business;

      (f) Dispositions permitted by Section 7.04;

      (g) non-exclusive licenses of IP Rights in the ordinary course of business
and substantially consistent with past practice for terms not exceeding five
years;

      (h) Dispositions constituting a swap/exchange of assets for similar assets
(although not necessarily serving the same geographical area), provided that (i)
the net book value of the

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assets so Disposed in any transaction or series of related transactions does not
exceed $50,000,000 over the term of this Agreement and (ii) any cash paid (or
Indebtedness assumed) by the Company or any of its Subsidiaries in connection
with such swap/exchange shall reduce dollar-for-dollar the amount set forth in
clause (i)(ii) below; and

      (i) Dispositions by the Company and its Subsidiaries not otherwise
permitted under this Section 7.05; provided, that (i) the consideration received
by the Company or applicable Subsidiary consists of at least 75% cash and (ii)
the net book value of the assets to be Disposed, together with the net book
value of all other assets Disposed of pursuant to this clause (i), does not
exceed $50,000,000 over the term of this Agreement;

provided, however, that any Disposition pursuant to clauses (a) through (i)
shall be for fair market value.

            7.06 RESTRICTED PAYMENTS. Declare or make, directly or indirectly,
any Restricted Payment, or incur any obligation (contingent or otherwise) to do
so, except that, so long as no Default shall have occurred and be continuing at
the time of any action described below or would result therefrom:

      (a) each Subsidiary may make Restricted Payments to the Company, the
Subsidiary Guarantors and any other Person that owns an Equity Interest in such
Subsidiary, ratably according to their respective holdings of the type of Equity
Interest in respect of which such Restricted Payment is being made;

      (b) the Company and each Subsidiary may declare and make dividend payments
or other distributions payable solely in the common stock or other common Equity
Interests of such Person;

      (c) the Company and each Subsidiary may purchase, redeem or otherwise
acquire Equity Interests issued by it with the proceeds received from the
substantially concurrent issue of new shares of its common stock or other common
Equity Interests;

      (d) if an Enhanced Performance Noncompliance Date has occurred and an
Enhanced Performance Restoration Date has not yet occurred with respect to such
Enhanced Performance Noncompliance Date, the Company and each Subsidiary may
declare, pay and make other Restructed Payments consisting of dividends,
repurchases or redemptions with respect to the Company's Equity Interests not
otherwise permitted under this Section 7.06 in an aggregate amount not to exceed
$30,000,000 incurred from such Enhanced Performance Noncompliance Date until
occurrence of an Enhanced Performance Restoration Date, provided, that, no
Default or Event of Default shall have occurred and be continuing at the date of
the declaration or payment thereof; and

      (e) if the Enhanced Performance Condition is satisfied, the Company and
each Subsidiary may declare, pay and make Restricted Payments consisting of
dividends, repurchases or redemptions with respect to the Company's Equity
Interests not otherwise permitted by this Section 7.06; provided, that each of
the following conditions are satisfied:

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            (i) no Default or Event of Default shall have occurred and be
      continuing at the date of declaration or payment thereof; and

            (ii) if, after giving effect to any proposed Restricted Payment, the
      Company and its Subsidiaries shall have made more than $50,000,000 in the
      aggregate in Restricted Payments during the period beginning 90 calendar
      days before the date of such proposed Restricted Payment and ending on the
      date of such proposed Restricted Payment, the Company shall have delivered
      to the Administrative Agent on or prior to the date of such Restricted
      Payment (A) financial statements prepared on a pro forma basis giving
      effect to such Restricted Payment for the period of four consecutive
      fiscal quarters ending with the fiscal quarter then last ended for which
      financial statements have been delivered pursuant to Section 6.01 and (B)
      a certificate of a Responsible Officer prepared on a pro forma basis
      giving effect to such Restricted Payment demonstrating compliance with the
      Enhanced Performance Condition.

            7.07 CHANGE IN NATURE OF BUSINESS. Engage in any material line of
business substantially different from those lines of business conducted by the
Company and its Subsidiaries on the date hereof or any business substantially
related or incidental thereto.

            7.08 TRANSACTIONS WITH AFFILIATES. Enter into any transaction of any
kind with any Affiliate of the Company, whether or not in the ordinary course of
business, other than on fair and reasonable terms substantially as favorable to
the Company or such Subsidiary as would be obtainable by the Company or such
Subsidiary at the time in a comparable arm's length transaction with a Person
other than an Affiliate; provided, that the foregoing restrictions shall not
apply to transactions between or among the Company and its Subsidiaries which
are expressly permitted under the other sections of this Article VII.

            7.09 BURDENSOME AGREEMENTS. Enter into any Contractual Obligation
(other than this Agreement or any other Loan Document) that (a) limits the
ability (i) of any Subsidiary to make Restricted Payments to the Company or any
Loan Party or to otherwise transfer property to the Company or any Loan Party,
(ii) of any Subsidiary to Guarantee the Indebtedness of the Company or (iii) of
the Company or any Subsidiary to create, incur, assume or suffer to exist Liens
on property of such Person; provided, however, that this clause (iii) shall not
prohibit any negative pledge incurred or provided in favor of any holder of
Indebtedness in respect of capital leases and purchase money obligations for
fixed or capital assets solely to the extent any such negative pledge relates to
the property financed by or the subject of such Indebtedness and such
transactions are otherwise permitted under Sections 7.01 and 7.03; or (b)
requires the grant of a Lien to secure an obligation of such Person if a Lien is
granted to secure another obligation of such Person.

            7.10 USE OF PROCEEDS. Use the proceeds of any Credit Extension,
whether directly or indirectly, and whether immediately, incidentally or
ultimately, to (i) other than to the extent permitted under Section 7.06 with
respect to repurchases of Equity Interests of the Company, purchase or carry
margin stock (within the meaning of Regulation U of the FRB) or to extend credit
to others for the purpose of purchasing or carrying margin stock or to refund
indebtedness originally incurred for such purpose or (ii) solely with respect to
the Initial Designated Borrower, to refinance any Indebtedness incurred or
assumed by the Initial

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Designated Borrower to finance, directly or indirectly, the acquisition of
shares in the Initial Designated Borrower or any of its Subsidiaries.

            7.11 FINANCIAL COVENANTS.

      (a) CONSOLIDATED INTEREST COVERAGE RATIO. Permit the Consolidated Interest
Coverage Ratio as of the end of any fiscal quarter of the Company to be less
than 3.00 to 1.00

      (b) CONSOLIDATED LEVERAGE RATIO. Permit the Consolidated Leverage Ratio at
any time to be greater than 3.00 to 1.00.

                                  ARTICLE VIII.
                         EVENTS OF DEFAULT AND REMEDIES

            8.01 EVENTS OF DEFAULT. Any of the following shall constitute an
Event of Default:

      (a) Non-Payment. Any Borrower or any other Loan Party fails to pay (i)
when and as required to be paid herein, and in the currency required hereunder,
any amount of principal of any Loan or any L/C Obligation, or (ii) within three
days after the same becomes due, any interest on any Loan or on any L/C
Obligation, or any fee due hereunder, or (iii) within five days after the same
becomes due, any other amount payable hereunder or under any other Loan
Document; or

      (b) Specific Covenants. The Company fails to perform or observe any term,
covenant or agreement contained in any of Section 6.01, 6.02, 6.03, 6.05, 6.10,
6.11, or 6.13 or Article VII; or

      (c) Other Defaults. Any Loan Party fails to perform or observe any other
covenant or agreement (not specified in subsection (a) or (b) above) contained
in any Loan Document on its part to be performed or observed and such failure
continues for 30 days; or

      (d) Representations and Warranties. Any representation, warranty,
certification or statement of fact made or deemed made by or on behalf of the
Company or any other Loan Party herein, in any other Loan Document, or in any
document delivered in connection herewith or therewith shall be incorrect or
misleading when made or deemed made; or

      (e) Cross-Default. (i) The Company or any Subsidiary (A) fails to make any
payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee
(other than Indebtedness hereunder and Indebtedness under Swap Contracts) having
an aggregate principal amount (including undrawn committed or available amounts
and including amounts owing to all creditors under any combined or syndicated
credit arrangement) of more than the Threshold Amount, or (B) fails to observe
or perform any other agreement or condition relating to any such Indebtedness or
Guarantee or contained in any instrument or agreement evidencing, securing or
relating thereto, or any other event occurs, the effect of which default or
other event is to cause, or to permit the holder or holders of such Indebtedness
or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on
behalf of such holder or holders or beneficiary or beneficiaries) to cause, with

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the giving of notice if required, such Indebtedness to be demanded or to become
due or to be repurchased, prepaid, defeased or redeemed (automatically or
otherwise), or an offer to repurchase, prepay, defease or redeem such
Indebtedness to be made, prior to its stated maturity, or such Guarantee to
become payable or cash collateral in respect thereof to be demanded; or (ii)
there occurs under any Swap Contract an Early Termination Date (as defined in
such Swap Contract) resulting from (A) any event of default under such Swap
Contract as to which the Company or any Subsidiary is the Defaulting Party (as
defined in such Swap Contract) or (B) any Termination Event (as so defined)
under such Swap Contract as to which the Company or any Subsidiary is an
Affected Party (as so defined) and, in either event, the Swap Termination Value
owed by the Company or such Subsidiary as a result thereof is greater than the
Threshold Amount; or

      (f) Insolvency Proceedings, Etc. Any Loan Party or any Material Subsidiary
institutes or consents to the institution of any proceeding under any Debtor
Relief Law, or makes an assignment for the benefit of creditors; or applies for
or consents to the appointment of any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer for it or for all or any material
part of its property; or any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer is appointed without the
application or consent of such Person and the appointment continues undischarged
or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law
relating to any such Person or to all or any material part of its property is
instituted without the consent of such Person and continues undismissed or
unstayed for 60 calendar days, or an order for relief is entered in any such
proceeding; or

      (g) Inability to Pay Debts; Attachment. (i) The Company or any Subsidiary
becomes unable or admits in writing its inability or fails generally to pay its
debts as they become due, or (ii) any writ or warrant of attachment or execution
or similar process is issued or levied against all or any material part of the
property of any such Person and is not released, vacated or fully bonded within
30 days after its issue or levy; or

      (h) Judgments. There is entered against the Company or any Subsidiary (i)
a final judgment or order for the payment of money in an aggregate amount
exceeding the Threshold Amount (to the extent not covered by independent
third-party insurance as to which the insurer does not dispute coverage), or
(ii) any one or more non-monetary final judgments that have, or could reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect
and, in either case, (A) enforcement proceedings are commenced by any creditor
upon such judgment or order, or (B) there is a period of 30 consecutive days
during which a stay of enforcement of such judgment, by reason of a pending
appeal or otherwise, is not in effect; or

      (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or
Multiemployer Plan which has resulted or could reasonably be expected to result
in liability of the Company under Title IV of ERISA to the Pension Plan,
Multiemployer Plan or the PBGC in an aggregate amount in excess of $2,500,000,
or (ii) the Company or any ERISA Affiliate fails to pay when due, after the
expiration of any applicable grace period, any installment payment with respect
to its withdrawal liability under Section 4201 of ERISA under a Multiemployer
Plan in an aggregate amount in excess of $2,500,000; or

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      (j) Invalidity of Loan Documents. Any provision of any Loan Document, at
any time after its execution and delivery and for any reason other than as
expressly permitted hereunder or satisfaction in full of all the Obligations,
ceases to be in full force and effect; or any Loan Party or any other Person
contests in any manner the validity or enforceability of any provision of any
Loan Document; or any Loan Party denies that it has any or further liability or
obligation under any Loan Document, or purports to revoke, terminate or rescind
any provision of any Loan Document;

      (k) Change of Control. There occurs any Change of Control; or

      (l) Regulatory Action. Any Governmental Authority shall take any action
with respect to the Company or any of its Subsidiaries (including any action
that would cause any license, permit, consent or other authorization to cease to
be in full force and effect or to be held to be illegal or invalid and including
any action (including the commencement of an action or proceeding) that results
or may result in the revocation, termination, withdrawal, suspension or
substantial and adverse modification of any such license, permit, consent or
other authorization) which would have a Material Adverse Effect, unless such
action is set aside, dismissed or withdrawn within 60 days of its institution or
such action is being contested in good faith and its effect is stayed during
such contest.

            8.02 REMEDIES UPON EVENT OF DEFAULT. If any Event of Default occurs
and is continuing, the Administrative Agent shall, at the request of, or may,
with the consent of, the Required Lenders, take any or all of the following
actions:

      (a) declare the Commitment of each Lender to make Loans and any obligation
of each L/C Issuer to make L/C Credit Extensions to be terminated, whereupon
such Commitments and obligation shall be terminated;

      (b) declare the unpaid principal amount of all outstanding Loans, all
interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable,
without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived by the Borrowers;

      (c) require that the Company Cash Collateralize the L/C Obligations (in an
amount equal to the then Outstanding Amount thereof); and

      (d) exercise on behalf of itself and the Lenders all rights and remedies
available to it and the Lenders under the Loan Documents;

provided, however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to any Borrower under the Bankruptcy Code of the
United States, the obligation of each Lender to make Loans and any obligation of
each L/C Issuer to make L/C Credit Extensions shall automatically terminate, the
unpaid principal amount of all outstanding Loans and all interest and other
amounts as aforesaid shall automatically become due and payable, and the
obligation of the Company to Cash Collateralize the L/C Obligations as aforesaid
shall automatically become effective, in each case without further act of the
Administrative Agent or any Lender.

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            8.03 APPLICATION OF FUNDS. After the exercise of remedies provided
for in Section 8.02 (or after the Loans have automatically become immediately
due and payable and the L/C Obligations have automatically been required to be
Cash Collateralized as set forth in the proviso to Section 8.02), any amounts
received on account of the Obligations shall be applied by the Administrative
Agent in the following order:

      First, to payment of that portion of the Obligations constituting fees,
indemnities, expenses and other amounts (including reasonable fees, charges and
disbursements of counsel to the Administrative Agent and amounts payable under
Article III) payable to the Administrative Agent in its capacity as such;

      Second, to payment of that portion of the Obligations constituting fees,
indemnities and other amounts (other than principal, interest, Letter of Credit
Fees and amounts owing under Guaranteed Swap Contracts) payable to the Lenders
and the L/C Issuers (including fees, charges and disbursements of counsel to the
respective Lenders and the L/C Issuers (including fees and time charges for
attorneys who may be employees of any Lender or any L/C Issuer) and amounts
payable under Article III), ratably among them in proportion to the respective
amounts described in this clause Second payable to them;

      Third, to payment of that portion of the Obligations constituting accrued
and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings and
other Obligations, ratably among the Lenders and the L/C Issuers in proportion
to the respective amounts described in this clause Third payable to them;

      Fourth, to payment of (i) that portion of the Obligations constituting
unpaid principal of the Loans and L/C Borrowings and (ii) that portion of the
Obligations constituting amounts owing under Guaranteed Swap Contracts, ratably
among the Lenders (and Affiliates thereof) and the L/C Issuers in proportion to
the respective amounts described in this clause Fourth held by them;

      Fifth, to the Administrative Agent for the account of the L/C Issuers, to
Cash Collateralize that portion of L/C Obligations comprised of the aggregate
undrawn amount of Letters of Credit in proportion to the respective amounts
described in this clause Fifth held by the L/C Issuers; and

      Last, the balance, if any, after all of the Obligations have been
indefeasibly paid in full, to the Company or as otherwise required by Law.

Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate
undrawn amount of Letters of Credit pursuant to clause Fifth above shall be
applied to satisfy drawings under such Letters of Credit as they occur. If any
amount remains on deposit as Cash Collateral after all Letters of Credit have
either been fully drawn or expired, such remaining amount shall be applied to
the other Obligations, if any, in the order set forth above.

                                   ARTICLE IX.
                              ADMINISTRATIVE AGENT

            9.01 APPOINTMENT AND AUTHORITY.

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      Each of the Lenders and the L/C Issuers hereby irrevocably appoints Bank
of America to act on its behalf as the Administrative Agent hereunder and under
the other Loan Documents and authorizes the Administrative Agent to take such
actions on its behalf and to exercise such powers as are delegated to the
Administrative Agent by the terms hereof or thereof, together with such actions
and powers as are reasonably incidental thereto. The provisions of this Article
are solely for the benefit of the Administrative Agent, the Lenders and the L/C
Issuers, and no Borrower shall have rights as a third party beneficiary of any
of such provisions.

            9.02 RIGHTS AS A LENDER. The Person serving as the Administrative
Agent hereunder shall have the same rights and powers in its capacity as a
Lender as any other Lender and may exercise the same as though it were not the
Administrative Agent and the term "Lender" or "Lenders" shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person
serving as the Administrative Agent hereunder in its individual capacity. Such
Person and its Affiliates may accept deposits from, lend money to, act as the
financial advisor or in any other advisory capacity for and generally engage in
any kind of business with the Borrowers or any Subsidiary or other Affiliate
thereof as if such Person were not the Administrative Agent hereunder and
without any duty to account therefor to the Lenders.

            9.03 EXCULPATORY PROVISIONS. The Administrative Agent shall not have
any duties or obligations except those expressly set forth herein and in the
other Loan Documents. Without limiting the generality of the foregoing, the
Administrative Agent:

            (a) shall not be subject to any fiduciary or other implied duties,
      regardless of whether a Default has occurred and is continuing;

            (b) shall not have any duty to take any discretionary action or
      exercise any discretionary powers, except discretionary rights and powers
      expressly contemplated hereby or by the other Loan Documents that the
      Administrative Agent is required to exercise as directed in writing by the
      Required Lenders (or such other number or percentage of the Lenders as
      shall be expressly provided for herein or in the other Loan Documents),
      provided that the Administrative Agent shall not be required to take any
      action that, in its opinion or the opinion of its counsel, may expose the
      Administrative Agent to liability or that is contrary to any Loan Document
      or applicable law; and

            (c) shall not, except as expressly set forth herein and in the other
      Loan Documents, have any duty to disclose, and shall not be liable for the
      failure to disclose, any information relating to any of the Borrowers or
      any of their respective Affiliates that is communicated to or obtained by
      the Person serving as the Administrative Agent or any of its Affiliates in
      any capacity.

      The Administrative Agent shall not be liable for any action taken or not
taken by it (i) with the consent or at the request of the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary, or as the
Administrative Agent shall believe in good faith shall be necessary, under the
circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of
its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until notice
describing such Default is given to the Administrative Agent by the Company, a
Lender or an L/C Issuer.

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      The Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in
or in connection with this Agreement or any other Loan Document, (ii) the
contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set
forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan
Document or any other agreement, instrument or document or (v) the satisfaction
of any condition set forth in Article IV or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the
Administrative Agent.

            9.04 RELIANCE BY ADMINISTRATIVE AGENT.

      The Administrative Agent shall be entitled to rely upon, and shall not
incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) believed by
it to be genuine and to have been signed, sent or otherwise authenticated by the
proper Person. The Administrative Agent also may rely upon any statement made to
it orally or by telephone and believed by it to have been made by the proper
Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, or the issuance
of a Letter of Credit, that by its terms must be fulfilled to the satisfaction
of a Lender or an L/C Issuer, the Administrative Agent may presume that such
condition is satisfactory to such Lender or such L/C Issuer unless the
Administrative Agent shall have received notice to the contrary from such Lender
or such L/C Issuer prior to the making of such Loan or the issuance of such
Letter of Credit. The Administrative Agent may consult with legal counsel (who
may be counsel for the Company), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it
in accordance with the advice of any such counsel, accountants or experts.

            9.05 DELEGATION OF DUTIES. The Administrative Agent may perform any
and all of its duties and exercise its rights and powers hereunder or under any
other Loan Document by or through any one or more sub agents appointed by the
Administrative Agent. The Administrative Agent and any such sub agent may
perform any and all of its duties and exercise its rights and powers by or
through their respective Related Parties. The exculpatory provisions of this
Article shall apply to any such sub agent and to the Related Parties of the
Administrative Agent and any such sub agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided
for herein as well as activities as Administrative Agent.

            9.06 RESIGNATION OF ADMINISTRATIVE AGENT. The Administrative Agent
may at any time give notice of its resignation to the Lenders, the L/C Issuers
and the Company. Upon receipt of any such notice of resignation, the Required
Lenders shall have the right, in consultation with the Company, to appoint a
successor, which shall be a bank with an office in the United States, or an
Affiliate of any such bank with an office in the United States. If no such
successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days after the retiring Administrative Agent
gives notice of its resignation, then the retiring Administrative Agent may on
behalf of the Lenders and the L/C

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Issuers, appoint a successor Administrative Agent meeting the qualifications set
forth above; provided that if the Administrative Agent shall notify the Company
and the Lenders that no qualifying Person has accepted such appointment, then
such resignation shall nonetheless become effective in accordance with such
notice and (1) the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder and under the other Loan Documents (except that
in the case of any collateral security held by the Administrative Agent on
behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the
retiring Administrative Agent shall continue to hold such collateral security
until such time as a successor Administrative Agent is appointed) and (2) all
payments, communications and determinations provided to be made by, to or
through the Administrative Agent shall instead be made by or to each Lender and
each L/C Issuer directly, until such time as the Required Lenders appoint a
successor Administrative Agent as provided for above in this Section. Upon the
acceptance of a successor's appointment as Administrative Agent hereunder, such
successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring (or retired) Administrative Agent, and the
retiring Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already
discharged therefrom as provided above in this Section). The fees payable by the
Company to a successor Administrative Agent shall be the same as those payable
to its predecessor unless otherwise agreed between the Company and such
successor. After the retiring Administrative Agent's resignation hereunder and
under the other Loan Documents, the provisions of this Article and Section 10.04
shall continue in effect for the benefit of such retiring Administrative Agent,
its sub agents and their respective Related Parties in respect of any actions
taken or omitted to be taken by any of them while the retiring Administrative
Agent was acting as Administrative Agent.

      Any resignation by Bank of America as Administrative Agent pursuant to
this Section shall also constitute its resignation as an L/C Issuer and Swing
Line Lender. Upon the acceptance of a successor's appointment as Administrative
Agent hereunder, (a) such successor shall succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring L/C Issuer and
Swing Line Lender, (b) the retiring L/C Issuer and Swing Line Lender shall be
discharged from all of their respective duties and obligations hereunder or
under the other Loan Documents, and (c) the successor L/C Issuer shall issue
letters of credit in substitution for the Letters of Credit, if any, outstanding
at the time of such succession or make other arrangements satisfactory to the
retiring L/C Issuer to effectively assume the obligations of the retiring L/C
Issuer with respect to such Letters of Credit.

            9.07 NON-RELIANCE ON ADMINISTRATIVE AGENT AND OTHER LENDERS. Each
Lender and each L/C Issuer acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender or any of their
Related Parties and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this
Agreement. Each Lender and each L/C Issuer also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other
Lender or any of their Related Parties and based on such documents and
information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or based upon this Agreement,
any other Loan Document or any related agreement or any document furnished
hereunder or thereunder.

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            9.08 NO OTHER DUTIES, ETC. Anything herein to the contrary
notwithstanding, none of the Sole Lead Bookrunner, the Arranger, the Syndication
Agent or any of the Co-Documentation Agents listed on the cover page hereof
shall have any powers, duties or responsibilities under this Agreement or any of
the other Loan Documents, except in its capacity, as applicable, as the
Administrative Agent, a Lender or an L/C Issuer hereunder.

            9.09 ADMINISTRATIVE AGENT MAY FILE PROOFS OF CLAIM. In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to any Loan Party, the Administrative Agent (irrespective of
whether the principal of any Loan or L/C Obligation shall then be due and
payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on any Borrower)
shall be entitled and empowered, by intervention in such proceeding or otherwise

            (a) to file and prove a claim for the whole amount of the principal
      and interest owing and unpaid in respect of the Loans, L/C Obligations and
      all other Obligations that are owing and unpaid and to file such other
      documents as may be necessary or advisable in order to have the claims of
      the Lenders, the L/C Issuers and the Administrative Agent (including any
      claim for the reasonable compensation, expenses, disbursements and
      advances of the Lenders, the L/C Issuers and the Administrative Agent and
      their respective agents and counsel and all other amounts due the Lenders,
      the L/C Issuers and the Administrative Agent under Sections 2.03(i) and
      (j), 2.09 and 10.04) allowed in such judicial proceeding; and

            (b) to collect and receive any monies or other property payable or
      deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Lender and each L/C Issuer to make such payments to the Administrative
Agent and, in the event that the Administrative Agent shall consent to the
making of such payments directly to the Lenders and the L/C Issuers, to pay to
the Administrative Agent any amount due for the reasonable compensation,
expenses, disbursements and advances of the Administrative Agent and its agents
and counsel, and any other amounts due the Administrative Agent under Sections
2.09 and 10.04.

      Nothing contained herein shall be deemed to authorize the Administrative
Agent to authorize or consent to or accept or adopt on behalf of any Lender or
any L/C Issuer any plan of reorganization, arrangement, adjustment or
composition affecting the Obligations or the rights of any Lender or to
authorize the Administrative Agent to vote in respect of the claim of any Lender
in any such proceeding.

            9.10 GUARANTY MATTERS. The Lenders and the L/C Issuers irrevocably
authorize the Administrative Agent, to release any Subsidiary Guarantor from its
obligations under the Subsidiary Guaranty if such Person ceases to be a
Subsidiary as a result of a transaction permitted hereunder.

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      Upon request by the Administrative Agent at any time, the Required Lenders
will confirm in writing the Administrative Agent's authority to release any
Subsidiary Guarantor from its obligations under a Guaranty pursuant to this
Section 9.10.

                                   ARTICLE X.
                                  MISCELLANEOUS

            10.01 AMENDMENTS, ETC. No amendment or waiver of any provision of
this Agreement or any other Loan Document, and no consent to any departure by
the Company or any other Loan Party therefrom, shall be effective unless in
writing signed by the Required Lenders and the Company or the applicable Loan
Party, as the case may be, and acknowledged by the Administrative Agent, and
each such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given; provided, however, that no such
amendment, waiver or consent shall:

      (a) waive any condition set forth in Section 4.01(a) without the written
consent of each Lender;

      (b) extend or increase the Commitment of any Lender (or reinstate any
Commitment terminated pursuant to Section 8.02) without the written consent of
such Lender;

      (c) postpone any date fixed by this Agreement or any other Loan Document
for any payment (excluding mandatory prepayments) of principal, interest,
Unreimbursed Amount, fees or other amounts due to the Lenders (or any of them)
hereunder or under any other Loan Document without the written consent of each
Lender directly affected thereby;

      (d) reduce the principal of, or the rate of interest specified herein on,
any Loan or L/C Borrowing, or (subject to clause (v) of the second proviso to
this Section 10.01) any fees or other amounts payable hereunder or under any
other Loan Document without the written consent of each Lender directly affected
thereby; provided, however, that only the consent of the Required Lenders shall
be necessary to amend the definition of "Default Rate" or to waive any
obligation of any Borrower to pay interest or Letter of Credit Fees at the
Default Rate;

      (e) change Section 2.12, 2.13 or Section 8.03 in a manner that would alter
the pro rata sharing of payments required thereby without the written consent of
each Lender;

      (f) amend Section 1.05 or Section 1.06 or the definition of "Alternative
Currency" without the written consent of each Lender;

      (g) change the definition of "Applicable Percentage" or any provision
requiring the making of Loans or funding of L/C Borrowings or Swing Line
participations based on Applicable Percentages, without the consent of each
Lender;

      (h) change any provision of this Section or the definition of "Required
Lenders" or any other provision hereof specifying the number or percentage of
Lenders required to amend, waive or otherwise modify any rights hereunder or
make any determination or grant any consent hereunder or any provision of this
Agreement requiring the consent or approval of a number of Lenders without the
written consent of each Lender; or

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      (i) release the Company from the Company Guaranty or all or substantially
all of the value of the Subsidiary Guaranty or any other Guaranty (other than
the Company Guaranty) without the written consent of each Lender;

and, provided further, that (i) no amendment, waiver or consent shall, unless in
writing and signed by the L/C Issuers in addition to the Lenders required above,
affect the rights or duties of the L/C Issuers under this Agreement or any
Issuer Document relating to any Letter of Credit issued or to be issued by it;
(ii) no amendment, waiver or consent shall, unless in writing and signed by the
Swing Line Lender in addition to the Lenders required above, affect the rights
or duties of the Swing Line Lender under this Agreement; (iii) no amendment,
waiver or consent shall, unless in writing and signed by the Administrative
Agent in addition to the Lenders required above, affect the rights or duties of
the Administrative Agent under this Agreement or any other Loan Document; (iv)
Section 10.06(h) may not be amended, waived or otherwise modified without the
consent of each Granting Lender all or any part of whose Loans are being funded
by an SPC at the time of such amendment, waiver or other modification; and (v)
the Fee Letter may be amended, or rights or privileges thereunder waived, in a
writing executed only by the parties thereto. Notwithstanding anything to the
contrary herein, no Defaulting Lender shall have any right to approve or
disapprove any amendment, waiver or consent hereunder, except that the
Commitment of such Lender may not be increased or extended without the consent
of such Lender.

            10.02 NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION.

      (a) Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as
provided in subsection (b) below), all notices and other communications provided
for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopier as
follows, and all notices and other communications expressly permitted hereunder
to be given by telephone shall be made to the applicable telephone number, as
follows:

            (i) if to the Borrowers, the Administrative Agent, the L/C Issuers
      or the Swing Line Lender, to the address, telecopier number, electronic
      mail address or telephone number specified for such Person on Schedule
      10.02; and

            (ii) if to any other Lender, to the address, telecopier number,
      electronic mail address or telephone number specified in its
      Administrative Questionnaire.

Notices sent by hand or overnight courier service, or mailed by certified or
registered mail, shall be deemed to have been given when received; notices sent
by telecopier shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have
been given at the opening of business on the next business day for the
recipient). Notices delivered through electronic communications to the extent
provided in subsection (b) below, shall be effective as provided in such
subsection (b).

      (b) Electronic Communications. Notices and other communications to the
Lenders and the L/C Issuers hereunder may be delivered or furnished by
electronic communication (including e mail and Internet or intranet websites)
pursuant to procedures approved by the

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Administrative Agent, provided that the foregoing shall not apply to notices to
any Lender or the L/C Issuer pursuant to Article II if such Lender or such L/C
Issuer, as applicable, has notified the Administrative Agent that it is
incapable of receiving notices under such Article by electronic communication.
The Administrative Agent or the Company may, in its discretion, agree to accept
notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures
may be limited to particular notices or communications.

      Unless the Administrative Agent otherwise prescribes, (i) notices and
other communications sent to an e-mail address shall be deemed received upon the
sender's receipt of an acknowledgement from the intended recipient (such as by
the "return receipt requested" function, as available, return e-mail or other
written acknowledgement), provided that if such notice or other communication is
not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on
the next business day for the recipient, and (ii) notices or communications
posted to an Internet or intranet website shall be deemed received upon the
deemed receipt by the intended recipient at its e-mail address as described in
the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

      (c) The Platform. THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE
AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF
THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF
ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING 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 ANY AGENT
PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event
shall the Administrative Agent or any of its Related Parties (collectively, the
"Agent Parties") have any liability to any Borrower, any Lender, any L/C Issuer
or any other Person for losses, claims, damages, liabilities or expenses of any
kind (whether in tort, contract or otherwise) arising out of any Borrower's or
the Administrative Agent's transmission of Borrower Materials through the
Internet, except to the extent that such losses, claims, damages, liabilities or
expenses are determined by a court of competent jurisdiction by a final and
nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Agent Party; provided, however, that in no event shall any
Agent Party have any liability to any Borrower, any Lender, any L/C Issuer or
any other Person for indirect, special, incidental, consequential or punitive
damages (as opposed to direct or actual damages).

      (d) Change of Address, Etc. Each of the Borrowers, the Administrative
Agent, the L/C Issuers and the Swing Line Lender may change its address,
telecopier or telephone number for notices and other communications hereunder by
notice to the other parties hereto. Each other Lender may change its address,
telecopier or telephone number for notices and other communications hereunder by
notice to the Company, the Administrative Agent, the L/C Issuers and the Swing
Line Lender. In addition, each Lender agrees to notify the Administrative Agent
from time to time to ensure that the Administrative Agent has on record (i) an
effective address,

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contact name, telephone number, telecopier number and electronic mail address to
which notices and other communications may be sent and (ii) accurate wire
instructions for such Lender.

      (e) Reliance by Administrative Agent, L/C Issuers and Lenders. The
Administrative Agent, the L/C Issuers and the Lenders shall be entitled to rely
and act upon any notices (including telephonic Committed Loan Notices and Swing
Line Loan Notices) purportedly given by or on behalf of any Borrower even if (i)
such notices were not made in a manner specified herein, were incomplete or were
not preceded or followed by any other form of notice specified herein, or (ii)
the terms thereof, as understood by the recipient, varied from any confirmation
thereof. The Company shall indemnify the Administrative Agent, the L/C Issuers,
each Lender and the Related Parties of each of them from all losses, costs,
expenses and liabilities resulting from the reliance by such Person on each
notice purportedly given by or on behalf of any Borrower. All telephonic notices
to and other telephonic communications with the Administrative Agent may be
recorded by the Administrative Agent, and each of the parties hereto hereby
consents to such recording.

            10.03 NO WAIVER; CUMULATIVE REMEDIES. No failure by any Lender or
the Administrative Agent to exercise, and no delay by any such Person in
exercising, any right, remedy, power or privilege hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges herein provided are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.

            10.04 EXPENSES; INDEMNITY; DAMAGE WAIVER.

      (a) Costs and Expenses. The Company shall pay (i) all reasonable out of
pocket expenses incurred by the Administrative Agent and its Affiliates
(including the reasonable fees, charges and disbursements of counsel for the
Administrative Agent), in connection with the syndication of the credit
facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Loan Documents or
any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be
consummated), (ii) all reasonable out of pocket expenses incurred by any L/C
Issuer in connection with the issuance, amendment, renewal or extension of any
Letter of Credit or any demand for payment thereunder and (iii) all out of
pocket expenses incurred by the Administrative Agent, any Lender or any L/C
Issuer (including the reasonable fees, charges and disbursements of any counsel
for the Administrative Agent, any Lender or any L/C Issuer), and shall pay all
reasonable fees and time charges for attorneys who may be employees of the
Administrative Agent, any Lender or any L/C Issuer, in connection with the
enforcement or protection of its rights (A) in connection with this Agreement
and the other Loan Documents, including its rights under this Section, or (B) in
connection with the Loans made or Letters of Credit issued hereunder, including
all such out of pocket expenses incurred during any workout, restructuring or
negotiations in respect of such Loans or Letters of Credit.

      (b) Indemnification by the Company. The Company shall indemnify the
Administrative Agent (and any sub-agent thereof), each Lender and each L/C
Issuer, and each

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Related Party of any of the foregoing Persons (each such Person being called an
"Indemnitee") against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses (including the
reasonable fees, charges and disbursements of any counsel for any Indemnitee),
and shall indemnify and hold harmless each Indemnitee from all reasonable fees
and time charges and disbursements for attorneys who may be employees of any
Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any
third party or by any Borrower or any other Loan Party arising out of, in
connection with, or as a result of (i) the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the performance by the parties hereto of their respective
obligations hereunder or thereunder, the consummation of the transactions
contemplated hereby or thereby, or, in the case of the Administrative Agent (and
any sub-agent thereof) and its Related Parties only, the administration of this
Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit or the
use or proposed use of the proceeds therefrom (including any refusal by any L/C
Issuer to honor a demand for payment under a Letter of Credit issued by such L/C
Issuer if the documents presented in connection with such demand do not strictly
comply with the terms of such Letter of Credit), (iii) any actual or alleged
presence or release of Hazardous Materials on or from any property owned or
operated by any Borrower or any of its Subsidiaries, or any Environmental
Liability related in any way to any Borrower or any of its Subsidiaries, or (iv)
any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other
theory, whether brought by a third party or by the Company or any other Loan
Party, and regardless of whether any Indemnitee is a party thereto; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of
such Indemnitee or (y) result from a claim brought by the Company or any other
Loan Party against an Indemnitee for breach in bad faith of such Indemnitee's
obligations hereunder or under any other Loan Document, if the Company or such
other Loan Party has obtained a final and nonappealable judgment in its favor on
such claim as determined by a court of competent jurisdiction.

      (c) Reimbursement by Lenders. To the extent that the Company for any
reason fails to indefeasibly pay any amount required under subsection (a) or (b)
of this Section to be paid by it to the Administrative Agent (or any sub-agent
thereof), any L/C Issuer or any Related Party of any of the foregoing, each
Lender severally agrees to pay to the Administrative Agent (or any such
sub-agent), such L/C Issuer or such Related Party, as the case may be, such
Lender's Applicable Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount,
provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent (or any such sub-agent) or any L/C Issuer in
its capacity as such, or against any Related Party of any of the foregoing
acting for the Administrative Agent (or any such sub-agent) or such L/C Issuer
in connection with such capacity. The obligations of the Lenders under this
subsection (c) are subject to the provisions of Section 2.12(d).

      (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted
by applicable law, no Borrower shall assert, and hereby waives, any claim
against any Indemnitee,

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on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, any other Loan Document or any
agreement or instrument contemplated hereby, the transactions contemplated
hereby or thereby, any Loan or Letter of Credit or the use of the proceeds
thereof. No Indemnitee referred to in subsection (b) above shall be liable for
any damages arising from the use by unintended recipients of any information or
other materials distributed by it through telecommunications, electronic or
other information transmission systems in connection with this Agreement or the
other Loan Documents or the transactions contemplated hereby or thereby.

      (e) Payments. All amounts due under this Section shall be payable not
later than ten Business Days after demand therefor.

      (f) Survival. The agreements in this Section shall survive the resignation
of the Administrative Agent and any L/C Issuer, the replacement of any Lender,
the termination of the Aggregate Commitments and the repayment, satisfaction or
discharge of all the other Obligations.

            10.05 PAYMENTS SET ASIDE. To the extent that any payment by or on
behalf of any Borrower is made to the Administrative Agent, any L/C Issuer or
any Lender, or the Administrative Agent, any L/C Issuer or any Lender exercises
its right of setoff, and such payment or the proceeds of such setoff or any part
thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by the
Administrative Agent, such L/C Issuer or such Lender in its discretion) to be
repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of
such recovery, the obligation or part thereof originally intended to be
satisfied shall be revived and continued in full force and effect as if such
payment had not been made or such setoff had not occurred, and (b) each Lender
and each L/C Issuer severally agrees to pay to the Administrative Agent upon
demand its applicable share (without duplication) of any amount so recovered
from or repaid by the Administrative Agent, plus interest thereon from the date
of such demand to the date such payment is made at a rate per annum equal to the
applicable Overnight Rate from time to time in effect, in the applicable
currency of such recovery or payment. The obligations of the Lenders and the L/C
Issuers under clause (b) of the preceding sentence shall survive the payment in
full of the Obligations and the termination of this Agreement.

            10.06 SUCCESSORS AND ASSIGNS.

      (a) Successors and Assigns Generally. The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that no Borrower may
assign or otherwise transfer any of its rights or obligations hereunder without
the prior written consent of the Administrative Agent and each Lender and no
Lender may assign or otherwise transfer any of its rights or obligations
hereunder except (i) to an Eligible Assignee in accordance with the provisions
of subsection (b) of this Section, (ii) by way of participation in accordance
with the provisions of subsection (d) of this Section, (iii) by way of pledge or
assignment of a security interest subject to the restrictions of subsection (f)
of this Section, or (iv) to an SPC in accordance with the provisions of
subsection (h) of this Section (and any other attempted assignment or transfer
by any party

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hereto shall be null and void). Nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby, Participants to the
extent provided in subsection (d) of this Section and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent,
the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim
under or by reason of this Agreement.

      (b) Assignments by Lenders. Any Lender may at any time assign to one or
more Eligible Assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans
(including for purposes of this subsection (b), participations in L/C
Obligations and in Swing Line Loans) at the time owing to it); provided that

            (i) except in the case of an assignment of the entire remaining
      amount of the assigning Lender's Commitment and the Loans at the time
      owing to it or in the case of an assignment to a Lender or an Affiliate of
      a Lender or an Approved Fund with respect to a Lender, the aggregate
      amount of the Commitment (which for this purpose includes Loans
      outstanding thereunder) or, if the Commitment is not then in effect, the
      principal outstanding balance of the Loans of the assigning Lender subject
      to each such assignment, determined as of the date the Assignment and
      Assumption with respect to such assignment is delivered to the
      Administrative Agent or, if "Trade Date" is specified in the Assignment
      and Assumption, as of the Trade Date, shall not be less than $5,000,000
      unless each of the Administrative Agent and, so long as no Event of
      Default has occurred and is continuing, the Company otherwise consents
      (each such consent not to be unreasonably withheld or delayed); provided,
      however, that concurrent assignments to members of an Assignee Group and
      concurrent assignments from members of an Assignee Group to a single
      Eligible Assignee (or to an Eligible Assignee and members of its Assignee
      Group) will be treated as a single assignment for purposes of determining
      whether such minimum amount has been met;

            (ii) each partial assignment shall be made as an assignment of a
      proportionate part of all the assigning Lender's rights and obligations
      under this Agreement with respect to the Loans or the Commitment assigned,
      except that this clause (ii) shall not apply to rights in respect of Swing
      Line Loans;

            (iii) any assignment of a Commitment must be approved by the
      Administrative Agent, the L/C Issuers and the Swing Line Lender (each such
      approval not be be unreasonably withheld or delayed) unless the Person
      that is the proposed assignee is itself a Lender (whether or not the
      proposed assignee would otherwise qualify as an Eligible Assignee); and

            (iv) the parties to each assignment shall execute and deliver to the
      Administrative Agent an Assignment and Assumption, together with a
      processing and recordation fee in the amount, if any, required as set
      forth in Schedule 10.06, and the Eligible Assignee, if it shall not be a
      Lender, shall deliver to the Administrative Agent an Administrative
      Questionnaire.

                                       96
<PAGE>

Subject to acceptance and recording thereof by the Administrative Agent pursuant
to subsection (c) of this Section, from and after the effective date specified
in each Assignment and Assumption, the Eligible Assignee thereunder shall be a
party to this Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender's rights and obligations under
this Agreement, such Lender shall cease to be a party hereto) but shall continue
to be entitled to the benefits of Sections 3.01, 3.04, 3.05, and 10.04 with
respect to facts and circumstances occurring prior to the effective date of such
assignment. Upon request, each Borrower (at its expense) shall execute and
deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this
subsection shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with
subsection (d) of this Section.

      (c) Register. The Administrative Agent, acting solely for this purpose as
an agent of the Borrowers, shall maintain at the Administrative Agent's Office a
copy of each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of,
and principal amounts of the Loans and L/C Obligations owing to, each Lender
pursuant to the terms hereof from time to time (the "Register"). The entries in
the Register shall be conclusive, and the Borrowers, the Administrative Agent
and the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by each of the Borrowers and the L/C Issuers at any
reasonable time and from time to time upon reasonable prior notice. In addition,
at any time that a request for a consent for a material or substantive change to
the Loan Documents is pending, any Lender may request and receive from the
Administrative Agent a copy of the Register.

      (d) Participations. Any Lender may at any time, without the consent of, or
notice to, any Borrower or the Administrative Agent, sell participations to any
Person (other than a natural person or the Company or any of the Company's
Affiliates or Subsidiaries) (each, a "Participant") in all or a portion of such
Lender's rights and/or obligations under this Agreement (including all or a
portion of its Commitment and/or the Loans (including such Lender's
participations in L/C Obligations and/or Swing Line Loans) owing to it);
provided that (i) such Lender's obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrowers, the
Administrative Agent, the Lenders and the L/C Issuers shall continue to deal
solely and directly with such Lender in connection with such Lender's rights and
obligations under this Agreement.

      Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree
to any amendment, waiver or other modification described in the first proviso

                                       97
<PAGE>

to Section 10.01 that affects such Participant. Subject to subsection (e) of
this Section, each Borrower agrees that each Participant shall be entitled to
the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to subsection (b) of
this Section. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 10.08 as though it were a Lender, provided
such Participant agrees to be subject to Section 2.13 as though it were a
Lender.

      (e) Limitation upon Participant Rights. A Participant shall not be
entitled to receive any greater payment under Section 3.01 or 3.04 than the
applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to
such Participant is made with the Company's prior written consent. A Participant
that would be a Foreign Lender if it were a Lender shall not be entitled to the
benefits of Section 3.01 unless the Company is notified of the participation
sold to such Participant and such Participant agrees, for the benefit of the
Borrowers, to comply with Section 3.01(e) as though it were a Lender.

      (f) Certain Pledges. Any Lender may at any time pledge or assign a
security interest in all or any portion of its rights under this Agreement
(including under its Note(s), if any) to secure obligations of such Lender,
including any pledge or assignment to secure obligations to a Federal Reserve
Bank; provided that no such pledge or assignment shall release such Lender from
any of its obligations hereunder or substitute any such pledgee or assignee for
such Lender as a party hereto.

      (g) Electronic Execution of Assignments. The words "execution," "signed,"
"signature," and words of like import in any Assignment and Assumption shall be
deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in
any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state laws based on the Uniform Electronic Transactions
Act.

      (h) Special Purpose Funding Vehicles. Notwithstanding anything to the
contrary contained herein, any Lender (a "Granting Lender") may grant to a
special purpose funding vehicle identified as such in writing from time to time
by the Granting Lender to the Administrative Agent and the Company (an "SPC")
the option to provide all or any part of any Committed Loan that such Granting
Lender would otherwise be obligated to make pursuant to this Agreement; provided
that (i) nothing herein shall constitute a commitment by any SPC to fund any
Committed Loan, and (ii) if an SPC elects not to exercise such option or
otherwise fails to make all or any part of such Committed Loan, the Granting
Lender shall be obligated to make such Committed Loan pursuant to the terms
hereof or, if it fails to do so, to make such payment to the Administrative
Agent as is required under Section 2.12(b)(ii). Each party hereto hereby agrees
that (i) neither the grant to any SPC nor the exercise by any SPC of such option
shall increase the costs or expenses or otherwise increase or change the
obligations of the Borrowers under this Agreement (including its obligations
under Section 3.04), (ii) no SPC shall be liable for any indemnity or similar
payment obligation under this Agreement for which a Lender would be liable, and
(iii) the Granting Lender shall for all purposes, including the approval of any

                                       98
<PAGE>

amendment, waiver or other modification of any provision of any Loan Document,
remain the lender of record hereunder. The making of a Committed Loan by an SPC
hereunder shall utilize the Commitment of the Granting Lender to the same
extent, and as if, such Committed Loan were made by such Granting Lender. In
furtherance of the foregoing, each party hereto hereby agrees (which agreement
shall survive the termination of this Agreement) that, prior to the date that is
one year and one day after the payment in full of all outstanding commercial
paper or other senior debt of any SPC, it will not institute against, or join
any other Person in instituting against, such SPC any bankruptcy,
reorganization, arrangement, insolvency, or liquidation proceeding under the
laws of the United States or any State thereof. Notwithstanding anything to the
contrary contained herein, any SPC may (i) with notice to, but without prior
consent of the Company and the Administrative Agent and with the payment of a
processing fee in the amount of $2,500, assign all or any portion of its right
to receive payment with respect to any Committed Loan to the Granting Lender and
(ii) disclose on a confidential basis any non-public information relating to its
funding of Committed Loans to any rating agency, commercial paper dealer or
provider of any surety or Guarantee or credit or liquidity enhancement to such
SPC.

      (i) Resignation as L/C Issuer or Swing Line Lender after Assignment.
Notwithstanding anything to the contrary contained herein, if at any time Bank
of America assigns all of its Commitment and Loans pursuant to subsection (b)
above, Bank of America may, (i) upon 30 days' notice to the Company and the
Lenders, resign as an L/C Issuer and/or (ii) upon 30 days' notice to the
Company, resign as Swing Line Lender. In the event of any such resignation as an
L/C Issuer or Swing Line Lender, the Company shall be entitled to appoint from
among the Lenders (subject to such Lender's consent) a successor L/C Issuer or
Swing Line Lender hereunder; provided, however, that no failure by the Company
to appoint any such successor shall affect the resignation of Bank of America as
an L/C Issuer or Swing Line Lender, as the case may be. If Bank of America
resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and
duties of an L/C Issuer hereunder with respect to all Letters of Credit
outstanding as of the effective date of its resignation as an L/C Issuer and all
L/C Obligations with respect thereto (including the right to require the Lenders
to make Base Rate Committed Loans or fund risk participations in Unreimbursed
Amounts pursuant to Section 2.03(c)). If Bank of America resigns as Swing Line
Lender, it shall retain all the rights of the Swing Line Lender provided for
hereunder with respect to Swing Line Loans made by it and outstanding as of the
effective date of such resignation, including the right to require the Lenders
to make Base Rate Committed Loans or fund risk participations in outstanding
Swing Line Loans pursuant to Section 2.04(c). Upon the appointment of a
successor L/C Issuer and/or Swing Line Lender, (a) such successor shall succeed
to and become vested with all of the rights, powers, privileges and duties of
the retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the
successor L/C Issuer shall issue letters of credit in substitution for the
Letters of Credit, if any, outstanding at the time of such succession or make
other arrangements satisfactory to Bank of America to effectively assume the
obligations of Bank of America with respect to such Letters of Credit.

            10.07 TREATMENT OF CERTAIN INFORMATION; CONFIDENTIALITY. Each of the
Administrative Agent, the Lenders and the L/C Issuers agrees to maintain the
confidentiality of the Information (as defined below), except that Information
may be disclosed (a) to its Affiliates and to its and its Affiliates' respective
partners, directors, officers, employees, agents, advisors and representatives
(it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep
such

                                       99
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Information confidential), (b) to the extent requested by any regulatory
authority purporting to have jurisdiction over it (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (c) to
the extent required by applicable laws or regulations or by any subpoena or
similar legal process, (d) to any other party hereto, (e) in connection with the
exercise of any remedies hereunder or under any other Loan Document or any
action or proceeding relating to this Agreement or any other Loan Document or
the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i)
any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement or (ii) any actual or
prospective counterparty (or its advisors) to any swap or derivative transaction
relating to a Borrower and its obligations, (g) with the consent of the Company
or (h) to the extent such Information (x) becomes publicly available other than
as a result of a breach of this Section or (y) becomes available to the
Administrative Agent, any Lender, any L/C Issuer or any of their respective
Affiliates on a nonconfidential basis from a source other than the Company.

      For purposes of this Section, "Information" means all information received
from the Company or any Subsidiary relating to the Company or any Subsidiary or
any of their respective businesses, other than any such information that is
available to the Administrative Agent, any Lender or any L/C Issuer on a
nonconfidential basis prior to disclosure by the Company or any Subsidiary,
provided that, in the case of information received from the Company or any
Subsidiary after the date hereof, such information is clearly identified at the
time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered
to have complied with its obligation to do so if such Person has exercised the
same degree of care to maintain the confidentiality of such Information as such
Person would accord to its own confidential information.

      Each of the Administrative Agent, the Lenders and the L/C Issuers
acknowledges that (a) the Information may include material non-public
information concerning the Company or a Subsidiary, as the case may be, (b) it
has developed compliance procedures regarding the use of material non-public
information and (c) it will handle such material non-public information in
accordance with applicable Law, including Federal and state securities Laws.

            10.08 RIGHT OF SETOFF. If an Event of Default shall have occurred
and be continuing, each Lender, each L/C Issuer and each of their respective
Affiliates is hereby authorized at any time and from time to time, to the
fullest extent permitted by applicable law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any
time owing by such Lender, such L/C Issuer or any such Affiliate to or for the
credit or the account of any Borrower against any and all of the obligations of
such Borrower now or hereafter existing under this Agreement or any other Loan
Document to such Lender or such L/C Issuer, irrespective of whether or not such
Lender or such L/C Issuer shall have made any demand under this Agreement or any
other Loan Document and although such obligations of such Borrower may be
contingent or unmatured or are owed to a branch or office of such Lender or such
L/C Issuer different from the branch or office holding such deposit or obligated
on such indebtedness. The rights of each Lender, each L/C Issuer and their
respective Affiliates under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Lender, such L/C Issuer or
their respective Affiliates may have. Each Lender and each L/C Issuer agrees to

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notify the Company and the Administrative Agent promptly after any such setoff
and application, provided that the failure to give such notice shall not affect
the validity of such setoff and application.

            10.09 INTEREST RATE LIMITATION. Notwithstanding anything to the
contrary contained in any Loan Document, the interest paid or agreed to be paid
under the Loan Documents shall not exceed the maximum rate of non-usurious
interest permitted by applicable Law (the "Maximum Rate"). If the Administrative
Agent or any Lender shall receive interest in an amount that exceeds the Maximum
Rate, the excess interest shall be applied to the principal of the Loans or, if
it exceeds such unpaid principal, refunded to the Company. In determining
whether the interest contracted for, charged, or received by the Administrative
Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent
permitted by applicable Law, (a) characterize any payment that is not principal
as an expense, fee, or premium rather than interest, (b) exclude voluntary
prepayments and the effects thereof, and (c) amortize, prorate, allocate, and
spread in equal or unequal parts the total amount of interest throughout the
contemplated term of the Obligations hereunder.

            10.10 COUNTERPARTS; INTEGRATION; EFFECTIVENESS. This Agreement may
be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. This Agreement and the other
Loan Documents constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except
as provided in Section 4.01, this Agreement shall become effective when it shall
have been executed by the Administrative Agent and when the Administrative Agent
shall have received counterparts hereof that, when taken together, bear the
signatures of each of the other parties hereto. Delivery of an executed
counterpart of a signature page of this Agreement by telecopy shall be effective
as delivery of a manually executed counterpart of this Agreement.

            10.11 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All
representations and warranties made hereunder and in any other Loan Document or
other document delivered pursuant hereto or thereto or in connection herewith or
therewith shall survive the execution and delivery hereof and thereof. Such
representations and warranties have been or will be relied upon by the
Administrative Agent and each Lender, regardless of any investigation made by
the Administrative Agent or any Lender or on their behalf and notwithstanding
that the Administrative Agent or any Lender may have had notice or knowledge of
any Default at the time of any Credit Extension, and shall continue in full
force and effect as long as any Loan or any other Obligation hereunder shall
remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

            10.12 SEVERABILITY. If any provision of this Agreement or the other
Loan Documents is held to be illegal, invalid or unenforceable, (a) the
legality, validity and enforceability of the remaining provisions of this
Agreement and the other Loan Documents shall not be affected or impaired thereby
and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic
effect of which comes as close as possible to that of the illegal, invalid or

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unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

            10.13 REPLACEMENT OF LENDERS. If any Lender requests compensation
under Section 3.04, or if any Borrower is required to pay any additional amount
to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 3.01, or if any Lender is a Defaulting Lender or if any
other circumstance exists hereunder that gives the Company the right to replace
a Lender as a party hereto, then the Company may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions contained in, and consents required by, Section 10.06), all
of its interests, rights and obligations under this Agreement and the related
Loan Documents to an assignee that shall assume such obligations (which assignee
may be another Lender, if a Lender accepts such assignment), provided that:

      (a) the Company shall have paid (or caused a Designated Subsidiary to pay)
to the Administrative Agent the assignment fee specified in Section 10.06(b);

      (b) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans and L/C Advances, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other
Loan Documents (including any amounts under Section 3.05) from the assignee (to
the extent of such outstanding principal and accrued interest and fees) or the
Company or applicable Designated Subsidiary (in the case of all other amounts);

      (c) in the case of any such assignment resulting from a claim for
compensation under Section 3.04 or payments required to be made pursuant to
Section 3.01, such assignment will result in a reduction in such compensation or
payments thereafter; and

      (d) such assignment does not conflict with applicable Laws.

      A Lender shall not be required to make any such assignment or delegation
if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Company to require such assignment and delegation
cease to apply.

            10.14 GOVERNING LAW; JURISDICTION; ETC.

      (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF ILLINOIS.

      (b) SUBMISSION TO JURISDICTION. EACH BORROWER IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF ILLINOIS SITTING IN COOK COUNTY AND
OF THE UNITED STATES DISTRICT COURT OF THE NORTHERN DISTRICT OF ILLINOIS, AND
ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND
UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT

                                      102
<PAGE>

OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH ILLINOIS
STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH
FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY
SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.
NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT
THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE
TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT AGAINST ANY BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY
JURISDICTION.

      (c) WAIVER OF VENUE. EACH BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT
REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING
IN ANY SUCH COURT.

      (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE
OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS
AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY
OTHER MANNER PERMITTED BY APPLICABLE LAW.

            10.15 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

            10.16 USA PATRIOT ACT NOTICE. Each Lender that is subject to the Act
(as hereinafter defined) and the Administrative Agent (for itself and not on
behalf of any Lender) hereby notifies the Borrowers 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

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and record information that identifies the Borrowers, which information includes
the name and address of each Borrower and other information that will allow such
Lender or the Administrative Agent, as applicable, to identify such Borrower in
accordance with the Act.

            10.17 JUDGMENT CURRENCY. If, for the purposes of obtaining judgment
in any court, it is necessary to convert a sum due hereunder or any other Loan
Document in one currency into another currency, the rate of exchange used shall
be that at which in accordance with normal banking procedures the Administrative
Agent could purchase the first currency with such other currency on the Business
Day preceding that on which final judgment is given. The obligation of each
Borrower in respect of any such sum due from it to the Administrative Agent or
the Lenders hereunder or under the other Loan Documents shall, notwithstanding
any judgment in a currency (the "Judgment Currency") other than that in which
such sum is denominated in accordance with the applicable provisions of this
Agreement (the "Agreement Currency"), be discharged only to the extent that on
the Business Day following receipt by the Administrative Agent of any sum
adjudged to be so due in the Judgment Currency, the Administrative Agent may in
accordance with normal banking procedures purchase the Agreement Currency with
the Judgment Currency. If the amount of the Agreement Currency so purchased is
less than the sum originally due to the Administrative Agent from any Borrower
in the Agreement Currency, such Borrower agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify the Administrative Agent or the
Person to whom such obligation was owing against such loss. If the amount of the
Agreement Currency so purchased is greater than the sum originally due to the
Administrative Agent in such currency, the Administrative Agent agrees to return
the amount of any excess to such Borrower (or to any other Person who may be
entitled thereto under applicable law).

                            [SIGNATURE PAGES FOLLOW]

                                      104
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      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first above written.

                                       STERICYCLE, INC., as the Company

                                       By: /s/ Frank J.M. ten Brink
                                           -------------------------------------
                                       Name: Frank J.M. ten Brink

                                       Title: Executive Vice President and CFO

                                       STERICYCLE INTERNATIONAL, LTD., as the
                                       Initial Designated Borrower

                                       By: /s/ Frank J.M. ten Brink
                                           -------------------------------------
                                       Name: Frank J.M. ten Brink

                                       Title: Director

                                       BANK OF AMERICA, N.A., as a Lender, an
                                       L/C Issuer and Swing Line Lender

                                       By: /s/ Richard D. Hill
                                           -------------------------------------
                                       Name: Richard D. Hill, Jr.

                                       Title: Managing Director

                                       BANK OF AMERICA, N.A., as Administrative
                                       Agent

                                       By: /s/ Paul L. Folino
                                           -------------------------------------
                                       Name: Paul L. Folino

                                       Title: Assistant Vice President

                                      105
<PAGE>

                                       JPMORGAN CHASE BANK, N.A., as a Lender
                                       and as Syndication Agent

                                       By: /s/ John M. Jolly
                                           -------------------------------------
                                       Name: John M. Jolly

                                       Title: Vice President

                                       FORTIS CAPITAL CORP., as a Lender and as
                                           a Co-Documentation Agent

                                       By: /s/ K. De Lathouwer
                                           -------------------------------------
                                       Name: K. De Lathouwer

                                       Title: SVP

                                       CALYON NEW YORK BRANCH, as a Lender and
                                       as a Co-Documentation Agent

                                       By: /s/ Dianne M. Scott
                                           -------------------------------------
                                       Name: Dianne M. Scott

                                       Title: Managing Director

                                       By: /s/ Ron Moore
                                           -------------------------------------
                                       Name: Ron Moore
                                       Title: Director

                                      106

<PAGE>

                                       UBS LOAN FINANCE LLC, as a Lender

                                       By: /s/ Wilred V. Saint
                                           -------------------------------------
                                       Name: Wilfred V. Saint

                                       Title: Director

                                       By: /s/ Richard L. Tavrow
                                           -------------------------------------
                                       Name: Richard L. Tavrow
                                       Title: Director

                                       COMERICA BANK, as a Lender

                                       By: /s/ Felicia M. Maxwell
                                           -------------------------------------
                                       Name: Felicia M. Maxwell

                                       Title: Vice President

                                       HARRIS N.A., as a Lender

                                       By: /s/ George M. Dluhy
                                           -------------------------------------
                                       Name: George M. Dluhy

                                       Title: Director

                                       THE NORTHERN TRUST COMPANY, as a Lender

                                       By: /s/ Jeffrey B. Williams
                                           -------------------------------------
                                       Name: Jeffrey B. Williams

                                       Title: Officer

                                      107

<PAGE>

                                       WELLS FARGO BANK, NATIONAL ASSOCIATION,
                                       as a Lender

                                       By: /s/ Andrew T. Cavallari
                                           -------------------------------------
                                       Name: Andrew T. Cavallari

                                       Title: Vice President

                                       FIFTH THIRD BANK (CHICAGO), as a Lender

                                       By: /s/ Joseph A. Wemhoff
                                           -------------------------------------
                                       Name: Joseph A. Wemhoff

                                       Title: Vice President

                                       U.S. BANK NATIONAL ASSOCIATION, as a
                                       Lender

                                       By: /s/ James N. DeVries
                                           -------------------------------------
                                       Name: James N. DeVries

                                       Title: Senior Vice President

                                      108

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