Document:

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EXHIBIT 10.1

CONSULTING AGREEMENT

CONSULTING AGREEMENT

          This Consulting Agreement (the “Agreement”) is entered into as of the 10th
day of July, 2006 (the “Effective Date”), by and between ProLink Solutions, LLC (the
“Company”), a Delaware limited liability company, and Andrew L. Wing (the “Service
Provider”), an individual, (together, the “Parties”).

          WHEREAS, the Company desires to retain the Service Provider to render certain services to the
Company and the Service Provider desires to be so retained by the Company and to perform the
services specified herein, all in accordance with the terms and conditions of this Agreement.

          NOW, THEREFORE, in consideration of the premises, conditions and representations set forth
herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby
mutually acknowledged, the Company and the Service Provider agree as follows:

1. PROFESSIONAL SERVICES

     1.1 Statement of Work. The Company hereby engages the Service Provider to provide
certain advertising sales services for the Company’s FPS golf course management systems(the
“Services”) to the Company during the term of this Agreement, and the Service Provider hereby
accepts such engagement.

     1.2 Location and Access. Except as otherwise stated herein, the Service Provider may
perform the Services at the Company’s premises, the Service Provider’s premises or such other
premises that the Company and the Service Provider may deem appropriate. The Company shall permit
the Service Provider to have reasonable access to the Company’s premises, personnel and other
resources for the purposes of performing the Services at the Company’s premises.

     1.3 Records and Reports. The Service Provider shall keep accurate records of his
activities under this Agreement and shall make such records available to the Company upon request.
The Service Provider shall also provide the Company with such other reports that the Company may
periodically request during the term of this Agreement.

     1.4 Workplace Rules. The Service Provider shall comply with the Company’s workplace
rules and security procedures in effect from time to time at any Company facility where the Service
Provider performs Services hereunder.

     2. PAYMENT

     The Company agrees to compensate the Service Provider for the Services that he performs
pursuant to this Agreement in accordance with the payment terms set forth below:

     2.1 Commission. The Company will pay the Service Provider, the following commissions
based on the Gross Revenue (defined as gross revenue minus all agency and third party fees properly
allocable to such revenue in accordance with Generally Accepted Accounting

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Principles) received by the Company with respect to any advertiser that purchases advertising
on the Company’s golf course management systems:

     (a) 5% of the Gross Revenue from any advertising client during the first three years
such client advertises on the Company’s systems; and

     (b) 2% of the Gross Revenue from any advertising client during the next two years such
client advertises on the Company’s systems.

Following the anniversary date of the fifth year that any advertising client advertises on the
Company’s systems, such client shall become a “house” client and no further commissions will be
paid to Service Provider.

     2.2 Payment of Commission. Commission will be payable quarterly upon receipt of
payment from Advertiser. Alternatively, Service Provider may elect to take his Commission in the
form of warrants to purchase the common stock of ProLink Holding Corp., the Company’s parent. In
the event of such election, the Commission will be divided by the value of a five-year warrant at
market price on the day of election. In addition, a 15% bonus will be added to the number of
warrants to be received if such election is made.

     2.3 Expenses. The Company shall reimburse the Service Provider for any reasonable,
authorized travel, lodging, sustenance and other approved out-of-pocket expenses incurred by him in
the course of performing hereunder, provided that the Service Provider furnishes the Company with
specific documentation therefore. Any approved travel, lodging and sustenance expenses shall be
subject to the Company’s then current standard Travel and Entertainment Policy, as amended from
time to time.

     3. PROHIBITED COMPETITION

     3.1 Certain Acknowledgements and Agreements.

     (a) The Parties have discussed, and the Service Provider recognizes and acknowledges,
the competitive and proprietary aspects of the business of the Company and any parent,
subsidiary and affiliate of the Company (collectively with the Company, the “Company
Group”).

     (b) The Service Provider acknowledges that a business shall be deemed competitive with
the Company Group if it performs any of the services or manufactures or sells any of the
products provided or offered by the Company Group or if it performs any other services
and/or engages in the production, manufacture, distribution or sale of any product similar
to services or products, which services or products were performed, produced, manufactured,
distributed, sold, under development or planned by the Company Group during the period while
the Service Provider performed Services hereunder in the golf industry.

     (c) The Service Provider further acknowledges that, while the Service Provider performs
Services hereunder, the Company shall furnish, disclose or make available to the Service
Provider Confidential Information (as defined below) related to

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the business of the Company Group and that the Company may provide the Service Provider
with unique and specialized training. The Service Provider also acknowledges that such
Confidential Information and such training have been developed and shall be developed by the
Company Group through the expenditure by the Company Group of substantial time, effort and
money and that all such Confidential Information and training could be used by the Service
Provider to compete with the Company Group. The Service Provider also acknowledges that if
the Service Provider provides services to, or becomes employed or affiliated with, any
competitor of the Company Group in violation of the Service Provider’s obligations in this
Agreement, it is inevitable that the Service Provider would disclose the Confidential
Information to such competitor and would use such Confidential Information, knowingly or
unknowingly, on behalf of such competitor.

     (d) For purposes of this Agreement, “Confidential Information” means confidential and
proprietary information of the Company Group, whether in written, oral, electronic or other
form, including but not limited to, information and facts concerning business plans,
customers, future customers, suppliers, licensors, licensees, partners, investors,
affiliates or others, training methods and materials, financial information, sales
prospects, client lists, inventions, or any other scientific, technical or trade secrets of
the Company Group or of any third party provided to the Service Provider or the Company
Group under a condition of confidentiality, provided that Confidential Information shall not
include information that is in the public domain other than through any fault or act by the
Service Provider. The term “trade secrets,” as used in this Agreement, shall be given its
broadest possible interpretation under the law of Arizona and shall include, without
limitation, anything tangible or intangible or electronically kept or stored, which
constitutes, represents, evidences or records secret scientific, technical, merchandising,
production or management information, or any design, process, procedure, formula, invention,
improvement or other confidential or proprietary information or documents.

     3.2 Non-Competition; Non-Solicitation. While the Service Provider performs Services
hereunder and for a period of two years following the termination of the Service Provider’s
engagement hereunder for any reason or for no reason, the Service Provider shall not, without the
prior written consent of the Company:

     (a) For himself or on behalf of any other person or entity, directly or indirectly,
either as principal, partner, stockholder, officer, director, member, employee, consultant,
agent, representative or in any other capacity, own, manage, operate or control, or be
concerned, connected or employed by, provide services to or consult with, or otherwise
associate in any manner with, engage in or have a financial interest in, any business which
is competitive with the business of the Company Group in the golf industry (each, a
“Restricted Activity”) within any territory in which the Company or its distributors sells
its products or services, except that (A) nothing contained herein shall preclude the
Service Provider from purchasing or owning securities of any such business if such
securities are publicly traded, and provided that the Service Provider’s holdings do not
exceed 1% of the issued and outstanding securities of any class of securities of such
business and (B) nothing contained herein shall prohibit the Service Provider from engaging
in a Restricted Activity for or with respect to any subsidiary, division or affiliate or
unit (each, a “Unit”) of an entity if that Unit is not engaged in any business

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which is competitive with the business of the Company Group, irrespective of whether
some other Unit of such entity engages in such competition (as long as the Service Provider
does not engage in a Restricted Activity for such other Unit);

     (b) Either individually or on behalf of or through any third party, directly or
indirectly, solicit, divert or appropriate or attempt to solicit, divert or appropriate, for
the purpose of competing with the Company Group, any customers or patrons of the Company
Group, or any prospective customers or patrons with respect to which the Company Group has
developed or made a sales presentation (or similar offering of services);

     (c) Either individually or on behalf of or through any third party, directly or
indirectly, (i) solicit, entice or persuade or attempt to solicit, entice or persuade any
employee of or consultant to the Company Group to leave the service of the Company Group for
any reason, or (ii) employ, cause to be employed, or solicit the employment of, any employee
of or consultant to the Company Group while any such person is providing services to the
Company Group or within six months after any such person has ceased providing services to
the Company Group; or

     (d) Either individually or on behalf of or through any third party, directly or
indirectly, interfere with, or attempt to interfere with, the relations between the Company
Group and any vendor or supplier to the Company Group.

     3.3 Reasonableness of Restrictions. The Service Provider further recognizes and
acknowledges that (i) the types of activities which are prohibited by this Section 3 are narrow and
reasonable in relation to the skills which represent the Service Provider’s principal salable asset
both to the Company Group and to the Service Provider’s other prospective clients and (ii) the time
period and the specific but broad geographical scope of the provisions of this Section 3 is
reasonable, legitimate and fair to the Service Provider in light of the Company Group’s need to
market its services and sell its products in a large geographic area in order to have a sufficient
customer base to make the Company Group’s business profitable and in light of the limited
restrictions on the types of activities prohibited herein compared to the types of activities for
which the Service Provider is qualified to earn the Service Provider’s livelihood.

     3.4 Survival of Acknowledgements and Agreements. The Service Provider’s
acknowledgements and agreements set forth in this Section 3 shall survive the termination of this
Agreement and the termination of the Service Provider’s service hereunder for any reason or for no
reason.

     4. PROTECTED INFORMATION

     The Service Provider shall at all times, both during the period while the Service Provider
performs Services hereunder and after the termination of this Agreement and the termination of the
Service Provider’s engagement hereunder for any reason or for no reason, maintain in confidence and
shall not, without the prior written consent of the Company, use, except in connection with the
provision of Services hereunder or by court order, disclose or give to others any Confidential
Information. In the event the Service Provider is questioned by anyone not

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employed by the Company Group or by an employee of or a consultant to the Company Group not
authorized to receive Confidential Information, in regard to any Confidential Information, or
concerning any fact or circumstance relating thereto, the Service Provider shall promptly notify
the Company. The terms of this Section 4 are in addition to, and not in lieu of, any statutory or
other contractual or legal obligation that the Service Provider may have relating to the protection
of the Company Group’s Confidential Information. The terms of this Section 4 shall survive
indefinitely any termination of this Agreement and/or any termination of the Service Provider’s
engagement hereunder for any reason or for no reason.

     5. OWNERSHIP OF IDEAS, COPYRIGHTS AND PATENTS

     5.1 Property of the Company. All ideas, discoveries, creations, manuscripts and
properties, innovations, improvements, know-how, inventions, designs, developments, apparatus,
techniques, methods, and formulae (collectively, the “Inventions”) which may be used in the current
or planned business of the Company Group or which in any way relates to such business, whether
patentable, copyrightable or not, which the Service Provider may conceive, reduce to practice or
develop while the Service Provider performs Services hereunder (and, if based on or related to any
Confidential Information, within two years after termination of Service Provider’s engagement
hereunder for any reason or for no reason), alone or in conjunction with another or others, whether
during or out of regular business hours, whether or not on the Company’s premises or with the use
of its equipment, and whether at the request or upon the suggestion of the Company or otherwise,
shall be the sole and exclusive property of the Company Group, and the Service Provider shall not
publish any of the Inventions without the prior written consent of the Company. Without limiting
the foregoing, the Service Provider also acknowledges that all original works of authorship which
are made by the Service Provider (solely or jointly with others) within the scope of the Service
Provider’s service hereunder or which relate to the business of the Company Group and which are
protectable by copyright are “works made for hire” pursuant to the United States Copyright Act (17
U.S.C. Section 101). The Service Provider hereby assigns to the Company all of the Service
Provider’s right, title and interest in and to all of the foregoing. The Service Provider further
represents that, to the best of the Service Provider’s knowledge and belief, none of the Inventions
shall violate or infringe upon any right, patent, copyright, trademark or right of privacy, or
constitute libel or slander against or violate any other rights of any person, firm or corporation,
and that the Service Provider shall use the Service Provider’s best efforts to prevent any such
violation.

     5.2 Cooperation. At any time during the Service Provider’s service hereunder or after
the termination of the Service Provider’s engagement hereunder for any reason or for no reason, the
Service Provider shall cooperate fully with the Company and its attorneys and agents in the
preparation and filing of all papers and other documents as may be required to perfect the
Company’s rights in and to any Inventions described in Section 5.1, including, but not limited to,
joining in any proceeding to obtain letters patent, copyrights, trademarks or other legal rights
with respect to any such Inventions in the United States and in any and all other countries,
provided that the Company shall bear the expense of such proceedings, and that any patent or other
legal right so issued to the Service Provider personally shall be assigned by the Service Provider
to the Company without charge by the Service Provider.

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     5.3 Licensing and Use of Inventions. With respect to any Inventions, and work of any
similar nature (from any source), whenever created, which the Service Provider has not prepared or
originated in the performance of the Service Provider’s Services hereunder, but which the Service
Provider provides to the Company or incorporates in any Company product or system, the Service
Provider hereby grants to the Company a royalty-free, fully paid-up, non-exclusive, perpetual and
irrevocable license throughout the world to use, modify, create derivative works from, disclose,
publish, translate, reproduce, deliver, perform, dispose of, and to authorize others so to do, all
such Inventions. The Service Provider shall not include in any Inventions the Service Provider
delivers to the Company or uses on its behalf, without the prior written approval of the Company,
any material which is or may be patented, copyrighted or trademarked by the Service Provider or
others unless the Service Provider provides the Company with the written permission of the holder
of any patent, copyright or trademark owner for the Company to use such material in a manner
consistent with then-current Company policy.

6. DISCLOSURE TO THIRD PARTIES

     The Service Provider shall provide, and the Company, in its discretion, may similarly provide,
a copy of the covenants contained in Sections 3, 4 and 5 of this Agreement to any business or
enterprise which the Service Provider may, directly or indirectly, own, manage, operate, finance,
join, control or in which the Service Provider may participate in the ownership, management,
operation, financing, or control, or with which the Service Provider may be connected as an
officer, director, employee, partner, principal, agent, representative, consultant or otherwise.

7. SERVICE PROVIDER WARRANTIES

     The Service Provider warrants and represents to the Company as follows:

	 	(i)	 	The execution and performance of this Agreement shall not constitute a breach
or default under any contract or instrument to which the Service Provider is a party,
or by which he is bound, and the Service Provider is under no contractual or other
obligation to any third party which would prevent or limit his performance of Services
under this Agreement;
	 
	 	(ii)	 	The Service Provider is free at the present time to disclose to the Company,
without breach of any obligation to a third party, any and all information, ideas,
suggestions, developments, or know-how that the Service Provider shall divulge in
performing the Services under this Agreement; and
	 
	 	(iii)	 	The Service Provider has complied and shall comply with all federal, state,
and local laws regarding business permits and licenses that may be required to carry
out the Services to be performed under this Agreement.

8. INDEMNITY

     The Service Provider agrees that he shall defend, at his own expense, and shall indemnify and
hold harmless the Company, its predecessors and successors, all of its past, present and future
shareholders, directors, officers, employees, customers, representatives, attorneys, agents,

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and assigns, and all of its affiliates, subsidiaries, parent or controlling corporations, and
their affiliates and subsidiaries, or any other entity through which it conducts business, from and
against any and all damages, demands, expenses, claims, liabilities, injuries, suits, and
proceedings, including, without limitation, attorneys’ fees, that any of them may incur as a result
of (i) the Service Provider’s breach of this Agreement, (ii) any act or omission of the Service
Provider, (iii) a breach of any obligation by the Service Provider to a third party during the
performance of the Services under this Agreement, or (iv) a violation of any federal, state or
local law, regulation, or ordinance by the Service Provider.

9. LIMITATION OF LIABILITY

     IN NO EVENT SHALL THE COMPANY BE LIABLE TO THE SERVICE PROVIDER OR ANY THIRD PARTY FOR ANY
INCIDENTAL, CONSEQUENTIAL, INDIRECT, SPECIAL, OR EXEMPLARY DAMAGES OF ANY NATURE, INCLUDING, BUT
NOT LIMITED TO, LOSS OF PROFITS, DATA, BUSINESS OR GOODWILL, EVEN IF THE COMPANY HAS BEEN ADVISED
OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE COMPANY BE LIABLE TO THE SERVICE
PROVIDER FOR DIRECT DAMAGES IN EXCESS OF THE AMOUNTS PAID UNDER THIS AGREEMENT FOR THE SERVICES
WHICH ARE THE SUBJECT OF THE CLAIM.

10. TERM AND TERMINATION

     10.1 Term. This Agreement shall be effective on the Effective Date and shall continue
in full force and effect on a month-to-month basis unless earlier terminated as permitted herein.

     10.2 Termination for Convenience. The Company may terminate this Agreement at any
time upon written notice to the Service Provider. Upon termination, the Service Provider shall not
be entitled to receive any further payments other than for Services rendered to, and costs and
expenses incurred on behalf of, the Company prior to the date of termination of this Agreement.

     10.3 Termination for Breach. If one party defaults in the performance of, or fails to
perform, any of its material obligations under this Agreement, and such default is not remedied
within 30 days of the receipt of written notice from the non-defaulting party, then the
non-defaulting party shall have the right to terminate this Agreement upon written notice and avail
itself of any and all rights and remedies to which it may be entitled in accordance with the
applicable provisions of Section 12.

     10.4 Termination for Bankruptcy. Either party may terminate this Agreement effective
immediately without liability upon written notice to the other if any one of the following events
occurs: (i) the other party files a voluntary petition in bankruptcy or an involuntary petition is
filed against it, (ii) the other party is adjudged a bankrupt, (iii) a court assumes jurisdiction
of the assets of the other party under a federal reorganization act, (iv) a trustee or receiver is
appointed by a court for all or a substantial portion of the assets of the other party, (v) the
other party becomes insolvent or suspends business, or (vi) the other party makes an assignment of
its assets for the benefit of its creditors.

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     10.5 Return of Company Materials. Upon expiration or termination of this Agreement
for any reason, or at any time upon request by the Company, the Service Provider shall immediately
return to the Company all property belonging to the Company Group, including without limitation all
Confidential Information in the Service Provider’s possession or control, any and all notes,
drawings, lists, memoranda, magnetic disks or tapes, or other recording media containing such
Confidential Information, whether alone or together with nonconfidential information, all
documents, reports, files, memoranda, records, software, credit cards, door and file keys, computer
access codes, disks and instructional manuals, or any other physical or personal property that the
Service Provider received, prepared, or helped prepare in connection with his performance of
Services under this Agreement. If any such property is not in the Service Provider’s possession
and control, the Service Provider shall use his best efforts to obtain and return the same and the
Service Provider shall not retain any copies, duplicates, reproductions, or excerpts thereof, nor
shall he show or give any of the above to any third party.

     10.6 Survival. Termination or expiration of this Agreement shall not cancel or
terminate any rights and/or obligations which arose prior to the effective date of such termination
or expiration and which must continue to give effect to their meaning at the time such right and/or
obligation arose.

11. NOTICES

     All notices, requests, consents and other communications hereunder which are required to be
provided, or which the sender elects to provide, in writing, shall be addressed to the receiving
party’s address set forth below or to such other address as a party may designate by notice
hereunder, and shall be either (i) delivered by hand, (ii) made by telecopier or facsimile
transmission, (iii) sent by overnight courier, or (iv) sent by registered or certified mail, return
receipt requested, postage prepaid. All notices, requests, consents and other communications
hereunder shall be deemed to have been given either (i) if by hand, at the time of the delivery
thereof to the receiving party at the address of such party set forth below, (ii) if made by
telecopier or facsimile transmission, at the time that receipt thereof has been acknowledged by
electronic confirmation or otherwise, (iii) if sent by overnight courier, on the next business day
following the day such notice is delivered to the courier service, or (iv) if sent by registered or
certified mail, on the fifth business day following the day such mailing is made.

	 	 	 	 	 
	 

	 	If to the Company:
	 	          If to the Service Provider:
	 
	 	 	 	 
	 

	 	ProLink Solutions, LLC
	 	          Andrew Wing
	 

	 	410 South Benson Lane	 	 
	 

	 	Chandler, AZ 85224	 	 
	 
	 	 	 	 
	 

	 	Attn: President	 	 
	 

	 	Facsimile: (480)961-8537
	 	Facsimile:

12. GENERAL

     12.1 Entire Agreement. This Agreement embodies the entire agreement and understanding
between the Parties hereto with respect to the subject matter hereof and

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supersedes all prior oral or written agreements and understandings relating to the subject
matter hereof. No statement, representation, warranty, covenant or agreement of any kind not
expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict,
the express terms and provisions of this Agreement.

     12.2 Modifications and Amendments. The terms and provisions of this Agreement may be
modified or amended only by written agreement executed by the Parties hereto.

     12.3 Waivers and Consents. The terms and provisions of this Agreement may be waived,
or consent for the departure therefrom granted, only by written document executed by the party
entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to
be or shall constitute a waiver or consent with respect to any other terms or provisions of this
Agreement, whether or not similar. Each such waiver or consent shall be effective only in the
specific instance and for the purpose for which it was given, and shall not constitute a continuing
waiver or consent.

     12.4 Assignment. The Company may assign its rights and obligations hereunder to any
person or entity that succeeds to all or substantially all of the Company’s business or that aspect
of the Company’s business in which the Service Provider is principally involved. The Service
Provider’s rights and obligations under this Agreement may not be assigned without the prior
written consent of the Company and any such attempted assignment by the Service Provider without
the prior written consent of the Company shall be void.

     12.5 Benefit. All statements, representations, warranties, covenants and agreements
in this Agreement shall be binding on the Parties hereto and shall inure to the benefit of their
respective successors and permitted assigns. Nothing in this Agreement shall be construed to
create any rights or obligations except between the Parties hereto, the Company Group and the
parties entitled to indemnification pursuant to Section 8 hereof, and no other person or entity
shall be regarded as a third-party beneficiary of this Agreement.

     12.6 Governing Law. This Agreement and the rights and obligations of the Parties
hereunder shall be construed in accordance with and governed by the law of the the State of
Arizona, without giving effect to the conflict of law principles thereof.

     12.7 Jurisdiction, Venue and Service of Process. Any legal action or proceeding with
respect to this Agreement that is not subject to the arbitration pursuant to Section 12.8 below
shall be brought in the courts of the State of Arizona or of the Federal District Court of Arizona.
By execution and delivery of this Agreement, each of the Parties hereto accepts for itself and in
respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid
courts. Each of the Parties hereto irrevocably consents to the service of process of any of the
aforementioned courts in any such action or proceeding by the mailing of copies thereof by
certified mail, postage prepaid, to the party at its address set forth in Section 11 hereof.

     12.8 Arbitration. Any controversy, dispute or claim arising out of or in connection
with this Agreement, other than a controversy, dispute or claim arising under Section 3, 4 or 5
hereof, shall be settled by final and binding arbitration to be conducted in Maricopa County,
Arizona pursuant to the national rules for the resolution of employment disputes of the American
Arbitration

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Association then in effect. The decision or award in any such arbitration shall be final and
binding upon the Parties and judgment upon such decision or award may be entered in any court of
competent jurisdiction or application may be made to any such court for judicial acceptance of such
decision or award and an order of enforcement. In the event that any procedural matter is not
covered by the aforesaid rules, the procedural law of the State of Arizona shall govern. Any
disagreement as to whether a particular dispute is arbitrable under this Agreement shall itself be
subject to arbitration in accordance with the procedures set forth herein.

     12.9 Waiver Of Jury Trial. ANY ACTION, DEMAND, CLAIM OR COUNTERCLAIM ARISING UNDER OR
RELATING TO THIS AGREEMENT THAT IS NOT SUBJECT TO ARBITRATION PURSUANT TO SECTION 12.8 ABOVE SHALL
BE RESOLVED BY A JUDGE ALONE AND EACH OF THE PARTIES WAIVES ANY RIGHT TO A JURY TRIAL THEREOF.

     12.10 Severability. The Parties intend this Agreement to be enforced as written.
However, (i) if any portion or provision of this Agreement shall to any extent be declared illegal
or unenforceable by a duly authorized court having jurisdiction, then the remainder of this
Agreement, or the application of such portion or provision in circumstances other than those as to
which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion
and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by
law, and (ii) if any provision, or part thereof, is held to be unenforceable because of the
duration of such provision or the geographic area covered thereby, the Parties agree that the court
making such determination shall have the power to reduce the duration and/or geographic area of
such provision, and/or to delete specific words and phrases (“blue-penciling”), and in its reduced
or blue-penciled form such provision shall then be enforceable and shall be enforced.

     12.11 Headings and Captions. The headings and captions of the various subdivisions of
this Agreement are for convenience of reference only and shall in no way modify, or affect the
meaning or construction of, any of the terms or provisions hereof.

     12.12 Injunctive Relief. The Service Provider hereby expressly acknowledges that any
breach or threatened breach of any of the terms and/or conditions set forth in Section 3, 4 or 5 of
this Agreement shall result in substantial, continuing and irreparable injury to the Company.
Therefore, in addition to any other remedy that may be available to the Company, the Company shall
be entitled to injunctive or other equitable relief by a court of appropriate jurisdiction in the
event of any breach or threatened breach of the terms of Section 3, 4 or 5 of this Agreement. The
period during which the covenants contained in Section 3 shall apply shall be extended by any
periods during which the Service Provider is found by a court to have been in violation of such
covenants.

     12.13 No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto
in exercising any right, power or remedy under this Agreement, and no course of dealing between the
Parties hereto, shall operate as a waiver of any such right, power or remedy of the party. No
single or partial exercise of any right, power or remedy under this Agreement by a party hereto,
nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall
preclude such party from any other or further exercise thereof or the exercise of any other right,
power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a
waiver of the right of such party to pursue other available remedies. No notice to

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or demand on a party not expressly required under this Agreement shall entitle the party
receiving such notice or demand to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the party giving such notice or demand to any
other or further action in any circumstances without such notice or demand.

     12.14 Independent Contractor. The Company and the Service Provider agree that the
relationship of the Service Provider to the Company is at all times that of an independent
contractor and not that of an employee, partner or joint-venturer of or with the Company. The
Service Provider hereby acknowledges that he is not, and shall not be, entitled to any benefits
that may be afforded to employees of the Company from time to time, including, without limitation,
any insurance, employee benefit plans or Company policies that may be in effect from time to time.

     12.15 Expenses. Should any party breach this Agreement, in addition to all other
remedies available at law or in equity, such party shall pay all of the other party’s costs and
expenses resulting therefrom and/or incurred in enforcing this Agreement, including legal fees and
expenses.

     12.16 Counterparts. This Agreement may be executed in one or more counterparts, and
by different Parties hereto on separate counterparts, as well as via facsimile, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument.

     12.17 Opportunity to Review. The Service Provider hereby acknowledges that the
Service Provider has had adequate opportunity to review these terms and conditions and to reflect
upon and consider the terms and conditions of this Agreement, and that the Service Provider has had
the opportunity to consult with counsel of the Service Provider’s own choosing regarding such
terms. The Service Provider further acknowledges that the Service Provider fully understands the
terms of this Agreement and has voluntarily executed this Agreement.

[Remainder of page intentionally left blank]

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     IN WITNESS WHEREOF, the Parties have set their hands and seals to this Agreement as of the
Effective Date.

	 	 	 	 	 	 	 	 	 
	 

	 	PROLINK SOLUTIONS, LLC	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 /s/ Lawrence D. Bain	 	 	 	 /s/ Andrew L. Wing	 	 
	 

	 	 

Lawrence D. Bain
	 	 	 	 

Andrew L. Wing
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	President and CEO	 	 	 	 	 	 

12Exhibit 4.7

    

      EXHIBIT
        4.7

      

    

    SEE
      SECTION 20
      REGARDING NOTICE TO COMPANY

    OF
      DISCLOSURE OF
      CONFIDENTIAL INFORMATION

    

     

    

     

    

     

    INTERNATIONAL
      FLAVORS & FRAGRANCES INC.

     

     

     

     

     

    $50,000,000
      5.89% Series A
      Senior Notes,

    due
      July 12, 2009

     

    $100,000,000
      5.96% Series
      B Senior Notes,

    due
      July 12, 2011

     

    $100,000,000
      6.05% Series
      C Senior Notes,

    due
      July 12, 2013

     

    $125,000,000
      6.14% Series
      D Senior Notes,

    due
      July 12, 2016

     

    ________________

     

    NOTE
      PURCHASE
      AGREEMENT

    ________________

     

    Dated
      as of July 12, 2006

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
TABLE
      OF CONTENTS

     

    
                                                                                                                                                                                Page

      Page

      
        
          	 	 	 
	
                  1.

                	
                  Authorization
                    of Notes

                	
                  1

                
	
                  2.

                	
                  Sale
                    and Purchase of
                    Notes

                	
                  2

                
	
                  3.

                	
                  Closing

                	
                  2

                
	
                  4.

                	
                  Conditions
                    to Closing

                	
                  2

                
	 	
                  4.1.      
                    Representations
                    and
                    Warranties

                	
                  3

                
	 	
                  4.2.      
                    Performance;
                    No
                    Default

                	
                  3

                
	 	
                  4.3.      
                    Compliance
                    Certificates

                	
                  3

                
	 	
                  4.4.      
                    Opinions
                    of Counsel

                	
                  3

                
	 	
                  4.5.     
Purchase
                    Permitted By Applicable Law,
                    Etc

                	
                  3

                
	 	
                  4.6.       Sale
                    of Other Notes

                	
                  4

                
	 	
                  4.7.       Payment
                    of Special Counsel
                    Fees

                	
                  4

                
	 	
                  4.8.       Private
                    Placement
                    Number

                	
                  4

                
	 	
                  4.9.       Changes
                    in Corporate
                    Structure

                	
                  4

                
	 	
                  4.10.     Funding
                    Instructions

                	
                  4

                
	 	
                  4.11.     Proceedings
                    and
                    Documents

                	
                  4

                
	
                  5.

                	
                  Representations
                    and Warranties of
                    the Company

                	
                  5

                
	 	
                  5.1.       Organization;
                    Power and
                    Authority

                	
                  5

                
	 	
                  5.2.       Authorization,
                    Etc

                	
                  5

                
	 	
                  5.3.       Disclosure

                	
                  5

                
	 	
                  5.4.      
                    Organization
                    and Ownership of Shares of
                    Subsidiaries; Affiliates

                	
                  6

                
	 	
                  5.5.       Financial
                    Statements; Material
                    Liabilities

                	
                  6

                
	 	
                  5.6.       Compliance
                    with Laws, Other Instruments,
                    Etc

                	
                  7

                
	 	
                  5.7.       Governmental
                    Authorizations,
                    Etc

                	
                  7

                
	 	
                  5.8.       Litigation;
                    Observance of Agreements,
                    Statutes and Orders

                	
                  7

                
	 	
                  5.9.       Taxes

                	
                  7

                
	 	
                  5.10.     Title
                    to Property;
                    Leases

                	
                  8

                
	 	
                  5.11.    
Licenses,
                    Permits, Etc

                	
                  8

                
	 	
                  5.12.     Compliance
                    with ERISA

                	
                  8

                
	 	
                  5.13.     Private
                    Offering by the
                    Company

                	
                  9

                
	 	
                  5.14.     Use
                    of Proceeds; Margin
                    Regulations

                	
                  9

                

        

         

         

        
          
            
            

          

          
            i

            
              

            

          

          
            
            

          

        

         

        
          TABLE
            OF
            CONTENTS

          (continued)

        

         

        Page

        
          	 	
                  5.15.     Existing
                    Debt; Future
                    Liens

                	
                  9

                
	 	
                  5.16.     Foreign
                    Assets Control Regulations,
                    Etc

                	
                  10

                
	 	
                  5.17.     Status
                    under Certain
                    Statutes

                	
                  10

                
	 	
                  5.18.     Environmental
                    Matters

                	
                  11

                
	 	
                  5.19.     Notes
                    Rank Pari Passu

                	
                  11

                
	
                  6.

                	
                  Representations
                    of the
                    Purchaser

                	
                  11

                
	 	
                  6.1       
                    Purchase
                    for
                    Investment

                	
                  11

                
	 	
                  6.2       
                    Accredited
                    Investor

                	
                  12

                
	 	
                  6.3        Source
                    of Funds

                	
                  12

                
	
                  7.

                	
                  Information
                    as to
                    Company

                	
                  14

                
	 	
                  7.1.       Financial
                    and Business
                    Information

                	
                  14

                
	 	
                  7.2.       Officer’s
                    Certificate;
                    Reconciliation upon Change in GAAP

                	
                  17

                
	 	
                  7.3.       Visitation

                	
                  17

                
	
                  8.

                	
                  Payment
                    of the Notes

                	
                  18

                
	 	
                  8.1.       Payment
                    at Maturity

                	
                  18

                
	 	
                  8.2.       Optional
                    Prepayments with Make-Whole
                    Amount

                	
                  18

                
	 	
                  8.3.       Allocation
                    of Partial
                    Prepayments

                	
                  19

                
	 	
                  8.4.       Maturity;
                    Surrender,
                    Etc

                	
                  19

                
	 	
                  8.5.       Purchase
                    of Notes

                	
                  19

                
	 	
                  8.6.       Make-Whole
                    Amount

                	
                  19

                
	 	
                  8.7.       Prepayment
                    at Par Upon the Sale of
                    Certain Assets

                	
                  21

                
	
                  9.

                	
                  Affirmative
                    Covenants

                	
                  22

                
	 	
                  9.1.       Compliance
                    with Law

                	
                  22

                
	 	
                  9.2.       Insurance

                	
                  22

                
	 	
                  9.3.       Maintenance
                    of
                    Properties

                	
                  22

                
	 	
                  9.4.       Payment
                    of Taxes and
                    Claims

                	
                  22

                
	 	
                  9.5.       Corporate
                    Existence,
                    Etc

                	
                  23

                
	 	
                  9.6.       Notes
                    to Rank Pari
                    Passu

                	
                  23

                
	 	
                  9.7.       Books
                    and Records

                	
                  23

                

        

        
          	
                  10.

                	
                  Negative
                    Covenants

                	
                  23

                

        

         

        
          
            
            

          

          
            ii

            
              

            

          

          
            
            

          

        

         

        
          TABLE
            OF
            CONTENTS

          (continued)

        

         

        Page

        
          	 	
                  10.1.     Consolidated
                    Net Debt to Consolidated
                    EBITDA

                	
                  23

                
	 	
                  10.2.     Subsidiary
                    Debt

                	
                  23

                
	 	
                  10.3.     Limitation
                    on Liens

                	
                  24

                
	 	
                  10.4.     Sales
                    of Assets

                	
                  25

                
	 	
                  10.5.     Merger
                    and
                    Consolidation

                	
                  26

                
	 	
                  10.6.     Transactions
                    with
                    Affiliates

                	
                  27

                
	 	
                  10.7.     Nature
                    of Business

                	
                  27

                
	 	
                  10.8.     Terrorism
                    Sanctions
                    Regulations

                	
                  27

                
	
                  11.

                	
                  Events
                    of Default

                	
                  27

                
	
                  12.

                	
                  Remedies
                    on Default,
                    Etc

                	
                  30

                
	 	
                  12.1.     Acceleration

                	
                  30

                
	 	
                  12.2.     Other
                    Remedies

                	
                  30

                
	 	
                  12.3.     Rescission

                	
                  30

                
	 	
                  12.4.     No
                    Waivers or Election of Remedies,
                    Expenses, Etc

                	
                  31

                
	
                  13.

                	
                  Registration;
                    Exchange; Substitution of
                    Notes

                	
                  31

                
	 	
                  13.1.     Registration
                    of Notes

                	
                  31

                
	
                  .

                	
                  13.2     
                    Transfer
                    and Exchange of
                    Notes

                	
                  31

                
	 	
                  13.3.     Replacement
                    of Notes

                	
                  32

                
	
                  14.

                	
                  Payments
                    on Notes

                	
                  32

                
	 	
                  14.1.     Place
                    of Payment

                	
                  32

                
	 	
                  14.2.     Home
                    Office Payment

                	
                  33

                
	
                  15.

                	
                  Expenses,
                    Etc

                	
                  33

                
	 	
                  15.1.     Transaction
                    Expenses

                	
                  33

                
	 	
                  15.2.     Survival

                	
                  34

                
	
                  16.

                	
                  Survival
                    of Representations and Warranties;
                    Entire Agreement

                	
                  34

                
	
                  17.

                	
                  Amendment
                    and Waiver

                	
                  34

                
	 	
                  17.1.     Requirements

                	
                  34

                
	 	
                  17.2.     Solicitation
                    of Holders of
                    Notes

                	
                  34

                
	 	
                  17.3.     Binding
                    Effect, Etc

                	
                  35

                
	 	
                  17.4.     Notes
                    Held by Company,
                    Etc

                	
                  35

                

        

         

         

        
          
            
            

          

          
            iii

            
              

            

          

          
            
            

          

        

         

        
          TABLE
            OF
            CONTENTS

          (continued)

        

         

        Page

        
          	
                  18.

                	
                  Notices

                	
                  36

                
	
                  19.

                	
                  Reproduction
                    of
                    Documents

                	
                  36

                
	
                  20.

                	
                  Confidential
                    Information

                	
                  36

                
	
                  21.

                	
                  Substitution
                    of
                    Purchaser

                	
                  38

                
	
                  22.

                	
                  Miscellaneous

                	
                  38

                
	 	
                  22.1.     Successors
                    and Assigns

                	
                  38

                
	 	
                  22.2.     Payments
                    Due on Non-Business Days

                	
                  38

                
	 	
                  22.3.     Accounting
                    Terms

                	
                  38

                
	 	
                  22.4.     Severability

                	
                  39

                
	 	
                  22.5.     Construction

                	
                  39

                
	 	
                  22.6.     Counterparts

                	
                  39

                
	 	
                  22.7.     Governing
                    Law

                	
                  39

                
	 	
                  22.8.     Jurisdiction
                    and Process; Waiver of Jury
                    Trial

                	
                  39

                

        

      

       

       

       

      

         

      

       

      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

      

      
         

        Schedules
          and
          Exhibits

      

    

     

     

     

     

    SCHEDULE
      A             
—       INFORMATION
      RELATING TO PRUCHASERS

     

    SCHEDULE
      B             
—       
      DEFINED TERMS

     

    SCHEDULE 4.9           
      —       CHANGES
      IN CORPORATE STRUCTURE

     

    SCHEDULE 5.4           
      —       MATERIAL
      SUBSIDIARIES OF THE COMPANY, OWNERSHIP OF 

                                    
MATERIAL
      SUBSIDIARY
      STOCK, AFFILIATES

     

    SCHEDULE 5.5           
      —       FINANCIAL
      STATEMENTS

     

    SCHEDULE
      5.8            —       LITIGATION

     

    SCHEDULE 5.11         
      —       LICENSES,
      PERMITS, ETC.

     

    SCHEDULE 5.14         
      —       USE
      OF PROCEEDS

     

    SCHEDULE
      5.15          
—      
      EXISTING DEBT

     

    SCHEDULE 5.18         
      —       ENVIRONMENTAL
      MATTERS

     

    EXHIBIT
      1        —      
      FORM OF 5.89% SERIES A SENIOR NOTE DUE JULY 12, 2009

     

    EXHIBIT
      2        —      
      FORM OF 5.96% SERIES B SENIOR NOTE DUE JULY 12, 2011

     

    EXHIBIT
      3        —      
      FORM OF 6.05% SERIES C SENIOR NOTE DUE JULY 12, 2013

     

    EXHIBIT
      4        —      
      FORM OF 6.14% SERIES D SENIOR NOTE DUE JULY 12, 2016

     

    
      EXHIBIT
        4.4(a)      
—      FORM OF OPINION OF
        GENERAL COUNSEL TO THE
        COMPANY

       

      
        EXHIBIT
          4.4(b)      
—      FORM OF OPINION
          OF GENERAL COUNSEL TO THE
          COMPANY

         

        
          EXHIBIT
            4.4(c)      
—      FORM OF OPINION
            OF SPECIAL COUNSEL TO THE
            PURCHASERS

        

      

    

     

     

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

     

    
      INTERNATIONAL
        FLAVORS & FRAGRANCES INC.

      521
        W. 57TH STREET

      NEW
        YORK,
NY10019

       

      $50,000,000
        5.89% SERIES A SENIOR NOTES, 

      DUE
        JULY 12, 2009

      $100,000,000
        5.96% SERIES B SENIOR NOTES, 

      DUE
        JULY 12, 2011

      $100,000,000
        6.05% SERIES C SENIOR NOTES, 

      DUE
        JULY 12, 2013

      $125,000,000
        6.14% SERIES D SENIOR NOTES, 

      DUE
        JULY 12, 2016

    

     

    Dated
      as
      of

    July
      12,
      2006

     

     

    TO
      THE
      PURCHASERS LISTED IN

    THE
      ATTACHED SCHEDULE A:

    
    

    Ladies
      and Gentlemen:

     

    International
      Flavors
& Fragrances Inc., a New York corporation (the “Company”),
      agrees with the
      Purchasers listed in the attached Schedule A (the “Purchasers”)
      to this Note Purchase
      Agreement as follows:

     

    
      	1.      	
              AUTHORIZATION
                OF
                NOTES.

            

    

     

    The
      Company will authorize the issue and sale of the following Senior
      Notes:

     

    
      	
               

              Issue

            	
               

              Series
                

            	
               

              Aggregate
                Principal
                Amount

            	
               

              Interest
                Rate

            	
               

              Maturity
                Date

            
	
               

              Senior
                Notes

            	
               

              Series
                A

            	
               

              $50,000,000

            	
               

              5.89%

            	
               

              July
                12,
                2009

            
	
               

              Senior
                Notes

            	
               

              Series
                B

            	
               

              $100,000,000

            	
               

              5.96%

            	
               

              July
                12,
                2011

            
	
               

              Senior
                Notes

            	
               

              Series
                C

            	
               

              $100,000,000

            	
               

              6.05%

            	
               

              July
                12,
                2013

            
	
               

              Senior
                Notes

            	
               

              Series
                D

            	
               

              $125,000,000

            	
               

              6.14%

            	
               

              July
                12,
                2016

            

    

    

    The
      Senior Notes described above are collectively referred to as the “Notes”
      (such term shall also
      include any such notes as amended, restated or otherwise modified from time
      to
      time and any such notes issued in substitution therefor pursuant to Section
      13
      of this Agreement). 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        Table
          of Contents

      

    

     

    The
      Series A Notes, Series B Notes, Series C Notes and Series D Notes shall be
      substantially in the form set out in Exhibit 1, Exhibit 2, Exhibit 3 and Exhibit
      4, respectively, with such changes therefrom, if any, as may be approved by
      the
      Purchasers and the Company. Certain capitalized terms used in this Agreement
      are
      defined in Schedule B; references to a “Schedule” or an “Exhibit” are,
      unless otherwise specified, to a Schedule or an Exhibit attached to this
      Agreement.

     

    
      	2.      	
              SALE
                AND PURCHASE OF
                NOTES.

            

    

     

    Subject
      to the terms and conditions of this Agreement, the Company will issue and sell
      to each Purchaser, and each Purchaser will purchase from the Company, at the
      Closing provided for in Section 3, Notes of the Series and in the principal
      amount specified opposite such Purchaser’s name in Schedule A at the purchase
      price of 100% of the principal amount thereof. The obligations of each Purchaser
      hereunder are several and not joint obligations and each Purchaser shall have
      no
      obligation and no liability to any Person for the performance or nonperformance
      of any obligation by any other Purchaser hereunder.

     

    
      	3.      	
              CLOSING.

            

    

     

    The
      sale
      and purchase of the Notes to be purchased by each Purchaser shall occur at
      the
      offices of Bingham McCutchen LLP, 399 Park Avenue, New York, New York at 10:00
      a.m. Eastern time, at a closing (the “Closing”)
      on July 12, 2006 or on
      such other Business Day thereafter as may be agreed upon by the Company and
      the
      Purchasers (such date, the “Closing
      Date”).
      On the Closing Date, the Company will deliver to each Purchaser the Notes to
      be
      purchased by such Purchaser in the form of a single Note (or such greater number
      of Notes in denominations of at least $500,000 as such Purchaser may request)
      of
      the Series purchased by such Purchaser dated the Closing Date and registered
      in
      such Purchaser’s name (or in the name of such Purchaser’s nominee), against
      delivery by such Purchaser to the Company or its order of immediately available
      funds in the amount of the purchase price therefor by wire transfer of
      immediately available funds for the account of the Company in accordance with
      the instructions provided by the Company pursuant to Section 4.10. If, on the
      Closing Date, the Company shall fail to tender such Notes to any Purchaser
      as
      provided above in this Section 3, or any of the conditions specified in
      Section 4 shall not have been fulfilled to any Purchaser’s satisfaction,
      such Purchaser shall, at such Purchaser’s election, be relieved of all further
      obligations under this Agreement, without thereby waiving any rights such
      Purchaser may have by reason of such failure or such
      nonfulfillment.

     

    
      	4.      	
              CONDITIONS
                TO
                CLOSING.

            

    

     

    The
      obligation of the Company to deliver Notes to each Purchaser on the Closing
      Date
      is subject to the Company receiving the purchase price therefor. Each
      Purchaser’s obligation to purchase and pay for the Notes to be sold to such
      Purchaser at the Closing is subject to the fulfillment to such Purchaser’s
      satisfaction, prior to or at the Closing, of the following
      conditions:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        Table
          of Contents

      

    

     

    4.1.    Representations
      and
      Warranties.

     

    The
      representations and warranties of the Company in this Agreement shall be correct
      when made and at the time of the Closing (unless stated to relate to a specific
      earlier date, in which case such representations and warranties shall be correct
      as of such earlier date).

     

    4.2.    Performance;
      No Default.  

     

    The
      Company shall have performed and complied with all agreements and conditions
      contained in this Agreement required to be performed or complied with by the
      Company prior to or at the Closing, and after giving effect to the issue and
      sale of the Notes (and the application of the proceeds thereof as contemplated
      by Section 5.14), no Default or Event of Default shall have occurred and be
      continuing. Neither the Company nor any Subsidiary shall have entered into
      any
      transaction since the date of the Memorandum that would have been prohibited
      by
      Section 10.4 or Section 10.6 hereof had such Sections applied since such
      date.

     

    4.3.    Compliance
      Certificates.

     

    (a)    Officer’s
      Certificate.
      The Company shall have
      delivered to such Purchaser an Officer’s Certificate, dated the Closing Date,
      certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have
      been fulfilled.

     

    (b)    Secretary’s
      Certificate.
      The Company shall have
      delivered to such Purchaser a certificate, dated the Closing Date, certifying
      as
      to the resolutions attached thereto and other corporate proceedings relating
      to
      the authorization, execution and delivery of the Notes and this
      Agreement.

     

    4.4.    Opinions
      of Counsel.

     

    Such
      Purchaser shall have received opinions in form and substance satisfactory to
      such Purchaser, dated the Closing Date (a) from Jodie Simon Friedman,
      Deputy General Counsel of the Company, covering the matters set forth in
      Exhibit 4.4(a) and covering such other matters incident to the transactions
      contemplated hereby as such Purchaser or its counsel may reasonably request
      (and
      the Company hereby instructs its counsel to deliver such opinion to the
      Purchasers), (b) from Cravath, Swaine & Moore LLP, special counsel for
      the Company, covering the matters set forth in Exhibit 4.4(b) and covering
      such other matters incident to the transactions contemplated hereby as such
      Purchaser or its counsel may reasonably request (and the Company hereby
      instructs its counsel to deliver such opinion to the Purchasers), and
      (c) from Bingham McCutchen LLP, the Purchasers’ special counsel in
      connection with such transactions, substantially in the form set forth in
      Exhibit 4.4(c) and covering such other matters incident to such
      transactions as such Purchaser may reasonably request.

     

    4.5.    Purchase
      Permitted By Applicable Law,
      Etc.

     

    On
      the
      Closing Date such Purchaser’s purchase of Notes shall (a) be permitted by
      the laws and regulations of each jurisdiction to which such Purchaser is
      subject, without recourse to provisions (such as section 1405(a)(8) of the
      New York Insurance Law) permitting limited investments by insurance companies
      without restriction as to the character of the particular 

     

    
      
        
        

      

      
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        Table
          of Contents

      

    

     

    investment,
      (b) not
      violate any applicable law or regulation (including, without limitation,
      Regulation T, U or X of the Board of Governors of the Federal Reserve
      System) and (c) not subject such Purchaser to any tax, penalty or liability
      under or pursuant to any applicable law or regulation, which law or regulation
      was not in effect on the date hereof. 

     

    4.6.    Sale
      of Other Notes.

     

    Contemporaneously
      with the
      Closing the Company shall sell to each other Purchaser and each other Purchaser
      shall purchase the Notes to be purchased by it at the Closing as specified
      in
      Schedule A.

     

    4.7.    Payment
      of Special Counsel
      Fees.

     

    Without
      limiting the
      provisions of Section 15.1, the Company shall have paid on or before the
      Closing Date, the reasonable fees, reasonable charges and reasonable
      disbursements of the Purchasers’ special counsel referred to in Section 4.4
      to the extent reflected in a statement of such counsel rendered to the Company
      at least one Business Day prior to the Closing Date.

     

    4.8.    Private
      Placement Number.

     

    A
      Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau
      (in cooperation with the Securities Valuation Office of the National Association
      of Insurance Commissioners) shall have been obtained for each Series of
      Notes.

     

    4.9.    Changes
      in Corporate
      Structure.

     

    The
      Company shall not have changed its jurisdiction of incorporation or, except
      as
      reflected in Schedule 4.9, been a party to any merger or consolidation, or
      succeeded to all or any substantial part of the liabilities of any other entity,
      at any time following the date of the most recent financial statements referred
      to in Schedule 5.5.

     

    4.10.    Funding
      Instructions.

     

    At
      least two Business Days prior to the Closing Date, each Purchaser shall have
      received written instructions from the Company including (i) the name and
      address of the transferee bank, (ii) such transferee bank’s ABA number and
      (iii) the account name and number into which the purchase price for such
      Purchaser’s Notes is to be deposited.

     

    4.11.    Proceedings
      and
      Documents.

     

    All
      corporate and other proceedings in connection with the transactions contemplated
      by this Agreement and all documents and instruments incident to such
      transactions shall be satisfactory to such Purchaser and its special counsel,
      and such Purchaser and its special counsel shall have received all such
      counterpart originals or certified or other copies of such documents as such
      Purchaser or such special counsel may reasonably request.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        Table
          of Contents

      

    

     

     

    
      	
              5.

            	
              REPRESENTATIONS
                AND WARRANTIES OF THE
                COMPANY.

            

    

     

    The
      Company represents and warrants to each Purchaser that:

     

    5.1.    Organization;
      Power and
      Authority.

     

    The
      Company is a corporation duly organized, validly existing and in good standing
      under the laws of its jurisdiction of incorporation, and is duly qualified
      as a
      foreign corporation and is in good standing in each jurisdiction in which such
      qualification is required by law, other than those jurisdictions as to which
      the
      failure to be so qualified or in good standing would not, individually or in
      the
      aggregate, reasonably be expected to have a Material Adverse Effect. The Company
      has the corporate power and authority to own or hold under lease the properties
      it purports to own or hold under lease, to transact the business it transacts
      and proposes to transact, to execute and deliver this Agreement and the Notes
      and to perform the provisions hereof and thereof.

     

    5.2.    Authorization,
      Etc.

     

    This
      Agreement and the Notes have been duly authorized by all necessary corporate
      action on the part of the Company, and this Agreement constitutes, and upon
      execution and delivery thereof each such Note will constitute, a legal, valid
      and binding obligation of the Company enforceable against the Company in
      accordance with its terms, except as such enforceability may be limited by
      (i) applicable bankruptcy, insolvency, reorganization, moratorium or other
      similar laws affecting the enforcement of creditors’ rights generally and
      (ii) general principles of equity (regardless of whether such
      enforceability is considered in a proceeding in equity or at law).

     

    5.3.    Disclosure.

     

    The
      Company, through its agent, Banc of America Securities LLC, has delivered to
      each Purchaser a copy of a Private Placement Memorandum, dated June 13, 2006
      (the “Memorandum”),
      relating to the
      transactions contemplated hereby. The Memorandum fairly describes, in all
      material respects, the general nature of the business and principal properties
      of the Company and its Subsidiaries. This Agreement, the Memorandum, the
      documents, certificates or other writings delivered to the Purchasers by or
      on
      behalf of the Company pursuant to this Agreement and the financial statements
      listed in Schedule 5.5 (this Agreement, the Memorandum and such documents,
      certificates or other writings and such financial statements being referred
      to,
      collectively, as the “Disclosure
      Documents”), taken
      as a whole, do not
      contain any untrue statement of a material fact or omit to state any material
      fact necessary to make the statements therein not misleading in light of the
      circumstances under which they were made. Except as disclosed in the Disclosure
      Documents, since December 31, 2005, there has been no change in the financial
      condition, operations, business or properties of the Company or any of its
      Subsidiaries except changes that individually or in the aggregate would not
      reasonably be expected to have a Material Adverse Effect. There is no fact
      known
      to the Company that would reasonably be expected to have a Material Adverse
      Effect that has not been set forth herein or in the Disclosure
      Documents.

     

    
      
        
        

      

      
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    5.4.    Organization
      and Ownership of Shares of
      Subsidiaries; Affiliates.

     

    (a)    Schedule 5.4
      contains
      (except as noted therein) complete and correct lists (i) of the Company’s
      Material Subsidiaries, showing, as to each Material Subsidiary, the correct
      name
      thereof, the jurisdiction of its organization, and the percentage of shares
      of
      each class of its capital stock or similar equity interests outstanding owned
      by
      the Company and each other Material Subsidiary, (ii) of the Company’s
      Affiliates, other than Subsidiaries, and (iii) of the Company’s directors
      and senior officers.

     

    (b)    All
      of the outstanding
      shares of capital stock or similar equity interests of each Material Subsidiary
      shown in Schedule 5.4 as being owned by the Company and its Material
      Subsidiaries have been validly issued, are fully paid and nonassessable and
      are
      owned by the Company or another Subsidiary free and clear of any Lien (except
      as
      otherwise disclosed in Schedule 5.4).

     

    (c)    Each
      Material Subsidiary
      identified in Schedule 5.4 is a corporation or other legal entity duly
      organized, validly existing and in good standing under the laws of its
      jurisdiction of organization, and is duly qualified as a foreign corporation
      or
      other legal entity and is in good standing in each jurisdiction in which such
      qualification is required by law, other than those jurisdictions as to which
      the
      failure to be so qualified or in good standing would not, individually or in
      the
      aggregate, reasonably be expected to have a Material Adverse Effect. Each such
      Material Subsidiary has the corporate or other power and authority to own or
      hold under lease the properties it purports to own or hold under lease and
      to
      transact the business it transacts and proposes to transact.

     

    (d)    No
      Material Subsidiary is
      a party to, or otherwise subject to, any legal restriction or any agreement
      (other than this Agreement, the agreements listed on Schedule 5.4 and
      customary limitations imposed by corporate law statutes) restricting the ability
      of such Material Subsidiary to pay dividends out of profits or make any other
      similar distributions of profits to the Company or any of its Material
      Subsidiaries that owns outstanding shares of capital stock or similar equity
      interests of such Material Subsidiary.

     

    5.5.    Financial
      Statements; Material
      Liabilities.

     

    The
      Company has furnished to each Purchaser copies of the financial statements
      of
      the Company and its Subsidiaries listed on Schedule 5.5. All of said
      financial statements (including in each case the related schedules and notes)
      fairly present in all material respects the consolidated financial position
      of
      the Company and its Subsidiaries as of the respective dates specified in such
      Schedule and the consolidated results of their operations and cash flows for
      the
      respective periods so specified and have been prepared in accordance with GAAP
      consistently applied throughout the periods involved except as set forth in
      the
      notes thereto (subject, in the case of any interim financial statements, to
      normal year-end adjustments and the absence of footnotes).

     

    
      
        
        

      

      
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    5.6.    Compliance
      with Laws, Other Instruments,
      Etc.

     

    The
      execution, delivery and performance by the Company of this Agreement and the
      Notes will not (a) contravene, result in any breach of, or constitute a
      default under, or result in the creation of any Lien in respect of any property
      of the Company or any Subsidiary under (i), any indenture, mortgage, deed of
      trust, loan, purchase or credit agreement, lease, or any other agreement or
      instrument to which the Company or any Subsidiary is bound or by which the
      Company or any Subsidiary or any of their respective properties may be bound
      or
      affected except as would not reasonably be expected to have a Material Adverse
      Effect or (ii) any corporate charter or by-laws, (b) conflict with or
      result in a breach of any of the terms, conditions or provisions of any order,
      judgment, decree, or ruling of any court, arbitrator or Governmental Authority
      applicable to the Company or any Subsidiary except for such conflicts or
      breaches as would not reasonably be expected to have a Material Adverse Effect,
      or (c) violate any provision of any statute or other rule or
      regulation of any Governmental Authority applicable to the Company or any
      Subsidiary, except for such violations as would not reasonably be expected
      to
      have a Material Adverse Effect.

     

    5.7.    Governmental
      Authorizations,
      Etc.

     

    No
      consent, approval or authorization of, or registration, filing or declaration
      with, any Governmental Authority is required in connection with the execution,
      delivery or performance by the Company of this Agreement or the Notes except
      for
      any such consent, approval, authorization, registration, filing or declaration
      the failure to obtain or make which would not reasonably be expected to have
      a
      Material Adverse Effect.

     

    5.8.    Litigation;
      Observance of Agreements, Statutes
      and Orders.

     

    (a)    Except
      as set forth in
      Schedule 5.8, there are no actions, suits or proceedings pending or, to the
      knowledge of the Company, threatened, nor, to the knowledge of the Company,
      are
      there any investigations pending or threatened, in each case against or
      affecting the Company or any Subsidiary or any property of the Company or any
      Subsidiary in any court or before any arbitrator of any kind or before or by
      any
      Governmental Authority that, individually or in the aggregate, would reasonably
      be expected to have a Material Adverse Effect.

     

    (b)    Neither
      the Company nor
      any Subsidiary is in default under any term of any agreement or instrument
      to
      which it is a party or by which it is bound, or any order, judgment, decree
      or
      ruling of any court, arbitrator or Governmental Authority or is in violation
      of
      any applicable law, ordinance, rule or regulation (including without limitation
      Environmental Laws or the USA Patriot Act) of any Governmental Authority, which
      default or violation, individually or in the aggregate, would reasonably be
      expected to have a Material Adverse Effect.

     

    5.9.    Taxes.

     

    The
      Company and its Subsidiaries have filed all tax returns that are required to
      have been filed in any jurisdiction, and have paid all taxes shown to be due
      and
      payable on such returns and all other taxes and assessments levied upon them,
      to
      the extent such taxes and assessments have 

     

    
      
        
        

      

      
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    become
      due and payable and before they have become delinquent, except for any taxes
      and
      assessments (a) the failure to pay which would not, individually or in the
      aggregate, reasonably be expected to have a Material Adverse Effect or
      (b) the amount, applicability or validity of which is currently being
      contested in good faith by appropriate proceedings and with respect to which
      the
      Company or a Subsidiary, as the case may be, has established adequate reserves
      in accordance with GAAP. The Company knows of no basis for any other tax or
      assessment that would reasonably be expected to have a Material Adverse Effect.
      The charges, accruals and reserves on the books of the Company and its
      Subsidiaries in respect of federal, state or other taxes for all fiscal periods
      are adequate. The federal income tax liabilities of the Company and its
      Subsidiaries have been finally determined (whether by reason of completed audits
      or the statute of limitations having run) for all fiscal years up to and
      including the fiscal year ended December 31, 2001.

     

    5.10.    Title
      to Property;
      Leases.

     

    The
      Company and its Subsidiaries have good title to their respective properties
      that
      individually or in the aggregate are Material, including all such properties
      reflected in the most recent audited balance sheet referred to in
      Section 5.5 or purported to have been acquired by the Company or any
      Subsidiary after said date (except as sold or otherwise disposed of in the
      ordinary course of business), in each case free and clear of Liens prohibited
      by
      this Agreement. All leases that individually or in the aggregate are Material
      are valid and subsisting and are in full force and effect in all material
      respects.

     

    5.11.    Licenses,
      Permits, Etc.

     

    Except
      as disclosed in Schedule 5.11, the Company and its Subsidiaries own or
      possess all licenses, permits, franchises, authorizations, patents, copyrights,
      proprietary software, service marks, trademarks and trade names, or rights
      thereto, that individually or in the aggregate are Material, without known
      Material conflict with the rights of others;

     

    (a)    to
      the best knowledge of
      the Company, no product of the Company or any of its Subsidiaries infringes
      in
      any Material respect any license, permit, franchise, authorization, patent,
      copyright, proprietary software, service mark, trademark, trade name or other
      right owned by any other Person; and

     

    (b)    to
      the best knowledge of
      the Company, there is no Material violation by any Person of any right of the
      Company or any of its Subsidiaries with respect to any patent, copyright,
      proprietary software, service mark, trademark, trade name or other right owned
      or used by the Company or any of its Subsidiaries.

     

    5.12.    Compliance
      with ERISA.

     

    (a)    The
      Company and each ERISA
      Affiliate have operated and administered each Plan in compliance with all
      applicable laws except for such instances of noncompliance as do not currently
      constitute and would not reasonably be expected to result in a Material Adverse
      Effect. Other than obligations to employees and retirees under defined benefit
      plans, if any, neither the Company nor any ERISA Affiliate has incurred any
      liability pursuant to Title I or IV of ERISA or the penalty or excise tax

     

    
      
        
        

      

      
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    provisions
      of the Code
      relating to employee benefit plans (as defined in section 3 of ERISA), and
      no event, transaction or condition has occurred or exists that would reasonably
      be expected to result in the incurrence of any such liability by the Company
      or
      any ERISA Affiliate, or in the imposition of any Lien on any of the rights,
      properties or assets of the Company or any ERISA Affiliate, in either case
      pursuant to Title I or IV of ERISA or to such penalty or excise tax
      provisions or to section 401(a)(29) or 412 of the Code or section 4068 of
      ERISA, other than such liabilities or Liens as would not, individually or in
      the
      aggregate, reasonably be expected to result in a Material Adverse
      Effect.

     

    (b)    The
      Company and its ERISA
      Affiliates have not incurred any withdrawal liabilities (and are not subject
      to
      contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in
      respect of Multiemployer Plans that would, individually or in the aggregate,
      reasonably be expected to result in a Material Adverse Effect.

     

    (c)    The
      execution and delivery
      of this Agreement and the issuance and sale of the Notes hereunder will not
      involve any transaction that is subject to the prohibitions of Section 406
      of ERISA or in connection with which a tax would be imposed pursuant to
      Section 4975(c)(1)(A)-(D) of the Code. The representation by the Company in
      the first sentence of this Section 5.12(c) is made in reliance upon and
      subject to the accuracy of each Purchaser’s representation
      in Section 6.3 as to the sources of the funds to be used to pay the
      purchase price of the Notes to be purchased by such Purchaser.

     

    5.13.    Private
      Offering by the
      Company.

     

    Neither
      the Company nor
      anyone acting on the Company’s behalf has offered the Notes or any similar
      securities for sale to, or solicited any offer to buy any of the same from,
      or
      otherwise approached or negotiated in respect thereof with, any Person other
      than the Purchasers and not more than 40 other accredited investors (as defined
      in Section 6.2), each of which has been offered the Notes in connection with
      a
      private sale for investment. Neither the Company nor anyone acting on its behalf
      has taken, or will take, any action that would subject the issuance or sale
      of
      the Notes to the registration requirements of Section 5 of the Securities
      Act or to the registration requirements of any securities or blue sky laws
      of
      any applicable jurisdiction.

     

    5.14.    Use
      of Proceeds; Margin
      Regulations.

     

    The
      Company will apply the proceeds of the sale of the Notes to refinance the
      existing Debt described in Schedule 5.14 and for general corporate purposes
      of
      the Company. Margin stock does not constitute more than 25% of the value of
      the
      consolidated assets of the Company and its Subsidiaries and the Company does
      not
      have any present intention that margin stock will constitute more than 25%
      of
      the value of such assets. As used in this Section, the term “margin
      stock”
      shall have the meaning assigned to it in Regulation U of the Board of
      Governors of the Federal Reserve System (12 CFR 221).

     

    5.15.    Existing
      Debt; Future
      Liens.

     

    (a)    Except
      as described
      therein, Schedule 5.15 sets forth a complete and correct list of all
      outstanding items of Debt of the Company and its Subsidiaries as of

     

    
      
        
        

      

      
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    May
      31, 2006 in excess of $15,000,000, since which date there has been no Material
      change in the amounts, interest rates, sinking funds, installment payments
      or
      maturities of the Debt of the Company or its Subsidiaries. Neither the Company
      nor any Subsidiary is in default and no waiver of default is currently in
      effect, in the payment of any principal or interest on the Debt of the Company
      and its Subsidiaries described on Schedule 5.15, and no event or condition
      exists with respect to such Debt of the Company or any Subsidiary that would
      permit (or that with notice or the lapse of time, or both, would permit) one
      or
      more Persons to cause such Debt to become due and payable before its stated
      maturity or before its regularly scheduled dates of payment. 

     

    (b)    Neither
      the Company nor
      any Subsidiary is a party to, or otherwise subject to any provision contained
      in, any instrument evidencing Debt of the Company or such Subsidiary described
      in Schedule 5.15, any agreement relating thereto or any other agreement
      (including, but not limited to, its charter or other organizational document)
      which limits the amount of, or otherwise imposes restrictions on the incurring
      of, Debt of the Company, except as specifically indicated in
      Schedule 5.15.

     

    5.16.    Foreign
      Assets Control Regulations,
      Etc.

     

    (a)    Neither
      the sale of the
      Notes by the Company hereunder nor its use of the proceeds thereof will violate
      the Trading with the Enemy Act, as amended, or any of the foreign assets control
      regulations of the United States Treasury Department (31 CFR, Subtitle B,
      Chapter V, as amended) or any enabling legislation or executive order
      relating thereto.

     

    (b)    Neither
      the Company nor
      any Subsidiary is a Person described or designated in the Specially Designated
      Nationals and Blocked Persons List of the Office of Foreign Assets Control
      or in
      Section 1 of the Anti-Terrorism Order or, to the knowledge of the Company,
      engages in any dealings or transactions with any such Person. The Company and
      its Subsidiaries are in compliance, in all material respects, with the USA
      Patriot Act.

     

    (c)    No
      part of the proceeds
      from the sale of the Notes hereunder will be used, directly or indirectly,
      for
      any payments to any governmental official or employee, political party, official
      of a political party, candidate for political office, or anyone else acting
      in
      an official capacity, in order to obtain, retain or direct business or obtain
      any improper advantage, in violation of the United States Foreign Corrupt
      Practices Act of 1977, as amended, assuming in all cases that such Act applies
      to the Company.

     

    5.17.    Status
      under Certain
      Statutes.

     

    Neither
      the Company nor
      any Subsidiary is an “investment company” registered or required to be
      registered under the Investment Company Act of 1940, as amended, or is subject
      to regulation under the Federal Power Act, as amended.

     

    
      
        
        

      

      
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    5.18.    Environmental
      Matters.

     

    Except
      as set forth in Schedule 5.18:

     

    (a)    neither
      the Company nor
      any Subsidiary has knowledge of any liability or has received any notice of
      any
      liability, and no proceeding has been instituted raising any liability against
      the Company or any of its Subsidiaries or any of their respective real
      properties now or formerly owned, leased or operated by any of them, or other
      assets, alleging any damage to the environment or violation of any Environmental
      Laws, except, in each case, such as would not reasonably be expected to result
      in a Material Adverse Effect;

     

    (b)    neither
      the Company nor
      any Subsidiary has knowledge of any facts which would give rise to any
      liability, public or private, of violation of Environmental Laws or damage
      to
      the environment emanating from, occurring on or in any way related to real
      properties now or formerly owned, leased or operated by any of them or to other
      assets or their use, except, in each case, such as would not reasonably be
      expected to result in a Material Adverse Effect;

     

    (c)    neither
      the Company nor
      any of its Subsidiaries has stored any Hazardous Materials on real properties
      now or formerly owned, leased or operated by any of them or has disposed of
      any
      Hazardous Materials in each case in a manner contrary to any Environmental
      Laws
      in each case in any manner that would reasonably be expected to result in a
      Material Adverse Effect; and

     

    (d)    all
      buildings on all real
      properties now owned, leased or operated by the Company or any of its
      Subsidiaries are in compliance with applicable Environmental Laws, except where
      failure to comply would not reasonably be expected to result in a Material
      Adverse Effect.

     

    5.19.    Notes
      Rank Pari Passu.

     

    The
      obligations of the Company under this Agreement and the Notes rank pari
      passu in
      right of payment with all other senior unsecured Debt (actual or contingent)
      of
      the Company, including, without limitation, all senior unsecured Debt of the
      Company described in Schedule 5.15 hereto.

     

    
      	
              6.

            	
              REPRESENTATIONS
                OF THE
                PURCHASER.

            

    

     

    6.1.    Purchase
      for Investment.

     

    (a)    Each
      Purchaser severally
      represents that it is purchasing the Notes for its own account or for one or
      more separate accounts maintained by it or for the account of one or more
      pension or trust funds that are “accredited investors” (as defined in Rule
      501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act), in each
      case for which it manages some or all of the investments thereof, for
      investment, and not with a view to the distribution thereof within the meaning
      of the Securities Act, provided
      that the disposition of
      such Purchaser’s or such pension or trust funds’ property shall at all times

     

    
      
        
        

      

      
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    be
      within such Purchaser’s or such pension or trust funds’ control.
      Each
      Purchaser understands that the Notes have not been registered under the
      Securities Act and may be resold only if registered pursuant to the provisions
      of the Securities Act or if an exemption from registration is available, and
      that the Company is not required to register the Notes.

     

    (b)    Each
      Purchaser agrees to
      the imprinting, so long as required by law, of a legend on the Notes to the
      following effect:

     

    “THIS
      NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER THE
      SECURITIES LAWS OF ANY STATE. NO TRANSFER, SALE OR OTHER DISPOSITION OF THIS
      NOTE MAY BE MADE UNLESS A REGISTRATION STATEMENT WITH RESPECT TO THIS NOTE
      HAS
      BECOME EFFECTIVE UNDER SUCH ACT, AND SUCH REGISTRATION OR QUALIFICATION AS
      MAY
      BE NECESSARY UNDER THE SECURITIES LAWS OF ANY STATE HAS BECOME EFFECTIVE, OR
      AN
      EXEMPTION FROM SUCH REGISTRATIONS AND/OR QUALIFICATIONS IS AVAILABLE UNDER
      SUCH
      ACT AND SUCH LAWS. NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION
      NOR ANY OTHER FEDERAL OR STATE REGULATORY AUTHORITY HAS PASSED ON OR ENDORSED
      THE MERITS OF THIS NOTE.”

     

    6.2.    Accredited
      Investor.

     

    Each
      Purchaser represents that it is an “accredited investor” (as defined in Rule
      501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) acting
      for
      its own account (and not for the account of others) or as a fiduciary or agent
      for others (which others are also “accredited investors”). Each Purchaser
      further represents that such Purchaser has had the opportunity to ask questions
      of the Company and received answers concerning the terms and conditions of
      the
      sale of the Notes. The financial position of each Purchaser is such that it
      can
      afford to bear the economic risk of holding the Notes. Each Purchaser can afford
      to suffer the complete loss of its investment in the Notes. The knowledge and
      experience of each Purchaser in financial and business matters is such that
      it
      is capable of evaluating the risks of the investment in the Notes. Each
      Purchaser acknowledges that no representations, express or implied, are being
      made with respect to the Company or the Subsidiaries, the Notes or otherwise,
      other than those expressly set forth herein or contemplated hereby.

     

    6.3.    Source
      of Funds.

     

    Each
      Purchaser severally represents that at least one of the following statements
      is
      an accurate representation as to each source of funds (a “Source”)
      to be used by such
      Purchaser to pay the purchase price of the Notes to be purchased by such
      Purchaser hereunder:

     

    (a)    the
      Source is an
“insurance company general account” (as the term is defined in the United States
      Department of Labor’s Prohibited Transaction Exemption 

     

    
      
        
        

      

      
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    (“PTE”)
      95-60) in respect of
      which the reserves and liabilities (as defined by the annual statement for
      life
      insurance companies approved by the National Association of Insurance
      Commissioners (the “NAIC
      Annual
      Statement”))
      for the general account
      contract(s) held by or on behalf of any employee benefit plan together with
      the
      amount of the reserves and liabilities for the general account contract(s)
      held
      by or on behalf of any other employee benefit plans maintained by the same
      employer (or affiliate thereof as defined in PTE 95-60) or by the same employee
      organization in the general account do not exceed 10% of the total reserves
      and
      liabilities of the general account (exclusive of separate account liabilities)
      plus surplus as set forth in the NAIC Annual Statement filed with such
      Purchaser’s state of domicile; or

     

    (b)    the
      Source is a separate
      account that is maintained solely in connection with such Purchaser’s fixed
      contractual obligations under which the amounts payable, or credited, to any
      employee benefit plan (or its related trust) that has any interest in such
      separate account (or to any participant or beneficiary of such plan (including
      any annuitant)) are not affected in any manner by the investment performance
      of
      the separate account; or

     

    (c)    the
      Source is either (i)
      an insurance company pooled separate account, within the meaning of PTE 90-1
      or
      (ii) a bank collective investment fund, within the meaning of the PTE 91-38
      and,
      except as disclosed by such Purchaser to the Company in writing pursuant to
      this
      clause (c), no employee benefit plan or group of plans maintained by the same
      employer or employee organization beneficially owns more than 10% of all assets
      allocated to such pooled separate account or collective investment fund;
      or

     

    (d)    the
      Source constitutes
      assets of an “investment fund” (within the meaning of Part V of PTE 84-14 (the
“QPAM
      Exemption”))
      managed by a “qualified
      professional asset manager” or “QPAM” (within the meaning of Part V of the QPAM
      Exemption), no employee benefit plan’s assets that are included in such
      investment fund, when combined with the assets of all other employee benefit
      plans established or maintained by the same employer or by an affiliate (within
      the meaning of Section V(c)(1) of the QPAM Exemption) of such employer or by
      the
      same employee organization and managed by such QPAM, exceed 20% of the total
      client assets managed by such QPAM, the conditions of Part I(c) and (g) of
      the
      QPAM Exemption are satisfied, neither the QPAM nor a person controlling or
      controlled by the QPAM (applying the definition of “control” in Section V(e) of
      the QPAM Exemption) owns a 5% or more interest in the Company and (i) the
      identity of such QPAM and (ii) the names of all employee benefit plans whose
      assets are included in such investment fund have been disclosed to the Company
      in writing pursuant to this clause (d); or

     

    (e)    the
      Source constitutes
      assets of a “plan(s)” (within the meaning of Section IV of PTE 96-23 (the
“INHAM
      Exemption”))
      managed by an “in-house
      asset manager” or “INHAM” (within the meaning of Part IV of the INHAM
      Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption
      are
      satisfied, neither the INHAM nor a person controlling or controlled by the
      INHAM
      (applying the definition of “control” in Section IV(d) of the INHAM Exemption)
      owns a 5% or more interest in the Company and (i) the identity of such INHAM
      and
      (ii) the name(s) of the employee benefit plan(s) 

     

    
      
        
        

      

      
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    whose
      assets constitute the Source have been disclosed to the Company in writing
      pursuant to this clause (e); or

     

    (f)    the
      Source is a
      governmental plan; or

     

    (g)    the
      Source is one or more
      employee benefit plans, or a separate account or trust fund comprised of one
      or
      more employee benefit plans, each of which has previously been identified to
      the
      Company in writing pursuant to this clause (g); or

     

    (h)    the
      Source does not
      include assets of any employee benefit plan, other than a plan exempt from
      the
      coverage of ERISA.

     

    As
      used in this Section 6.2, the terms “employee
      benefit
      plan,” “governmental plan,” and
“separate
      account”
      shall have the respective meanings assigned to such terms in section 3 of
      ERISA.

     

    
      	
              7.

            	
              INFORMATION
                AS TO
                COMPANY.

            

    

     

    7.1.    Financial
      and Business
      Information.

     

    The
      Company shall deliver to each holder of Notes that is an Institutional
      Investor:

     

    (a)    Quarterly
      Statements --
      within 60 days after
      the end of each quarterly fiscal period in each fiscal year of the Company
      (other than the last quarterly fiscal period of each such fiscal
      year),

     

    (i)    an
      unaudited consolidated
      balance sheet of the Company and its Subsidiaries as at the end of such quarter,
      and

     

    (ii)    unaudited
      consolidated
      statements of income, shareholders’ equity and cash flows of the Company and its
      Subsidiaries, for such quarter and (in the case of the second and third
      quarters) for the portion of the fiscal year ending with such
      quarter,

     

    setting
      forth in each case
      in comparative form the figures for the corresponding periods in the previous
      fiscal year, all in reasonable detail, prepared in accordance with GAAP
      applicable to quarterly financial statements generally, and certified by a
      Senior Financial Officer as fairly presenting, in all material respects, the
      financial position of the companies being reported on and their results of
      operations and cash flows, subject to changes resulting from year-end
      adjustments, provided
      that the posting through
      an Electronic Distribution Service (and the sending of a notification of such
      posting via email to each holder of Notes that is an Institutional Investor)
      within the time period specified above of the Company’s Quarterly Report on
      Form 10-Q prepared in compliance with the requirements therefor shall be
      deemed to satisfy the requirements of this Section 7.1(a);

     

    
      
        
        

      

      
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    (b)    Annual
      Statements --
      within 105 days after
      the end of each fiscal year of the Company,

     

    (i)    a
      consolidated balance
      sheet of the Company and its Subsidiaries, as at the end of such year,
      and

     

    (ii)    consolidated
      statements of
      income, shareholders’ equity and cash flows of the Company and its Subsidiaries
      for such year,

     

    setting
      forth in each case
      in comparative form the figures for the previous fiscal year, all in reasonable
      detail, prepared in accordance with GAAP, and accompanied by an opinion thereon
      of independent certified public accountants of recognized national standing,
      which opinion shall state that such financial statements present fairly, in
      all
      material respects, the financial position of the companies being reported upon
      and their results of operations and cash flows and have been prepared in
      conformity with GAAP, and that the examination of such accountants in connection
      with such financial statements has been made in accordance with the standards
      of
      the Public Company Accounting Oversight Board, and that such audit provides
      a
      reasonable basis for such opinion in the circumstances, provided
      that the posting through
      an Electronic Distribution Service (and the sending of a notification of such
      posting via email to each holder of Notes that is an Institutional Investor)
      within the time period specified above of the Company’s Annual Report on Form
      10-K for such fiscal year prepared in accordance with the requirements therefor
      shall be deemed to satisfy the requirements of this
      Section 7.1(b);

     

    (c)    SEC
      and Other
      Reports
      -- except for filings referred to in Section 7.1(a) and (b) above, promptly
      upon their becoming available and, to the extent applicable, the Company will
      make the following items available to each holder of Notes that is an
      Institutional Investor by posting the same through an Electronic Distribution
      Service (and sending a notification of such posting via email to each such
      Institutional Investor): (i) each financial statement, report, notice or
      proxy statement sent by the Company or any Subsidiary to public securities
      holders generally, and (ii) each regular or periodic report, each
      registration statement (without exhibits except as expressly requested by such
      holder), and each prospectus and all amendments thereto filed by the Company
      or
      any Subsidiary with the Securities and Exchange Commission and of all press
      releases and other statements made available generally by the Company or any
      Subsidiary to the public concerning developments that are Material and (iii)
      the
      Company’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3
      under the Exchange Act;

     

    (d)    Notice
      of Default or
      Event of Default --
      promptly, and in any
      event within five Business Days after a Senior Financial Officer becomes aware
      of the existence of any Default or Event of Default or that any Person has
      given
      any notice or taken any action with respect to a claimed Default hereunder
      or
      that any Person has given any notice or taken any action with respect to a
      claimed default of the type referred to in Section 11(f), a written notice
      specifying the nature and period of existence thereof and what action the
      Company is taking or proposes to take with respect thereto;

     

    
      
        
        

      

      
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    (e)    ERISA
      Matters
      -- at any time that the Company is not a reporting company under the Exchange
      Act, promptly, and in any event within five Business Days after a Responsible
      Officer becomes aware of any of the following, a written notice setting forth
      the nature thereof and the action, if any, that the Company or an ERISA
      Affiliate proposes to take with respect thereto:

     

    (i)    with
      respect to any Plan,
      any reportable event, as defined in Section 4043(c) of ERISA and the
      regulations thereunder, for which notice thereof has not been waived pursuant
      to
      such regulations as in effect on the date thereof; or

     

    (ii)    the
      taking by the PBGC of
      steps to institute, or the threatening by the PBGC of the institution of,
      proceedings under Section 4042 of ERISA for the termination of, or the
      appointment of a trustee to administer, any Plan, or the receipt by the Company
      or any ERISA Affiliate of a notice from a Multiemployer Plan that such action
      has been taken by the PBGC with respect to such Multiemployer Plan;
      or

     

    (iii) any
      event, transaction or
      condition that would result in the incurrence of any liability by the Company
      or
      any ERISA Affiliate pursuant to Title I or IV of ERISA or the imposition of
      a penalty or excise tax under the provisions of the Code relating to employee
      benefit plans, or the imposition of any Lien on any of the rights, properties
      or
      assets of the Company or any ERISA Affiliate pursuant to Title I or IV of
      ERISA or such penalty or excise tax provisions, if such liability or Lien,
      taken
      together with any other such liabilities or Liens then existing, would
      reasonably be expected to have a Material Adverse Effect;

     

    (f)    Notices
      from
      Governmental Authority --
      at any time that the
      Company is not a reporting company under the Exchange Act, promptly, and in
      any
      event within 30 days of receipt thereof, copies of any notice to the Company
      or
      any Subsidiary from any federal or state Governmental Authority relating to
      any
      order, ruling, statute or other law or regulation that would reasonably be
      expected to have a Material Adverse Effect; and

     

    (g)    Requested
      Information --
      with reasonable
      promptness, such other data and information relating to the business,
      operations, affairs, financial condition, assets or properties of the Company
      or
      any of its Subsidiaries to the extent relating to the ability of the Company
      to
      perform its obligations hereunder and under the Notes as from time to time
      may
      be reasonably requested by any holder of Notes that is an Institutional Investor
      or such information regarding the Company required to satisfy the requirements
      of 17 C.F.R. §230.144A, as amended from time to time, in connection with
      any contemplated transfer of the Notes; provided,
      that
      nothing in this Section 7.1(g) shall obligate the Company or any Subsidiary
      to
      disclose to any such Institutional Investor information the disclosure of which
      would (i) be a violation of any applicable law, statute or regulation of any
      Governmental Authority applicable to the Company or Subsidiary disclosing such
      information or (ii) be a breach of any contractual agreement (other than any
      such agreement entered into in contemplation of this subclause (ii) or any
      request for 

     

     

    
      
        
        

      

      
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    information
      under Section
      7.1(g)) regarding confidentiality of information to which the Company or
      Subsidiary disclosing such information is a party; provided,
      further
that
      the
      Company agrees to work with each such Institutional Investor and any prospective
      transferee of it Notes with respect to any request for information under this
      Section 7.1(g), in good faith, to attempt to resolve any impediment to such
      disclosure raised by clause (i) or clause (ii) hereof.

     

    7.2.    Officer’s
      Certificate; Reconciliation
upon Change in GAAP.

     

    Together
      with each set of
      financial statements made available to a holder of Notes that is an
      Institutional Investor in accordance with Section 7.1(a) or
      Section 7.1(b) hereof, the Company shall make available to such holder (in
      the same manner in which such financial statements were made available to such
      holder or as otherwise provided for the giving of notices in Section
      18.1):

     

    (a)    a
      certificate of a Senior
      Financial Officer setting forth:

     

    (i)    Covenant
      Compliance --
      the information
      required in order to establish whether the Company was in compliance with the
      requirements of Section 10.1 through Section 10.4 hereof, inclusive,
      during the quarterly or annual period covered by the statements then being
      furnished (including with respect to each such Section, where applicable, the
      calculations of the maximum or minimum amount, ratio or percentage, as the
      case
      may be, permissible under the terms of such Sections, and the calculation of
      the
      amount, ratio or percentage then in existence); and

     

    (ii)    Event
      of
      Default
      -- a statement that such officer has reviewed the relevant terms hereof and
      such
      review shall not have disclosed the existence during the quarterly or annual
      period covered by the statements then being furnished of any condition or event
      that constitutes a Default or an Event of Default or, if any such condition
      or
      event existed or exists, specifying the nature and period of existence thereof
      and what action the Company shall have taken or proposes to take with respect
      thereto; and

     

    (b)    a
      reconciliation
      reflecting the effect on such financial statements of using GAAP as in effect
      immediately prior to any change in GAAP referred to in the proviso to the
      definition of “GAAP”.

     

    7.3.    Visitation.

     

    The
      Company shall permit the representatives of each holder of Notes that is an
      Institutional Investor:

     

    (a)    No
      Default
      -- if no Default or Event of Default then exists, at the expense of such holder,
      upon at least 10 days prior written notice to the Company and not more than
      once
      in each fiscal year of the Company, to visit the principal executive office
      of
      the Company, to discuss the affairs, finances and accounts of the Company and
      its Subsidiaries with the Company’s officers, and (with the consent of the
      Company, which consent will not be unreasonably withheld) its independent public
      accountants (in the 

     

    
      
        
        

      

      
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    presence
      of an officer of
      the Company, if requested by the Company), and (with the consent of the Company,
      which consent will not be unreasonably withheld) to visit the other offices
      and
      properties of the Company and each Subsidiary, all such visitations and
      discussions to occur during normal business hours; and

     

    (b)    Default
      -- if a Default or Event
      of Default then exists, at the expense of the Company, to visit and inspect
      any
      of the offices or properties of the Company or any Subsidiary, to examine all
      their respective books of account, records, reports and other papers, to make
      copies and extracts therefrom, and to discuss their respective affairs, finances
      and accounts with their respective officers and independent public accountants
      (and by this provision the Company authorizes said accountants to discuss the
      affairs, finances and accounts of the Company and its Subsidiaries), all at
      such
      times and as often as may be requested.

     

    
      	
              8.

            	
              PAYMENT
                OF THE
                NOTES.

            

    

     

    8.1.    Payment
      at Maturity.

     

    (a)    The
      entire unpaid
      principal amount of the Series A Notes shall become due and payable on July
      12,
      2009.

     

    (b)    The
      entire unpaid
      principal amount of the Series B Notes shall become due and payable on July
      12,
      2011.

     

    (c)    The
      entire unpaid
      principal amount of the Series C Notes shall become due and payable on July
      12,
      2013.

     

    (d)    The
      entire unpaid
      principal amount of the Series D Notes shall become due and payable on July
      12,
      2016.

     

    8.2.    Optional
      Prepayments with Make-Whole
      Amount.

     

    The
      Company may, at its option, upon notice as provided below, prepay at any time
      all, or from time to time any part of, the Notes, in an amount not less than
      10%
      of the original aggregate principal amount of the Notes in the case of a partial
      prepayment, at 100% of the principal amount so prepaid, together with interest
      accrued thereon to the date of such prepayment, plus the Make-Whole Amount
      determined for the prepayment date with respect to such principal amount of
      each
      Note then outstanding. The Company will give each holder of Notes written notice
      of each optional prepayment under this Section 8.2 not less than 30 days
      and not more than 60 days prior to the date (which shall be a Business Day)
      fixed for such prepayment. Each such notice shall specify such date, the
      aggregate principal amount of the Notes to be prepaid on such date, the
      principal amount of each Note held by such holder to be prepaid (determined
      in
      accordance with Section 8.3), and the interest to be paid on the prepayment
      date with respect to such principal amount being prepaid, and shall be
      accompanied by a certificate of a Senior Financial Officer as to the estimated
      Make-Whole Amount due in connection with such prepayment (calculated as if
      the
      date of such notice were the date of the prepayment), setting forth the details
      of such computation. Two Business Days prior to such prepayment, the Company
      shall deliver to each holder of Notes a certificate of a Senior Financial

     

    
      
        
        

      

      
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    Officer
      specifying the
      calculation of such Make-Whole Amount as of the specified prepayment
      date.

     

    8.3.    Allocation
      of Partial
      Prepayments.

     

    In
      the
      case of each partial prepayment of the Notes pursuant to the provisions of
      Section 8.2, the principal amount of the Notes shall be allocated among all
      the Notes at the time outstanding in proportion, as nearly as practicable,
      to
      the respective unpaid principal amounts thereof.

     

    8.4.    Maturity;
      Surrender, Etc.

     

    In
      the
      case of each prepayment of Notes pursuant to Section 8.2 or Section 8.7,
      the principal amount of each Note to be prepaid shall mature and become due
      and
      payable on the date fixed for such prepayment (which shall be a Business Day),
      together with interest on such principal amount accrued to such date and, in
      the
      case of any prepayment pursuant to Section 8.2, the applicable Make-Whole
      Amount, if any. From and after such date, unless the Company shall fail to
      pay
      such principal amount when so due and payable, together with the interest and
      Make-Whole Amount, if any, as aforesaid, interest on such principal amount
      shall
      cease to accrue. Any Note paid or prepaid in full shall be surrendered to the
      Company and canceled and shall not be reissued, and no Note shall be issued
      in
      lieu of any prepaid principal amount of any Note.

     

    8.5.    Purchase
      of Notes.

     

    The
      Company will not and will not permit any Affiliate to purchase, redeem, prepay
      or otherwise acquire, directly or indirectly, any of the outstanding Notes
      of
      any Series except (a) upon the payment or prepayment of the Notes in accordance
      with the terms of this Agreement and the Notes or (b) pursuant to a written
      offer to purchase any outstanding Notes of any Series made by the Company or
      an
      Affiliate pro rata to the holders of the Notes of such Series upon the same
      terms and conditions. The Company will promptly cancel all Notes acquired by
      it
      or any Affiliate pursuant to any payment, prepayment or purchase of Notes
      pursuant to any provision of this Agreement and no Notes may be issued in
      substitution or exchange for any such Notes.

     

    8.6.    Make-Whole
      Amount.

     

    The
      term “Make-Whole
      Amount”
      means with respect to any Note an amount equal to the excess, if any, of the
      Discounted Value of the Remaining Scheduled Payments with respect to the Called
      Principal of such Note, over the amount of such Called Principal, provided
      that the Make-Whole
      Amount may in no event be less than zero. For the purposes of determining the
      Make-Whole Amount, the following terms have the following meanings:

     

    “Called
      Principal” means,
      with respect to
      any Note, the principal of such Note that is to be prepaid pursuant to
      Section 8.2 or has become or is declared to be immediately due and payable
      pursuant to Section 12.1, as the context requires.

     

    
      
        
        

      

      
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    “Discounted
      Value”
      means, with respect to the Called Principal of any Note, the amount obtained
      by
      discounting all Remaining Scheduled Payments from their respective scheduled
      due
      dates to the Settlement Date with respect to such Called Principal, in
      accordance with accepted financial practice and at a discount factor (applied
      on
      the same periodic basis as that on which interest on such Note is payable)
      equal
      to the Reinvestment Yield.

     

    “Reinvestment
      Yield”
      means, with respect to the Called Principal of any Note, 0.50% plus the yield
      to
      maturity calculated by using (i) the yields reported, as of 10:00 A.M.
      (New York City time) on the second Business Day preceding the Settlement
      Date on screen “PX-1” on the Bloomberg Financial Market Service (or such other
      information service as may replace Bloomberg) for actively traded U.S. Treasury
      securities, or (ii) if such yields are not reported as of such time or the
      yields reported as of such time are not ascertainable, the Treasury Constant
      Maturity Series Yields reported, for the latest day for which such yields have
      been so reported as of the second Business Day preceding the Settlement Date,
      in
      Federal Reserve Statistical Release H.15 (519) (or any comparable successor
      publication). In either case, the yield will be determined, if necessary, by
      (a) converting U.S. Treasury bill quotations to bond-equivalent yields in
      accordance with accepted financial practice and (b) interpolating linearly
      on a straight line basis between (1) the actively traded U.S. Treasury
      security with the maturity closest to and greater than the Remaining Average
      Life and (2) the actively traded U.S. Treasury security with the maturity
      closest to and less than the Remaining Average Life. The Reinvestment Yield
      shall be rounded to the number of decimal places as appears in the interest
      rate
      of the applicable Note.

     

    “Remaining
      Average
      Life”
      means, with respect to any Called Principal, the number of years (calculated
      to
      the nearest one-twelfth year) obtained by dividing (i) such Called
      Principal into (ii) the sum of the products obtained by multiplying
      (a) the principal component of each Remaining Scheduled Payment with
      respect to such Called Principal by (b) the number of years (calculated to
      the nearest one-twelfth year) that will elapse between the Settlement Date
      with
      respect to such Called Principal and the scheduled due date of such Remaining
      Scheduled Payment.

     

    “Remaining
      Scheduled
      Payments” means,
      with respect to
      the Called Principal of any Note, all payments of such Called Principal and
      interest thereon that would be due after the Settlement Date with respect to
      such Called Principal if no payment of such Called Principal were made prior
      to
      its scheduled due date, provided
      that if such Settlement
      Date is not a date on which interest payments are due to be made under the
      terms
      of such Note, then the amount of the next succeeding scheduled interest payment
      will be reduced by the amount of interest accrued to such Settlement Date and
      required to be paid on such Settlement Date pursuant to Section 8.2 or
      12.1.

     

    “Settlement
      Date”
      means, with respect to the Called Principal of any Note, the date on which
      such
      Called Principal is to be prepaid pursuant to Section 8.2 or has become or
      is declared to be immediately due and payable pursuant to Section 12.1, as
      the context requires.

     

    
      
        
        

      

      
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    8.7.    Prepayment
      at Par Upon the Sale of
      Certain Assets.

     

    (a)    Notice
      and
      Offer.
      In the event the Company
      or any Subsidiary elects to prepay or retire Senior Debt with the net proceeds
      of any sale, lease or other disposition of assets in accordance with Section
      10.4(b), the Company will give written notice thereof to each holder of Notes.
      Such written notice shall contain, and such written notice shall constitute,
      an
      irrevocable offer to prepay (the “Asset
      Sale Prepayment
      Offer”),
      at the election of each holder, a portion of the aggregate principal amount
      of
      the Notes held by such holder equal to such holder’s Ratable Portion of such
net proceeds
      being applied by the Company and its Subsidiaries to the prepayment or
      retirement of Senior Debt on a date
      specified in
      such notice (the “Asset
      Sale Prepayment
      Date”)
      that is not less than thirty (30) days and not more than sixty (60) days after
      the date of such notice. If the Asset Sale Prepayment Date shall not be
      specified in such notice, the Asset Sale Prepayment Date shall be the fortieth
      (40th) day after the date of such notice. 

     

    (b)    Acceptance
      and
      Payment.
      To accept such Asset
      Sale Prepayment Offer, a holder of Notes shall cause a notice of such acceptance
      to be delivered to the Company not later than twenty (20) days after the date
      of
      receipt of such written notice from the Company, provided, that failure to
      accept such offer in writing within twenty (20) days after the date of such
      written notice shall be deemed to be rejection of the Asset Sale Prepayment
      Offer. If so accepted by any holder of a Note, such offered prepayment shall
      be
      due and payable on the Asset Sale Prepayment Date. Such offered prepayment
      shall
      be made at one hundred percent (100%) of the aggregate principal amount of
      such
      Notes being so prepaid together with interest on such principal amount then
      being prepaid accrued to the Asset Sale Prepayment Date. 

     

    (c)    Officer’s
      Certificate.
      Each offer to prepay the
      Notes pursuant to this Section 8.7 shall be accompanied by a certificate,
      executed by a Senior Financial Officer and dated the date of such offer,
      specifying:

     

    (i)    the
      Asset Sale Prepayment
      Date and the aggregate net proceeds of the sale, lease or other disposition
      of
      assets being
      applied by the Company and its Subsidiaries to the prepayment or retirement
      of
      Senior Debt
      in connection with such offer;

     

    (ii)    that
      such offer is being
      made pursuant to Section 8.7 and Section 10.4(b) of this Agreement;

     

    (iii)    the
      principal amount of
      each Note offered to be prepaid;

     

    (iv)    the
      interest that would be
      due on the principal amount of each such Note offered to be prepaid, accrued
      to
      the Asset Sale Prepayment Date; and    

     

    (v)    in
      reasonable detail, the
      nature of the sale, lease or other disposition of assets giving rise to such
      offer.

     

     

    
      
        
        

      

      
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              9.

            	
              AFFIRMATIVE
                COVENANTS.

            

    

     

    The
      Company covenants that so long as any of the Notes are outstanding:

     

    9.1.    Compliance
      with Law.

     

    Without
      limiting
      Section 10.8, the Company will, and will cause each of its Subsidiaries to,
      comply with all laws, ordinances or governmental rules or regulations to which
      each of them is subject, including, without limitation, ERISA, the USA Patriot
      Act and Environmental Laws, and will obtain and maintain in effect all licenses,
      certificates, permits, franchises and other governmental authorizations
      necessary to the ownership of their respective properties or to the conduct
      of
      their respective businesses, in each case to the extent necessary to ensure
      that
      non-compliance with such laws, ordinances or governmental rules or regulations
      or failures to obtain or maintain in effect such licenses, certificates,
      permits, franchises and other governmental authorizations would not,
      individually or in the aggregate, reasonably be expected to have a Material
      Adverse Effect.

     

    9.2.    Insurance.

     

    The
      Company will, and will cause each of its Subsidiaries to, maintain, with
      financially sound and reputable insurers, insurance with respect to their
      respective properties and businesses against such casualties and contingencies,
      of such types, on such terms and in such amounts (including deductibles,
      co-insurance and self-insurance, if adequate reserves are maintained with
      respect thereto) as is customary in the case of entities of established
      reputations engaged in the same or a similar business and similarly situated
      except for any failure to maintain insurance that would not reasonably be
      expected to have a Material Adverse Effect.

     

    9.3.    Maintenance
      of
      Properties.

     

    The
      Company will, and will cause each of its Subsidiaries to, maintain and keep,
      or
      cause to be maintained and kept, their respective properties in good repair,
      working order and condition (other than ordinary wear and tear) in all Material
      respects, so that the business carried on in connection therewith may be
      properly conducted at all times, provided
      that this
      Section shall not prevent the Company or any Subsidiary from discontinuing
      the operation and the maintenance of any of its properties if such
      discontinuance is desirable in the conduct of its business and the Company
      has
      concluded that such discontinuance would not, individually or in the aggregate,
      reasonably be expected to have a Material Adverse Effect.

     

    9.4.    Payment
      of Taxes and
      Claims.

     

    The
      Company will, and will cause each of its Subsidiaries to, file or cause to
      be
      filed all tax returns required to be filed in any jurisdiction and to pay and
      discharge all taxes shown to be due and payable on such returns and all other
      taxes, assessments, governmental charges, or levies imposed on them, to the
      extent such taxes, assessments governmental charges or levies have become due
      and payable and before they have become delinquent and all claims for which
      sums
      have become due and payable that have or might become a Lien on properties
      or
      assets of the Company or any Subsidiary, provided
      that neither the Company
      nor any Subsidiary need pay any such tax, assessment, charge, levy or claim
      if
      (i) the amount, applicability or validity thereof is 

     

    
      
        
        

      

      
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    contested
      by the Company
      or such Subsidiary on a timely basis in good faith and in appropriate
      proceedings, and the Company or a Subsidiary has established adequate reserves
      therefor in accordance with GAAP on the books of the Company or such Subsidiary
      or (ii) the non-filing or nonpayment, as the case may be, of all such
      taxes, assessments, charges, levies and claims in the aggregate would not
      reasonably be expected to have a Material Adverse Effect.

     

    9.5.    Corporate
      Existence, Etc.

     

    Subject
      to
      Sections 10.4 and 10.5, the Company will at all times preserve and keep in
      full force and effect its corporate existence, and will at all times preserve
      and keep in full force and effect the corporate existence of each of its
      Subsidiaries (unless merged into the Company or a Subsidiary) and all rights
      and
      franchises of the Company and its Subsidiaries unless, in the good faith
      judgment of the Company, the termination of or failure to preserve and keep
      in
      full force and effect such corporate existence, right or franchise would not,
      individually or in the aggregate, to have a Material Adverse
      Effect.

     

    9.6.    Notes
      to Rank Pari Passu.

     

    The
      Notes and all other obligations under this Agreement of the Company are and
      at
      all times shall remain direct and unsecured obligations of the Company ranking
      pari
      passu as
      against the assets of the Company with all other Notes from time to time issued
      and outstanding hereunder without any preference among themselves and
pari
      passu
      with all other present and future unsecured Debt (actual or contingent) of
      the
      Company which is not expressed to be subordinate or junior in rank to any other
      unsecured Debt of the Company.

     

    9.7.    Books
      and Records.

     

    The
      Company will, and will cause each of its Subsidiaries to, maintain proper books
      of record and account in conformity with GAAP and all applicable requirements
      of
      any Governmental Authority having legal or regulatory jurisdiction over the
      Company or such Subsidiary, as the case may be.

     

    
      	
              10.

            	
              NEGATIVE
                COVENANTS.

            

    

     

    The
      Company covenants that so long as any of the Notes are outstanding:

     

    10.1.    Consolidated
      Net Debt to Consolidated
      EBITDA.

     

    The
      Company will not permit the ratio of Consolidated Net Debt to Consolidated
      EBITDA (calculated as at the end of each Fiscal Quarter for the Reference Period
      then ended) to exceed 3.50 to 1.00; provided, however, that such ratio may,
      subject to the payment of Additional Interest during any Additional Interest
      Period, exceed 3.50 to 1.00 at the end of any Fiscal Quarter so long as such
      ratio does not exceed 4.00 to 1 at such time.

     

    10.2.    Subsidiary
      Debt.

     

    The
      Company will not at any time permit the aggregate amount of all Subsidiary
      Debt
      (other than the Yen Facility Debt) at such time to exceed
      $670,000,000.

     

    
      
        
        

      

      
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    10.3.    Limitation
      on Liens.

     

    The
      Company will not, and will not permit any of its Subsidiaries to, directly
      or
      indirectly create, incur, assume or permit to exist (upon the happening of
      a
      contingency or otherwise) any Lien on or with respect to any property or asset
      (including, without limitation, any document or instrument in respect of goods
      or accounts receivable) of the Company or any such Subsidiary, whether now
      owned
      or held or hereafter acquired, or any income or profits therefrom, or assign
      or
      otherwise convey any right to receive income or profits (unless it makes, or
      causes to be made, effective provision whereby the Notes will be equally and
      ratably secured with any and all other obligations thereby secured, such
      security to be pursuant to an agreement reasonably satisfactory to the Required
      Holders), except:

     

    (a)    Liens
      for taxes,
      assessments or other governmental charges that are not yet due and payable
      or
      the payment of which is not at the time required by
      Section 9.4;

     

    (b)    any
      attachment or judgment
      Lien, unless the judgment it secures shall not, within 60 days after the entry
      thereof, have been discharged or execution thereof stayed pending appeal, or
      shall not have been discharged within 60 days after the expiration of any such
      stay;

     

    (c)    Liens
      incidental to the
      conduct of business or the ownership of properties and assets (including
      landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s and other
      similar Liens for sums not yet due and payable) and Liens to secure the
      performance of bids, tenders, leases, or trade contracts, or to secure statutory
      obligations (including obligations under workers compensation, unemployment
      insurance and other social security legislation), surety or appeal bonds or
      other Liens incurred in the ordinary course of business, in each case, not
      incurred or made in connection with the borrowing of money, the obtaining of
      advances or credit or the payment of the deferred purchase price of
      property;

     

    (d)    leases
      or subleases
      granted to others, easements, rights-of-way, restrictions and other similar
      charges or encumbrances, in each case incidental to the ownership of property
      or
      assets or the ordinary conduct of the business of the Company or any of its
      Subsidiaries, and Liens incidental to minor survey exceptions and the like,
      provided that such Liens do not, in the aggregate, materially detract from
      the
      value of such property or assets;

     

    (e)    Liens
      securing Debt of a
      Subsidiary to the Company or to another Subsidiary;

     

    (f)    Liens
      (i) existing on
      property at the time of its acquisition, construction or improvement by the
      Company or a Subsidiary and not created in contemplation thereof; (ii) on
      property created contemporaneously with its acquisition or within 365 days
      of
      the acquisition or completion of construction or improvement thereof to secure
      the purchase price or cost of construction or improvement thereof; or (iii)
      existing on property of a Person at the time such Person is consolidated with
      or
      merged into the Company or a Subsidiary and not created in contemplation
      thereof; provided
      that (A) such Liens shall

     

     

    
      
        
        

      

      
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    attach
      solely to the property acquired, constructed or improved, or to the property
      that is subject to such Liens at the time such Person shall be so consolidated
      or merged (as the case may be), (B) the principal amount of the Debt secured
      by
      such Lien shall not exceed the Fair Market Value of such property (as determined
      in good faith by one or more officers of the Company to whom authority to enter
      into the subject transaction has been delegated by the board of directors of
      the
      Company) or, in the case of the foregoing clause (i), if less, the cost of
      acquisition, construction or improvement of such property, (C) at the time
      of
      the incurrence of such Lien, the acquisition of such property or the
      consolidation or merger of such Person (as the case may be), and after giving
      effect thereto, no Default or Event of Default would exist, and (D) the
      aggregate principal amount of Debt secured by such Liens shall not exceed
      $60,000,000 at any time;

     

    (g)    any
      extensions, renewals
      or replacements of any Lien permitted by the preceding subparagraph (f) of
      this
      Section 10.3, provided that (i) no additional property shall be encumbered
      by such Liens, (ii) the unpaid principal amount of the Debt secured thereby
      shall not be increased on or after the date of any extension, renewal or
      replacement, and (iii) immediately after giving effect thereto, no Default
      or Event of Default shall have occurred and be continuing; and

     

    (h)    Liens
      securing Debt of the
      Company or any Subsidiary not otherwise permitted under this Section 10.3 in
      an
      aggregate principal amount not to exceed $120,000,000 at any time.

     

    In
      the
      event that any Lien exists on property of the Company or any Subsidiary in
      violation of this Section 10.3, such violation shall constitute an Event of
      Default, but the Notes shall have the benefit, to the fullest extent that,
      and
      with such priority as, the holders may be entitled under applicable law, of
      an
      equitable Lien on such property.

     

    10.4.    Sales
      of Assets.

     

    The
      Company will not, and will not permit any Subsidiary to, sell, lease or
      otherwise dispose of any substantial part (as defined below) of the assets
      of
      the Company and its Subsidiaries (including, without limitation, capital stock
      of Subsidiaries and accounts receivable); provided,
      however,
      that the Company or any Subsidiary may sell, lease or otherwise dispose of
      assets constituting a substantial part of the assets of the Company and its
      Subsidiaries if (x) such assets are sold in an arm’s-length transaction for Fair
      Market Value in the ordinary course of business, (y) at the time of such sale,
      lease or other disposal, and after giving effect thereto, no Default or Event
      of
      Default shall have occurred and be continuing and (z) an amount of the net
      proceeds received from such sale, lease or other disposition at least equal
      to
      the Excess Asset Sale Amount shall be used within 365 days of such sale, lease
      or disposition, in any combination:

     

    (a)    to
      acquire from Persons
      that are not Affiliates of the Company or any Subsidiary productive assets
      used
      or useful in carrying on the business of the Company and its Subsidiaries and
      having a value at least equal to the value of such assets sold, leased or
      otherwise disposed of; and/or

     

    
      
        
        

      

      
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    (b)    to
      prepay or retire Senior
      Debt of the Company and/or its Subsidiaries, provided,
      that the availability
      under any such Senior Debt so prepaid that constitutes a revolving credit or
      similar facility is permanently reduced by the amount of such prepayment, and
      provided
      further
      that,
      in the course of making
      such application, the Company shall offer to prepay each outstanding Note at
      par, in accordance with Section 8.7, in a principal amount which equals the
      Ratable Portion of the holder of such Note with respect to such prepayment
      or
      retirement of Senior Debt.

     

    As
      used in this Section 10.4, a sale, lease or other disposition of assets
      shall be deemed to be a “substantial
      part” of
      the assets of the Company and its Subsidiaries if the Disposition Value of
      such
      assets, when added to the Disposition Value of all other assets sold, leased
      or
      otherwise disposed of by the Company and its Subsidiaries during the period
      of
      12 consecutive calendar months most recently ended as of the date on which
      such
      sale, lease or other disposition is consummated, exceeds 10% of Consolidated
      Total Assets, determined as of the end of the Fiscal Quarter most recently
      ended
      as of such date (the amount of any such excess, subject to the proviso hereto,
      being referred to herein as the “Excess
      Asset Sale
      Amount”);
      provided
      that there shall be excluded from any determination of a “substantial part” (i)
      any sale or disposition of assets in the ordinary course of business of the
      Company and its Subsidiaries, (ii) any transfer of assets from the Company
      to any Subsidiary or from any Subsidiary to the Company or a Subsidiary, (iii)
      any sale or transfer of property acquired by the Company or any Subsidiary
      after
      the date of this Agreement to any Person within 365 days following the
      acquisition or construction of such property by the Company or any Subsidiary
      if
      the Company or a Subsidiary shall concurrently with such sale or transfer,
      lease
      such property, as lessee and (iv) the Disposition Value of any assets subject
      to
      any sale, lease or disposal to the extent that the net proceeds of such
      transaction are applied to either or both of the applications provided for
      in
      clauses (a) and (b) of this Section 10.4.

     

    10.5.    Merger
      and Consolidation.

     

    The
      Company will not, and will not permit any of its Subsidiaries to, consolidate
      with or merge with any other Person or convey, transfer or lease substantially
      all of its assets in a single transaction or series of transactions to any
      Person; provided
      that:

     

    (a)    any
      Subsidiary of the
      Company may (x) consolidate with or merge with, or convey, transfer or
      lease substantially all of its assets in a single transaction or series of
      transactions to, (i) the Company or a Subsidiary so long as in any merger or
      consolidation involving the Company, the Company shall be the surviving or
      continuing corporation or (ii) any other Person so long as the survivor is
      the
      Subsidiary, or (y) convey, transfer or lease all of its assets in
      compliance with the provisions of Section 10.4; and

     

    (b)    the
      foregoing restriction
      does not apply to the consolidation or merger of the Company with, or the
      conveyance, transfer or lease of substantially all of the assets of the Company
      in a single transaction or series of transactions to, any Person so long
      as:

     

    (i)    the
      successor formed by
      such consolidation or the survivor of such merger or the Person that acquires
      by
      conveyance, transfer or lease substantially all of the assets of the Company
      as
      an entirety, as the case may be (the “Successor
      

     

    
      
        
        

      

      
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    Corporation”),
      shall be a solvent
      entity organized and existing under the laws of the United States of America,
      any State thereof or the District of Columbia;

     

    (ii)    if
      the Company is not the
      Successor Corporation, such Successor Corporation shall have executed and
      delivered to each holder of Notes its assumption of the due and punctual
      performance and observance of each covenant and condition of this Agreement
      and
      the Notes (pursuant to such agreements and instruments as shall be reasonably
      satisfactory to the Required Holders) and the Successor Corporation shall have
      caused to be delivered to each holder of Notes an opinion of nationally
      recognized independent counsel, to the effect that all agreements or instruments
      effecting such assumption are enforceable in accordance with their terms;
      and

     

    (iii)    immediately
      after giving
      effect to such transaction no Default or Event of Default would
      exist.

     

    10.6.    Transactions
      with
      Affiliates.

     

    The
      Company will not and will not permit any Subsidiary to enter into directly
      or
      indirectly any Material transaction or Material group of related transactions
      (including without limitation the purchase, lease, sale or exchange of
      properties of any kind or the rendering of any service) with any Affiliate
      (other than the Company or another Subsidiary), except in the ordinary course
      and upon fair and reasonable terms that are not materially less favorable to
      the
      Company or such Subsidiary, taking such transaction or group of related
      transactions as a whole, than would be obtainable in a comparable arm’s-length
      transaction with a Person not an Affiliate.

     

    10.7.    Nature
      of Business. 

     

    The
      Company will not and will not permit any Subsidiary to engage in any business
      if, as a result, the general nature of the business in which the Company and
      its
      Subsidiaries, taken as a whole, would then be engaged would be substantially
      changed from the general nature of the business in which the Company and its
      Subsidiaries, taken as a whole, are engaged on the date of this Agreement as
      described in the Memorandum.

     

    10.8.    Terrorism
      Sanctions
      Regulations.

     

    The
      Company will not, and will not permit any of its Subsidiaries to,
      (a) become a Person described or designated in the Specially Designated
      Nationals and Blocked Persons List of the Office of Foreign Assets Control
      or in
      Section 1 of the Anti-Terrorism Order or, (b) knowingly engage in any
      dealings or transactions with any such Person.

     

    
      	
              11.

            	
              EVENTS
                OF
                DEFAULT.

            

    

     

    An
      “Event
      of
      Default”
      shall exist if any of the following conditions or events shall occur and be
      continuing:

     

    
      
        
        

      

      
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    (a)    the
      Company defaults in
      the payment of any principal or Make-Whole Amount, if any, on any Note when
      the
      same becomes due and payable, whether at maturity or at a date fixed for
      prepayment or by declaration or otherwise; or

     

    (b)    the
      Company defaults in
      the payment of any interest on any Note for more than five Business Days after
      the same becomes due and payable; or

     

    (c)    the
      Company defaults in
      the performance of or compliance with any term contained in Section 10;
      or

     

    (d)    the
      Company defaults in
      the performance of or compliance with any term contained herein (other than
      those referred to in paragraphs (a), (b) and (c) of this Section 11) and
      such default is not remedied within 30 days after the earlier of (i) a
      Responsible Officer obtaining actual knowledge of such default or (ii) the
      Company receiving written notice of such default from any holder of a Note
      (any
      such written notice to be identified as a “notice of default” and to refer
      specifically to this paragraph (d) of Section 11); or

     

    (e)    any
      representation or
      warranty made in writing by or on behalf of the Company or by any officer of
      the
      Company in any writing furnished in connection with the transactions
      contemplated hereby proves to have been false or incorrect in any material
      respect on the date as of which made; or

     

    (f)    (i)    the
      Company or any
      Subsidiary is in default (as principal or as guarantor or other surety) in
      the
      payment of any principal of or premium, make-whole amount or interest (in the
      payment amount of at least $100,000) on any Debt, other than the Notes, that
      is
      outstanding in an aggregate principal amount of at least $25,000,000 beyond
      any
      period of grace provided with respect thereto, or (ii) the Company or any
      Subsidiary is in default in the performance of or compliance with any term
      of
      any instrument, mortgage, indenture or other agreement relating to any Debt
      other than the Notes in an aggregate principal amount of at least $25,000,000
      or
      any other condition exists, and as a consequence of such default or condition
      such Debt has become, or has been declared, due and payable, or (iii) as a
      consequence of the occurrence or continuation of any event or condition (other
      than the passage of time or the right of the holder of Debt to convert such
      Debt
      into equity interests), the Company or any Subsidiary has become obligated
      to
      purchase or repay Debt other than the Notes before its regular maturity or
      before its regularly scheduled dates of payment in an aggregate outstanding
      principal amount of at least $25,000,000; or

     

    (g)    the
      Company or any
      Material Subsidiary (i) is generally not paying, or admits in writing its
      inability to pay, its debts as they become due, (ii) files, or consents by
      answer or otherwise to the filing against it of, a petition for relief or
      reorganization or arrangement or any other petition in bankruptcy, for
      liquidation or to take advantage of any bankruptcy, insolvency, reorganization,
      moratorium or other similar law of any jurisdiction, (iii) makes an
      assignment for the benefit of its creditors, (iv) consents to the
      appointment of a custodian, receiver, trustee or other officer with similar
      powers with respect to it or with respect to any substantial part of its
      property, (v) is adjudicated as 

     

    
      
        
        

      

      
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    insolvent
      or to be
      liquidated, or (vi) takes corporate action for the purpose of any of the
      foregoing; or

     

    (h)    a
      court or governmental
      authority of competent jurisdiction enters an order appointing, without consent
      by the Company or any of its Material Subsidiaries, a custodian, receiver,
      trustee or other officer with similar powers with respect to it or with respect
      to any substantial part of its property, or constituting an order for relief
      or
      approving a petition for relief or reorganization or any other petition in
      bankruptcy or for liquidation or to take advantage of any bankruptcy or
      insolvency law of any jurisdiction, or ordering the dissolution, winding-up
      or
      liquidation of the Company or any of its Material Subsidiaries, or any such
      petition shall be filed against the Company or any of its Material Subsidiaries
      and such petition shall not be dismissed within 60 days; or

     

    (i)    a
      final judgment or
      judgments at any one time outstanding for the payment of money aggregating
      in
      excess of $25,000,000 are rendered against one or more of the Company or any
      Subsidiary and which judgments are not, within 60 days after entry thereof,
      bonded, discharged or stayed pending appeal, or are not discharged within 60
      days after the expiration of such stay; or

     

    (j)    if
      (i) any Plan shall
      fail to satisfy the minimum funding standards of ERISA or the Code for any
      plan
      year or part thereof or a waiver of such standards or extension of any
      amortization period is sought or granted under Section 412 of the Code,
      (ii) a notice of intent to terminate any Plan shall have been or is
      reasonably expected to be filed with the PBGC or the PBGC shall have instituted
      proceedings under Section 4042 of ERISA to terminate or appoint a trustee
      to administer any Plan or the PBGC shall have notified the Company or any ERISA
      Affiliate that a Plan may become a subject of any such proceedings, (iii) 
the Company or any ERISA Affiliate shall have incurred or is reasonably expected
      to incur any liability pursuant to Title I or IV of ERISA or the penalty or
      excise tax provisions of the Code relating to employee benefit plans,
      (iv) the Company or any ERISA Affiliate withdraws from any Multiemployer
      Plan or the Company or any ERISA Affiliate receives notice from a Multiemployer
      Plan that action has been taken or threatened by the PBGC to terminate or to
      appoint a trustee to administer any such Multiemployer Plan, or (v) the
      Company or any Subsidiary establishes or amends any employee welfare benefit
      plan that provides post-employment welfare benefits in a manner that could
      increase the liability of the Company or any Subsidiary thereunder; and any
      such
      event or events described in clauses (i) through (v) above, either individually
      or together with any other such event or events, would reasonably be expected
      to
      have a Material Adverse Effect.

     

    As
      used in Section 11(j), the terms “employee
      benefit
      plan”
      and “employee
      welfare
      benefit plan” shall
      have the respective
      meanings assigned to such terms in Section 3 of ERISA.

     

    
      
        
        

      

      
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              12.

            	
              REMEDIES
                ON DEFAULT,
                ETC.

            

    

     

    12.1.    Acceleration.

     

    (a)    If
      an Event of Default
      with respect to the Company described in paragraph (g) or (h) of Section 11
      (other than an Event of Default described in clause (i) of paragraph (g) or
      described in clause (vi) of paragraph (g) by virtue of the fact that such clause
      encompasses clause (i) of paragraph (g)) has occurred, all the Notes of every
      Series then outstanding shall automatically become immediately due and
      payable.

     

    (b)    If
      any other Event of
      Default has occurred and is continuing, the Required Holders may at any time
      at
      their option, by notice or notices to the Company, declare all the Notes then
      outstanding to be immediately due and payable.

     

    (c)    If
      any Event of Default
      described in paragraph (a) or (b) of Section 11 has occurred and is
      continuing with respect to any Notes, any holder or holders of Notes at the
      time
      outstanding affected by such Event of Default may at any time, at its or their
      option, by notice or notices to the Company, declare all the Notes held by
      such
      holder or holders to be immediately due and payable.

     

    Upon
      any Note’s becoming due and payable under this Section 12.1, whether
      automatically or by declaration, such Note will forthwith mature and the entire
      unpaid principal amount of such Note, plus (i) all accrued and unpaid
      interest thereon (including, but not limited to, interest accrued thereon at
      the
      Default Rate) and (ii) the Make-Whole Amount determined in respect of such
      principal amount (to the full extent permitted by applicable law), shall all
      be
      immediately due and payable, in each and every case without presentment, demand,
      protest or further notice, all of which are hereby waived. The Company
      acknowledges, and the parties hereto agree, that each holder of a Note has
      the
      right to maintain its investment in the Notes free from repayment by the Company
      (except as herein specifically provided for) and that the provision for payment
      of a Make-Whole Amount by the Company in the event that the Notes are prepaid
      or
      are accelerated as a result of an Event of Default, is intended to provide
      compensation for the deprivation of such right under such
      circumstances.

     

    12.2.    Other
      Remedies.

     

    If
      any
      Default or Event of Default has occurred and is continuing, and irrespective
      of
      whether any Notes have become or have been declared immediately due and payable
      under Section 12.1, the holder of any Note at the time outstanding may
      proceed to protect and enforce the rights of such holder by an action at law,
      suit in equity or other appropriate proceeding, whether for the specific
      performance of any agreement contained herein or in any Note, or for an
      injunction against a violation of any of the terms hereof or thereof, or in
      aid
      of the exercise of any power granted hereby or thereby or by law or
      otherwise.

     

    12.3.    Rescission.

     

    At
      any
      time after the Notes have been declared due and payable pursuant to
      clause (b) or (c) of Section 12.1, the Required Holders, by written
      notice to the Company, may rescind and annul any such declaration and its
      consequences if (a) the Company has paid all overdue interest 

     

    
      
        
        

      

      
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    on
      the
      Notes, all principal of and Make-Whole Amount, if any, on any Notes that are
      due
      and payable and are unpaid other than by reason of such declaration, and all
      interest on such overdue principal and Make-Whole Amount, if any and (to the
      extent permitted by applicable law) any overdue interest in respect of the
      Notes, at the Default Rate, (b) neither the Company nor any other Person
      shall have paid any amounts which have become due solely by reason of such
      declaration, (c) all Events of Default and Defaults, other than non-payment
      of amounts that have become due solely by reason of such declaration, have
      been
      cured or have been waived pursuant to Section 17, and (d) no judgment
      or decree has been entered for the payment of any monies due pursuant hereto
      or
      to any Notes. No rescission and annulment under this Section 12.3 will
      extend to or affect any subsequent Event of Default or Default or impair any
      right consequent thereon.

     

    12.4.    No
      Waivers or Election of Remedies, Expenses,
      Etc.

     

    No
      course of dealing and no delay on the part of any holder of any Note in
      exercising any right, power or remedy shall operate as a waiver thereof or
      otherwise prejudice such holder’s rights, powers or remedies. No right, power or
      remedy conferred by this Agreement or by any Note upon any holder thereof shall
      be exclusive of any other right, power or remedy referred to herein or therein
      or now or hereafter available at law, in equity, by statute or otherwise.
      Without limiting the obligations of the Company under Section 15, the
      Company will pay to the holder of each Note on demand such further amount as
      shall be sufficient to cover all costs and expenses of such holder incurred
      in
      any enforcement or collection under this Section 12, including, without
      limitation, reasonable attorneys’ fees, expenses and disbursements.

     

    
      	
              13.

            	
              REGISTRATION;
                EXCHANGE; SUBSTITUTION OF
                NOTES.

            

    

     

    13.1.    Registration
      of Notes.

     

    The
      Company shall keep at its principal executive office a register for the
      registration and registration of transfers of Notes. The name and address of
      each holder of one or more Notes, each transfer thereof and the name and address
      of each transferee of one or more Notes shall be registered in such register.
      Prior to due presentment for registration of transfer, the Person in whose
      name
      any Note shall be registered shall be deemed and treated as the owner and holder
      thereof for all purposes hereof, and the Company shall not be affected by any
      notice or knowledge to the contrary. The Company shall give to any holder of
      a
      Note that is an Institutional Investor, promptly upon request therefor, a
      complete and correct copy of the names and addresses of all registered holders
      of Notes.

     

    13.2.    Transfer
      and Exchange of
      Notes.

     

    Upon
      surrender of any Note to the Company at the address and to the attention of
      the
      designated officer (all as specified in Section 18(iii)), for registration
      of transfer or exchange (and in the case of a surrender for registration of
      transfer accompanied by a written instrument of transfer duly executed by the
      registered holder of such Note or such holder’s attorney duly authorized in
      writing and accompanied by the relevant name, address and other information
      for
      notices of each transferee of such Note or part thereof), within ten Business
      Days thereafter, the Company shall execute and deliver, at the Company’s expense
      (except as provided below), one 

     

    
      
        
        

      

      
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    or
      more new Notes (as requested by the holder thereof) of the same Series in
      exchange therefor, in an aggregate principal amount equal to the unpaid
      principal amount of the surrendered Note. Each such new Note shall be payable
      to
      such Person as such holder may request and shall be substantially in the form
      of
      the Note of such Series originally issued hereunder. Each such new Note shall
      be
      dated and bear interest from the date to which interest shall have been paid
      on
      the surrendered Note or dated the date of the surrendered Note if no interest
      shall have been paid thereon. The Company may require payment of a sum
      sufficient to cover any stamp tax or governmental charge imposed in respect
      of
      any such transfer of Notes. Notes shall not be transferred in denominations
      of
      less than $100,000, provided
      that if necessary to
      enable the registration of transfer by a holder of its entire holding of Notes,
      one Note may be in a denomination of less than $100,000. Any transferee, by
      its
      acceptance of a Note registered in its name (or the name of its nominee), shall
      be deemed to have made the representation set forth in
      Section 6.3.

     

    The
      Notes have not been registered under the Securities Act or under the securities
      laws of any state and may not be transferred or resold unless registered under
      the Securities Act and all applicable state securities laws or unless an
      exemption from the requirement for such registration is available.

     

    13.3.    Replacement
      of Notes.

     

    Upon
      receipt by the Company at the address and to the attention of the designated
      officer (all as specified in Section 18(iii)) of evidence reasonably
      satisfactory to it of the ownership of and the loss, theft, destruction or
      mutilation of any Note (which evidence shall be, in the case of an Institutional
      Investor, notice from such Institutional Investor of such ownership and such
      loss, theft, destruction or mutilation), and

     

    (a)    in
      the case of loss, theft
      or destruction, of indemnity reasonably satisfactory to it (provided that if
      the
      holder of such Note is, or is a nominee for, an original Purchaser or another
      holder of a Note with a minimum net worth of at least $50,000,000 in excess
      of
      the outstanding principal amount of such Note, such Person’s own unsecured
      agreement of indemnity shall be deemed to be satisfactory), or

     

    (b)    in
      the case of mutilation,
      upon surrender and cancellation thereof,

     

    the
      Company at its own expense shall execute and deliver not more than 30 days
      following satisfaction of such conditions, in lieu thereof, a new Note of the
      same Series as such lost, stolen, destroyed or mutilated Note, dated and bearing
      interest from the date to which interest shall have been paid on such lost,
      stolen, destroyed or mutilated Note or dated the date of such lost, stolen,
      destroyed or mutilated Note if no interest shall have been paid
      thereon.

     

    
      	
              14.

            	
              PAYMENTS
                ON
                NOTES.

            

    

     

    14.1.    Place
      of Payment.

     

    Subject
      to
      Section 14.2, payments of principal, Make-Whole Amount, if any and interest
      becoming due and payable on the Notes shall be made in New York,
      New York at the principal office in such jurisdiction of the Company’s
      Paying Agent (on the date hereof, Bank of America, 

     

    
      
        
        

      

      
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    N.A.).
      The Company may at any time, by notice to each holder of a Note, change the
      place of payment of the Notes so long as such place of payment shall be either
      the principal office of the Company in such jurisdiction or the principal office
      of a bank or trust company in such jurisdiction. Notwithstanding that payments
      on the Notes will be made by or through the Paying Agent, the Company is and
      shall remain primarily liable for all of its obligations hereunder and in
      respect of the Notes.

     

    14.2.    Home
      Office Payment.

     

    So
      long as any Purchaser or its nominee shall be the holder of any Note, and
      notwithstanding anything contained in Section 14.1 or in such Note to the
      contrary, the Company will pay all sums becoming due on such Note for principal,
      Make-Whole Amount, if any, and interest by the method and at the address
      specified for such purpose below such Purchaser’s name in Schedule A, or by such
      other method or at such other address as such Purchaser shall have from time
      to
      time specified to the Company in writing for such purpose, without the
      presentation or surrender of such Note or the making of any notation thereon,
      except that upon written request of the Company made concurrently with or
      reasonably promptly after payment or prepayment in full of any Note, such
      Purchaser shall surrender such Note for cancellation, reasonably promptly after
      any such request, to the Company at its principal executive office or at the
      place of payment most recently designated by the Company pursuant to
      Section 14.1. Prior to any sale or other disposition of any Note held by a
      Purchaser or its nominee, such Purchaser will, at its election, either endorse
      thereon the amount of principal paid thereon and the last date to which interest
      has been paid thereon or surrender such Note to the Company in exchange for
      a
      new Note or Notes pursuant to Section 13.2. The Company will afford the
      benefits of this Section 14.2 to any Institutional Investor that is the
      direct or indirect transferee of any Note purchased by a Purchaser under this
      Agreement and that has made the same agreement relating to such Note as the
      Purchasers have made in this Section 14.2.

     

    
      	
              15.

            	
              EXPENSES,
                ETC.

            

    

     

    15.1.    Transaction
      Expenses.

     

    Whether
      or not the
      transactions contemplated hereby are consummated, the Company will pay all
      reasonable, out-of-pocket costs and expenses (including reasonable attorneys’
fees of a special counsel for the Purchasers and, if reasonably required by
      the
      Required Holders, local or other counsel) incurred by each Purchaser and each
      other holder of a Note in connection with such transactions and in connection
      with any amendments, waivers or consents under or in respect of this Agreement
      or the Notes (whether or not such amendment, waiver or consent becomes
      effective), including, without limitation: (a) the costs and expenses
      incurred in enforcing or defending (or determining whether or how to enforce
      or
      defend) any rights under this Agreement or the Notes or in responding to any
      subpoena or other legal process or informal investigative demand issued in
      connection with this Agreement or the Notes, or by reason of being a holder
      of
      any Note, and (b) the costs and expenses, including financial advisors’
fees, incurred in connection with the insolvency or bankruptcy of the Company
      or
      any Subsidiary or in connection with any work-out or restructuring of the
      transactions contemplated hereby and by the Notes. The Company will pay, and
      will save each Purchaser, and each other holder of a Note harmless from, all
      claims in respect of any fees, costs or expenses if any, of brokers and finders
      

     

    
      
        
        

      

      
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    (other
      than those, if any, retained by a Purchaser or other holder in connection with
      its purchase of the Notes).

     

    15.2.    Survival.

     

    The
      obligations of the Company under this Section 15 will survive the payment
      or transfer of any Note, the enforcement, amendment or waiver of any provision
      of this Agreement or the Notes, and the termination of this
      Agreement.

     

    
      	
              16.

            	
              SURVIVAL
                OF REPRESENTATIONS AND WARRANTIES;
                ENTIRE AGREEMENT.

            

    

     

    All
      representations and warranties contained herein shall survive the execution
      and
      delivery of this Agreement and the Notes, the purchase or transfer by any
      Purchaser of any Note or portion thereof or interest therein and the payment
      of
      any Note, and may be relied upon by any subsequent holder of any such Note,
      regardless of any investigation made at any time by or on behalf of any
      Purchaser or any other holder of a Note. All statements contained in any
      certificate or other instrument delivered by or on behalf of the Company
      pursuant to this Agreement shall be deemed representations and warranties of
      the
      Company under this Agreement. Subject to the preceding sentence, this Agreement
      and the Notes embody the entire agreement and understanding between the
      Purchasers and the Company and supersede all prior agreements and understandings
      relating to the subject matter hereof.

     

    
      	
              17.

            	
              AMENDMENT
                AND
                WAIVER.

            

    

     

    17.1.    Requirements.

     

    This
      Agreement and the Notes may be amended, and the observance of any term hereof
      or
      of the Notes may be waived (either retroactively or prospectively), with (and
      only with) the written consent of the Company and the Required Holders, except
      that (a) no amendment or waiver of any of the provisions of Section 6
      hereof, or any defined term (as it is used therein), will be effective as to
      any
      Purchaser unless consented to by such Purchaser in writing, and (b) no such
      amendment or waiver may, without the written consent of all of the holders
      of
      Notes at the time outstanding affected thereby, (i) subject to the
      provisions of Section 12 relating to acceleration or rescission, change the
      amount or time of any prepayment or payment of principal of, or reduce the
      rate
      or change the time of payment or method of computation of interest (if such
      change in the method of computation of interest results in a decrease in the
      interest rate) or of the Make-Whole Amount on, the Notes, (ii) change the
      percentage of the principal amount of the Notes the holders of which are
      required to consent to any such amendment or waiver, or (iii) amend any of
      Sections 8, 11(a), 11(b), 12, 17 or 20.

     

    17.2.    Solicitation
      of Holders of
      Notes.

     

    (a)    Solicitation.
      The Company will provide
      each holder of the Notes (irrespective of the amount of Notes then owned by
      it)
      with sufficient information, sufficiently far in advance of the date a decision
      is required, to enable such holder to make an informed and considered decision
      with respect to any proposed amendment, waiver or consent in respect of any
      of
      the provisions hereof, or of the Notes.  The

     

    
      
        
        

      

      
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    Company
      will deliver
      executed or true and correct copies of each amendment, waiver or consent
      effected pursuant to the provisions of this Section 17 to each holder of
      outstanding Notes promptly following the date on which it is executed and
      delivered by, or receives the consent or approval of, the requisite holders
      of
      Notes.

     

    (b)    Payment.
      The Company will not
      directly or indirectly pay or cause to be paid any remuneration, whether by
      way
      of supplemental or additional interest, fee or otherwise, or grant any security
      or provide other credit support, to any holder of Notes as consideration for
      or
      as an inducement to the entering into by any holder of Notes of any waiver
      or
      amendment of any of the terms and provisions hereof unless such remuneration
      is
      concurrently paid, or security is concurrently granted or other credit support
      is concurrently provided, on the same terms, ratably to each holder of Notes
      then outstanding even if such holder did not consent to such waiver or
      amendment.

     

    (c)    Consent
      in
      Contemplation of Transfer. Any
      consent made
      pursuant to this Section 17 by a holder of Notes that has transferred or has
      agreed to transfer its Notes to the Company, any Subsidiary or any Affiliate
      of
      the Company and has provided or has agreed to provide such written consent
      as a
      condition to such transfer shall be void and of no force or effect except solely
      as to such holder, and any amendments effected or waivers granted or to be
      effected or granted that would not have been or would not be so effected or
      granted but for such consent (and the consents of all other holders of Notes
      that were acquired under the same or similar conditions) shall be void and
      of no
      force or effect except solely as to such holder.

     

    17.3.    Binding
      Effect, Etc.

     

    Any
      amendment or waiver consented to as provided in this Section 17 applies
      equally to all holders of Notes and is binding upon them and upon each future
      holder of any Note and upon the Company without regard to whether such Note
      has
      been marked to indicate such amendment or waiver. No such amendment or waiver
      will extend to or affect any obligation, covenant, agreement, Default or Event
      of Default not expressly amended or waived or impair any right consequent
      thereon. No course of dealing between the Company and the holder of any Note
      nor
      any delay in exercising any rights hereunder or under any Note shall operate
      as
      a waiver of any rights of any holder of such Note. As used herein, the term
      “this
      Agreement” and references thereto shall mean this Agreement as it may from time
      to time be amended or supplemented.

     

    17.4.    Notes
      Held by Company,
      Etc.

     

    Solely
      for the purpose of determining whether the holders of the requisite percentage
      of the aggregate principal amount of Notes then outstanding approved or
      consented to any amendment, waiver or consent to be given under this Agreement
      or the Notes, or have directed the taking of any action provided herein or
      in
      the Notes to be taken upon the direction of the holders of a specified
      percentage of the aggregate principal amount of Notes then outstanding, Notes
      directly or indirectly owned by the Company or any of its Affiliates shall
      be
      deemed not to be outstanding.

     

    
      
        
        

      

      
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              18.

            	
              NOTICES.

            

    

     

    All
      notices and communications provided for hereunder shall be in writing and sent
      (a) by fax if the sender on the same day sends a confirming copy of such
      notice by a recognized overnight delivery service (with charges prepaid),
      (b) by a recognized overnight delivery service (charges prepaid) or (c) by
      a posting through an Electronic Distribution Service, if the sender on the
      same
      day sends or causes to be sent notice to each holder of Notes of such posting
      by
      electronic mail. Any such notice must be sent:

     

    (i)    if
      to any Purchaser or its
      nominee, to such Purchaser or its nominee at the fax number or address or,
      in
      the case of clause (c) above, the e-mail address specified for such
      communications in Schedule A to this Agreement, or at such other address or
      e-mail address as such Purchaser or nominee shall have specified to the Company
      in writing pursuant to this Section 18;

     

    (ii)    if
      to any other holder of
      any Note, to such holder at such address or, in the case of clause (c) above,
      such e-mail address as such other holder shall have specified to the Company
      in
      writing pursuant to this Section 18; or

     

    (iii)    if
      to the Company, to the
      Company at its address set forth at the beginning hereof to the attention of
      Chief Financial Officer, with a copy to the General Counsel, or at such other
      address as the Company shall have specified to the holder of each Note in
      writing.

     

    Notices
      under this
      Section 18 will be deemed given only when actually received.

     

    
      	
              19.

            	
              REPRODUCTION
                OF
                DOCUMENTS.

            

    

     

    This
      Agreement and all documents relating thereto, including, without limitation,
      (a) consents, waivers and modifications that may hereafter be executed,
      (b) documents received by any Purchaser at the Closing (except the Notes
      themselves), and (c) financial statements, certificates and other
      information previously or hereafter furnished to any Purchaser, may be
      reproduced by such Purchaser by any photographic, photostatic, electronic,
      digital, or other similar process and such Purchaser may destroy any original
      document so reproduced. The Company agrees and stipulates that, to the extent
      permitted by applicable law, any such reproduction shall be admissible in
      evidence as the original itself in any judicial or administrative proceeding
      (whether or not the original is in existence and whether or not such
      reproduction was made by such Purchaser in the regular course of business)
      and
      any enlargement, facsimile or further reproduction of such reproduction shall
      likewise be admissible in evidence. This Section 19 shall not prohibit the
      Company or any other holder of Notes from contesting any such reproduction
      to
      the same extent that it could contest the original, or from introducing evidence
      to demonstrate the inaccuracy of any such reproduction.

     

    
      	
              20.

            	
              CONFIDENTIAL
                INFORMATION.

            

    

     

    For
      the purposes of this Section 20, “Confidential
      Information”
means
      information
      delivered to any Purchaser by or on behalf of the Company or any Subsidiary
      in
      connection with the transactions contemplated by or otherwise pursuant to this
      Agreement that is proprietary in 

     

    
      
        
        

      

      
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    nature
      and that was clearly marked or labeled or otherwise adequately identified when
      received by such Purchaser as being confidential information of the Company
      or
      such Subsidiary, provided
      that such term does not
      include information that (a) was publicly known (other than through the
      wrongful disclosure by any Purchaser) or otherwise known to such Purchaser
      prior
      to the time of such disclosure from a source other than the Company, its
      Subsidiaries or any Affiliate or agent of the Company or any Subsidiary known
      by
      such Purchaser to be an Affiliate or agent thereof, (b) subsequently
      becomes publicly known through no act or omission by such Purchaser or any
      person acting on such Purchaser’s behalf, (c) otherwise becomes known to
      such Purchaser other than through disclosure by the Company or any Subsidiary,
      or any Affiliate or agent of the Company or any Subsidiary known by such
      Purchaser to be an Affiliate or agent thereof or (d) constitutes financial
      statements delivered to such Purchaser under Section 7.1 that are otherwise
      publicly available. Each Purchaser will maintain the confidentiality of such
      Confidential Information in accordance with procedures adopted by such Purchaser
      in good faith to protect confidential information of third parties delivered
      to
      such Purchaser, provided
      that such Purchaser may
      deliver or disclose Confidential Information to (i) its directors,
      officers, employees, agents, attorneys, trustees and affiliates (to the extent
      such disclosure reasonably relates to the administration of the investment
      represented by its Notes), (ii) its financial advisors and other
      professional advisors who agree to hold confidential the Confidential
      Information substantially in accordance with the terms of this Section 20,
      (iii) any other holder of any Note, (iv) any Institutional Investor to
      which it sells or offers to sell such Note or any part thereof or any
      participation therein (if such Person has agreed in writing prior to its receipt
      of such Confidential Information to be bound by the provisions of this
      Section 20), (v) any Person from which it offers to purchase any
      security of the Company (if such Person has agreed in writing prior to its
      receipt of such Confidential Information to be bound by the provisions of this
      Section 20), (vi) any federal or state regulatory authority having
      jurisdiction over such Purchaser, (vii) the National Association of
      Insurance Commissioners (including its Securities Valuation Office) or any
      similar organization, or any nationally recognized rating agency that requires
      access to information about such Purchaser’s investment portfolio, or
      (viii) any other Person to which such delivery or disclosure may be
      necessary or appropriate (w) to effect compliance with any law, rule,
      regulation or order applicable to such Purchaser, (x) in response to any
      subpoena or other legal process, (y) in connection with any litigation to
      which such Purchaser is a party or (z) if an Event of Default has occurred
      and is continuing, to the extent such Purchaser may reasonably determine such
      delivery and disclosure to be necessary or appropriate in the enforcement or
      for
      the protection of the rights and remedies under such Purchaser’s Notes and this
      Agreement; provided,
      that such Purchaser
      shall, unless prohibited by law, notify the Company of any disclosure required
      pursuant to clause (x) or (y) above as far in advance as reasonably practicable
      to enable the Company to seek a protective order or other appropriate relief.
      Each holder of a Note, by its acceptance of a Note, will be deemed to have
      agreed to be bound by and to be entitled to the benefits of this Section 20
      as though it were a party to this Agreement. On reasonable request by the
      Company in connection with the delivery to any holder of a Note of information
      required to be delivered to such holder under this Agreement or requested by
      such holder (other than a holder that is a party to this Agreement or its
      nominee), such holder will enter into an agreement with the Company embodying
      the provisions of this Section 20.

     

    
      
        
        

      

      
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              21.

            	
              SUBSTITUTION
                OF
                PURCHASER.

            

    

     

    Each
      Purchaser shall have the right to substitute any one of its Affiliates as the
      purchaser of the Notes that it has agreed to purchase hereunder, by written
      notice to the Company, which notice shall be signed by both such Purchaser
      and
      such Affiliate, shall contain such Affiliate’s agreement
      to be
      bound by this Agreement and shall contain a confirmation by such Affiliate
      of
      the accuracy with respect to it of the representations set forth in Section
      6.
      Upon receipt of such notice, any reference to such Purchaser in this Agreement
      (other than in this Section 21), shall be deemed to refer to such Affiliate
      in
      lieu of such original Purchaser. In the event that such Affiliate is so
      substituted as a Purchaser hereunder and such Affiliate thereafter transfers
      to
      such original Purchaser all of the Notes then held by such Affiliate, upon
      receipt by the Company of notice of such transfer, any reference to such
      Affiliate as a “Purchaser” in this Agreement (other than in this Section 21),
      shall no longer be deemed to refer to such Affiliate, but shall refer to such
      original Purchaser, and such original Purchaser shall again have all the rights
      of an original holder of the Notes under this Agreement.

     

    
      	
              22.

            	
              MISCELLANEOUS.

            

    

     

    22.1.    Successors
      and Assigns.

     

    All
      covenants and other agreements contained in this Agreement by or on behalf
      of
      any of the parties hereto bind and inure to the benefit of their respective
      successors and assigns (including, without limitation, any subsequent holder
      of
      a Note) whether so expressed or not.

     

    22.2.    Payments
      Due on Non-Business Days.

     

    Anything
      in this Agreement
      or the Notes to the contrary notwithstanding (but without limiting the
      requirement in Section 8.2 that the notice of any optional prepayment
      specify a Business Day as the date fixed for such prepayment), any payment
      of
      principal of or Make-Whole Amount or interest on any Note that is due on a
      date
      other than a Business Day shall be made on the next succeeding Business Day
      without including the additional days elapsed in the computation of the interest
      payable on such next succeeding Business Day; provided
      that if the maturity date
      of any Note is a date other than a Business Day, the payment otherwise due
      on
      such maturity date shall be made on the next succeeding Business Day and shall
      include the additional days elapsed in the computation of interest payable
      on
      such next succeeding Business Day.

     

    22.3.    Accounting
      Terms.

     

    All
      accounting terms used herein which are not expressly defined in this Agreement
      have the meanings respectively given to them in accordance with GAAP. Except
      as
      otherwise specifically provided herein, (i) all computations made pursuant
      to this Agreement shall be made in accordance with GAAP, and (ii) all
      financial statements shall be prepared in accordance with GAAP.

     

    
      
        
        

      

      
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    22.4.    Severability.

     

    Any
      provision of this Agreement that is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall (to the full extent permitted by law) not invalidate or
      render unenforceable such provision in any other jurisdiction.

     

    22.5.    Construction.

     

    Each
      covenant contained herein shall be construed (absent express provision to the
      contrary) as being independent of each other covenant contained herein, so
      that
      compliance with any one covenant shall not (absent such an express contrary
      provision) be deemed to excuse compliance with any other covenant. Where any
      provision herein refers to action to be taken by any Person, or which such
      Person is prohibited from taking, such provision shall be applicable whether
      such action is taken directly or indirectly by such Person.

     

    For
      the avoidance of doubt, all Schedules and Exhibits attached to this Agreement
      shall be deemed to be a part hereof.

     

    22.6.    Counterparts.

     

    This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      an original but all of which together shall constitute one instrument. Each
      counterpart may consist of a number of copies hereof, each signed by less than
      all, but together signed by all, of the parties hereto.

     

    22.7.    Governing
      Law.

     

    This
      Agreement shall be construed and enforced in accordance with, and the rights
      of
      the parties shall be governed by, the law of the State of New York
      excluding choice-of-law principles of the law of such State that would permit
      the application of the laws of a jurisdiction other than such
      State.

     

    22.8.    Jurisdiction
      and Process; Waiver of Jury
      Trial.

     

    (a)    The
      Company irrevocably
      submits to the non-exclusive jurisdiction of any New York State or federal
      court
      sitting in the Borough of Manhattan, The City of New York, over any suit, action
      or proceeding arising out of or relating to this Agreement or the Notes. To
      the
      fullest extent permitted by applicable law, the Company irrevocably waives
      and
      agrees not to assert, by way of motion, as a defense or otherwise, any claim
      that it is not subject to the jurisdiction of any such court, any objection
      that
      it may now or hereafter have to the laying of the venue of any such suit, action
      or proceeding brought in any such court and any claim that any such suit, action
      or proceeding brought in any such court has been brought in an inconvenient
      forum.

     

    (b)    The
      Company consents to
      process being served by or on behalf of any holder of Notes in any suit, action
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    Section 22.8(a)
      by
      mailing a copy thereof by registered or certified mail (or any substantially
      similar form of mail), postage prepaid, return receipt requested, to it at
      its
      address specified in Section 18 or at such other address of which such
      holder shall then have been notified pursuant to said Section. The Company
      agrees that such service upon receipt (i) shall be deemed in every respect
      effective service of process upon it in any such suit, action or proceeding
      and
      (ii) shall, to the fullest extent permitted by applicable law, be taken and
      held to be valid personal service upon and personal delivery to it. Notices
      hereunder shall be conclusively presumed received as evidenced by a delivery
      receipt furnished by the United States Postal Service or any reputable
      commercial delivery service.

     

    (c)    Nothing
      in this
      Section 22.8 shall affect the right of any holder of a Note to serve
      process in any manner permitted by law, or limit any right that the holders
      of
      any of the Notes may have to bring proceedings against the Company in the courts
      of any appropriate jurisdiction or to enforce in any lawful manner a judgment
      obtained in one jurisdiction in any other jurisdiction.

     

    (d)    The
      parties hereto hereby
      waive trial by jury in any action brought on or with respect to this Agreement,
      the Notes or any other document executed in connection herewith or
      therewith.

     

    *
       *  *  *  *

     

     

    
      
        
        

      

      
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    The
      execution hereof by the Purchasers shall constitute a contract among the Company
      and the Purchasers for the uses and purposes hereinabove set forth.

     

    

                                 
Very
      truly
      yours,

     

                                INTERNATIONAL
      FLAVORS
& FRAGRANCES INC.

                

                                 
By  

                                               
      Name:______________________________________________

                                               
      Title:

     

    Accepted
      as of the date first written above.

     

    [PURCHASERS]

     

    By_______________________________________

    Name:

    Title:

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
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    Schedule
      B

    

    Defined
      Terms

    

    As
      used herein, the following terms have the respective meanings set forth below
      or
      set forth in the Section hereof following such term:

     

    “Additional
      Interest”
means,
      with respect to any Note, additional interest at the rate of 0.75% per annum
      (75
      basis points) added to the stated rate of interest on such Note, which shall
      accrue and be payable in respect of such Note during each Additional Interest
      Period on the same dates and in the same manner as all other accrued interest
      on
      such Note is payable.

     

    “Additional
      Interest
      Period” means
      the period (a)
      commencing on (and including) the first day of the Fiscal Quarter following
      any
      Reference Period in respect of which the Net Debt to EBITDA Ratio calculated
      as
      of the last day of such Reference Period exceeds 3.50 to 1, and (b) ending
      on
      (and including) the last day of any subsequent Reference Period in respect
      of
      which the Net Debt to EBITDA Ratio calculated as of the last day of such
      Reference Period does not exceed 3.50 to 1.

     

    “Affiliate”
      means, at any time, and
      with respect to any Person, (a) any other Person that at such time directly
      or indirectly through one or more intermediaries Controls, or is Controlled
      by,
      or is under common Control with, such first Person, and, with respect to the
      Company, shall include (b) any Person beneficially owning or holding,
      directly or indirectly, 15% or more of any class of voting or equity interests
      of the Company or any Subsidiary or any Person of which the Company and its
      Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly,
      15% or more of any class of voting or equity interests. As used in this
      definition, “Control”
      means the possession,
      directly or indirectly, of the power to direct or cause the direction of the
      management and policies of a Person, whether through the ownership of voting
      securities, by contract or otherwise. Unless the context otherwise clearly
      requires, any reference to an “Affiliate”
      is a reference to an
      Affiliate of the Company.

     

    “Agreement,
      this”
is
      defined in Section 17.3.

     

    “Anti-Terrorism
      Order”
      means Executive Order No. 13,224 of September 24, 2001, Blocking Property
      and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or
      Support Terrorism, 66 U.S. Fed. Reg. 49, 079 (2001), as amended.

     

    “Asset
      Sale Prepayment
      Date” is
      defined in Section 8.7(a).

     

    “Asset
      Sale Prepayment
      Offer”
      is defined in Section 8.7(a).

     

    “Business
      Day”
      means any day other than a Saturday, a Sunday or a day on which commercial
      banks
      in New York, New York are required or authorized to be closed.

     

    “Capital
      Lease”
      means, at any time, a lease with respect to which the lessee is required
      concurrently to recognize the acquisition of an asset and the incurrence of
      a
      liability in accordance with GAAP.

     

    
      
        
        

      

      
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          B-1

        
          

        

      

      
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    “Capital
      Lease
      Obligation” means,
      with respect to
      any Person and a Capital Lease, the amount of the obligation of such Person
      as
      the lessee under such Capital Lease which would, in accordance with GAAP, appear
      as a liability on a balance sheet of such Person.

     

    “Cash”
      means, at any time,
“cash” (as defined in the Audit and Accounting Guides issued by the American
      Institute of Certified Public Accountants of the United States of America,
      as
      amended from time to time) of the Company or any Subsidiary, including, without
      limitation, as of the date of this Agreement, currency on hand, demand deposits
      with financial institutions and other similar deposit accounts.

     

    “Cash
      Equivalents” means,
      at any time, “cash
      equivalents” (as defined in the Audit and Accounting Guides issued by the
      American Institute of Certified Public Accountants of the United States of
      America, as amended from time to time) of the Company or any Subsidiary,
      including, without limitation, as of the date of this Agreement, short term
      instruments having not more than three months to final maturity and highly
      liquid instruments readily convertible to known amounts of cash.

     

    “Closing”
      is defined in
      Section 3.

     

    “Closing
      Date” is
      defined in Section 3.

     

    “Code”
      means the Internal
      Revenue Code of 1986, as amended from time to time, and the rules and
      regulations promulgated thereunder from time to time.

     

    “Company”
      is defined in the
      introductory paragraph hereof.

     

    “Confidential
      Information” is
      defined in
      Section 20.

     

    “Consolidated
      Debt”
      means as of any date of determination the total amount of all Debt of the
      Company and its Subsidiaries determined on a consolidated basis in accordance
      with GAAP.

     

    “Consolidated
      Debt
      for Borrowed Money”
      of a person means all
      items that, in accordance with GAAP, would be classified as indebtedness on
      a
      consolidated balance sheet of such person other than any amounts which would
      be
      classified as indebtedness, in accordance with GAAP, which arise under any
      current or consummated Hedge Agreements.

    

    “Consolidated
      EBITDA” for
      the Company and its
      Subsidiaries shall mean, for any relevant period, the result without duplication
      of (a) Consolidated Net Income, plus (b) to the extent deducted in determining
      Consolidated Net Income for such period, (i) Consolidated Interest Expense,
      (ii)
      income taxes, (iii) depreciation and amortization expense, (iv) all other
      non-cash charges and (v) extraordinary or unusual losses, minus (c)
      extraordinary or unusual gains added in determining Consolidated Net Income
      for
      such period, all determined on a consolidated basis in accordance with GAAP;
      provided that if, during any period for which Consolidated EBITDA is being
      determined, the Company or a Subsidiary has completed an acquisition or
      divestiture Consolidated EBITDA shall be determined on the basis that (A) such
      acquisition or divestiture occurred on the first day of such period, (B) any
      non-recurring expenses associated with such acquisition or divestiture had
      not
      been incurred and (C) for the avoidance of doubt, any reductions 

     

     

    
      
        
        

      

      
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          B-2

        
          

        

      

      
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    in
      expenses expected to be achieved as a result of such acquisition or divestiture
      will not be taken into account in giving pro forma effect thereto.

    

    “Consolidated
      Interest
      Expense”
      means, for any relevant
      period, the aggregate of all interest expense deducted in the calculation of
      Consolidated Net Income for such period determined in accordance with
      GAAP.

    

    “Consolidated
      Net
      Debt”
      means as of any date of determination, the result of Consolidated Debt for
      Borrowed Money of the Company and its Subsidiaries less Cash and Cash
      Equivalents as determined on a consolidated basis in accordance with
      GAAP.

    

    “Consolidated
      Net
      Income”
      means for any relevant period the consolidated net income (or loss) of the
      Company and its Subsidiaries, determined on a consolidated basis in
      accordance
      with GAAP. 

    

    “Consolidated
      Total
      Assets”
      means, as of any date of determination, the total assets of the Company and
      its
      Subsidiaries which would be reflected on a consolidated balance sheet of the
      Company and its Subsidiaries prepared as at such date in accordance with
      GAAP.

    

    “Debt”
      means, with respect to
      any Person, without duplication,

     

    (a)    its
      liabilities for
      borrowed money (including, without limitation, its reimbursement obligations
      under bankers’ acceptances,
      letters of credit and similar extensions of credit that have been drawn upon
      and
      are not subject to any contingency);

     

    (b)    its
      liabilities for the
      deferred purchase price of property acquired by such Person (excluding accounts
      payable and other accrued liabilities arising in the ordinary course of business
      but including, without limitation, all liabilities created or arising under
      any
      conditional sale or other title retention agreement with respect to any such
      property);

     

    (c)    its
      Capital Lease
      Obligations;

     

    (d)    its
      liabilities for
      borrowed money secured by any Lien with respect to any property owned by such
      Person (whether or not it has assumed or otherwise become liable for such
      liabilities); and

     

    (e)    Guaranties
      by such Person
      with respect to liabilities of a Person that is not a Subsidiary of such first
      Person of a type described in any of clauses (a) through (d)
      hereof.

     

    “Default”
      means an event or
      condition the occurrence or existence of which would, with the lapse of time
      or
      the giving of notice or both, become an Event of Default.

     

    “Default
      Rate”
      means, with respect to the Notes of any Series, that rate of interest that
      is 2%
      per annum above the rate of interest then in effect for Notes of such
      Series.

     

    “Disclosure
      Documents” is
      defined in Section
      5.3.

     

    
      
        
        

      

      
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          B-3

        
          

        

      

      
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    “Disposition
      Value”
      means, at any time, with respect to any property (a) in the case of property
      that does not constitute Subsidiary Stock, the book value thereof, valued at
      the
      time of such disposition in good faith by the Company and (b) in the case of
      property that constitutes Subsidiary Stock, an amount equal to that percentage
      of book value of the assets of the Subsidiary that issued such stock as is
      equal
      to the percentage that the book value of such Subsidiary Stock represents of
      the
      book value of all of the outstanding capital stock of such Subsidiary (assuming,
      in making such calculations, that all securities convertible into such capital
      stock are so converted and giving full effect to all transactions that would
      occur or be required in connection with such conversion) determined at the
      time
      of the disposition thereof, in good faith by the Company.

     

    “Electronic
      Distribution Service” means
      IntraLinks® or a
      comparable internet document posting and distribution service accessible by
      the
      holders of the Notes.

     

    “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 but not limited to
      those related to hazardous substances or wastes, air emissions and discharges
      to
      waste or public systems.

     

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

     

    “ERISA
      Affiliate” means
      any trade or
      business (whether or not incorporated) that is treated as a single employer
      together with the Company under section 414 of the Code.

     

    “Event
      of
      Default”
      is defined in Section 11.

     

    “Excess
      Asset Sale
      Amount”
      is defined in Section 10.4.

     

    “Exchange
      Act”
      means the Securities Exchange Act of 1934, as amended.

     

    “Fair
      Market Value”
means,
      at any time and with respect to any property, the sale value of such property
      that would be realized in an arm’s-length
      sale at
      such time between an informed and willing buyer and an informed and willing
      seller (neither being under a compulsion to buy or sell), as reasonably
      determined in the good faith opinion of the Company’s board
      of
      directors.

     

    “Fiscal
      Quarter”
means
      a
      fiscal quarter of the Company.

     

    “GAAP”
      means those generally
      accepted accounting principles as in effect from time to time in the United
      States of America; provided that, if the Company notifies the Required Holders
      that the Company wishes to amend any covenant (or the definition of any defined
      term used therein) to eliminate the effect of any change in such generally
      accepted accounting principles on the operation of such covenant or definition,
      then the Company’s compliance with such covenant or the meaning of such
      definition shall be determined on the basis of such generally accepted
      accounting principles in effect immediately before the relevant change in

     

    
      
        
        

      

      
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          B-4

        
          

        

      

      
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    generally
      accepted
      accounting principles became effective, until either such notice is withdrawn
      or
      such covenant is amended in a manner satisfactory to the Company and the
      Required Holders.

     

    “Governmental
      Authority” means

     

    (a)    the
      government
      of

     

    (i)    the
      United States of
      America or any state or other political subdivision thereof, or

     

    (ii)    any
      jurisdiction in which
      the Company or any Subsidiary conducts all or any part of its business, or
      which
      has jurisdiction over any properties of the Company or any Subsidiary,
      or

     

    (b)    any
      entity exercising
      executive, legislative, judicial, regulatory or administrative functions of,
      or
      pertaining to, any such government.

     

    “Guaranty”
      means, with respect to
      any Person, any obligation (except the endorsement in the ordinary course of
      business of negotiable instruments for deposit or collection) of such Person
      guaranteeing or in effect guaranteeing any Debt, dividend or other obligation
      of
      any other Person in any manner, whether directly or indirectly, including
      (without limitation) obligations incurred through an agreement, contingent
      or
      otherwise, by such Person:

     

    (a)    to
      purchase such Debt or
      obligation or any property constituting security therefor primarily for the
      purpose of assuring the owner of such Debt or obligation of the ability of
      any
      other Person to make payment of the Debt or obligation;

     

    (b)    to
      advance or supply funds
      (i) for the purchase or payment of such Debt or obligation, or (ii) to
      maintain any working capital or other balance sheet condition or any income
      statement condition of any other Person or otherwise to advance or make
      available funds for the purchase or payment of such Debt or
      obligation;

     

    (c)    to
      lease properties or to
      purchase properties or services primarily for the purpose of assuring the owner
      of such Debt or obligation of the ability of any other Person to make payment
      of
      the Debt or obligation; or

     

    (d)    otherwise
      to assure the
      owner of such Debt or obligation against loss in respect thereof.

     

    In
      any
      computation of the Debt or other liabilities of the obligor under any Guaranty,
      the Debt or other obligations that are the subject of such Guaranty shall be
      assumed to be direct obligations of such obligor, provided
      that the amount of such
      Debt outstanding for purposes of this Agreement shall not exceed the maximum
      amount of Debt that is the subject of such Guaranty.

     

    “Hazardous
      Material” means
      any and all
      pollutants, toxic or hazardous wastes or other substances that might pose a
      hazard to health and safety, the removal of which may be required or the
      generation, manufacture, refining, production, processing, treatment, storage,
      handling, 

     

    
      
        
        

      

      
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          B-5

        
          

        

      

      
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    transportation,
      transfer,
      use, disposal, release, discharge, spillage, seepage or filtration of which
      is
      or shall be restricted, prohibited or penalized by any applicable law including,
      but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated
      biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar
      restricted, prohibited or penalized substances.

     

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

     

    “holder”
      means, with respect to
      any Note, the Person in whose name such Note is registered in the register
      maintained by the Company pursuant to Section 13.1.

     

    “INHAM
      Exemption” is
      defined in Section
      6.3(e).

     

    “Institutional
      Investor” means
      (a) any
      original purchaser of a Note, (b) any holder of a Note holding (together
      with one or more of its affiliates) more than $5,000,000 of the aggregate
      principal amount of the Notes then outstanding and (c) any bank, trust
      company or other financial institution, pension plan, investment company,
      insurance company, broker or dealer, or other similar financial institution
      or
      entity, regardless of legal form.

     

    “Investments”
      shall mean all
      investments, in cash or by delivery of property made, directly or indirectly
      in
      any Person, whether by acquisition of shares of capital stock, Debt or other
      obligations or securities or by loan, advance, capital contribution or
      otherwise.

     

    “Lien”
      means, with respect to
      any Person, any mortgage, lien, pledge, charge, security interest or other
      encumbrance, or any interest or title of any vendor, lessor, lender or other
      secured party to or of such Person under any conditional sale or other title
      retention agreement (other than an operating lease) or Capital Lease, upon
      or
      with respect to any property or asset of such Person (including, in the case
      of
      stock, any purchase option, call or similar right of a third party with respect
      to such stock).

     

    “Make-Whole
      Amount”
      shall have the meaning set forth in Section 8.6.

     

    “Material”
      means material in
      relation to the business, operations, affairs, financial condition, assets
      or
      properties of the Company and its Subsidiaries taken as a whole.

     

    “Material
      Adverse
      Effect”
      means a material adverse effect on (a) the business, operations, affairs,
      financial condition, assets or properties of the Company and its Subsidiaries
      taken as a whole, or (b) the ability of the Company to perform its
      obligations under this Agreement and the Notes, or (c) the validity or
      enforceability of this Agreement or the Notes.

     

    “Material
      Subsidiary”
means,
      at any time, any Subsidiary of the Company which, together with all other
      Subsidiaries of such Subsidiary, accounts for more than (i) 10% of
      Consolidated Total Assets at such time or (ii) 10% of consolidated revenue
      of the Company and its Subsidiaries for the Reference Period most recently
      ended
      at such time.

     

    “Memorandum”
      is defined in
      Section 5.3.

     

    
      
        
        

      

      
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          B-6

        
          

        

      

      
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    “Multiemployer
      Plan”
      means any Plan that is a “multiemployer plan” (as such term is defined in
      Section 4001(a)(3) of ERISA).

     

    “NAIC
      Annual
      Statement” is
      defined in Section
      6.3(a).

     

    “Net
      Debt to EBITDA
      Ratio”
      means the ratio set forth in Section 10.1 hereof.

     

    “Notes”
      is defined in
      Section 1.

     

    “Officer’s
      Certificate” means
      a certificate of a
      Senior Financial Officer or of any other officer of the Company whose
      responsibilities extend to the subject matter of such certificate.

     

    “Paying
      Agency
      Agreement” means
      the Paying Agency
      and Servicing Agreement, dated as of the date hereof, by and between the Company
      and the Paying Agent.

     

    “Paying
      Agent”
means
      Bank of America, N.A., as paying agent and servicer under the Paying Agency
      Agreement and any successor in such capacity thereunder.

     

    “PBGC”
      means the Pension Benefit
      Guaranty Corporation referred to and defined in ERISA or any successor
      thereto.

     

    “Person”
      means an individual,
      partnership, corporation, limited liability company, association, trust,
      unincorporated organization, or a government or agency or political subdivision
      thereof.

     

    “Plan”
      means an “employee
      benefit plan” (as defined in Section 3(3) of ERISA), other than a
      Multiemployer Plan, that is or, within the preceding five years, has been
      established or maintained, or to which contributions are or, within the
      preceding five years, have been made or required to be made, by the Company
      or
      any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate
      may have any liability.

     

    “property”
      or “properties”
      means, unless otherwise
      specifically limited, real or personal property of any kind, tangible or
      intangible, choate or inchoate.

     

    “PTE”
      is
      defined in Section 6.3(a).

     

    “Purchasers”
      is defined in the
      introductory paragraph hereof.

     

    “QPAM
      Exemption” is
      defined in Section
      6.3(d).

     

    “Ratable
      Portion”
      means, in respect of any offered prepayment of any Note in accordance with
      Section 8.7 hereof, an amount equal to the product of (a) the aggregate net
      proceeds received from any sale, lease or other disposition of assets of the
      Company or any Subsidiary being applied to the prepayment or retirement of
      Senior Debt multiplied by (b) a fraction the numerator of which is the
      outstanding principal amount of such Note at the time of such offered prepayment
      and the denominator of which is the aggregate principal amount of Senior Debt
      of
      the Company and its Subsidiaries at such time determined on a consolidated
      basis
      in accordance with GAAP.

     

    
      
        
        

      

      
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          B-7

        
          

        

      

      
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    “Reference
      Period”
      means any period of four complete consecutive Fiscal Quarters of the
      Company.

     

    “Required
      Holders”
      means, at any time, the holders of at least a majority in principal amount
      of
      the Notes of all Series at the time outstanding (exclusive of Notes then owned
      by the Company or any of its Affiliates and any Notes held by parties who are
      contractually required to abstain from voting with respect to matters affecting
      the holders of the Notes).

     

    “Responsible
      Officer”
      means any Senior Financial Officer and any other officer of the Company with
      responsibility for the administration of the relevant portion of this
      Agreement.

     

    “Securities
      Act”
      means the Securities Act of 1933, as amended from time to time.

     

    “Senior
      Debt”
      means, as of the date of any determination thereof, all Consolidated Debt,
      other
      than Subordinated Debt.

     

    “Senior
      Financial
      Officer”
      means the chief financial officer, principal accounting officer, treasurer
      or
      comptroller of the Company.

     

    “Series”
      means
      any series of Notes issued pursuant to this Agreement.

     

    “Series
      A Notes”
means
      the Notes designated as “Series A” in the chart set forth in Section 1.1,
      together with any such Notes issued in substitution therefor pursuant to Section
      13 of this Agreement, as amended, restated or otherwise modified from time
      to
      time.

     

    “Series
      B Notes”
means
      the Notes designated as “Series B” in the chart set forth in Section 1.1,
      together with any such Notes issued in substitution therefor pursuant to Section
      13 of this Agreement, as amended, restated or otherwise modified from time
      to
      time.

     

    “Series
      C Notes”
means
      the Notes designated as “Series C” in the chart set forth in Section 1.1,
      together with any such Notes issued in substitution therefor pursuant to Section
      13 of this Agreement, as amended, restated or otherwise modified from time
      to
      time.

     

    “Series
      D Notes”
means
      the Notes designated as “Series D” in the chart set forth in Section 1.1,
      together with any such Notes issued in substitution therefor pursuant to Section
      13 of this Agreement, as amended, restated or otherwise modified from time
      to
      time.

     

    “Source”
      is
      defined in Section 6.3.

     

    “Subordinated
      Debt”
      means all unsecured Debt of the Company which shall contain or have applicable
      thereto subordination provisions providing for the subordination thereof to
      other Debt of the Company (including, without limitation, the obligations of
      the
      Company under this Agreement or the Notes).

     

    “Subsidiary”
      means, as to any Person,
      any corporation, association or other business entity in which such Person
      or
      one or more of its Subsidiaries or such Person and one or more of its
      Subsidiaries owns sufficient equity or voting interests to enable it or them
      (as
      a group) ordinarily, in the absence of contingencies, to elect a majority of
      the
      directors (or Persons 

     

    
      
        
        

      

      
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          B-8

        
          

        

      

      
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    performing
      similar
      functions) of such entity, and any partnership or joint venture if more than
      a
      50% interest in the profits or capital thereof is owned by such Person or one
      or
      more of its Subsidiaries or such Person and one or more of its Subsidiaries
      (unless such partnership or joint venture can and does ordinarily take major
      business actions without the prior approval of such Person or one or more of
      its
      Subsidiaries). Unless the context otherwise clearly requires, any reference
      to a
“Subsidiary” is a reference to a Subsidiary of the Company.

     

    “Subsidiary
      Debt”
      means (without duplication) Debt of Subsidiaries other than (i) Debt owed to
      the
      Company or any other Subsidiary and (ii) for a period of 18 months after a
      Person becomes a Subsidiary, all Debt of such Person outstanding at the time
      it
      becomes a Subsidiary provided that such Debt was not incurred in contemplation
      of such Person becoming a Subsidiary.

    

    “Subsidiary
      Stock”
      means, with respect to any Person, the stock (or any options or warrants to
      purchase stock or other securities exchangeable for or convertible into stock)
      of any Subsidiary of such Person.

    

    “Successor
      Corporation” is
      defined in Section
      10.5(b)(i).

    

    “USA
      Patriot
      Act”
      means United States Public Law 107-56, Uniting and Strengthening America by
      Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA
      PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and
      regulations promulgated thereunder from time to time in effect.

     

    “Yen
      Facility
      Debt”
      means Debt of International Flavors & Fragrances (Japan) Ltd. (“IFF
      Japan”),
      as borrower, and the Debt of other Subsidiaries from time to time, as
      guarantors, in respect of not more than ¥15,150,000,000 in aggregate principal
      amount of the Guaranteed Senior Notes (the “IFF
      Japan
      Notes”)
      issued by IFF Japan under those certain separate Note Purchase Agreements,
      each
      dated as of November 19, 2001, among IFF Japan, the Company and each of the
      purchasers of the IFF Japan Notes party thereto, as amended and in effect from
      time to time, together with any Yen denominated replacements or refinancings
      by
      IFF Japan of the IFF Japan Notes in an aggregate principal amount not to exceed
      ¥15,150,000,000.

     

     

    
      
        
        

      

      
        Schedule
          B-9

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