Document:

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                                                                     Exhibit 4.5

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                                PERKINELMER, INC.

                                       and

                          MELLON INVESTOR SERVICES LLC

                                  Rights Agent

                      Amended and Restated Rights Agreement

                          Dated as of January 30, 2001

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                                Table of Contents

<TABLE>
<CAPTION>
Section                                                                                                Page
<S>                                                                                                    <C>
Section 1.   Certain Definitions ....................................................................    1
Section 2.   Appointment of Rights Agent ............................................................    5
Section 3.   Issue of Rights ........................................................................    5
Section 4.   Form of Rights Certificates ............................................................    7
Section 5.   Countersignature and Registration ......................................................    8
Section 6.   Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated,
             Destroyed, Lost or Stolen Rights Certificates ..........................................    9
Section 7.   Exercise of Rights; Purchase Price; Expiration Date of Rights ..........................   10
Section 8.   Cancellation and Destruction of Rights Certificates ....................................   11
Section 9.   Reservation and Availability of Capital Stock ..........................................   12
Section 10.  Preferred Stock Record Date ............................................................   13
Section 11.  Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights ............   13
Section 12.  Certificate of Adjusted Purchase Price or Number of Shares .............................   21
Section 13.  Consolidation, Merger or Sale or Transfer of Assets or Earning Power ...................   21
Section 14.  Fractional Rights and Fractional Shares ................................................   23
Section 15.  Rights of Action .......................................................................   25
Section 16.  Agreement of Rights Holders ............................................................   25
Section 17.  Rights Certificate Holder Not Deemed a Stockholder .....................................   26
Section 18.  Concerning the Rights Agent ............................................................   26
Section 19.  Merger or Consolidation or Change of Name of Rights Agent ..............................   26
Section 20.  Duties of Rights Agent .................................................................   27
Section 21.  Change of Rights Agent .................................................................   29
Section 22.  Issuance of New Rights Certificates ....................................................   30
Section 23.  Redemption and Termination .............................................................   30
Section 24.  Exchange ...............................................................................   31
Section 25.  Notice of Certain Events ...............................................................   32
Section 26.  Notices ................................................................................   33
Section 27.  Supplements and Amendments .............................................................   33
Section 28.  Successors .............................................................................   34
Section 29.  Determinations and Actions by the Board of Directors etc. ..............................   34
Section 30.  Benefits of this Agreement .............................................................   35
Section 31.  Severability ...........................................................................   35
Section 32.  Governing Law ..........................................................................   35
Section 33.  Counterparts ...........................................................................   35
Section 34.  Descriptive Headings ...................................................................   35

Exhibit A       Terms of Series C Junior Participating Preferred Stock
Exhibit B       Form of Rights Certificate
Exhibit C       Summary of Rights
</TABLE>

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                      AMENDED AND RESTATED RIGHTS AGREEMENT

         This Amended and Restated Rights Agreement dated as of January 30, 2001
(the "Agreement"), between PerkinElmer, Inc., a Massachusetts corporation
formerly known as EG&G, Inc. (the "Company"), and Mellon Investor Services LLC,
a New Jersey limited liability company (the "Rights Agent"), hereby amends and
restates the Rights Agreement dated January 25, 1995 between EG&G, Inc. and The
First National Bank of Boston (the "Original Agreement").

                               W I T N E S S E T H
                               - - - - - - - - - -

         WHEREAS, on January 25, 1995 the Board of Directors of the Company (the
"Board") authorized and declared a dividend distribution of one Right for each
share of Common Stock (as hereinafter defined) of the Company outstanding at the
close of business on February 8, 1995 (the "Record Date"), and authorized the
issuance of one Right (as such number may hereinafter be adjusted pursuant to
the provisions of Section 11(p) hereof) for each share of Common Stock of the
Company issued between the Record Date (whether originally issued or delivered
from the Company's treasury) and the earlier of the Expiration Date and the
Distribution Date, each Right initially representing the right to purchase one
one-thousandth of a share of Series C Junior Participating Preferred Stock of
the Company having the rights, powers and preferences set forth on Exhibit A
attached hereto, upon the terms and subject to the conditions hereinafter set
forth (the "Rights");

         WHEREAS, after the Company has delivered the notices required to name a
successor Rights Agent pursuant to Section 21 of the Original Agreement and the
expiration of the notice periods thereunder, Mellon Investor Services is hereby
agreeing to succeed The First National Bank of Boston as Rights Agent;

         NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein set forth, the parties hereby agree as follows:

         Section 1. Certain Definitions. For purposes of this Agreement, the
following terms have the meanings indicated:

                  (a)      "Acquiring Person" shall mean any Person who or
which, together with all Affiliates and Associates of such Person, shall be the
Beneficial Owner of 20% or more of the shares of Common Stock then outstanding,
but shall not include (i) the Company, (ii) any Subsidiary of the Company, (iii)
any employee benefit plan of the Company or of any Subsidiary of the Company, or
(iv) any Person organized, appointed or established by the Company for or
pursuant to the terms of any such plan. Notwithstanding the foregoing, no Person
shall become an "Acquiring Person" as the result of an acquisition of Common
Stock by the Company which, by reducing the number of shares outstanding,
increases the proportionate number of shares beneficially owned by such Person
to 20% or more of the shares of Common Stock of the Company then outstanding;
provided, however, that if a Person shall become the Beneficial Owner of 20% or
more of the shares of Common Stock of the Company then outstanding by reason of
share purchases by the Company and shall, after such share purchases by the
Company, become the Beneficial Owner of any additional Common Stock of the
Company, then
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such Person shall be deemed to be an "Acquiring Person." Notwithstanding the
foregoing, if the Board of Directors of the Company determines in good faith
that a Person who would otherwise be an "Acquiring Person," as defined pursuant
to the foregoing provisions of this paragraph (a), has become such
inadvertently, and such Person divests as promptly as practicable a sufficient
number of shares of Common Stock so that such Person would no longer be an
"Acquiring Person," as defined pursuant to the foregoing provisions of this
paragraph (a), then such Person shall not be deemed to be an "Acquiring Person"
for any purposes of this Agreement unless and until such Person shall again
become an "Acquiring Person."

                  (b)      "Act" shall mean the Securities Act of 1933, as
amended.

                  (c)      "Affiliate" and "Associate" shall have the respective
meanings ascribed to such terms in Rule 12b-2 of the General Rules and
Regulations under the Securities Exchange Act of 1934, as amended and in effect
on the date of this Agreement (the "Exchange Act").

                  (d)      A Person shall be deemed the "Beneficial Owner" of,
and shall be deemed to "beneficially own," any securities:

                  (i)      which such Person or any of such Person's Affiliates
         or Associates, directly or indirectly, has the right to acquire
         (whether such right is exercisable immediately or only after the
         passage of time) pursuant to any agreement, arrangement or
         understanding (other than customary agreements with and between
         underwriters and selling group members with respect to a bona fide
         public offering of securities), whether or not in writing, or upon the
         exercise of conversion rights, exchange rights, other rights, warrants
         or options, or otherwise; provided, however, that a Person shall not be
         deemed the "Beneficial Owner" of, or to "beneficially own," (A)
         securities tendered pursuant to a tender or exchange offer made by such
         Person or any of such Person's Affiliates or Associates until such
         tendered securities are accepted for purchase or exchange, (B)
         securities issuable upon exercise of Rights at any time prior to the
         occurrence of a Triggering Event, or (C) securities issuable upon
         exercise of Rights from and after the occurrence of a Triggering Event
         which Rights were acquired by such Person or any of such Person's
         Affiliates or Associates prior to the Distribution Date or pursuant to
         Section 3(a) or Section 22 hereof (the "Original Rights") or pursuant
         to Section 11(a)(i) hereof in connection with an adjustment made with
         respect to any Original Rights;

                  (ii)     which such Person or any of such Person's Affiliates
         or Associates, directly or indirectly, has the right to vote or dispose
         of or has "beneficial ownership" of (as determined pursuant to Rule
         13d-3 of the General Rules and Regulations under the Exchange Act, or
         any comparable or successor rule), including pursuant to any agreement,
         arrangement or understanding (other than customary agreements with and
         between underwriters and selling group members with respect to a bona
         fide public offering of securities), whether or not in writing;
         provided, however, that a Person shall not be deemed the "Beneficial
         Owner" of, or to "beneficially own," any security under this
         subparagraph (ii) as a result of an agreement, arrangement or
         understanding to vote such security if such agreement, arrangement or
         understanding: (A) arises solely from a revocable proxy given in
         response to a public proxy or consent solicitation made pursuant to,
         and in accordance with, the applicable provisions of the General Rules
         and

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         Regulations under the Exchange Act, and (B) is not then reportable by
         such Person on Schedule 13D under the Exchange Act (or any comparable
         or successor report); or

                  (iii)    which are beneficially owned, directly or indirectly,
         by any other Person (or any Affiliate or Associate thereof) with which
         such Person (or any of such Person's Affiliates or Associates) has any
         agreement, arrangement or understanding (other than customary
         agreements with and between underwriters and selling group members with
         respect to a bona fide public offering of securities), whether or not
         in writing, for the purpose of acquiring, holding, voting (except
         pursuant to a revocable proxy as described in the proviso to
         subparagraph (ii) of this paragraph (d)) or disposing of any voting
         securities of the Company.

         Notwithstanding anything in this definition of Beneficial Ownership to
the contrary, the phrase "then outstanding," when used with reference to a
Person's Beneficial Ownership of securities of the Company, shall mean the
number of such securities then issued and outstanding together with the number
of such securities not then actually issued and outstanding which such Person
would be deemed to own beneficially hereunder.

                  (e)      "Business Day" shall mean any day other than a
Saturday, Sunday or a day on which banking institutions in the Commonwealth of
Massachusetts or the States of Connecticut or New Jersey are authorized or
obligated by law or executive order to close.

                  (f)      "Close of business" on any given date shall mean 5:00
P.M., Boston time, on such date, provided, however, that if such date is not a
Business Day it shall mean 5:00 P.M., Boston time, on the next succeeding
Business Day.

                  (g)      "Common Stock" shall mean the common stock, $1.00 par
value, of the Company, except that "Common Stock" when used with reference to
any Person other than the Company shall mean the capital stock of such Person
with the greatest voting power, or the equity securities or other equity
interest having power to control or direct the management, of such Person.

                  (h)      "Common stock equivalents" shall have the meaning set
forth in Section 11(a)(iii) hereof.

                  (i)      "Continuing Director" shall mean (i) any member of
the Board, while such Person is a member of the Board, who is not an Acquiring
Person, or an Affiliate or Associate of an Acquiring Person, or a representative
of an Acquiring Person or of any such Affiliate or Associate, and was a member
of the Board prior to the date of the Original Agreement, or (ii) any Person who
subsequently became or becomes a member of the Board, while such Person is a
member of the Board, who is not an Acquiring Person, or an Affiliate or
Associate of an Acquiring Person, or a representative of an Acquiring Person or
of any such Affiliate or Associate, if such Person's nomination for election or
election to the Board is recommended or approved by a majority of the Continuing
Directors.

                  (j)      "Current market price" shall have the meaning set
forth in Section 11(d)(i) hereof.

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                  (k)      "Current Value" shall have the meaning set forth in
Section 11(a)(iii) hereof.

                  (l)      "Distribution Date" shall have the meaning set forth
in Section 3(a) hereof.

                  (m)      "Exchange Act" shall have the meaning set forth in
Section 1(c) hereof.

                  (n)      "Expiration Date" shall have the meaning set forth in
Section 7(a) hereof.

                  (o)      "Final Expiration Date" shall mean the close of
business on February 8, 2005.

                  (p)      "Permitted Offer" shall have the meaning set forth in
Section 11(a)(ii) hereof.

                  (q)      "Person" shall mean any individual, firm,
corporation, limited liability company, trust, partnership or other entity and
shall include any successor (by merger or otherwise) thereof or thereto.

                  (r)      "Preferred Stock" shall mean shares of Series C
Junior Participating Preferred Stock, $1.00 par value, of the Company having the
rights and preferences set forth in Exhibit A attached hereto and, to the extent
that there is not a sufficient number of shares of Series C Junior Participating
Preferred Stock authorized to permit the full exercise of the Rights, any other
series of Preferred Stock, $1.00 par value, of the Company designated for such
purpose containing terms substantially similar to the terms of the Series C
Junior Participating Preferred Stock.

                  (s)      "Principal Party" shall have the meaning set forth in
Section 13(h) hereof.

                  (t)      "Purchase Price" shall have the meaning set forth in
section 4(a) hereof.

                  (u)      "Record Date" shall have the meaning set forth in the
WHEREAS clause at the beginning of this Agreement.

                  (v)      "Redemption Price" shall have the meaning set forth
in Section 23(a) hereof.

                  (w)      "Rights" shall have the meaning set forth in the
WHEREAS clause at the beginning of this Agreement.

                  (x)      "Rights Certificates" shall have the meaning set
forth in Section 3(a) hereof.

                  (y)      "Section 11(a)(ii) Event" shall mean an event
described in the first sentence of Section 11(a)(ii) hereof.

                  (z)      "Section 11(a)(ii) Trigger Date" shall have the
meaning set forth in Section 11(a)(iii) hereof.

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                  (aa)     "Section 13 Event" shall mean any event described in
clauses (x), (y) or (z) of Section 13(a) hereof.

                  (bb)     "Spread" shall have the meaning set forth in Section
11(a)(iii) hereof.

                  (cc)     "Stock Acquisition Date" shall mean the first date of
public announcement (which, for purposes of this definition, shall include,
without limitation, a report filed pursuant to Section 13(d) under the Exchange
Act) by the Company or an Acquiring Person that an Acquiring Person has become
such.

                  (dd)     "Subsidiary" shall mean, with reference to any
person, any corporation of which an amount of voting securities sufficient to
elect at least a majority of the directors of such corporation is beneficially
owned, directly or indirectly, by such Person, or otherwise controlled by such
Person.

                  (ee)     "Substitution Period" shall have the meaning set
forth in Section 11(a)(iii) hereof.

                  (ff)     "Trading Day" shall have the meaning set forth in
Section 11(d)(i) hereof.

                  (gg)     "Triggering Event" shall mean any Section 11(a)(ii)
Event or any Section 13 Event.

         Section 2. Appointment of Rights Agent. The Company hereby appoints the
Rights Agent to act as agent for the Company in accordance with the terms and
conditions hereof, and the Rights Agent hereby accepts such appointment. The
Company may from time to time appoint such Co-Rights Agents as it may deem
necessary or desirable. The Rights Agent shall have no duty to supervise, and in
no event shall be liable for, the acts or omissions of any such Co-Rights Agent.

         Section 3. Issue of Rights.

                  (a)      Until the earlier of (i) the close of business on the
tenth day after the Stock Acquisition Date (or, if the tenth day after the Stock
Acquisition Date occurs before the Record Date, the close of business on the
Record Date), or (ii) the close of business on the tenth Business Day (or such
later date as the Board of Directors shall determine) after the date that a
tender or exchange offer by any Person (other than the Company, any Subsidiary
of the Company, any employee benefit plan of the Company or of any Subsidiary of
the Company, or any Person organized, appointed or established by the Company
for or pursuant to the terms of any such plan) is first published or sent or
given within the meaning of Rule 14d-2(a) of the General Rules and Regulations
under the Exchange Act, if upon consummation thereof, such Person would be the
Beneficial Owner of 30% or more of the shares of Common Stock then outstanding
(the earlier of (i) and (ii) being herein referred to as the "Distribution
Date"), (x) the Rights will be evidenced (subject to the provisions of paragraph
(b) of this Section 3) by the certificates for the Common Stock registered in
the names of the holders of the Common Stock (which certificates for Common
Stock shall be deemed also to be certificates for Rights) and not by separate
certificates, and (y) the Rights will be transferable only in connection with
the transfer of the underlying shares of Common Stock (including a transfer to
the Company). As

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soon as practicable after the Distribution Date, the Rights Agent will, if
provided with all necessary information, send by first-class, insured, postage
prepaid mail, to each record holder of the Common Stock as of the close of
business on the Distribution Date, at the address of such holder shown on the
records of the Company, one or more rights certificates, in substantially the
form of Exhibit B hereto (the "Rights Certificates"), evidencing one Right for
each share of Common Stock so held, subject to adjustment as provided. In the
event that an adjustment in the number of Rights herein per share of Common
Stock has been made pursuant to Section 11(p) hereof, at the time of
distribution of the Right Certificates, the Company shall make the necessary and
appropriate rounding adjustments (in accordance with Section 14(a) hereof) so
that Rights Certificates representing only whole numbers of Rights are
distributed and cash is paid in lieu of any fractional Rights. As of and after
the Distribution Date, the Rights will be evidenced solely by such Rights
Certificates.

         The Company shall promptly notify the Rights Agent in writing upon the
occurrence of the Distribution Date and, if such notification is given orally,
the Company shall confirm same in writing on or prior to the Business Day next
following. Until such notice is received by the Rights Agent, the Rights Agent
may presume conclusively for all purposes that the Distribution Date has not
occurred.

                  (b)      As promptly as practicable following the Record Date,
the Company sent a copy of a Summary of Rights to Purchase Preferred Stock, in
substantially the form attached hereto as Exhibit C, by first-class, postage
prepaid mail, to each record holder of the Common Stock as of the close of
business on the Record Date, at the address of such holder shown on the records
of the Company. With respect to certificates for the Common Stock outstanding as
of the close of business on the Record Date, until the Distribution Date, the
Rights will be evidenced by such certificates for the Common Stock and the
registered holders of the Common Stock shall also be the registered holders of
the associated Rights.

                  (c)      Rights shall be issued in respect of all shares of
Common Stock that are issued (either as an original issuance or from the
Company's treasury) after the Record Date but prior to the earlier of the
Distribution Date or the Expiration Date. Certificates representing such shares
of Common Stock (including, without limitation, certificates issued upon
transfer or exchange of Common Stock) shall also be deemed to be certificates
for Rights, and, with respect to such certificates issued after the date hereof,
shall bear the following legend:

                  This certificate also evidences and entitles the holder hereof
                  to certain Rights as set forth in the Amended and Restated
                  Rights Agreement between PerkinElmer, Inc. (the "Company") and
                  Mellon Investor Services LLC (the "Rights Agent") dated as of
                  January 30, 2001 (the "Rights Agreement"), the terms of which
                  are hereby incorporated herein by reference and a copy of
                  which is on file at the principal offices of the Company.
                  Under certain circumstances, as set forth in the Rights
                  Agreement, such Rights will be evidenced by separate
                  certificates and will no longer be evidenced by this
                  certificate. The Company will mail to the holder of this
                  certificate a copy of the Rights Agreement, as in effect on
                  the date of mailing, without charge promptly after receipt of
                  a

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                  written request therefor. Under certain circumstances set
                  forth in the Rights Agreement, Rights issued to, or held by,
                  any Person who is, was or becomes an Acquiring Person or any
                  Affiliate or Associate thereof (as such terms are defined in
                  the Rights Agreement), whether currently held by or on behalf
                  of such Person or by any subsequent holder, may become null
                  and void.

With respect to such certificates containing the foregoing legend, until the
earlier of (i) the Distribution Date or (ii) the Expiration Date, the Rights
associated with the Common Stock represented by such certificates shall be
evidenced by such certificates alone and registered holders of Common Stock
shall also be the registered holders of the associated Rights.

                  (d)      Until the earlier of the Distribution Date or the
Expiration Date, the transfer of any certificates representing shares of Common
Stock in respect of which Rights have been issued shall also constitute the
transfer of the Rights associated with such shares of Common Stock. In the event
that the Company purchases or acquires any shares of Common Stock after the
Record Date but prior to the Distribution Date, any Rights associated with such
shares of Common Stock shall be deemed cancelled and retired so that the Company
shall not be entitled to exercise any Rights associated with the shares of
Common Stock which are no longer outstanding.

                  (e)      In connection with the issuance or sale of shares of
Common Stock following the Distribution Date and prior to the Expiration Date,
the Company (i) shall, with respect to shares of Common Stock so issued or sold
pursuant to the exercise of stock options or under any employee plan or
arrangement, or upon the exercise, conversion or exchange of securities issued
by the Company, and (ii) may, in any other case, if deemed necessary or
appropriate by the Board of Directors of the Company, issue Rights Certificates
representing the appropriate number of Rights in connection with such issuance
or sale; provided, however, that (A) no such Rights Certificate shall be issued
if, and to the extent that, the Company shall be advised by counsel that such
issuance would create a significant risk of material adverse tax consequences to
the Company or the Person to whom such Rights Certificate would be issued, and
(B) no such Rights Certificate shall be issued if, and to the extent that,
appropriate adjustment shall otherwise have been made in lieu of the issuance
thereof.

         Section 4. Form of Rights Certificates.

                  (a)      The Rights Certificates (and the forms of election to
purchase, certification and assignment to be printed on the reverse thereof)
shall each be substantially in the form set forth in Exhibit B hereto and may
have such marks of identification or designation and such legends, summaries or
endorsements printed thereon as the Company may deem appropriate (which shall
not affect the duties or responsibilities of the Rights Agent) and as are not
inconsistent with the provisions of this Agreement, or as may be required to
comply with any applicable law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange or over-the-counter
market on which the Rights may from time to time be listed, or to conform to
usage. Subject to the provisions of Section 11 and Section 22 hereof, the Rights
Certificates, whenever distributed, shall entitle the holders thereof to
purchase such number of one one-thousandths of a share of Preferred Stock as
shall be set forth therein at the price set forth therein (such exercise price
per one one-thousandth of a share, the "Purchase

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Price"), but the amount and type of securities purchasable upon the exercise of
each Right and the Purchase Price thereof shall be subject to adjustment as
provided herein.

                  (b)      Any Rights Certificate issued pursuant to Section 3
or Section 22 hereof that represents Rights beneficially owned by persons known
to be: (i) an Acquiring Person or any Associate or Affiliate of an Acquiring
Person, (ii) a transferee of an Acquiring Person (or of any such Associate or
Affiliate) who becomes a transferee after the Acquiring Person becomes such, or
(iii) a transferee of an Acquiring Person (or of any such Associate or
Affiliate) who becomes a transferee prior to or concurrently with the Acquiring
Person becoming such and receives such Rights pursuant to either (A) a transfer
(whether or not for consideration) from the Acquiring Person to holders of
equity interests in such Acquiring Person or to any Person with whom such
Acquiring Person has any continuing agreement, arrangement or understanding
regarding the transferred Rights or (B) a transfer which the Board of Directors
of the Company has determined is part of a plan, arrangement or understanding
that has as a primary purpose or effect avoidance of Section 7(e) hereof, and
any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon
transfer, exchange, replacement or adjustment of any other Rights Certificate
referred to in this sentence, shall contain (to the extent feasible) the
following legend:

         The Rights represented by this Rights Certificate are or were
         beneficially owned by a Person who was or became an Acquiring Person or
         an Affiliate or Associate of an Acquiring Person (as such terms are
         defined in the Rights Agreement). Accordingly, this Rights Certificate
         and the Rights represented hereby may become null and void in the
         circumstances specified in Section 7(e) of such Agreement.

         The absence of the foregoing legend on any Rights Certificate shall in
no way affect any of the other provisions of this Agreement, including, without
limitation, the provisions of Section 7(e) hereof.

         Section 5. Countersignature and Registration.

                  (a)      The Rights Certificates shall be executed on behalf
of the Company by its Chairman of the Board, its President or any Vice
President, either manually or by facsimile signature, and shall have affixed
thereto the Company's seal or a facsimile thereof, which shall be attested by
the Clerk or an Assistant Clerk of the Company, either manually or by facsimile
signature. The Rights Certificates shall be manually countersigned by the Rights
Agent and shall not be valid for any purpose unless so countersigned. In case
any officer of the Company who shall have signed any of the Rights Certificates
shall cease to be such officer of the Company before countersignature by the
Rights Agent and issuance and delivery by the Company, such Rights Certificates,
nevertheless, may be countersigned by the Rights Agent and issued and delivered
by the Company with the same force and effect as though the person who signed
such Rights Certificates had not ceased to be such officer of the Company; and
any Rights Certificates may be signed on behalf of the Company by any person
who, at the actual date of the execution of such Rights Certificate, shall be a
proper officer of the Company to sign such Rights Certificate, although at the
date of the execution of this Agreement any such person was not such an officer.

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                  (b)      Following the Distribution Date, the Rights Agent
shall keep or cause to be kept, at its office designated as the appropriate
place for surrender of Rights Certificates upon exercise or transfer, books for
registration and transfer of the Rights Certificates issued hereunder. Such
books shall show the names and addresses of the respective holders of the Rights
Certificates, the number of Rights evidenced on its face by each of the Rights
Certificates, the Certificate number and the date of each of the Rights
Certificates.

         Section 6. Transfer, Split Up, Combination and Exchange of Rights
Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates.

                  (a)      Subject to the provisions of Section 4(b), Section
7(e) and Section 14 hereof, at any time after the close of business on the
Distribution Date, and at or prior to the close of business on the Expiration
Date, any Rights Certificate or Certificates (other than Rights Certificates
representing Rights that have become null and void pursuant to Section 7(e)
hereof or that have been exchanged pursuant to Section 24 hereof) may be
transferred, split up, combined or exchanged for another Rights Certificate or
Certificates, entitling the registered holder to purchase a like number of one
one-thousandths of a share of Preferred Stock (or, following a Triggering Event,
Common Stock, other securities, cash or other assets, as the case may be) as the
Rights Certificate or Certificates surrendered then entitled such holder (or
former holder in the case of a transfer) to purchase. Any registered holder
desiring to transfer, split up, combine or exchange any Rights Certificate or
Certificates shall make such request in writing delivered to the Rights Agent,
and shall surrender the Rights Certificate or Certificates to be transferred,
split up, combined or exchanged, with the form of assignment and certificate
appropriately executed, at the office of the Rights Agent designated for such
purpose. Neither the Rights Agent nor the Company shall be obligated to take any
action whatsoever with respect to the transfer of any such surrendered Rights
Certificate until the registered holder shall have properly completed and signed
the certificate contained in the form of assignment on the reverse side of such
Rights Certificate and shall have provided such additional evidence of the
identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or
Associates thereof as the Company or the Rights Agent shall reasonably request.
Thereupon the Rights Agent shall, subject to Section 4(b), Section 7(e) and
Section 14 hereof, countersign and deliver to the Person entitled thereto a
Rights Certificate or Rights Certificates, as the case may be, as so requested.
The Company may require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any transfer, split
up, combination or exchange of Rights Certificates. The Rights Agent shall have
no duty or obligation under this Section unless and until it is satisfied that
all such taxes and/or charges have been paid.

                  (b)      Upon receipt by the Company and the Rights Agent of
evidence reasonably satisfactory to them of the loss, theft, destruction or
mutilation of a Rights Certificate, and, in case of loss, theft or destruction,
of indemnity or security reasonably satisfactory to them, and reimbursement to
the Company and the Rights Agent of all reasonable expenses incidental thereto,
and upon surrender to the Rights Agent and cancellation of the Rights
Certificate if mutilated, the Company will execute and deliver a new Rights
Certificate of like tenor to the Rights Agent for countersignature and delivery
to the registered owner in lieu of the Rights Certificate so lost, stolen,
destroyed or mutilated.

                                      -9-
<PAGE>   12
         Section 7. Exercise of Rights; Purchase Price; Expiration Date of
Rights.

                  (a)      Subject to Section 7(e) hereof, the registered holder
of any Rights Certificate may exercise the Rights evidenced thereby (except as
otherwise provided herein including, without limitation, the restrictions on
exercisability set forth in Section 9(c), Section 11(a)(iii) and Section 23(a)
hereof) in whole or in part at any time after the Distribution Date upon
surrender of the Rights Certificate, with the form of election to purchase and
the certificate on the reverse side thereof duly executed, to the Rights Agent
at the office of the Rights Agent designated for such purpose, together with
payment of the aggregate Purchase Price with respect to the total number of one
one-thousandths of a share of Preferred Stock (or other securities, cash or
other assets, as the case may be) as to which such surrendered Rights are then
exercisable, at or prior to the earlier of (i) the Final Expiration Date, (ii)
the time at which the Rights expire as provided in Section 13(d) hereof, (iii)
the time at which the Rights are redeemed as provided in Section 23 hereof, or
(iv) the time at which such Rights are exchanged as provided in Section 24
hereof (the earlier of (i), (ii), (iii) and (iv) being herein referred to as the
"Expiration Date").

                  (b)      The Purchase Price for each one one-thousandth of a
share of Preferred Stock pursuant to the exercise of a Right shall initially be
$60.00, and shall be subject to adjustment from time to time as provided in
Sections 11 and 13(a) hereof and shall be payable in accordance with paragraph
(c) below.

                  (c)      Upon receipt of a Rights Certificate representing
exercisable Rights, with the form of election to purchase and the certificate
duly executed, accompanied by payment, with respect to each Right so exercised,
of the Purchase Price per one one-thousandth of a share of Preferred Stock (or
other shares, securities, cash or other assets, as the case may be) to be
purchased as set forth below and an amount equal to any applicable transfer tax,
the Rights Agent shall, subject to Section 20(k) hereof, thereupon promptly (i)
(A) requisition from any transfer agent of the shares of Preferred Stock (or
make available, if the Rights Agent is the transfer agent for such shares)
certificates for the total number of one one-thousandths of a share of Preferred
Stock to be purchased and the Company hereby authorizes its transfer agent to
comply with such requests, or (B) if the Company shall have elected to deposit
the total number of shares of Preferred Stock issuable upon exercise of the
Rights hereunder with a depositary agent, requisition from the depositary agent
depositary receipts representing such number of one one-thousandths of a share
of Preferred Stock as are to be purchased (in which case certificates for the
shares of Preferred Stock represented by such receipts shall be deposited by the
transfer agent with the depositary agent) and the Company hereby directs the
depositary agent to comply with such requests, (ii) requisition from the Company
the amount of cash, if any, to be paid in lieu of fractional shares in
accordance with Section 14 hereof, (iii) after receipt of such certificates or
depositary receipts, cause the same to be delivered to or upon the order of the
registered holder of such Rights Certificate, registered in such name or names
as may be designated by such holder, and (iv) after receipt thereof, deliver
such cash, if any, to or upon the order of the registered holder of such Rights
Certificate. The payment of the Purchase Price (as such amount may be reduced
pursuant to Section 11(a)(iii) hereof) may be made in cash or by certified bank
check or money order payable to the order of the Company. In the event that the
Company is obligated to issue other securities (including Common Stock) of the
Company, pay

                                      -10-
<PAGE>   13
cash and/or distribute other property pursuant to Section 11(a) hereof, the
Company shall make all arrangements necessary so that such other securities,
cash and/or other property are available for distribution by the Rights Agent,
if and when appropriate.

                  (d)      In case the registered holder of any Rights
Certificate shall exercise less than all the Rights evidenced thereby, a new
Rights Certificate evidencing Rights equivalent to the Rights remaining
unexercised shall be issued by the Rights Agent and delivered to, or upon the
order of, the registered holder of such Rights Certificate, registered in such
name or names as may be designated by such holder, subject to the provisions of
Section 14 hereof.

                  (e)      Notwithstanding anything in this Agreement to the
contrary, from and after the first occurrence of a Section 11(a)(ii) Event, any
Rights beneficially owned by (i) an Acquiring Person or an Associate or
Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or
of any such Associate or Affiliate) who becomes a transferee after the Acquiring
Person becomes such, or (iii) a transferee of an Acquiring Person (or of any
such Associate or Affiliate) who becomes a transferee prior to or concurrently
with the Acquiring Person becoming such and receives such Rights pursuant to
either (A) a transfer (whether or not for consideration) from the Acquiring
Person to holders of equity interests in such Acquiring Person or to any Person
with whom the Acquiring Person has any continuing agreement, arrangement or
understanding regarding the transferred Rights or (B) a transfer which the Board
of Directors of the Company has determined is part of a plan, arrangement or
understanding that has as a primary purpose or effect avoidance of this Section
7(e), shall become null and void without any further action and no holder of
such Rights shall have any rights whatsoever with respect to such Rights,
whether under any provision of this Agreement or otherwise. The Company shall
use all reasonable efforts to insure that the provisions of this Section 7(e)
and Section 4(b) hereof are complied with, but shall have no liability to any
holder of Rights Certificates or other Person as a result of its failure to make
any determinations with respect to an Acquiring Person or its Affiliates,
Associates or transferees hereunder.

                  (f)      Notwithstanding anything in this Agreement to the
contrary, neither the Rights Agent nor the Company shall be obligated to
undertake any action with respect to a registered holder upon the occurrence or
any purported transfer or exercise as set forth in this Section 7 unless such
registered holder shall have (i) properly completed and signed the certificate
following the form of assignment or election to purchase set forth on the
reverse side of the Rights Certificate surrendered for such assignment or
exercise, and (ii) provided such additional evidence of the identity of the
Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates
thereof as the Company or the Rights Agent shall reasonably request.

         Section 8. Cancellation and Destruction of Rights Certificates. All
Rights Certificates surrendered for the purpose of exercise, transfer, split up,
combination or exchange shall, if surrendered to the Company or any of its
agents, be delivered to the Rights Agent for cancellation or in cancelled form,
or, if surrendered to the Rights Agent, shall be cancelled by it, and no Rights
Certificates shall be issued in lieu thereof except as expressly permitted by
any of the provisions of this Agreement. The Company shall deliver to the Rights
Agent for cancellation and retirement, and the Rights Agent shall so cancel and
retire, any other Rights Certificate purchased or acquired by the Company
otherwise than upon the exercise thereof. The Rights Agent shall deliver all
cancelled Rights Certificates to the Company, or shall, at the

                                      -11-
<PAGE>   14
written request of the Company, destroy such cancelled Rights Certificates, and
in such case shall deliver a certificate of destruction thereof to the Company.

         Section 9. Reservation and Availability of Capital Stock.

                  (a)      The Company covenants and agrees that it will cause
to be reserved and kept available out of its authorized and unissued shares of
Preferred Stock (and, following the occurrence of a Triggering Event, out of its
authorized and unissued shares of Common Stock and/or other securities or out of
its authorized and issued shares held in its treasury), the number of shares of
Preferred Stock (and, following the occurrence of a Triggering Event, Common
Stock and/or other securities) that, as provided in this Agreement including
Section 11(a)(iii) hereof, will be sufficient to permit the exercise in full of
all outstanding Rights.

                  (b)      So long as the shares of Preferred Stock (and,
following the occurrence of a Triggering Event, Common Stock and/or other
securities) issuable and deliverable upon the exercise of the Rights are
eligible for listing on any national securities exchange, the Company shall use
its best efforts to cause, from and after such time as the Rights become
exercisable, all shares reserved for such issuance to be listed on such exchange
upon official notice of issuance upon such exercise.

                  (c)      The Company shall use its best efforts to (i) file,
as soon as practicable following the earliest date after the first occurrence of
a Section 11(a)(ii) Event on which the consideration to be delivered by the
Company upon exercise of the Rights has been determined in accordance with
Section 11(a)(iii) hereof, or as soon as is required by law following the
Distribution Date, as the case may be, a registration statement under the Act,
with respect to the securities purchasable upon exercise of the Rights on an
appropriate form, (ii) cause such registration statement to become effective as
soon as practicable after such filing, and (iii) cause such registration
statement to remain effective (with a prospectus at all times meeting the
requirements of the Act) until the earlier of (A) the date as of which the
Rights are no longer exercisable for such securities, and (B) the Expiration
Date. The Company will also take such action as may be appropriate under, or to
ensure compliance with, the securities or "blue sky" laws of the various states
in connection with the exercisability of the Rights. The Company may temporarily
suspend, for a period of time not to exceed ninety (90) days after the date set
forth in clause (i) of the first sentence of this Section 9(c), the
exercisability of the Rights in order to prepare and file such registration
statement and permit it to become effective. Upon any such suspension, the
Company shall issue a public announcement stating that the exercisability of the
Rights has been temporarily suspended, as well as a public announcement at such
time as the suspension is no longer in effect, each time with prompt written
notice thereof to the Rights Agent. Notwithstanding any provision of this
Agreement to the contrary, the Rights shall not be exercisable in any
jurisdiction unless the requisite registration or qualification in such
jurisdiction shall have been effected or obtained.

                  (d)      The Company covenants and agrees that it will take
all such action as may be necessary to ensure that all one one-thousandths of a
share of Preferred Stock (and, following the occurrence of a Triggering Event,
Common Stock and/or other securities) delivered upon exercise of Rights shall,
at the time of delivery of the certificates for such shares (subject to

                                      -12-
<PAGE>   15
payment of the Purchase Price), be duly and validly authorized and issued and
fully paid and nonassessable.

                  (e)      The Company further covenants and agrees that it will
pay when due and payable any and all taxes and charges that may be payable in
respect of the issuance or delivery of the Rights Certificates and of any
certificates for a number of one one-thousandths of a share of Preferred Stock
(or Common Stock and/or other securities, as the case may be) upon the exercise
of Rights. The Company shall not, however, be required (i) to pay any tax or
charge that may be payable in respect of any transfer or delivery of Rights
Certificates to a Person other than, or the issuance or delivery of a number of
one one-thousandths of a share of Preferred Stock (or Common Stock and/or other
securities, as the case may be) in respect of a name other than that of, the
registered holder of the Rights Certificate evidencing Rights surrendered for
exercise or to issue or deliver any certificates for a number of one
one-thousandths of a share of Preferred Stock (or Common Stock and/or other
securities, as the case may be) in a name other than that of the registered
holder upon the exercise of any Rights until such tax or charge shall have been
paid (any such tax or charge being payable by the holder of such Rights
Certificate at the time of surrender) or until it has been established to the
Company's or the Rights Agent's satisfaction that no such tax or charge is due.

         Section 10. Preferred Stock Record Date. Each Person in whose name any
certificate for a number of one one-thousandths of a share of Preferred Stock
(or Common Stock and/or other securities, as the case may be) is issued upon the
exercise of Rights shall for all purposes be deemed to have become the holder of
record of such shares of Preferred Stock (or Common Stock and/or other
securities, as the case may be) represented thereby on, and such certificate
shall be dated, the date upon which the Rights Certificate evidencing such
Rights was duly surrendered and payment of the Purchase Price (and all
applicable taxes or charges) was made; provided, however, that if the date of
such surrender and payment is a date upon which the Preferred Stock (or Common
Stock and/or other securities, as the case may be) transfer books of the Company
are closed, such Person shall be deemed to have become the record holder of such
shares (fractional or otherwise) on, and such certificate shall be dated, the
next succeeding Business Day on which the Preferred Stock (or Common Stock
and/or other securities, as the case may be) transfer books of the Company are
open. Prior to the exercise of the Rights evidenced thereby, the holder of a
Rights Certificate, as such, shall not be entitled to any rights of a
stockholder of the Company with respect to securities for which the Rights shall
be exercisable, including, without limitation, the right to vote, to receive
dividends or other distributions or to exercise any preemptive rights, and shall
not be entitled to receive any notice of any proceedings of the Company, except
as provided herein.

         Section 11. Adjustment of Purchase Price, Number and Kind of Shares or
Number of Rights. The Purchase Price, the number and kind of shares covered by
each Right and the number of Rights outstanding are subject to adjustment from
time to time as provided in this Section 11.

                  (a)(i)   In the event the Company shall at any time after the
         date of this Agreement (A) declare a dividend on the Preferred Stock
         payable in shares of Preferred Stock, (B) subdivide the outstanding
         Preferred Stock, (C) combine the outstanding Preferred Stock into a
         smaller number of shares, or (D) issue any shares of its capital

                                      -13-
<PAGE>   16
         stock in a reclassification of the Preferred Stock (including any such
         reclassification in connection with a consolidation or merger in which
         the Company is the continuing or surviving corporation), except as
         otherwise provided in this Section 11(a) and Section 7(e) hereof, the
         Purchase Price in effect at the time of the record date for such
         dividend or of the effective date of such subdivision, combination or
         reclassification, and the number and kind of shares of Preferred Stock
         or capital stock, as the case may be, issuable on such date, shall be
         proportionately adjusted so that the holder of any Right exercised
         after such time shall be entitled to receive, upon payment of the
         Purchase Price then in effect, the aggregate number and kind of shares
         of Preferred Stock or capital stock, as the case may be, which, if such
         Right had been exercised immediately prior to such date and at a time
         when the Preferred Stock transfer books of the Company were open, he
         would have owned upon such exercise and been entitled to receive by
         virtue of such dividend, subdivision, combination or reclassification.
         If an event occurs that would require an adjustment under both this
         Section 11(a)(i) and Section 11(a)(ii) hereof, the adjustment provided
         for in this Section 11(a)(i) shall be in addition to, and shall be made
         prior to, any adjustment required pursuant to Section 11(a)(ii) hereof.

                  (ii)     In the event that at any time after the Record Date
         any Person (other than the Company, any Subsidiary of the Company, any
         employee benefit plan of the Company or of any Subsidiary of the
         Company, or any Person organized, appointed or established by the
         Company for or pursuant to the terms of any such plan) shall become an
         Acquiring Person, then, promptly following the first occurrence of such
         event, proper provision shall be made so that each holder of a Right
         (except as provided below and in Section 7(e) hereof) shall thereafter
         have the right to receive, upon exercise thereof at the then current
         Purchase Price in accordance with the terms of this Agreement, in lieu
         of a number of one one-thousandths of a share of Preferred Stock, such
         number of shares of Common Stock of the Company that equals the result
         obtained by (x) multiplying the then current Purchase Price by the then
         number of one one-thousandths of a share of Preferred Stock for which a
         Right was exercisable immediately prior to the first occurrence of a
         Section 11(a)(ii) Event, and (y) dividing that product (such product,
         following such first occurrence, shall thereafter be referred to as the
         "Purchase Price" for each Right and for all purposes of this Agreement)
         by 50% of the current market price (determined pursuant to Section
         11(d) hereof) per share of Common Stock on the date of such first
         occurrence (such number of shares, the "Adjustment Shares").
         Notwithstanding the foregoing provisions of this Section 11(a)(ii), the
         adjustment to the terms of the Rights provided for in the preceding
         sentence shall not be triggered by, and the term "Section 11(a)(ii)
         Event" shall not be deemed to include, an acquisition of Common Stock
         that is either (A) a transaction set forth in Section 13(a) hereof, or
         (B) an acquisition of shares of Common Stock pursuant to a tender offer
         or an exchange offer for all outstanding shares of Common Stock at a
         price and on terms determined, prior to the consummation of such
         acquisition, by at least a majority of the members of the Board of
         Directors who are not officers of the Company and who are not
         representatives, nominees, Affiliates or Associates of an Acquiring
         Person, after receiving advice from a nationally recognized investment
         banking firm selected by the Board of Directors of the Company, to be
         (a) at a price that is fair to stockholders (taking into account all
         factors which such members of the Board deem relevant including,
         without limitation, prices which could reasonably be achieved if the
         Company or its assets were sold on an orderly

                                      -14-
<PAGE>   17
         basis designed to realize maximum value) and (b) otherwise in the best
         interests of the Company and its stockholders (such tender offer or
         exchange offer being referred to as a "Permitted Offer").

                  (iii)    In the event that the number of shares of Common
         Stock that are authorized by the Company's Articles of Organization but
         not outstanding or reserved for issuance for purposes other than upon
         exercise of the Rights are not sufficient to permit the exercise in
         full of the Rights in accordance with the foregoing subparagraph (ii)
         of this Section 11(a), the Company shall: (A) determine the excess of
         (1) the value of the Adjustment Shares issuable upon the exercise of a
         Right (the "Current Value") over (2) the Purchase Price (such excess,
         the "Spread"), and (B) with respect to each Right, make adequate
         provision to substitute for the Adjustment Shares, upon payment of the
         applicable Purchase Price, (1) cash, (2) a reduction in the Purchase
         Price, (3) Common Stock or other equity securities of the Company
         (including, without limitation, shares, or units of shares, of
         preferred stock which the Board of Directors of the Company has deemed
         to have the same value as shares of Common Stock (such shares of
         preferred stock, "common stock equivalents")), (4) debt securities of
         the Company, (5) other assets, or (6) any combination of the foregoing,
         having an aggregate value equal to the Current Value, where such
         aggregate value has been determined by the Board of Directors of the
         Company based upon the advice of a nationally recognized investment
         banking firm selected by the Board of Directors of the Company;
         provided, however, if the Company shall not have made adequate
         provision to deliver value pursuant to clause (B) above within thirty
         (30) days following the later of (x) the first occurrence of a Section
         11(a)(ii) Event and (y) the date on which the Company's right of
         redemption pursuant to Section 23(a) expires (the later of (x) and (y)
         being referred to herein as the "Section 11(a)(ii) Trigger Date"), then
         the Company shall be obligated to deliver, upon the surrender for
         exercise of a Right and without requiring payment of the Purchase
         Price, shares of Common Stock (to the extent available) and then, if
         necessary, cash, which shares and/or cash have an aggregate value equal
         to the Spread. If the Board of Directors of the Company shall determine
         in good faith that it is likely that sufficient additional shares of
         Common Stock could be authorized for issuance upon exercise in full of
         the Rights, the thirty (30) day period set forth above may be extended
         to the extent necessary, but not more than ninety (90) days after the
         Section 11(a)(ii) Trigger Date, in order that the Company may seek
         shareholder approval for the authorization of such additional shares
         (such period, as it may be extended, the "Substitution Period"). To the
         extent that the Company determines that some action need be taken
         pursuant to the first and/or second sentences of this Section
         11(a)(iii), the Company (x) shall provide, subject to Section 7(e)
         hereof, that such action shall apply uniformly to all outstanding
         Rights, and (y) may suspend the exercisability of the Rights until the
         expiration of the Substitution Period in order to seek any
         authorization of additional shares and/or to decide the appropriate
         form of distribution to be made pursuant to such first sentence and to
         determine the value thereof. In the event of any such suspension, the
         Company shall issue a public announcement stating that the
         exercisability of the Rights has been temporarily suspended, as well as
         a public announcement at such time as the suspension is no longer in
         effect, each time with prompt written notice thereof to the Rights
         Agent. For purposes of this Section 11(a)(iii), the value of the Common
         Stock shall be the current market price (as determined pursuant to
         Section 11(d) hereof) per share of the Common Stock on the

                                      -15-
<PAGE>   18
         Section 11(a)(ii) Trigger Date and the value of any "common stock
         equivalent" shall be deemed to have the same value as the Common Stock
         on such date.

                  (b)      In case the Company shall fix a record date for the
issuance of rights (other than the Rights), options or warrants to all holders
of Preferred Stock entitling them to subscribe for or purchase (for a period
expiring within forty-five (45) calendar days after such record date) Preferred
Stock (or shares having the same rights, privileges and preferences as the
shares of Preferred Stock ("equivalent preferred stock")) or securities
convertible into Preferred Stock or equivalent preferred stock at a price per
share of Preferred Stock or per share of equivalent preferred stock (or having a
conversion price per share, if a security convertible into Preferred Stock or
equivalent preferred stock) less than the current market price (as determined
pursuant to Section 11(d) hereof) per share of Preferred Stock on such record
date, the Purchase Price to be in effect after such record date shall be
determined by multiplying the Purchase Price in effect immediately prior to such
record date by a fraction, the numerator of which shall be the number of shares
of Preferred Stock outstanding on such record date, plus the number of shares of
Preferred Stock which the aggregate offering price of the total number of shares
of Preferred Stock and/or equivalent preferred stock so to be offered (and/or
the aggregate initial conversion price of the convertible securities so to be
offered) would purchase at such current market price, and the denominator of
which shall be the number of shares of Preferred Stock outstanding on such
record date, plus the number of additional shares of Preferred Stock and/or
equivalent preferred stock to be offered for subscription or purchase (or into
which the convertible securities so to be offered are initially convertible). In
case such subscription price may be paid by delivery of consideration part or
all of which may be in a form other than cash, the value of such consideration
shall be as determined in good faith by the Board of Directors of the Company,
whose determination shall be described in a statement filed with the Rights
Agent and shall be conclusive for all purposes. Shares of Preferred Stock owned
by or held for the account of the Company shall not be deemed outstanding for
the purpose of any such computation. Such adjustment shall be made successively
whenever such a record date is fixed, and in the event that such rights, options
or warrants are not so issued, the Purchase Price shall be adjusted to be the
Purchase Price which would then be in effect if such record date had not been
fixed.

                  (c)      In case the Company shall fix a record date for a
distribution to all holders of Preferred Stock (including any such distribution
made in connection with a consolidation or merger in which the Company is the
continuing corporation) of evidences of indebtedness, cash (other than a regular
quarterly cash dividend out of the earnings or retained earnings of the
Company), assets (other than a dividend payable in Preferred Stock, but
including any dividend payable in stock other than Preferred Stock) or
subscription rights or warrants (excluding those referred to in Section 11(b)
hereof), the Purchase Price to be in effect after such record date shall be
determined by multiplying the Purchase Price in effect immediately prior to such
record date by a fraction, the numerator of which shall be the current market
price (as determined pursuant to Section 11(d) hereof) per share of Preferred
Stock on such record date, less the fair market value (as determined in good
faith by the Board of Directors of the Company, whose determination shall be
described in a statement filed with the Rights Agent and shall be conclusive for
all purposes) of the portion of the cash, assets or evidences of indebtedness so
to be distributed or of such subscription rights or warrants applicable to a
share of Preferred Stock and the denominator of which shall be such current
market price (as determined pursuant to Section 11(d) hereof) per share of
Preferred Stock on such record date. Such adjustments shall be made successively

                                      -16-
<PAGE>   19
whenever such a record date is fixed, and in the event that such distribution is
not so made, the Purchase Price shall be adjusted to be the Purchase Price which
would have been in effect if such record date had not been fixed.

                  (d)(i)   For the purpose of any computation hereunder, other
         than computations made pursuant to Section 11(a)(iii) hereof, the
         "current market price" per share of Common Stock on any date shall be
         deemed to be the average of the daily closing prices per share of such
         Common Stock for the thirty (30) consecutive Trading Days (as such term
         is hereinafter defined) immediately prior to such date, and for
         purposes of computations made pursuant to Section 11(a)(iii) hereof,
         the "current market price" per share of Common Stock on any date shall
         be deemed to be the average of the daily closing prices per share of
         such Common Stock for the ten (10) consecutive Trading Days immediately
         following but not including such date; provided, however, that in the
         event that the current market price per share of the Common Stock is
         determined during a period following the announcement by the issuer of
         such Common Stock of (A) a dividend or distribution on such Common
         Stock payable in shares of such Common Stock or securities convertible
         into shares of such Common Stock (other than the Rights), or (B) any
         subdivision, combination or reclassification of such Common Stock, and
         the ex-dividend date for such dividend or distribution, or the record
         date for such subdivision, combination or reclassification shall not
         have occurred prior to the expiration of the requisite thirty (30)
         Trading Day or ten (10) Trading Day period, as set forth above, then,
         and in each such case, the "current market price" shall be properly
         adjusted to take into account ex-dividend trading. The closing price
         for each day shall be the last sale price, regular way, or, in case no
         such sale takes place on such day, the average of the closing bid and
         asked prices, regular way, in either case as reported in the principal
         consolidated transaction reporting system with respect to securities
         listed or admitted to trading on the New York Stock Exchange or, if the
         shares of Common Stock are not listed or admitted to trading on the New
         York Stock Exchange, as reported in the principal consolidated
         transaction reporting system with respect to securities listed on the
         principal national securities exchange on which the shares of Common
         Stock are listed or admitted to trading or, if the shares of Common
         Stock are not listed or admitted to trading on any national securities
         exchange, the last quoted price or, if not so quoted, the average of
         the high bid and low asked prices in the over-the-counter market, as
         reported by the Nasdaq Stock Market ("Nasdaq") or such other system
         then in use, or, if on any such date the shares of Common Stock are not
         quoted by any such organization, the average of the closing bid and
         asked prices as furnished by a professional market maker making a
         market in the Common Stock selected by the Board of Directors of the
         Company. If on any such date no market maker is making a market in the
         Common Stock, the fair value of such shares on such date as determined
         in good faith by the Board of Directors of the Company shall be used.
         The term "Trading Day" shall mean a day on which the principal national
         securities exchange on which the shares of Common Stock are listed or
         admitted to trading is open for the transaction of business or, if the
         shares of Common Stock are not listed or admitted to trading on any
         national securities exchange, a Business Day. If the Common Stock is
         not publicly held or not so listed or traded, "current market price"
         per share shall mean the fair value per share as determined in good
         faith by the Board of Directors of the Company, whose determination
         shall be described in a statement filed with the Rights Agent and shall
         be conclusive for all purposes.

                                      -17-
<PAGE>   20
                  (ii)     For the purpose of any computation hereunder, the
         "current market price" per share of Preferred Stock shall be determined
         in the same manner as set forth above for the Common Stock in clause
         (i) of this Section 11(d) (other than the last sentence thereof). If
         the current market price per share of Preferred Stock cannot be
         determined in the manner provided above or if the Preferred Stock is
         not publicly held or listed or traded in a manner described in clause
         (i) of this Section 11(d), the "current market price" per share of
         Preferred Stock shall be conclusively deemed to be an amount equal to
         1,000 (as such number may be appropriately adjusted for such events as
         stock splits, stock dividends and recapitalizations with respect to the
         Common Stock occurring after the date of the Original Agreement)
         multiplied by the current market price per share of the Common Stock.
         If neither the Common Stock nor the Preferred Stock is publicly held or
         so listed or traded, "current market price" per share of the Preferred
         Stock shall mean the fair value per share as determined in good faith
         by the Board of Directors of the Company, whose determination shall be
         described in a statement filed with the Rights Agent and shall be
         conclusive for all purposes. For all purposes of this Agreement, the
         "current market price" of one one-thousandth of a share of Preferred
         Stock shall be equal to the "current market price" of one share of
         Preferred Stock divided by 1,000.

                  (e)      Anything herein to the contrary notwithstanding, no
adjustment in the Purchase Price shall be required unless such adjustment would
require an increase or decrease of at least one percent (1%) in the Purchase
Price, provided, however, that any adjustments which by reason of this Section
11(e) are not required to be made shall be carried forward and taken into
account in any subsequent adjustment. All calculations under this Section 11
shall be made to the nearest cent or to the nearest hundred-millionth of a share
of Preferred Stock, or hundred-thousandth of a share of Common Stock or other
share, as the case may be. Notwithstanding the first sentence of this Section
11(e), any adjustment required by this Section 11 shall be made no later than
the earlier of (i) three (3) years from the date of the transaction which
mandates such adjustment, or (ii) the Expiration Date.

                  (f)      If as a result of an adjustment made pursuant to
Section 11(a)(ii) or Section 13(a) hereof, the holder of any Right thereafter
exercised shall become entitled to receive any shares of capital stock other
than Preferred Stock, thereafter the number of such other shares so receivable
upon exercise of any Right and the Purchase Price thereof shall be subject to
adjustment from time to time in a manner and on terms as nearly equivalent as
practicable to the provisions with respect to the Preferred Stock contained in
Sections 11(a), (b), (c), (e), (g), (h), (i), (j), (k) and (m), and the
provisions of Sections 7, 9, 10, 13 and 14 hereof with respect to the Preferred
Stock shall apply on like terms to any such other shares.

                  (g)      All Rights originally issued by the Company
subsequent to any adjustment made to the Purchase Price hereunder shall evidence
the right to purchase, at the adjusted Purchase Price, the number of one
one-thousandths of a share of Preferred Stock purchasable from time to time
hereunder upon exercise of the Rights, all subject to further adjustment as
provided herein.

                  (h)      Unless the Company shall have exercised its election
as provided in Section 11(i), upon each adjustment of the Purchase Price as a
result of the calculations made in 11(b) and (c), each Right outstanding
immediately prior to the making of such adjustment shall

                                      -18-
<PAGE>   21
thereafter evidence the right to purchase, at the adjusted Purchase Price, that
number of one one-thousandths of a share of Preferred Stock (calculated to the
nearest ten-millionth) obtained by (i) multiplying (x) the number of one
one-thousandths of a share covered by a Right immediately prior to this
adjustment, by (y) the Purchase Price in effect immediately prior to such
adjustment of the Purchase Price, and (ii) dividing the product so obtained by
the Purchase Price in effect immediately after such adjustment of the Purchase
Price.

                  (i)      The Company may elect on or after the date of any
adjustment of the Purchase Price to adjust the number of Rights, in lieu of any
adjustment in the number of one one-thousandths of a share of Preferred Stock
purchasable upon the exercise of a Right. Each of the Rights outstanding after
the adjustment in the number of Rights shall be exercisable for the number of
one one-thousandths of a share of Preferred Stock for which a Right was
exercisable immediately prior to such adjustment. Each Right held of record
prior to such adjustment of the number of Rights shall become that number of
Rights (calculated to the nearest one one-hundred-thousandth) obtained by
dividing the Purchase Price in effect immediately prior to adjustment of the
Purchase Price by the Purchase Price in effect immediately after adjustment of
the Purchase Price. The Company shall make a public announcement (with prompt
written notice thereof to the Rights Agent) of its election to adjust the number
of Rights, indicating the record date for the adjustment, and, if known at the
time, the amount of the adjustment to be made. This record date may be the date
on which the Purchase Price is adjusted or any day thereafter, but, if the
Rights Certificates have been issued, shall be at least ten (10) days later than
the date of the public announcement. If Rights Certificates have been issued,
upon each adjustment of the number of Rights pursuant to this Section 11(i), the
Company shall, as promptly as practicable, cause to be distributed to holders of
record of Rights Certificates on such record date Rights Certificates
evidencing, subject to Section 14 hereof, the additional Rights to which such
holders shall be entitled as a result of such adjustment, or, at the option of
the Company, shall cause to be distributed to such holders of record in
substitution and replacement for the Rights Certificates held by such holders
prior to the date of adjustment, and upon surrender thereof, if required by the
Company, new Rights Certificates evidencing all the Rights to which such holders
shall be entitled after such adjustment. Rights Certificates so to be
distributed shall be issued, executed and countersigned in the manner provided
for herein (and may bear, at the option of the Company, the adjusted Purchase
Price) and shall be registered in the names of the holders of record of Rights
Certificates on the record date specified in the public announcement.

                  (j)      Irrespective of any adjustment or change in the
Purchase Price or the number of one one-thousandths of a share of Preferred
Stock issuable upon the exercise of the Rights, the Rights Certificates
theretofore and thereafter issued may continue to express the Purchase Price per
one one-thousandth of a share and the number of one one-thousandths of a share
which were expressed in the initial Rights Certificates issued hereunder.

                  (k)      Before taking any action that would cause an
adjustment reducing the Purchase Price below the then stated value, if any, of
the number of one one-thousandths of a share of Preferred Stock issuable upon
exercise of the Rights, the Company shall take any corporate action which may,
in the opinion of its counsel, be necessary in order that the Company may
validly and legally issue such number of one one-thousandths of a share of fully
paid and nonassessable Preferred Stock at such adjusted Purchase Price.

                                      -19-
<PAGE>   22
                  (l)      In any case in which this Section 11 shall require
that an adjustment in the Purchase Price be made effective as of a record date
for a specified event, the Company may elect to defer until the occurrence of
such event the issuance to the holder of any Right exercised after such record
date the number of one one-thousandths of a share of Preferred Stock and other
capital stock or securities of the Company, if any, issuable upon such exercise
over and above the number of one one-thousandths of a share of Preferred Stock
and other capital stock or securities of the Company, if any, issuable upon such
exercise on the basis of the Purchase Price in effect prior to such adjustment;
provided, however, that the Company shall deliver to such holder a due bill or
other appropriate instrument evidencing such holder's right to receive such
additional shares (fractional or otherwise) or securities upon the occurrence of
the event requiring such adjustment.

                  (m)      Anything in this Section 11 to the contrary
notwithstanding, the Company shall be entitled to make such reductions in the
Purchase Price, in addition to those adjustments expressly required by this
Section 11, as and to the extent that in their good faith judgment the Board of
Directors of the Company shall determine to be advisable in order that any (i)
consolidation or subdivision of the Preferred Stock, (ii) issuance wholly for
cash of any shares of Preferred Stock at less than the current market price,
(iii) issuance wholly for cash of shares of Preferred Stock or securities which
by their terms are convertible into or exchangeable for shares of Preferred
Stock, (iv) stock dividends or (v) issuance of rights, options or warrants
referred to in this Section 11, hereafter made by the Company to holders of its
Preferred Stock shall not be taxable to such stockholders.

                  (n)      The Company covenants and agrees that it shall not,
at any time after the Distribution Date, (i) consolidate with any other Person
(other than a Subsidiary of the Company in a transaction that complies with
Section 11(o) hereof), (ii) merge with or into any other Person (other than a
Subsidiary of the Company in a transaction which complies with Section 11(o)
hereof), or (iii) sell or transfer (or permit any Subsidiary to sell or
transfer), in one transaction or a series of related transactions, assets or
earning power aggregating more than 50% of the assets or earning power of the
Company and its Subsidiaries (taken as a whole) to any other Person or Persons
(other than the Company and/or any of its Subsidiaries in one or more
transactions each of which complies with Section 11(o) hereof), if (x) at the
time of or immediately after such consolidation, merger or sale there are any
rights, warrants or other instruments or securities outstanding or agreements in
effect that would substantially diminish or otherwise eliminate the benefits
intended to be afforded by the Rights or (y) prior to, simultaneously with or
immediately after such consolidation, merger or sale, the shareholders of the
Person who constitutes, or would constitute, the "Principal Party" for purposes
of Section 13(a) hereof shall have received a distribution of Rights previously
owned by such Person or any of its Affiliates and Associates. The Company shall
not consummate any such consolidation, merger, sale or transfer unless prior
thereto the Company and such other Person shall have executed and delivered to
the Rights Agent a supplemental agreement evidencing compliance with this
Section 11(n).

                  (o)      The Company covenants and agrees that, after the
Distribution Date, it will not, except as permitted by Section 23, Section 24 or
Section 27 hereof, take (or permit any Subsidiary to take) any action if at the
time such action is taken it is reasonably foreseeable that such action will
diminish substantially or otherwise eliminate the benefits intended to be
afforded by the Rights.

                                      -20-
<PAGE>   23
                  (p)      Anything in this Agreement to the contrary
notwithstanding, in the event that the Company shall at any time after the
Record Date and prior to the Distribution Date (i) declare or pay any dividend
on the outstanding shares of Common Stock payable in shares of Common Stock,
(ii) subdivide the outstanding shares of Common Stock, or (iii) combine the
outstanding shares of Common Stock into a smaller number of shares, the number
of Rights associated with each share of Common Stock then outstanding, or issued
or delivered thereafter but prior to the Distribution Date, shall be
proportionately adjusted so that the number of Rights thereafter associated with
each share of Common Stock following any such event shall equal the result
obtained by multiplying the number of Rights associated with each share of
Common Stock immediately prior to such event by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately
prior to the occurrence of such event and the denominator of which shall be the
number of shares of Common Stock outstanding immediately following the
occurrence of such event.

         Section 12. Certificate of Adjusted Purchase Price or Number of Shares.
Whenever an adjustment is made as provided in Section 11 or Section 13 hereof,
the Company shall (a) promptly prepare a certificate setting forth such
adjustment and a brief, reasonably detailed statement of the facts, computations
and methodology accounting for such adjustment, (b) promptly file with the
Rights Agent, and with each transfer agent for the Preferred Stock and the
Common Stock, a copy of such certificate, and (c) mail a brief summary thereof
to each holder of a Rights Certificate (or, if prior to the Distribution Date,
to each holder of a certificate representing shares of Common Stock) in
accordance with Section 26 hereof. The Rights Agent shall be fully protected in
relying on any such certificate and on any adjustment or statement therein
contained and shall have no duty or liability with respect to, and shall not be
deemed to have knowledge of, any adjustment unless and until it shall have
received such certificate.

         Section 13. Consolidation, Merger or Sale or Transfer of Assets or
Earning Power.

                  (a)      In the event that, on or following the Stock
Acquisition Date, directly or indirectly, (x) the Company shall consolidate
with, or merge with and into, any other Person (other than a Subsidiary of the
Company in a transaction that complies with Section 11(o) hereof), and the
Company shall not be the continuing or surviving corporation of such
consolidation or merger, (y) any Person (other than a Subsidiary of the Company
in a transaction that complies with Section 11(o) hereof) shall consolidate
with, or merge with or into, the Company, and the Company shall be the
continuing or surviving corporation of such consolidation or merger and, in
connection with such consolidation or merger, all or part of the outstanding
shares of Common Stock shall be changed into or exchanged for stock or other
securities of any other Person or cash or any other property, or (z) the Company
shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell
or otherwise transfer), in one transaction or a series of related transactions,
assets or earning power aggregating more than 50% of the assets or earning power
of the Company and its Subsidiaries (taken as a whole) to any Person or Persons
(other than the Company or any Subsidiary of the Company in one or more
transactions each of which complies with Section 11(o) hereof), then, and in
each such case and except as contemplated by Section 13(d) hereof, proper
provision shall be made so that: (i) each holder of a Right, except as provided
in Section 7(e) hereof, shall thereafter have the right to receive, upon the
exercise thereof at the then current Purchase Price in accordance with the terms
of this Agreement, such number of validly authorized and issued, fully paid,
nonassessable

                                      -21-
<PAGE>   24
and freely tradable shares of Common Stock of the Principal Party (as such term
is hereinafter defined), not subject to any liens, encumbrances, rights of first
refusal or other adverse claims, as shall be equal to the result obtained by (1)
multiplying the then current Purchase Price by the number of one one-thousandths
of a share of Preferred Stock for which a Right is exercisable immediately prior
to the first occurrence of a Section 13 Event (or, if a Section 11(a)(ii) Event
has occurred prior to the first occurrence of a Section 13 Event, multiplying
the number of such one one-thousandths of a share for which a Right was
exercisable immediately prior to the first occurrence of a Section 11(a)(ii)
Event by the Purchase Price in effect immediately prior to such first
occurrence), and dividing that product (such product, following the first
occurrence of a Section 13 Event, shall be referred to as the "Purchase Price"
for each Right and for all purposes of this Agreement) by (2) 50% of the current
market price (determined pursuant to Section 11(d)(i) hereof) per share of the
Common Stock of such Principal Party on the date of consummation of such Section
13 Event; (ii) such Principal Party shall thereafter be liable for, and shall
assume, by virtue of such Section 13 Event, all the obligations and duties of
the Company pursuant to this Agreement; (iii) the term "Company" shall
thereafter be deemed to refer to such Principal Party, it being specifically
intended that the provisions of Section 11 hereof shall apply only to such
Principal Party following the first occurrence of a Section 13 Event; (iv) such
Principal Party shall take such steps (including, but not limited to, the
reservation of a sufficient number of shares of its Common Stock) in connection
with the consummation of any such transaction as may be necessary to assure that
the provisions hereof shall thereafter be applicable, as nearly as reasonably
may be, in relation to its shares of Common Stock thereafter deliverable upon
the exercise of the Rights; and (v) the provisions of Section 11(a)(ii) hereof
shall be of no effect following the first occurrence of any Section 13 Event.

                  (b)      "Principal Party" shall mean

                  (i)      in the case of any transaction described in clause
         (x) or (y) of the first sentence of Section 13(a), the Person that is
         the issuer of any securities into which shares of Common Stock of the
         Company are converted in such merger or consolidation, and if no
         securities are so issued, the Person that is the other party to such
         merger or consolidation; and

                  (ii)     in the case of any transaction described in clause
         (z) of the first sentence of Section 13(a), the Person that is the
         party receiving the greatest portion of the assets or earning power
         transferred pursuant to such transaction or transactions;

provided, however, that in any such case, (1) if the Common Stock of such Person
is not at such time and has not been continuously over the preceding twelve (12)
month period registered under Section 12 of the Exchange Act, and such Person is
a direct or indirect Subsidiary of another Person the Common Stock of which is
and has been so registered, "Principal Party" shall refer to such other Person;
(2) in case such Person is a Subsidiary, directly or indirectly, of more than
one Person, the Common Stocks of two or more of which are and have been so
registered, "Principal Party" shall refer to whichever of such Persons is the
issuer of the Common Stock having the greatest aggregate market value; and (3)
in case such Person is owned, directly or indirectly, by a joint venture formed
by two or more Persons that are not owned, directly or indirectly, by the same
Person, the rules set forth in (1) and (2) above shall apply to each of such

                                      -22-
<PAGE>   25
Persons having an ownership in such joint venture and the Principal Parties in
each such case shall bear the obligations set forth in this Section 13 in the
same ratio as their direct or indirect interests in such Person bear to the
total of such interests.

                  (c)      The Company shall not consummate any such
consolidation, merger, sale or transfer unless the Principal Party shall have a
sufficient number of authorized shares of its Common Stock which have not been
issued or reserved for issuance to permit the exercise in full of the Rights in
accordance with this Section 13 and unless prior thereto the Company shall have
executed and delivered to the Rights Agent a supplemental agreement providing
for the terms set forth in paragraphs (a) and (b) of this Section 13 and further
providing that, as soon as practicable after the date of any consolidation,
merger or sale of assets mentioned in paragraph (a) of this Section 13, the
Principal Party will

                  (i)      prepare and file a registration statement under the
         Act, with respect to the Rights and the securities purchasable upon
         exercise of the Rights on an appropriate form, and will use its best
         efforts to cause such registration statement (A) to become effective as
         soon as practicable after such filing and (B) to remain effective (with
         a prospectus at all times meeting the requirements of the Act) until
         the Expiration Date;

                  (ii)     use its best efforts to qualify or register the
         Rights and the securities purchasable upon exercise of the Rights under
         the blue sky laws of such jurisdictions as may be necessary or
         appropriate; and

                  (iii)    deliver to holders of the Rights historical financial
         statements for the Principal Party and each of its Affiliates that
         comply in all respects with the requirements for registration on Form
         10 under the Exchange Act.

The provisions of this Section 13 shall similarly apply to successive mergers or
consolidations or sales or other transfers. In the event that a Section 13 Event
shall occur at any time after the occurrence of a Section 11(a)(ii) Event, the
Rights which have not theretofore been exercised shall thereafter become
exercisable in the manner described in Section 13(a).

                  (d)      Notwithstanding anything in this Agreement to the
contrary, Section 13 shall not be applicable to a transaction described in
subparagraphs (x) and (y) of Section 13(a) if (i) such transaction is
consummated with a Person or Persons (or a wholly owned Subsidiary of any such
Person or Persons) who acquired shares of Common Stock pursuant to a Permitted
Offer, (ii) the price per share of Common Stock paid in such transaction is not
less than the price per share of Common Stock paid to all holders of shares of
Common Stock whose shares were purchased pursuant to such tender offer or
exchange offer, and (iii) the form of consideration paid in such transaction is
the same as the form of consideration paid pursuant to such tender offer or
exchange offer. Upon consummation of any such transaction contemplated by this
Section 13(d), all Rights hereunder shall expire.

         Section 14. Fractional Rights and Fractional Shares.

                  (a)      The Company shall not be required to issue fractions
of Rights, except prior to the Distribution Date as provided in Section 11(i) or
11(p) hereof, or to distribute Rights Certificates that evidence fractional
Rights. In lieu of such fractional Rights, there shall be paid

                                      -23-
<PAGE>   26
to the registered holders of the Rights Certificates with regard to which such
fractional Rights would otherwise be issuable, an amount in cash equal to the
same fractions of the current market value of a whole Right. For purposes of
this Section 14(a), the current market value of a whole Right shall be the
closing price of the Rights for the Trading Day immediately prior to the date on
which such fractional Rights would have been otherwise issuable. The closing
price of the Rights for any day shall be the last sale price, regular way, or,
in case no such sale takes place on such day, the average of the closing bid and
asked prices, regular way, in either case as reported in the principal
consolidated transaction reporting system with respect to securities listed or
admitted to trading on the New York Stock Exchange or, if the Rights are not
listed or admitted to trading on the New York Stock Exchange, as reported in the
principal consolidated transaction reporting system with respect to securities
listed on the principal national securities exchange on which the Rights are
listed or admitted to trading, or if the Rights are not listed or admitted to
trading on any national securities exchange, the last such quoted price or, if
not so quoted, the average of the high bid and low asked prices in the
over-the-counter market, as reported by Nasdaq or such other system then in use
or, if on any such date the Rights are not quoted by any such organization, the
average of the closing bid and asked prices as furnished by a professional
market maker making a market in the Rights selected by the Board of Directors of
the Company. If on any such date no such market maker is making a market in the
Rights the fair value of the Rights on such date as determined in good faith by
the Board of Directors of the Company shall be used.

                  (b)      The Company shall not be required to issue fractions
of shares of Preferred Stock (other than fractions which are integral multiples
of one one-thousandth of a share of Preferred Stock) upon exercise of the Rights
or to distribute certificates that evidence fractional shares of Preferred Stock
(other than fractions which are integral multiples of one one-thousandth of a
share of Preferred Stock). In lieu of fractional shares of Preferred Stock
(other than fractions which are integral multiples of one one-thousandth of a
share of Preferred Stock), the Company shall pay to the registered holders of
Rights Certificates at the time such Rights are exercised as herein provided an
amount in cash equal to the same fraction of the current market value of one
one-thousandth of a share of Preferred Stock. For purposes of this Section
14(b), the current market value of one one-thousandth of a share of Preferred
Stock shall be one one-thousandth of the closing price of a share of Preferred
Stock (as determined pursuant to Section 11(d)(ii) hereof) for the Trading Day
immediately prior to the date of such exercise.

                  (c)      Following the occurrence of a Triggering Event, the
Company shall not be required to issue fractions of shares of Common Stock upon
exercise of the Rights or to distribute certificates which evidence fractional
shares of Common Stock. In lieu of fractional shares of Common Stock, the
Company shall pay to the registered holders of Rights Certificates at the time
such Rights are exercised as herein provided an amount in cash equal to the same
fraction of the current market price of one (1) share of Common Stock (as
determined pursuant to Section 11(d)(i) hereof) for the Trading Day immediately
prior to the date of such exercise.

                  (d)      The holder of a Right by the acceptance of the Rights
expressly waives his right to receive any fractional Rights or any fractional
shares upon exercise of a Right, except as permitted by this Section 14. The
Rights Agent shall have no duty or obligation with respect to this Section 14
and Section 24(e) unless and until it has received specific instructions (and

                                      -24-
<PAGE>   27
sufficient cash, if required) from the Company with respect to the Rights
Agent's duties and obligations under such Sections.

         Section 15. Rights of Action. All rights of action in respect of this
Agreement, except the rights of action expressly given to the Rights Agent in
Section 18 hereof, are vested in the respective registered holders of the Rights
Certificates (and, prior to the Distribution Date, the registered holders of the
Common Stock); and any registered holder of any Rights Certificate (or, prior to
the Distribution Date, of the Common Stock), without the consent of the Rights
Agent or of the holder of any other Rights Certificate (or, prior to the
Distribution Date, of the Common Stock), may, in his own behalf and for his own
benefit, enforce, and may institute and maintain any suit, action or proceeding
against the Company to enforce, or otherwise act in respect of, his right to
exercise the Rights evidenced by such Rights Certificate in the manner provided
in such Rights Certificate and in this Agreement. Without limiting the foregoing
or any remedies available to the holders of Rights, it is specifically
acknowledged that the holders of Rights would not have an adequate remedy at law
for any breach of this Agreement and shall be entitled to specific performance
of the obligations hereunder and injunctive relief against actual or threatened
violations of the obligations hereunder of any Person subject to this Agreement.

         Section 16. Agreement of Rights Holders. Every holder of a Right by
accepting the same consents and agrees with the Company and the Rights Agent and
with every other holder of a Right that:

                  (a)      prior to the Distribution Date, the Rights will be
transferable only in connection with the transfer of Common Stock;

                  (b)      after the Distribution Date, the Rights Certificates
are transferable only on the registry books of the Rights Agent if surrendered
at the office of the Rights Agent designated for such purposes, duly endorsed or
accompanied by a proper instrument of transfer and with the appropriate forms
and certificates duly completed and fully executed;

                  (c)      subject to Section 6(a) and Section 7(f) hereof, the
Company and the Rights Agent may deem and treat the person in whose name a
Rights Certificate (or, prior to the Distribution Date, the associated Common
Stock certificate) is registered as the absolute owner thereof and of the Rights
evidenced thereby (notwithstanding any notations of ownership or writing on the
Rights Certificates or the associated Common Stock certificate made by anyone
other than the Company or the Rights Agent) for all purposes whatsoever, and
neither the Company nor the Rights Agent, subject to the last sentence of
Section 7(e) hereof, shall be required to be affected by any notice to the
contrary; and

                  (d)      notwithstanding anything in this Agreement to the
contrary, neither the Company nor the Rights Agent shall have any liability to
any holder of a Right or other Person as a result of its inability to perform
any of its obligations under this Agreement by reason of any preliminary or
permanent injunction or other order, decree or ruling issued by a court of
competent jurisdiction or by a governmental, regulatory or administrative agency
or commission, or any statute, rule, regulation or executive order promulgated
or enacted by any governmental authority, prohibiting or otherwise restraining
performance of such obligation; provided, however, the Company must use its best
efforts to prevent the issuance of such order, decree or

                                      -25-
<PAGE>   28
ruling and to have any such order, decree or ruling lifted or otherwise
overturned as soon as possible.

         Section 17. Rights Certificate Holder Not Deemed a Stockholder. No
holder, as such, of any Rights Certificate shall be entitled to vote, receive
dividends or be deemed for any purpose the holder of the number of one
one-thousandths of a share of Preferred Stock or any other securities of the
Company which may at any time be issuable on the exercise of the Rights
represented thereby, nor shall anything contained herein or in any Rights
Certificate be construed to confer upon the holder of any Rights Certificate, as
such, any of the rights of a stockholder of the Company or any right to vote for
the election of directors or upon any matter submitted to stockholders at any
meeting thereof, or to give or withhold consent to any corporate action, or to
receive notice of meetings or other actions affecting stockholders (except as
provided in Section 25 hereof), or to receive dividends or subscription rights,
or otherwise, until the Right or Rights evidenced by such Rights Certificate
shall have been exercised in accordance with the provisions hereof.

         Section 18. Concerning the Rights Agent.

                  (a)      The Company agrees to pay to the Rights Agent
reasonable compensation for all services rendered by it hereunder and, from time
to time, on demand of the Rights Agent, its reasonable expenses and counsel fees
and disbursements and other disbursements incurred in the preparation, delivery,
amendment, administration and execution of this Agreement and the exercise and
performance of its duties hereunder. The Company also agrees to indemnify the
Rights Agent for, and to hold it harmless against, any loss, liability, damage,
judgment, fine, penalty, claim, demand, settlement, cost or expense (including,
without limitation, the reasonable fees and expenses of legal counsel), incurred
without gross negligence, bad faith, or willful misconduct on the part of the
Rights Agent (which gross negligence, bad faith, or willful misconduct must be
determined by a final, non-appealable order, judgment, decree or ruling of a
court of competent jurisdiction), for any action taken, suffered or omitted by
the Rights Agent in connection with the acceptance, administration, exercise and
performance of its duties under this Agreement, including the costs and expenses
of defending against any claim of liability in the premises. The indemnity
provided herein shall survive the termination of this Agreement and the exercise
or expiration of the Rights. The costs and expenses reasonably incurred in
enforcing this right of indemnification shall be paid by the Company.

                  (b)      The Rights Agent shall be authorized and protected
and shall incur no liability for or in respect of any action taken, suffered or
omitted by it in connection with its acceptance and administration of this
Agreement in reliance upon any Rights Certificate or certificate for Common
Stock or for other securities of the Company, instrument of assignment or
transfer, power of attorney, endorsement, affidavit, letter, notice, direction,
consent, certificate, statement, or other paper or document believed by it to be
genuine and to be signed, executed and, where necessary, verified or
acknowledged, by the proper Person or Persons, or otherwise upon the advice of
counsel as set forth in Section 20 hereof.

         Section 19. Merger or Consolidation or Change of Name of Rights Agent.

                                      -26-
<PAGE>   29
                  (a)      Any Person into which the Rights Agent or any
successor Rights Agent may be merged or with which it may be consolidated, or
any Person resulting from any merger or consolidation to which the Rights Agent
or any successor Rights Agent shall be a party, or any Person succeeding to the
shareholder services business of the Rights Agent or any successor Rights Agent,
shall be the successor to the Rights Agent under this Agreement without the
execution or filing of paper or any further act on the part of any of the
parties hereto; provided, however, that such Person would be eligible for
appointment as a successor Rights Agent under the provisions of Section 21
hereof. In case at the time such successor Rights Agreement shall succeed to the
agency created by this Agreement, any of the Rights Certificates shall have been
countersigned but not delivered, any such successor Rights Agent may adopt the
countersignature of a predecessor Rights Agent and deliver such Rights
Certificates so countersigned; and in case at that time any of the Rights
Certificates shall not have been countersigned, any successor Rights Agent may
countersign such Rights Certificates either in the name of the predecessor or in
the name of the successor Rights Agent; and in all such cases such Rights
Certificates shall have the full force provided in the Rights Certificates and
in this Agreement.

                  (b)      In case at any time the name of the Rights Agent
shall be changed and at such time any of the Rights Certificates shall have been
countersigned but not delivered, the Rights Agent may adopt the countersignature
under its prior name and deliver Rights Certificates so countersigned; and in
case at that time any of the Rights Certificates shall not have been
countersigned, the Rights Agent may countersign such Rights Certificates either
in its prior name or in its changed name; and in all such cases such Rights
Certificates shall have the full force provided in the Rights Certificates and
in this Agreement.

         Section 20. Duties of Rights Agent. The Rights Agent undertakes only
the express duties and obligations imposed by this Agreement (and no implied
duties or obligations) upon the following terms and conditions, by all of which
the Company and the holders of Rights Certificates, by their acceptance thereof,
shall be bound:

                  (a)      The Rights Agent may consult with legal counsel (who
may be legal counsel for the Company) and the opinion of such counsel shall be
full and complete authorization and protection to the Rights Agent and the
Rights Agent shall incur no liability for or in respect of any action taken,
suffered or omitted by it in good faith and in accordance with such opinion.

                  (b)      Whenever in the performance of its duties under this
Agreement the Rights Agent shall deem it necessary or desirable that any fact or
matter (including, without limitation, the identity of any Acquiring Person and
the determination of "current market price") be proved or established by the
Company prior to taking, suffering or omitting any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically
prescribed) may be deemed to be conclusively proved and established by a
certificate signed by the Chairman of the Board, the President, any Vice
President, the Treasurer, any Assistant Treasurer, the Clerk or any Assistant
Clerk of the Company and delivered to the Rights Agent; and such certificate
shall be full authorization and protection to the Rights Agent for any action
taken, suffered or omitted in good faith by it under the provisions of this
Agreement in reliance upon such certificate.

                                      -27-
<PAGE>   30
                  (c)      The Rights Agent shall be liable hereunder only for
its own gross negligence, bad faith or willful misconduct (gross negligence, bad
faith or willful misconduct must be determined by a final, non-appealable order,
judgment, decree or ruling of a court of competent jurisdiction). Anything to
the contrary notwithstanding, in no event shall the Rights Agent by liable for
special, punitive, indirect, consequential or incidental loss or damage of any
kind whatsoever (including but not limited to lost profits), even if the Rights
Agent has been advised of the likelihood of such loss or damage. Any liability
of the Rights Agent under this Agreement will be limited to the amount of fees
paid by the Company to the Rights Agent.

                  (d)      The Rights Agent shall not be liable for or by reason
of any of the statements of fact or recitals contained in this Agreement or in
the Rights Certificates or be required to verify the same (except as to its
countersignature on such Rights Certificates), but all such statements and
recitals are and shall be deemed to have been made by the Company only.

                  (e)      The Rights Agent shall not be under any
responsibility in respect of the validity of this Agreement or the execution and
delivery hereof (except the due execution hereof by the Rights Agent) or in
respect of the validity or execution of any Rights Certificate (except its
countersignature thereof); nor shall it be responsible for any breach by the
Company of any covenant or condition contained in this Agreement or in any
Rights Certificate; nor shall it be responsible for any adjustment required
under the provisions of Section 11, Section 13 or Section 24 hereof or
responsible for the manner, method or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment
(except with respect to the exercise of Rights evidenced by Rights Certificates
after receipt of a certificate describing any such adjustment, delivered
pursuant to Section 12); nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any shares
of Common Stock or Preferred Stock to be issued pursuant to this Agreement or
any Rights Certificate or as to whether any shares of Common Stock or Preferred
Stock will, when so issued, be validly authorized and issued, fully paid and
nonassessable.

                  (f)      The Company agrees that it will perform, execute,
acknowledge and deliver or cause to be performed, executed, acknowledged and
delivered all such further and other acts, instruments and assurances as may
reasonably be required by the Rights Agent for the carrying out or performing by
the Rights Agent of the provisions of this Agreement.

                  (g)      The Rights Agent is hereby authorized and directed to
accept instructions with respect to the performance of its duties hereunder from
the Chairman of the Board, the President, any Vice President, the Clerk, any
Assistant Clerk, the Treasurer or any Assistant Treasurer of the Company, and to
apply to such officers for advice or instructions in connection with its duties,
and it shall not be liable for any action taken, suffered or omitted to be taken
by it in good faith in accordance with instructions of any such officer. Any
application by the Rights Agent for written instructions from the Company may,
at the option of the Rights Agent, set forth in writing any action proposed to
be taken, suffered or omitted by the Rights Agent with respect to its duties or
obligations under this Agreement the date on and/or after which such action
shall be taken, suffered or such omission shall be effective. The Rights Agent
shall not be liable for any action taken or omitted in accordance with a
proposal included in any such application on or after the date specified therein
(which date shall not be less than five Business Days after the date any such
officer actually receives such application, unless any such officer

                                      -28-
<PAGE>   31
shall have consented in writing to an earlier date) unless, prior to taking or
omitting any such action, the Rights Agent has received written instructions in
response to such application specifying the action to be taken, suffered or
omitted.

                  (h)      The Rights Agent and any stockholder, affiliate,
director, officer or employee of the Rights Agent may buy, sell or deal in any
of the Rights or other securities of the Company or become pecuniarily
interested in any transaction in which the Company may be interested, or
contract with or lend money to the Company or otherwise act as fully and freely
as though it were not Rights Agent under this Agreement. Nothing herein shall
preclude the Rights Agent or any such stockholder, director, officer or employee
from acting in any other capacity for the Company or for any other Person.

                  (i)      The Rights Agent may execute and exercise any of the
rights or powers hereby vested in it or perform any duty hereunder either itself
(through its directors, officers and employees) or by or through its attorneys
or agents, and the Rights Agent shall not be answerable or accountable for any
act, default, neglect or misconduct of any such attorneys or agents or for any
loss to the Company resulting from any such act, default, neglect or misconduct,
absent gross negligence, bad faith or willful misconduct in the selection and
continued employment of such attorneys or agents thereof (which gross
negligence, bad faith or willful misconduct must be determined by a final,
non-appealable order, judgment, decree or ruling of a court of competent
jurisdiction).

                  (j)      No provision of this Agreement shall require the
Rights Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise
of its rights if it believes that repayment of such funds or adequate
indemnification against such risk or liability is not reasonably assured to it.

                  (k)      If, with respect to any Rights Certificate
surrendered to the Rights Agent for exercise or transfer, the certificate
attached to the form of assignment or form of election to purchase, as the case
may be, has not been completed, the Company and the Rights Agent will deem the
Beneficial Owner of the Rights evidenced by such Rights Certificate to be an
Acquiring Person or an Affiliate or Associate thereof and such assignment or
election to purchase will not be honored.

         Section 21. Change of Rights Agent. The Rights Agent or any successor
Rights Agent may resign and be discharged from its duties under this Agreement
upon thirty (30) days' notice in writing mailed to the Company, and to each
transfer agent of the Common Stock and Preferred Stock, by registered or
certified mail, and to the holders of the Rights Certificates by first-class
mail. The Company may remove the Rights Agent or any successor Rights Agent upon
thirty (30) days' notice in writing, mailed to the Rights Agent or successor
Rights Agent, as the case may be, and to each transfer agent of the Common Stock
and Preferred Stock, by registered or certified mail, and to the holders of the
Rights Certificates by first-class mail. If the Rights Agent shall resign or be
removed or shall otherwise become incapable of acting, the Company shall appoint
a successor to the Rights Agent. If the Company shall fail to make such
appointment within a period of thirty (30) days after giving notice of such
removal or after it has been notified in writing of such resignation or
incapacity by the resigning or incapacitated Rights Agent or by the holder of a
Rights Certificate (who shall, with such notice, submit his Rights

                                      -29-
<PAGE>   32
Certificate for inspection by the Company), then any registered holder of any
Rights Certificate may apply to any court of competent jurisdiction for the
appointment of a new Rights Agent. Any successor Rights Agent, whether appointed
by the Company or by such a court, shall be (a) a Person organized and doing
business under the laws of the United States (or of any state of the United
States) in good standing, which is subject to supervision or examination by
federal or state authority and which has at the time of its appointment as
Rights Agent a combined capital and surplus of at least $50,000,000 or (b) an
affiliate of a Person described in clause (a) of this sentence. After
appointment, the successor Rights Agent shall be vested with the same powers,
rights, duties and responsibilities as if it had been originally named as Rights
Agent without further act or deed; but the predecessor Rights Agent shall
deliver and transfer to the successor Rights Agent any property at the time held
by it hereunder, and execute and deliver any further assurance, conveyance, act
or deed necessary for the purpose. Not later than the effective date of any such
appointment, the Company shall file notice thereof in writing with the
predecessor Rights Agent and each transfer agent of the Common Stock and the
Preferred Stock, and mail a notice thereof in writing to the registered holders
of the Rights Certificates. Failure to give any notice provided for in this
Section 21, however, or any defect therein, shall not affect the legality or
validity of the resignation or removal of the Rights Agent or the appointment of
the successor Rights Agent, as the case may be.

         Section 22. Issuance of New Rights Certificates. Notwithstanding any of
the provisions of this Agreement or of the Rights to the contrary, the Company
may, at its option, issue new Rights Certificates evidencing Rights in such form
as may be approved by its Board of Directors to reflect any adjustment or change
in the Purchase Price and the number or kind or class of shares or other
securities or property purchasable under the Rights Certificates made in
accordance with the provisions of this Agreement.

         Section 23. Redemption and Termination.

                  (a)      The Board of Directors of the Company may, at its
option, at any time prior to the earlier of (i) the close of business on the
tenth day following the Stock Acquisition Date (or, if the Stock Acquisition
Date shall have occurred prior to the Record Date, the close of business on the
tenth day following the Record Date), or (ii) the Final Expiration Date, redeem
all but not less than all the then outstanding Rights at a redemption price of
$.01 per Right, as such amount may be appropriately adjusted to reflect any
stock split, stock dividend or similar stock transaction occurring after the
date hereof (such redemption price being hereinafter referred to as the
"Redemption Price") and the Company may, at its option, pay the Redemption Price
either in shares of Common Stock (based on the "current market price", as
defined in Section 11(d)(i) hereof, of the shares of Common Stock at the time of
redemption) or cash. Notwithstanding anything contained in this Agreement to the
contrary, the Rights shall not be exercisable after the first occurrence of a
Section 11(a)(ii) Event until such time as the Company's right of redemption
hereunder has expired.

                  (b)      Immediately upon the action of the Board of Directors
of the Company ordering the redemption of the Rights, evidence of which shall
have been filed with the Rights Agent, and without any further action and
without any notice, the right to exercise the Rights shall terminate and the
only right thereafter of the holders of Rights shall be to receive the
Redemption Price for each Right so held. Promptly after the action of the Board
of Directors

                                      -30-
<PAGE>   33
ordering the redemption of the Rights, the Company shall give notice of such
redemption to the Rights Agent and the holders of the then outstanding Rights by
mailing such notice to all such holders at each holder's last address as it
appears upon the registry books of the Rights Agent or, prior to the
Distribution Date, on the registry books of the Transfer Agent for the Common
Stock. Any notice which is mailed in the manner herein provided shall be deemed
given, whether or not the holder receives the notice. Each such notice of
redemption will state the method by which the payment of the Redemption Price
will be made.

         Section 24. Exchange.

                  (a)      The Board of Directors of the Company may, at its
option, at any time after the occurrence of a Section 11(a)(ii) Event, exchange
all or part of the then outstanding and exercisable Rights (which (i) shall not
include Rights that have become null and void pursuant to the provisions of
Section 7(e) hereof, and (ii) shall include, without limitation, any Rights
issued after the Distribution Date in connection with the exercise of options
pursuant to the Company's employee benefit plans, where such option is exercised
for securities of the Company or surrendered for cash) for shares of Common
Stock at an exchange ratio of one share of Common Stock per Right, appropriately
adjusted to reflect any stock split, stock dividend or similar transaction
occurring after the date hereof (such exchange ratio being hereinafter referred
to as the "Exchange Ratio"). Notwithstanding the foregoing, the Board of
Directors may effect such an exchange only if there are at least two Continuing
Directors then in office and a majority of such Continuing Directors concur with
such exchange.

                  (b)      Immediately upon the action of the Board of Directors
of the Company ordering the exchange of any Rights pursuant to subsection (a) of
this Section 24, evidence of which shall have been filed with the Rights Agent,
and without any further action and without any notice, the right to exercise
such Rights shall terminate and the only right thereafter of a holder of such
Rights shall be to receive that number of shares of Common Stock equal to the
number of such Rights held by such holder multiplied by the Exchange Ratio. The
Company shall promptly give public notice of any such exchange with prompt
written notice thereof to the Rights Agent; provided, however, that the failure
to give, or any defect in, such notice shall not affect the validity of such
exchange. The Company promptly shall mail a notice of any such exchange to all
of the holders of such Rights at their last addresses as they appear upon the
registry books of the Rights Agent. Any notice which is mailed in the manner
herein provided shall be deemed given, whether or not the holder receives the
notice. Each such notice of exchange shall state the method by which the
exchange of shares of Common Stock for Rights will be effected and, in the event
of any partial exchange, the number of Rights which will be exchanged. Any
partial exchange shall be effected pro rata based on the number of Rights (other
than Rights which have become null and void pursuant to the provisions of
Section 7(e) hereof) held by each holder of Rights.

                  (c)      In any exchange pursuant to this Section 24, the
Company, at its option, may substitute Preferred Stock (or equivalent preferred
stock, as such term is defined in Section 11(b) hereof) for shares of Common
Stock exchangeable for Rights, at the initial rate of one one-thousandth of a
share of Preferred Stock (or equivalent preferred stock) for each share of
Common Stock, as appropriately adjusted to reflect adjustments in the voting
rights of the Preferred Stock pursuant to Section III(A) of the terms of
Preferred Stock attached hereto as

                                      -31-
<PAGE>   34
Exhibit A, so that the fraction of a share of Preferred Stock (or equivalent
preferred stock) delivered in lieu of each share of Common Stock shall have the
same voting rights as one share of Common Stock.

                  (d)      In the event that there shall not be sufficient
shares of Common Stock or Preferred Stock issued but not outstanding or
authorized but unissued to permit any exchange of Rights as contemplated in
accordance with this Section 24, the Company shall take all such action as may
be necessary to authorize additional shares of Common Stock or Preferred Stock
for issuance upon exchange of the Rights.

                  (e)      The Company shall not be required to issue fractions
of shares of Common Stock or to distribute certificates which evidence
fractional shares of Common Stock. In lieu of such fractional shares of Common
Stock, there shall be paid to the registered holders of the Right Certificates
with regard to which such fractional shares of Common Stock would otherwise be
issuable, an amount in cash equal to the same fraction of the current market
value of a whole share of Common Stock. For the purposes of this subsection (e),
the current market value of a whole share of Common Stock shall be the closing
price per share of Common Stock (as determined pursuant to the second sentence
of Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of
exchange pursuant to this Section 24.

         Section 25. Notice of Certain Events.

                  (a)      In case the Company shall propose, at any time after
the Distribution Date, (i) to pay any dividend payable in stock of any class to
the holders of Preferred Stock or to make any other distribution to the holders
of Preferred Stock (other than a regular quarterly cash dividend out of earnings
or retained earnings of the Company), or (ii) to offer to the holders of
Preferred Stock rights or warrants to subscribe for or to purchase any
additional shares of Preferred Stock or shares of stock of any class or any
other securities, rights or options, or (iii) to effect any reclassification of
its Preferred Stock (other than a reclassification involving only the
subdivision of outstanding shares of Preferred Stock), or (iv) to effect any
consolidation or merger into or with any other Person (other than a Subsidiary
of the Company in a transaction which complies with Section 11(o) hereof), or to
effect any sale or other transfer (or to permit one or more of its Subsidiaries
to effect any sale or other transfer), in one transaction or a series of related
transactions, of more than 50% of the assets or earning power of the Company and
its Subsidiaries (taken as a whole) to any other Person or Persons (other than
the Company and/or any of its Subsidiaries in one or more transactions each of
which complies with Section 11(o) hereof), (v) to effect the liquidation,
dissolution or winding up of the Company, then, in each such case, the Company
shall give to each holder of a Rights Certificate, to the extent feasible and in
accordance with Section 26 hereof, a notice of such proposed action, which shall
specify the record date for the purposes of such stock dividend, distribution of
rights or warrants, or the date on which such reclassification, transfer,
liquidation, dissolution, or winding up is to take place and the date of
participation therein by the holders of the shares of Preferred Stock, if any
such date is to be fixed, and such notice shall be so given in the case of any
action covered by clause (i) or (ii) above at least twenty (20) days prior to
the record date for determining holders of the shares of Preferred Stock for
purposes of such action, and in the case of any such other action, at least
twenty (20) days prior to the date of the taking of such proposed action or the
date

                                      -32-
<PAGE>   35
of participation therein by the holders of the shares of Preferred Stock,
whichever shall be the earlier.

                  (b)      In case a Section 11(a)(ii) Event shall occur, then,
in any such case, (i) the Company shall as soon as practicable thereafter give
to the Rights Agent and each holder of a Rights Certificate, to the extent
feasible and in accordance with Section 26 hereof, a notice of the occurrence of
such event, which shall specify the event and the consequences of the event to
holders of Rights under Section 11(a)(ii) hereof, and (ii) all references in the
preceding paragraph to Preferred Stock shall be deemed thereafter to refer also
to Common Stock and/or, if appropriate, other securities.

         Section 26. Notices. Notices or demands authorized by this Agreement to
be given or made by the Rights Agent or by the holder of any Rights Certificate
to or on the Company shall be sufficiently given or made if sent by first-class
mail, postage prepaid, addressed (until another address is filed in writing with
the Rights Agent) as follows:

         PerkinElmer, Inc.
         45 William Street
         Wellesley, MA 02481
         Attention: General Counsel

         Subject to the provisions of Section 21, any notice or demand
authorized by this Agreement to be given or made by the Company or by the holder
of any Rights Certificate to or on the Rights Agent shall be sufficiently given
or made if sent by first-class mail, postage prepaid, addressed (until another
address is filed in writing with the Company) as follows:

         Mellon Investor Services LLC
         111 Founders Plaza, 11th Floor
         East Hartford, CT 06108
         Attention:  Relationship Manager

         With a copy to:

         Mellon Investor Services LLC
         85 Challenger Road
         Ridgefield Park, NJ 07660-2108
         Attention:  General Counsel

Notices or demands authorized by this Agreement to be given or made by the
Company or the Rights Agent to the holder of any Rights Certificate (or, if
prior to the Distribution Date, to the holder of certificates representing
shares of Common Stock) shall be sufficiently given or made if sent by
first-class mail, postage prepaid, addressed to such holder at the address of
such holder as shown on the registry books of the Company.

         Section 27. Supplements and Amendments. Prior to the Distribution Date
and subject to the penultimate sentence of this Section 27, the Company and the
Rights Agent shall, if the Company so directs, supplement or amend any provision
of this Agreement (including the

                                      -33-
<PAGE>   36
acceleration of or other amendment to the Final Expiration Date in connection
with an event that would be deemed a Section 11(a)(ii) Event but for the
provisions of the last sentence of Section 11(a)(ii) or an event that would be
deemed a Section 13 Event but for Section 13(d)) without the approval of any
holders of certificates representing shares of Common Stock. From and after the
Distribution Date and subject to the penultimate sentence of this Section 27,
the Company and the Rights Agent shall, if the Company so directs, supplement or
amend this Agreement without the approval of any holders of Rights Certificates
in order (i) to cure any ambiguity, (ii) to correct or supplement any provision
contained herein which may be defective or inconsistent with any other
provisions herein, (iii) to shorten or lengthen any time period hereunder (which
shortening or lengthening shall be effective only if there are at least two
Continuing Directors then in office and shall require the concurrence of a
majority of such Continuing Directors), or (iv) to change or supplement the
provisions hereunder in any manner which the Company may deem necessary or
desirable and which shall not adversely affect the interests of the holders of
Rights Certificates (other than an Acquiring Person or an Affiliate or Associate
of an Acquiring Person); provided, this Agreement may not be supplemented or
amended to lengthen, pursuant to clause (iii) of this sentence, (A) a time
period relating to when the Rights may be redeemed at such time as the Rights
are not then redeemable, or (B) any other time period unless such lengthening is
for the purpose of protecting, enhancing or clarifying the rights of, and/or the
benefits to, the holders of Rights (other than an Acquiring Person or an
Associate or Affiliate of an Acquiring Person. Upon the delivery of a
certificate from an appropriate officer of the Company and, if requested by the
Rights Agent, an opinion of counsel, which states that the proposed supplement
or amendment is in compliance with the terms of this Section 27, the Rights
Agent shall execute such supplement or amendment. Notwithstanding anything
contained in this Agreement to the contrary, no supplement or amendment shall be
made which changes the Redemption Price, the Final Expiration Date (except as
provided in the first sentence of this Section 27), the Purchase Price or the
number of one one-thousandths of a share of Preferred Stock for which a Right is
exercisable. Prior to the Distribution Date, the interests of the holders of
Rights shall be deemed coincident with the interests of the holders of Common
Stock.

         Section 28. Successors. All the covenants and provisions of this
Agreement by or for the benefit of the Company or the Rights Agent shall bind
and inure to the benefit of their respective successors and assigns hereunder.

         Section 29. Determinations and Actions by the Board of Directors etc.
For all purposes of this Agreement, any calculation of the number of shares of
Common Stock outstanding at any particular time, including for purposes of
determining the particular percentage of such outstanding shares of Common Stock
of which any Person is the Beneficial Owner, shall be made in accordance with
the last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations
under the Exchange Act. The Board of Directors of the Company shall have the
exclusive power and authority to administer this Agreement and to exercise all
rights and powers specifically granted to the Board or to the Company, or as may
be necessary or advisable in the administration of this Agreement, including,
without limitation, the right and power to (i) interpret the provisions of this
Agreement, and (ii) make all determinations deemed necessary or advisable for
the administration of this Agreement (including a determination to redeem or not
redeem the Rights or to amend this Agreement). All such actions, calculations,
interpretations and determinations (including, for purposes of clause (y) below,
all omissions with respect to the foregoing) which are done or made by the Board
in good faith, shall (x) be final, conclusive and

                                      -34-
<PAGE>   37
binding on the Company, the Rights Agent, the holders of the Rights and all
other parties, and (y) not subject the Board to any liability to the holders of
the Rights.

         Section 30. Benefits of this Agreement. Nothing in this Agreement shall
be construed to give to any Person other than the Company, the Rights Agent and
the registered holders of the Rights Certificates (and, prior to the
Distribution Date, registered holders of the Common Stock) any legal or
equitable right, remedy or claim under this Agreement; but this Agreement shall
be for the sole and exclusive benefit of the Company, the Rights Agent and the
registered holders of the Rights Certificates (and, prior to the Distribution
Date, registered holders of the Common Stock).

         Section 31. Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated.

         Section 32. Governing Law. This Agreement, each Right and each Rights
Certificate issued hereunder shall be deemed to be a contract made under the
laws of the Commonwealth of Massachusetts and for all purposes shall be governed
by and construed in accordance with the laws of such Commonwealth applicable to
contracts made and to be performed entirely within such Commonwealth; provided,
however, that all provisions regarding the rights, duties and obligations of the
Rights Agent shall be governed by and construed in accordance with the laws of
the State of New York applicable to contracts made and to be performed entirely
within such State.

         Section 33. Counterparts. This Agreement may be executed in any number
of counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one
and the same instrument.

         Section 34. Descriptive Headings. Descriptive headings of the several
Sections of this Agreement are inserted for convenience only and shall not
control or affect the meaning or construction of any of the provisions hereof.

                                      -35-
<PAGE>   38
         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and their respective corporate seals to be hereunto affixed and
attested, all as of the day and year first above written.

Attest:                                         PERKINELMER, INC.

By:    /s/ John L. Healy                     By:    /s/ Terrance L. Carlson
       -----------------                            -----------------------
       Name: John L. Healy                          Name: Terrance L. Carlson
       Title: Assistant Clerk                       Title: Senior Vice President

Attest:                                      MELLON INVESTOR SERVICES LLC,
                                             as Rights Agent

By:    /s/ Kimberly Crowell                  By:    /s/ Lynore A. LeConche
       --------------------                         ----------------------
       Name: Kimberly Crowell                       Name: Lynore A. LeConche
       Title: Assistant Vice President             Title: Vice President

                                      -36-
<PAGE>   39
                                                                       Exhibit A

             TERMS OF SERIES C JUNIOR PARTICIPATING PREFERRED STOCK

                                       of

                                PERKINELMER, INC.

              (To be attached to a Certificate of Vote of Directors
              Establishing a Series of a Class of Stock Pursuant to
                  Chapter 156B, Section 26 of the General Laws
                      of the Commonwealth of Massachusetts)

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

         Series C Junior Participating Preferred Stock:

                           I. Designation and Amount

         The shares of such series shall be designated as "Series C Junior
Participating Preferred Stock" (the "Series C Preferred Stock") and the number
of shares constituting the Series C Preferred Stock shall be 70,000. Such number
of shares may be increased or decreased by resolution of the Board of Directors;
provided, that no decrease shall reduce the number of shares of Series C
Preferred Stock to a number less than the number of shares then outstanding plus
the number of shares reserved for issuance upon the exercise of outstanding
options, rights or warrants or upon the conversion of any outstanding securities
issued by the Corporation convertible into Series C Preferred Stock.

                        II. Dividends and Distributions

                  (A)      Subject to the rights of the holders of any shares of
         any series of Preferred Stock (or any similar stock) ranking prior and
         superior to the Series C Preferred Stock with respect to dividends, the
         holders of shares of Series C Preferred Stock, in preference to the
         holders of Common Stock, par value $1.00 per share (the "Common
         Stock"), of the Corporation, and of any other junior stock, shall be
         entitled to receive, when, as and if declared by the Board of Directors
         out of funds of the Corporation legally available for the payment of
         dividends, quarterly dividends payable in cash on the first day of
         March, June, September and December in each year (each such date being
         referred to herein as a "Quarterly Dividend Payment Date"), commencing
         on the first Quarterly Dividend Payment Date after the first issuance
         of a share or fraction of a share of Series C Preferred Stock, in an
         amount per share (rounded to the nearest cent) equal to the greater of
         (a) $1.00 or (b) subject to the provision for adjustment hereinafter
         set forth, 1,000 times the aggregate per share amount of all cash
         dividends, and 1,000 times the aggregate per share amount (payable in
         kind) of all non-cash dividends or other distributions, other than a
         dividend payable in shares of Common Stock or a subdivision of the
         outstanding shares of Common Stock (by reclassification or otherwise),
         declared on the Common Stock since the immediately preceding Quarterly
         Dividend Payment Date or, with respect to the first Quarterly Dividend
         Payment Date, since the first issuance of any share or
<PAGE>   40
         fraction of a share of Series C Preferred Stock. In the event the
         Corporation shall at any time declare or pay any dividend on the Common
         Stock payable in shares of Common Stock, or effect a subdivision,
         combination or consolidation of the outstanding shares of Common Stock
         (by reclassification or otherwise than by payment of a dividend in
         shares of Common Stock) into a greater or lesser number of shares of
         Common Stock, then in each such case the amount to which holders of
         shares of Series C Preferred Stock were entitled immediately prior to
         such event under clause (b) of the preceding sentence shall be adjusted
         by multiplying such amount by a fraction, the numerator of which is the
         number of shares of Common Stock outstanding immediately after such
         event and the denominator of which is the number of shares of Common
         Stock that were outstanding immediately prior to such event.

                  (B)      The Corporation shall declare a dividend or
         distribution on the Series C Preferred Stock as provided in paragraph
         (A) of this Section immediately after it declares a dividend or
         distribution on the Common Stock (other than a dividend payable in
         shares of Common Stock) and the Corporation shall pay such dividend or
         distribution on the Series C Preferred Stock before the dividend or
         distribution declared on the Common Stock is paid or set apart;
         provided that, in the event no dividend or distribution shall have been
         declared on the Common Stock during the period between any Quarterly
         Dividend Payment Date and the next subsequent Quarterly Dividend
         Payment Date, a dividend of $1.00 per share on the Series C Preferred
         Stock shall nevertheless be payable on such subsequent Quarterly
         Dividend Payment Date.

                  (C)      Dividends shall begin to accrue and be cumulative on
         outstanding shares of Series C Preferred Stock from the Quarterly
         Dividend Payment Date next preceding the date of issue of such shares,
         unless the date of issue of such shares is prior to the record date for
         the first Quarterly Dividend Payment Date, in which case dividends on
         such shares shall begin to accrue from the date of issue of such
         shares, or unless the date of issue is a Quarterly Dividend Payment
         Date or is a date after the record date for the determination of
         holders of shares of Series C Preferred Stock entitled to receive a
         quarterly dividend and before such Quarterly Dividend Payment Date, in
         either of which events such dividends shall begin to accrue and be
         cumulative from such Quarterly Dividend Payment Date. Accrued but
         unpaid dividends shall not bear interest. Dividends paid on the shares
         of Series C Preferred Stock in an amount less than the total amount of
         such dividends at the time accrued and payable on such shares shall be
         allocated pro rata on a share-by-share basis among all such shares at
         the time outstanding. The Board of Directors may fix a record date for
         the determination of holders of shares of Series C Preferred Stock
         entitled to receive payment of a dividend or distribution declared
         thereon, which record date shall be not more than 60 days prior to the
         date fixed for the payment thereof.

                                      -2-
<PAGE>   41
                               III. Voting Rights

         The holders of shares of Series C Preferred Stock shall have the
following voting rights:

                  (A) Subject to the provision for adjustment hereinafter set
         forth, each share of Series C Preferred Stock shall entitle the holder
         thereof to 1,000 votes on all matters submitted to a vote of the
         stockholders of the Corporation. In the event the Corporation shall at
         any time declare or pay any dividend on the Common Stock payable in
         shares of Common Stock, or effect a subdivision, combination or
         consolidation of the outstanding shares of Common Stock (by
         reclassification or otherwise than by payment of a dividend in shares
         of Common Stock) into a greater or lesser number of shares of Common
         Stock, then in each such case the number of votes per share to which
         holders of shares of Series C Preferred Stock were entitled immediately
         prior to such event shall be adjusted by multiplying such number by a
         fraction, the numerator of which is the number of shares of Common
         Stock outstanding immediately after such event and the denominator of
         which is the number of shares of Common Stock that were outstanding
         immediately prior to such event.

                  (B) Except as otherwise provided herein, by law, or in any
         other Certificate of Vote of Directors creating a series of Preferred
         Stock or any similar stock, the holders of shares of Series C Preferred
         Stock and the holders of shares of Common Stock and any other capital
         stock of the Corporation having general voting rights shall vote
         together as one class on all matters submitted to a vote of
         stockholders of the Corporation.

                  (C)      (i) If at any time dividends on any Series C
         Preferred Stock shall be in arrears in an amount equal to six quarterly
         dividends thereon, the holders of the Series C Preferred Stock, voting
         as a separate series from all other series of Preferred Stock and
         classes of capital stock, shall be entitled to elect two members of the
         Board of Directors in addition to any Directors elected by any other
         series, class or classes of securities and the authorized number of
         Directors will automatically be increased by two. Promptly thereafter,
         the Board of Directors of this Corporation shall, as soon as may be
         practicable, call a special meeting of holders of Series C Preferred
         Stock for the purpose of electing such members of the Board of
         Directors. Said special meeting shall in any event be held within 45
         days of the occurrence of such arrearage.

                  (ii) During any period when the holders of Series C Preferred
                  Stock, voting as a separate series, shall be entitled and
                  shall have exercised their right to elect two Directors, then
                  and during such time as such right continues (a) the then
                  authorized number of Directors shall be increased by two, and
                  the holders of Series C Preferred Stock, voting as a separate
                  series, shall be entitled to elect the additional Directors so
                  provided for, and (b) each such additional Director shall not
                  be a member of any existing class of the Board of Directors,
                  but shall serve until the next annual meeting of stockholders
                  for the election of Directors, or until his successor shall be
                  elected and shall qualify, or until his right to hold such
                  office terminates pursuant to the provisions of this Section
                  III(C).

                                      -3-
<PAGE>   42
                  (iii) A Director elected pursuant to the terms hereof may be
                  removed with or without cause by the holders of Series C
                  Preferred Stock entitled to vote in an election of such
                  Director.

                  (iv) If, during any interval between annual meetings of
                  stockholders for the election of Directors and while the
                  holders of Series C Preferred Stock shall be entitled to elect
                  two Directors, there is no such Director in office by reason
                  of resignation, death or removal, then, promptly thereafter,
                  the Board of Directors shall call a special meeting of the
                  holders of Series C Preferred Stock for the purpose of filling
                  such vacancy and such vacancy shall be filled at such special
                  meeting. Such special meeting shall in any event be held
                  within 45 days of the occurrence of such vacancy.

                  (v) At such time as the arrearage is fully cured, and all
                  dividends accumulated and unpaid on any shares of Series C
                  Preferred Stock outstanding are paid, and, in addition
                  thereto, at least one regular dividend has been paid
                  subsequent to curing such arrearage, the term of office of any
                  Director elected pursuant to this Section III(C), or his
                  successor, shall automatically terminate, and the authorized
                  number of Directors shall automatically decrease by two, the
                  rights of the holders of the shares of the Series C Preferred
                  Stock to vote as provided in this Section III(C) shall cease,
                  subject to renewal from time to time upon the same terms and
                  conditions, and the holders of shares of the Series C
                  Preferred Stock shall have only the limited voting rights
                  elsewhere herein set forth.

                  (D)      Except as set forth herein, or as otherwise provided
         by law, holders of Series C Preferred Stock shall have no special
         voting rights and their consent shall not be required (except to the
         extent they are entitled to vote with holders of Common Stock as set
         forth herein) for taking any corporate action.

                            IV. Certain Restrictions

                  (A)      Whenever quarterly dividends or other dividends or
         distributions payable on the Series C Preferred Stock as provided in
         Section II are in arrears, thereafter and until all accrued and unpaid
         dividends and distributions, whether or not declared, on shares of
         Series C Preferred Stock outstanding shall have been paid in full, the
         Corporation shall not:

                  (i) declare or pay dividends, or make any other distributions,
                  on any shares of stock ranking junior (either as to dividends
                  or upon liquidation, dissolution or winding up) to the Series
                  C Preferred Stock;

                  (ii) declare or pay dividends, or make any other
                  distributions, on any shares of stock ranking on a parity
                  (either as to dividends or upon liquidation, dissolution or
                  winding up) with the Series C Preferred Stock, except
                  dividends paid ratably on the Series C Preferred Stock and all
                  such parity stock on which dividends are payable or in arrears
                  in proportion to the total amounts to which the holders of all
                  such shares are then entitled;

                                      -4-
<PAGE>   43
                  (iii) redeem or purchase or otherwise acquire for
                  consideration shares of any stock ranking junior (either as to
                  dividends or upon liquidation, dissolution or winding up) to
                  the Series C Preferred Stock, provided that the Corporation
                  may at any time redeem, purchase or otherwise acquire shares
                  of any such junior stock in exchange for shares of any stock
                  of the Corporation ranking junior (either as to dividends or
                  upon dissolution, liquidation or winding up) to the Series C
                  Preferred Stock; or

                  (iv) redeem or purchase or otherwise acquire for consideration
                  any shares of Series C Preferred Stock, or any shares of stock
                  ranking on a parity with the Series C Preferred Stock, except
                  in accordance with a purchase offer made in writing or by
                  publication (as determined by the Board of Directors) to all
                  holders of such shares upon such terms as the Board of
                  Directors, after consideration of the respective annual
                  dividend rates and other relative rights and preferences of
                  the respective series and classes, shall determine in good
                  faith will result in fair and equitable treatment among the
                  respective series or classes.

                  (B)      The Corporation shall not permit any subsidiary of
         the Corporation to purchase or otherwise acquire for consideration any
         shares of stock of the Corporation unless the Corporation could, under
         paragraph (A) of this Section IV, purchase or otherwise acquire such
         shares at such time and in such manner.

                              V. Reacquired Shares

         Any shares of Series C Preferred Stock purchased or otherwise acquired
by the Corporation in any manner whatsoever shall be retired and cancelled
promptly after the acquisition thereof. All such shares shall upon their
cancellation become authorized but unissued shares of Preferred Stock and may be
reissued as part of a new series of Preferred Stock subject to the conditions
and restrictions on issuance set forth herein, in the Articles of Organization,
in any other Certificate of Vote of Directors creating a series of Preferred
Stock or any similar stock or as otherwise required by law.

                   VI. Liquidation, Dissolution or Winding Up

         (A)      Upon any liquidation, dissolution or winding up of the
Corporation, no distribution shall be made (1) to the holders of shares of stock
ranking junior (either as to dividends or upon liquidation, dissolution or
winding up) to the Series C Preferred Stock unless, prior thereto, the holders
of shares of Series C Preferred Stock shall have received $1,000 per share, plus
an amount equal to accrued and unpaid dividends and distributions thereon,
whether or not declared, to the date of such payment, provided that the holders
of shares of Series C Preferred Stock shall be entitled to receive an aggregate
amount per share, subject to the provision for adjustment hereinafter set forth,
equal to 1,000 times the aggregate amount to be distributed per share to holders
of shares of Common Stock, or (2) to the holders of shares of stock ranking on a
parity (either as to dividends or upon liquidation, dissolution or winding up)
with the Series C Preferred Stock, except distributions made ratably on the
Series C Preferred Stock and all such parity stock in proportion to the total
amounts to which the holders of all such shares are entitled upon such
liquidation, dissolution or winding up.

                                      -5-
<PAGE>   44
         (B)      Neither the consolidation, merger or other business
combination of the Corporation with or into any other corporation nor the sale,
lease, exchange or conveyance of all or any part of the property, assets or
business of the Corporation shall be deemed to be a liquidation, dissolution or
winding up of the Corporation for purposes of this Section VI.

         (C)      In the event the Corporation shall at any time declare or pay
any dividend on the Common Stock payable in shares of Common Stock, or effect a
subdivision or combination or consolidation of the outstanding shares of Common
Stock (by reclassification or otherwise than by payment of a dividend in shares
of Common Stock) into a greater or lesser number of shares of Common Stock, then
in each such case the aggregate amount to which holders of shares of Series C
Preferred Stock were entitled immediately prior to such event under the proviso
in clause (1) of paragraph (A) of this Section VI shall be adjusted by
multiplying such amount by a fraction the numerator of which is the number of
shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

                        VII. Consolidation, Merger, etc.

         Notwithstanding anything to the contrary contained herein, in case the
Corporation shall enter into any consolidation, merger, combination or other
transaction in which the shares of Common Stock are exchanged for or changed
into other stock or securities, cash and/or any other property, then in any such
case each share of Series C Preferred Stock shall at the same time be similarly
exchanged or changed into an amount per share, subject to the provision for
adjustment hereinafter set forth, equal to 1,000 times the aggregate amount of
stock, securities, cash and/or any other property (payable in kind), as the case
may be, into which or for which each share of Common Stock is changed or
exchanged. In the event the Corporation shall at any time declare or pay any
dividend on the Common Stock payable in shares of Common Stock, or effect a
subdivision, combination or consolidation of the outstanding shares of Common
Stock (by reclassification or otherwise than by payment of a dividend in shares
of Common Stock) into a greater or lesser number of shares of Common Stock, then
in each such case the amount set forth in the preceding sentence with respect to
the exchange or change of shares of Series C Preferred Stock shall be adjusted
by multiplying such amount by a fraction the numerator of which is the number of
shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

                                VIII. Redemption

         The shares of Series C Preferred Stock shall not be redeemable.

                                      -6-
<PAGE>   45
                                    IX. Rank

         The Series C Preferred Stock shall rank, with respect to the payment of
dividends and the distribution of assets, on a parity with the Series B Junior
Participating Preferred Stock of the Corporation and junior to all series of any
other class of the Corporation's Preferred Stock issued either before or after
the issuance of the Series C Preferred Stock, unless the terms of any such
series shall provide otherwise.

                                  X. Amendment

         The Articles of Organization of the Corporation shall not be amended in
any manner which would materially alter or change the powers, preferences or
special rights of the Series C Preferred Stock so as to affect them adversely
without the affirmative vote of the holders of at least two-thirds of the
outstanding shares of Series C Preferred Stock, voting together as a single
series.

                             XI. Fractional Shares

         Series C Preferred Stock may be issued in fractions of a share which
are integral multiples of one-thousandth of a share which shall entitle the
holder, in proportion to such holder's fractional shares, to exercise voting
rights, receive dividends, participate in distributions and have the benefit of
all other rights of holders of Series C Preferred Stock.

                                      -7-
<PAGE>   46
                          [Form of Rights Certificate]

Certificate No. R-                                               ________ Rights

NOT EXERCISABLE AFTER FEBRUARY 8, 2005 OR EARLIER IF REDEEMED OR EXCHANGED BY
THE COMPANY. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $.01 PER RIGHT AND TO
EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN
CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON (AS SUCH TERM IS
DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY
BECOME NULL AND VOID. [THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR
WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN
AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE
RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS
REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN
SECTION 7(e) OF SUCH AGREEMENT.]*

                               Rights Certificate

                                PERKINELMER, INC.

         This certifies that _______________, or registered assigns, is the
registered owner of the number of Rights set forth above, each of which entitles
the owner thereof, subject to the terms, provisions and conditions of the
Amended and Restated Rights Agreement, dated as of January 30, 2001 (the "Rights
Agreement"), between PerkinElmer, Inc., a Massachusetts corporation (the
"Company"), and Mellon Investor Services LLC, a New Jersey limited liability
company (the "Rights Agent"), to purchase from the Company after the
Distribution Date (as such term is defined in the Rights Agreement) and at any
time prior to 5:00 P.M. (Boston time) on February 8, 2005 at the office of the
Rights Agent designated for such purpose, or its successors as Rights Agent, one
one-thousandth of a fully paid, nonassessable share of Series C Junior
Participating Preferred Stock (the "Preferred Stock") of the Company, $1.00 par
value per share, at a purchase price of $60.00 in cash per one one-thousandth of
a share (the "Purchase Price"), upon presentation and surrender of this Rights
Certificate with the Form of Election to Purchase and related Certificate duly
executed. The number of Rights evidenced by this Rights Certificate (and the
number of one one-thousandths of a share of Preferred Stock which may be
purchased upon exercise hereof) set forth above, and the Purchase Price set
forth above, are the number and Purchase Price as of the close of business on
February 8, 1995, based on the Preferred Stock as constituted at such date.
Capitalized terms used herein and not otherwise defined herein shall have the
meanings ascribed to such terms in the Rights Agreement.

-------------------------
* The portion of the legend in brackets shall be inserted only if
applicable and shall replace the preceding sentence.
<PAGE>   47
         Upon the occurrence of a Section 11(a)(ii) Event, if the Rights
evidenced by this Rights Certificate are beneficially owned by (i) an Acquiring
Person or an Affiliate or Associate of any such Acquiring Person (as such terms
are defined in the Rights Agreement), (ii) a transferee of any such Acquiring
Person, Associate or Affiliate who becomes a transferee after the Acquiring
Person becomes such, or (iii) under certain circumstances specified in the
Rights Agreement, a transferee of a person who, concurrently with or after such
transfer, became an Acquiring Person, or an Affiliate or Associate of an
Acquiring Person, such Rights shall become null and void and no holder hereof
shall have any right with respect to such Rights from and after the occurrence
of such Section 11(a)(ii) Event.

         As provided in the Rights Agreement, the Purchase Price and the number
and kind of shares of Preferred Stock or other securities which may be purchased
upon the exercise of the Rights evidenced by this Rights Certificate are subject
to modification and adjustment upon the happening of certain events, including a
Section 11(a)(ii) Event.

         This Rights Certificate is subject to all of the terms, provisions and
conditions of the Rights Agreement, which terms, provisions and conditions are
hereby incorporated herein by reference and made a part hereof and to which
Rights Agreement reference is hereby made for a full description of the rights,
limitations of rights, obligations, duties and immunities hereunder of the
Rights Agent, the Company and the holders of the Rights Certificates, which
limitations of rights include the temporary suspension of the exercisability of
such Rights under the specific circumstances set forth in the Rights Agreement.
Copies of the Rights Agreement are on file at the principal offices of the
Company and are available upon written request to the Company.

         This Rights Certificate, with or without other Rights Certificates,
upon surrender at the office of the Rights Agent designated for such purpose,
with the Form of Election and Certificate set forth on the reverse side duly
executed, may be exchanged for another Rights Certificate or Rights Certificates
of like tenor and date evidencing Rights entitling the holder to purchase a like
aggregate number of one one-thousandths of a share of Preferred Stock as the
Rights evidenced by the Rights Certificate or Rights Certificates surrendered
shall have entitled such holder to purchase. If this Rights Certificate shall be
exercised in part, the holder shall be entitled to receive upon surrender hereof
another Rights Certificate or Rights Certificates for the number of whole Rights
not exercised.

         Subject to the provisions of the Rights Agreement, the Rights evidenced
by this Certificate may be redeemed by the Company at its option at a redemption
price of $.01 per Right at any time prior to the earlier of the close of
business on (i) the tenth day following the Stock Acquisition Date (as such time
period may be extended pursuant to the Rights Agreement), and (ii) the Final
Expiration Date.

         Subject to the provisions of the Rights Agreement, the Company may, at
its option, at any time after a Section 11(a)(ii) Event, subject to the approval
of a majority of the Continuing Directors, exchange all or part of the Rights
evidenced by this Certificate for shares of the Company's Common Stock or for
Preferred Stock (or shares of a class or series of the Company's preferred stock
having the same rights, privileges and preferences as the Preferred Stock).

                                      -2-
<PAGE>   48
         No fractional shares of Preferred Stock will be issued upon the
exercise of any Right or Rights evidenced hereby (other than fractions which are
integral multiples of one one-thousandth of a share of Preferred Stock, which
may, at the election of the Company, be evidenced by depositary receipts), but
in lieu thereof a cash payment will be made, as provided in the Rights
Agreement.

         No holder of this Rights Certificate, as such, shall be entitled to
vote or receive dividends or be deemed for any purpose the holder of shares of
Preferred Stock or of any other securities of the Company which may at any time
be issuable on the exercise hereof, nor shall anything contained in the Rights
Agreement or herein be construed to confer upon the holder hereof, as such, any
of the rights of a stockholder of the Company or any right to vote for the
election of directors or upon any matter submitted to stockholders at any
meeting thereof, or to give or withhold consent to any corporate action, or to
receive notice of meetings or other actions affecting stockholders (except as
provided in the Rights Agreement), or to receive dividends or subscription
rights, or otherwise, until the Right or Rights evidenced by this Rights
Certificate shall have been exercised as provided in the Rights Agreement.

         This Rights Certificate shall not be valid or obligatory for any
purpose until it shall have been countersigned by the Rights Agent.

         WITNESS the facsimile signature of the proper officers of the Company
and its corporate seal.

Dated as of ____________________, 200__

ATTEST:                                         PERKINELMER, INC.

____________________________________            By: ____________________________
Clerk

                                                Title: _________________________

Countersigned:

MELLON INVESTOR SERVICES LLC
      as Rights Agent

By: ____________________________________
       Authorized Signature

                                      -3-
<PAGE>   49
                               FORM OF ASSIGNMENT

                (To be executed by the registered holder if such
               holder desires to transfer the Rights Certificate.)

FOR VALUE RECEIVED

___________________________________________________________ hereby sells,
assigns and transfers unto _____________________________________________________

________________________________________________________________________________
                  (Please print name and address of transferee)

________________________________________________________________________________
this Rights Certificate, together with all right, title and interest therein,
and does hereby irrevocably constitute and appoint _____________________
Attorney, to transfer the within Rights Certificate on the books of the
within-named Company, with full power of substitution.

Dated:  ________________________ 200__

                                               _________________________________
                                               Signature

Signature Guaranteed:

                                   Certificate

The undersigned hereby certifies that the Rights evidenced by this Rights
Certificate are not beneficially owned by an Acquiring Person or an Affiliate or
Associate thereof (as such terms are defined in the Rights Agreement).

Dated: ____________________, 200__

                                               _________________________________
                                               Signature

Signature Guaranteed:

                                      -4-
<PAGE>   50
             [Form of Reverse Side of Rights Certificate--Continued]

                          FORM OF ELECTION TO PURCHASE

                  (To be executed if holder desires to exercise
                 Rights represented by the Rights Certificate.)

TO:  PERKINELMER, INC.

         The undersigned hereby irrevocably elects to exercise __________ Rights
represented by this Rights Certificate to purchase the shares of Preferred Stock
issuable upon the exercise of the Rights (or such other securities of the
Company or of any other person which may be issuable upon the exercise of the
Rights) and requests that certificates for such shares be issued in the name of
and delivered to:

Please insert social security
or other identifying number ____________________________________________________

________________________________________________________________________________
                         (Please print name and address)

________________________________________________________________________________

         If such number of Rights shall not be all the Rights evidenced by this
Rights Certificate, a new Rights Certificate for the balance of such Rights
shall be registered in the name of and delivered to:

Please insert social security
or other identifying number ____________________________________________________

________________________________________________________________________________
                         (Please print name and address)

________________________________________________________________________________

Dated: _____________________, 200__

                                               _________________________________
                                               Signature

Signature Guaranteed:

                                      -5-
<PAGE>   51
                                   Certificate

         The undersigned hereby certifies that the Rights evidenced by this
Rights Certificate are not beneficially owned by an Acquiring Person or an
Affiliate or Associate thereof (as such terms are defined in the Rights
Agreement).

Dated:  ________________________ 200__

                                               _________________________________
                                               Signature

Signature Guaranteed:

                                     NOTICE

         The signature to the foregoing Form of Assignment or Form of Election
to Purchase must correspond to the name as written upon the face of this Rights
Certificate in every particular, without alteration or enlargement or any change
whatsoever.

         In the event the certification set forth above in the Form of
Assignment or the Form of Election to Purchase, as the case may be, is not
completed, the Company and the Rights Agent will deem the beneficial owner of
the Rights evidenced by this Rights Certificate to be an Acquiring Person or an
Affiliate or Associate thereof (as defined in the Rights Agreement) and such
Assignment or Election to Purchase will not be honored.

                                      -6-
<PAGE>   52
                                                                       Exhibit C

                          SUMMARY OF RIGHTS TO PURCHASE
                                 PREFERRED STOCK

         On January 25, 1995, the Board of Directors of EG&G, Inc. (the
"Company") declared a dividend of one preferred stock purchase right (a "Right")
for each outstanding share of the Company's Common Stock to stockholders of
record at the close of business on February 8, 1995 (the "Record Date"). Each
Right entitles the registered holder to purchase from the Company a unit
consisting of one one-thousandth of a share (a "Unit") of Series C Junior
Participating Preferred Stock, $1.00 par value (the "Preferred Stock"), at a
purchase price of $60.00 in cash per Unit (the "Purchase Price"), subject to
adjustment. The description and terms of the Rights are set forth in a Rights
Agreement dated as of January 25, 1995 (the "Rights Agreement") between the
Company and The First National Bank of Boston, as Rights Agent.

         Initially, the Rights will be attached to all Common Stock certificates
representing shares then outstanding, and no separate Rights Certificates will
be distributed. The Rights will separate from the Common Stock and a
Distribution Date will occur upon the earlier of (i) 10 days following a public
announcement that a person or group of affiliated or associated persons (an
"Acquiring Person") has acquired, or obtained the right to acquire, beneficial
ownership of 20% or more of the outstanding shares of Common Stock (the "Stock
Acquisition Date"), or (ii) 10 business days following the commencement of a
tender offer or exchange offer that would result in a person or group
beneficially owning 30% or more of such outstanding shares of Common Stock.
Until the Distribution Date (or earlier redemption or expiration of the rights),
(i) the Rights will be evidenced by the Common Stock certificates and will be
transferred with and only with such Common Stock certificates, (ii) new Common
Stock certificates issued after the Record Date will contain a notation
incorporating the Rights Agreement by reference and (iii) the surrender for
transfer of any certificates for Common Stock outstanding, even without such
notation, will also constitute the transfer of the Rights associated with the
Common Stock represented by such certificate.

         The Rights are not exercisable until the Distribution Date and will
expire at the close of business on February 8, 2005, subject to earlier
expiration or termination as provided in the Rights Agreement.

         As soon as practicable after the Distribution Date, separate
certificates evidencing the Rights ("Rights Certificates") will be mailed to
holders of record of the Common Stock as of the close of business on the
Distribution Date and, thereafter, such separate Rights Certificates alone will
represent the Rights. Except as otherwise determined by the Board of Directors
and except in connection with shares of Common Stock issued upon the exercise of
employee stock options, issuances under other employee stock benefit plans or
the conversion of convertible securities issued hereafter, only shares of Common
Stock issued prior to the Distribution Date will be issued with Rights.

         In the event that a Person becomes an Acquiring Person, except pursuant
to an offer for all outstanding shares of Common Stock which the independent
directors determine to be fair to,
<PAGE>   53
and otherwise in the best interests of, shareholders (a "Permitted Offer"), each
holder of a Right will thereafter have the right to receive, upon exercise, that
number of shares of Common Stock (or, in certain circumstances, cash, property
or other securities of the Company) which equals the exercise price of the Right
divided by one-half of the current market price (as defined in the Rights
Agreement) of the Common Stock at the date of the occurrence of the event.
However, Rights are not exercisable following the occurrence of any of the
events set forth above until such time as the Rights are no longer redeemable by
the Company as set forth below. Notwithstanding any of the foregoing, following
the occurrence of the event set forth in this paragraph, all Rights that are, or
(under certain circumstances specified in the Rights Agreement) were,
beneficially owned by any Acquiring Person will be null and void. The event set
forth in this paragraph is referred to as a "Section 11(a)(ii) Event."

         For example, at an exercise price of $60.00 per Right, each Right not
owned by an Acquiring Person (or by certain related parties) following an event
set forth in the preceding paragraph would entitle its holder to purchase for
$60.00 such number of shares of Common Stock (or other consideration, as noted
above) as equals $60.00 divided by one-half of the current market price (as
defined in the Rights Agreement) of the Common Stock. Assuming that the Common
Stock had a per share value of $30.00 at such time, the holder of each valid
Right would be entitled to purchase four shares of Common Stock for $60.00.

         In the event that, at any time following the Stock Acquisition Date,
(i) the Company is acquired in a merger or other business combination
transaction in which either the Company is not the surviving corporation or its
Common Stock is changed or exchanged (other than a merger which follows a
Permitted Offer), or (ii) 50% or more of the Company's assets or earning power
is sold or transferred, each holder of a Right (except Rights which previously
have been voided as set forth above) shall thereafter have the right to receive,
upon exercise, that number of shares of common stock of the acquiring company
which equals the exercise price of the Right divided by one-half of the current
market price of such common stock at the date of the occurrence of the event.

         For example, at an exercise price of $60.00 per Right, each valid Right
following an event set forth in the preceding paragraph would entitle its holder
to purchase for $60.00 such number of shares of common stock of the acquiring
company as equals $60.00 divided by one-half of the current market price (as
defined in the Rights Agreement) of such common stock. Assuming that such common
stock had a per share value of $30.00 at such time, the holder of each valid
Right would be entitled to purchase four shares of common stock of the acquiring
company for $60.00.

         At any time after the occurrence of a Section 11(a)(ii) Event, and
subject to the concurrence of a majority of the Continuing Directors (as defined
in the Rights Agreement), the Board of Directors of the Company may exchange the
Rights (other than Rights owned by such Acquiring Person which have become
void), in whole or in part, at an exchange ratio of one share of Common Stock,
or one one-thousandth of a share of Preferred Stock (or of a share of a class or
series of the Company's preferred stock having equivalent rights, preferences
and privileges), per Right (subject to adjustment).

                                      -2-
<PAGE>   54
         The Purchase Price payable, and the number of Units of Preferred Stock
or other securities or property issuable, upon exercise of the Rights are
subject to adjustment from time to time to prevent dilution (i) in the event of
a stock dividend on, or a subdivision, combination or reclassification of, the
Preferred Stock, (ii) if holders of the Preferred Stock are granted certain
rights or warrants to subscribe for Preferred Stock or convertible securities at
less than the then-current market price of the Preferred Stock, or (iii) upon
the distribution to holders of the Preferred Stock of evidences of indebtedness
or assets (excluding regular periodic cash dividends paid out of earnings or
retained earnings) or of subscription rights or warrants (other than those
referred to above).

         The number of Rights associated with each share of Common Stock is also
subject to adjustment in the event of a stock split of the Common Stock or a
stock dividend on the Common Stock payable in Common Stock or subdivisions,
consolidations or combinations of the Common Stock occurring, in any such case,
prior to the Distribution Date.

         Preferred Stock purchasable upon exercise of the Rights will not be
redeemable. Each share of Preferred Stock will be entitled to a minimum
preferential quarterly dividend payment of $1.00 per share and will be entitled
to an aggregate dividend of 1,000 times the dividend declared per share of
Common Stock. In the event of liquidation, the holders of the Preferred Stock
will be entitled to a minimum preferential liquidation payment of $1,000 per
share and will be entitled to an aggregate payment of 1,000 times the payment
made per share of Common Stock. Each share of Preferred Stock will have 1,000
votes, voting together with the Common Stock. Finally, in the event of any
merger, consolidation or other transaction in which Common Stock is exchanged,
each share of Preferred Stock will be entitled to receive 1,000 times the amount
received per share of Common Stock. These rights are protected by customary
antidilution provisions.

         Because of the nature of the Preferred Stock's dividend, liquidation
and voting rights, the value of one one-thousandth of a share of Preferred Stock
purchasable upon exercise of each Right should approximate the value of one
share of Common Stock.

         With certain exceptions, no adjustment in the Purchase Price will be
required until cumulative adjustments amount to at least 1% of the Purchase
Price. No fractional Units will be issued and, in lieu thereof, an adjustment in
cash will be made based on the market price of the Preferred Stock on the last
trading date prior to the date of exercise.

         At any time until ten days following the Stock Acquisition Date, the
Company may redeem the Rights in whole, but not in part, at a price of $.01 per
Right (the "Redemption Price"), payable in cash or stock. Immediately upon the
action of the Board of Directors ordering redemption of the Rights, the Rights
will terminate and the only right of the holders of Rights will be to receive
the Redemption Price.

         Until a Right is exercised, the holder thereof, as such, will have no
rights as a stockholder of the Company, including, without limitation, the right
to vote or to receive dividends. While the distribution of the Rights will not
be taxable to stockholders or to the Company, stockholders may, depending upon
the circumstances, recognize taxable income in the event that the Rights

                                      -3-
<PAGE>   55
become exercisable for Common Stock (or other consideration) of the Company or
for common stock of the acquiring company as set forth above.

         Prior to the Distribution Date, the terms of the Rights are subject to
amendment by the Board of Directors without the consent of the holders of the
Rights, except that (i) the redemption price of the Rights, the exercise price
of the Rights and the number of shares of Preferred Stock issuable upon exercise
of the Rights are not subject to amendment and (b) the expiration date of the
Rights is subject to amendment (including acceleration) only in connection with
an acquisition of the Company at a price determined to be fair by a majority of
the members of the Company's Board of Directors who are not officers of the
Company and who are not affiliated with the acquiring party. After the
Distribution Date, only limited terms of the Rights are subject to amendment by
the Board, and the consent of the Continuing Directors (as defined in the Rights
Agreement) is required where appropriate to protect the Rights.

         A copy of the Rights Agreement has been filed with the Securities and
Exchange Commission as an Exhibit to a Registration Statement on Form 8-A dated
January 27, 1995. A copy of the Rights Agreement is available free of charge
from the Company. This summary description of the Rights does not purport to be
complete and is qualified in its entirety by reference to the Rights Agreement,
which is incorporated herein by reference.

                                      -4-<PAGE>   1
                                                                  CONFORMED COPY

                                                                    Exhibit 10.3

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

                             $100,000,000 FIVE-YEAR
                             COMPETITIVE ADVANCE AND
                       REVOLVING CREDIT FACILITY AGREEMENT

                            Dated as of March 2, 2001

                                      among

                                PERKINELMER, INC.

                            THE LENDERS NAMED HEREIN

                                       and

                            THE CHASE MANHATTAN BANK
                             as Administrative Agent

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

                                    JPMORGAN
                    as Advisor, Lead Arranger and Bookrunner

                              FLEET NATIONAL BANK,
                            as Co-Documentation Agent

                              WACHOVIA BANK, N.A.,
                            as Co-Documentation Agent

================================================================================
                                                                 [CS&M 6700-795]
<PAGE>   2
                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I

                                   Definitions

SECTION 1.01.  Defined Terms...................................................5
SECTION 1.02.  Terms Generally.................................................9

                                   ARTICLE II

                                   The Credits

SECTION 2.01.  Commitments....................................................10
SECTION 2.02.  Loans..........................................................10
SECTION 2.03.  Competitive Bid Procedure......................................12
SECTION 2.04.  Standby Borrowing Procedure....................................13
SECTION 2.05.  Facility Fees..................................................14
SECTION 2.06.  Conversion and Continuation of Standby Borrowings..............14
SECTION 2.07.  Repayment of Loans; Evidence of Debt...........................14
SECTION 2.08.  Interest on Loans..............................................15
SECTION 2.09.  Default Interest...............................................15
SECTION 2.10.  Alternate Rate of Interest.....................................15
SECTION 2.11.  Termination and Reduction of Commitments.......................16
SECTION 2.12.  Prepayment.....................................................16
SECTION 2.13.  Reserve Requirements; Change in Circumstances..................16
SECTION 2.14.  Change in Legality.............................................18
SECTION 2.15.  Indemnity......................................................18
SECTION 2.16.  Pro Rata Treatment.............................................19
SECTION 2.17.  Sharing of Setoffs.............................................19
SECTION 2.18.  Payments.......................................................19
SECTION 2.19.  Duty to Mitigate; Assignment of Commitments Under Certain
                    Circumstances.............................................20
SECTION 2.20.  Taxes..........................................................20

                                   ARTICLE III

                         Representations and Warranties

SECTION 3.01.  Corporate Existence and Power..................................22
<PAGE>   3
SECTION 3.02.  Corporate and Governmental Authorization; Contravention........22
SECTION 3.03.  Binding Effect.................................................23
SECTION 3.04.  Financial Information..........................................23
SECTION 3.05.  Litigation.....................................................23
SECTION 3.06.  Compliance with ERISA..........................................23
SECTION 3.07.  Taxes..........................................................23
SECTION 3.08.  Subsidiaries...................................................24
SECTION 3.09.  Representations and Warranties of Each Borrowing Subsidiary....24
SECTION 3.10.  Federal Reserve Regulations....................................24
SECTION 3.11.  Investment Company Act; Public Utility Holding Company Act.....25
SECTION 3.12.  Environmental and Safety Matters...............................25
SECTION 3.13.  No Material Adverse Change.....................................25
SECTION 3.14.  Solvency.......................................................25

                                   ARTICLE IV

                     Conditions of Effectiveness and Lending

SECTION 4.01.  All Borrowings.................................................27
SECTION 4.02.  Effectiveness..................................................27
SECTION 4.03.  First Borrowing by Each Borrowing Subsidiary...................28

                                    ARTICLE V

                                    Covenants

SECTION 5.01.  Information....................................................28
SECTION 5.02.  Corporate Existence; Businesses and Properties.................30
SECTION 5.03.  Insurance......................................................30
SECTION 5.04.  Litigation and Other Notices...................................30
SECTION 5.05.  Maintaining Records; Access to Properties and Inspections......30
SECTION 5.06.  Consolidated EBITDA to Consolidated Interest Expense Ratio.....30
SECTION 5.07.  Net Debt to Capitalization Ratio...............................30
SECTION 5.08.  Negative Pledge................................................30
SECTION 5.09.  Consolidations, Mergers and Sales of Assets....................31
SECTION 5.10.  Ownership of Margin Stock......................................32

                                   ARTICLE VI

Events of Default.............................................................32

                                   ARTICLE VII
<PAGE>   4
Guarantee.....................................................................35

                                  ARTICLE VIII

The Administrative Agent......................................................36

                                   ARTICLE IX

                                  Miscellaneous

SECTION 9.01.  Notices........................................................38
SECTION 9.02.  Survival of Agreement..........................................38
SECTION 9.03.  Binding Effect.................................................38
SECTION 9.04.  Successors and Assigns.........................................38
SECTION 9.05.  Expenses; Indemnity............................................40
SECTION 9.06.  Applicable Law.................................................41
SECTION 9.07.  Waivers; Amendment.............................................41
SECTION 9.08.  Entire Agreement...............................................42
SECTION 9.09.  Severability...................................................42
SECTION 9.10.  Counterparts...................................................42
SECTION 9.11.  Headings.......................................................42
SECTION 9.12.  Right of Setoff................................................42
SECTION 9.13.  Jurisdiction; Consent to Service of Process....................42
SECTION 9.14.  Waiver of Jury Trial...........................................43
SECTION 9.15.  Addition of Borrowing Subsidiaries.............................43
SECTION 9.16.  Confidentiality................................................43
SECTION 9.17.  Collateral.....................................................43
SECTION 9.18.  Interest Rate Limitation.......................................43
<PAGE>   5
Schedules
---------

Schedule 2.01              Commitments
Schedule 3.08              Subsidiaries
Schedule 3.12              Environmental Exceptions (Facilities Owned by the
                           Company and its Subsidiaries)

Exhibits
--------

Exhibit A-1                Competitive Bid Request
Exhibit A-2                Invitation by Administrative Agent for Competitive
                           Bids
Exhibit A-3                Competitive Bid by a Lender
Exhibit A-4                Competitive Bid Accept/Reject Letter
Exhibit A-5                Standby Borrowing Request
Exhibit B                  Administrative Questionnaire
Exhibit C                  Assignment and Acceptance
Exhibit D-1                Opinion of Terrance L. Carlson, Esq. with respect to
                           the Company
Exhibit D-2                Opinion of Terrance L. Carlson, Esq. with respect to
                           the Borrowing Subsidiaries
Exhibit E                  Borrowing Subsidiary Agreement
<PAGE>   6
                                    $100,000,000 FIVE-YEAR COMPETITIVE ADVANCE
                           AND REVOLVING CREDIT FACILITY AGREEMENT (the
                           "Agreement") dated as of March 2, 2001, among
                           PERKINELMER, INC., a Massachusetts corporation (the
                           "Company"), the Borrowing Subsidiaries (as such term
                           is defined herein; together with the Company, the
                           "Borrowers"), the lenders listed in Schedule 2.01
                           (the "Lenders") and THE CHASE MANHATTAN BANK, a New
                           York banking corporation, as administrative agent for
                           the Lenders (in such capacity, the "Administrative
                           Agent").

                  The Lenders have been requested to extend credit to the
Borrowers to enable them to borrow on a standby revolving credit basis on and
after the date hereof and at any time and from time to time prior to the
Maturity Date a principal amount not in excess of $100,000,000 at any time
outstanding. The Lenders have also been requested to provide a procedure
pursuant to which the Borrowers may invite the Lenders to bid on an uncommitted
basis on short-term borrowings by the Borrowers. The proceeds of all such
borrowings are to be used by the Borrowers for general corporate purposes,
including to finance acquisitions and to provide working capital for use in the
ordinary course of their businesses. The Lenders are willing to extend such
credit on the terms and subject to the conditions herein set forth. Capitalized
terms used but not defined herein shall have the meanings assigned to such terms
in Article I.

                  Accordingly, the parties hereto agree as follows:

                                    ARTICLE I

                                   Definitions

                  SECTION 1.01.  Defined Terms.  As used in this Agreement, the
following terms shall have the meanings specified below:

                  "ABR Borrowing" shall mean a Borrowing comprised of ABR Loans.

                  "ABR Loan" shall mean any Standby Loan bearing interest at a
rate determined by reference to the Alternate Base Rate in accordance with the
provisions of Article II.

                  "Administrative Questionnaire" shall mean an Administrative
Questionnaire in the form of Exhibit B hereto.

                  "Affiliate" shall mean, when used with respect to a specified
person, another person that directly or indirectly controls or is controlled by
or is under common control with the person specified.

                  "Alternate Base Rate" shall mean, for any day, a rate per
annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the
greater of (a) the Prime Rate in effect
<PAGE>   7
                                                                               2

on such day and (b) the Federal Funds Effective Rate in effect on such day plus
1/2 of 1%. For purposes hereof, "Prime Rate" shall mean the rate of interest per
annum publicly announced from time to time by the Administrative Agent as its
prime rate in effect at its principal office in New York City; each change in
the Prime Rate shall be effective on the date such change is publicly announced
as effective. "Federal Funds Effective Rate" shall mean, for any day, the
weighted average of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers, as
released on the next succeeding Business Day by the Federal Reserve Bank of New
York, or, if such rate is not so released for any day which is a Business Day,
the arithmetic average (rounded upwards to the next 1/100th of 1%), as
determined by the Administrative Agent, of the quotations for the day of such
transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it. If for any reason the
Administrative Agent shall have determined (which determination shall be
conclusive absent manifest error) that it is unable to ascertain the Federal
Funds Effective Rate for any reason, including the inability or failure of the
Administrative Agent to obtain sufficient quotations in accordance with the
terms thereof, the Alternate Base Rate shall be determined without regard to
clause (b) of the first sentence of this definition until the circumstances
giving rise to such inability no longer exist. Any change in the Alternate Base
Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall
be effective on the effective date of such change in the Prime Rate or the
Federal Funds Effective Rate, respectively.

                  "Applicable Percentage" shall mean on any date, with respect
to Eurodollar Standby Loans or with respect to the Facility Fee, as the case may
be, the applicable percentage set forth below under the caption "Eurodollar
Spread" or "Facility Fee Percentage", as the case may be, based upon the Ratings
in effect on such date:

<TABLE>
<CAPTION>
================================================================================
Rating                      Eurodollar Spread              Facility Fee
                                                           Percentage
--------------------------------------------------------------------------------
<S>                         <C>                            <C>
Category 1                        .230%                       .070%

Aa3 or higher by Moody's;
AA- or higher by S&P
--------------------------------------------------------------------------------
Category 2                        .300%                       .100%

A1 or A2 by Moody's;
A+ or A by S&P
--------------------------------------------------------------------------------
Category 3                        .375%                       .125%

A3 by Moody's;
A- by S&P
--------------------------------------------------------------------------------
Category 4                        .450%                       .150%

Baa1 by Moody's;
BBB+ by S&P
--------------------------------------------------------------------------------
</TABLE>
<PAGE>   8
                                                                               3

<TABLE>
<CAPTION>
================================================================================
Rating                      Eurodollar Spread              Facility Fee
                                                           Percentage
--------------------------------------------------------------------------------
<S>                         <C>                            <C>
Category 5                        .575%                       .175%

Baa2 by Moody's;
BBB by S&P
--------------------------------------------------------------------------------
Category 6                        .650%                       .225%

Baa3 by Moody's;
BBB- by S&P
--------------------------------------------------------------------------------
Category 7                        .700%                       .300%

Ba1 or lower by Moody's;
BB+ or lower by S&P
================================================================================
</TABLE>

For purposes of the foregoing, (i) if the Ratings shall fall within different
Categories, the Applicable Percentage shall be based upon the higher of the two
Categories; provided, however, that if the difference in the Ratings is greater
than one Category, the Applicable Percentage will be based on the Category which
is one Category below the higher Rating; (ii) if no Ratings exist, the
Applicable Percentage shall be based upon Category 7; and (iii) if any Rating
shall be changed (other than as a result of a change in the rating system of
Moody's or S&P), such change shall be effective as of the date on which it is
first announced by the rating agency making such change. Each such change in the
Applicable Percentage shall apply during the period commencing on the effective
date of such change and ending on the date immediately preceding the effective
date of the next such change. If the rating system of Moody's or S&P shall
change, or if either such rating agency shall cease to be in the business of
rating corporate debt obligations, the parties hereto shall negotiate in good
faith to amend the references to specific ratings in this definition to reflect
such changed rating system or the non-availability of ratings from such rating
agency, and pending the effectiveness of any such amendment the Applicable
Percentage shall be determined by reference to the rating most recently in
effect prior to such change or cessation.

                  "Assignment and Acceptance" shall mean an assignment and
acceptance entered into by a Lender and an assignee in the form of Exhibit C.

                  "Board" shall mean the Board of Governors of the Federal
Reserve System of the United States.

                  "Board of Directors" shall mean the Board of Directors of the
Company or any duly authorized committee thereof.

                  "Borrowing" shall mean a group of Loans of a single Type made
by the Lenders to a single Borrower (or, in the case of a Competitive Borrowing,
by the Lender or Lenders whose
<PAGE>   9
                                                                               4

Competitive Bids have been accepted pursuant to Section 2.03) on a single date
and as to which a single Interest Period is in effect.

                  "Borrowing Subsidiary" shall mean any Subsidiary which shall
have executed and delivered to the Administrative Agent and each Lender a
Borrowing Subsidiary Agreement.

                  "Borrowing Subsidiary Agreement" shall mean an agreement, in
the form of Exhibit E hereto, duly executed by the Company and a Subsidiary.

                  "Business Day" shall mean any day (other than a day which is a
Saturday, Sunday or legal holiday in the State of New York) on which banks are
open for business in New York City; provided, however, that, when used in
connection with a Eurodollar Loan, the term "Business Day" shall also exclude
any day on which banks are not open for dealings in dollar deposits in the
London interbank market.

                  "A Change in Control" shall be deemed to have occurred if (a)
any person or group of persons shall have acquired beneficial ownership of more
than 50% of the outstanding Voting Shares of the Company (within the meaning of
Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended, and
the applicable rules and regulations thereunder), or (b) during any period of 12
consecutive months, commencing before or after the date of this Agreement,
individuals who on the first day of such period were directors of the Company
(together with any replacement or additional directors who were nominated or
elected by a majority of directors then in office) cease to constitute a
majority of the Board of Directors of the Company.

                  "Charges" shall have the meaning assigned to such term in
Section 9.18.

                  "Closing Date" shall mean the date of this Agreement.

                  "Code" shall mean the Internal Revenue Code of 1986, as the
same may be amended from time to time.

                  "Commitment" shall mean, with respect to each Lender, the
commitment of such Lender hereunder as set forth as of the Closing Date in
Schedule 2.01 hereto as such Lender's Commitment may be permanently terminated
or reduced from time to time pursuant to Section 2.11. The Commitment of each
Lender shall automatically and permanently terminate on the Maturity Date if not
terminated earlier pursuant to the terms hereof.

                  "Competitive Bid" shall mean an offer by a Lender to make a
Competitive Loan pursuant to Section 2.03.

                  "Competitive Bid Accept/Reject Letter" shall mean a
notification made by a Borrower pursuant to Section 2.03(d) in the form of
Exhibit A-4.
<PAGE>   10
                                                                               5

                  "Competitive Bid Rate" shall mean, as to any Competitive Bid,
(i) in the case of a Eurodollar Loan, the Margin, and (ii) in the case of a
Fixed Rate Loan, the fixed rate of interest offered by the Lender making such
Competitive Bid.

                  "Competitive Bid Request" shall mean a request made pursuant
to Section 2.03 in the form of Exhibit A-1.

                  "Competitive Borrowing" shall mean a Borrowing consisting of a
Competitive Loan or concurrent Competitive Loans from the Lender or Lenders
whose Competitive Bids for such Borrowing have been accepted under the bidding
procedure described in Section 2.03.

                  "Competitive Loan" shall mean a Loan made pursuant to the
bidding procedure described in Section 2.03. Each Competitive Loan shall be a
Eurodollar Competitive Loan or a Fixed Rate Loan.

                  "Consolidated EBITDA" shall mean, for any period, Consolidated
Net Income of the Company and its Consolidated Subsidiaries excluding the effect
of non-cash extraordinary items and accounting changes for such period, plus
income taxes during such period, plus the aggregate amount deducted in
determining such Consolidated Net Income for such period in respect of
Consolidated Interest Expense of the Company and its Consolidated Subsidiaries
for such period, plus all amounts attributable to depreciation and amortization
of the Company and its Consolidated Subsidiaries for such period, all determined
in accordance with GAAP.

                  "Consolidated Interest Expense" shall mean, for any period,
(a) the gross interest expense of the Company and its Consolidated Subsidiaries
(excluding the amortization of transaction costs) in respect of Indebtedness
included within clauses (i) through (iv) of the definition of Indebtedness for
such period, all determined in accordance with GAAP.

                  "Consolidated Net Income" shall mean, for any period, the
consolidated net income (or loss) of the Company and its Consolidated
Subsidiaries for such period, determined in accordance with GAAP.

                  "Consolidated Net Indebtedness" shall mean, for any date, (a)
the sum of all outstanding Indebtedness of the Company and its Consolidated
Subsidiaries as of such date less (b) the lesser of (i) $50,000,000 and (ii)
Eligible Investments as of such date, all determined on a consolidated basis in
accordance with GAAP.

                  "Consolidated Subsidiary" shall mean, at any date, any
Subsidiary or other entity the accounts of which would be consolidated with
those of the Company in its consolidated financial statements as of such date.

                  "Default" shall mean any event or condition which upon notice,
lapse of time or both would constitute an Event of Default.

                  "dollars" or "$" shall mean lawful money of the United States
of America.
<PAGE>   11
                                                                               6

                  "Eligible Investments" shall mean:

                  (a) cash and cash equivalents;

                  (b) direct obligations of, or obligations the principal of and
         interest on which are unconditionally guaranteed by, the United States
         of America (or any agency thereof to the extent such obligations are
         backed by the full faith and credit of the United States of America),
         in each case maturing within one year from the date of acquisition
         thereof by the Company or any Subsidiary;

                  (c) investments in money market funds the assets of which are
         invested in obligations of the type described in (b) above
         (irrespective of maturity); and

                  (d) other money market investments offered by any of the
         Lenders or a commercial bank having the highest credit rating available
         from Standard & Poor's Corporation or Moody's Investors Service, Inc.
         and having maturities of less than 90 days.

                  "Environmental Laws" shall have the meaning assigned to such
term in Section 3.12.

                  "ERISA" shall mean the Employee Retirement Income Security Act
of 1974, as the same may be amended from time to time.

                  "ERISA Affiliate" shall mean any trade or business (whether or
not incorporated) that, together with the Company, is treated as a single
employer under Section 414 of the Code.

                  "Eurodollar Borrowing" shall mean a Borrowing comprised of
Eurodollar Loans.

                  "Eurodollar Competitive Loan" shall mean any Competitive Loan
bearing interest at a rate determined by reference to the LIBO Rate in
accordance with the provisions of Article II.

                  "Eurodollar Loan" shall mean any Eurodollar Competitive Loan
or Eurodollar Standby Loan.

                  "Eurodollar Standby Loan" shall mean any Standby Loan bearing
interest at a rate determined by reference to the LIBO Rate in accordance with
the provisions of Article II.

                  "Event of Default" shall have the meaning assigned to such
term in Article VI.

                  "Existing Credit Agreement" shall mean the $100,000,000
Competitive Advance and Revolving Credit Facility Agreement dated March 21,
1994, as amended, among the Company, the Borrowing Subsidiaries, the lenders
party thereto and the Administrative Agent.

                  "Facility Fee" shall have the meaning assigned to such term in
Section 2.05(a).

                  "Financial Officer" of any corporation shall mean the chief
financial officer, principal accounting officer, treasurer or assistant
treasurer of such corporation.
<PAGE>   12
                                                                               7

                  "Fixed Rate Borrowing" shall mean a Borrowing comprised of
Fixed Rate Loans.

                  "Fixed Rate Loan" shall mean any Competitive Loan bearing
interest at a fixed percentage rate per annum (expressed in the form of a
decimal to no more than four decimal places) specified by the Lender making such
Loan in its Competitive Bid.

                  "GAAP" shall mean generally accepted accounting principles,
applied on a consistent basis.

                  "Governmental Authority" shall mean any Federal, state, local
or foreign court or governmental agency, authority, instrumentality or
regulatory body.

                  "Guaranteed Obligations" shall mean the principal of and
interest on the Loans made to, and the other obligations, monetary or otherwise,
of, the Borrowing Subsidiaries under this Agreement.

                  "Indebtedness" of any person shall mean at any date, without
duplication, (i) all obligations of such person for borrowed money (but not
including non-recourse obligations of such person), (ii) all obligations of such
person evidenced by bonds, debentures, notes or other similar instruments,
except trade payables and reimbursement obligations in respect of performance
bonds and standby letters of credit to the extent the obligations underlying
such letters of credit would not be considered Indebtedness, all of which arise
in the ordinary course of business, (iii) all obligations of such person to pay
the deferred purchase price of property or services, except trade accounts
payable and accrued expenses arising in the ordinary course of business, (iv)
all obligations of such person as lessee under capital leases, (v) all
Indebtedness of others secured by a Lien on any asset of such person (but not
including non-recourse obligations of such person) and (vi) all Indebtedness of
others guaranteed by such person.

                  "Information" shall mean any materials, documents and
information (other than annual reports, prospectuses, proxy statements and other
materials distributed to the Company's shareholders) that the Company or any of
its Subsidiaries may have furnished or may hereafter furnish to the
Administrative Agent or any Lender in connection with Sections 4.03(d), 5.01,
5.04 and 5.05 of this Agreement.

                  "Interest Payment Date" shall mean (i) as to any Eurodollar
Loan for which the Interest Period is 1, 2 or 3 months, the last day of the
Interest Period, (ii) as to any Eurodollar Loan for which the Interest Period is
6 months, the last day of the Interest Period and the date that would be the
last day of an Interest Period commencing on the same date but having a duration
of 3 months, (iii) as to any ABR Loan, the last day of March, June, September
and December in each year, or if such day is not a Business Day, the next
succeeding Business Day and (iv) as to any Fixed Rate Loan, the last day of the
Interest Period applicable thereto.

                  "Interest Period" shall mean (a) as to any Eurodollar
Borrowing, the period commencing on the date of such Borrowing or on the last
day of the immediately preceding Interest Period applicable to such Borrowing,
as the case may be, and ending on the numerically corresponding day (or, if
there is no numerically corresponding day, on the last day) in the
<PAGE>   13
                                                                               8

calendar month that is 1, 2, 3 or 6 months thereafter, as the Borrower may
elect, (b) as to any ABR Borrowing, the period commencing on the date of such
Borrowing or on the last day of the immediately preceding Interest Period
applicable to such Borrowing, as the case may be, and ending on the next
succeeding March 31, June 30, September 30 or December 31, or, if earlier, on
the Maturity Date or the date such Borrowing is repaid or prepaid in accordance
with Section 2.07 or Section 2.12 and (c) as to any Fixed Rate Borrowing, the
period commencing on the date of such Borrowing and ending on the date specified
in the Competitive Bids in which the offers to make the Fixed Rate Loans
comprising such Borrowing were extended, which shall not be earlier than seven
days after the date of such Borrowing or later than 360 days after the date of
such Borrowing; provided, however, that if any Interest Period would end on a
day other than a Business Day, such Interest Period shall be extended to the
next succeeding Business Day unless, in the case of Eurodollar Loans only, such
next succeeding Business Day would fall in the next calendar month, in which
case such Interest Period shall end on the next preceding Business Day. Interest
shall accrue from and including the first day of an Interest Period to but
excluding the last day of such Interest Period.

                  "LIBO Rate" shall mean, with respect to any Eurodollar
Borrowing for any Interest Period, an interest rate per annum (rounded upwards,
if necessary, to the next 1/16 of 1%) equal to the arithmetic average of the
rates at which dollar deposits approximately equal in principal amount to (i) in
the case of a Standby Borrowing, the Administrative Agent's portion of such
Eurodollar Borrowing and (ii) in the case of a Competitive Borrowing, a
principal amount that would have been the Administrative Agent's portion of such
Competitive Borrowing had such Competitive Borrowing been a Standby Borrowing,
and for a maturity comparable to such Interest Period are offered to the
principal London offices of the Administrative Agent (or, if the Administrative
Agent does not at the time maintain a London office, the principal London office
of any Affiliate of the Administrative Agent) in immediately available funds in
the London interbank market at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of such Interest Period.

                  "Lien" shall mean any mortgage, pledge, security interest,
encumbrance, lien or charge of any kind whatsoever (including any conditional
sale or other title retention agreement, any lease in the nature thereof and the
filing of or agreement to give any financing statement under the Uniform
Commercial Code of any jurisdiction).

                  "Loan" shall mean a Competitive Loan or a Standby Loan,
whether made as a Eurodollar Loan, an ABR Loan or a Fixed Rate Loan, as
permitted hereby.

                  "Margin" shall mean, as to any Eurodollar Competitive Loan,
the margin (expressed as a percentage rate per annum in the form of a decimal to
no more than four decimal places) to be added to or subtracted from the LIBO
Rate in order to determine the interest rate applicable to such Loan, as
specified in the Competitive Bid relating to such Loan.

                  "Margin Regulations" shall mean Regulations U and X of the
Board as from time to time in effect, and all official rulings and
interpretations thereunder or thereof.
<PAGE>   14
                                                                               9

                  "Margin Stock" shall have the meaning given such term under
Regulation U of the Board.

                  "Material Adverse Effect" shall mean a materially adverse
effect on the business, assets, operations or condition, financial or otherwise,
of the Company and its Consolidated Subsidiaries taken as a whole.

                  "Maturity Date" shall mean the fifth anniversary of the
Closing Date.

                  "Maximum Rate" shall have the meaning assigned to such term in
Section 9.18.

                  "Moody's" shall mean Moody's Investors Service, Inc., or any
of its successors.

                  "Multiemployer Plan" shall mean a multiemployer plan as
defined in Section 4001(a)(3) of ERISA to which the Company or any ERISA
Affiliate (other than one considered an ERISA Affiliate only pursuant to
subsection (m) or (o) of Code Section 414) is making or accruing an obligation
to make contributions, or has within any of the preceding five plan years made
or accrued an obligation to make contributions.

                  "New Lending Office" shall have the meaning assigned to such
term in Section 2.20(g).

                  "Non-U.S. Lender" shall mean any Lender (or Transferee) that
is organized under the laws of a jurisdiction other than the United States, any
State thereof or the District of Columbia.

                  "Other Taxes" shall have the meaning assigned to such term in
Section 2.20(b).

                  "person" shall mean any natural person, corporation, business
trust, joint venture, association, company, partnership or government, or any
agency or political subdivision thereof.

                  "PBGC" shall mean the Pension Benefit Guaranty Corporation
referred to and defined in ERISA.

                  "Plan" shall mean any employee pension benefit plan (other
than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code that is maintained for current or former employees, or
any beneficiary thereof, of the Company or any ERISA Affiliate.

                  "Ratings" shall mean the ratings from time to time established
by Moody's and S&P for senior, unsecured, non-credit-enhanced long-term debt of
the Company.

                  "Register" shall have the meaning given such term in Section
9.04(d).

                  "Regulation D" shall mean Regulation D of the Board as from
time to time in effect and all official rulings and interpretations thereunder
or thereof.
<PAGE>   15
                                                                              10

                  "Reportable Event" shall mean any reportable event as defined
in Section 4043(b) of ERISA or the regulations issued thereunder with respect to
a Plan (other than a Plan maintained by an ERISA Affiliate that is considered an
ERISA Affiliate only pursuant to subsection (m) or (o) of Code Section 414).

                  "Required Lenders" shall mean, at any time, Lenders having
Commitments representing more than 50% of the Total Commitment or, for purposes
of acceleration pursuant to clause (ii) of Article VI, Lenders holding Loans
representing more than 50% of the aggregate principal amount of the Loans
outstanding.

                  "S&P" shall mean Standard and Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc., or any of its successors.

                  "Shareholders' Equity" shall mean, with respect to the Company
at any date, (a) the sum of (i) common stock and preferred stock taken at par or
stated value at such date, (ii) capital in excess of par value at such date,
(iii) cumulative translation adjustments and other adjustments required by GAAP
at such date and (iv) retained earnings (or deficit) at such date minus (b)
treasury stock at such date, all determined in accordance with GAAP.

                  "Standby Borrowing" shall mean a Borrowing consisting of
simultaneous Standby Loans from each of the Lenders.

                  "Standby Borrowing Request" shall mean a request made pursuant
to Section 2.04 in the form of Exhibit A-5.

                  "Standby Loans" shall mean the revolving loans made pursuant
to Section 2.04. Each Standby Loan shall be a Eurodollar Standby Loan or an ABR
Loan.

                  "subsidiary" shall mean, with respect to any person (the
"parent"), any corporation, association or other business entity of which
securities or other ownership interests representing more than 50% of the
ordinary voting power are, at the time as of which any determination is being
made, owned or controlled by the parent or one or more subsidiaries of the
parent or by the parent and one or more subsidiaries of the parent.

                  "Subsidiary" shall mean a subsidiary of the Company.

                  "Taxes" shall have the meaning assigned to such term in
Section 2.20(a).

                  "364-Day Facility" shall mean the 364-Day Amended and Restated
Competitive Advance and Revolving Credit Facility Agreement dated the date
hereof, as amended from time to time, among the Company, certain of the
Subsidiaries, the lenders named therein and The Chase Manhattan Bank, as
administrative agent.

                  "Total Commitment" shall mean, at any time, the aggregate
amount of Commitments of all the Lenders, as in effect at such time.
<PAGE>   16
                                                                              11

                  "Transferee" shall have the meaning assigned to such term in
Section 2.20(a).

                  "Type", when used in respect of any Loan or Borrowing, shall
refer to the Rate by reference to which interest on such Loan or on the Loans
comprising such Borrowing is determined. For purposes hereof, "Rate" shall
include the LIBO Rate, the Alternate Base Rate and the Fixed Rate.

                  "Voting Shares" shall mean, as to any corporation, outstanding
shares of stock of any class of such corporation entitled to vote in the
election of directors, excluding shares entitled so to vote only upon the
happening of some contingency.

                  "Withdrawal Liability" shall mean liability to a Multiemployer
Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

                  SECTION 1.02. Terms Generally. The definitions in Section 1.01
shall apply equally to both the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words "include," "includes" and
"including" shall be deemed to be followed by the phrase "without limitation."
All references herein to Articles, Sections, Exhibits and Schedules shall be
deemed references to Articles and Sections of, and Exhibits and Schedules to,
this Agreement unless the context shall otherwise require. Except as otherwise
expressly provided herein, all terms of an accounting or financial nature shall
be construed in accordance with GAAP, as in effect from time to time; provided,
however, that for purposes of determining compliance with any covenant set forth
in Article V, such terms shall be construed in accordance with GAAP as in effect
on the date hereof applied on a basis consistent with the application used in
preparing the Company's audited financial statements referred to in Section
3.04.

                                   ARTICLE II

                                   The Credits

                  SECTION 2.01.  Commitments.  Subject to the terms and
conditions and relying upon the representations and warranties herein set forth,
each Lender agrees, severally and not jointly, to make Standby Loans to the
Borrowers, at any time and from time to time on and after the Closing Date
hereof and until the earlier of the Maturity Date and the termination of the
Commitment of such Lender, in an aggregate principal amount at any time
outstanding not to exceed such Lender's Commitment minus the amount by which the
Competitive Loans outstanding at such time shall be deemed to have used such
Commitment pursuant to Section 2.16, subject, however, to the conditions that
(i) at no time shall (A) the sum of (x) the outstanding aggregate principal
amount of all Standby Loans made by all Lenders plus (y) the outstanding
aggregate principal amount of all Competitive Loans made by all Lenders exceed
(B) the Total Commitment and (ii) at all times the outstanding aggregate
principal amount of all Standby Loans made by each Lender shall equal the
product of (A) the percentage which its Commitment represents of the Total
Commitment times (B) the outstanding aggregate principal amount of all Standby
Loans.
<PAGE>   17
                                                                              12

                  Within the foregoing limits, the Borrowers may borrow, pay or
prepay and reborrow Standby Loans hereunder, on and after the Closing Date and
prior to the Maturity Date, subject to the terms, conditions and limitations set
forth herein.

                  SECTION 2.02.  Loans.  (a)  Each Standby Loan shall be made as
part of a Borrowing consisting of Loans made by the Lenders ratably in
accordance with their respective Commitments; provided, however, that the
failure of any Lender to make any Standby Loan shall not in itself relieve any
other Lender of its obligation to lend hereunder (it being understood, however,
that no Lender shall be responsible for the failure of any other Lender to make
any Loan required to be made by such other Lender). Each Competitive Loan shall
be made in accordance with the procedures set forth in Section 2.03. The Standby
Loans or Competitive Loans comprising any Borrowing shall be in an aggregate
principal amount which is an integral multiple of $1,000,000 and not less than
$5,000,000 (or an aggregate principal amount equal to the remaining balance of
the available Commitments).

                  (b) Each Competitive Borrowing shall be comprised entirely of
Eurodollar Competitive Loans or Fixed Rate Loans, and each Standby Borrowing
shall be comprised entirely of Eurodollar Standby Loans or ABR Loans, as any
Borrower may request pursuant to Section 2.03 or 2.04, as applicable. Each
Lender may at its option make any Eurodollar Loan by causing any domestic or
foreign branch or Affiliate of such Lender to make such Loan; provided that (i)
any exercise of such option shall not affect the obligation of such Borrower to
repay such Loan in accordance with the terms of this Agreement and (ii) the
Borrowers shall not be liable for increased costs under Section 2.13 or 2.14 to
the extent that (A) such costs could be avoided by the use of a different branch
or Affiliate to make Eurodollar Loans and (B) such use would not, in the
judgment of such Lender, entail any expense for which such Lender shall not be
indemnified hereunder. Borrowings of more than one Type may be outstanding at
the same time; provided, however, that no Borrowing shall be requested which, if
made, would result in an aggregate of more than 10 separate Standby Borrowings
comprised of Eurodollar Loans being outstanding hereunder at any one time. For
purposes of the foregoing, Borrowings having different Interest Periods,
regardless of whether they commence on the same date, shall be considered
separate Borrowings.

                  (c) Subject to Section 2.02(d), each Lender shall make each
Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds to the Administrative Agent in New York, New York,
not later than 12:00 noon, New York City time, and the Administrative Agent
shall by 3:00 p.m., New York City time, credit the amounts so received to the
general deposit account of the applicable Borrower with the Administrative Agent
or, if a Borrowing shall not occur on such date because any condition precedent
herein specified shall not have been met, return the amounts so received to the
respective Lenders. Competitive Loans shall be made by the Lender or Lenders
whose Competitive Bids therefor are accepted pursuant to Section 2.03 in the
amounts so accepted. Standby Loans shall be made by the Lenders pro rata in
accordance with Section 2.16. Unless the Administrative Agent shall have
received notice from a Lender prior to the date of any Borrowing that such
Lender will not make available to the Administrative Agent such Lender's portion
of such Borrowing, the Administrative Agent may assume that such Lender has made
such portion available to the Administrative Agent on the date of such Borrowing
in accordance with this paragraph (c) and the Administrative Agent may, in
<PAGE>   18
                                                                              13

reliance upon such assumption, make available to the applicable Borrower on such
date a corresponding amount. If and to the extent that such Lender shall not
have made such portion available to the Administrative Agent, such Lender and
the applicable Borrower severally agree to repay to the Administrative Agent
forthwith on demand such corresponding amount together with interest thereon,
for each day from the date such amount is made available to such Borrower until
the date such amount is repaid to the Administrative Agent at (i) in the case of
such Borrower, the interest rate applicable at the time to the Loans comprising
such Borrowing and (ii) in the case of such Lender, the Federal Funds Effective
Rate. If such Lender shall repay to the Administrative Agent such corresponding
amount, such amount shall constitute such Lender's Loan as part of such
Borrowing for purposes of this Agreement.

                  (d) Any Borrower may refinance all or any part of any
Borrowing with a Borrowing of the same or a different Type made pursuant to
Section 2.03 or Section 2.04, subject to the conditions and limitations set
forth herein and elsewhere in this Agreement, including refinancings of
Competitive Borrowings with Standby Borrowings and Standby Borrowings with
Competitive Borrowings. Any Borrowing or part thereof so refinanced shall be
deemed to be repaid in accordance with Section 2.07 with the proceeds of a new
Borrowing hereunder and the proceeds of the new Borrowing, to the extent they do
not exceed the principal amount of the Borrowing being refinanced, shall not be
paid by the Lenders to the Administrative Agent or by the Administrative Agent
to the applicable Borrower pursuant to Section 2.02(c); provided, however, that
(i) if the principal amount extended by a Lender in a refinancing is greater
than the principal amount extended by such Lender in the Borrowing being
refinanced, then such Lender shall pay such difference to the Administrative
Agent for distribution to the Lender described in (ii) below, (ii) if the
principal amount extended by a Lender in the Borrowing being refinanced is
greater than the principal amount being extended by such Lender in the
refinancing, the Administrative Agent shall return the difference to such Lender
out of amounts received pursuant to (i) above and (iii) to the extent any Lender
fails to pay the Agent amounts due from it pursuant to (i) above, any Loan or
portion thereof being refinanced with such amounts shall not be deemed repaid in
accordance with Section 2.07 and shall be payable by the Company.

                  SECTION 2.03. Competitive Bid Procedure. (a) In order to
request Competitive Bids, a Borrower shall hand deliver or telecopy to the
Administrative Agent a duly completed Competitive Bid Request in the form of
Exhibit A-1 hereto, to be received by the Administrative Agent (i) in the case
of a Eurodollar Competitive Borrowing, not later than 10:00 a.m., New York City
time, four Business Days before a proposed Competitive Borrowing and (ii) in the
case of a Fixed Rate Borrowing, not later than 10:00 a.m., New York City time,
one Business Day before a proposed Competitive Borrowing. No ABR Loan shall be
requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid
Request that does not conform substantially to the format of Exhibit A-1 may be
rejected in the Administrative Agent's sole discretion, and the Administrative
Agent shall promptly notify the applicable Borrower of such rejection by
telecopy. Each Competitive Bid Request shall refer to this Agreement and specify
whether the Borrowing then being requested is to be a Eurodollar Borrowing or a
Fixed Rate Borrowing, the date of such Borrowing (which shall be a Business
Day), the aggregate principal amount thereof, which shall be in a minimum
principal amount of $5,000,000 and in an integral multiple of $1,000,000, and
the Interest Period with respect thereto (which may not end after the Maturity
Date). Promptly after its receipt of a Competitive Bid Request that is not
rejected as aforesaid, the Administrative
<PAGE>   19
                                                                              14

Agent shall invite by telecopy (in the form set forth in Exhibit A-2 hereto) the
Lenders to bid, on the terms and conditions of this Agreement, to make
Competitive Loans.

                  (b) Each Lender invited to bid may, in its sole discretion,
make one or more Competitive Bids to the applicable Borrower responsive to such
Borrower's Competitive Bid Request. Each Competitive Bid by a Lender must be
received by the Administrative Agent by telecopy, in the form of Exhibit A-3
hereto, (i) in the case of a Eurodollar Competitive Borrowing, not later than
9:30 a.m., New York City time, three Business Days before a proposed Competitive
Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 9:30
a.m., New York City time, on the day of a proposed Competitive Borrowing.
Multiple bids will be accepted by the Administrative Agent. Competitive Bids
that do not conform substantially to the format of Exhibit A-3 may be rejected
by the Administrative Agent, and the Administrative Agent shall notify the
Lender making such nonconforming bid of such rejection as soon as practicable.
Each Competitive Bid shall refer to this Agreement and specify (x) the principal
amount (which shall be in a minimum principal amount of $5,000,000 and in an
integral multiple of $1,000,000 and which may equal the entire principal amount
of the Competitive Borrowing requested) of the Competitive Loan or Loans that
the Lender is willing to make, (y) the Competitive Bid Rate or Rates at which
the Lender is prepared to make the Competitive Loan or Loans and (z) the
Interest Period and the last day thereof. If any Lender invited to bid shall
elect not to make a Competitive Bid, such Lender shall so notify the
Administrative Agent by telecopy (I) in the case of Eurodollar Competitive
Loans, not later than 9:30 a.m., New York City time, three Business Days before
a proposed Competitive Borrowing, and (II) in the case of Fixed Rate Loans, not
later than 9:30 a.m., New York City time, on the day of a proposed Competitive
Borrowing; provided, however, that failure by any Lender to give such notice
shall not cause such Lender to be obligated to make any Competitive Loan as part
of such Competitive Borrowing. A Competitive Bid submitted by a Lender pursuant
to this paragraph (b) shall be irrevocable.

                  (c) The Administrative Agent shall promptly notify the
applicable Borrower, by telecopy, of all the Competitive Bids made, the
Competitive Bid Rate and the principal amount of each Competitive Loan in
respect of which a Competitive Bid was made and the identity of the Lender that
made each bid. The Administrative Agent shall send a copy of all Competitive
Bids to such Borrower for its records as soon as practicable after completion of
the bidding process set forth in this Section 2.03.

                  (d) The applicable Borrower may in its sole and absolute
discretion, subject only to the provisions of this paragraph (d), accept or
reject any Competitive Bid referred to in paragraph (c) above. Such Borrower
shall notify the Administrative Agent by telephone, confirmed by telecopy in the
form of a Competitive Bid Accept/Reject Letter, whether and to what extent it
has decided to accept or reject any of or all the bids referred to in paragraph
(c) above, (x) in the case of a Eurodollar Competitive Borrowing, not later than
10:30 a.m., New York City time, three Business Days before a proposed
Competitive Borrowing, and (y) in the case of a Fixed Rate Borrowing, not later
than 10:30 a.m., New York City time, on the day of a proposed Competitive
Borrowing; provided, however, that (i) the failure of such Borrower to give such
notice shall be deemed to be a rejection of all the bids referred to in
paragraph (c) above, (ii) such Borrower shall not accept a bid made at a
particular Competitive Bid Rate if it has decided to reject a bid made at a
lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive
<PAGE>   20
                                                                              15

Bids accepted by such Borrower shall not exceed the principal amount specified
in the Competitive Bid Request, (iv) if such Borrower shall accept a bid or bids
made at a particular Competitive Bid Rate but the amount of such bid or bids
shall cause the total amount of bids to be accepted to exceed the amount
specified in the Competitive Bid Request, then such Borrower shall accept a
portion of such bid or bids in an amount equal to the amount specified in the
Competitive Bid Request less the amount of all other Competitive Bids accepted
with respect to such Competitive Bid Request, which acceptance, in the case of
multiple bids at such Competitive Bid Rate, shall be made pro rata in accordance
with the amount of each such bid at such Competitive Bid Rate, and (v) except
pursuant to clause (iv) above, no bid shall be accepted for a Competitive Loan
unless such Competitive Loan is in a minimum principal amount of $5,000,000 and
an integral multiple of $1,000,000; provided further, however, that if a
Competitive Loan must be in an amount less than $5,000,000 because of the
provisions of clause (iv) above, such Competitive Loan may be for a minimum of
$1,000,000 or any integral multiple thereof, and in calculating the pro rata
allocation of acceptances of portions of multiple bids at a particular
Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to
integral multiples of $1,000,000 in a manner which shall be in the discretion of
the applicable Borrower. A notice given pursuant to this paragraph (d) shall be
irrevocable.

                  (e) The Administrative Agent shall promptly notify each
bidding Lender whether or not its Competitive Bid has been accepted (and if so,
in what amount and at what Competitive Bid Rate) by telecopy, and each
successful bidder will thereupon become bound, subject to the other applicable
conditions hereof, to make the Competitive Loan or Loans in respect of which its
bid has been accepted.

                  (f) A Competitive Bid Request shall not be made within five
Business Days after the date of any previous Competitive Bid Request.

                  (g) If the Administrative Agent shall elect to submit a
Competitive Bid in its capacity as a Lender, it shall submit such bid directly
to the applicable Borrower one quarter of an hour earlier than the latest time
at which the other Lenders are required to submit their bids to the
Administrative Agent pursuant to paragraph (b) above.

                  (h)  All notices required by this Section 2.03 shall be given
in accordance with Section 9.01.

                  SECTION 2.04. Standby Borrowing Procedure. In order to request
a Standby Borrowing, a Borrower shall hand deliver or telecopy to the
Administrative Agent a duly completed Standby Borrowing Request in the form of
Exhibit A-5 (a) in the case of a Eurodollar Standby Borrowing, not later than
10:30 a.m., New York City time, three Business Days before such Borrowing, and
(b) in the case of an ABR Borrowing, not later than 10:30 a.m., New York City
time, on the day of such Borrowing. No Fixed Rate Loan shall be requested or
made pursuant to a Standby Borrowing Request. Such notice shall be irrevocable
and shall in each case specify (i) whether the Borrowing then being requested is
to be a Eurodollar Standby Borrowing or an ABR Borrowing; (ii) the date of such
Standby Borrowing (which shall be a Business Day) and the amount thereof; and
(iii) if such Borrowing is to be a Eurodollar Standby Borrowing, the Interest
Period with respect thereto, which shall not end after the Maturity Date. If no
election as to the
<PAGE>   21
                                                                              16

Type of Standby Borrowing is specified in any such notice, then the requested
Standby Borrowing shall be an ABR Borrowing. If no Interest Period with respect
to any Eurodollar Standby Borrowing is specified in any such notice, then the
Borrower shall be deemed to have selected an Interest Period of one month's
duration. Notwithstanding any other provision of this Agreement to the contrary,
no Standby Borrowing shall be requested if the Interest Period with respect
thereto would end after the Maturity Date. The Administrative Agent shall
promptly advise the Lenders of any notice given pursuant to this Section 2.04
and of each Lender's portion of the requested Borrowing.

                  SECTION 2.05. Facility Fees. (a) The Company agrees to pay to
each Lender, through the Administrative Agent, on each March 31, June 30,
September 30 and December 31 (with the first payment being due on March 31,
2001), on the Maturity Date and on the date on which the Commitment of such
Lender shall be terminated as provided herein, a facility fee (a "Facility
Fee"), at a rate per annum equal to the Applicable Percentage from time to time
in effect on the average daily amount of the Commitment of such Lender, whether
used or unused, during the preceding quarter (or other period commencing on the
date of this Agreement, or ending with the Maturity Date or the date on which
the Commitment of such Lender shall be terminated). All Facility Fees shall be
computed on the basis of the actual number of days elapsed in a year of 360
days. The Facility Fee due to each Lender shall commence to accrue on the date
of this Agreement, and shall cease to accrue on the earlier of the Maturity Date
and the date on which the Commitment of such Lender shall have been terminated
and the Loans of such Lender shall have been repaid.

                  (b) All Facility Fees shall be paid on the dates due, in
immediately available funds, to the Administrative Agent for distribution, if
and as appropriate, among the Lenders. Once paid, none of the Facility Fees
shall be refundable under any circumstances.

                  SECTION 2.06. Conversion and Continuation of Standby
Borrowings. The applicable Borrower shall have the right, upon prior irrevocable
notice to the Administrative Agent, (a) not later than 11:00 a.m., New York City
time, one Business Day prior to conversion, to convert any Eurodollar Standby
Borrowing into an ABR Borrowing, (b) not later than 11:00 a.m., New York City
time, three Business Days prior to conversion or continuation, to convert any
ABR Borrowing into a Eurodollar Standby Borrowing or to continue any Eurodollar
Standby Borrowing as a Eurodollar Standby Borrowing for an additional Interest
Period, and (c) not later than 11:00 a.m., New York City time, three Business
Days prior to conversion, to convert the Interest Period with respect to any
Eurodollar Standby Borrowing to another permissible Interest Period subject in
each case to the following:

                  (i) each conversion or continuation shall be made pro rata
         among the Lenders in accordance with the respective principal amounts
         of the Loans comprising the converted or continued Standby Borrowing;

                (ii) if less than all the outstanding principal amount of any
         Standby Borrowing shall be converted or continued, the aggregate
         principal amount of such Standby Borrowing converted or continued shall
         be an integral multiple of $1,000,000 and not less than $5,000,000;
<PAGE>   22
                                                                              17

              (iii) if any Eurodollar Standby Borrowing is converted at a time
         other than the end of the Interest Period applicable thereto, the
         applicable Borrower shall pay, upon demand, any amounts due to the
         Lenders pursuant to Section 2.15;

                (iv) any portion of a Standby Borrowing maturing or required to
         be repaid in less than one month may not be converted into or continued
         as a Eurodollar Standby Borrowing;

                  (v) any portion of a Eurodollar Standby Borrowing which cannot
         be converted into or continued as a Eurodollar Standby Borrowing by
         reason of clause (iv) above shall be automatically converted at the end
         of the Interest Period in effect for such Borrowing into an ABR
         Borrowing; and

              (vi) no Interest Period may be selected for any Eurodollar Standby
         Borrowing that would end later than the Maturity Date.

                  Each notice pursuant to this Section 2.06 shall be by hand
delivery or telecopier and irrevocable and shall refer to this Agreement and
specify (A) the identity and amount of the Standby Borrowing that the Borrower
requests be converted or continued, (B) whether such Standby Borrowing is to be
converted to or continued as a Eurodollar Standby Borrowing or an ABR Borrowing,
(C) if such notice requests a conversion, the date of such conversion (which
shall be a Business Day) and (D) if such Standby Borrowing is to be converted to
or continued as a Eurodollar Standby Borrowing, the Interest Period with respect
thereto. If no Interest Period is specified in any such notice with respect to
any conversion to or continuation as a Eurodollar Standby Borrowing, the
Borrower shall be deemed to have selected an Interest Period of one month's
duration. The Administrative Agent shall advise the other Lenders of any notice
given pursuant to this Section 2.06 and of each Lender's portion of any
converted or continued Standby Borrowing. If, with respect to any Interest
Period ending on or after the Termination Date, the applicable Borrower shall
not have given notice in accordance with this Section 2.06 to continue any
Standby Borrowing into a subsequent Interest Period (and shall not otherwise
have given notice in accordance with this Section 2.06 to convert such Standby
Borrowing), such Standby Borrowing shall, at the end of such Interest Period
(unless repaid pursuant to the terms hereof), automatically be continued into
such subsequent Interest Period as an ABR Borrowing.

                  SECTION 2.07 Repayment of Loans; Evidence of Debt. (a) Each
Borrower hereby agrees that the outstanding principal balance of each Standby
Loan shall be payable on the Maturity Date and that the outstanding principal
balance of each Competitive Loan shall be payable on the last day of the
Interest Period applicable thereto. Each Loan shall bear interest on the
outstanding principal balance thereof as set forth in Section 2.08.

                  (b) Each Lender shall maintain in accordance with its usual
practice an account or accounts evidencing the indebtedness to such Lender
resulting from each Loan made by such Lender from time to time, including the
amounts of principal and interest payable and paid such Lender from time to time
under this Agreement.
<PAGE>   23
                                                                              18

                  (c) The Administrative Agent shall maintain accounts in which
it will record (i) the amount of each Loan made hereunder, the Type of each Loan
made and the Interest Period applicable thereto, (ii) the amount of any
principal or interest due and payable or to become due and payable from each
Borrower to each Lender hereunder and (iii) the amount of any sum received by
the Administrative Agent hereunder from each Borrower and each Lender's share
thereof.

                  (d) The entries made in the accounts maintained pursuant to
paragraphs (b) and (c) of this Section 2.07 shall, to the extent permitted by
applicable law, be prima facie evidence of the existence and amounts of the
obligations therein recorded; provided, however, that the failure of any Lender
or the Administrative Agent to maintain such accounts or any error therein shall
not in any manner affect the obligations of the Borrowers to repay the Loans in
accordance with their terms.

                  SECTION 2.08. Interest on Loans. (a) Subject to the provisions
of Section 2.09, the Loans comprising each Eurodollar Borrowing shall bear
interest (computed on the basis of the actual number of days elapsed over a year
of 360 days) at a rate per annum equal to (i) in the case of each Eurodollar
Standby Loan, the LIBO Rate for the Interest Period in effect for such Borrowing
plus the Applicable Percentage from time to time in effect plus an additional
 .125% per annum on any day on which (A) the sum of (1) the outstanding aggregate
principal amount of all Standby Loans made by all Lenders plus (2) the
outstanding aggregate principal amount of all Competitive Loans made by all
Lenders exceeds (B) 33% of the Total Commitment and (ii) in the case of each
Eurodollar Competitive Loan, the LIBO Rate for the Interest Period in effect for
such Borrowing plus the Margin offered by the Lender making such Loan and
accepted by the applicable Borrower pursuant to Section 2.03.

                  (b) Subject to the provisions of Section 2.09, the Loans
comprising each ABR Borrowing shall bear interest (computed on the basis of the
actual number of days elapsed over a year of 365 or 366 days, as the case may
be, for periods during which the Alternate Base Rate is determined by reference
to the Prime Rate and 360 days for other periods) at a rate per annum equal to
the Alternate Base Rate.

                  (c) Subject to the provisions of Section 2.09, each Fixed Rate
Loan shall bear interest at a rate per annum (computed on the basis of the
actual number of days elapsed over a year of 360 days) equal to the fixed rate
of interest offered by the Lender making such Loan and accepted by the Borrower
pursuant to Section 2.03.

                  (d) Interest on each Loan shall be payable on each Interest
Payment Date applicable to such Loan except as otherwise provided in this
Agreement. The applicable LIBO Rate or Alternate Base Rate for each Interest
Period or day within an Interest Period, as the case may be, shall be determined
by the Administrative Agent, and such determination shall be conclusive absent
manifest error.

                  SECTION 2.09.  Default Interest.  If a Borrower shall default
in the payment of the principal of or interest on any Loan or any other amount
becoming due hereunder, whether by scheduled maturity, notice of prepayment,
acceleration or otherwise, such Borrower shall owe
<PAGE>   24
                                                                              19

interest, payable on demand, to the extent permitted by law, on such defaulted
amount up to (but not including) the date of actual payment (after as well as
before judgment) at a rate per annum (computed as provided in Section 2.08(b))
equal to the Alternate Base Rate plus 2%.

                  SECTION 2.10. Alternate Rate of Interest. (a) In the event,
and on each occasion, that on the day two Business Days prior to the
commencement of any Interest Period for a Eurodollar Borrowing the
Administrative Agent shall have determined (i) that dollar deposits in the
principal amounts of the Eurodollar Loans comprising such Borrowing are not
generally available in the London interbank market or (ii) that reasonable means
do not exist for ascertaining the LIBO Rate, the Administrative Agent shall, as
soon as practicable thereafter, give telecopy notice of such determination to
the Borrowers and the Lenders. In the event of any such determination under
clauses (i) or (ii) above, until the Administrative Agent shall have advised the
Borrowers and the Lenders that the circumstances giving rise to such notice no
longer exist, (x) any request by a Borrower for a Eurodollar Competitive
Borrowing pursuant to Section 2.03 shall be of no force and effect and shall be
denied by the Administrative Agent and (y) any request by a Borrower for a
Eurodollar Standby Borrowing pursuant to Section 2.04 shall be deemed to be a
request for an ABR Borrowing.

                  (b) In the event a Lender notifies the Administrative Agent
that the rates at which dollar deposits are being offered will not adequately
and fairly reflect the cost to such Lender of making or maintaining its
Eurodollar Loan during such Interest Period, the Administrative Agent shall
notify the applicable Borrower of such notice and until the Lender shall have
advised the Administrative Agent that the circumstances giving rise to such
notice no longer exist, any request by such Borrower for a Eurodollar Standby
Borrowing shall be deemed a request for an ABR Borrowing for the same Interest
Period with respect to such Lender.

                  (c) Each determination by the Administrative Agent hereunder
shall be made in good faith and shall be conclusive absent manifest error.

                  SECTION 2.11.  Termination and Reduction of Commitments.  (a)
The Commitments shall be automatically terminated on the Maturity Date.

                  (b) Upon at least three Business Days' prior irrevocable
telecopy notice to the Administrative Agent, the Company may at any time in
whole permanently terminate, or from time to time in part permanently reduce,
the Total Commitment; provided, however, that (i) each partial reduction of the
Total Commitment shall be in an integral multiple of $1,000,000 and in a minimum
principal amount of $5,000,000 and (ii) no such termination or reduction shall
be made which would reduce the Total Commitment to an amount less than the
aggregate outstanding principal amount of the Loans.

                  (c) Each reduction in the Total Commitment hereunder shall be
made ratably among the Lenders in accordance with their respective Commitments.
The Company shall pay to the Administrative Agent for the account of the
Lenders, on each date of reduction of any portion of the Total Commitment, the
Facility Fees on the amount of the Commitments so terminated accrued through the
date of such termination or reduction.
<PAGE>   25
                                                                              20

                  SECTION 2.12. Prepayment. (a) Each Borrower shall have the
right at any time and from time to time to prepay any Standby Borrowing, in
whole or in part, upon giving telecopy notice (or telephone notice promptly
confirmed by telecopy) to the Administrative Agent: (i) before 10:00 a.m., New
York City time, three Business Days prior to prepayment, in the case of
Eurodollar Loans, and (ii) before 10:00 a.m., New York City time, one Business
Day prior to prepayment, in the case of ABR Loans; provided, however, that each
partial prepayment shall be in an amount which is an integral multiple of
$1,000,000 and not less than $5,000,000. No prepayment may be made in respect of
any Competitive Borrowing.

                  (b) On the date of any termination or reduction of the
Commitments pursuant to Section 2.11(b), the Borrowers shall pay or prepay so
much of the Standby Borrowings as shall be necessary in order that the aggregate
principal amount of the Competitive Loans and Standby Loans outstanding will not
exceed the Total Commitment, after giving effect to such termination or
reduction.

                  (c) Each notice of prepayment shall specify the prepayment
date and the principal amount of each Borrowing (or portion thereof) to be
prepaid, shall be irrevocable and shall commit the applicable Borrower to prepay
such Borrowing (or portion thereof) by the amount stated therein on the date
stated therein. All prepayments under this Section 2.12 shall be subject to
Section 2.15 but otherwise without premium or penalty. All prepayments under
this Section 2.12 shall be accompanied by accrued interest on the principal
amount being prepaid to the date of payment.

                  SECTION 2.13. Reserve Requirements; Change in Circumstances.
(a) Notwithstanding any other provision herein, if after the date of this
Agreement any change in applicable law or regulation or in the interpretation or
administration thereof by any Governmental Authority charged with the
interpretation or administration thereof (whether or not having the force of
law) shall result in the imposition, modification or applicability of any
reserve, special deposit or similar requirement against assets of, deposits with
or for the account of or credit extended by any Lender, or shall result in the
imposition on any Lender or the London interbank market of any other condition
affecting this Agreement, such Lender's Commitment or any Eurodollar Loan or
Fixed Rate Loan made by such Lender, and the result of any of the foregoing
shall be to increase the cost to such Lender of making or maintaining any
Eurodollar Loan or Fixed Rate Loan or to reduce the amount of any sum received
or receivable by such Lender with respect to any Eurodollar Loan or Fixed Rate
Loan hereunder (whether of principal, interest or otherwise) by an amount deemed
by such Lender to be material, then such additional amount or amounts as will
compensate such Lender for such additional costs or reduction will be paid by
the Borrowers to such Lender upon demand. Notwithstanding the foregoing, no
Lender shall be entitled to request compensation under this paragraph with
respect to any Competitive Loan if the change giving rise to such request was
applicable to such Lender at the time of submission of the Competitive Bid
pursuant to which such Competitive Loan was made.

                  (b) If any Lender shall have determined that the adoption
after the date hereof of any law, rule, regulation or guideline arising out of
the July 1988 report of the Basle Committee on Banking Regulations and
Supervisory Practices entitled "International Convergence of Capital Measurement
and Capital Standards," or the adoption after the date hereof of any other law,
rule,
<PAGE>   26
                                                                              21

regulation or guideline regarding capital adequacy, or any change in any of the
foregoing or in the interpretation or administration of any of the foregoing by
any Governmental Authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by any Lender or any
entity controlling a Lender (or any lending office of such Lender or entity
controlling such Lender) with any request or directive regarding capital
adequacy (whether or not having the force of law) of any such authority, central
bank or comparable agency, has or would have the effect of reducing the rate of
return on such Lender's capital (or the capital of an entity controlling such
Lender) as a consequence of this Agreement, such Lender's Commitment or the
Loans made by such Lender pursuant hereto to a level below that which such
Lender could have achieved but for such adoption, change or compliance (taking
into consideration such Lender's policies with respect to capital adequacy) by
an amount deemed by such Lender to be material, then from time to time such
additional amount or amounts as will compensate such Lender for such reduction
will be paid by the Borrowers to such Lender.

                  (c) A certificate of each Lender setting forth such amount or
amounts as shall be necessary to compensate such Lender as specified in
paragraph (a) or (b) above, as the case may be, shall be delivered to the
Company promptly by such Lender upon becoming aware of any costs pursuant to
paragraphs (a) or (b) above and shall be conclusive absent manifest error. The
Company shall pay each Lender the amount shown as due on any such certificate
delivered by it within 10 days after its receipt of the same.

                  (d) Failure on the part of any Lender to demand compensation
for any increased costs or reduction in amounts received or receivable or
reduction in return on capital with respect to any period shall not constitute a
waiver of such Lender's right to demand compensation with respect to such period
or any other period. The protection of this Section shall be available to each
Lender regardless of any possible contention of the invalidity or
inapplicability of the law, rule, regulation, guideline or other change or
condition which shall have occurred or been imposed. No Lender shall be entitled
to compensation under this Section 2.13 for any costs incurred or reduction
suffered with respect to any date unless such Lender shall have notified the
Company that it will demand compensation for such costs or reductions not more
than 90 days after the later of (i) such date and (ii) the date on which such
Lender shall have become aware of such costs or reductions. Notwithstanding any
other provision of this Section 2.13, no Lender shall demand compensation for
any increased cost or reduction referred to above if it shall not at the time be
the general policy or practice of such Lender to demand such compensation in
similar circumstances under comparable provisions of other credit agreements, if
any.

                  SECTION 2.14. Change in Legality. (a) Notwithstanding any
other provision herein, if any change in any law or regulation or in the
interpretation thereof by any Governmental Authority charged with the
administration or interpretation thereof shall make it unlawful for any Lender
to make or maintain any Eurodollar Loan or to give effect to its obligations as
contemplated hereby with respect to any Eurodollar Loan, then, by written notice
to the Company and to the Administrative Agent, such Lender may:

                  (i) declare that Eurodollar Loans will not thereafter be made
         by such Lender hereunder, whereupon such Lender shall not submit a
         Competitive Bid in response to a request for Eurodollar Competitive
         Loans and any request for a Eurodollar Standby
<PAGE>   27
                                                                              22

         Borrowing shall, as to such Lender only, be deemed a request for an ABR
         Loan unless such declaration shall be subsequently withdrawn; and

                  (ii) require that all outstanding Eurodollar Loans made by it
         be converted to ABR Loans, in which event all such Eurodollar Loans
         shall be automatically converted to ABR Loans as of the effective date
         of such notice as provided in paragraph (b) below.

In the event any Lender shall exercise its rights under (i) or (ii) above, all
payments and prepayments of principal which would otherwise have been applied to
repay the Eurodollar Loans that would have been made by such Lender or the
converted Eurodollar Loans of such Lender shall instead be applied to repay the
ABR Loans made by such Lender in lieu of, or resulting from the conversion of,
such Eurodollar Loans.

                  (b) For purposes of this Section 2.14, a notice by any Lender
shall be effective as to each Eurodollar Loan, if lawful, on the last day of the
Interest Period currently applicable to such Eurodollar Loan; in all other cases
such notice shall be effective on the date of receipt.

                  SECTION 2.15.  Indemnity.  The Borrowers shall indemnify each
Lender against any out-of-pocket loss or expense which such Lender may sustain
or incur as a consequence of (a) any failure to borrow or to refinance any Loan
hereunder after irrevocable notice of such borrowing or refinancing has been
given pursuant to Section 2.03 or 2.04, (b) any payment, prepayment or
conversion, or assignment required under Section 2.19, of a Eurodollar Loan
required by any other provision of this Agreement (other than Section 2.14) or
otherwise made or deemed made on a date other than the last day of the Interest
Period, if any, applicable thereto, (c) any default in payment or prepayment of
the principal amount of any Loan or any part thereof or interest accrued
thereon, as and when due and payable (at the due date thereof, whether by
scheduled maturity, acceleration, irrevocable notice of prepayment or otherwise)
or (d) the occurrence of any Event of Default, including, in each such case, any
loss or reasonable expense sustained or incurred or to be sustained or incurred
in liquidating or employing deposits from third parties acquired to effect or
maintain such Loan or any part thereof as a Eurodollar Loan or a Fixed Rate
Loan. Such loss or reasonable expense shall include an amount equal to the
excess, if any, as reasonably determined by such Lender, of (i) its cost of
obtaining the funds for the Loan being paid, prepaid, refinanced or not borrowed
or so assigned (assumed to be the LIBO Rate applicable thereto or, in the case
of a Fixed Rate Loan, the fixed rate of interest applicable thereto) for the
period from the date of such payment, prepayment, refinancing or failure to
borrow or refinance or such assignment, to the last day of the Interest Period
for such Loan (or, in the case of a failure to borrow or refinance the Interest
Period for such Loan which would have commenced on the date of such failure)
over (ii) the amount of interest (as reasonably determined by such Lender) that
would be realized by such Lender in reemploying in similar investments the funds
so paid, prepaid or not borrowed or refinanced or so assigned for the remainder
of such period or Interest Period, as the case may be. A certificate of any
Lender setting forth any amount or amounts which such Lender is entitled to
receive pursuant to this Section 2.15 shall be delivered to the Borrowers and
shall be conclusive absent manifest error.

                  SECTION 2.16. Pro Rata Treatment. Except as required under
Section 2.13, each payment or prepayment of principal of any Standby Borrowing,
each payment of interest on
<PAGE>   28
                                                                              23

the Standby Loans, each payment of the Facility Fees, each reduction of the
Commitments and each refinancing of any Borrowing with a Standby Borrowing of
any Type, shall be allocated pro rata among the Lenders in accordance with their
respective Commitments (or, if such Commitments shall have expired or been
terminated, in accordance with the respective principal amounts of their
outstanding Standby Loans). Each payment of principal of any Competitive
Borrowing shall be allocated pro rata among the Lenders participating in such
Borrowing in accordance with the respective principal amounts of their
outstanding Competitive Loans comprising such Borrowing. Each payment of
interest on any Competitive Borrowing shall be allocated pro rata among the
Lenders participating in such Borrowing in accordance with the respective
amounts of accrued and unpaid interest on their outstanding Competitive Loans
comprising such Borrowing. For purposes of determining the available Commitments
of the Lenders at any time, each outstanding Competitive Borrowing shall be
deemed to have utilized the Commitments of the Lenders (including those Lenders
which shall not have made Loans as part of such Competitive Borrowing) pro rata
in accordance with such respective Commitments. Each Lender agrees that in
computing such Lender's portion of any Borrowing to be made hereunder, the
Administrative Agent may, in its discretion, round each Lender's percentage of
such Borrowing to the next higher or lower whole dollar amount.

                  SECTION 2.17. Sharing of Setoffs. Each Lender agrees that if
it shall, through the exercise of a right of banker's lien, setoff or
counterclaim, or pursuant to a secured claim under Section 506 of Title 11 of
the United States Code or other security or interest arising from, or in lieu
of, such secured claim, received by such Lender under any applicable bankruptcy,
insolvency or other similar law or otherwise, or by any other means, obtain
payment (voluntary or involuntary) in respect of any Standby Loan or Loans as a
result of which the unpaid principal portion of its Standby Loans shall be
proportionately less than the unpaid principal portion of the Standby Loans of
any other Lender, it shall be deemed simultaneously to have purchased from such
other Lender at face value, and shall promptly pay to such other Lender the
purchase price for, a participation in the Standby Loans of such other Lender,
so that the aggregate unpaid principal amount of the Standby Loans and
participations in the Standby Loans held by each Lender shall be in the same
proportion to the aggregate unpaid principal amount of all Standby Loans then
outstanding as the principal amount of its Standby Loans prior to such exercise
of banker's lien, setoff or counterclaim or other event was to the principal
amount of all Standby Loans outstanding prior to such exercise of banker's lien,
setoff or counterclaim or other event; provided, however, that, if any such
purchase or purchases or adjustments shall be made pursuant to this Section 2.17
and the payment giving rise thereto shall thereafter be recovered, such purchase
or purchases or adjustments shall be rescinded to the extent of such recovery
and the purchase price or prices or adjustment restored without interest. Any
Lender holding a participation in a Standby Loan deemed to have been so
purchased may exercise any and all rights of banker's lien, setoff or
counterclaim with respect to any and all moneys owing to such Lender by reason
thereof as fully as if such Lender had made a Standby Loan in the amount of such
participation.

                  SECTION 2.18.  Payments.  (a)  The Borrowers shall make each
payment (including principal of or interest on any Borrowing and any Facility
Fees or other amounts) hereunder from an account in the United States not later
than 12:00 noon, New York City time, on the date when due in dollars to the
Administrative Agent at its offices at 270 Park Avenue,
<PAGE>   29
                                                                              24

New York, New York, in immediately available funds, without setoff, counterclaim
or other deductions.

                  (b) Whenever any payment (including principal of or interest
on any Borrowing or any Facility Fees or other amounts) hereunder shall become
due, or otherwise would occur, on a day that is not a Business Day, such payment
may be made on the next succeeding Business Day, and such extension of time
shall in such case be included in the computation of interest or Facility Fees,
if applicable.

                  SECTION 2.19. Duty to Mitigate; Assignment of Commitments
Under Certain Circumstances. (a) Any Lender (or Transferee) claiming any
additional amounts payable pursuant to Section 2.13 or Section 2.20 or
exercising its rights under Section 2.14 shall use reasonable efforts
(consistent with legal and regulatory restrictions) to file any certificate or
document requested by the Company or to change the jurisdiction of its
applicable lending office if the making of such a filing or change would avoid
the need for or reduce the amount of any such additional amounts which may
thereafter accrue or avoid the circumstances giving rise to such exercise and
would not, in the sole determination of such Lender (or Transferee), be
otherwise disadvantageous to such Lender (or Transferee).

                  (b) In the event that any Lender shall have delivered a notice
or certificate pursuant to Section 2.10(b), 2.13 or 2.14, or the Borrower shall
be required to make additional payments to any Lender under Section 2.20, the
Company shall have the right, at its own expense (which shall include the
processing and recordation fee referred to in Section 9.04(b)), upon notice to
such Lender and the Administrative Agent, to require such Lender to transfer and
assign without recourse (in accordance with and subject to the restrictions
contained in Section 9.04) all interests, rights and obligations contained
hereunder to another financial institution approved by the Administrative Agent
(which approval shall not be unreasonably withheld) which shall assume such
obligations; provided that (i) no such assignment shall conflict with any law,
rule or regulation or order of any Governmental Authority and (ii) the assignee
or the Borrowers, as the case may be, shall pay to the affected Lender in
immediately available funds on the date of such assignment the principal of and
interest accrued to the date of payment on the Loans made by it hereunder and
all other amounts accrued for its account or owed to it hereunder.

                  SECTION 2.20.  Taxes.  (a)  Any and all payments to the
Lenders hereunder shall be made, in accordance with Section 2.18, free and clear
of and without deduction for any and all current or future taxes, levies,
imposts, deductions, charges or withholdings, and all liabilities with respect
thereto, excluding (i) income taxes imposed on the net income of the
Administrative Agent or any Lender (or any transferee or assignee thereof,
including a participation holder (any such entity a "Transferee")) and (ii)
franchise taxes imposed on the net income of the Administrative Agent or any
Lender (or Transferee), in each case by the jurisdiction under the laws of which
the Administrative Agent or such Lender (or Transferee) is organized or any
political subdivision thereof (all such nonexcluded taxes, levies, imposts,
deductions, charges, withholdings and liabilities, collectively or individually,
"Taxes"). If any Borrower shall be required to deduct any Taxes from or in
respect of any sum payable hereunder to any Lender (or any Transferee) or the
Administrative Agent, (i) the sum payable shall be increased by the amount (an
"additional amount") necessary so that after making all required deductions
(including
<PAGE>   30
                                                                              25

deductions applicable to additional sums payable under this Section 2.20) such
Lender (or Transferee) or the Administrative Agent (as the case may be) shall
receive an amount equal to the sum it would have received had no such deductions
been made, (ii) such Borrower shall make such deductions and (iii) such Borrower
shall pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law.

                  (b) In addition, the Borrowers shall pay to the relevant
Governmental Authority in accordance with applicable law any current or future
stamp or documentary taxes or any other excise or property taxes, charges or
similar levies that arise from any payment made hereunder or from the execution,
delivery or registration of, or otherwise with respect to, this Agreement
("Other Taxes").

                  (c) The Borrowers shall indemnify each Lender (or Transferee)
and the Administrative Agent for the full amount of Taxes and Other Taxes paid
by such Lender (or Transferee) or the Administrative Agent, as the case may be,
and any liability (including penalties, interest and expenses (including
reasonable attorney's fees and expenses)) arising therefrom or with respect
thereto. A certificate as to the amount of such payment or liability prepared by
a Lender, or the Administrative Agent on its behalf, absent manifest error,
shall be final, conclusive and binding for all purposes. Such indemnification
shall be made within 30 days after the date the Lender (or Transferee) or the
Administrative Agent, as the case may be, makes written demand therefor.

                  (d) If a Lender (or Transferee) or the Administrative Agent
shall become aware that it is entitled to claim a refund from a Governmental
Authority in respect of Taxes or Other Taxes as to which it has been indemnified
by the Borrowers, or with respect to which the Borrowers have paid additional
amounts, pursuant to this Section 2.20, it shall promptly notify the Borrowers
of the availability of such refund claim and shall, within 30 days after receipt
of a request by the Borrowers, make a claim to such Governmental Authority for
such refund at the Borrowers' expense. If a Lender (or Transferee) or the
Administrative Agent receives a refund (including pursuant to a claim for refund
made pursuant to the preceding sentence) in respect of any Taxes or Other Taxes
as to which it has been indemnified by the Borrowers or with respect to which
the Borrowers have paid additional amounts pursuant to this Section 2.20, it
shall within 30 days from the date of such receipt pay over such refund to the
Borrowers (but only to the extent of indemnity payments made, or additional
amounts paid, by the Borrowers under this Section 2.20 with respect to the Taxes
or Other Taxes giving rise to such refund), without interest (other than
interest paid by the relevant Governmental Authority with respect to such
refund); provided, however, that the Borrowers, upon the request of such Lender
(or Transferee) or the Administrative Agent, agree to repay the amount paid over
to the Borrowers (plus penalties, interest or other charges) to such Lender (or
Transferee) or the Administrative Agent in the event such Lender (or Transferee)
or the Administrative Agent is required to repay such refund to such Govern-
mental Authority.

                  (e) As soon as practicable after the date of any payment of
Taxes or Other Taxes by the Borrowers to the relevant Governmental Authority,
the Borrowers will deliver to the Administrative Agent, at its address referred
to in Section 9.01, the original or a certified copy of a receipt issued by such
Governmental Authority evidencing payment thereof.
<PAGE>   31
                                                                              26

                  (f) Without prejudice to the survival of any other agreement
contained herein, the agreements and obligations contained in this Section 2.20
shall survive the payment in full of the principal of and interest on all Loans
made hereunder for a period of 3 years.

                  (g) Each Non-U.S. Lender shall deliver to the Company and the
Administrative Agent two copies of either United States Internal Revenue Service
Form W-8BEN or Form W-8ECI, or, in the case of a Non-U.S. Lender claiming
exemption from U.S. Federal withholding tax under Section 871(h) or 881(c) of
the Code with respect to payments of "portfolio interest", a Form W-8, or any
subsequent versions thereof or successors thereto (and, if such Non-U.S. Lender
delivers a Form W-8, a certificate representing that such Non-U.S. Lender is not
a bank for purposes of Section 881(c) of the Code, is not a 10-percent
shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of the
Company and is not a controlled foreign corporation related to the Company
(within the meaning of Section 864(d)(4) of the Code)), properly completed and
duly executed by such Non-U.S. Lender claiming complete exemption from, or
reduced rate of, U.S. Federal withholding tax on payments by the Company under
this Agreement. Such forms shall be delivered by each Non-U.S. Lender on or
before the date it becomes a party to this Agreement (or, in the case of a
Transferee that is a participation holder, on or before the date such
participation holder becomes a Transferee hereunder) and on or before the date,
if any, such Non-U.S. Lender changes its applicable lending office by
designating a different lending office (a "New Lending Office"). In addition,
each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or
invalidity of any form previously delivered by such Non-U.S. Lender.
Notwithstanding any other provision of this Section 2.20(g), a Non-U.S. Lender
shall not be required to deliver any form pursuant to this Section 2.20(g) that
such Non-U.S. Lender is not legally able to deliver.

                  (h) The Borrowers shall not be required to indemnify any
Non-U.S. Lender, or to pay any additional amounts to any Non-U.S. Lender, in
respect of United States Federal withholding tax pursuant to paragraph (a) or
(c) above to the extent that (i) the obligation to withhold amounts with respect
to United States Federal withholding tax existed on the date such Non-U.S.
Lender became a party to this Agreement (or, in the case of a Transferee that is
a participation holder, on the date such participation holder became a
Transferee hereunder) or, with respect to payments to a New Lending Office, the
date such Non-U.S. Lender designated such New Lending Office with respect to a
Loan; provided, however, that this clause (i) shall not apply to any Transferee
or New Lending Office that becomes a Transferee or New Lending Office as a
result of an assignment, participation, transfer or designation made at the
request of the Company; and provided further, however, that this clause (i)
shall not apply to the extent the indemnity payment or additional amounts any
Transferee, or Lender (or Transferee) through a New Lending Office, would be
entitled to receive (without regard to this clause (i)) do not exceed the
indemnity payment or additional amounts that the person making the assignment,
participation or transfer to such Transferee, or Lender (or Transferee) making
the designation of such New Lending Office, would have been entitled to receive
in the absence of such assignment, participation, transfer or designation or
(ii) the obligation to pay such additional amounts would not have arisen but for
a failure by such Non-U.S. Lender to comply with the provisions of paragraph (g)
above.

                  (i) Any Lender (or Transferee) claiming any indemnity payment
or additional
<PAGE>   32
                                                                              27

amounts payable pursuant to this Section 2.20 shall use reasonable efforts
(consistent with legal and regulatory restrictions) to file any certificate or
document reasonably requested in writing by the Company or to change the
jurisdiction of its applicable lending office if the making of such a filing or
change would avoid the need for or reduce the amount of any such indemnity
payment or additional amounts that may thereafter accrue and would not, in the
sole determination of such Lender (or Transferee), be otherwise disadvantageous
to such Lender (or Transferee).

                  (j) Nothing contained in this Section 2.20 shall require any
Lender (or Transferee) or the Administrative Agent to make available any of its
tax returns (or any other information that it deems to be confidential or
proprietary).

                                   ARTICLE III

                         Representations and Warranties

                  The Company represents and warrants to each of the Lenders
that:

                  SECTION 3.01. Corporate Existence and Power. The Company and
each Borrowing Subsidiary is a corporation duly incorporated, validly existing
and in good standing under the laws of the jurisdiction of its incorporation,
and has all corporate powers and all material governmental licenses,
authorizations, consents and approvals required to carry on its business as now
conducted.

                  SECTION 3.02. Corporate and Governmental Authorization;
Contravention. The execution, delivery and performance by the Company of this
Agreement (a) is within the Company's corporate powers, (b) has been duly
authorized by all necessary corporate action, (c) requires no action by or in
respect of, or filing with, any Governmental Authority and (d) does not (i)
contravene, or constitute a default under, any applicable provision of law or
regulation either of the United States or a particular state thereof or of the
certificate of incorporation or by-laws of the Company or of any agreement,
judgment, injunction, order, decree or other instrument binding upon the Company
or (ii) result in the creation or imposition of any Lien on any asset of the
Company or any of its Subsidiaries.

                  SECTION 3.03. Binding Effect. This Agreement constitutes a
valid and binding agreement of the Company, enforceable in accordance with its
terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of the rights of its
creditors generally and subject to general legal and equitable principles with
respect to the availability of particular remedies.

                  SECTION 3.04. Financial Information. (a) The unaudited
consolidated balance sheet of the Company and its Consolidated Subsidiaries as
of December 31, 2000, and the related consolidated statements of earnings and
changes in financial position for the fiscal year then ended, a copy of which
has been delivered to each of the Lenders, fairly present, in conformity with
GAAP, the consolidated financial position of the Company and its Consolidated
Subsidiaries
<PAGE>   33
                                                                              28

as of such date and their consolidated results of operations and changes in
financial position for such fiscal year.

                  (b) The unaudited consolidated balance sheet of the Company
and its Consolidated Subsidiaries as of September 30, 2000, and the related
unaudited consolidated statements of earnings and changes in financial position
for the nine months then ended, set forth in the Company's quarterly report on
Form 10-Q for the fiscal quarter ended September 30, 2000, a copy of which has
been delivered to each of the Lenders, fairly present, in conformity with GAAP
applied on a basis consistent with the financial statements referred to in
paragraph (a) of this Section 3.04, the consolidated financial position of the
Company and its Consolidated Subsidiaries as of such date and their consolidated
results of operations and changes in financial position for such nine month
period (subject to normal year-end adjustments).

                  SECTION 3.05. Litigation. There is no action, suit or
proceeding pending against, or to the knowledge of the Company threatened
against or affecting, the Company or any of its Subsidiaries before any court or
arbitrator or any governmental body, agency or official in which there is a
reasonable possibility of a final adverse decision which could materially
adversely affect the business, consolidated financial position or consolidated
results of operations of the Company and its Consolidated Subsidiaries taken as
a whole or which in any manner draws into question the validity of this
Agreement.

                  SECTION 3.06. Compliance with ERISA. The Company and each
ERISA Affiliate has fulfilled its obligations under the minimum funding
standards of ERISA and the Code with respect to each Plan and is in compliance
in all material respects with the presently applicable provisions of ERISA and
the Code relating to the Plans, and has not incurred any liability to the PBGC
or a Plan under Title IV of ERISA.

                  SECTION 3.07. Taxes. United States Federal income tax returns
of the Company and its Subsidiaries have been examined and closed through the
fiscal year ended January 3, 1988. The Company and its Subsidiaries have filed
all United States Federal income tax returns and all other material tax returns
which are required to be filed by them and have paid all material taxes due
pursuant to such returns or pursuant to any assessment received by the Company
or any Subsidiary which the Company or any Subsidiary is not disputing in a good
faith manner. The charges, accruals and reserves on the books of the Company and
its Subsidiaries in respect of taxes or other governmental charges are, in the
opinion of the Company, adequate.

                  SECTION 3.08. Subsidiaries. Attached hereto as Schedule 3.08
is a schedule which correctly identifies all Subsidiaries as of the date of this
Agreement. Except as noted on Schedule 3.08, all of the issued and outstanding
shares of the capital stock of each Subsidiary is duly issued and outstanding,
fully paid and non-assessable and except for directors' qualifying shares and
shares issued solely for the purpose of satisfying local requirements concerning
the minimum number of shareholders is owned by the Company or a Subsidiary free
and clear of any mortgage, pledge, lien or encumbrance.
<PAGE>   34
                                                                              29

                  SECTION 3.09. Representations and Warranties of Each Borrowing
Subsidiary. Each Borrowing Subsidiary shall be deemed by the execution and
delivery of a Borrowing Subsidiary Agreement to have represented and warranted
as of the date thereof as follows:

                  (a) It is a corporation duly organized, validly existing and
in good standing under the laws of the jurisdiction of its incorporation and is
duly qualified to do business and in good standing in each other jurisdiction in
which it owns property and/or conducts its business and in which failure to be
so qualified and in good standing would have a materially adverse effect on the
business of such Borrowing Subsidiary.

                  (b) The execution, delivery and performance by it of its
Borrowing Subsidiary Agreement, and the performance by it of the provisions of
this Agreement applicable to it, are within its corporate powers, have been duly
authorized by all necessary corporate action and do not contravene (i) its
charter or by-laws (or the equivalent thereof) or (ii) any law or regulation or
any agreement, judgment, injunction, order, decree or other instrument binding
on or affecting it.

                  (c) No authorization or approval or other action by, and no
notice to or filing with, any Governmental Authority is required for the due
execution, delivery and performance by it of its Borrowing Subsidiary Agreement
or for the performance by it of the provisions of this Agreement applicable to
it, except for those which have been duly obtained or made and are in full force
and effect.

                  (d) It is not in breach of or default under any agreement to
which it is a party or which is binding on it or any of its assets to an extent
or in a manner which would have a material adverse effect on its ability to
perform its obligations hereunder after taking into consideration its other
financial obligations.

                  (e) This Agreement is a legal, valid and binding obligation of
such Borrowing Subsidiary enforceable against it in accordance with its terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the enforcement of the rights of its creditors
generally and subject to general legal and equitable principles with respect to
the availability of particular remedies.

                  (f) The proceeds of each Loan made to it will be used solely
for general corporate purposes, including the acquisition of new businesses.

                  SECTION 3.10. Federal Reserve Regulations. (a) Neither any
Borrower nor any Subsidiary is engaged principally, or as a substantial part of
its activities, in the business of extending credit for the purpose of
purchasing or carrying Margin Stock (within the meaning of Regulation U).

                  (b) No part of the proceeds of any Loan has been or will be
used, whether directly or indirectly, and whether immediately, incidentally or
ultimately, in any manner or for any purpose that has resulted or will result in
a violation of Regulation U.
<PAGE>   35
                                                                              30

                  SECTION 3.11. Investment Company Act; Public Utility Holding
Company Act. Neither any Borrower nor any Subsidiary is (a) an "investment
company" as defined in, or subject to regulation under, the Investment Company
Act of 1940 or (b) a "holding company" as defined in, or subject to regulation
under, the Public Utility Holding Company Act of 1935.

                  SECTION 3.12. Environmental and Safety Matters. With respect
to all facilities owned and operated by the Company and its Subsidiaries, or at
which the Company or any of its Subsidiaries has a leasehold interest, except as
set forth in Schedule 3.12 (i) the Company and each Subsidiary is in compliance
in all material respects with all Federal, state, local and other statutes,
ordinances, orders, judgments, rulings and regulations relating to environmental
pollution or to environmental regulation or control or to employee health or
safety (collectively "Environmental Laws") except where the failure to be in
compliance so would not be reasonably likely, individually or in the aggregate,
to result in a Material Adverse Effect; (ii) neither the Company nor any
Subsidiary has received notice of any material failure so to comply, which non-
compliance neither has been remedied nor is the subject of the Company's good
faith efforts to achieve compliance, except where the failure to be in
compliance would not be reasonably likely, individually or in the aggregate, to
result in a Material Adverse Effect and (iii) the Company is aware of no events,
conditions or circumstances involving environmental pollution or contamination
or employee health or safety that in its judgment would be reasonably likely to
result in a Material Adverse Effect.

                  SECTION 3.13. No Material Adverse Change. Since January 2,
2000, there has occurred no event, condition or change in or affecting the
Company or the Subsidiaries that, individually or in the aggregate with other
such events, conditions or changes, has had or could reasonably be expected to
have a Material Adverse Effect.

                  SECTION 3.14. Solvency. On the Closing Date, (i) the fair
value of the assets of the Company and the Subsidiaries on a consolidated basis,
at a fair valuation, will exceed their debts and liabilities, subordinated,
contingent or otherwise; (ii) the present fair saleable value of the property of
the Company and the Subsidiaries on a consolidated basis will be greater than
the amount that will be required to pay their probable liability on their debts
and other liabilities, subordinated, contingent or otherwise, as such debts and
other liabilities become absolute and matured; (iii) the Company and the
Subsidiaries will on a consolidated basis be able to pay their debts and
liabilities, subordinated, contingent or otherwise, as such debts and
liabilities become absolute and matured; and (iv) the Company and the
Subsidiaries on a consolidated basis will not have unreasonably small capital
with which to conduct the businesses in which they are engaged as such
businesses are now conducted and are proposed to be conducted following the
Closing Date.

                                   ARTICLE IV

                     Conditions of Effectiveness and Lending

The obligations of the Lenders to make Loans hereunder are subject to the
satisfaction of the following conditions:
<PAGE>   36
                                                                              31

                  SECTION 4.01.  All Borrowings.  On the date of each Borrowing:

                  (a)  The Administrative Agent shall have received a notice of
         such Borrowing as required by Section 2.03 or Section 2.04, as
         applicable.

                  (b) The representations and warranties set forth in Article
         III (except in the case of a refinancing that does not increase the
         aggregate principal amount of Loans of any Lender outstanding, the
         representations set forth in Section 3.05 and 3.12) hereof shall be
         true and correct in all material respects on and as of the date of such
         Borrowing with the same effect as though made on and as of such date,
         except to the extent such representations and warranties expressly
         relate to an earlier date.

                  (c) At the time of and immediately after such Borrowing no
         Event of Default or Default shall have occurred and be continuing.

Each Borrowing shall be deemed to constitute a representation and warranty by
the applicable Borrower on the date of such Borrowing as to the matters
specified in paragraphs (b) and (c) of this Section 4.01.

                  SECTION 4.02.  Effectiveness.  On the Closing Date:

                  (a) The Administrative Agent (or its counsel) shall have
         received from each party hereto either (i) a counterpart of this
         Agreement signed on behalf of such party or (ii) written evidence
         satisfactory to the Administrative Agent (which may include telecopy
         transmission of a signed signature page of this Agreement) that such
         party has signed a counterpart of this Agreement.

                  (b)  The Administrative Agent shall have received the
         favorable written opinion of Terrance L. Carlson, Esq., dated the
         Closing Date and addressed to the Lenders and satisfactory to Cravath,
         Swaine & Moore, counsel for the Administrative Agent, to the effect set
         forth in Exhibit D-1 hereto.

                  (c) The Administrative Agent shall have received (i) a copy of
the certificate of incorporation, including all amendments thereto, of the
Company, certified as of a recent date by the Secretary of State of its state of
incorporation, and a certificate as to the good standing of the Company as of a
recent date from such Secretary of State; (ii) a certificate of the Clerk or an
Assistant Clerk of the Company dated the Closing Date and certifying (A) that
attached thereto is a true and complete copy of the by-laws of the Company as in
effect on the Closing Date and at all times since a date prior to the date of
the resolutions described in clause (B) below, (B) that attached thereto is a
true and complete copy of resolutions duly adopted by the Board of Directors of
the Company authorizing the execution, delivery and performance of this
Agreement and the Borrowings hereunder, and that such resolutions have not been
modified, rescinded or amended and are in full force and effect, (C) that the
certificate of incorporation referred to in clause (i) above has not been
amended since the date of the last amendment thereto shown on the certificate of
good standing furnished pursuant to such clause (i) and (D) as to the incumbency
and specimen signature of each officer executing this Agreement or any other
document delivered in connection
<PAGE>   37
                                                                              32

herewith on behalf of the Company; and (iii) a certificate of another officer of
the Company as to the incumbency and specimen signature of the Clerk or
Assistant Clerk executing the certificate pursuant to (ii) above.

                  (d) The Administrative Agent shall have received a
certificate, dated the Closing Date and signed by a Financial Officer of the
Company, confirming compliance with the conditions precedent set forth in
paragraphs (b) and (c) of Section 4.01.

                  (e) No Loan shall be outstanding under the Existing Credit
Agreement or under the $300,000,000 364-Day Amended and Restated Competitive
Advance and Revolving Credit Facility dated as of March 3, 2000, and all
interest, fees and other amounts accrued for the accounts of or otherwise owed
to the Administrative Agent or the lenders thereunder through the date
immediately preceding the Closing Date shall have been paid. The Administrative
Agent shall have received evidence of the termination of the Existing Credit
Agreement.

                  SECTION 4.03.  First Borrowing by Each Borrowing Subsidiary.
On the first date on which Loans are made to each Borrowing Subsidiary:

                  (a)  The Administrative Agent shall have received the
         favorable written opinion of Terrance L. Carlson, Esq., dated the date
         of such Loans, addressed to the Lenders and satisfactory to Cravath,
         Swaine & Moore, counsel for the Administrative Agent, to the effect set
         forth in Exhibit D-2 hereto.

                  (b)  Each Lender shall have received a copy of the Borrowing
         Subsidiary Agreement executed by such Borrowing Subsidiary.

                  (c)  Such Loans shall not violate any law, rule or regulation
         binding on any of the Lenders.

                  (d) Each Lender shall have received from the Company an
         unaudited consolidated balance sheet and related consolidated
         statements of earnings and changes in financial position for the fiscal
         year most recently ended of such Borrowing Subsidiary.

                                    ARTICLE V

                                    Covenants

                  The Company covenants and agrees with each Lender and the
Administrative Agent that so long as this Agreement shall remain in effect or
the principal of or interest on any Loan, any Facility Fees or any other amounts
payable hereunder shall be unpaid, unless the Required Lenders shall otherwise
consent in writing:

                  SECTION 5.01. Information. The Company will give the
Administrative Agent prompt written notice of any change in any Rating that
results in a change in the Category on which the Applicable Percentage is based.
The Company will deliver to each of the Lenders:
<PAGE>   38
                                                                              33

                  (a) as soon as available and in any event within 90 days after
the end of each fiscal year of the Company, a consolidated balance sheet of the
Company and its Consolidated Subsidiaries as of the end of such fiscal year and
the related consolidated statements of earnings and cash flows for such fiscal
year, setting forth in each case in comparative form the figures for the
previous fiscal year, all reported on by Arthur Andersen & Co. or other
independent public accountants of nationally recognized standing acceptable to
the Required Lenders and accompanied by an opinion of such accountants (which
shall not be qualified in any material respect) to the effect that such
consolidated financial statements fairly present the financial condition and
results of operations of the Company and the Consolidated Subsidiaries in
accordance with GAAP;

                  (b) as soon as available and in any event within 45 days after
the end of each of the first three quarters of each fiscal year of the Company,
a consolidated balance sheet of the Company and its Consolidated Subsidiaries as
of the end of such quarter and the related consolidated statements of earnings
and cash flows for such quarter and for the portion of the Company's fiscal year
ended at the end of such quarter, setting forth in each case in comparative form
the figures for the corresponding quarter and the corresponding portion of the
Company's previous fiscal year, all certified (subject to normal year-end
adjustments) as to fairness of presentation, compliance with GAAP and
consistency by a Financial Officer of the Company;

                  (c) simultaneously with the delivery of each set of financial
statements referred to in clauses (a) and (b) above, a certificate of a
Financial Officer of the Company (i) setting forth in reasonable detail the
calculations required to establish whether the Company was in compliance with
the requirements of Sections 5.06 and 5.07 on the date of such financial
statements and (ii) stating whether there exists on the date of such certificate
any Default and, if any Default then exists, setting forth the details thereof
and the action which the Company is taking or proposes to take with respect
thereto;

                  (d) forthwith upon the occurrence of any Default, a
certificate of the chief financial officer or the chief accounting officer of
the Company setting forth the details thereof and the action which the Company
is taking or proposes to take with respect thereto;

                  (e) promptly upon the mailing thereof to the shareholders of
the Company generally, copies of all financial statements, reports and proxy
statements so mailed;

                  (f) promptly upon the filing thereof, copies of all annual or
quarterly reports and upon request by any Lender copies of all registration
statements (other than the exhibits thereto and any registration statements on
Form S-8 or its equivalent) which the Company shall have filed with the
Securities and Exchange Commission;

                  (g) (i) as soon as possible after, and in any event within 30
days after the Company or any ERISA Affiliate knows or has reason to know that,
any Reportable Event has occurred that alone or together with any other
Reportable Event could reasonably be expected to result in liability of the
Company to the PBGC in an aggregate amount exceeding $5,000,000, a statement of
a Financial Officer setting forth details as to such Reportable Event and the
action that the Company proposes to take with respect thereto, together with a
copy of the notice, if any,
<PAGE>   39
                                                                              34

of such Reportable Event given to the PBGC, (ii) promptly after receipt thereof,
a copy of any notice that the Company or any ERISA Affiliate may receive from
the PBGC relating to the intention of the PBGC to terminate any Plan or Plans
(other than a Plan maintained by an ERISA Affiliate that is considered an ERISA
Affiliate only pursuant to subsection (m) or (o) of Code Section 414) or to
appoint a trustee to administer any such Plan, (iii) within 10 days after the
due date for filing with the PBGC pursuant to Section 412(n) of the Code a
notice of failure to make a required installment or other payment with respect
to a Plan, a statement of a Financial Officer setting forth details as to such
failure and the action that the Company proposes to take with respect thereto,
together with a copy of any such notice given to the PBGC and (iv) promptly and
in any event within 30 days after receipt thereof by the Company or any ERISA
Affiliate from the sponsor of a Multiemployer Plan, a copy of each notice
received by the Company or any ERISA Affiliate concerning (A) the imposition of
Withdrawal Liability or (B) a determination that a Multiemployer Plan is, or is
expected to be, terminated or in reorganization, both within the meaning of
Title IV of ERISA; and

                  (h) from time to time such additional information regarding
the financial position or business of the Company as any Lender may reasonably
request.

                  SECTION 5.02.  Corporate Existence; Businesses and Properties.
(a)  The Company will, and will cause each Borrowing Subsidiary to, do or cause
to be done all things necessary to preserve, renew and keep in full force and
effect its corporate existence.

                  (b) Except to the extent that failure to do so would not have
a Material Adverse Effect, the Company will, and will cause each Borrowing
Subsidiary to, (i) do or cause to be done all things necessary to preserve,
renew and keep in full force and effect all rights, licenses, permits and
franchises material to the conduct of the business of the Company and the
Subsidiaries, taken as a whole, (ii) comply with all laws and regulations
applicable to it and (iii) conduct its business in substantially the same manner
as heretofore conducted or as at the time permitted under applicable law.

                  SECTION 5.03. Insurance. The Company will, and will cause each
Subsidiary to, keep its insurable properties adequately insured at all times by
financially sound and reputable insurers, and maintain such other insurance, to
such extent and against such risks, including fire and other risks insured
against by extended coverage, as is customary with companies similarly situated
and in the same or similar businesses.

                  SECTION 5.04.  Litigation and Other Notices.  The Company will
give each Lender prompt written notice of the following:

                  (a) the filing or commencement of, or any written threat or
         written notice of intention of any person to file or commence, any
         action, suit or proceeding which could reasonably be expected to result
         in a Material Adverse Effect; and

                  (b)  any development in the business or affairs of the Company
         or any Subsidiary that has resulted in a Material Adverse Effect.
<PAGE>   40
                                                                              35

                  SECTION 5.05. Maintaining Records; Access to Properties and
Inspections. The Company will, and will cause each Subsidiary to, maintain
financial records in accordance with GAAP and, upon reasonable notice, at all
reasonable times, permit (a) any authorized representative designated by any
Lender to discuss the affairs, finances and condition of the Company and the
Subsidiaries with a Financial Officer of the Company and such other officers as
the Company shall deem appropriate and (b) any authorized representative
designated by the Administrative Agent or the Required Lenders to visit and
inspect the properties of the Company and of any Subsidiary.

                  SECTION 5.06. Consolidated EBITDA to Consolidated Interest
Expense Ratio. The Company will not permit the ratio of (a) Consolidated EBITDA
to (b) Consolidated Interest Expense for any period of four consecutive fiscal
quarters ending on the last day of any fiscal quarter to be less than 5:1.

                  SECTION 5.07. Net Debt to Capitalization Ratio. The Company
will not permit on any date the ratio of (a) Consolidated Net Indebtedness on
such date to (b) the sum of (i) Shareholders' Equity on such date and (ii)
Consolidated Net Indebtedness on such date to be greater than 0.55:1.00.

                  SECTION 5.08.  Negative Pledge.  Neither the Company nor any
Consolidated Subsidiary will create, assume or suffer to exist any Lien securing
Indebtedness on any asset now owned or hereafter acquired by it, except:

                  (a)  Liens on all or part of the assets of Consolidated
Subsidiaries securing Indebtedness owing by Consolidated Subsidiaries to the
Company and Consolidated Subsidiaries;

                  (b) mortgages on real property or security interests in
personal property securing Indebtedness of the Company and Consolidated
Subsidiaries in an aggregate amount not exceeding ten percent (10%) of the
consolidated total assets of the Company and the Consolidated Subsidiaries;

                  (c) Liens to secure taxes, assessments and other governmental
charges or claims for labor, material or supplies to the extent that payment
thereof shall not at the time be required to be made in accordance with Section
3.07 hereof;

                  (d) deposits or pledges made in connection with, or to secure
payment of, workmen's compensation, unemployment insurance, old age, pension or
other social security obligations;

                  (e) Liens in respect of judgments or awards not exceeding
$1,000,000 in the aggregate at any time, and any other Liens with respect to
which the execution or enforcement thereof is being effectively stayed and the
claims secured thereby are being contested in good faith by appropriate
proceedings;

                  (f) Liens of carriers, warehousemen, mechanics and
materialmen, and other like Liens, in existence less than 120 days from the date
of creation thereof;
<PAGE>   41
                                                                              36

                  (g) encumbrances consisting of easements, rights of way,
zoning restrictions, restrictions on the use of real property and defects and
irregularities in the title thereto, landlord's or lessor's liens under leases
to which the Company or a Consolidated Subsidiary is a party, and other similar
encumbrances none of which in the opinion of the Company interferes materially
with the use of the property in the ordinary conduct of the business of the
Company and the Consolidated Subsidiaries; and similar encumbrances on interests
in real estate located outside the United States, which defects do not
individually or in the aggregate have a material adverse effect on the business
of the Company individually or of the Company and the Consolidated Subsidiaries
on a consolidated basis; and

                  (h) to the extent that the value of all Margin Stock owned by
the Company and its Consolidated Subsidiaries (determined in accordance with
Regulation U) would otherwise exceed 25% of the value of the total assets of the
Company and its Consolidated Subsidiaries subject to this Section 5.08 (as so
determined), Liens on such excess Margin Stock (it being understood that Margin
Stock not in excess of 25% of the value of such assets will be subject to the
restrictions of this Section 5.08).

                  SECTION 5.09. Consolidations, Mergers and Sales of Assets. (a)
The Company will not (i) consolidate or merge with or into any other person
unless (A) the Company shall be the surviving entity and (B) immediately
thereafter no Default or Event of Default shall have occurred and be continuing
or (ii) sell, lease or otherwise transfer all or any substantial part of its
assets to any other person. The Company will not sell, lease or otherwise
transfer any of its assets to any other person except for full and adequate
consideration.

                  (b) No Borrowing Subsidiary will (i) consolidate or merge with
or into any other person unless (A) if the surviving entity shall be other than
such Borrowing Subsidiary, (x) such surviving entity or the Company shall have
assumed in writing all obligations of such Borrowing Subsidiary relating to this
Agreement and (y) such surviving entity shall be 100% owned by the Company and
(B) no Default or Event of Default shall have occurred and be continuing either
before or immediately after such consolidation or merger or (ii) sell, lease or
otherwise transfer all or any substantial part of its assets to any other
person. No Borrowing Subsidiary will sell, lease or otherwise transfer any of
its assets to any other person except for full and adequate consideration.

                  (c) Notwithstanding anything in the foregoing to the contrary,
to the extent that the value of all Margin Stock owned by the Company and its
Consolidated Subsidiaries (determined in accordance with Regulation U) would
otherwise exceed 25% of the value of the total assets of the Company and its
Consolidated Subsidiaries subject to this Section 5.09 (as so determined), the
restrictions contained in subsections (a)(ii) and (b)(ii) of this Section 5.09
shall not apply to such excess Margin Stock (it being understood that Margin
Stock not in excess of 25% of the value of such assets will be subject to the
restrictions of this Section 5.09).

                  SECTION 5.10. Ownership of Margin Stock. The Company will not,
and will not permit its Subsidiaries to, own Margin Stock to the extent the
value of such Margin Stock would exceed 25% of the value of the total assets of
the Company and its Consolidated Subsidiaries.
<PAGE>   42
                                                                              37

                                   ARTICLE VI

                                Events of Default

                  In case of the happening of any of the following events (each
an "Event of Default"):

                  (a) any representation or warranty made or deemed made in or
         in connection with the execution and delivery of this Agreement or the
         Borrowings hereunder or any representation, warranty, statement or
         information contained in any report, certificate, financial statement
         or other instrument furnished in connection with this Agreement shall
         prove to have been incorrect in any material respect when so made,
         deemed made or furnished;

                  (b) default shall be made in the payment of any principal of
         any Loan when and as the same shall become due and payable, whether at
         the due date thereof or at a date fixed for prepayment thereof or by
         acceleration thereof or otherwise;

                  (c) default shall be made in the payment of any interest on
         any Loan or any Facility Fee or any other amount (other than an amount
         referred to in paragraph (b) above) due hereunder, when and as the same
         shall become due and payable, and such default shall continue
         unremedied for a period of three Business Days;

                  (d) default shall be made in the due observance or performance
         of any covenant, condition or agreement contained in Sections 5.02 or
         5.06 through 5.09;

                  (e) default shall be made in the due observance or performance
         of any covenant, condition or agreement contained herein (other than
         those specified in paragraphs (b), (c) or (d) above) and such default
         shall continue unremedied for a period of 10 days after notice thereof
         from the Administrative Agent or any Lender to the Company;

                  (f) the Company or any Subsidiary shall (i) fail to pay any
         principal or interest, regardless of amount, due in respect of any
         Indebtedness in an aggregate principal amount in excess of $15,000,000,
         when and as the same shall become due and payable, or (ii) fail to
         observe or perform any other term, covenant, condition or agreement
         contained in any agreement or instrument evidencing or governing any
         such Indebtedness if the effect of any failure referred to in this
         clause (ii) is to cause, or to permit the holder or holders of such
         Indebtedness or a trustee on its or their behalf (with or without the
         giving of notice, the lapse of time or both) to cause, such
         Indebtedness to become due prior to its stated maturity;

                  (g) an involuntary proceeding shall be commenced or an
         involuntary petition shall be filed in a court of competent
         jurisdiction seeking (i) relief in respect of the Company or any
         Subsidiary, or of a substantial part of the property or assets of the
         Company or a Subsidiary, under Title 11 of the United States Code, as
         now constituted or hereafter amended, or any other Federal or state
         bankruptcy, insolvency, receivership or similar law,
<PAGE>   43
                                                                              38

         (ii) the appointment of a receiver, trustee, custodian, sequestrator,
         conservator or similar official for the Company or any Subsidiary or
         for a substantial part of the property or assets of the Company or a
         Subsidiary or (iii) the winding up or liquidation of the Company or any
         Subsidiary; and such proceeding or petition shall continue undismissed
         for 60 days or an order or decree approving or ordering any of the
         foregoing shall be entered;

                  (h) the Company or any Subsidiary shall (i) voluntarily
         commence any proceeding or file any petition seeking relief under Title
         11 of the United States Code, as now constituted or hereafter amended,
         or any other Federal or state bankruptcy, insolvency, receivership or
         similar law, (ii) consent to the institution of, or fail to contest in
         a timely and appropriate manner, any proceeding or the filing of any
         petition described in paragraph (g) above, (iii) apply for or consent
         to the appointment of a receiver, trustee, custodian, sequestrator,
         conservator or similar official for the Company or any Subsidiary or
         for a substantial part of the property or assets of the Company or any
         Subsidiary, (iv) file an answer admitting the material allegations of a
         petition filed against it in any such proceeding, (v) make a general
         assignment for the benefit of creditors, (vi) become unable, admit in
         writing its inability or fail generally to pay its debts as they become
         due or (vii) take any action for the purpose of effecting any of the
         foregoing;

                  (i) one or more final and nonappealable judgments for the
         payment of money in an aggregate amount in excess of $5,000,000 shall
         be rendered against the Company, any Subsidiary or any combination
         thereof and the same shall remain undischarged for a period of 30
         consecutive days during which execution shall not be effectively
         stayed, or any action shall be legally taken by a judgment creditor to
         levy upon assets or properties of the Company or any Subsidiary to
         enforce any such final and nonappealable judgment or judgments
         aggregating in excess of $5,000,000;

                  (j) a Reportable Event or Reportable Events, or a failure to
         make a required installment or other payment (within the meaning of
         Section 412(n)(l) of the Code), shall have occurred with respect to any
         Plan or Plans that reasonably could be expected to result in liability
         of the Company to the PBGC or to a Plan in an aggregate amount
         exceeding $5,000,000 and, within 30 days after the reporting of any
         such Reportable Event to the Administrative Agent, the Administrative
         Agent shall have notified the Company in writing that (i) the Required
         Lenders have made a determination that, on the basis of such Reportable
         Event or Reportable Events or the failure to make a required payment,
         there are reasonable grounds (A) for the termination of such Plan or
         Plans by the PBGC, (B) for the appointment by the appropriate United
         States District Court of a trustee to administer such Plan or Plans or
         (C) for the imposition of a lien in favor of a Plan and (ii) as a
         result thereof an Event of Default exists hereunder; or a trustee shall
         be appointed by a United States District Court to administer any such
         Plan or Plans; or the PBGC shall institute proceedings to terminate any
         Plan or Plans;

                  (k) (i) the Company or any ERISA Affiliate shall have been
         notified by the sponsor of a Multiemployer Plan that it has incurred
         Withdrawal Liability to such Multiemployer Plan, (ii) the Borrower or
         such ERISA Affiliate does not have reasonable
<PAGE>   44
                                                                              39

         grounds for contesting such Withdrawal Liability or is not in fact
         contesting such Withdrawal Liability in a timely and appropriate manner
         and (iii) the amount of the Withdrawal Liability specified in such
         notice, when aggregated with all other amounts required to be paid to
         Multiemployer Plans in connection with Withdrawal Liabilities
         (determined as of the date or dates of such notification), exceeds
         $5,000,000 or requires payments exceeding $1,000,000 in any year;

                  (1) the Company or any ERISA Affiliate shall have been
         notified by the sponsor of a Multiemployer Plan that such Multiemployer
         Plan is in reorganization or is being terminated, within the meaning of
         Title IV of ERISA, if solely as a result of such reorganization or
         termination the aggregate annual contributions of the Company and its
         ERISA Affiliates to all Multiemployer Plans that are then in
         reorganization or have been or are being terminated have been or will
         be increased over the amounts required to be contributed to such
         Multiemployer Plans for their most recently completed plan years by an
         amount exceeding $1,000,000;

                  (m) any guarantee purported to be created by Article VII
         hereof shall cease to be, or shall be asserted by the Company not to
         be, a valid and enforceable guarantee of the Guaranteed Obligations; or

                  (n) a Change in Control shall occur;

then, and in every such event (other than an event with respect to the Company
described in paragraph (g) or (h) above), and at any time thereafter during the
continuance of such event, the Administrative Agent, at the request of the
Required Lenders, shall, by notice to the Company, take either or both of the
following actions, at the same or different times: (i) terminate forthwith the
Commitments and (ii) declare the Loans then outstanding to be forthwith due and
payable in whole or in part, whereupon the principal of the Loans so declared to
be due and payable, together with accrued interest thereon and any unpaid
accrued Facility Fees and all other liabilities of the Borrowers accrued
hereunder, shall become forthwith due and payable, without presentment, demand,
protest or any other notice of any kind, all of which are hereby expressly
waived anything contained herein to the contrary notwithstanding; and, in any
event with respect to the Company described in paragraph (g) or (h) above, the
Commitments shall automatically terminate and the principal of the Loans then
outstanding, together with accrued interest thereon and any unpaid accrued
Facility Fees and all other liabilities of the Borrowers accrued hereunder shall
automatically become due and payable, without presentment, demand, protest or
any other notice of any kind, all of which are hereby expressly waived anything
contained herein to the contrary notwithstanding.

                                   ARTICLE VII

                                    Guarantee

                  The Company unconditionally and irrevocably guarantees the due
and punctual payment and performance, when and as due, whether at maturity, by
acceleration, upon one or
<PAGE>   45
                                                                              40

more dates set for prepayment or otherwise, of the Guaranteed Obligations. The
Company further agrees that the Guaranteed Obligations may be extended or
renewed, in whole or in part, without notice or further assent from it and that
it will remain bound upon its guarantee notwithstanding any extension or renewal
of any Guaranteed Obligations.

                  The Company waives presentment to, demand of payment from and
protest to the Borrowing Subsidiaries of any of the Guaranteed Obligations, and
also waives notice of acceptance of its guarantee and notice of protest for
nonpayment. The obligations of the Company hereunder shall not be affected by
(a) the failure of any Lender or the Administrative Agent to assert any claim or
demand or to enforce any right or remedy against the Borrowing Subsidiaries
under the provisions of this Agreement or otherwise; (b) any rescission, waiver,
amendment or modification of any of the terms or provisions of this Agreement,
any guarantee or any other agreement; or (c) the failure of any Lender or the
Administrative Agent to exercise any right or remedy against any other guarantor
of the Guaranteed Obligations.

                  The Company further agrees that its guarantee constitutes a
guarantee of payment when due and not of collection, and waives any right to
require that any resort be had by the Administrative Agent or any Lender to any
security, if any, held for payment of the Guaranteed Obligations or to any
balance of any deposit account or credit on its books, in favor of the Borrowing
Subsidiaries or any other person.

                  The obligations of the Company hereunder shall not be subject
to any reduction, limitation, impairment or termination for any reason,
including, without limitation, any claim of waiver, release, surrender,
alteration or compromise, and shall not be subject to any defense or setoff,
counterclaim, recoupment or termination whatsoever by reason of the invalidity,
illegality or unenforceability of the Guaranteed Obligations or otherwise.
Without limiting the generality of the foregoing, the obligations of the Company
hereunder shall not be discharged or impaired or otherwise affected by the
failure of the Administrative Agent or any Lender to assert any claim or demand
or to enforce any remedy under this Agreement, any guarantee or any other
agreement, by any waiver or modification of any provision of any thereof, by any
default, failure or delay, willful or otherwise, in the performance of the
Guaranteed Obligations, or by any other act or omission which may or might in
any manner or to any extent vary the risk of the Company or otherwise operate as
a discharge of the Company as a matter of law or equity.

                  To the extent permitted by applicable law, the Company waives
any defense based on or arising out of any defense available to the Borrowing
Subsidiaries, including any defense based on or arising out of any disability of
the Borrowing Subsidiaries, or the unenforceability of the Guaranteed
Obligations or any part thereof from any cause, or the cessation from any cause
of the liability of the Borrowing Subsidiaries, other than final payment in full
of the Guaranteed Obligations. The Administrative Agent and the Lenders may, at
their election, foreclose on any security held by one or more of them by one or
more judicial or non-judicial sales, or exercise any other right or remedy
available to them against the Borrowing Subsidiaries, or any security without
affecting or impairing in any way the liability of the Company hereunder except
to the extent the Guaranteed Obligations have been fully and finally paid. The
Company waives any defense arising out of any such election even though such
election operates to impair or to extinguish any
<PAGE>   46
                                                                              41

right of reimbursement or subrogation or other right or remedy of the Company
against any Borrowing Subsidiary or any security.

                  The Company further agrees that its guarantee shall continue
to be effective or be reinstated, as the case may be, if at any time payment, or
any part thereof, of principal of or interest on any Guaranteed Obligation is
rescinded or must otherwise be restored by any Lender upon the bankruptcy or
reorganization of any Borrowing Subsidiary or otherwise.

                  In furtherance of the foregoing and not in limitation of any
other right which the Administrative Agent or any Lender may have at law or in
equity against the Company by virtue hereof, upon the failure of any Borrowing
Subsidiary to pay any Guaranteed Obligation when and as the same shall become
due, whether at maturity, by acceleration, after notice of prepayment or
otherwise, the Company hereby promises to and will, upon receipt of written
demand by the Administrative Agent or any Lender, forthwith pay or cause to be
paid to the Administrative Agent or such Lender in cash the amount of such
unpaid Guaranteed Obligation.

                  Upon payment by the Company of any sums to the Administrative
Agent or any Lender, as provided above, all rights of the Company against the
other Borrowers arising as a result thereof by way of right of subrogation or
otherwise shall in all respects be subordinated and junior in right of payment
to the prior indefeasible payment in full of all the Guaranteed Obligations to
the Administrative Agent and the Lenders.

                                  ARTICLE VIII

                            The Administrative Agent

                  In order to expedite the transactions contemplated by this
Agreement, The Chase Manhattan Bank is hereby appointed to act as Administrative
Agent on behalf of the Lenders. Each of the Lenders hereby irrevocably
authorizes the Administrative Agent to take such actions on behalf of such
Lender or holder and to exercise such powers as are specifically delegated to
the Administrative Agent by the terms and provisions hereof, together with such
actions and powers as are reasonably incidental thereto. The Administrative
Agent is hereby expressly authorized by the Lenders, without hereby limiting any
implied authority, (a) to receive on behalf of the Lenders all payments of
principal of and interest on the Loans and all other amounts due to the Lenders
hereunder, and promptly to distribute to each Lender its proper share of each
payment so received; (b) to give notice on behalf of each of the Lenders to the
Borrowers of any Event of Default of which the Administrative Agent has actual
knowledge acquired in connection with its agency hereunder; and (c) to
distribute promptly to each Lender copies of all notices, financial statements
and other materials delivered by the Borrowers pursuant to this Agreement as
received by the Administrative Agent.

                  Neither the Administrative Agent nor any of its directors,
officers, employees or agents shall be liable as such for any action taken or
omitted by any of them except for its or his or her own gross negligence or
willful misconduct, or be responsible for any statement, warranty or
representation herein or the contents of any document delivered in connection
herewith, or be
<PAGE>   47
                                                                              42

required to ascertain or to make any inquiry concerning the performance or
observance by the Borrowers of any of the terms, conditions, covenants or
agreements contained in this Agreement. The Administrative Agent shall not be
responsible to the Lenders for the due execution, genuineness, validity,
enforceability or effectiveness of this Agreement or other instruments or
agreements. The Administrative Agent may deem and treat the Lender that makes
any Loan as the holder of the indebtedness resulting therefrom for all purposes
hereof until it shall have received notice from such Lender, given as provided
herein, of the transfer thereof. The Administrative Agent shall in all cases be
fully protected in acting, or refraining from acting, in accordance with written
instructions signed by the Required Lenders and, except as otherwise
specifically provided herein, such instructions and any action or inaction
pursuant thereto shall be binding on all the Lenders. The Administrative Agent
shall, in the absence of knowledge to the contrary, be entitled to rely on any
instrument or document believed by it in good faith to be genuine and correct
and to have been signed or sent by the proper person or persons. Neither the
Administrative Agent nor any of its directors, officers, employees or agents
shall have any responsibility to the Borrowers on account of the failure of or
delay in performance or breach by any other Lender of any of its obligations
hereunder or to any Lender on account of the failure of or delay in performance
or breach by any other Lender or the Borrowers of any of their respective
obligations hereunder or in connection herewith. The Administrative Agent may
execute any and all duties hereunder by or through agents or employees and shall
be entitled to rely upon the advice of legal counsel selected by it with respect
to all matters arising hereunder and shall not be liable for any action taken or
suffered in good faith by it in accordance with the advice of such counsel.

                  The Lenders hereby acknowledge that the Administrative Agent
shall be under no duty to take any discretionary action permitted to be taken by
it pursuant to the provisions of this Agreement unless it shall be requested in
writing to do so by the Required Lenders.

                  Subject to the appointment and acceptance of a successor
Administrative Agent as provided below, the Administrative Agent may resign at
any time by notifying the Lenders and the Company. Upon any such resignation,
the Required Lenders shall have the right to appoint a successor Administrative
Agent reasonably acceptable to the Company. If no successor shall have been so
appointed by the Required Lenders and shall have accepted such appointment
within 30 days after the retiring Administrative Agent gives notice of its
resignation, then, the retiring Administrative Agent may, on behalf of the
Lenders, appoint a successor Administrative Agent which shall be a bank with an
office in New York, New York, having a combined capital and surplus of at least
$500,000,000 or an Affiliate of any such bank. Upon the acceptance of any
appointment as Administrative Agent hereunder by a successor bank, such
successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent and the retiring
Administrative Agent shall be discharged from its duties and obligations
hereunder. After the Administrative Agent's resignation hereunder, the
provisions of this Article and Section 9.05 shall continue in effect for its
benefit in respect of any actions taken or omitted to be taken by it while it
was acting as Administrative Agent.

                  With respect to the Loans made by it hereunder, the
Administrative Agent in its individual capacity and not as Administrative Agent
shall have the same rights and powers as any other Lender and may exercise the
same as though it were not the Administrative Agent, and the Administrative
Agent and its Affiliates may accept deposits from, lend money to and generally
<PAGE>   48
                                                                              43

engage in any kind of business with the Borrowers or any Subsidiary or other
Affiliate thereof as if it were not the Administrative Agent.

                  Each Lender agrees (i) to reimburse the Administrative Agent,
on demand, in the amount of its pro rata share (based on its Commitment
hereunder or, if the Commitments shall have been terminated, the amount of its
outstanding Loans) of any out-of-pocket expenses incurred for the benefit of the
Lenders by the Administrative Agent, including reasonable counsel fees and
compensation of agents paid for services rendered on behalf of the Lenders,
which shall not have been reimbursed by the Borrowers and (ii) to indemnify and
hold harmless the Administrative Agent and any of its directors, officers,
employees or agents, on demand, in the amount of such pro rata share, from and
against any and all liabilities, taxes, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever which may be imposed on, incurred by or asserted against it in
its capacity as the Administrative Agent in any way relating to or arising out
of this Agreement or any action taken or omitted by it under this Agreement to
the extent the same shall not have been reimbursed by the Borrowers; provided
that no Lender shall be liable to the Administrative Agent for any portion of
such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements resulting from the gross negligence or
willful misconduct of the Administrative Agent or any of its directors,
officers, employees or agents. Each Lender agrees that any allocation made in
good faith by the Administrative Agent of expenses or other amounts referred to
in this paragraph between this Agreement and the 364-Day Facility shall be
conclusive and binding for all purposes.

                  Each Lender acknowledges that it has, independently and
without reliance upon the Administrative Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also
acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and
information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or based upon this Agreement
or any related agreement or any document furnished hereunder or thereunder.

                                   ARTICLE IX

                                  Miscellaneous

                  SECTION 9.01.  Notices.  Except as otherwise expressly
provided herein, notices and other communications provided for herein shall be
in writing and shall be delivered by hand or overnight courier service, mailed
or sent by telecopy, as follows:

                  (a) if to any Borrower, to PerkinElmer, Inc., 45 William
         Street, Wellesley, Massachusetts 02481, Attention of Treasurer,
         (Telecopy No. 781-431-4113);
<PAGE>   49
                                                                              44

                  (b) if to the Administrative Agent, to it at One Chase
         Manhattan Plaza, 8th Floor, New York, New York 10081, Attention of Lisa
         Pucciarelli, (Telecopy No. 212-552- 5777); and

                  (c) if to a Lender, to it at its address (or telecopy number)
         set forth in its Administrative Questionnaire.

All notices and other communications given to any party hereto in accordance
with the provisions of this Agreement shall be deemed to have been given on the
date of receipt if delivered by hand or overnight courier service or sent by
telecopy to such party as provided in this Section 9.01 or in accordance with
the latest unrevoked direction from such party given in accordance with this
Section 9.01.

                  SECTION 9.02.  Survival of Agreement.  All covenants,
agreements, representations and warranties made by the Borrowers herein and in
the certificates or other instruments prepared or delivered in connection with
or pursuant to this Agreement shall be considered to have been relied upon by
the Lenders and shall survive the making by the Lenders of the Loans regardless
of any investigation made by the Lenders or on their behalf, and shall continue
in full force and effect as long as the principal of or any accrued interest on
any Loan or any Facility Fee or any other amount payable under this Agreement is
outstanding and unpaid or the Commitments have not been terminated.

                  SECTION 9.03. Binding Effect. This Agreement shall become
effective when it shall have been executed by the Company and the Administrative
Agent and when the Administrative Agent shall have received copies hereof
(telecopied or otherwise) which, when taken together, bear the signature of each
Lender, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns, except that the
Borrowers shall not have the right to assign any rights hereunder or any
interest herein without the prior consent of all the Lenders.

                  SECTION 9.04. Successors and Assigns. (a) Whenever in this
Agreement any of the parties hereto is referred to, such reference shall be
deemed to include the successors and assigns of such party; and all covenants,
promises and agreements by or on behalf of any party that are contained in this
Agreement shall bind and inure to the benefit of its successors and assigns.

                  (b) Each Lender may assign to one or more assignees all or a
portion of its interests, rights and obligations under this Agreement (including
all or a portion of its Commitment and the Loans at the time owing to it);
provided, however, that (i) except in the case of an assignment to a Lender or a
domestic Affiliate of a Lender, the Company must give its prior written consent
to such assignment (which consent shall not be unreasonably withheld); provided,
however, that the consent of the Company shall not be required to any such
assignment during the continuance of any Event of Default, (ii) the amount of
the Commitment of the assigning Lender subject to each such assignment
(determined as of the date the Assignment and Acceptance with respect to such
assignment is delivered to the Administrative Agent) shall not be less than
$10,000,000, (iii) the parties to each such assignment shall execute and deliver
to the Administrative Agent an Assignment and Acceptance, and a processing and
recordation fee of
<PAGE>   50
                                                                              45

$3,500 and (iv) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire. Upon acceptance and
recording pursuant to paragraph (e) of this Section 9.04, from and after the
effective date specified in each Assignment and Acceptance, which effective date
shall be at least five Business Days after the execution thereof, (A) the
assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Acceptance, have the rights and obligations of a
Lender under this Agreement and (B) the assigning Lender thereunder shall, to
the extent of the interest assigned by such Assignment and Acceptance, be
released from its obligations under this Agreement (and, in the case of an
Assignment and Acceptance covering all or the remaining portion of an assigning
Lender's rights and obligations under this Agreement, such Lender shall cease to
be a party hereto (but shall continue to be entitled to the benefits of Sections
2.13, 2.15, 2.20 and 9.05, as well as to any Facility Fees accrued for its
account hereunder and not yet paid)). Notwithstanding the foregoing, any Lender
assigning its rights and obligations under this Agreement may retain any
Competitive Loans made by it outstanding at such time, and in such case shall
retain its rights hereunder in respect of any Loans so retained until such Loans
have been repaid in full in accordance with this Agreement.

                  (c) By executing and delivering an Assignment and Acceptance,
the assigning Lender thereunder and the assignee thereunder shall be deemed to
confirm to and agree with each other and the other parties hereto as follows:
(i) such assigning Lender warrants that it is the legal and beneficial owner of
the interest being assigned thereby free and clear of any adverse claim, (ii)
except as set forth in (i) above, such assigning Lender makes no representation
or warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with this Agreement, or
the execution, legality, validity, enforceability, genuineness, sufficiency or
value of this Agreement or any other instrument or document furnished pursuant
hereto or the financial condition of the Borrowers or the performance or
observance by the Borrowers of any obligations under this Agreement or any other
instrument or document furnished pursuant hereto; (iii) such assignee represents
and warrants that it is legally authorized to enter into such Assignment and
Acceptance; (iv) such assignee confirms that it has received a copy of this
Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 5.01 and such other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter
into such Assignment and Acceptance; (v) such assignee will independently and
without reliance upon the Administrative Agent, such assigning Lender or any
other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or
not taking action under this Agreement; (vi) such assignee appoints and
authorizes the Administrative Agent to take such action as agent on its behalf
and to exercise such powers under this Agreement as are delegated to the
Administrative Agent by the terms hereof, together with such powers as are
reasonably incidental thereto; and (vii) such assignee agrees that it will
perform in accordance with their terms all the obligations which by the terms of
this Agreement are required to be performed by it as a Lender.

                  (d) The Administrative Agent shall maintain at one of its
offices in the City of New York a copy of each Assignment and Acceptance
delivered to it and a register for the recordation of the names and addresses of
the Lenders, and the Commitment of, and the principal amount of the Loans owing
to, each Lender pursuant to the terms hereof from time to time (the "Register").
The entries in the Register shall be conclusive in the absence of manifest error
and
<PAGE>   51
                                                                              46

the Borrowers, the Administrative Agent and the Lenders may treat each person
whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement. The Register shall be available
for inspection by each party hereto, at any reasonable time and from time to
time upon reasonable prior notice.

                  (e) Upon its receipt of a duly completed Assignment and
Acceptance executed by an assigning Lender and an assignee together with an
Administrative Questionnaire completed in respect of the assignee (unless the
assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) above and, if required, the written consent of
the Company to such assignment, the Administrative Agent shall (i) accept such
Assignment and Acceptance and (ii) record the information contained therein in
the Register.

                  (f) Each Lender may sell participations to one or more banks
or other entities in all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitment and the Loans owing to
it); provided, however, that (i) such Lender's obligations under this Agreement
shall remain unchanged, (ii) such Lender shall remain solely responsible to the
other parties hereto for the performance of such obligations, (iii) each
participating bank or other entity shall be entitled to the benefit of the cost
protection provisions contained in Sections 2.13, 2.15 and 2.20 to the same
extent as if it was the selling Lender (but limited to the amount that could
have been claimed by the selling Lender had it continued to hold the interest of
such participating bank or other entity), except that all claims made pursuant
to such Sections shall be made through such selling Lender, and (iv) the
Borrowers, the Administrative Agent and the other Lenders shall continue to deal
solely and directly with such selling Lender in connection with such Lender's
rights and obligations under this Agreement, and such selling Lender shall
retain the sole right to enforce the obligations of the Borrowers relating to
the Loans and to approve any amendment, modification or waiver of any provision
of this Agreement (other than amendments, modifications or waivers decreasing
any fees payable hereunder or the amount of principal of or the rate at which
interest is payable on the Loans, extending any scheduled principal payment date
or date fixed for the payment of interest on the Loans or changing or extending
the Commitments).

                  (g) Any Lender or participant may, in connection with any
assignment or participation or proposed assignment or participation pursuant to
this Section, disclose to the assignee or participant or proposed assignee or
participant any information relating to the Borrowers furnished to such Lender;
provided that, prior to any such disclosure, each such assignee or participant
or proposed assignee or participant shall execute an agreement whereby such
assignee or participant shall agree (subject to customary exceptions) to
preserve the confidentiality of any such information.

                  (h)  The Borrowers shall not assign or delegate any rights and
duties hereunder without the prior written consent of all Lenders.

                  (i) Any Lender may at any time pledge all or any portion of
its rights under this Agreement to a Federal Reserve Bank; provided that no such
pledge shall release any Lender from its obligations hereunder or substitute any
such Bank for such Lender as a party hereto. In order to facilitate such an
assignment to a Federal Reserve Bank, each Borrower shall, at the request of the
<PAGE>   52
                                                                              47

assigning Lender, duly execute and deliver to the assigning Lender a promissory
note or notes evidencing the Loans made to such Borrower by the assigning Lender
hereunder.

                  SECTION 9.05.  Expenses; Indemnity.  (a)  The Borrowers agree,
jointly and severally, to pay the fees and disbursements of counsel for the
Administrative Agent in connection with entering into this Agreement and in
connection with any amendments, modifications or waivers of the provisions
hereof, and agree, jointly and severally, to pay the reasonable out-of-pocket
expenses incurred by the Administrative Agent or any Lender in connection with
the enforcement or protection of their rights in connection with this Agreement
or the Loans made hereunder, including the reasonable fees and disbursements of
counsel for the Administrative Agent or any Lender.

                  (b) The Borrowers agree, jointly and severally, to indemnify
the Administrative Agent, each Lender, each of their Affiliates and the
directors, officers, employees and agents of the foregoing (each such person
being called an "Indemnitee") against, and to hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses,
including reasonable counsel fees and expenses, incurred by or asserted against
any Indemnitee arising out of (i) the execution or delivery of this Agreement or
any agreement or instrument contemplated thereby, the performance by the parties
thereto of their respective obligations thereunder or the consummation of the
transactions contemplated thereby, (ii) the use of the proceeds of the Loans or
(iii) any claim, litigation, investigation or proceeding relating to any of the
foregoing, whether or not any Indemnitee is a party thereto; provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such
losses, claims, damages, liabilities or related expenses are finally determined
by a court of competent jurisdiction to have resulted from the gross negligence
or willful misconduct of such Indemnitee or from such Indemnitee's violation of
the Federal securities laws prohibiting insider trading.

                  (c) The provisions of this Section shall remain operative and
in full force and effect regardless of the expiration of the term of this
Agreement, the consummation of the transactions contemplated hereby, the
repayment of any of the Loans, the invalidity or unenforceability of any term or
provision of this Agreement or any investigation made by or on behalf of the
Administrative Agent or any Lender. All amounts due under this Section shall be
payable on written demand therefor.

                  SECTION 9.06.  Applicable Law.  THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK.

                  SECTION 9.07. Waivers; Amendment. (a) No failure or delay of
the Administrative Agent or any Lender in exercising any power or right
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of
steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of
the Administrative Agent and the Lenders hereunder are cumulative and are not
exclusive of any rights or remedies which they would otherwise have. No waiver
of any provision of this Agreement or consent to any departure therefrom shall
in any event be effective unless the same
<PAGE>   53
                                                                              48

shall be permitted by paragraph (b) below, and then such waiver or consent shall
be effective only in the specific instance and for the purpose for which given.
No notice or demand on any Borrower or any Subsidiary in any case shall entitle
such party to any other or further notice or demand in similar or other
circumstances.

                  (b) Neither this Agreement nor any provision hereof may be
waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by the Borrowers and the Required Lenders; provided,
however, that no such agreement shall (i) decrease the principal amount of, or
extend the maturity of or any scheduled principal payment date or date for the
payment of any interest on any Loan, or waive or excuse any such payment or any
part thereof, or decrease the rate of interest on any Loan, without the prior
written consent of each Lender affected thereby, (ii) increase or extend the
Commitment or decrease the Facility Fee of any Lender or extend any date for
payment thereof without the prior written consent of such Lender, (iii) amend or
modify the provisions of Section 2.16 or Section 9.04(h), the provisions of this
Section or the definition of the "Required Lenders," or (iv) release the Company
from any of its obligations under Article VII hereof without the prior written
consent of each Lender; provided further, however, that no such agreement shall
amend, modify or otherwise affect the rights or duties of the Administrative
Agent hereunder without the prior written consent of the Administrative Agent.
Each Lender shall be bound by any waiver, amendment or modification authorized
by this Section and any consent by any Lender pursuant to this Section shall
bind any assignee of its rights and interests hereunder.

                  SECTION 9.08. Entire Agreement. This Agreement constitutes the
entire contract among the parties relative to the subject matter hereof. Any
previous agreement among the parties with respect to the subject matter hereof
is superseded by this Agreement. Nothing in this Agreement, expressed or
implied, is intended to confer upon any party other than the parties hereto any
rights, remedies, obligations or liabilities under or by reason of this
Agreement.

                  SECTION 9.09. Severability. In the event any one or more of
the provisions contained in this Agreement should be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not in any way be affected or
impaired thereby. The parties shall endeavor in good-faith negotiations to
replace the invalid, illegal or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the invalid,
illegal or unenforceable provisions.

                  SECTION 9.10.  Counterparts.  This Agreement may be executed
in two or more counterparts, each of which shall constitute an original but all
of which when taken together shall constitute but one contract, and shall become
effective as provided in Section 9.03.

                  SECTION 9.11.  Headings.  Article and Section headings and the
Table of Contents used herein are for convenience of reference only, are not
part of this Agreement and are not to affect the construction of, or to be taken
into consideration in interpreting, this Agreement.

                  SECTION 9.12. Right of Setoff. If an Event of Default shall
have occurred and be continuing, each Lender is hereby authorized at any time
and from time to time, to the fullest extent permitted by law, to set off and
apply any and all deposits (general or special, time or
<PAGE>   54
                                                                              49

demand, provisional or final) at any time held and other indebtedness at any
time owing by such Lender to or for the credit or account of the Company and any
Borrowing Subsidiary now or hereafter existing under this Agreement held by such
Lender, irrespective of whether or not such Lender shall have made any demand
under this Agreement and although such obligations may be unmatured. Each Lender
agrees promptly to notify the Company after such setoff and application made by
such Lender, but the failure to give such notice shall not affect the validity
of such setoff and application. The rights of each Lender under this Section are
in addition to other rights and remedies (including, without limitation, other
rights of setoff) which such Lender may have.

                  SECTION 9.13. Jurisdiction; Consent to Service of Process. (a)
Each Borrower hereby irrevocably and unconditionally submits, for itself and its
property, to the nonexclusive jurisdiction of any New York State court or
Federal court of the United States of America sitting in New York City, and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement, or for recognition or enforcement of any judgment,
and each of the parties hereto hereby irrevocably and unconditionally agrees
that all claims in respect of any such action or proceeding may be heard and
determined in such New York State or, to the extent permitted by law, in such
Federal court. Each of the parties hereto agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
Subject to the foregoing and to paragraph (b) below, nothing in this Agreement
shall affect any right that any party hereto may otherwise have to bring any
action or proceeding relating to this Agreement against any other party hereto
in the courts of any jurisdiction.

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

                  (c) Each Borrower hereby irrevocably consents to service of
process in the manner provided for notices in Section 9.01. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process
in any other manner permitted by law.

                  SECTION 9.14. Waiver of Jury Trial. Each party hereto hereby
waives, to the fullest extent permitted by applicable law, any right it may have
to a trial by jury in respect of any litigation directly or indirectly arising
out of, under or in connection with this Agreement. Each party hereto (a)
certifies that no representative, agent or attorney of any other party has
represented, expressly or otherwise, that such other party would not, in the
event of litigation, seek to enforce the foregoing waiver and (b) acknowledges
that it and other parties hereto have been induced to enter into this Agreement
by, among other things, the mutual waivers and certification in this Section.

                  SECTION 9.15.  Addition of Borrowing Subsidiaries.  Each
wholly owned Subsidiary of the Company which shall deliver to the Administrative
Agent a Borrowing Subsidiary Agreement executed by such Subsidiary and the
Company shall, upon such delivery
<PAGE>   55
                                                                              50

and without further act, become a party hereto and a Borrower hereunder with the
same effect as if it had been an original party to this Agreement.

                  SECTION 9.16. Confidentiality. Each Lender and the
Administrative Agent agree to keep confidential the Information, except that any
such Lender and the Administrative Agent shall be permitted to disclose
Information (a) to such of its officers, directors, employees, agents and
representatives as need to know such Information; (b) to the extent required by
applicable laws and regulations or by any subpoena or similar legal process,
including with respect to the enforcement of this Agreement, provided that such
Lender and the Administrative Agent shall use reasonable efforts to notify the
Company of such prospective disclosure a reasonable time prior to any such
disclosure and shall take such actions reasonably requested by the Company to
assist the Company in obtaining a protective order or confidential treatment
with respect to such Information (it being understood that failure to give such
notice after having made any such reasonable efforts shall not result in any
liability hereunder to such Lender or the Administrative Agent, as the case may
be); (c) to the extent requested by any bank regulatory authority; (d) to the
extent such Information (i) becomes publicly available other than as a result of
a breach of this Agreement, (ii) becomes available to such Lender or the
Administrative Agent on a non-confidential basis from a source other than the
Company and its Affiliates or (iii) was available to such Lender or the
Administrative Agent on a non-confidential basis prior to its disclosure to such
Lender or the Administrative Agent by the Company or its Affiliates; (e) to any
Affiliate of or any actual or prospective assignee or participant in any rights
of such Lender or the Administrative Agent under this Agreement, provided that
such Affiliate, assignee or participant delivers to the Administrative Agent or
such Lender, as applicable, a confidentiality letter containing substantially
the undertakings set forth in this Section 9.16 and (f) to the extent the
Company shall have consented to such disclosure in writing.

                  SECTION 9.17. Collateral. Each of the Lenders represents to
each of the other Lenders that it in good faith is not relying upon any Margin
Stock as collateral in the extension or maintenance of the credit provided for
in this Agreement.

                  SECTION 9.18. Interest Rate Limitation. Notwithstanding
anything herein to the contrary, if at any time the applicable interest rate,
together with all fees and charges which are treated as interest under
applicable law (collectively the "Charges"), as provided for herein or in any
other document executed in connection herewith, or otherwise contracted for,
charged, received, taken or reserved by any Lender, shall exceed the maximum
lawful rate (the "Maximum Rate") which may be contracted for, charged, taken,
received or reserved by such Lender in accordance with applicable law, all
Charges payable to such Lender shall be limited to the Maximum Rate.
<PAGE>   56
                                                                              51

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

                               PERKINELMER, INC.,

                                   by
                                          /s/    Robert F. Friel
                                        ----------------------------------------
                                        Name:    Robert F. Friel
                                        Title:   Senior Vice President and Chief
                                                 Financial Officer

                               THE CHASE MANHATTAN BANK,
                               individually and as Administrative Agent,

                                   by
                                          /s/    Gail Weiss
                                        ----------------------------------------
                                        Name:    Gail Weiss
                                        Title:   Vice President

                               ABN AMRO BANK N.V.

                                   by
                                          /s/    James E. Davis
                                        ----------------------------------------
                                        Name:    James E. Davis
                                        Title:   Group Vice President

                                          /s/    David A. Carroll
                                        ----------------------------------------
                                        Name:    David A. Carroll
                                        Title:   Assistant Vice President

                               BANCA NAZIONALE DEL LAVORO S.P.A.,
                               NEW YORK BRANCH

                                   by
                                          /s/    Giulio Giovine
                                        ----------------------------------------
                                        Name:    Giulio Giovine
                                        Title:   Vice President

                                          /s/    Leonardo Valentini
                                        ----------------------------------------
                                        Name:    Leonardo Valentini
                                        Title:   First Vice President
<PAGE>   57
                                                                              52

                               BANK ONE, N.A., CHICAGO BRANCH

                                   by
                                          /s/    Mahua G. Thakurta
                                        ----------------------------------------
                                        Name:    Mahua G. Thakurta
                                        Title:   Commercial Banking Officer

                               BARCLAYS BANK, PLC,

                                   by
                                          /s/    Terance Bullock
                                        ----------------------------------------
                                        Name:    Terance Bullock
                                        Title:   Vice President

                               CITIZENS BANK OF MASSACHUSETTS

                                   by
                                          /s/    Mariel Keane Hough
                                        ----------------------------------------
                                        Name:    Mariel Keane Hough
                                        Title:   Vice President

                               FIRSTAR BANK, N.A.

                                   by
                                          /s/    Derek S. Roudebush
                                        ----------------------------------------
                                        Name:    Derek S. Roudebush
                                        Title:   Vice President

                                          /s/    Patrick H. McGraw
                                        ----------------------------------------
                                        Name:    Patrick H. McGraw
                                        Title:   Assistant Vice President

                               FLEET NATIONAL BANK

                                   by
                                          /s/    Jorge A. Schwarz
                                        ----------------------------------------
                                        Name:    Jorge A. Schwarz
                                        Title:   Director
<PAGE>   58
                                                                              53

                               MELLON BANK, N.A.

                                   by
                                          /s/    Janet R. Twomey
                                        ----------------------------------------
                                        Name:    Janet R. Twomey
                                        Title:   Vice President

                               NORTHERN TRUST

                                   by
                                          /s/    John A. Konstantos
                                        ----------------------------------------
                                        Name:    John A. Konstantos
                                        Title:   Vice President

                               SOCIETE GENERALE

                                   by
                                          /s/    Nicolas Eugrin
                                        ----------------------------------------
                                        Name:    Nicolas Eugrin
                                        Title:   Vice President

                               STANDARD CHARTERED BANK

                                   by
                                          /s/    John Biscette
                                        ----------------------------------------
                                        Name:    John Biscette
                                        Title:   Vice President

                                          /s/    Andrew Y. Ng
                                        ----------------------------------------
                                        Name:    Andrew Y. Ng
                                        Title:   Vice President

                               WACHOVIA BANK, N.A.

                                   by
                                          /s/    Christa P. Holland
                                        ----------------------------------------
                                        Name:    Christa P. Holland
                                        Title:   Vice President

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