Document:

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                                                                   EXHIBIT 10.23
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                            364-DAY CREDIT AGREEMENT

                         DATED AS OF SEPTEMBER 27, 2002

                                      AMONG

                             HEWITT ASSOCIATES LLC,

                  THE LENDERS FROM TIME TO TIME PARTIES HERETO,

                         HARRIS TRUST AND SAVINGS BANK,
                            AS ADMINISTRATIVE AGENT,

                                BANK OF MONTREAL,
                                   AS ARRANGER

                                       AND

                             BANK OF AMERICA, N.A.,
                              AS SYNDICATION AGENT

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                                TABLE OF CONTENTS

SECTION                                 DESCRIPTION                         PAGE

SECTION 1.            THE CREDIT FACILITIES .................................. 1

       Section 1.1.   Revolving Credit Commitments ........................... 1
       Section 1.2.   Applicable Interest Rates .............................. 1
       Section 1.3.   Minimum Borrowing Amounts; Maximum Eurodollar Loans .... 3
       Section 1.4.   Manner of Borrowing Loans and Designating Applicable
                        Interest Rates ....................................... 3
       Section 1.5.   Interest Periods ....................................... 5
       Section 1.6.   Maturity of Loans ...................................... 6
       Section 1.7.   Prepayments ............................................ 6
       Section 1.8.   Default Rate ........................................... 7
       Section 1.9.   The Notes .............................................. 7
       Section 1.10.  Funding Indemnity ...................................... 7
       Section 1.11.  Commitment Terminations ................................ 8
       Section 1.12.  Substitution of Lenders ................................ 8

SECTION 2.            FEES ................................................... 9

       Section 2.1.   Fees ................................................... 9

SECTION 3.            PLACE AND APPLICATION OF PAYMENTS ...................... 9

       Section 3.1.   Place and Application of Payments ...................... 9

SECTION 4.            DEFINITIONS; INTERPRETATION ............................11

       Section 4.1.   Definitions ............................................11
       Section 4.2.   Interpretation .........................................21
       Section 4.3.   Change in Accounting Principles ........................21

SECTION 5.            REPRESENTATIONS AND WARRANTIES .........................22

       Section 5.1.   Organization and Qualification .........................22
       Section 5.2.   Subsidiaries ...........................................22
       Section 5.3.   Authority and Validity of Obligations ..................23
       Section 5.4.   Use of Proceeds; Margin Stock ..........................23
       Section 5.5.   Financial Reports ......................................23
       Section 5.6.   No Material Adverse Change .............................23
       Section 5.7.   Full Disclosure ........................................24
       Section 5.8.   Good Title .............................................24
       Section 5.9.   Litigation and Other Controversies .....................24
       Section 5.10.  Taxes ..................................................24
       Section 5.11.  Approvals ..............................................24
       Section 5.12.  Affiliate Transactions .................................24

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       Section 5.13.  Investment Company; Public Utility Holding Company .....25
       Section 5.14.  ERISA ..................................................25
       Section 5.15.  Compliance with Laws ...................................25
       Section 5.16.  Other Agreements .......................................25
       Section 5.17.  No Default .............................................25

SECTION 6.            CONDITIONS PRECEDENT ...................................26

       Section 6.1.   All Credit Events ......................................26
       Section 6.2.   Initial Credit Event ...................................26

SECTION 7.            COVENANTS ..............................................27

       Section 7.1.   Maintenance of Business ................................27
       Section 7.2.   Maintenance of Properties ..............................28
       Section 7.3.   Taxes and Assessments ..................................28
       Section 7.4.   Insurance ..............................................28
       Section 7.5.   Financial Reports ......................................29
       Section 7.6.   Inspection .............................................30
       Section 7.7.   Interest Coverage Ratio ................................30
       Section 7.8.   Tangible Net Worth .....................................30
       Section 7.9.   Leverage Ratio .........................................31
       Section 7.10.  Distributions ..........................................31
       Section 7.11.  Indebtedness ...........................................31
       Section 7.12.  Liens ..................................................31
       Section 7.13.  Investments, Acquisitions, Loans, Advances and
                        Guaranties ...........................................32
       Section 7.14.  Use of Proceeds ........................................33
       Section 7.15.  Mergers, Consolidations and Sales ......................33
       Section 7.16.  Maintenance of Subsidiaries ............................34
       Section 7.17.  ERISA ..................................................34
       Section 7.18.  Compliance with Laws ...................................34
       Section 7.19.  Burdensome Contracts With Affiliates ...................34
       Section 7.20.  No Changes in Fiscal Year ..............................34
       Section 7.21.  Amendments to Articles and Operating Agreement .........35

SECTION 8.            EVENTS OF DEFAULT AND REMEDIES .........................35

       Section 8.1.   Events of Default ......................................35
       Section 8.2.   Non-Bankruptcy Defaults ................................37
       Section 8.3.   Bankruptcy Defaults ....................................37
       Section 8.4.   Notice of Default ......................................37
       Section 8.5.   Expenses ...............................................37

SECTION 9.            CHANGE IN CIRCUMSTANCES ................................37

       Section 9.1.   Change of Law ..........................................37
       Section 9.2.   Unavailability of Deposits or Inability to Ascertain,
                        or Inadequacy of, LIBOR ..............................38

                                      -ii-

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       Section 9.3.   Increased Cost and Reduced Return ......................38
       Section 9.4.   Lending Offices ........................................40
       Section 9.5.   Discretion of Lender as to Manner of Funding ...........40

SECTION 10.           THE ADMINISTRATIVE AGENT ...............................40

       Section 10.1.  Appointment and Authorization of Administrative Agent ..40
       Section 10.2.  Administrative Agent and its Affiliates ................40
       Section 10.3.  Action by Administrative Agent .........................41
       Section 10.4.  Consultation with Experts ..............................41
       Section 10.5.  Liability of Administrative Agent; Credit Decision .....41
       Section 10.6.  Indemnity ..............................................42
       Section 10.7.  Resignation of Administrative Agent and Successor
                        Administrative Agent .................................42
       Section 10.9.  Designation of Additional Agents .......................43

SECTION 11.           MISCELLANEOUS ..........................................43

       Section 11.1.  Withholding Taxes ......................................43
       Section 11.2.  No Waiver, Cumulative Remedies .........................44
       Section 11.3.  Non-Business Days ......................................45
       Section 11.4.  Documentary Taxes ......................................45
       Section 11.5.  Survival of Representations ............................45
       Section 11.6.  Survival of Indemnities ................................45
       Section 11.7.  Sharing ................................................45
       Section 11.8.  Notices ................................................45
       Section 11.9.  Counterparts ...........................................46
       Section 11.10. Successors and Assigns .................................46
       Section 11.11. Participants ...........................................46
       Section 11.12. Assignments ............................................47
       Section 11.13. Amendments .............................................48
       Section 11.14. Headings ...............................................48
       Section 11.15. Costs and Expenses; Indemnification ....................48
       Section 11.16. Entire Agreement .......................................49
       Section 11.17. Governing Law ..........................................49
       Section 11.18. Severability of Provisions .............................49
       Section 11.19. Construction ...........................................49
       Section 11.20. Lender's Obligations Several ...........................50
       Section 11.21. Submission to Jurisdiction; Waiver of Jury Trial .......50

                                      -iii-

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EXHIBIT A       --    Notice of Borrowing
EXHIBIT B       --    Notice of Continuation/Conversion
EXHIBIT C       --    Revolving Note
EXHIBIT D       --    Compliance Certificate
EXHIBIT E       --    Assignment and Acceptance
SCHEDULE 1      --    Commitments
SCHEDULE 5.2    --    Subsidiaries

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                            364-DAY CREDIT AGREEMENT

     This 364-Day Credit Agreement is entered into as of September 27, 2002, by
and among Hewitt Associates LLC, an Illinois limited liability company (the
"Borrower"), the several financial institutions from time to time party to this
Agreement, as Lenders, Harris Trust and Savings Bank, as Administrative Agent,
Bank of Montreal, as Arranger and Bank of America, N.A., as Syndication Agent,
as provided herein. All capitalized terms used herein without definition shall
have the same meanings herein as such terms are defined in Section 4.1 hereof.

                              PRELIMINARY STATEMENT

     The Borrower has requested, and the Lenders have agreed to extend, certain
credit facilities on the terms and conditions of this Agreement.

     NOW, THEREFORE, in consideration of the mutual agreements contained herein,
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1. THE CREDIT FACILITIES.

     Section 1.1. Revolving Credit Commitments. Subject to the terms and
conditions hereof, each Lender, by its acceptance hereof, severally agrees to
make a loan or loans (individually a "Revolving Loan" and collectively the
"Revolving Loans") in U.S. Dollars to the Borrower from time to time on a
revolving basis up to the amount of such Lender's Revolving Credit Commitment,
subject to any reductions thereof pursuant to the terms hereof, before the
Revolving Credit Termination Date. The aggregate principal amount of Revolving
Loans at any time outstanding shall not exceed the Revolving Credit Commitments
in effect at such time. Each Borrowing of Revolving Loans shall be made ratably
by the Lenders in proportion to their respective Revolver Percentages. As
provided in Section 1.4(a) hereof, the Borrower may elect that each Borrowing of
Revolving Loans be either Base Rate Loans or Eurodollar Loans. Revolving Loans
may be repaid and the principal amount thereof reborrowed before the Revolving
Credit Termination Date, subject to the terms and conditions hereof.

     Section 1.2. Applicable Interest Rates. (a) Base Rate Loans. Each Base Rate
Loan made or maintained by a Lender shall bear interest during each Interest
Period it is outstanding (computed on the basis of a year of 365 or 366 days, as
the case may be, and the actual days elapsed) on the unpaid principal amount
thereof from the date such Loan is advanced, continued or created by conversion
from a Eurodollar Loan until maturity (whether by acceleration or otherwise) at
a rate per annum equal to the sum of the Applicable Margin plus the Base Rate
from time to time in effect, payable on the last day of its Interest Period and
at maturity (whether by acceleration or otherwise).

     "Base Rate" means for any day the greater of: (i) the rate of interest
announced or otherwise established by the Administrative Agent from time to time
as its prime commercial

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rate as in effect on such day, with any change in the Base Rate resulting from a
change in said prime commercial rate to be effective as of the date of the
relevant change in said prime commercial rate (it being acknowledged and agreed
that such rate may not be the Administrative Agent's best or lowest rate), or
(ii) the sum of (x) the rate determined by the Administrative Agent to be the
average (rounded upward, if necessary, to the next higher 1/100 of 1%) of the
rates per annum quoted to the Administrative Agent at approximately 10:00 a.m.
(Chicago time) (or as soon thereafter as is practicable) on such day (or, if
such day is not a Business Day, on the immediately preceding Business Day) by
two or more Federal funds brokers selected by the Administrative Agent for sale
to the Administrative Agent at face value of Federal funds in the secondary
market in an amount equal or comparable to the principal amount owed to the
Administrative Agent for which such rate is being determined, plus (y) 1/2 of
1%.

     (b) Eurodollar Loans. Each Eurodollar Loan made or maintained by a Lender
shall bear interest during each Interest Period it is outstanding (computed on
the basis of a year of 360 days and actual days elapsed) on the unpaid principal
amount thereof from the date such Loan is advanced, continued or created by
conversion from a Base Rate Loan until maturity (whether by acceleration or
otherwise) at a rate per annum equal to the sum of the Applicable Margin plus
the Adjusted LIBOR applicable for such Interest Period, payable on the last day
of the Interest Period and at maturity (whether by acceleration or otherwise),
and, if the applicable Interest Period is longer than three months, on each day
occurring every three months after the commencement of such Interest Period.

     "Adjusted LIBOR" means, for any Borrowing of Eurodollar Loans, a rate per
annum determined in accordance with the following formula:

           Adjusted LIBOR    =                   LIBOR
                                  ---------------------------------
                                  1 - Eurodollar Reserve Percentage

     "Eurodollar Reserve Percentage" means, for any Borrowing of Eurodollar
Loans, the daily average for the applicable Interest Period of the maximum rate,
expressed as a decimal, at which reserves (including, without limitation, any
supplemental, marginal, and emergency reserves) are imposed during such Interest
Period by the Board of Governors of the Federal Reserve System (or any
successor) on "eurocurrency liabilities", as defined in such Board's Regulation
D (or in respect of any other category of liabilities that includes deposits by
reference to which the interest rate on Eurodollar Loans is determined or any
category of extensions of credit or other assets that include loans by
non-United States offices of any Lender to United States residents), subject to
any amendments of such reserve requirement by such Board or its successor,
taking into account any transitional adjustments thereto. For purposes of this
definition, the Eurodollar Loans shall be deemed to be "eurocurrency
liabilities" as defined in Regulation D without benefit or credit for any
prorations, exemptions or offsets under Regulation D.

     "LIBOR" means, for an Interest Period for a Borrowing of Eurodollar Loans,
(a) the LIBOR Index Rate for such Interest Period, if such rate is available,
and (b) if the LIBOR Index Rate cannot be determined, the arithmetic average of
the rates of interest per annum (rounded upwards, if necessary, to the nearest
1/100 of 1%) at which deposits in U.S. Dollars in

                                      -2-

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immediately available funds are offered to the Administrative Agent at 11:00
a.m. (London, England time) 2 Business Days before the beginning of such
Interest Period by 3 or more major banks in the interbank eurodollar market
selected by the Administrative Agent for delivery on the first day of and for a
period equal to such Interest Period and in an amount equal or comparable to the
principal amount of the Eurodollar Loan scheduled to be made by the
Administrative Agent as part of such Borrowing.

     "LIBOR Index Rate" means, for any Interest Period, the rate per annum
(rounded upwards, if necessary, to the next higher one hundred-thousandth of a
percentage point) for deposits in U.S. Dollars for a period equal to such
Interest Period, which appears on the Telerate Page 3750 as of 11:00 a.m.
(London, England time) on the day 2 Business Days before the commencement of
such Interest Period.

     "Telerate Page 3750" means the display designated as "Page 3750" on the
Telerate Service (or such other page as may replace Page 3750 on that service or
such other service as may be nominated by the British Bankers' Association as
the information vendor for the purpose of displaying British Bankers'
Association Interest Settlement Rates for U.S. Dollar deposits).

     (c) Rate Determinations. The Administrative Agent shall determine, in
accordance with the terms and provisions hereof, each interest rate applicable
to the Loans hereunder, and its determination thereof shall be prima facie
evidence thereof.

     Section 1.3. Minimum Borrowing Amounts; Maximum Eurodollar Loans. Each
Borrowing of Base Rate Loans advanced under the Revolving Credit shall be in an
amount not less than $1,000,000 or such greater amount which is an integral
multiple of $100,000. Each Borrowing of Eurodollar Loans advanced, continued or
converted under the Revolving Credit shall be in an amount equal to $2,000,000
or such greater amount which is an integral multiple of $100,000.

     Section 1.4. Manner of Borrowing Loans and Designating Applicable Interest
Rates. (a) Notice to the Administrative Agent. The Borrower shall give notice to
the Administrative Agent by no later than 10:00 a.m. (Chicago time): (i) at
least 3 Business Days before the date on which the Borrower requests the Lenders
to advance a Borrowing of Eurodollar Loans and (ii) on the date the Borrower
requests the Lenders to advance a Borrowing of Base Rate Loans. The Loans
included in each Borrowing shall bear interest initially at the type of rate
specified in such notice of a new Borrowing. Thereafter, the Borrower may from
time to time elect to change or continue the type of interest rate borne by each
Borrowing or, subject to Section 1.3's minimum amount requirement for each
outstanding Borrowing, a portion thereof, as follows: (i) if such Borrowing is
of Eurodollar Loans, on the last day of the Interest Period applicable thereto,
the Borrower may continue part or all of such Borrowing as Eurodollar Loans or
convert part or all of such Borrowing into Base Rate Loans or (ii) if such
Borrowing is of Base Rate Loans, on any Business Day, the Borrower may convert
all or part of such Borrowing into Eurodollar Loans for an Interest Period or
Interest Periods specified by the Borrower. The Borrower shall give all such
notices requesting the advance, continuation or conversion of a Borrowing to the
Administrative Agent by telephone or telecopy (which notice shall be irrevocable
once given and, if by telephone, shall be promptly confirmed in writing),
substantially in the form attached hereto as

                                      -3-

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Exhibit A (Notice of Borrowing) or Exhibit B (Notice of Continuation/
Conversion), as applicable, or in such other form acceptable to the
Administrative Agent. Notice of the continuation of a Borrowing of Eurodollar
Loans for an additional Interest Period or of the conversion of part or all of a
Borrowing of Base Rate Loans into Eurodollar Loans must be given by no later
than 10:00 a.m. (Chicago time) at least three (3) Business Days before the date
of the requested continuation or conversion. All such notices concerning the
advance, continuation or conversion of a Borrowing shall specify the date of the
requested advance, continuation or conversion of a Borrowing (which shall be a
Business Day), the amount of the requested Borrowing to be advanced, continued
or converted, the type of Loans to comprise such new, continued or converted
Borrowing and, if such Borrowing is to be comprised of Eurodollar Loans, the
Interest Period applicable thereto. The Borrower agrees that the Administrative
Agent may rely on any such telephonic or telecopy notice given by any person the
Administrative Agent reasonably believes is an Authorized Representative without
the necessity of independent investigation; provided, however, that prior to
advancing funds for a Borrowing, the Administrative Agent has provided to the
Borrower a telecopy confirmation of the Loan, including applicable rate (in the
case of Eurodollar Loans only) and amount. In the event any such notice by
telephone conflicts with any written confirmation, the written confirmation
shall govern absent manifest error.

     (b) Notice to the Lenders. The Administrative Agent shall give prompt
telephonic or telecopy notice to each Lender of any notice from the Borrower
received pursuant to Section 1.4(a) above and, if such notice requests the
Lenders to make Eurodollar Loans, the Administrative Agent shall give notice to
the Borrower and each Lender by like means of the interest rate applicable
thereto promptly after the Administrative Agent has made such determination.

     (c) Borrower's Failure to Notify; Automatic Continuations and Conversions.
Any outstanding Borrowing of Base Rate Loans shall automatically be continued
for an additional Interest Period on the last day of its then current Interest
Period unless the Borrower has notified the Administrative Agent within the
period required by Section 1.4(a) that the Borrower intends to convert such
Borrowing, subject to Section 6.1 hereof, into a Borrowing of Eurodollar Loans
or such Borrowing is prepaid in accordance with Section 1.7(a). If the Borrower
fails to give notice pursuant to Section 1.4(a) above of the continuation or
conversion of any outstanding principal amount of a Borrowing of Eurodollar
Loans before the last day of its then current Interest Period within the period
required by Section 1.4(a) or, whether or not such notice has been given, one or
more of the conditions set forth in Section 6.1 for the continuation or
conversion of a Borrowing of Eurodollar Loans would not be satisfied, and such
Borrowing is not prepaid in accordance with Section 1.7(a), such Borrowing shall
automatically be converted into a Borrowing of Base Rate Loans.

     (d) Disbursement of Loans. Not later than 1:00 p.m. (Chicago time) on the
date of any requested advance of a new Borrowing, subject to Section 6 hereof,
each Lender shall make available its Loan comprising part of such Borrowing in
funds immediately available at the principal office of the Administrative Agent
in Chicago, Illinois. The Administrative Agent shall promptly deposit the
proceeds of each new Borrowing into the account of the Borrower at the
Administrative Agent's principal office in Chicago, Illinois which is designated
for such purpose.

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     (e) Administrative Agent Reliance on Lender Funding. Unless the
Administrative Agent shall have been notified by a Lender prior to (or, in the
case of a Borrowing of Base Rate Loans, by 1:00 p.m. (Chicago time) on) the date
on which such Lender is scheduled to make payment to the Administrative Agent of
the proceeds of a Loan (which notice shall be effective upon receipt) that such
Lender does not intend to make such payment, the Administrative Agent may assume
that such Lender has made such payment when due and the Administrative Agent may
in reliance upon such assumption (but shall not be required to) make available
to the Borrower the proceeds of the Loan to be made by such Lender and, if any
Lender has not in fact made such payment to the Administrative Agent, such
Lender shall, on demand, pay to the Administrative Agent the amount made
available to the Borrower attributable to such Lender together with interest
thereon in respect of each day during the period commencing on the date such
amount was made available to the Borrower and ending on (but excluding) the date
such Lender pays such amount to the Administrative Agent at a rate per annum
equal to: (i) from the date the related advance was made by the Administrative
Agent to the date 2 Business Days after payment by such Lender is due hereunder,
the Federal Funds Rate for each such day and (ii) from the date 2 Business Days
after the date such payment is due from such Lender to the date such payment is
made by such Lender, the Base Rate in effect for each such day. If such amount
is not received from such Lender by the Administrative Agent immediately upon
demand, the Borrower will, within three (3) Business Days of demand, repay to
the Administrative Agent the proceeds of the Loan attributable to such Lender
with interest thereon at a rate per annum equal to the federal funds rate, but
without such payment being considered a payment or prepayment of a Loan under
Section 1.10 hereof so that the Borrower will have no liability under such
Section with respect to such payment.

     Section 1.5. Interest Periods. As provided in Section 1.4(a) hereof, at the
time of each request to advance, continue or create by conversion a Borrowing of
Eurodollar Loans, the Borrower shall select an Interest Period applicable to
such Loans from among the available options. The term "Interest Period" means
the period commencing on the date a Borrowing of Loans is advanced, continued or
created by conversion and ending: (a) in the case of Base Rate Loans, on the
last day of the calendar quarter (i.e., the last day of March, June, September
or December, as applicable) in which such Borrowing is advanced, continued or
created by conversion (or on the last day of the following calendar quarter if
such Loan is advanced, continued or created by conversion on the last day of a
calendar quarter) and (b) in the case of a Eurodollar Loan, 1, 2, 3 or 6 months
thereafter; provided, however, that:

          (a) any Interest Period for a Borrowing of Revolving Loans consisting
     of Base Rate Loans that otherwise would end after the Revolving Credit
     Termination Date shall end on the Revolving Credit Termination Date;

          (b) no Interest Period with respect to any portion of the Revolving
     Loans shall extend beyond the Revolving Credit Termination Date;

          (c) whenever the last day of any Interest Period would otherwise be a
     day that is not a Business Day, the last day of such Interest Period shall
     be extended to the next succeeding Business Day, provided that, if such
     extension would cause the last day of an Interest Period for a Borrowing of
     Eurodollar Loans to occur in

                                      -5-

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     the following calendar month, the last day of such Interest Period shall be
     the immediately preceding Business Day; and

          (d) for purposes of determining an Interest Period for a Borrowing of
     Eurodollar Loans, a month means a period starting on one day in a calendar
     month and ending on the numerically corresponding day in the next calendar
     month; provided, however, that if there is no numerically corresponding day
     in the month in which such an Interest Period is to end or if such an
     Interest Period begins on the last Business Day of a calendar month, then
     such Interest Period shall end on the last Business Day of the calendar
     month in which such Interest Period is to end.

     Section 1.6. Maturity of Loans. Each Revolving Loan, both for principal and
interest, shall mature and become due and payable by the Borrower on the
Revolving Credit Termination Date.

     Section 1.7. Prepayments. (a) The Borrower shall have the right of
prepaying without premium or penalty (except as set forth in Section 1.10 below)
and in whole or in part (but, if in part, then: (i) if such Borrowing is of Base
Rate Loans, in an amount not less than $1,000,000, (ii) if such Borrowing is of
Eurodollar Loans, in an amount not less than $2,000,000, and (iii) in each case,
in an amount such that the minimum amount required for a Borrowing pursuant to
Section 1.3 hereof remains outstanding) any Borrowing of Eurodollar Loans at any
time upon 3 Business Days prior notice by the Borrower to the Administrative
Agent or, in the case of a Borrowing of Base Rate Loans, notice delivered by the
Borrower to the Administrative Agent no later than 10:00 a.m. (Chicago time) on
the date of prepayment.

     (b) The Borrower shall, on each date the Revolving Credit Commitments are
reduced pursuant to Section 1.11 hereof, prepay the Revolving Loans by the
amount, if any, necessary to reduce the aggregate principal amount of Revolving
Loans then outstanding to the amount to which the Revolving Credit Commitments
have been so reduced.

     (c) Unless the Borrower otherwise directs, prepayments of Loans under this
Section 1.7 shall be applied first to Borrowings of Base Rate Loans until
payment in full thereof with any balance applied to Borrowings of Eurodollar
Loans in the order in which their Interest Periods expire. Each prepayment of
Loans under this Section 1.7 shall be made by the payment of the principal
amount to be prepaid and, in the case of any Eurodollar Loans, accrued interest
thereon to the date of prepayment together with any amounts due the Lenders
under Section 1.10 hereof.

     (d) The Administrative Agent will promptly advise each Lender of any notice
of prepayment it receives from the Borrower. Any amount of Revolving Loans paid
or prepaid before the Revolving Credit Termination Date may, subject to the
terms and conditions of this Agreement, be borrowed, repaid and borrowed again.

     Section 1.8. Default Rate. Notwithstanding anything to the contrary
contained in Section 1.2 hereof, while any Event of Default exists or after
acceleration, the Borrower shall pay interest (after as well as before entry of
judgment thereon to the extent permitted by law) on the principal amount of all
Loans owing by it at a rate per annum equal to the sum of 2.0% plus the

                                      -6-

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Applicable Margin plus the Base Rate from time to time in effect; provided,
however, that in the absence of acceleration, any adjustments pursuant to this
Section shall be made at the election of the Administrative Agent, acting at the
request or with the consent of the Required Lenders, with written notice to the
Borrower. While any Event of Default exists or after acceleration, interest
shall be paid on demand of the Administrative Agent at the request or with the
consent of the Required Lenders.

     Section 1.9. The Notes. (a) The Revolving Loans made to the Borrower by a
Lender shall be evidenced by a single promissory note of the Borrower issued to
such Lender in the form of Exhibit C hereto. Each such promissory note is
hereinafter referred to as a "Revolving Note" and collectively such promissory
notes are referred to as the "Revolving Notes."

     (b) Each Lender shall record on its books and records or on a schedule to
its appropriate Note the amount of each Loan advanced, continued or converted by
it, all payments of principal and interest and the principal balance from time
to time outstanding thereon, the type of such Loan, and, for any Eurodollar
Loan, the Interest Period and the interest rate applicable thereto. The record
thereof, whether shown on such books and records of a Lender or on a schedule to
the relevant Note, shall be prima facie evidence as to all such matters;
provided, however, that the failure of any Lender to record any of the foregoing
or any error in any such record shall not limit or otherwise affect the
obligation of the Borrower to repay all Loans made to it hereunder together with
accrued interest thereon. At the request of any Lender and upon such Lender
tendering to the Borrower the appropriate Note to be replaced, the Borrower
shall furnish a new Note to such Lender to replace any outstanding Note, and at
such time the first notation appearing on a schedule on the reverse side of, or
attached to, such Note shall set forth the aggregate unpaid principal amount of
all Loans, if any, then outstanding thereon.

     Section 1.10. Funding Indemnity. If any Lender shall incur any loss, cost
or expense (including, without limitation, any loss, cost or expense incurred by
reason of the liquidation or re-employment of deposits or other funds acquired
by such Lender to fund or maintain any Eurodollar Loan or the relending or
reinvesting of such deposits or amounts paid or prepaid to such Lender, but
excluding lost profits or other consequential or incidental damages or expenses)
as a result of:

          (a) any payment, prepayment or conversion of a Eurodollar Loan on a
     date other than the last day of its Interest Period,

          (b) any failure (because of a failure to meet the conditions of
     Section 7 or otherwise) by the Borrower to borrow or continue a Eurodollar
     Loan, or to convert a Base Rate Loan into a Eurodollar Loan, on the date
     specified in a notice given pursuant to Section 1.4(a) hereof,

          (c) any failure by the Borrower to make any payment of principal on
     any Eurodollar Loan when due (whether by acceleration or otherwise), or

          (d) any acceleration of the maturity of a Eurodollar Loan as a result
     of the occurrence of any Event of Default hereunder,

                                      -7-

<PAGE>

then, within 15 days after the demand of such Lender, the Borrower shall pay to
such Lender such amount as will reimburse such Lender for such loss, cost or
expense. If any Lender makes such a claim for compensation, it shall provide to
the Borrower, with a copy to the Administrative Agent, a certificate setting
forth the amount of such loss, cost or expense in reasonable detail (including
an explanation of the basis for and the computation of such loss, cost or
expense).

     Section 1.11. Commitment Terminations. (a) Optional Revolving Credit
Terminations. The Borrower shall have the right at any time and from time to
time, upon 5 Business Days prior written notice to the Administrative Agent, to
terminate the Revolving Credit Commitments without premium or penalty and in
whole or in part, any partial termination to be (i) in an amount not less than
$5,000,000 and (ii) allocated ratably among the Lenders in proportion to their
respective Revolver Percentages, provided that the Revolving Credit Commitments
may not be reduced to an amount less than the aggregate principal amount of
Revolving Loans then outstanding. The Administrative Agent shall give prompt
notice to each Lender of any such termination of the Revolving Credit
Commitments.

     (b) Mandatory Revolving Credit Terminations. The Revolving Credit
Commitments shall terminate and all Obligations not sooner paid shall become due
and payable on the Revolving Credit Termination Date.

     (c) Any termination of the Commitments pursuant to this Section 1.11 may
not be reinstated.

     Section 1.12. Substitution of Lenders. Upon the receipt by the Borrower of
(a) a claim from any Lender for compensation under Section 9.3 or 11.1 hereof,
(b) notice by any Lender to the Borrower of any illegality pursuant to Section
9.1 hereof or (c) in the event any Lender is in default in any material respect
with respect to its obligations under the Loan Documents (any such Lender
referred to in clause (a), (b) or (c) above being hereinafter referred to as an
"Affected Lender"), the Borrower may, in addition to any other rights the
Borrower may have hereunder or under applicable law, require, at any such
Affected Lender's expense, any such Affected Lender to assign, at par plus
accrued interest and fees, without recourse, all of its interest, rights, and
obligations hereunder (including all of its Commitments and the Loans and other
amounts at any time owing to it hereunder and the other Loan Documents) to a
bank or other institutional lender specified by the Borrower, provided that (i)
such assignment shall not conflict with or violate any law, rule or regulation
or order of any court or other governmental authority, (ii) the Borrower shall
have received the written consent of the Administrative Agent, which consent
shall not be unreasonably withheld, to such assignment, (iii) the Borrower shall
have paid to the Affected Lender all monies (together with amounts due such
Affected Lender under Section 1.10 hereof as if the Loans owing to it were
prepaid rather than assigned) other than such principal, interest, and fees
accrued and owing to it hereunder, and (iv) the assignment is entered into in
accordance with the other requirements of Section 11.12 hereof.

                                      -8-

<PAGE>

SECTION 2. FEES.

     Section 2.1. Fees. (a) Revolving Credit Facility Fee. The Borrower shall
pay to the Administrative Agent for the ratable account of the Lenders in
accordance with their Revolver Percentages a facility fee at the rate per annum
equal to the Applicable Margin (computed on the basis of a year of 365-366 days
and the actual number of days elapsed) on the average daily Revolving Credit
Commitments, whether or not in use. Such facility fee shall be payable quarterly
in arrears on the last day of each March, June, September, and December in each
year (commencing on the first such date occurring after the date hereof) and on
the Revolving Credit Termination Date, unless the Revolving Credit Commitments
are terminated in whole on an earlier date, in which event the facility fee for
the period to the date of such termination in whole shall be paid on the date of
such termination.

     (b) Utilization Fee. For every day during which (x) the sum of (i) the
aggregate principal amount of all Loans outstanding hereunder, (ii) the
aggregate principal amount of all outstanding Swing Loans under (and as defined
in) the Three Year Credit Agreement, (iii) the L/C Obligations (and as defined
in) the Three Year Credit Agreement, and (iv) the aggregate principal amount of
Revolving Loans outstanding under the Three Year Credit Agreement exceeds (y)
50% of the sum of the Commitments hereunder and the Commitments under and as
defined in the Three Year Credit Agreement, the Borrower shall pay to the
Administrative Agent for the ratable account of the Lenders hereunder according
to their proportionate holdings of the amount described in the foregoing clause
(x)(i), a utilization fee (the "Utilization Fee") on the amount described in
clause (x)(i) above at the rate of 0.125% per annum. Accrued Utilization Fees
shall be due and payable in arrears on September 30, 2002, on the last day of
each calendar quarter thereafter and on the Revolving Credit Termination Date,
unless the Commitments hereunder and under the Three Year Credit Agreement are
terminated in whole on an earlier date, in which event the fee for the period to
but not including the date of such termination shall be paid in whole on the
date of such termination.

     (c) Administrative Agent Fees. The Borrower shall pay to the Administrative
Agent, for its own use and benefit, the fees agreed to between the
Administrative Agent and the Borrower in a fee letter dated September 27, 2002
or as otherwise agreed to in writing between them.

     (d) Fee Calculations. All fees payable under Section 2.1(a) and (b) hereof
shall be computed on the basis of a year of 365 or 366 days, as applicable, for
the actual number of days elapsed.

SECTION 3. PLACE AND APPLICATION OF PAYMENTS.

     Section 3.1. Place and Application of Payments. All payments of principal
of and interest on the Loans and of all other Obligations payable by the
Borrower under this Agreement and the other Loan Documents, shall be made by the
Borrower to the Administrative Agent by no later than 12:00 Noon (Chicago time)
on the due date thereof at the office of the Administrative Agent in Chicago,
Illinois (or such other location as the Administrative Agent may designate to
the Borrower) for the benefit of the Lender or Lenders entitled thereto. Any
payments received

                                      -9-

<PAGE>

after such time shall be deemed to have been received by the Administrative
Agent on the next Business Day. All such payments shall be made in U.S. Dollars,
in immediately available funds at the place of payment, in each case without
deduction, set-off or counterclaim. The Administrative Agent will promptly
thereafter cause to be distributed (and the Borrower shall have no
responsibility, obligation or liability with respect to such distribution) like
funds relating to the payment of principal or interest on Loans ratably to the
Lenders and like funds relating to the payment of any other amount payable to
any Lender to such Lender, in each case to be applied in accordance with the
terms of this Agreement.

     Anything contained herein to the contrary notwithstanding, all payments and
collections received in respect of the Obligations by the Administrative Agent
or any of the Lenders after the Obligations have been declared, or have become,
immediately due and payable following an Event of Default, shall be remitted to
the Administrative Agent and distributed as follows:

          (a) first, to the payment of any outstanding costs and expenses
     incurred by the Administrative Agent in protecting, preserving or enforcing
     rights under the Loan Documents, and in any event all costs and expenses of
     a character which the Borrower has agreed to pay the Administrative Agent
     under Section 11.15 hereof (such funds to be retained by the Administrative
     Agent for its own account unless it has previously been reimbursed for such
     costs and expenses by the Lenders, in which event such amounts shall be
     remitted to the Lenders to reimburse them for payments theretofore made to
     the Administrative Agent);

          (b) second, to the payment of any outstanding interest and fees due
     under the Loan Documents to be allocated pro rata in accordance with the
     aggregate unpaid amounts owing to each holder thereof;

          (c) third, to the payment of principal on the Notes and Hedging
     Liability, the aggregate amount paid to the Lenders and, in the case of
     Hedging Liability, their Affiliates to be allocated pro rata in accordance
     with the aggregate unpaid amounts owing to each holder thereof;

          (d) fourth, to the payment of all other unpaid Obligations and all
     other indebtedness, obligations, and liabilities of the Borrower and its
     Subsidiaries to be allocated pro rata in accordance with the aggregate
     unpaid amounts owing to each holder thereof; and

          (e) fifth, to the Borrower or whoever else may be lawfully entitled
     thereto.

SECTION 4. DEFINITIONS; INTERPRETATION.

     Section 4.1. Definitions. The following terms when used herein shall have
the following meanings:

     "Acquired Business" means the entity or assets acquired by the Borrower or
a Subsidiary in an Acquisition occurring after the Closing Date.

                                      -10-

<PAGE>

     "Acquisition" means any transaction or series of related transactions for
the purpose of or resulting, directly or indirectly, in (a) the acquisition of
all or substantially all of the assets of a Person, or of any business or
division of a Person, (b) the acquisition of in excess of 50% of the capital
stock, partnership interests, membership interests or equity of any Person
(other than a Person that is a Subsidiary), or otherwise causing any Person to
become a Subsidiary, or (c) a merger or consolidation or any other combination
with another Person (other than a Person that is a Subsidiary) provided that the
Borrower or the Subsidiary is the surviving entity.

     "Adjusted LIBOR" is defined in Section 1.2(b) hereof.

     "Administrative Agent" means Harris Trust and Savings Bank and any
successor pursuant to Section 10.7 hereof.

     "Affiliate" means any Person directly or indirectly controlling or
controlled by, or under direct or indirect common control with, another Person,
provided that, when used in reference to the Borrower and its Subsidiaries, an
"Affiliate" of such Person be deemed to exclude any Subsidiary of such Person. A
Person shall be deemed to control another Person for the purposes of this
definition if such Person possesses, directly or indirectly, the power to
direct, or cause the direction of, the management and policies of the other
Person, whether through the ownership of voting securities, common directors,
trustees or officers, by contract or otherwise; provided that, in any event for
purposes of this definition, any Person that owns, directly or indirectly, 5% or
more of the securities having the ordinary voting power for the election of
directors or governing body of a corporation or 5% or more of the partnership or
other ownership interest of any other Person (other than as a limited partner of
such other Person) will be deemed to control such corporation or other Person.

     "Agreement" means this 364-Day Credit Agreement, as the same may be
amended, modified, restated or supplemented from time to time pursuant to the
terms hereof.

     "Applicable Margin" means, with respect to Loans and the facility fees
payable under Section 2.1 hereof, until the first Pricing Date, the rates per
annum shown opposite Level II below, and thereafter from one Pricing Date to the
next the Applicable Margin means the rates per annum determined in accordance
with the following schedule:

<TABLE>
<CAPTION>
                                APPLICABLE MARGIN FOR  APPLICABLE MARGIN FOR
         LEVERAGE RATIO FOR        BASE RATE LOANS       EURODOLLAR LOANS     APPLICABLE MARGIN FOR
LEVEL    SUCH PRICING DATE           SHALL BE:              SHALL BE:         FACILITY FEE SHALL BE:

<S>                             <C>                    <C>                    <C>
 III   Greater than or equal            0%                   0.725%                    0.15%
       to 1.50 to 1.0

  II   Less than 1.50 to 1.0            0%                   0.625%                   0.125%
       but greater than or
       equal to 0.75 to 1.0

  I    Less than 0.75 to 1.0            0%                   0.525%                    0.10%
</TABLE>

                                      -11-

<PAGE>

For purposes hereof, the term "Pricing Date" means, for any fiscal quarter of
the Borrower ending on or after September 30, 2002, the date on which the
Administrative Agent is in receipt of the Borrower's most recent financial
statements (and, in the case of the year-end financial statements, audit report)
for the fiscal quarter then ended, pursuant to Section 7.5 hereof. The
Applicable Margin shall be established based on the Leverage Ratio for the most
recently completed fiscal quarter and the Applicable Margin established on a
Pricing Date shall remain in effect until the next Pricing Date. If the Borrower
has not delivered its financial statements by the date such financial statements
(and, in the case of the year-end financial statements, audit report) are
required to be delivered under Section 7.5 hereof, until such financial
statements and audit report are delivered, the Applicable Margin shall be the
highest Applicable Margin (i.e., the Leverage Ratio shall be deemed to be
greater than 1.50 to 1.0). If the Borrower subsequently delivers such financial
statements before the next Pricing Date, the Applicable Margin established by
such late delivered financial statements shall take effect from the date of
delivery until the next Pricing Date. In all other circumstances, the Applicable
Margin established by such financial statements shall be in effect from the
Pricing Date that occurs immediately after the end of the fiscal quarter covered
by such financial statements until the next Pricing Date. Each determination of
the Applicable Margin made by the Administrative Agent in accordance with the
foregoing shall be conclusive and binding on the Borrower and the Lenders if
reasonably determined.

     "Articles" is defined in Section 5.1 hereof.

     "Authorized Representative" means those persons shown on the list of
employees provided by the Borrower pursuant to Section 6.2 hereof or on any
update of any such list provided by the Borrower to the Administrative Agent, or
any further or different employees of the Borrower so named by any Authorized
Representative of the Borrower in a written notice to the Administrative Agent,
but not to exceed five such persons at any time.

     "Base Rate" is defined in Section 1.2(a) hereof.

     "Base Rate Loan" means a Loan bearing interest at a rate specified in
Section 1.2(a) hereof.

     "Borrower" is defined in the introductory paragraph of this Agreement.

     "Borrowing" means the total of Loans of a single type advanced, continued
for an additional Interest Period, or converted from a different type into such
type by the Lenders under a Credit on a single date and, in the case of
Eurodollar Loans, for a single Interest Period. Borrowings of Loans are made and
maintained ratably from each of the Lenders under a Credit according to their
Percentages of such Credit. A Borrowing is "advanced" on the day Lenders advance
funds comprising such Borrowing to the Borrower, is "continued" on the date a
new Interest Period for the same type of Loans commences for such Borrowing, and
is "converted" when such Borrowing is changed from one type of Loans to the
other, all as requested by the Borrower pursuant to Section 1.4(a) hereof.

                                      -12-

<PAGE>

     "Business Day" means any day (other than a Saturday or Sunday) on which
banks are not authorized or required to close in Chicago, Illinois and, if the
applicable Business Day relates to the advance or continuation of, or conversion
into, or payment of a Eurodollar Loan, on which banks are dealing in U.S. Dollar
deposits in the interbank eurodollar market in London, England and Nassau,
Bahamas.

     "Capital Lease" means any lease of Property which in accordance with GAAP
is required to be capitalized on the balance sheet of the lessee.

     "Capitalized Lease Obligation" means, for any Person, the amount of the
liability shown on the balance sheet of such Person in respect of a Capital
Lease determined in accordance with GAAP.

     "Change of Control" means at any time:

          (i) HAI ceases to own, directly or indirectly, 100% of the membership
     interests of the Borrower;

          (ii) any Person becomes the beneficial owner of securities of the
     Parent representing 20% or more of the then outstanding Voting Stock of the
     Parent;

          (iii) any Person becomes the beneficial owner of securities of HAI
     representing more than 40% of the then outstanding Voting Stock of HAI;

          (iv) the failure of Continuing Directors to constitute a majority of
     the board of directors (or similar governing body) of HAI; or

          (v) any "Change of Control" (or words of like import), as defined in
     any agreement or indenture relating to any issue of Indebtedness for
     Borrowed Money of the Borrower, shall occur.

     For purposes of the definition of Change of Control, "Person" shall have
the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act as
supplemented by Section 13(d)(3) of the Exchange Act; provided, however, that
Person shall not include the Parent or any Wholly-Owned Subsidiary.

     "Closing Date" means the date of this Agreement or such later Business Day
upon which each condition described in Section 6.2 shall be satisfied or waived
in a manner acceptable to the Administrative Agent in its discretion.

     "Code" means the Internal Revenue Code of 1986, as amended, and any
successor statute thereto.

     "Commitments" means the Revolving Credit Commitments.

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

                                      -13-

<PAGE>

     "Continuing Directors" means, initially, all members of the board of
directors (or similar governing body) of HAI on the Closing Date. At and after
the time of the first election of members after the Closing Date, and thereafter
at and after the time of each subsequent election of members, the defined term
"Continuing Directors" shall be deemed also to include any member whose initial
nomination for election was approved by a majority of the members who were
Continuing Directors at the time of such nomination.

     "Controlled Group" means all members of a controlled group of corporations
and all trades or businesses (whether or not incorporated) under common control
which, together with the Borrower or any of its Subsidiaries, are treated as a
single employer under Section 414 of the Code.

     "Credit" means the Revolving Credit.

     "Credit Event" means the advancing of any Loan or the continuation of or
conversion into a Eurodollar Loan.

     "Damages" means all damages including, without limitation, punitive
damages, liabilities, costs, expenses, losses, diminutions in value, fines,
penalties, demands, claims, cost recovery actions, lawsuits, administrative
proceedings, orders, response action, removal and remedial costs, compliance
costs, investigation expenses, consultant fees, attorneys' and paralegals' fees
and litigation expenses.

     "Default" means any event or condition the occurrence of which would, with
the passage of time or the giving of notice, or both, constitute an Event of
Default.

     "Domestic Subsidiary" means each Subsidiary of the Borrower which is
organized under the laws of the United States of America or any State thereof.

     "EBITDA" means, with reference to any period, Net Income for such period
plus all amounts deducted in arriving at such Net Income amount in respect of
(i) Interest Expense for such period, plus (ii) federal, state and local income
taxes for such period, plus (iii) all amounts properly charged for depreciation
of fixed assets and amortization of intangible assets during such period on the
books of the Borrower and its Subsidiaries, but excluding from such amount any
gains on sales of assets recognized during such period.

     "Eligible Line of Business" means any business engaged in as of the date of
this Agreement by the Borrower or any of its Subsidiaries or any business
reasonably related to such a business.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended, or any successor statute thereto.

     "Eurodollar Loan" means a Loan bearing interest at the rate specified in
Section 1.2(b) hereof.

                                      -14-

<PAGE>

     "Eurodollar Reserve Percentage" is defined in Section 1.2(b) hereof.

     "Event of Default" means any event or condition identified as such in
Section 8.1 hereof.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     "Federal Funds Rate" means the fluctuating interest rate per annum
described in part (x) of clause (ii) of the definition of Base Rate appearing in
Section 1.2(a) hereof.

     "Foreign Subsidiary" means each Subsidiary that is not a Domestic
Subsidiary.

     "GAAP" means generally accepted accounting principles as in effect from
time to time, applied by the Borrower and its Subsidiaries on a basis consistent
with that employed in the preparation of the Borrower's financial statements
furnished to the Lenders described in Section 5.5 hereof.

     "Guaranty" by any Person means all obligations (other than endorsements in
the ordinary course of business of negotiable instruments for deposit or
collection) of such Person guaranteeing any Indebtedness, dividend or other
financial obligation (including, without limitation, limited or full recourse
obligations in connection with sales of receivables or any other Property) of
any other Person (the "primary obligor") in any manner, whether directly or
indirectly, including, without limitation, all obligations incurred through an
agreement, contingent or otherwise, by such Person: (i) to purchase such
Indebtedness or obligation or any Property or assets constituting security
therefor, (ii) to advance or supply funds (x) for the purchase or payment of
such Indebtedness or obligation, or (y) to maintain working capital or other
balance sheet condition, or otherwise to advance or make available funds for
the purchase or payment of such Indebtedness or obligation, or (iii) to lease
property or to purchase Securities or other property or services primarily
for the purpose of assuring the owner of such Indebtedness or obligation of
the ability of the primary obligor to make payment of the Indebtedness or
obligation, or (iv) otherwise to assure the owner of the Indebtedness or
obligation of the primary obligor against loss in respect thereof. For the
purpose of all computations made under this Agreement, the amount of a Guaranty
in respect of any obligation shall be deemed to be equal to the maximum
aggregate amount of such obligation at the time the amount of the Guaranty is
being determined or, if the Guaranty is limited to less than the full amount of
such obligation, the maximum aggregate potential liability under the terms of
the Guaranty at the time the amount of the Guaranty is being determined.

     "HAI" means Hewitt Associates, Inc., a Delaware corporation.

     "Harris Bank" means Harris Trust and Savings Bank, in its individual
capacity.

     "Hostile Acquisition" means the acquisition of the capital stock or other
equity interests of a Person through a tender offer or similar solicitation of
the owners of such capital stock or other equity interests which has not been
approved (prior to such acquisition) by resolutions of the Board of Directors of
such Person or by similar action if such Person is not a corporation, and as to
which such approval has not been withdrawn.

                                      -15-

<PAGE>

     "Indebtedness" means for any Person, (i) obligations of such Person for
borrowed money, (ii) obligations of such Person representing the deferred
purchase price of property or services other than accounts payable arising in
the ordinary course of business on terms customary in the trade, (iii)
obligations of such Person evidenced by notes, acceptances, or other instruments
of such Person or pursuant to letters of credit issued for such Person's
account, (iv) obligations, whether or not assumed, secured by Liens or payable
out of the proceeds or production from Property now or hereafter owned or
acquired by such Person, (v) Capitalized Lease Obligations of such Person, and
(vi) obligations or "Indebtedness" described in the foregoing clauses (i)
through (v) for which such Person is obligated pursuant to a Guaranty.

     "Interest Coverage Ratio" means, as of any date, the ratio of (x) the sum
of (i) EBITDA for the then most-recently ended four fiscal quarters of the
Borrower, plus (ii) Rental Expense for such four fiscal quarters to (y) the sum
of (i) Interest Expense for such four fiscal quarters, plus (ii) Rental Expense
for such four fiscal quarters.

     "Interest Expense" means with reference to any period, the sum of all
interest charges (including imputed interest charges with respect to Capitalized
Lease Obligations, but excluding such interest expense not payable in cash,
including without limitation amortization of debt discount and debt issuance
costs not paid in cash) of the Borrower and its Subsidiaries for such period
determined in accordance with GAAP.

     "Interest Period" is defined in Section 1.5 hereof.

     "Lenders" means and includes Harris Trust and Savings Bank and the other
financial institutions from time to time party to this Agreement, including each
assignee Lender pursuant to Section 11.12 hereof.

     "Lending Office" is defined in Section 9.4 hereof.

     "Leverage Ratio" means, on any date, the ratio of (i) Total Debt on and as
of such date to (ii) EBITDA for then most-recently ended four fiscal quarters of
the Borrower (taken as a single accounting period).

     "LIBOR" is defined in Section 1.2(b) hereof.

     "Lien" means any mortgage, lien, security interest, pledge, charge or
encumbrance of any kind in respect of any Property, including the interests of a
vendor or lessor under any conditional sale, Capital Lease or other title
retention arrangement.

     "Loan" means any Revolving Loan, whether outstanding as a Base Rate Loan or
Eurodollar Loan or otherwise, each of which is a "type" of Loan hereunder.

     "Loan Documents" means this Agreement, the Notes and each other instrument
or document to be delivered hereunder or thereunder or otherwise in connection
therewith.

                                      -16-

<PAGE>

     "Material Adverse Effect" means (a) a material adverse change in, or
material adverse effect upon, the operations, business, Property, condition
(financial or otherwise) or prospects of the Borrower or of the Borrower and its
Subsidiaries taken as a whole, (b) a material impairment of the ability of the
Borrower or any Subsidiary to perform its material obligations under any Loan
Document or (c) a material adverse effect upon the legality, validity, binding
effect or enforceability against the Borrower or any Subsidiary of any Loan
Document or the rights and remedies of the Administrative Agent and the Lenders
thereunder.

     "Material Plan" is defined in Section 8.1(g) hereof.

     "Moody's" means Moody's Investors Service, Inc.

     "Net Cash Proceeds" means, with respect to any offering of equity
securities of a Person or any capital or equity contribution to a Person, cash
and cash equivalent proceeds received by or for such Person's account, net of
reasonable legal, underwriting, and other fees and expenses incurred as a direct
result thereof, but excluding, in respect of any transaction or series of
related and substantially contemporaneous transactions in which a portion of
such proceeds received are required, as a condition of such transaction or
transactions, to be and are disgorged by the recipient thereof, the amount of
any such proceeds so disgorged.

     "Net Income" means, with reference to any period, the net income (or net
loss) of the Borrower and its Subsidiaries for such period as computed on a
consolidated basis in accordance with GAAP, and, without limiting the foregoing,
after deduction from gross income of all expenses and reserves, including
reserves for all taxes on or measured by income, but excluding any extraordinary
profits or losses and also excluding any taxes on such profits.

     "Net Worth" means, at any time the same is to be determined, the sum of all
equity and retained earnings of the Borrower (and its Subsidiaries, on a
consolidated basis), determined in accordance with GAAP.

     "Notes" means and includes the Revolving Notes.

     "Obligations" means all obligations of the Borrower to pay principal and
interest on the Loans, all fees and charges payable hereunder, and all other
payment obligations of the Borrower or any of its Subsidiaries arising under or
in relation to any Loan Document, in each case whether now existing or hereafter
arising, due or to become due, direct or indirect, absolute or contingent, and
howsoever evidenced, held or acquired.

     "Operating Agreement" is defined in Section 5.1 hereof.

     "Parent" means Hewitt Holdings LLC, an Illinois limited liability company.

     "PBGC" means the Pension Benefit Guaranty Corporation or any Person
succeeding to any or all of its functions under ERISA.

     "Percentage" means for any Lender its Revolver Percentage.

                                      -17-

<PAGE>

     "Permitted Acquisition" means any Acquisition with respect to which all
(except as noted below) of the following conditions shall have been satisfied:

          (a) if the Total Consideration for such Acquisition exceeds
     $10,000,000, the Acquired Business is in an Eligible Line of Business (it
     being understood that if the Total Consideration for such Acquisition is
     $10,000,000 or less, the Acquired Business need not be in an Eligible Line
     of Business);

          (b) the Acquisition shall not be a Hostile Acquisition;

          (c) the Borrower shall have provided the Administrative Agent and the
     Lenders with, or directed such parties to the appropriate public location
     for, copies of any filings (with all exhibits) by HAI or any of its
     Subsidiaries with the Securities and Exchange Commission relating to such
     Acquisition;

          (d) after giving effect to the Acquisition, no Default or Event of
     Default shall exist, including with respect to the covenants contained in
     Sections 7.7, 7.8 and 7.9 on a pro forma basis; and

          (e) after giving effect to the Acquisition, the Total Debt of the
     Borrower and its Subsidiaries (including any indebtedness of the Acquired
     Business assumed in the Acquisition) shall not exceed 50% of the sum of the
     Total Debt and Net Worth of the Borrower and its Subsidiaries (such Net
     Worth also to be calculated on a pro forma basis after giving effect to the
     Acquisition).

     "Person" means an individual, partnership, corporation, limited liability
company, association, trust, unincorporated organization or any other entity or
organization, including a government or agency or political subdivision thereof.

     "Plan" means any employee pension benefit plan covered by Title IV of ERISA
or subject to the minimum funding standards under Section 412 of the Code that
either (a) is maintained by a member of the Controlled Group for employees of a
member of the Controlled Group or (b) is maintained pursuant to a collective
bargaining agreement or any other arrangement under which more than one employer
makes contributions and to which a member of the Controlled Group is then making
or accruing an obligation to make contributions or has within the preceding five
plan years made contributions.

     "Prior Credit Agreement" means that certain Revolving and Term Credit
Agreement dated as of May 28, 1996, as amended, among the Borrower, the lenders
party thereto and Harris Trust and Savings Bank, as Administrative Agent.

     "Property" means, as to any Person, all types of real, personal, tangible,
intangible or mixed property owned by such Person whether or not included in the
most recent balance sheet of such Person and its subsidiaries under GAAP.

                                      -18-

<PAGE>

     "Rental Expense" means, with reference to any period, the aggregate amount
of fixed rentals and other consideration payable by the Borrower and its
Subsidiaries during such period under all leases of Property (other than Capital
Leases), determined in accordance with GAAP.

     "Required Lenders" means, as of the date of determination thereof, Lenders
holding, collectively, more than 66-2/3% of the aggregate Revolving Credit
Commitments or, if the aggregate Revolving Credit Commitments have been
terminated, Lenders holding, collectively, more than 66-2/3% of the aggregate
principal amount of outstanding Loans.

     "Responsible Officer" means any of the chief executive officer, chief
financial officer, general counsel or chief administrative officer of the
Borrower.

     "Restricted Subsidiary" shall mean any Subsidiary of the Borrower which, as
of the time of determination of whether such Subsidiary is a Restricted
Subsidiary, either accounts for 5% or more of total revenues of the Borrower and
its Subsidiaries for the most recent four full fiscal quarters of the Borrower
then ended or accounts for 5% or more of the total assets of the Borrower and
its Subsidiaries at the time of determination.

     "Revolver Percentage" means, for each Lender, the percentage of the
Revolving Credit Commitments represented by such Lender's Revolving Credit
Commitment or, if the Revolving Credit Commitments have been terminated, the
percentage held by such Lender of the aggregate principal amount of all
Revolving Loans.

     "Revolving Credit" means the credit facility for making Revolving Loans
described in Section 1.1 hereof.

     "Revolving Credit Commitment" means, as to any Lender, the obligation of
such Lender to make Revolving Loans hereunder in an aggregate principal amount
at any one time outstanding not to exceed the amount set forth opposite such
Lender's name on Schedule 1 attached hereto and made a part hereof, as the same
may be reduced or modified at any time or from time to time pursuant to the
terms hereof. The Borrower and the Lenders acknowledge and agree that the
Revolving Credit Commitments of the Lenders aggregate $70,000,000 on the date
hereof.

     "Revolving Credit Termination Date" means September 26, 2003, or such
earlier date on which the Revolving Credit Commitments are terminated in whole
pursuant to Section 1.11, 8.2 or 8.3 hereof.

     "Revolving Loan" is defined in Section 1.1 hereof and, as so defined,
includes a Base Rate Loan or a Eurodollar Loan, each of which is a "type" of
Revolving Loan hereunder.

     "Revolving Note" is defined in Section 1.9 hereof.

     "S&P" means Standard & Poor's Ratings Services Group, a division of The
McGraw-Hill Companies, Inc.

                                      -19-

<PAGE>

     "SEC" means the Securities and Exchange Commission.

     "Security" has the same meaning as in Section 2(l) of the Securities Act of
1933, as amended.

     "Subsidiary" means, as to any particular parent corporation or
organization, any other corporation or organization more than 50% of the
outstanding Voting Stock of which is at the time directly or indirectly owned by
such parent corporation or organization or by any one or more other entities
which are themselves subsidiaries of such parent corporation or organization.
Unless otherwise expressly noted herein, the term "Subsidiary" means a
Subsidiary of the Borrower or of any of its direct or indirect Subsidiaries.

     "Tangible Net Worth" means, at any time the same is to be determined, (a)
the sum of all equity and retained earnings of the Borrower (and its
Subsidiaries, on a consolidated basis), determined in accordance with GAAP, less
(b) the sum of (i) the aggregate book value of all assets of the Borrower and
its Subsidiaries which would be classified as intangible assets under GAAP,
including, without limitation, goodwill, patents, trademarks, trade names,
copyrights, franchises and deferred charges (including, without limitation,
unamortized debt discount and expense, organization costs and deferred research
and development expense) and similar assets, and (ii) the write-up of assets of
the Borrower and its Subsidiaries above cost, determined on a consolidated basis
in accordance with GAAP.

     "Three Year Credit Agreement" means that certain Three Year Credit
Agreement dated as of even date herewith among the Borrower, the lenders party
thereto and the Administrative Agent.

     "Total Assets" means the aggregate of all items which would be listed as
assets on a balance sheet of the Borrower and its Subsidiaries prepared on a
consolidated basis in accordance with GAAP.

     "Total Consideration" means the total amount (but without duplication) of
(a) cash paid in connection with any Acquisition, plus (b) indebtedness payable
to the seller in connection with such Acquisition, plus (c) the fair market
value of any equity securities, including any warrants or options therefor,
delivered in connection with any Acquisition, plus (d) the amount of
indebtedness assumed in connection with such Acquisition.

     "Total Debt" means, at any time the same is to be determined, the aggregate
of all Indebtedness of the Borrower and its Subsidiaries determined without
duplication on a consolidated basis.

     "Unfunded Vested Liabilities" means, for any Plan at any time, the amount
(if any) by which the present value of all vested nonforfeitable accrued
benefits under such Plan exceeds the fair market value of all Plan assets
allocable to such benefits, all determined as of the then most recent valuation
date for such Plan, but only to the extent that such excess represents a
potential liability of a member of the Controlled Group to the PBGC or the Plan
under Title IV of ERISA.

                                      -20-

<PAGE>

     "Unused Revolving Credit Commitments" means, at any time, the difference
between the Revolving Credit Commitments then in effect and the aggregate
outstanding principal amount of Revolving Loans.

     "U.S. Dollars" and "$" each means the lawful currency of the United States
of America.

     "Voting Stock" of any Person means capital stock or other equity interests
of any class or classes (however designated) having ordinary power for the
election of directors or other similar governing body of such Person, other than
stock or other equity interests having such power only by reason of the
happening of a contingency.

     "Welfare Plan" means a "welfare plan" as defined in Section 3(1) of ERISA.

     "Wholly-owned Subsidiary" means a Subsidiary of which all of the issued and
outstanding shares of capital stock (other than directors' qualifying shares as
required by law) or other equity interests are owned by the Borrower and/or one
or more Wholly-owned Subsidiaries within the meaning of this definition.

     Section 4.2. Interpretation. The foregoing definitions are equally
applicable to both the singular and plural forms of the terms defined. The words
"hereof", "herein", and "hereunder" and words of like import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement. All references to time of day herein are references
to Chicago, Illinois, time unless otherwise specifically provided. Where the
character or amount of any asset or liability or item of income or expense is
required to be determined or any consolidation or other accounting computation
is required to be made for the purposes of this Agreement, it shall be done in
accordance with GAAP except where such principles are inconsistent with the
specific provisions of this Agreement.

     Section 4.3. Change in Accounting Principles. If, after the date of this
Agreement, there shall occur any change in GAAP from those used in the
preparation of the financial statements referred to in Section 5.5 hereof and
such change shall result in a change in the method of calculation of any
financial covenant, standard or term found in this Agreement, either the
Borrower or the Required Lenders may by notice to the Lenders and the Borrower,
respectively, require that the Lenders and the Borrower negotiate in good faith
to amend such covenants, standards, and term so as equitably to reflect such
change in accounting principles, with the desired result being that the criteria
for evaluating the financial condition of the Borrower and its Subsidiaries
shall be the same as if such change had not been made. No delay by the Borrower
or the Required Lenders in requiring such negotiation shall limit their right to
so require such a negotiation at any time after such a change in accounting
principles. Until any such covenant, standard, or term is amended in accordance
with this Section 4.3, financial covenants shall be computed and determined in
accordance with GAAP in effect prior to such change in accounting principles.
Without limiting the generality of the foregoing, the Borrower shall neither be
deemed to be in compliance with any financial covenant hereunder nor out of
compliance with any financial covenant hereunder if such state of compliance or
noncompliance, as the case may be, would not exist but for the occurrence of a
change in accounting principles after the date hereof.

                                      -21-

<PAGE>

SECTION 5. REPRESENTATIONS AND WARRANTIES.

     The Borrower represents and warrants to the Lenders as follows:

     Section 5.1. Organization and Qualification. The Borrower is duly
organized, validly existing and in good standing as a limited liability company
under the laws of the State of Illinois created pursuant to its Articles of
Organization (the "Articles") and its Operating Agreement (the "Operating
Agreement"), has full and adequate power to own its Property and conduct its
business as now conducted, and is duly licensed or qualified and in good
standing in each jurisdiction in which the failure to be so licensed or
qualified could reasonably be expected to have a Material Adverse Effect.

     Section 5.2. Subsidiaries. Each Subsidiary is duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it is
incorporated or organized, as the case may be, has full and adequate power to
own its Property and conduct its business as now conducted, and is duly licensed
or qualified and in good standing in each jurisdiction in which the nature of
the business conducted by it or the nature of the Property owned or leased by it
requires such licensing or qualifying. Schedule 5.2 hereto identifies each
Subsidiary, the jurisdiction of its incorporation or organization, as the case
may be, the percentage of issued and outstanding shares of each class of its
capital stock or other equity interests owned by the Borrower and its
Subsidiaries and, if such percentage is not 100% (excluding directors'
qualifying shares as required by law), a description of each class of its
authorized capital stock and other equity interests and the number of shares of
each class issued and outstanding. All of the outstanding shares of capital
stock and other equity interests of each Subsidiary are validly issued and
outstanding and fully paid and nonassessable and all such shares and other
equity interests indicated on Schedule 5.2 as owned by the Borrower or a
Subsidiary are owned, beneficially and of record, by the Borrower or such
Subsidiary free and clear of all Liens. There are no outstanding commitments or
other obligations of any Restricted Subsidiary to issue, and no options,
warrants or other rights of any Person to acquire, any shares of any class of
capital stock or other equity interests of any Restricted Subsidiary. Each
Domestic Subsidiary which is a Restricted Subsidiary (if any) is identified on
Schedule 5.2. As of the Closing Date, no Domestic Subsidiaries which are
Restricted Subsidiaries exist.

     Section 5.3. Authority and Validity of Obligations. The Borrower has full
right and authority to enter into this Agreement and the other Loan Documents to
which it is a party, to make the borrowings herein provided for, to issue Notes
in evidence thereof, and to perform all of its obligations hereunder and under
the other Loan Documents. Without limiting the generality of the foregoing, the
Borrower has full right, power and authority to make the borrowings herein
provided for and to issue its Notes in evidence thereof. The Loan Documents have
been duly authorized, executed and delivered by the Borrower and constitute
valid and binding obligations of the Borrower enforceable in accordance with
their terms except as enforceability may be limited by bankruptcy, insolvency,
fraudulent conveyance or similar laws affecting creditors' rights generally and
general principles of equity (regardless of whether the application of such
principles is considered in a proceeding in equity or at law); and this
Agreement and the other Loan Documents do not, nor does the performance or
observance by the Borrower of any of the matters and things herein or therein
provided for, contravene or constitute

                                      -22-

<PAGE>

a default under any provision of law or any judgment, injunction, order or
decree binding upon the Borrower or any provision of the Articles or the
Operating Agreement of the Borrower or any covenant, indenture or agreement of
or affecting the Borrower or any of its Properties, or result in the creation or
imposition of any Lien on any Property of the Borrower.

     Section 5.4. Use of Proceeds; Margin Stock. The Borrower shall use the
proceeds of the Loans and other extensions of credit made available hereunder to
refinance any obligations outstanding under the Prior Credit Agreement, for its
general working capital purposes and for such other legal and proper purposes as
are consistent with all applicable laws, the Borrower's Articles and Operating
Agreement and the terms of this Agreement. Neither the Borrower nor any
Subsidiary is engaged in the business of extending credit for the purpose of
purchasing or carrying margin stock (within the meaning of Regulation U of the
Board of Governors of the Federal Reserve System), and no part of the proceeds
of any Loan or any other extension of credit made hereunder will be used to
purchase or carry any such margin stock or to extend credit to others for the
purpose of purchasing or carrying any such margin stock.

     Section 5.5. Financial Reports. The consolidated balance sheet of the
Borrower and its Subsidiaries as at September 30, 2001, and the related
consolidated statements of income, retained earnings and cash flows of the
Borrower and its Subsidiaries for the fiscal year then ended, and accompanying
notes thereto, which financial statements are accompanied by the audit report of
Ernst & Young LLP, independent public accountants, and the unaudited interim
consolidated balance sheet of the Borrower and its Subsidiaries as at June 30,
2002 and the related consolidated statements of income, retained earnings and
cash flows of the Borrower and its Subsidiaries for the nine months then ended,
heretofore furnished to the Lenders, fairly present the consolidated financial
condition of the Borrower and its Subsidiaries as at said dates and the
consolidated results of their operations and cash flows for the periods then
ended in conformity with generally accepted accounting principles applied on a
consistent basis. Neither the Borrower nor any of its Subsidiaries has
contingent liabilities which are material to it other than as indicated on such
financial statements or, with respect to future periods, on the financial
statements furnished pursuant to Section 7.5 hereof.

     Section 5.6. No Material Adverse Change. Since September 30, 2001, there
has been no Material Adverse Effect, except for changes disclosed to the
Administrative Agent and the Lenders in writing prior to the Closing Date. The
parties agree that the Lenders were appropriately notified of the acquisition of
Bacon & Woodrow, LLP and the initial public offering of the equity in HAI, and
changes in corporate form required as a result thereof.

     Section 5.7. Full Disclosure. The Borrower has delivered true and correct
copies of its Articles and the Operating Agreement to the Lenders and said
Articles and Operating Agreement remain in full force and effect and have not
been revised or amended. The statements and information furnished to the Lenders
in connection with the negotiation of this Agreement and the other Loan
Documents and the commitments by the Lenders to provide all or part of the
financing contemplated hereby do not contain any untrue statements of a material
fact or omit a material fact necessary to make the material statements contained
herein or therein not misleading, the Lenders acknowledging that as to any
projections furnished to Lenders, the

                                      -23-

<PAGE>

Borrower only represents that the same were prepared on the basis of information
and estimates the Borrower believed to be reasonable.

     Section 5.8. Good Title. The Borrower and its Subsidiaries each have good
and defensible title to their assets as reflected on the most recent
consolidated balance sheet of the Borrower and its Subsidiaries furnished to the
Lenders (except for sales of assets by the Borrower and its Subsidiaries in the
ordinary course of business), subject to no Liens other than such thereof as are
permitted by Section 7.12 hereof.

     Section 5.9. Litigation and Other Controversies. There is no litigation or
governmental proceeding or labor controversy pending, nor to the knowledge of
the Borrower threatened, against the Borrower or any Subsidiary which if
adversely determined would result in a Material Adverse Effect.

     Section 5.10. Taxes. All tax returns required to be filed by the Borrower
or any of its Subsidiaries in any jurisdiction have, in fact, been filed, and
all taxes, assessments, fees and other governmental charges upon the Borrower or
any of its Subsidiaries or upon any of their respective Properties, income or
franchises, which are shown to be due and payable in such returns, have been
paid. The Borrower does not know of any proposed additional tax assessment
against it or its Subsidiaries for which adequate provision in accordance with
GAAP has not been made on its accounts. Adequate provisions in accordance with
GAAP for taxes on the books of the Borrower and each of its Subsidiaries have
been made for all open years, and for its current fiscal period. The United
States income tax returns of the Borrower and its Subsidiaries have been closed
by the Internal Revenue Service through the fiscal year ended September 30,
1998.

     Section 5.11. Approvals. No authorization, consent, license, or exemption
from, or filing or registration with, any court or governmental department,
agency or instrumentality, nor any approval or consent of the members or
stockholders of the Borrower or any other Person, is or will be necessary to the
valid execution, delivery or performance by the Borrower of this Agreement or
any other Loan Document.

     Section 5.12. Affiliate Transactions. Neither the Borrower nor any of its
Subsidiaries is a party to any contracts or agreements with any of its
Affiliates on terms and conditions which are less favorable to the Borrower or
such Subsidiary than would be usual and customary in similar contracts or
agreements between Persons not affiliated with each other other than management
fees payable by Hewitt Services LLC and the Parent to the Borrower.

     Section 5.13. Investment Company; Public Utility Holding Company. Neither
the Borrower nor any of its Subsidiaries is an "investment company" or a company
"controlled" by an "investment company" within the meaning of the Investment
Company Act of 1940, as amended, or a "public utility holding company" within
the meaning of the Public Utility Holding Company Act of 1935, as amended. The
Borrower is not in breach of the preceding sentence despite the fact that the
Borrower is an Affiliate of AHA Investment Funds, Inc., a registered open-end
investment company, for whom it acts as an investment consultant, and the
Borrower, which acts as its administrator and shareholder servicing
Administrative Agent, and Hewitt

                                      -24-

<PAGE>

Services LLC, an Affiliate of the Borrower that acts as its distributor, are
Affiliates of Hewitt Series Trust, a registered open-end investment company.

     Section 5.14. ERISA. The Borrower and each other member of its Controlled
Group has fulfilled its obligations under the minimum funding standards of and
is in compliance in all material respects with ERISA and the Code to the extent
applicable to it and has not incurred any liability to the PBGC or a Plan under
Title IV of ERISA other than a liability to the PBGC for premiums under Section
4007 of ERISA. Neither the Borrower nor any of its Subsidiaries has any
contingent liabilities with respect to any post-retirement benefits under a
Welfare Plan, other than liability for continuation coverage described in
Article 6 of Title I of ERISA and except for post-retirement benefit obligations
for retiree health care benefits estimated to be less than $4,000,000 in total
as of June 30, 2001.

     Section 5.15. Compliance with Laws. The Borrower and its Subsidiaries each
are in compliance with the requirements of all federal, state and local laws,
rules and regulations applicable to or pertaining to their Properties or
business operations (including, without limitation, the Occupational Safety and
Health Act of 1970, the Americans with Disabilities Act of 1990, and laws and
regulations establishing quality criteria and standards for air, water, land and
toxic or hazardous wastes and substances) non-compliance with any of which laws,
rules or regulations could have a Material Adverse Effect. Neither the Borrower
nor any of its Subsidiaries has received notice to the effect that its
operations are not in compliance with any of the requirements of applicable
federal, state or local environmental, health and safety statutes and
regulations or are the subject of any governmental investigation evaluating
whether any remedial action is needed to respond to a release of any toxic or
hazardous waste or substance into the environment, which non-compliance or
remedial action could have a Material Adverse Effect.

     Section 5.16. Other Agreements. Neither the Borrower nor any of its
Subsidiaries is in default under the terms of any covenant, indenture or
agreement of or affecting the Borrower, any such Subsidiary or any of their
Properties, which default if uncured would have a Material Adverse Effect.

     Section 5.17. No Default. No Default or Event of Default has occurred and
is continuing.

SECTION 6. CONDITIONS PRECEDENT.

     The obligation of each Lender to advance, continue or convert any Loan
(other than the continuation of, or conversion into, a Base Rate Loan), shall be
subject to the following conditions precedent:

     Section 6.1. All Credit Events. At the time of each Credit Event hereunder:

          (a) each of the representations and warranties set forth herein and in
     the other Loan Documents shall be and remain true and correct as of said
     time, except to the extent the same expressly relate to an earlier date, in
     which case the same shall be and remain true and correct as of such earlier
     date;
                                      -25-

<PAGE>

          (b) the Borrower and each Subsidiary shall be in compliance with all
     of the terms and conditions hereof and of the other Loan Documents, and no
     Default or Event of Default shall have occurred and be continuing or would
     occur as a result of such Credit Event;

          (c) the Administrative Agent shall have received the notice required
     by Section 1.4 hereof; and

          (d) such Credit Event shall not violate any order, judgment or decree
     of any court or other authority or any provision of law or regulation
     applicable to the Administrative Agent or any Lender (including, without
     limitation, Regulation U of the Board of Governors of the Federal Reserve
     System) as then in effect.

     Each request for a Borrowing hereunder shall be deemed to be a
representation and warranty by the Borrower on the date on such Credit Event as
to the facts specified in subsections (a) through (c), both inclusive, of this
Section.

     Section 6.2. Initial Credit Event. Before or concurrently with the initial
Credit Event:

          (a) The Administrative Agent shall have received for each Lender the
     favorable written opinion of counsel for the Borrower (which opinion may be
     rendered by a member of the Borrower's law department) and a supplemental
     opinion of Chapman and Cutler, each of which shall be in form and substance
     satisfactory to the Administrative Agent and the Lenders;

          (b) The Administrative Agent shall have received copies of the
     Borrower's Articles and Operating Agreement, certified in each instance by
     its secretary or an assistant secretary (or its equivalent);

          (c) The Administrative Agent shall have received copies, certified by
     the secretary or assistant secretary (or its equivalent) of the Borrower,
     of all legal documents or proceedings taken in connection with the
     execution and delivery of this Agreement and the other Loan Documents;

          (d) The Administrative Agent shall have received an incumbency
     certificate from the secretary or assistant secretary (or its equivalent)
     of the Borrower, which shall identify by name and title and bear the
     signature of the individuals authorized to sign the Loan Documents to which
     the Borrower is a party;

          (e) The Administrative Agent shall have received for each Lender such
     Lender's duly executed Notes of the Borrower dated the date hereof and
     otherwise in compliance with the provisions hereof;

          (f) The Administrative Agent shall have received for each Lender a
     list of the Borrower's Authorized Representatives;

                                      -26-

<PAGE>

          (g) All legal matters incident to the execution and delivery of the
     Loan Documents shall be satisfactory to the Lenders and their counsel;

          (h) The Administrative Agent shall have received a good standing
     certificate for the Borrower (dated as of a date acceptable to the
     Administrative Agent) from the office of the secretary of state of its
     state of organization, dated not earlier than ten days prior to the Closing
     Date;

          (i) The Administrative Agent shall have received such other
     agreements, instruments, documents, certificates and opinions as the Agent
     or the Lenders may reasonably request;

          (j) The Administrative Agent shall have received for itself and for
     the Lenders the initial fees, if any, contemplated by Section 2.1 hereof;

          (k) The Borrower shall have Tangible Net Worth of not less than
     $125,000,000 on the Closing Date;

          (l) The commitments under the Prior Credit Agreement shall have been
     terminated and all outstanding obligations thereunder shall have been paid
     or shall be paid with the proceeds of such initial Credit Event; and

          (m) The Borrower, the Administrative Agent and the lenders party
     thereto shall have entered into the Three Year Credit Agreement.

SECTION 7. COVENANTS.

     The Borrower agrees that, so long as any credit is available to or in use
by the Borrower hereunder, except to the extent compliance in any case or cases
is waived in writing pursuant to the terms of Section 11.13 hereof:

     Section 7.1. Maintenance of Business. The Borrower shall, and shall cause
each of its Subsidiaries to, preserve and maintain its existence. The Borrower
shall, and shall cause each of its Subsidiaries to, preserve and keep in force
and effect all licenses, permits and franchises necessary to the proper conduct
of its business. The Borrower shall not, nor shall it permit any of its
Restricted Subsidiaries to, engage in any business activities substantially
different from its present business, any other Eligible Line of Business, or any
business reasonably related thereto, provided that, (i) in the case of any
Subsidiary acquired in a Permitted Acquisition, such acquired Subsidiary (and
its permitted successors) may also engage in the type of business activities in
which such acquired Subsidiary was engaged immediately prior to such Permitted
Acquisition, or any business reasonably related thereto, and (ii) in the case of
a Person holding assets of an Acquired Business following a Permitted
Acquisition, such Person may also engage in the type of business activities in
which such Acquired Business was engaged immediately prior to such Permitted
Acquisition, or any business reasonably related thereto. In addition to the
foregoing, the Borrower may create a new Subsidiary in order to act as a captive
insurance company to

                                      -27-

<PAGE>

insure risks incurred by the Parent, HAI, the Borrower or any of their
Subsidiaries (but not any other Persons) in their respective businesses.

     Section 7.2. Maintenance of Properties. The Borrower shall maintain,
preserve and keep its property, plant and equipment in good repair, working
order and condition (ordinary wear and tear excepted) and shall from time to
time make all needful and proper repairs, renewals, replacements, additions and
betterments thereto so that at all times the efficiency thereof shall be fully
preserved and maintained, and the Borrower shall cause each of its Subsidiaries
to do so in respect of Property owned or used by it.

     Section 7.3. Taxes and Assessments. The Borrower shall duly pay and
discharge, and shall cause each of its Subsidiaries to duly pay and discharge,
all taxes, rates, assessments, fees and governmental charges upon or against it
or its Properties, in each case before the same become delinquent and before
penalties accrue thereon, unless and to the extent that the same are being
contested in good faith and by appropriate proceedings which prevent enforcement
of the matter under contest and adequate reserves in accordance with GAAP are
provided therefor.

     Section 7.4. Insurance. The Borrower shall insure and keep insured, and
shall cause each of its Subsidiaries to insure and keep insured, with good and
responsible insurance companies, all insurable Property owned by it which is of
a character usually insured by Persons similarly situated and operating like
Properties against loss or damage from such hazards and risks, and in such
amounts, as are insured by Persons similarly situated and operating like
Properties; and the Borrower shall insure, and shall cause each of its
Subsidiaries to insure, such other hazards and risks (including employers' and
public liability risks) with good and responsible insurance companies as and to
the extent usually insured by Persons similarly situated and conducting similar
businesses. The foregoing insurance requirements may be met through the captive
insurance company described in Section 7.1 hereof with respect to such risks as
are reasonably acceptable to the Administrative Agent; provided that the
coverage limits of insurance policies written by the captive insurance company
may not exceed $25,000,000 in the aggregate at any time and the premiums charged
by the captive insurance company in any fiscal year may not exceed two times its
statutory surplus as of the end of such fiscal year. The Borrower shall upon
request furnish to the Agent or any Lender a certificate setting forth in
summary form the nature and extent of the insurance maintained pursuant to this
Section.

     Section 7.5. Financial Reports. The Borrower shall, and shall cause each
Subsidiary to, maintain a standard system of accounting in accordance with GAAP
and shall furnish to the Agent, each Lender and each of their duly authorized
representatives such information respecting the business and financial condition
of the Borrower and its Subsidiaries as the Agent or such Lender may reasonably
request; and without any request, shall furnish to the Lenders:

          (a) as soon as available, and in any event within forty-five (45) days
     (in the case of the first three fiscal quarters in each fiscal year) or
     ninety (90) days (in the case of the last fiscal quarter in each fiscal
     year) after the close of each quarterly accounting period of the Borrower,
     a copy of the consolidated balance sheet of the Borrower and its
     Subsidiaries as of the close of such period and the consolidated statements
     of profit and loss and cash flows of the Borrower and its Subsidiaries for
     such period, each in

                                      -28-

<PAGE>

     reasonable detail showing in comparative form the figures for the
     corresponding date and period in the previous fiscal year, prepared by the
     Borrower and certified to by the chief financial officer of the Borrower;

          (b) as soon as available, and in any event within ninety (90) days
     after the close of each annual accounting period of the Borrower, a copy of
     the annual audit report for the Borrower and its Subsidiaries as of the
     close of such period with accompanying financial statements (including
     consolidated balance sheet and profit and loss and cash flow statements of
     the Borrower and its Subsidiaries for such period), and accompanying notes
     thereto, each in reasonable detail showing in comparative form the figures
     for the previous fiscal year, accompanied by an unqualified opinion thereon
     of Ernst & Young LLP or another firm of independent public accountants of
     recognized national standing, selected by the Borrower and satisfactory to
     the Required Lenders, to the effect that the financial statements have been
     prepared in accordance with GAAP and present fairly in accordance with GAAP
     the consolidated financial condition of the Borrower and its Subsidiaries
     as of the close of such fiscal year and the results of their operations and
     cash flows for the fiscal year then ended and that an examination of such
     accounts in connection with such financial statements has been made in
     accordance with generally accepted auditing standards and, accordingly,
     such examination included such tests of the accounting records and such
     other auditing procedures as were considered necessary in the
     circumstances; and

          (c) within the period provided in subsection (b) above, the written
     statement of the accountants who certified the audit report thereby
     required that in the course of their audit they have obtained no knowledge
     of any Default or Event of Default, or, if such accountants have obtained
     knowledge of any such Default or Event of Default, they shall disclose in
     such statement the nature and period of the existence thereof;

          (d) promptly after receipt thereof, any additional written reports,
     management letters or other detailed information contained in writing
     concerning significant aspects of the Borrower's or any Subsidiary's
     operations and financial affairs given to it by its independent public
     accountants;

          (e) promptly upon the filing thereof, copies of all registration
     statements, periodic reports or other reports the Borrower or any
     Subsidiary files with the Securities and Exchange Commission; and

          (f) promptly after knowledge thereof shall have come to the attention
     of any Responsible Officer of the Borrower, written notice of (i) any
     Reportable Event as defined in Section 4043 of ERISA and the regulations
     issued thereunder, other than any such event as to which the PBGC has by
     regulation waived the requirement of Section 4043(a) of ERISA that it be
     notified within 30 days of the occurrence of such event, (ii) any
     threatened or pending litigation or governmental proceeding or labor
     controversy against the Borrower or any Subsidiary which, if adversely
     determined, would have a Material Adverse Effect, (iii) any material
     adverse change in the condition

                                      -29-

<PAGE>

     (financial or otherwise) or operations of the Borrower or any Subsidiary,
     or (iv) the occurrence of any Default or Event of Default hereunder.

Each of the financial statements furnished to the Bank pursuant to subsections
(a) and (b) of this Section shall be accompanied by a written certificate in the
form attached hereto as Exhibit D signed by the chief financial officer of the
Borrower to the effect that to the best of the chief financial officer's
knowledge and belief no Default or Event of Default has occurred during the
period covered by such statements or, if any such Default or Event of Default
has occurred during such period, setting forth a description of such Default or
Event of Default and specifying the action, if any, taken by the Borrower to
remedy the same. Such certificate shall also set forth the calculations
supporting such statements in respect of Sections 7.7, 7.8 and 7.9 of this
Agreement.

     Section 7.6. Inspection. The Borrower shall, and shall cause each of its
Subsidiaries to, permit the Agent, each Lender and each of their duly authorized
representatives and agents to visit and inspect any of the Properties, corporate
books and financial records of the Borrower and each such Subsidiary, to examine
and make copies of the books of accounts and other financial records of the
Borrower and each such Subsidiary, and to discuss the affairs, finances and
accounts of the Borrower and each such Subsidiary with, and to be advised as to
the same by, its officers and independent public accountants (and by this
provision the Borrower hereby authorizes such accountants to discuss with the
Agent and such Lenders the finances and affairs of the Borrower and of each
Subsidiary) at such reasonable times and reasonable intervals as the Agent or
any such Lender may designate. Prior to the occurrence and continuance of a
Default or Event of Default hereunder, the costs and expenses of such
inspections shall be borne by the Lenders.

     Section 7.7. Interest Coverage Ratio. The Borrower will not, as of the last
day of any fiscal quarter of the Borrower, permit the Interest Coverage Ratio to
be less than 2.0 to 1.0.

     Section 7.8. Tangible Net Worth. The Borrower will at all times have
Tangible Net Worth of not less than the Minimum Required Amount. For purposes
hereof, the "Minimum Required Amount" shall mean, from the Closing Date through
September 30, 2002, $125,000,000, and thereafter shall mean (x) the greater of
(i) $125,000,000 or (ii) the Borrower's Tangible Net Worth as of September 30,
2002 less $40,000,000, plus (y) on and after January 1, 2003, 30% of the
aggregate Net Income (without deduction for losses) earned during each fiscal
quarter of the Borrower ending on and after December 31, 2002, plus (z) 80% of
the amount of the Net Cash Proceeds received by the Borrower from any equity
issuance by, or capital or equity contribution to, the Borrower after the
Closing Date.

     Section 7.9. Leverage Ratio. The Borrower will not, as of the last day of
any fiscal quarter of the Borrower, permit the Leverage Ratio to exceed 2.25 to
1.00.

     Section 7.10. Distributions. The Borrower will not during any fiscal year
declare or pay any distributions to HAI or any other Person if at the time of
any such distribution a Default or Event of Default shall have occurred and be
continuing hereunder or would occur as a result thereof.

                                      -30-

<PAGE>

     Section 7.11. Indebtedness. The Borrower shall not, nor shall it permit any
Subsidiary to, issue, incur, assume, create or have outstanding any
Indebtedness; provided, however, that the foregoing provisions shall not
restrict nor operate to prevent:

          (a) the Obligations of the Borrower owing to the Lenders;

          (b) Capitalized Lease Obligations; and

          (c) other Indebtedness in an aggregate principal amount at any time
     outstanding not to exceed $250,000,000.

     Section 7.12. Liens. The Borrower shall not, nor shall it permit any of its
Subsidiaries to, create, incur or permit to exist any Lien of any kind on any
Property owned by the Borrower or any such Subsidiary; provided, however, that
this Section shall not apply to nor operate to prevent:

          (a) Liens arising by statute in connection with worker's compensation,
     unemployment insurance, old age benefits, social security obligations,
     taxes, assessments, statutory obligations or other similar charges, good
     faith cash deposits in connection with tenders, contracts or leases to
     which the Borrower or any Subsidiary is a party or other cash deposits
     required to be made in the ordinary course of business, provided in each
     case that the obligation is not for borrowed money and that the obligation
     secured is not overdue or, if overdue, is being contested in good faith by
     appropriate proceedings which prevent enforcement of the matter under
     contest and adequate reserves have been established therefor;

          (b) mechanics', workmen's, materialmen's, landlords', carriers', or
     other similar Liens arising in the ordinary course of business with respect
     to obligations which are not due or which are being contested in good faith
     by appropriate proceedings which prevent enforcement of the matter under
     contest;

          (c) the pledge of assets for the purpose of securing an appeal, stay
     or discharge in the course of any legal proceeding, provided that the
     aggregate amount of liabilities of the Borrower and its Subsidiaries
     secured by a pledge of assets permitted under this subsection, including
     interest and penalties thereon, if any, shall not be in excess of
     $5,000,000 at any one time outstanding; and

          (d) other Liens encumbering Property of the Borrower and its
     Subsidiaries with a book value not in excess of 5% Total Assets.

     Section 7.13. Investments, Acquisitions, Loans, Advances and Guaranties.
The Borrower shall not, nor shall it permit any Subsidiary to, directly or
indirectly, make, retain or have outstanding any investments (whether through
purchase of stock or obligations or otherwise) in, or loans or advances (other
than for travel advances and other similar cash advances made to employees in
the ordinary course of business) to, any other Person, undertake any
Acquisition, or be or become liable as endorser, guarantor, surety or otherwise
for any debt, obligation or

                                      -31-

<PAGE>

undertaking of any other Person, or otherwise agree to provide funds for payment
of the obligations of another, or supply funds thereto or invest therein or
otherwise assure a creditor of another against loss, or apply for or become
liable to the issuer of a letter of credit which supports an obligation of
another, or subordinate any claim or demand it may have to the claim or demand
of any other Person; provided, however, that the foregoing provisions shall not
apply to nor operate to prevent:

          (a) investments in direct obligations of the United States of America
     or of any agency or instrumentality thereof whose obligations constitute
     full faith and credit obligations of the United States of America, provided
     that any such obligations shall mature within eighteen months of the date
     of issuance thereof;

          (b) investments in commercial paper rated at least P-1 by Moody's and
     at least A-1 by S&P maturing within 365 days of the date of issuance
     thereof;

          (c) investments in certificates of deposit issued by any United States
     commercial bank having capital and surplus of not less than $50,000,000
     which have a maturity of one year or less, investments in high grade
     municipal securities, investments in other money market instruments with a
     maturity of one year or less and rated A or better and investments in
     mutual funds which invest only in short term government securities,
     certificates of deposit, high grade commercial paper and similar high grade
     money market instruments and high grade municipal securities;

          (d) endorsement of items for deposit or collection of commercial paper
     received in the ordinary course of business;

          (e) the guaranties by the Borrower of the indebtedness of its
     Subsidiaries permitted under Section 7.11(c) hereof;

          (f) the Borrower's investments from time to time in its Subsidiaries,
     and investments made from time to time by a Subsidiary in one or more of
     its Subsidiaries, provided that (x) the incremental additional investments
     of the Borrower in its Subsidiaries after the Closing Date comprised of
     funds advanced from the Borrower to such Subsidiaries, whether in the form
     of contributions to equity capital or loans or advances, plus (y) the
     aggregate value of Property transferred from the Borrower to its
     Subsidiaries (in excess of any cash consideration or consideration in the
     form of Property of a type similar to that transferred received from such
     Subsidiaries therefor) pursuant to Section 7.15(b) hereof after the Closing
     Date, shall not exceed 5% of Total Assets at any time of determination;

          (g) investments, loans, advances and guaranties in addition to those
     otherwise permitted by this Section 7.13, provided that the aggregate
     amount of such investments, loans, advances and guaranties does not at any
     time exceed $50,000,000; and

          (h) Permitted Acquisitions.

                                      -32-

<PAGE>

In determining the amount of investments, Acquisitions, loans, advances and
guarantees permitted under this Section, investments and Acquisitions shall
always be taken at the original cost thereof (regardless of any subsequent
appreciation or depreciation therein), loans and advances shall be taken at the
principal amount thereof then remaining unpaid, and guarantees shall be taken at
the amount of obligations guaranteed thereby.

     Section 7.14. Use of Proceeds. The Borrower shall use the credit extended
under this Agreement solely for the purposes set forth in, or otherwise
permitted by, Section 5.4 hereof.

     Section 7.15. Mergers, Consolidations and Sales. The Borrower shall not,
nor shall it permit any Restricted Subsidiary to, be a party to any merger or
consolidation, or during any fiscal year sell, transfer, lease or otherwise
dispose of (whether in a single transaction or in multiple transactions) all or
any part of its Property, including any disposition of Property as part of a
sale and leaseback transaction, or in any event sell or discount (with or
without recourse) any of its notes or accounts receivable; provided, however,
that this Section shall not apply to nor operate to prevent:

          (a) the sale or lease of inventory in the ordinary course of business;

          (b) the sale, transfer, lease or other disposition of Property of the
     Borrower and its Subsidiaries to one another in the ordinary course of its
     business;

          (c) the merger of any Subsidiary with and into the Borrower or any
     other Subsidiary, provided that, in the case of any merger involving the
     Borrower, the Borrower is the corporation surviving the merger;

          (d) the sale of delinquent notes or accounts receivable in the
     ordinary course of business for purposes of collection only (and not for
     the purpose of any bulk sale or securitization transaction);

          (e) the sale, transfer or other disposition of any tangible personal
     property that, in the reasonable business judgment of the Borrower or its
     Subsidiary, has become obsolete or worn out, and which is disposed of in
     the ordinary course of business;

          (f) sales or other dispositions (whether as part of a sale and
     leaseback transaction or otherwise) of fixed assets within 180 days of the
     acquisition thereof; and

          (g) the sale, transfer, lease or other disposition of Property of the
     Borrower or any Restricted Subsidiary (including any disposition of
     Property as part of a sale and leaseback transaction but excluding
     dispositions permitted pursuant to the preceding clause (f)) in an amount
     for the Borrower and its Restricted Subsidiaries aggregating not more,
     during any fiscal year of the Borrower, than 5% of Total Assets as of the
     last day of the immediately preceding fiscal year computed on a
     consolidated basis in accordance with GAAP.

                                      -33-

<PAGE>

     Section 7.16. Maintenance of Subsidiaries. The Borrower shall not, nor
shall it permit any Restricted Subsidiary to, issue, assign, sell or transfer,
any shares of capital stock of a Restricted Subsidiary; provided that the
foregoing shall not operate to prevent the issuance, sale and transfer to any
person of any shares of capital stock of a Restricted Subsidiary solely for the
purpose of qualifying, and to the extent legally necessary to qualify, such
person as a director of such Restricted Subsidiary.

     Section 7.17. ERISA. The Borrower shall, and shall cause each of its
Subsidiaries to, promptly pay and discharge all obligations and liabilities
arising under ERISA of a character which if unpaid or unperformed might result
in the imposition of a Lien against any of its Properties. The Borrower shall,
and shall cause each of its Subsidiaries to, promptly notify the Agent and each
Lender of (i) the occurrence of any reportable event (as defined in ERISA) with
respect to a Plan, (ii) receipt of any notice from the PBGC of its intention to
seek termination of any Plan or appointment of a trustee therefor, (iii) its
intention to terminate or withdraw from any Plan, and (iv) the occurrence of any
event with respect to any Plan which would result in the incurrence by the
Borrower or any such Subsidiary of any material liability, fine or penalty, or
any material increase in the contingent liability of the Borrower or any such
Subsidiary with respect to any post-retirement Welfare Plan benefit.

     Section 7.18. Compliance with Laws. The Borrower shall, and shall cause
each of its Subsidiaries to, comply in all respects with the requirements of all
federal, state and local laws, rules, regulations, ordinances and orders
applicable to or pertaining to their Properties or business operations,
non-compliance with which could have a Material Adverse Effect or could result
in a Lien upon any of their Property except as permitted under Section 7.12
hereof.

     Section 7.19. Burdensome Contracts With Affiliates. The Borrower shall not,
nor shall it permit any Subsidiary to, enter into any contract, agreement or
business arrangement with any of its Affiliates (other than with Wholly-Owned
Subsidiaries) or the Parent on terms and conditions which are less favorable to
the Borrower or such Subsidiary than would be usual and customary in similar
contracts, agreements or business arrangements between Persons not affiliated
with each other other than management fees payable by Hewitt Services LLC and
the Parent to the Borrower.

     Section 7.20. No Changes in Fiscal Year. The Borrower shall not, nor shall
it permit any Subsidiary to, change its fiscal year from its present basis
without the prior written consent of the Required Lenders, except that the
Borrower may change its fiscal year end to December 31 provided that, prior to
such change becoming effective, the Borrower and the Required Lenders have
entered into an amendment to the provisions of this Agreement with respect to
the effects of such change on the provisions hereof.

     Section 7.21. Amendments to Articles and Operating Agreement. The Borrower
shall not amend or modify its Articles or Operating Agreement in any manner
which might materially and adversely affect the rights of the Lenders or any
holder of the Notes hereunder (it being agreed that amendments for the purpose
of admitting additional members, or reflecting deaths, retirements,
resignations, withdrawals or removals of members will not be deemed to have such

                                      -34-

<PAGE>

an adverse effect and amendments permitting members to incorporate and such
corporations to become members of the Borrower shall not be deemed to have such
an adverse effect).

SECTION 8. EVENTS OF DEFAULT AND REMEDIES.

     Section 8.1. Events of Default. Any one or more of the following shall
constitute an Event of Default:

          (a) default (x) in the payment when due of the principal amount of any
     Loan or (y) for a period of five (5) Business Days in the payment when due
     of interest or of any other Obligation, provided that the making of a Base
     Rate Loan or conversion of a Loan into a Base Rate Loan under the
     circumstances described in Section 1.4(c) hereof shall not, in and of
     itself, constitute a default in the payment when due of the principal
     amount of a Loan, or ;

          (b) default in the observance or performance of any covenant set forth
     in Sections 7.1 (with respect to the existence of the Borrower),
     7.5(f)(iv), 7.7, 7.8, 7.9, 7.10, 7.11 (with respect to the Borrower), 7.12
     (with respect to Liens voluntarily entered into by the Borrower), 7.14,
     7.15, 7.16, 7.17 or 7.21 hereof; or

          (c) default in the observance or performance of any other provision
     hereof or of any other Loan Document (x) which, in the case of a default
     with respect to Sections 7.11 (with respect to a Subsidiary), 7.12 (with
     respect to Liens voluntarily entered into by a Subsidiary), 7.13, 7.19 or
     7.20 hereof, is not remedied within fifteen (15) days, and (y) in the case
     of any other default, is not remedied within thirty (30) days, in the case
     of defaults described in clauses (x) and (y), after the earlier of (i) the
     date on which such failure shall first become known to any officer of the
     Borrower or (ii) written notice thereof is given to the Borrower by the
     Agent or any Lender; or

          (d) any representation or warranty made or deemed (pursuant to Section
     6.1 hereof) made by the Borrower herein or in any other Loan Document, or
     in any statement or certificate furnished by it pursuant hereto or thereto,
     or in connection with any extension of credit made hereunder, proves untrue
     in any material respect as of the date of the issuance or making thereof;
     or

          (e) (x) an Event of Default shall occur under the Three Year Credit
     Agreement, or (y) default shall occur under any evidence of Indebtedness
     issued, assumed or guaranteed by the Borrower or any Subsidiary aggregating
     $10,000,000 or more or under any indenture, agreement or other instrument
     under which the same may be issued, and such default shall continue for a
     period of time sufficient to permit the acceleration of the maturity of any
     such Indebtedness (whether or not such maturity is in fact accelerated) or
     any such Indebtedness shall not be paid when due (whether by lapse of time,
     acceleration or otherwise); or

          (f) any judgment or judgments, writ or writs, or warrant or warrants
     of attachment, or any similar process or processes in an aggregate amount
     in excess of

                                      -35-

<PAGE>

     $250,000 shall be entered or filed against the Borrower or any Subsidiary
     or against any of their Property and which remains unvacated, unbonded,
     unstayed or unsatisfied for a period of sixty (60) days; or

          (g) the Borrower or any member of its Controlled Group shall fail to
     pay when due an amount or amounts aggregating in excess of $50,000 which it
     shall have become liable to pay to the PBGC or to a Plan under Title IV of
     ERISA; or notice of intent to terminate a Plan or Plans having aggregate
     Unfunded Vested Liabilities in excess of $50,000 (collectively, a "Material
     Plan") shall be filed under Title IV of ERISA by the Borrower or any other
     member of its Controlled Group, any plan administrator or any combination
     of the foregoing; or the PBGC shall institute proceedings under Title IV of
     ERISA to terminate or to cause a trustee to be appointed to administer any
     Material Plan or a proceeding shall be instituted by a fiduciary of any
     Material Plan against the Borrower or any member of its Controlled Group to
     enforce Section 515 or 4219(c)(5) of ERISA and such proceeding shall not
     have been dismissed within thirty (30) days thereafter; or a condition
     shall exist by reason of which the PBGC would be entitled to obtain a
     decree adjudicating that any Material Plan must be terminated; or

          (h) dissolution or termination of the existence of the Borrower or any
     Restricted Subsidiary; or

          (i) the Borrower or any Subsidiary shall (i) have entered
     involuntarily against it an order for relief under the United States
     Bankruptcy Code, as amended, (ii) not pay, or admit in writing its
     inability to pay, its debts generally as they become due, (iii) make an
     assignment for the benefit of creditors, (iv) apply for, seek, consent to,
     or acquiesce in, the appointment of a receiver, custodian, trustee,
     examiner, liquidator or similar official for it or any substantial part of
     its Property, (v) institute any proceeding seeking to have entered against
     it an order for relief under the United States Bankruptcy Code, as amended,
     to adjudicate it insolvent, or seeking dissolution, winding up,
     liquidation, reorganization, arrangement, adjustment or composition of it
     or its debts under any law relating to bankruptcy, insolvency or
     reorganization or relief of debtors or fail to file an answer or other
     pleading denying the material allegations of any such proceeding filed
     against it, or (vi) fail to contest in good faith any appointment or
     proceeding described in Section 8.1(j) hereof; or

          (j) a custodian, receiver, trustee, examiner, liquidator or similar
     official shall be appointed for the Borrower or any Subsidiary or any
     substantial part of any of their Property, or a proceeding described in
     Section 8.1(i)(v) shall be instituted against the Borrower or any
     Subsidiary, and such appointment continues undischarged or such proceeding
     continues undismissed or unstayed for a period of ninety (90) days; or

          (k) a Change of Control shall have occurred.

     Section 8.2. Non-Bankruptcy Defaults. When any Event of Default other than
those described in subsections (i) or (j) of Section 8.1 hereof has occurred and
is continuing, the Administrative Agent shall, by written notice to the
Borrower: (a) if so directed by the Required

                                      -36-

<PAGE>

Lenders, terminate the remaining Commitments and all other obligations of the
Lenders hereunder on the date stated in such notice (which may be the date
thereof); and (b) if so directed by the Required Lenders, declare the principal
of and the accrued interest on all outstanding Loans and all other amounts due
under the Loan Documents to be forthwith due and payable and thereupon all
outstanding Loans, including both principal and interest thereon, shall be and
become immediately due and payable together with all other amounts payable under
the Loan Documents without further demand, presentment, protest or notice of any
kind. The Administrative Agent, after giving notice to the Borrower pursuant to
Section 8.1(c) or this Section 8.2, shall also promptly send a copy of such
notice to the other Lenders, but the failure to do so shall not impair or annul
the effect of such notice.

     Section 8.3. Bankruptcy Defaults. When any Event of Default described in
subsections (i) or (j) of Section 8.1 hereof has occurred and is continuing,
then all outstanding Loans shall immediately become due and payable together
with all other amounts payable under the Loan Documents without presentment,
demand, protest or notice of any kind, the obligation of the Lenders to extend
further credit pursuant to any of the terms hereof shall immediately terminate.

     Section 8.4. Notice of Default. The Administrative Agent shall give notice
to the Borrower under Section 8.1(c) hereof promptly upon being requested to do
so by any Lender and shall thereupon notify all the Lenders thereof.

     Section 8.5. Expenses. The Borrower agrees to pay to the Administrative
Agent and each Lender, and any other holder of any Note outstanding hereunder,
all costs and expenses reasonably incurred or paid by the Administrative Agent
and such Lender or any such holder, including reasonable attorneys' fees and
court costs, in connection with any Default or Event of Default by the Borrower
hereunder or in connection with the enforcement of any of the Loan Documents
(including all such costs and expenses incurred in connection with any
proceeding under the United States Bankruptcy Code involving the Borrower or any
Subsidiary as a debtor thereunder).

SECTION 9. CHANGE IN CIRCUMSTANCES.

     Section 9.1. Change of Law. Notwithstanding any other provisions of this
Agreement or any Note, if at any time any adoption of or change in applicable
law or regulation or in the interpretation thereof makes it unlawful for any
Lender to make or continue to maintain any Eurodollar Loans or to perform its
obligations as contemplated hereby, such Lender shall promptly give notice
thereof to the Borrower and such Lender's obligations to make or maintain
Eurodollar Loans under this Agreement shall be suspended until it is no longer
unlawful for such Lender to make or maintain Eurodollar Loans. The Borrower
shall prepay on demand the outstanding principal amount of any such affected
Eurodollar Loans, together with all interest accrued thereon and all other
amounts then due and payable to such Lender under this Agreement; provided,
however, subject to all of the terms and conditions of this Agreement, the
Borrower may then elect to borrow the principal amount of the affected
Eurodollar Loans from such Lender by means of Base Rate Loans from such Lender,
which Base Rate Loans shall not be made ratably by the Lenders but only from
such affected Lender.

                                      -37-

<PAGE>

     Section 9.2. Unavailability of Deposits or Inability to Ascertain, or
Inadequacy of, LIBOR. If on or prior to the first day of any Interest Period for
any Borrowing of Eurodollar Loans:

          (a) the Administrative Agent determines that deposits in U.S. Dollars
     (in the applicable amounts) are not being offered to it in the interbank
     eurodollar market for such Interest Period, or that by reason of
     circumstances affecting the interbank eurodollar market adequate and
     reasonable means do not exist for ascertaining the applicable LIBOR, or

          (b) the Required Lenders advise the Administrative Agent that (i)
     LIBOR as determined by the Administrative Agent will not adequately and
     fairly reflect the cost to such Lenders of funding their Eurodollar Loans
     for such Interest Period or (ii) that the making or funding of Eurodollar
     Loans become impracticable,

then the Administrative Agent shall forthwith give notice thereof to the
Borrower and the Lenders, whereupon until the Administrative Agent notifies the
Borrower that the circumstances giving rise to such suspension no longer exist,
the obligations of the Lenders to make Eurodollar Loans shall be suspended,
provided that the Lenders shall thereupon be deemed to have waived any prior
notice period for the Borrowing of a Base Rate Loan to substitute for any such
Eurodollar Loan.

     Section 9.3. Increased Cost and Reduced Return. (a) If, on or after the
date hereof, the adoption of any applicable law, rule or regulation, or any
change therein, or any change in the interpretation or administration thereof by
any governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by any Lender (or its
Lending Office) with any request or directive (whether or not having the force
of law) of any such authority, central bank or comparable agency:

          (i) shall subject any Lender (or its Lending Office) to any tax, duty
     or other charge with respect to its Eurodollar Loans, its Notes, or its
     obligation to make Eurodollar Loans, or shall change the basis of taxation
     of payments to any Lender (or its Lending Office) of the principal of or
     interest on its Eurodollar Loans or any other amounts due under this
     Agreement or any other Loan Document in respect of its Eurodollar Loans or
     its obligation to make Eurodollar Loans (except for changes in the rate of
     tax on the overall net income of such Lender or its Lending Office imposed
     by the jurisdiction in which such Lender's principal executive office or
     Lending Office is located); or

          (ii) shall impose, modify or deem applicable any reserve, special
     deposit or similar requirement (including, without limitation, any such
     requirement imposed by the Board of Governors of the Federal Reserve
     System, but excluding with respect to any Eurodollar Loans any such
     requirement included in an applicable Eurodollar Reserve Percentage)
     against assets of, deposits with or for the account of, or credit extended
     by, any Lender (or its Lending Office) or shall impose on any Lender (or
     its Lending Office) or on the interbank market any other condition
     affecting its Eurodollar Loans, its Notes, or its obligation to make
     Eurodollar Loans;

                                      -38-

<PAGE>

and the result of any of the foregoing is to increase the cost to such Lender
(or its Lending Office) of making or maintaining any Eurodollar Loan, or to
reduce the amount of any sum received or receivable by such Lender (or its
Lending Office) under this Agreement or under any other Loan Document with
respect thereto, by an amount deemed by such Lender to be material, then, within
30 days after demand by such Lender (with a copy to the Administrative Agent),
the Borrower shall be obligated to pay to such Lender such additional amount or
amounts as will compensate such Lender for such increased cost or reduction,
provided that no Lender may claim compensation for any such amount incurred or
accrued more than 90 days prior to the date of its demand for payment hereunder
except to the extent, if any, that the applicable adoption or change
retroactively imposes such increased cost or reduction on such party with
respect to periods more than 90 days prior to such date of demand for payment.

     (b) If, after the date hereof, any Lender or the Administrative Agent shall
have determined that the adoption of any applicable law, rule or regulation
regarding capital adequacy, or any change therein, or any change in the
interpretation or administration thereof by any governmental authority, central
bank or comparable agency charged with the interpretation or administration
thereof, or compliance by any Lender (or its Lending Office) or any corporation
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 had the effect of reducing the rate of return on such
Lender's or such corporation's capital as a consequence of its obligations
hereunder to a level below that which such Lender or such corporation could have
achieved but for such adoption, change or compliance (taking into consideration
such Lender's or such corporation's policies with respect to capital adequacy)
by an amount deemed by such Lender to be material, then from time to time,
within 30 days after demand by such Lender (with a copy to the Administrative
Agent), the Borrower shall pay to such Lender such additional amount or amounts
as will compensate such Lender for such reduction, provided that no Lender may
claim compensation for any such amount incurred or accrued more than 90 days
prior to the date of its demand for payment hereunder except to the extent, if
any, that the applicable adoption or change retroactively imposes such increased
cost or reduction on such party with respect to periods more than 90 days prior
to such date of demand for payment.

     (c) A certificate of a Lender claiming compensation under this Section 9.3,
outlining the applicable change, law, rule or regulation, and setting forth the
additional amount or amounts to be paid to it hereunder shall be conclusive if
reasonably determined. In determining such amount, such Lender may use any
reasonable averaging and attribution methods.

     Section 9.4. Lending Offices. Each Lender may, at its option, elect to make
its Loans hereunder at the branch, office or affiliate specified on the
appropriate signature page hereof (each a "Lending Office") for each type of
Loan available hereunder or at such other of its branches, offices or affiliates
as it may from time to time elect and designate in a written notice to the
Borrower and the Administrative Agent. To the extent reasonably possible, a
Lender shall designate an alternative branch or funding office with respect to
its Eurodollar Loans to reduce any liability of the Borrower to such Lender
under Section 9.3 hereof or to avoid the unavailability of Eurodollar Loans
under Section 9.2 hereof, so long as such designation is not otherwise
disadvantageous to the Lender.

                                      -39-

<PAGE>

     Section 9.5. Discretion of Lender as to Manner of Funding. Notwithstanding
any other provision of this Agreement, each Lender shall be entitled to fund and
maintain its funding of all or any part of its Loans in any manner it sees fit,
it being understood, however, that for the purposes of this Agreement all
determinations hereunder with respect to Eurodollar Loans shall be made as if
each Lender had actually funded and maintained each Eurodollar Loan through the
purchase of deposits in the interbank eurodollar market having a maturity
corresponding to such Loan's Interest Period, and bearing an interest rate equal
to LIBOR for such Interest Period.

SECTION 10. THE ADMINISTRATIVE AGENT.

     Section 10.1. Appointment and Authorization of Administrative Agent. Each
Lender hereby appoints Harris Trust and Savings Bank as the Administrative Agent
under the Loan Documents and hereby authorizes the Administrative Agent to take
such action as Administrative Agent on its behalf and to exercise such powers
under the Loan Documents as are delegated to the Administrative Agent by the
terms thereof, together with such powers as are reasonably incidental thereto.
The Lenders expressly agree that the Administrative Agent is not acting as a
fiduciary of the Lenders in respect of the Loan Documents, the Borrower or
otherwise, and nothing herein or in any of the other Loan Documents shall result
in any duties or obligations on the Administrative Agent or any of the Lenders
except as expressly set forth herein.

     Section 10.2. Administrative Agent and its Affiliates. The Administrative
Agent shall have the same rights and powers under this Agreement and the other
Loan Documents as any other Lender and may exercise or refrain from exercising
such rights and power as though it were not the Administrative Agent, and the
Administrative Agent and its affiliates may accept deposits from, lend money to,
and generally engage in any kind of business with the Borrower or any Affiliate
or Subsidiary of the Borrower as if it were not the Administrative Agent under
the Loan Documents. The term "Lender" as used herein and in all other Loan
Documents, unless the context otherwise clearly requires, includes the
Administrative Agent in its individual capacity as a Lender. References in
Section 1 hereof to the Administrative Agent's Loans, or to the amount owing to
the Administrative Agent for which an interest rate is being determined, refer
to the Administrative Agent in its individual capacity as a Lender.

     Section 10.3. Action by Administrative Agent. If the Administrative Agent
receives from the Borrower a written notice of an Event of Default pursuant to
Section 7.5 hereof, the Administrative Agent shall promptly give each of the
Lenders written notice thereof. The obligations of the Administrative Agent
under the Loan Documents are only those expressly set forth therein. Without
limiting the generality of the foregoing, the Administrative Agent shall not be
required to take any action hereunder with respect to any Default or Event of
Default, except as expressly provided in Sections 8.2 and 8.5. Unless and until
the Required Lenders give such direction, the Administrative Agent may (but
shall not be obligated to) take or refrain from taking such actions as it deems
appropriate and in the best interest of all the Lenders. In no event, however,
shall the Administrative Agent be required to take any action in violation of
applicable law or of any provision of any Loan Document, and the Administrative
Agent shall in all cases be fully justified in failing or refusing to act
hereunder or under any other Loan Document unless it first receives any further
assurances of its indemnification from the Lenders that it may require,
including prepayment of any related expenses and any other protection it

                                      -40-

<PAGE>

requires against any and all costs, expense, and liability which may be incurred
by it by reason of taking or continuing to take any such action. The
Administrative Agent shall be entitled to assume that no Default or Event of
Default exists, except with respect to defaults in the payment of principal,
interest or fees required to be paid to the Administrative Agent for the account
of the Lenders, unless notified in writing to the contrary by a Lender or the
Borrower. In all cases in which the Loan Documents do not require the
Administrative Agent to take specific action, the Administrative Agent shall be
fully justified in using its discretion in failing to take or in taking any
action thereunder. Any instructions of the Required Lenders, or of any other
group of Lenders called for under the specific provisions of the Loan Documents,
shall be binding upon all the Lenders and the holders of the Obligations.

     Section 10.4. Consultation with Experts. The Administrative Agent may
consult with legal counsel, independent public accountants, and other experts
selected by it and shall not be liable for any action taken or omitted to be
taken by it in good faith in accordance with the advice of such counsel,
accountants or experts selected by it with reasonable care.

     Section 10.5. Liability of Administrative Agent; Credit Decision. Neither
the Administrative Agent nor any of its directors, officers or employees shall
be liable for any action taken or not taken by it in connection with the Loan
Documents: (i) with the consent or at the request of the Required Lenders or
(ii) in the absence of its own gross negligence or willful misconduct. Neither
the Administrative Agent nor any of its directors, officers, agents or employees
shall be responsible for or have any duty to ascertain, inquire into or verify:
(i) any statement, warranty or representation made in connection with this
Agreement, any other Loan Document or any Credit Event; (ii) the performance or
observance of any of the covenants or agreements of the Borrower or any
Subsidiary contained herein or in any other Loan Document; (iii) the
satisfaction of any condition specified in Section 6 hereof, except receipt of
items required to be delivered to the Administrative Agent; or (iv) the
validity, effectiveness, genuineness, enforceability, perfection, value, worth
or collectibility hereof or of any other Loan Document or of any other documents
or writing furnished in connection with any Loan Document; and the
Administrative Agent makes no representation of any kind or character with
respect to any such matter mentioned in this sentence. The Administrative Agent
may execute any of its duties under any of the Loan Documents by or through
employees, agents, and attorneys-in-fact and shall not be answerable to the
Lenders for the default or misconduct of any such agents or attorneys-in-fact
selected with reasonable care. The Administrative Agent shall not incur any
liability by acting in reliance upon any notice, consent, certificate, other
document or statement (whether written or oral) believed by it to be genuine or
to be sent by the proper party or parties. In particular and without limiting
any of the foregoing, the Administrative Agent shall have no responsibility for
confirming the accuracy of any compliance certificate or other document or
instrument received by it under the Loan Documents. The Administrative Agent may
treat the payee of any Note as the holder thereof until written notice of
transfer shall have been filed with the Administrative Agent signed by such
payee in form satisfactory to the Administrative Agent. Each Lender acknowledges
that it has independently and without reliance on the Administrative Agent or
any other Lender, and based upon such information, investigations and inquiries
as it deems appropriate, made its own credit analysis and decision to extend
credit to the Borrower in the manner set forth in the Loan Documents. It shall
be the responsibility of each Lender to keep itself informed as to the
creditworthiness of the Borrower

                                      -41-

<PAGE>

and its Subsidiaries, and the Administrative Agent shall have no liability to
any Lender with respect thereto.

     Section 10.6. Indemnity. The Lenders shall ratably, in accordance with
their respective Percentages, indemnify and hold the Administrative Agent, and
its directors, officers, employees, agents, and representatives harmless from
and against any liabilities, losses, costs or expenses suffered or incurred by
it under any Loan Document or in connection with the transactions contemplated
thereby, regardless of when asserted or arising, except to the extent they are
promptly reimbursed for the same by the Borrower and except to the extent that
any event giving rise to a claim was caused by the gross negligence or willful
misconduct of the party seeking to be indemnified. The obligations of the
Lenders under this Section shall survive termination of this Agreement. The
Administrative Agent shall be entitled to offset amounts received for the
account of a Lender under this Agreement against unpaid amounts due from such
Lender to the Administrative Agent hereunder (whether as fundings of indemnities
or otherwise), but shall not be entitled to offset against amounts owed to the
Administrative Agent by any Lender arising outside of this Agreement and the
other Loan Documents.

     Section 10.7. Resignation of Administrative Agent and Successor
Administrative Agent. The Administrative Agent may resign at any time by giving
written notice thereof to the Lenders and the Borrower. Upon any such
resignation of the Administrative Agent, the Required Lenders shall have the
right to appoint a successor Administrative Agent. If no successor
Administrative Agent shall have been so appointed by the Required Lenders, and
shall have accepted such appointment, within 30 days after the retiring
Administrative Agent's giving of notice of resignation then the retiring
Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent, which may be any Lender hereunder or any commercial bank
organized under the laws of the United States of America or of any State thereof
and having a combined capital and surplus of at least $200,000,000. Upon the
acceptance of its appointment as the Administrative Agent hereunder, such
successor Administrative Agent shall thereupon succeed to and become vested with
all the rights and duties of the retiring Administrative Agent under the Loan
Documents, and the retiring Administrative Agent shall be discharged from its
duties and obligations thereunder. After any retiring Administrative Agent's
resignation hereunder as Administrative Agent, the provisions of this Section 10
and all protective provisions of the other Loan Documents shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent, but no successor Administrative Agent shall in any event
be liable or responsible for any actions of its predecessor. If the
Administrative Agent resigns and no successor is appointed, the rights and
obligations of such Administrative Agent shall be automatically assumed by the
Required Lenders and the Borrower shall be directed to make all payments due
each Lender hereunder directly to such Lender. If no Administrative Agent is
appointed within five (5) days of such resignation, the Administrative Agent
shall reimburse, on a pro rata basis, any annual administrative agent's fees
paid to the Administrative Agent acting in such capacity, including without
limitation, those described in Section 2.1(c).

     Section 10.8. Designation of Additional Agents. The Administrative Agent
shall have the continuing right, for purposes hereof, at any time and from time
to time to designate one or more of the Lenders (and/or its or their Affiliates)
as "syndication agents," "documentation agents,"

                                      -42-

<PAGE>

"arrangers" or other designations for purposes hereto, but such designation
shall have no substantive effect, and such Lenders and their Affiliates shall
have no additional powers, duties or responsibilities as a result thereof.

SECTION 11. MISCELLANEOUS.

     Section 11.1. Withholding Taxes. (a) Payments Free of Withholding. Except
as otherwise required by law and subject to Section 11.1(b) hereof, each payment
by the Borrower under this Agreement or the other Loan Documents shall be made
without withholding for or on account of any present or future taxes (other than
overall net income taxes on the recipient) imposed by or within the jurisdiction
in which the Borrower is domiciled, any jurisdiction from which the Borrower
makes any payment, or (in each case) any political subdivision or taxing
authority thereof or therein. If any such withholding is so required of the
Borrower (or the Administrative Agent, on its behalf) by applicable law or
regulation, the Borrower (or the Administrative Agent, on its behalf) shall make
the withholding, pay the amount withheld to the appropriate governmental
authority before penalties attach thereto or interest accrues thereon and the
Borrower shall forthwith pay such additional amount as may be necessary to
ensure that the net amount actually received by each Lender and the
Administrative Agent free and clear of such taxes (including such taxes on such
additional amount) is equal to the amount which that Lender or the
Administrative Agent (as the case may be) would have received had such
withholding not been made. If the Administrative Agent or any Lender pays any
amount in respect of any such taxes, penalties or interest, the Borrower shall
reimburse the Administrative Agent or such Lender for that payment on demand in
the currency in which such payment was made. If the Borrower pays any such
taxes, penalties or interest, it shall deliver official tax receipts evidencing
that payment or certified copies thereof to the Lender or Administrative Agent
on whose account such withholding was made (with a copy to the Administrative
Agent if not the recipient of the original) on or before the thirtieth day after
payment.

     (b) U.S. Withholding Tax Exemptions. Each Lender that is not a United
States person (as such term is defined in Section 7701(a)(30) of the Code) shall
submit to the Borrower and the Administrative Agent on or before the date the
initial Credit Event is made hereunder or, if later, the date such financial
institution becomes a Lender hereunder, two duly completed and signed copies of
(i) either Form W-8 BEN (relating to such Lender and entitling it to a complete
exemption from withholding under the Code on all amounts to be received by such
Lender, including fees, pursuant to the Loan Documents and the Obligations) or
Form W-8 ECI (relating to all amounts to be received by such Lender, including
fees, pursuant to the Loan Documents and the Obligations) of the United States
Internal Revenue Service or (ii) solely if such Lender is claiming exemption
from United States withholding tax under Section 871(h) or 881(c) of the Code
with respect to payments of "portfolio interest", a Form W-8 BEN, or any
successor form prescribed by the Internal Revenue Service, and a certificate
representing that such 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 Borrower and is not a controlled foreign
corporation related to the Borrower (within the meaning of Section 864(d)(4) of
the Code). Thereafter and from time to time, each Lender shall submit to the
Borrower and the Administrative Agent such additional duly completed and signed
copies of one or the other of such Forms (or such successor forms as shall be
adopted from time to time by the relevant

                                      -43-

<PAGE>

United States taxing authorities) and such other certificates as may be (i)
requested by the Borrower in a written notice, directly or through the
Administrative Agent, to such Lender and (ii) required under then-current United
States law or regulations to avoid or reduce United States withholding taxes on
payments in respect of all amounts to be received by such Lender, including
fees, pursuant to the Loan Documents or the Obligations. Upon the request of the
Borrower or the Administrative Agent, each Lender that is a United States person
(as such term is defined in Section 7701(a)(30) of the Code) shall submit to the
Borrower and the Administrative Agent a certificate to the effect that it is
such a United States person.

     (c) Inability of Lender to Submit Forms. If any Lender determines, as a
result of any change in applicable law, regulation or treaty, or in any official
application or interpretation thereof, that it is unable to submit to the
Borrower or the Administrative Agent any form or certificate that such Lender is
obligated to submit pursuant to subsection (b) of this Section 11.1 or that such
Lender is required to withdraw or cancel any such form or certificate previously
submitted or any such form or certificate otherwise becomes ineffective or
inaccurate, such Lender shall promptly notify the Borrower and Administrative
Agent of such fact and the Lender shall to that extent not be obligated to
provide any such form or certificate and will be entitled to withdraw or cancel
any affected form or certificate, as applicable.

     Section 11.2. No Waiver, Cumulative Remedies. No delay or failure on the
part of the Administrative Agent or any Lender or on the part of the holder or
holders of any of the Obligations in the exercise of any power or right under
any Loan Document shall operate as a waiver thereof or as an acquiescence in any
default, nor shall any single or partial exercise of any power or right preclude
any other or further exercise thereof or the exercise of any other power or
right. The rights and remedies hereunder of the Administrative Agent, the
Lenders and of the holder or holders of any of the Obligations are cumulative
to, and not exclusive of, any rights or remedies which any of them would
otherwise have.

     Section 11.3. Non-Business Days. If any payment hereunder becomes due and
payable on a day which is not a Business Day, the due date of such payment shall
be extended to the next succeeding Business Day on which date such payment shall
be due and payable. In the case of any payment of principal falling due on a day
which is not a Business Day, interest on such principal amount shall continue to
accrue during such extension at the rate per annum then in effect, which accrued
amount shall be due and payable on the next scheduled date for the payment of
interest.

     Section 11.4. Documentary Taxes. The Borrower agrees to pay on demand any
documentary, stamp or similar taxes payable in respect of this Agreement or any
other Loan Document, including interest and penalties, in the event any such
taxes are assessed, irrespective of when such assessment is made and whether or
not any credit is then in use or available hereunder.

     Section 11.5. Survival of Representations. All representations and
warranties made herein or in any other Loan Document or in certificates given
pursuant hereto or thereto shall survive the execution and delivery of this
Agreement and the other Loan Documents, and shall

                                      -44-

<PAGE>

continue in full force and effect with respect to the date as of which they were
made as long as any credit is in use or available hereunder.

     Section 11.6. Survival of Indemnities. All indemnities and other provisions
relative to reimbursement to the Lenders of amounts sufficient to protect the
yield of the Lenders with respect to the Loans and Letters of Credit, including,
but not limited to, Sections 1.10, 9.3, and 11.15 hereof, shall survive the
termination of this Agreement and the other Loan Documents and the payment of
the Obligations.

     Section 11.7. Sharing. Each Lender agrees with each other Lender a party
hereto that if such Lender shall receive and retain any payment, whether by
application of deposit balances or otherwise, on any of the Loans in excess of
its ratable share of payments on all such Obligations then outstanding to the
Lenders, then such Lender shall purchase for cash at face value, but without
recourse, ratably from each of the other Lenders such amount of the Loans held
by each such other Lenders (or interest therein) as shall be necessary to cause
such Lender to share such excess payment ratably with all the other Lenders;
provided, however, that if any such purchase is made by any Lender, and if such
excess payment or part thereof is thereafter recovered from such purchasing
Lender, the related purchases from the other Lenders shall be rescinded ratably
and the purchase price restored as to the portion of such excess payment so
recovered, but without interest.

     Section 11.8. Notices. Except as otherwise specified herein, all notices
hereunder and under the other Loan Documents shall be in writing (including,
without limitation, notice by telecopy) and shall be given to the relevant party
at its address or telecopier number set forth below, or such other address or
telecopier number as such party may hereafter specify by notice to the
Administrative Agent and the Borrower given by courier, by United States
certified or registered mail, by telecopy or by other telecommunication device
capable of creating a written record of such notice and its receipt. Notices
under the Loan Documents to the Lenders and the Administrative Agent shall be
addressed to their respective addresses or telecopier numbers set forth on the
signature pages hereof, and to the Borrower to:

                      Hewitt Associates LLC
                      100 Half Day Road
                      Lincolnshire, Illinois  60069
                      Attention:       Mr. Dan DeCanniere
                      Telephone:       (847) 295-5000
                      Telecopy:        (847) 295-9127

Each such notice, request or other communication shall be effective (i) if given
by telecopier, when such telecopy is transmitted to the telecopier number
specified in this Section or on the signature pages hereof and a confirmation of
such telecopy has been received by the sender, (ii) if given by mail, 5 days
after such communication is deposited in the mail, certified or registered with
return receipt requested, addressed as aforesaid or (iii) if given by any other
means, when delivered at the addresses specified in this Section or on the
signature pages hereof; provided that any notice given pursuant to Section 1
hereof shall be effective only upon receipt.

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<PAGE>

     Section 11.9. Counterparts. This Agreement may be executed in any number of
counterparts, and by the different parties hereto on separate counterpart
signature pages, and all such counterparts taken together shall be deemed to
constitute one and the same instrument.

     Section 11.10. Successors and Assigns. This Agreement shall be binding upon
the Borrower and its successors and assigns, and shall inure to the benefit of
the Administrative Agent and each of the Lenders and the benefit of their
respective successors and assigns, including any subsequent holder of any of the
Obligations. The Borrower may not assign any of its rights or obligations under
any Loan Document without the written consent of all of the Lenders.

     Section 11.11. Participants. Each Lender shall have the right at its own
cost to grant participations (to be evidenced by one or more agreements or
certificates of participation) in the Loans made and/or Commitments held by such
Lender at any time and from time to time to one or more other Persons; provided
that no such participation shall relieve any Lender of any of its obligations
under this Agreement, and such Lender shall remain fully liable with respect to
all of its obligations and duties hereunder, and, provided, further that no such
participant shall have any rights under this Agreement except as provided in
this Section, and the Administrative Agent shall have no obligation or
responsibility to such participant. Any agreement pursuant to which such
participation is granted shall provide that the granting Lender shall retain the
sole right and responsibility to enforce the obligations of the Borrower under
this Agreement and the other Loan Documents including, without limitation, the
right to approve any amendment, modification or waiver of any provision of the
Loan Documents, except that such agreement may provide that such Lender will not
agree to any modification, amendment or waiver of the Loan Documents that would
reduce the amount of or postpone any fixed date for payment of any Obligation in
which such participant has an interest. Any party to which such a participation
has been granted shall have the benefits of Section 1.10 and Section 9.3 hereof.
The Borrower authorizes each Lender to disclose to any participant or
prospective participant under this Section any financial or other information
pertaining to the Borrower or any Subsidiary, provided that, prior to any such
disclosure, such participant or prospective participant has agreed to keep such
information confidential pursuant to the terms of a written confidentiality
letter or agreement in the form customarily used by the disclosing Lender for
such purpose.

     Section 11.12. Assignments. (a) Each Lender shall have the right at any
time, with the prior consent of the Administrative Agent and, so long as no
Default or Event of Default then exists, the Borrower (which consent of the
Borrower shall not be unreasonably withheld or delayed, and which consent of the
Borrower shall not be required with respect to assignments to Lenders or to
financial institutions which are wholly-owned Subsidiaries of the assigning
Lender's ultimate parent corporation) to assign all or any part of its rights
and obligations under the Loan Documents (including, without limitation, the
indebtedness evidenced by the Notes then held by such assigning Lender, together
with an equivalent percentage of its obligation to make Loans) to one or more
commercial banks or other financial institutions or investors, provided that,
unless otherwise agreed to by the Administrative Agent, such assignment shall be
of a fixed percentage (and not by its terms of varying percentage) of the
assigning Lender's rights and obligations under the Loan Documents; provided,
however, that in order to make any such assignment (i) unless the assigning
Lender is assigning all of its Commitments and outstanding

                                      -46-

<PAGE>

Loans, the assigning Lender shall retain at least $10,000,000 in unused
Commitments and outstanding Loans, (ii) the assignee Lender shall have
Commitments and outstanding Loans of at least $5,000,000, (iii) each such
assignment shall be evidenced by a written agreement (substantially in the form
attached hereto as Exhibit E or in such other form acceptable to the
Administrative Agent) executed by such assigning Lender, such assignee Lender or
Lenders, the Administrative Agent and, if required as provided above, the
Borrower, which agreement shall specify in each instance the portion of the
Obligations which are to be assigned to the assignee Lender and the portion of
the Commitments of the assigning Lender to be assumed by the assignee Lender,
and (iv) the assigning Lender shall pay to the Administrative Agent a processing
fee of $3,500 and any out-of-pocket attorneys' fees and expenses incurred by the
Administrative Agent in connection with any such assignment agreement. Any such
assignee shall become a Lender for all purposes hereunder to the extent of the
rights and obligations under the Loan Documents it assumes and the assigning
Lender shall be released from its obligations, and will have released its
rights, under the Loan Documents to the extent of such assignment. The address
for notices to such assignee Lender shall be as specified in the assignment
agreement executed by it. Promptly upon the effectiveness of any such assignment
agreement, the Borrower shall execute and deliver replacement Notes to the
assignee Lender and the assigning Lender in the respective amounts of their
Commitments (or assigned principal amounts, as applicable) after giving effect
to the reduction occasioned by such assignment (all such Notes to constitute
"Notes" for all purposes of the Loan Documents), and the assignee Lender shall
thereafter surrender to the Borrower its old Notes. The Borrower authorizes each
Lender to disclose to any purchaser or prospective purchaser of an interest in
the Loans owed to it or its Commitments under this Section any financial or
other information pertaining to the Borrower or any Subsidiary.

     (b) Any Lender may at any time pledge or grant a security interest in all
or any portion of its rights under this Agreement to secure obligations of such
Lender to a Federal Reserve Bank, and this Section shall not apply to any such
pledge or grant of a security interest; provided that no such pledge or grant of
a security interest shall release a Lender from any of its obligations hereunder
or substitute any such pledgee or secured party for such Lender as a party
hereto.

     Section 11.13. Amendments. Any provision of this Agreement or the other
Loan Documents may be amended or waived if, but only if, such amendment or
waiver is in writing and is signed by (a) the Borrower, (b) the Required
Lenders, and (c) if the rights or duties of the Administrative Agent are
affected thereby, the Administrative Agent; provided that:

          (i) no amendment or waiver pursuant to this Section 11.13 shall (A)
     increase any Commitment of any Lender without the consent of such Lender or
     (B) reduce the amount of or postpone the date for any scheduled payment of
     any principal of or interest on any Loan or of any fee payable hereunder
     without the consent of the Lender to which such payment is owing or which
     has committed to make such Loan hereunder; and

          (ii) no amendment or waiver pursuant to this Section 11.13 shall,
     unless signed by each Lender, increase the aggregate Commitments of the
     Lenders, change the definitions of Revolving Credit Termination Date or
     Required Lenders, change the

                                      -47-

<PAGE>

     provisions of this Section 11.13, or affect the number of Lenders required
     to take any action hereunder or under any other Loan Document.

     Section 11.14. Headings. Section headings used in this Agreement are for
reference only and shall not affect the construction of this Agreement.

     Section 11.15. Costs and Expenses; Indemnification. The Borrower agrees to
pay all costs and expenses of the Administrative Agent in connection with the
preparation, negotiation, syndication, and administration of the Loan Documents,
including, without limitation, the reasonable fees and disbursements of counsel
to the Administrative Agent, in connection with the preparation and execution of
the Loan Documents, and any amendment, waiver or consent related thereto,
whether or not the transactions contemplated herein are consummated. The
Borrower further agrees to indemnify the Administrative Agent, each Lender, and
their respective directors, officers and employees against all losses, claims,
damages, penalties, judgments, liabilities and expenses (including, without
limitation, all reasonable expenses of litigation or preparation therefor,
whether or not the indemnified Person is a party thereto, or any settlement
arrangement arising from or relating to any such litigation) which any of them
may pay or incur arising out of or relating to any Loan Document or any of the
transactions contemplated thereby or the direct or indirect application or
proposed application of the proceeds of any Loan, other than those which
arise from the gross negligence or willful misconduct of the party claiming
indemnification, provided, however, that the Borrower shall not be required to
indemnify any Person for any losses, claims, damages, penalties, judgments,
liabilities or expenses incurred by such Person:

          (i) in any litigation or other adversarial proceeding in which the
     Borrower or one of its Subsidiaries is the party opposing the Person to be
     indemnified, to the extent that (or in connection with any counts or parts
     of such litigation or other adversarial proceeding with respect to which) a
     court of competent jurisdiction has entered a final judgment in favor of
     the Borrower or such Subsidiary, it being understood that if such final
     judgment is in favor of the Borrower or such Subsidiary on some counts or
     parts of such litigation or other adversarial proceeding and in favor of
     the Person to be indemnified on other counts or parts, the Borrower shall
     only be obligated to pay a share of such Person's costs and expenses
     proportionate to the number of counts or parts of the litigation or other
     adversarial proceeding with respect to which a final judgment has been
     rendered in favor of such Person, or

          (ii) as a result of the Borrower's failure to receive the proceeds of
     any Borrowing because such Borrowing is not deposited by the Administrative
     Agent to the account of the Borrower designated for such purpose in
     accordance with the provisions of Section 1.4(d) hereof.

The Borrower, upon demand by the Administrative Agent or a Lender at any time,
shall reimburse the Administrative Agent or such Lender for any legal or other
expenses incurred in connection with investigating or defending against any of
the foregoing (including any settlement costs relating to the foregoing), except
if the same is directly due to the gross negligence or willful misconduct of the
party to be indemnified, or one of the exclusions in the foregoing

                                      -48-

<PAGE>

clauses (i) and (ii) applies, it being understood that such legal and other
expenses (or a proportionate share thereof, as described in said clause (i))
shall, in a proceeding of the type described in said clause (i), be due and
payable by the Borrower upon the entry of a final judgment of a court of
competent jurisdiction in favor of the Person to be indemnified, or as otherwise
agreed by the Borrower and the Administrative Agent. The obligations of the
Borrower under this Section shall survive the termination of this Agreement.

     Section 11.16. Entire Agreement. The Loan Documents constitute the entire
understanding of the parties thereto with respect to the subject matter thereof
and any prior agreements, whether written or oral, with respect thereto are
superseded hereby.

     Section 11.17. Governing Law. This Agreement and the other Loan Documents,
and the rights and duties of the parties hereto, shall be construed and
determined in accordance with the internal laws of the State of Illinois.

     Section 11.18. Severability of Provisions. Any provision of any Loan
Document which is unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such unenforceability without
invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction. All rights, remedies
and powers provided in this Agreement and the other Loan Documents may be
exercised only to the extent that the exercise thereof does not violate any
applicable mandatory provisions of law, and all the provisions of this Agreement
and other Loan Documents are intended to be subject to all applicable mandatory
provisions of law which may be controlling and to be limited to the extent
necessary so that they will not render this Agreement or the other Loan
Documents invalid or unenforceable.

     Section 11.19. Construction. Nothing contained herein shall be deemed or
construed to permit any act or omission which is prohibited by the terms of any
Collateral Document, the covenants and agreements contained herein being in
addition to and not in substitution for the covenants and agreements contained
in the Collateral Documents.

     Section 11.20. Lender's Obligations Several. The obligations of the Lenders
hereunder are several and not joint. Nothing contained in this Agreement and no
action taken by the Lenders pursuant hereto shall be deemed to constitute the
Lenders a partnership, association, joint venture or other entity.

     Section 11.21. Submission to Jurisdiction; Waiver of Jury Trial. The
Borrower hereby submits to the nonexclusive jurisdiction of the United States
District Court for the Northern District of Illinois and of any Illinois State
court sitting in the City of Chicago for purposes of all legal proceedings
arising out of or relating to this Agreement, the other Loan Documents or the
transactions contemplated hereby or thereby. The Borrower irrevocably waives, to
the fullest extent permitted by law, any objection which it may now or hereafter
have to the laying of the venue of any such proceeding brought in such a court
and any claim that any such proceeding brought in such a court has been brought
in an inconvenient forum. THE BORROWER, THE ADMINISTRATIVE AGENT, AND THE
LENDERS HEREBY IRREVOCABLY WAIVE ANY AND ALL

                                      -49-

<PAGE>

RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO ANY
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY.

                           [SIGNATURE PAGES TO FOLLOW]

                                      -50-

<PAGE>

     This Agreement is entered into between us for the uses and purposes herein
above set forth as of the date first above written.

                                         HEWITT ASSOCIATES LLC

                                         By /s/ C.L. Connolly III
                                            ---------------------
                                         Name  C.L. Connolly III
                                               ------------------
                                         Title Secretary
                                               ------------------

                                      S-1

<PAGE>

                                         "LENDERS"

                                       HARRIS TRUST AND SAVINGS BANK, in its
                                          individual capacity as a Lender and
                                          as Administrative Agent

                                       By /s/ Joann L. Homan
                                          ------------------
                                       Name  Joann L. Homan
                                             ---------------
                                       Title Vice President
                                             ---------------

                                       Address:

                                       111 West Monroe Street
                                       Chicago, Illinois  60603
                                       Attention:  Ms. Joann L. Holman
                                       Telephone:  (312) 461-2800
                                       Telecopy:   (312) 293-5068

                                       S-2

<PAGE>

                                         BANK OF AMERICA, N.A.

                                         By /s/ Robert Mauriello
                                            --------------------
                                         Name  Robert Mauriello
                                               -----------------
                                         Title Principal
                                               -----------------

                                         100 North Tryon Street, 17th Floor
                                         NC1-007-17-15
                                         Charlotte, NC  28255
                                         Attention:  Mr. Robert Mauriello
                                         Telephone:  (704) 386-9134
                                         Telecopier: (704) 388-0960

                                       S-3

<PAGE>

                                         WELLS FARGO BANK, NATIONAL ASSOCIATION

                                         By /s/ Daniel A. Toll
                                            ------------------
                                         Name   Daniel A. Toll
                                                --------------
                                         Title  Vice President
                                                --------------

                                         230 West Monroe Street, Suite 2900
                                         Chicago, Illinois  60606
                                         Attention:  Mr. Daniel A. Toll
                                         Telephone:  (312) 762-9013
                                         Telecopier: (312) 795-9388

                                      S-4

<PAGE>

                                         WACHOVIA BANK, N.A.

                                         By /s/ Christa P. Holland
                                            ----------------------
                                         Name  Christa P. Holland
                                               -------------------
                                         Title Vice President
                                               -------------------

                                         191 Peachtree Street, N.E.
                                         Atlanta, Georgia  30303
                                         Attention:  Ms. Christa P. Holland
                                         Telephone:  (404) 332-4168
                                         Telecopier: (404) 332-4058

                                      S-5

<PAGE>

                                    Exhibit A

                               Notice of Borrowing

                                                          Date: __________, ____

To:  Harris Trust and Savings Bank, as Administrative Agent for the Lenders
     parties to the 364-Day Credit Agreement dated as of September 27, 2002 (as
     extended, renewed, amended or restated from time to time, the "Credit
     Agreement"), among Hewitt Associates LLC, certain Lenders which are
     signatories thereto, and Harris Trust and Savings Bank, as Administrative
     Agent

Ladies and Gentlemen:

     The undersigned, Hewitt Associates LLC (the "Borrower"), refers to the
Credit Agreement, the terms defined therein being used herein as therein
defined, and hereby gives you notice irrevocably, pursuant to Section 1.4 of the
Credit Agreement, of the Borrowing specified below:

          1.   The Business Day of the proposed Borrowing is ___________, ____.

          2.   The aggregate amount of the proposed Borrowing is $_____________.

          3.   The Borrowing is to be comprised of $___________ of [Base Rate]
     [Eurodollar] Loans.

         [4.   The duration of the Interest Period for the Eurodollar Loans
     included in the Borrowing shall be ____________ months.]

     The undersigned hereby certifies that the following statements are true on
the date hereof, and will be true on the date of the proposed Borrowing, before
and after giving effect thereto and to the application of the proceeds
therefrom:

          (a)  the representations and warranties of the Borrower contained in
     Section 6 of the Credit Agreement are true and correct as though made on
     and as of such date, except to the extent such representations and
     warranties relate to an earlier date; and

          (b)  no Default or Event of Default has occurred and is continuing or
     would result from such proposed Borrowing.

                                     Hewitt Associates LLC

                                     By
                                        Name _______________________________
                                        Title ______________________________

<PAGE>

                                    Exhibit B

                        Notice of Continuation/Conversion

                                                        Date: ____________, ____

To:  Harris Trust and Savings Bank, as Administrative Agent for the Lenders
     parties to the 364-Day Credit Agreement dated as of September 27, 2002 (as
     extended, renewed, amended or restated from time to time, the "Credit
     Agreement") among Hewitt Associates LLC, certain Lenders which are
     signatories thereto, and Harris Trust and Savings Bank, as Administrative
     Agent

Ladies and Gentlemen:

     The undersigned, Hewitt Associates LLC (the "Borrower"), refers to the
Credit Agreement, the terms defined therein being used herein as therein
defined, and hereby gives you notice irrevocably, pursuant to Section 1.4 of the
Credit Agreement, of the [conversion] [continuation] of the Loans specified
herein, that:

          1.   The conversion/continuation Date is __________, ____.

          2.   The aggregate amount of the Revolving Loans to be [converted]
     [continued] is $______________.

          3.   The Loans are to be [converted into] [continued as] [Eurodollar]
     [Base Rate] Loans.

          4.   [If applicable:] The duration of the Interest Period for the
     Revolving Loans included in the [conversion] [continuation] shall be
     _________ months.

     The undersigned hereby certifies that the following statements are true on
the date hereof, and will be true on the proposed conversion/continuation date,
before and after giving effect thereto and to the application of the proceeds
therefrom:

          (a)  the representations and warranties of the Borrower contained in
     Section 6 of the Credit Agreement are true and correct as though made on
     and as of such date, except to the extent such representations and
     warranties relate to an earlier date; provided, however, that this
     condition shall not apply to the conversion of an outstanding Eurodollar
     Loan to a Base Rate Loan; and

          (b)  no Default or Event of Default has occurred and is continuing, or
     would result from such proposed [conversion] [continuation].

                                            Hewitt Associates LLC

                                            By
                                               Name ____________________________
                                               Title ___________________________

<PAGE>

                                    Exhibit C

                                 Revolving Note

U.S. $_______________                                         September 27, 2002

     FOR VALUE RECEIVED, the undersigned, Hewitt Associates LLC, an Illinois
limited liability company (the "Borrower"), hereby promises to pay to the order
of ____________________ (the "Lender") on the Revolving Credit Termination Date
of the hereinafter defined Credit Agreement, at the principal office of Harris
Trust and Savings Bank, as Administrative Agent, in Chicago, Illinois, in
immediately available funds, the principal sum of ___________________ Dollars
($__________) or, if less, the aggregate unpaid principal amount of all
Revolving Loans made by the Lender to the Borrower pursuant to the Credit
Agreement, together with interest on the principal amount of each Revolving Loan
from time to time outstanding hereunder at the rates, and payable in the manner
and on the dates, specified in the Credit Agreement.

     This Note is one of the Revolving Notes referred to in the 364-Day Credit
Agreement dated as of September 27, 2002 among the Borrower, Harris Trust and
Savings Bank, as Administrative Agent and the Lenders party thereto (the "Credit
Agreement"), and this Note and the holder hereof are entitled to all the
benefits provided for thereby or referred to therein, to which Credit Agreement
reference is hereby made for a statement thereof. All defined terms used in this
Note, except terms otherwise defined herein, shall have the same meaning as in
the Credit Agreement. This Note shall be governed by and construed in accordance
with the internal laws of the State of Illinois.

     Voluntary prepayments may be made hereon, certain prepayments are required
to be made hereon, and this Note may be declared due prior to the expressed
maturity hereof, all in the events, on the terms and in the manner as provided
for in the Credit Agreement.

     The Borrower hereby waives demand, presentment, protest or notice of any
kind hereunder.

                                        Hewitt Associates LLC

                                        By
                                           Name ________________________________
                                           Title _______________________________

<PAGE>

                                    Exhibit D

                              Hewitt Associates LLC

                             Compliance Certificate

To:  Harris Trust and Savings Bank, as
     Administrative Agent under, and the
     Lenders party to, the Credit Agreement
     described below

     This Compliance Certificate is furnished to the Administrative Agent and
the Lenders pursuant to that certain Credit Agreement dated as of September 27,
2002 among us (the "Credit Agreement"). Unless otherwise defined herein, the
terms used in this Compliance Certificate have the meanings ascribed thereto in
the Credit Agreement.

     The Undersigned hereby certifies that:

     1.   I am the duly elected ____________ of Hewitt Associates LLC;

     2.   I have reviewed the terms of the Credit Agreement and I have made, or
have caused to be made under my supervision, a detailed review of the
transactions and conditions of the Borrower and its Subsidiaries during the
accounting period covered by the attached financial statements;

     3.   The examinations described in paragraph 2 did not disclose, and I have
no knowledge of, the existence of any condition or the occurrence of any event
which constitutes a Default or Event of Default during or at the end of the
accounting period covered by the attached financial statements or as of the date
of this Compliance Certificate, except as set forth below;

     4.   The financial statements required by Section 7.5 of the Credit
Agreement and being furnished to you concurrently with this Compliance
Certificate are true, correct and complete as of the date and for the periods
covered thereby; and

     5.   Schedule I hereto sets forth financial data and computations
evidencing the Borrower's compliance with certain covenants of the Credit
Agreement, all of which data and computations are, to the best of my knowledge,
true, complete and correct and have been made in accordance with the relevant
Sections of the Credit Agreement.

     Described below are the exceptions, if any, to paragraph 3 by listing, in
detail, the nature of the condition or event, the period during which it has
existed and the action which the Borrower has taken, is taking, or proposes to
take with respect to each such condition or event:

<PAGE>

     _____________________________________________________________________
     _____________________________________________________________________
     _____________________________________________________________________
     _____________________________________________________________________

     The foregoing certifications, together with the computations set forth in
Schedule I hereto and the financial statements delivered with this Certificate
in support hereof, are made and delivered this ______ day of ____________ 20___.

                                                  ______________________________

                                                  By
                                                     Name ______________________
                                                     Title _____________________

                                       -2-

<PAGE>

                                   Schedule I
                            to Compliance Certificate

                              Hewitt Associates LLC

                             Compliance Calculations
               for Credit Agreement dated as of September 27, 2002

                    Calculations as of _____________, _______

<TABLE>
<S>                                                                          <C>
A.   Interest Coverage Ratio (Section 7.7)
     -------------------------------------

     1.   Net Income for past 4 quarters                                     $___________

     2.   Interest Expense for past 4 quarters                               $___________

     3.   Income taxes for past 4 quarters                                   $___________

     4.   Depreciation and Amortization Expense for past 4 quarters          $___________

     5.   Sum of lines A1, A2, A3, and A4                                    $___________

     6.   Gains on sales of assets in past 4 quarters                        $___________

     7.   Difference of Line A5 minus Line A6 ("EBITDA")                     $___________

     8.   Rental Expense for past 4 quarters                                 $___________

     9.   Sum of Lines A7  and A8                                            $___________

     10.  Interest Expense for past 4 quarters                               $___________

     11.  Sum of Lines A8 and A10                                            $___________

     12.  Ratio of Line A9 to Line A11                                         ____:1.0

     13.  Line A12 ratio must not be less than                                  2.0:1.0

     14.  The Borrower is in compliance (circle yes or no)                       yes/no

B.   Tangible Net Worth (Section 7.8)
     --------------------------------
     1.   Tangible Net Worth                                                 $___________

     2.   If, on or prior to September 30, 2002, $125,000,000 - or - If
          after September 30, 2002, the greater of (i) $125,000,000 or
          (ii) Borrower's Tangible Net Worth on September 30, 2002 less
          $40,000,000                                                        $___________

     3.   30% of aggregate positive Net Income for fiscal quarters ending
          December 31, 2002 and thereafter                                   $___________
</TABLE>

<PAGE>

<TABLE>
<S>                                                                          <C>
     4.   80% of the amount of the Net Cash Proceeds (subject to
          exclusions in such defined term) received by the Borrower
          from any equity issuance by or capital or equity contribution
          to the Borrower after the Closing Date                             $___________

     5.   Sums of Lines B2, B3 and B4 ("Minimum Required Amount")            $___________

     6.   The Borrower is in compliance (circle yes or no)                       yes/no

C.   Leverage Ratio (Section 7.9)
     ----------------------------

     1.   Total Debt                                                         $___________

     2.   Net income for past 4 quarters                                     $___________

     3.   Interest Expense for past 4 quarters                               $___________

     4.   Income taxes for past 4 quarters                                   $___________

     5.   Depreciation and Amortization Expense for past 4 quarters          $___________

     6.   Sum of lines C2, C3, C4 and C5                                     $___________

     7.   Gains on sales of assets in past 4 quarters                        $___________

     8.   Difference of Line C6 minus Line C7 ("EBITDA")                     $___________

     9.   Ratio of Line C1 to Line C8                                          ____:1.0

     10.  Line C9 ratio must not exceed                                        2.25:1.0

     11.  The Borrower is in compliance (circle yes or no)                       yes/no
</TABLE>

                                       -2-

<PAGE>

                                    Exhibit E

                            Assignment and Acceptance

                          Dated _____________, _______

     Reference is made to the 364-Day Credit Agreement dated as of September 27,
2002 (the "Credit Agreement") among Hewitt Associates LLC, the Lenders (as
defined in the Credit Agreement) and Harris Trust and Savings Bank, as
Administrative Agent for the Lenders (the "Administrative Agent"). Terms defined
in the Credit Agreement are used herein with the same meaning.

     ______________________________________________________ (the "Assignor") and
_________________________ (the "Assignee") agree as follows:

          1.   The Assignor hereby sells and assigns to the Assignee, and the
     Assignee hereby purchases and assumes from the Assignor, a _______%
     interest in and to all of the Assignor's rights and obligations under the
     Credit Agreement as of the Effective Date (as defined below), including,
     without limitation, such percentage interest in the Assignor's Commitments
     as in effect on the Effective Date and the Loans, if any, owing to the
     Assignor on the Effective Date.

          2.   The Assignor (i) represents and warrants that as of the date
     hereof (A) its Revolving Credit Commitment is $_______________, and (B) the
     aggregate outstanding principal amount of Revolving Loans made by it under
     the Credit Agreement that have not been repaid is $___________ and a
     description of the interest rates and interest periods of such Loans is
     attached as Annex 1 hereto; (ii) represents and warrants that it is the
     legal and beneficial owner of the interest being assigned by it hereunder
     and that such interest is free and clear of any adverse claim, lien, or
     encumbrance of any kind; (iii) makes no representation or warranty and
     assumes no responsibility with respect to any statements, warranties or
     representations made in or in connection with the Credit Agreement or the
     execution, legality, validity, enforceability, genuineness, sufficiency or
     value of the Credit Agreement or any other instrument or document furnished
     pursuant thereto; and (iv) makes no representation or warranty and assumes
     no responsibility with respect to the financial condition of the Borrower
     or any Subsidiary or the performance or observance by the Borrower or any
     Subsidiary of any of their respective obligations under the Credit
     Agreement or any other instrument or document furnished pursuant thereto.

          3.   The Assignee (i) confirms that it has received a copy of the
     Credit Agreement, together with copies of the most recent financial
     statements delivered to the Lenders pursuant to Section 7.5(a) and (b)
     thereof and such other documents and information as it has deemed
     appropriate to make its own credit analysis and decision to enter into this
     Assignment and Acceptance; (ii) agrees that it will, independently and

<PAGE>

     without reliance upon the Administrative Agent, the Assignor 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 the Credit Agreement; (iii) appoints and
     authorizes the Administrative Agent to take such action as Administrative
     Agent on its behalf and to exercise such powers under the Credit Agreement
     and the other Loan Documents as are delegated to the Administrative Agent
     by the terms thereof, together with such powers as are reasonably
     incidental thereto; (iv) agrees that it will perform in accordance with
     their terms all of the obligations which by the terms of the Credit
     Agreement are required to be performed by it as a Lender; and (v) specifies
     as its lending office (and address for notices) the offices set forth
     beneath its name on the signature pages hereof.

          4.   As consideration for the assignment and sale contemplated in
     Annex 1 hereof, the Assignee shall pay to the Assignor on the Effective
     Date in Federal funds an amount agreed upon between the Assignor and the
     Assignee. It is understood that commitment fees accrued to the Effective
     Date with respect to the interest assigned hereby are for the account of
     the Assignor and such fees accruing from and including the date hereof are
     for the account of the Assignee. Each of the Assignor and the Assignee
     hereby agrees that if it receives any amount under the Credit Agreement
     which is for the account of the other party hereto, it shall receive the
     same for the account of such other party to the extent of such other
     party's interest therein and shall promptly pay the same to such other
     party.

          5.   The effective date for this Assignment and Acceptance shall be
     ___________ (the "Effective Date"). Following the execution of this
     Assignment and Acceptance, it will be delivered to the Administrative Agent
     for acceptance and recording by the Administrative Agent and, if required,
     the relevant Borrower.

          6.   Upon such acceptance and recording, as of the Effective Date, (i)
     the Assignee shall be a party to the Credit Agreement and, to the extent
     provided in this Assignment and Acceptance, have the rights and obligations
     of a Lender thereunder and (ii) the Assignor shall, to the extent provided
     in this Assignment and Acceptance, relinquish its rights and be released
     from its obligations under the Credit Agreement.

          7.   Upon such acceptance and recording, from and after the Effective
     Date, the Administrative Agent shall make all payments under the Credit
     Agreement in respect of the interest assigned hereby (including, without
     limitation, all payments of principal, interest and commitment fees with
     respect thereto) to the Assignee. The Assignor and Assignee shall make all
     appropriate adjustments in payments under the Credit Agreement for periods
     prior to the Effective Date directly between themselves.

          8.   In accordance with Section 11.12 of the Credit Agreement, the
     Assignor and the Assignee request and direct that the Administrative Agent
     prepare and cause the relevant Borrower to execute and deliver to the
     Assignee the relevant Notes payable to the Assignee in the amount of its
     Commitments and new Notes to the Assignor in the amount of its Commitments
     after giving effect to this assignment.

                                       -2-

<PAGE>

          9.  This Assignment and Acceptance shall be governed by, and construed
     in accordance with, the laws of the State of Illinois.

                                       [Assignor Lender]

                                       By_____________________________________
                                          Name________________________________
                                          Title_______________________________

                                       [Assignee Lender]

                                       By_____________________________________
                                          Name________________________________
                                          Title_______________________________

                                       Lending office (and address for notices):

Accepted and consented this
____ day of _____________

Hewitt Associates LLC

By __________________________________
   Name______________________________
   Title_____________________________

Accepted and consented to by the Administrative Agent this
_______ day of _________________

HARRIS TRUST AND SAVINGS BANK, as Administrative Agent

By __________________________________
   Name______________________________
   Title_____________________________

                                       -3-

<PAGE>

                                     Annex I
                          to Assignment and Acceptance

   Principal Amount       Type of Loan       Interest Rate       Maturity Date

                                       -4-

<PAGE>

                                   Schedule 1

                                   Commitments

<TABLE>
<CAPTION>
                                              Revolving Credit
               Name of Lender                   Commitment
<S>                                           <C>
             Harris Trust and                 $20,416,666.67
               Savings Bank

             Bank of America, N.A.            $20,416,666.67

             Wells Fargo Bank,                $14,583,333.33
               National Association

             Wachovia Bank, N.A.              $14,583,333.33

                    Total                     $   70,000,000
                                              ==============
</TABLE>

<PAGE>

                                  Schedule 5.2

                                  Subsidiaries

                                See Attached List

<PAGE>

                International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                     Number of
   Country             City            Company Name                      Structure                                   Associates
                                                                                                                     ----------
<S>           <C>            <C>                          <C>                                                        <C>
Argentina     Buenos Aires   Hewitt Associates, S.A.      Wholly-owned subsidiary of                                     13
                                                          Hewitt Associates LLC as of 10/1/2000.
                                                          John Ryan holds 1 share
                                                          (Original j.v. agreement dated 1984; terminated
                                                          1994 and replaced by Supplemental agreement dated
                                                          12/12/94 with Alberto Fastman to form new j.v.
                                                          Buyout agreement signed and 7,200 Class A shares
                                                          transferred from Alberto Fastman on 3/9/01.)

Australia     Sydney         Hewitt Associates Pty.       Wholly-owned subsidiary of                                     18
                             Limited                      Hewitt Associates LLC
              Melbourne                                   (Wholly-owned as of 3/10/97. Prior to 1997, j. v. was           9
                                                          Jacques Martin Hewitt. (MMelbourne office opened
                                                          in 1997)

Austria       Vienna         Hewitt Associates GmbH       Wholly owned subsidiary of Hewitt Associates LLC               11
                                                          (Wholly owned as of 10/1/2000. Hans Rutkowski's
                                                          30% share purchased Nov. 1999. Paul Roettig's 30%
                                                          share purchased effective as of 10/1/2000 although
                                                          final paperwork not completed until 11/2001.
                                                          Original j. v. agreement dated May 1997

Belgium       Brussels       Hewitt Associates, S.A.      Wholly-owned subsidiary of Hewitt Associates LLC               52
                                                          (as of 9/30/97)

                             Hewitt Associates (Europe)   New HQ entity for Europe.
                             SPR                          (Incorporated 11/27/01)
</TABLE>

<PAGE>

               International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                      Number of
 Country            City             Company Name                            Structure                                Associates
                                                                                                                      ----------
<S>           <C>            <C>                             <C>                                                      <C>
Brazil        Sao Paulo      Hewitt Associates S.C.          40% held by Hewitt Associates LLC,  (60,000
                             Limitada                        shares), 59% held by Huggard Caine e Associades
                                                             S.C. Ltda. (88,500 shares) and 1% owned by Andrea
                                                             Huggard Caine Reti (1,500 shares) (Joint venture
                                                             agreement dated 1995)

Canada        Calgary        Hewitt Associates               Canadian general partnership. General partnership            13
              Montreal                                       interest held by Hewitt Associates LLC through                5
              Regina                                         3038402 Nova Scotia Company. Remaining general                8
              Toronto                                        partnership interests held by Canadian owners               324
              Vancouver                                      through professional service corporations.                   74

                             James P. Marshall, a Hewitt     Investment advisory services practice in Canada              19
                             Company (Although not a
                             separate entity, for purposes
                             of Investment Advisory
                             Services, we operate under an
                             assumed name.)

                             Hewitt Associates Corp.         Wholly-owned subsidiary of Hewitt Associates LLC
                             (formerly 3038402 Nova          (continuing from the amalgamation of 3025288 Nova
                             Scotia Company)                 Scotia Co., James P. Marshall, Inc. and 976344
                                                             Ontario Limited as part of the James P. Marshall, Inc.
                                                             acquisition- May 2000.) This is the entity that holds
                                                             Hewitt Associates LLC's partnership interest in
                                                             Hewitt Associates in Canada.

                             Alberta Actuarial Group, Inc    Wholly-owned subsidiary of 3038402 Nova Scotia
                                                             Company. Capital stock of AAG acquired 2/7/02. In
                                                             process of amalgamating into 3038402, at which time
                                                             AAG will cease to exist as a separate entity.
</TABLE>

                                       -2-

<PAGE>

               International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                           Number of
  Country        City                      Company Name                           Structure                               Associates
                                                                                                                          ----------
<S>         <C>              <C>                               <C>                                                        <C>
                             3409635 Canada Inc. and           Wholly-owned subsidiaries of Hewitt Associates
                             3412822 Canada Inc.               LLC (non-operating cos.)
                             (inactive companies)

                             Hewitt Management Services,       Dissolved January 2000
                             L.P.

                             Hewitt Management Ltd.            Owned by the family trusts of each Vancouver,
                             (formerly The Coles Group)        Canada owner. (began as a j.v. in late `97 or early `98;
                                                               wholly-owned as of 1/1/99)

Chile       Santiago         Hewitt Associates (Chile)         99% Hewitt Associates LLC                                       9
                             Limitada                          1 % Hewitt Holdings LLC
                                                               Buyout Effective 1/1/99: original j.v agreement
                                                               dated 1995)

China       Hong Kong        Hewitt Associates LLC             Branch of Hewitt Associates LLC                                35

            Beijing          Hewitt Associates Consulting      Wholly owned branch of Shanghai company.                       11
                             (Shanghai) Co. Ltd. Beijing       (Office established 1/7/97 as a branch of Hong Kong
                             Branch                            office; became a branch of the Shanghai entity
                                                               7/12/02.)

            Guangzhou        Hewitt Associates Consulting      Wholly-owned branch of Shanghai company.                        5
                             (Shanghai) Co., Ltd               (Paperwork to form branch signed 8/15/2001. Office
                             Guangzhou Branch                  officially opened 2/1/02)

            Shanghai         Hewitt Associates Consulting      Wholly-owned subsidiary of Hewitt Associates LLC                47
                             (Shanghai) Co. Ltd. [official     (Originally established as a j. v. in 1997 - Company
                             Chinese name: Han Wei Te          name was Hewitt East Gate Consulting (Shanghai)
                             Zi Xun (Shanghai) You Xian        Co. Ltd. Buyout of Irv and Yong-Ling Beiman
                             Gong Si]                          effective 8/19/98)
</TABLE>

                                      -3-

<PAGE>

               International Operations of Hewittt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                        Number of
   Country               City            Company Name                          Structure                                Associates
                                                                                                                        ----------
<S>                   <C>             <C>                            <C>                                                <C>
Czech Republic        Prague          Hewitt Associates GmbH,    Satellite office of Austrian company.                       6
                                      organizacni slozka         (office established April 21, 1997)

Dominican Republic    Santo Domingo   Hewitt Associates Latin    Wholly-owned by Hewitt Associates Caribe, Inc.              6
                                      America, Inc.              (Incorporated as a Puerto Rico corporation Oct. 5,
                                                                 1999.)

France                Paris           Hewitt Associates SARL     Wholly-owned subsidiary of Hewitt Associates LLC           91

                      Paris           Finance Arbitrage SAS      Wholly-owned subsidiary of Hewitt Associates
                                                                 SARL
                                                                 (Purchase agreement signed July 5, 2002.
                                                                 Acquisition completed July 17, 2002 - 400 shares
                                                                 (80%) purchased from Institutionnels Finance SA,
                                                                 which purchased 100 shares (20%) from Mr. Vincent
                                                                 Puche and, in turn, sold those 100 shares to Hewitt
                                                                 Associates SARL. Purchase price 2,134,285 Euros.
                                                                 1,920,950 Euros paid July 5, 2002 and 213,335 Euros
                                                                 due 1 October 2002

                                      Hewitt Associates LLC      Former European HQ branch of HA LLC. (Dissolved
                                                                 as of 10/1/2000 when EHQ moved to Brussels.)

Germany               Wiesbaden       Hewitt Associates GmbH     Wholly-owned subsidiary                                    58
                                                                 96.5% held by Hewitt Associates LLC and 3.5% held
                                                                 by Hewitt Holdings LLC

Greece                Athens          Hewitt Bacon & Woodrow     35% held by Hewitt Bacon & Woodrow Ltd.                    ???
                                      (Greece) SA)               32.5% held by Panagiotis Zambellis 16.25% held by
                                      (formerly Athens Actarial  George Kendouris 16.25% held by Sergio Tefarikis
                                      SA)                        (named changed 9/2002)
</TABLE>

                                      -4-

<PAGE>

               International Operations of Hewittt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                        Number of
   Country             City            Company Name                          Structure                                  Associates
                                                                                                                        ----------
<S>                   <C>             <C>                            <C>                                                <C>
Guernsey    St. Peter Port     Bacon & Woodrow                 15% held by Bacon & Woodrow Partnerships Ld.                ???
(Channel                                                       (44 units)
Islands)                                                       34% held by Stephen Ainsworth (100 units)
                                                               34% held by Rodney Benjamin (100 units) 17% held by
                                                               Pat Merriman (50 units)

Hungary     Budapest           Hewitt Inside Consulting        25% held by Hewitt Associates LLC and                        17
                               Human                           75% held by INSIDE HOLDINGS
                               Tanacsado Korlatolt             [Joint venture effective as of 8/1/2001. Agreements
                               Felelossegu Tarsasato           signed. Original satellite office of Hewitt Associates
                               (short name: Hewitt Inside      GmbH (Austria) established in Budapest on 12/7/98
                               Consulting Kft.)                folded into the new joint venture.]

India       New Delhi          Hewitt Associates (India) Pvt.  Wholly owned subsidiary of Hewitt Associates LLC             59
                               Ltd.                            (Original j.v. of Noble & Hewitt established 1/14/95.
                                                               Wholly-owned effective as of 10/1/99; buyout
                                                               finalized/funded 5/1/2000)

            Bangalore                                          Office established 7/15/94 prior to j. v                     23

            Gurgaon                                            Office established 2002                                      78

            Mumbai                                             Office established 4/15/95                                   30

                               India Life Hewitt Ltd.          37.2% held by Hewitt Associates (India) Pvt. Ltd.
                                                               62.8% held by India Life Asset Management
                                                               Company Ltd
                                                               (Investment effective 1/30/02. Directors: Sumer
                                                               Datta and Sanjiv Anand from Hewitt Associates plus
                                                               2 nominees of India Life and 2 nominees of VIEW)
</TABLE>

                                      -5-

<PAGE>

               International Operations of Hewittt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                      Number of
   Country             City          Company Name                          Structure                                  Associates
                                                                                                                      ----------
<S>                 <C>        <C>                             <C>                                                    <C>
Indonesia           Jakarta    PT Hewitt Konsultan             Wholly-owned subsidiary                                      6
                               Indonesia                       99% held by Hewitt Associates LLC
                                                               1 % held by Hewitt Holdings LLC

Ireland             Dublin     Hewitt Bacon & Woodrow          Wholly-owned subsidiary of Hewitt Bacon Woodrow             19
                               (Ireland) Limited (the          Ltd.
                                operating company)

                               Hewitt Associates Limited       Business, assets, liabilities, shares transferred to
                               (entity owned by HA in UK -      HB&W (Ireland) Ltd.
                               now dormant)

                               Bacon & Woodrow                 Wholly-owned by B&W Partnerships Ltd. in the U.K
                               Partnerships (Ireland) Limited  (Incorporated May 3, 2002)
                               (a holding compancy)

                               Delany Bacon & Woodrow          Subsidiary owned
                                                               90% by B&W Partnerships Ltd and
                                                               10% by B&W Partnerships (Ireland) Limited

Ireland (cont'd)               Kerr Henderson Bacon &          Subsidiary owned
                               Woodrow Limited                 50% by Bacon & Woodrow Partnerships Ltd.
                                                               50% Kerr Henderson (Financial Services) Ltd.

Italy               Milan      Hewitt Associates Srl           Wholly-owned subsidiary of Hewitt Associates LLC             6
                                                               (99.58% HA and 0.42% John Ryan - Incorporated
                                                               3/23/89)

Japan               Tokyo      Hewitt Associates Kabushiki     Wholly-owned subsidiary of Hewitt Associates LLC             27
                               Gaisya                          (originally began as Cambridge Hewitt
                               (translates as Hewitt           International, Inc. in 1987, buyout and new company
                               Associates Co. Ltd.)            name as of 1/1/96)
</TABLE>

                                      -6-

<PAGE>

               International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                         Number of
  Country         City          Company Name                     Structure                                               Associates
                                                                                                                         ----------
<S>            <C>               <C>                                <C>                                                  <C>
Mauritius    Port Louis     Bacon, Woodrow & Legris Limited   33.33% held by Bacon & Woodrow Partnerships Limited (in
                                                              the U.K.)
                                                              33.33% held by Yvan Legris 33.33% held by Bernard Yen

Malaysia     Kuala Lumpur   Hewitt Associates SDN.            Wholly-owned subsidiary of Hewitt Associates LLC                    23
                            BHD.

Mexico       Mexico City    Hewitt Associates de Mexico S.    Wholly-owned subsidiary of Hewitt Associates LLC (30
                            de R.L. de C.V.                   Darwin building holding co.)

                            Empresas Hewitt S. de R.L. de     Subsidiary owned
                            C.V.                              99% by Hewitt Associates LLC
                                                              1% by Hewitt Holdings LLC

                            Hewitt Associates S.C.            Partnership owned                                                   36
                            (the operating company)           99% by Hewitt Mexicana S. de R.L. de C.V. 1 % by
                                                              Empresas Hewitt Associates S. de R.L. de C.V.

                            Hewitt Mexicana S. de R.L. de     Subsidiary owned
                            C.V.                              99% by Hewitt Associates LLC
                            (a holding company)               1% by Hewitt Holdings LLC

Netherlands  Amsterdam      Hewitt Heijnis & Koelman B.V.     40% held by Hewitt Associates LLC                                   68
             Eindhoven                                        60% held by 6 individuals and their 6 participating B.V.s
             Rotterdam                                        (Rob Middelbos's, shares purchased 6/11/2001 from                   39
             Utrecht                                          Middelbos Participaties B.V. upon his retirement - in
                                                              process to become wholly owned as of 9/31/02)                       53
                                                                                                                                  24
</TABLE>

                                      -7-

<PAGE>

               International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                         Number of
  Country      City         Company Name                    Structure                                                    Associates
                                                                                                                         ----------
<S>            <C>          <C>                             <C>                                                         <C>
                            Hewitt & Koelman,               50/50 joint venture (will be absorbed into HHK)
                            International B.V.

New Zealand    Wellington   Hewitt Associates               Wholly-owned subsidiary of Hewitt Associates LLC                       1
                                                            (Wholly-owned as of 10/1/98--original j.v. agreement dated
                                                            2/1/96)

               Auckland                                     Branch office opened 6/1/00.                                           3

Philippines    Manila       Hewitt Associates, Inc.         Wholly-owned subsidiary of Hewitt Associates LLC as of                15
                                                            9/30/00
                                                            (Paperwork for buyout finalized as of 9/30/01. For book
                                                            purposes, buyout effective as of 9/30/00. Original j. v.
                                                            agreement dated 8/1/97)

Poland         Warsaw       Hewitt Associates Sp. z o.o.    Wholly-owned subsidiary of Hewitt Associates LLC                      12
                                                            (Established April, 1997)

Portugal       Lisbon       Hewitt Associates, LLC Sucursal Wholly-owned subsidiary of Hewitt Associates LLC                       7
                            en Portugal                     (Established 1999)

Puerto Rico    San Juan     Hewitt Associates Caribe, Inc.  40% held by Hewitt Associates LLC (80 shares) 55% held by             76
                                                            Bettye Baldwin (100 shares) and
                                                            5% held by Orlando Mercado (10 shares)
                                                            (Joint venture agreement dated 4/23/90)

Singapore      Singapore    Hewitt Associates Pte. Ltd.     Wholly-owned subsidiary of Hewitt Associates LLC                      22
                                                            (Incorporated 3/23/89)

Slovenia       Ljubljana    Hewitt Associates GmbH (see     Satellite office of Austrian Company                                   2
                            Austria)                        (office established 3/17/97)
</TABLE>

                                      -8-

<PAGE>

<TABLE>
<CAPTION>
                                                                                                                          Number of
    Country     City            Company Name                       Structure                                              Associates
                                                                                                                          ----------
<S>            <C>         <C>                                <C>                                                    <C>

South Korea     Seoul       Hewitt Associates Korea Yuhan     Wholly-owned subsidiary of Hewitt Associates LLC                    12
                            Hoesa                             (Established 3/22/99)
                            (translation: Hewitt Associates
                            Korea, LLC)

Spain           Madrid      Hewitt Associates, S.A.           Wholly-owned subsidiary of Hewitt Associates LLC                    13
                                                              (Established 6/20/89)

Sweden          Stockholm   Hewittl/Loneanalyser A.B.         49% Hewitt Associates LLC (490 shares)                              34
                                                              51% Loneanalyser A.B. (510 shares)
                                                              (Agreement signed May 1, 1999. The share capital is
                                                              SEKI00,000 divided into 1,000 shares.)

Switzerland     Neuchatel   PRASA Hewitt S.A.                 Recognized as a wholly-owned subsidiary of Hewitt                  112
                Geneva                                        Associates LLC as of 1/1/2000.
                Zurich                                        (Original j. v. dated 12/19/86)                                     17
                                                              (3,630 shares total.- 363 shares transferred 1/1/2000 then
                                                              363 shares to be transferred on 1/1 each year through               15
                                                              2009. October 31, 2000 - 342 shares purchased from Marc
                                                              Zioerjen and 216 shares purchased from Gion Caviezel upon
                                                              their termination effective 11/30/00.; January 2002 - 64
                                                              shares purchased from Nicolas May on his terminationn
                                                              effective 3/1/2002)

Thailand        Bangkok     Hewitt Associates (Thailand)      Wholly owned subsidiary as of 10/1/97 Hewitt Associates             15
                            Limited                           LLC
                                                              57,007 shares Hewitt Holdings LLC
                                                              1 share J. Ryan, R. Virmani, D. Gifford, L. Connolly, S.
                                                              Tiensilakul
</TABLE>

                                      -9-

<PAGE>

                International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                Number of
  Country           City                  Company Name                      Structure                          Associates
                                                                                                               ----------
<S>         <C>                    <C>                         <C>                                             <C>
                                                               5 shares (prior to 1997 operated as a
                                                               j.v. with CSN under agreement dated
                                                               7/1/90)

United      Birmingham Bristol     Hewitt Bacon & Woodrow      Wholly-owned subsidiary of Hewitt                   91
Kingdom     Cardiff (Wales)        Limited                     Associates LLC (Merger completed June               71
            Epsom - Crossways                                  5, 2002)                                            35
                  Parkside                                                                                         93
                  Renaissance                                                                                     330
                  Rosebery Hemel                                                                                   59
            Hempstead Leeds                                                                                       156
            London Bridge St.                                                                                     538
            Albans                                                                                                 60
                                                                                                                  250
                                                                                                                  125

                                   Subsidiaries:
                                   -------------

                                   Hewitt Associates Ltd.      The business, assets, liabilities,
                                                               and shares in Hewitt Associates Ltd.
                                                               were transferred into Hewitt Bacon &
                                                               Woodrow Limited.

                                   Hewitt Bacon & Woodrow      Wholly-owned subsidiary of Hewitt
                                   Properties Company          Bacon & Woodrow Ltd.

                                   Bacon & Woodrow Limited     Wholly-owned subsidiary of Hewitt
                                                               Bacon & Woodrow Ltd.

                                   Bacon & Woodrow Service     Wholly-owned subsidiaries of Bacon
                                   Co. Limited                 & Woodrow Ltd.

                                   Hewitt Bacon & Woodrow
                                   Financial
</TABLE>

                                      -10-

<PAGE>

                International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                Number of
  Country            City                 Company Name                      Structure                          Associates
                                                                                                               ----------
<S>         <C>                    <C>                         <C>                                             <C>
                                   Services Limited

                                   PFA Systems Limited

                                   Pension Central Library
                                   Limited

                                   - Cockman Consultants &
                                     Partners Limited

                                   - Bacon & Woodrow           Wholly-owned subsidiary of Bacon &
                                     Partnerships Limited      Woodrow Ltd.

                                   - Executive Remuneration    50% Bacon & Woodrow Partnerships Ltd.
                                     Review Limited            50% New Bridge Street Consultants

                                   - Hewitt Bacon & Woodrow    50% Bacon & Woodrow Partnerships Ltd.
                                                               50% Kerr Henderson (Financial
                                                               Services) Ltd.

                                                               Wholly-owned by Bacon & Woodrow
                                                               Partnerships Limited

                                   Dormant:

                                   Bacon & Woodrow
                                   Associates Limited

                                   Bacon & Woodrow
                                   Consulting Limited

                                   Bacon & Woodrow Insurance   Dormant wholly-owned subsidiaries of
                                   Consulting                  Bacon & Woodrow Limited
</TABLE>

                                      -11-

<PAGE>

                International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                Number of
  Country           City                  Company Name                      Structure                          Associates
                                                                                                               ----------
<S>         <C>                    <C>                         <C>                                             <C>
                                   Limited
                                   Triskel Communications
                                   Limited

                                   PFA Administration
                                   Limited

                                   Bacon & Woodrow Pension
                                   Administration Services
                                   Limited

                                   Bacon & Woodrow
                                   Investment Services
                                   Limited

                                   55 East Street Ltd. (non-
                                   trading trustee co.)
                                   Bacon & Woodrow Trustees
                                   Limited (non-trading
                                   trustee co.)

Venezuela   Caracas                Hewitt Associates           Wholly-owned by Hewitt Associates Caribe, Inc.         6
                                                                                                                  -----
                                                               (Incorporated in June 1997)

                                                               Total International Associates                     3,526
</TABLE>

                                      -12-<PAGE>

                                                                   Exhibit 10.25

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

                                 LEASE AGREEMENT

                       Landlord: HEWITT PROPERTIES II LLC

                          Tenant: HEWITT ASSOCIATES LLC

                               as of July 31, 1998

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

<PAGE>

                                TABLE OF CONTENTS

1.   Initial Development.......................................................1
2.   Term and Occupancy........................................................2
3.   Rent......................................................................2
4.   Use.......................................................................3
5.   Maintenance, Repairs and Replacements.....................................3
6.   Alterations...............................................................3
7.   Signs.....................................................................4
8.   Utilities and Services....................................................4
9.   Compliance with Law.......................................................4
10.  Landlord's Title, Authority and Quiet Enjoyment; Tenant's Authority.......5
11.  Subordination.............................................................5
12.  Assignment and Sublease...................................................5
13.  Lease Extension...........................................................7
14.  Impositions...............................................................7
15.  Insurance.................................................................8
16.  Destruction and Restoration...............................................9
17.  Condemnation.............................................................10
18.  Default by Tenant........................................................13
19.  Landlord's Remedies......................................................13
20.  Notices..................................................................14
21.  Brokerage................................................................14
22.  Estoppel.................................................................14
23.  Hazardous Substances.....................................................15
24.  Surrender................................................................16
25.  Liens....................................................................16
26.  Interest.................................................................17
27.  Inspections..............................................................17
28.  Transfer of Landlord's Interest..........................................17
29.  Indemnity................................................................17
30.  Modification of Lease....................................................18
31.  Choice of Law and Interpretation.........................................18
32.  Independent Covenant; Net Lease..........................................18
33.  Entry by Landlord........................................................18
34.  Survival of Obligations..................................................18
35.  Option to Purchase Demised Premises......................................18
36.  No Merger................................................................20

Exhibit A - Legal Description
Exhibit B - Site Plan
Exhibit C - List of Plans and Specifications and Construction Contracts
Exhibit D - Schedule of Rents

                                        i

<PAGE>

         THIS LEASE AGREEMENT (this "Lease") is made as of the 31st day of July,
1998 between HEWITT PROPERTIES II LLC, an Illinois limited liability company,
having its principal office at 100 Half Day Road, Lincolnshire, Illinois 60069
(the "Landlord"), and HEWITT ASSOCIATES LLC, an Illinois limited liability
company, having its principal office at 100 Half Day Road, Lincolnshire,
Illinois 60069 (the "Tenant").

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

         Landlord, for and in consideration of the rents, covenants and
agreements hereinafter set forth on the part of Tenant to be paid, kept,
observed and performed does hereby lease unto Tenant, and Tenant does hereby
take subject to the conditions herein expressed, all those parcels of land
consisting of approximately 12.5 acres situated in Lincolnshire, Illinois,
County of Lake and legally described on Exhibit A attached hereto and made a
part hereof (the "Land"), together with all improvements located on and to be
constructed thereon by Landlord, which are hereinafter called "Landlord's
Improvements." Landlord's Improvements and all other improvements, machinery,
building equipment, fixtures and other property, real, personal or mixed (except
Tenant's trade fixtures), installed or located thereon, together with all
additions, alterations and replacements thereof are herein collectively, the
"Improvements". The Land and the Improvements are hereinafter collectively
referred to as the "Demised Premises." The parties acknowledge that
contemporaneously herewith, Landlord is issuing $45,000,000 of its Secured
Credit Tenant Notes due 2019 (the "Notes") pursuant to a Note Purchase Agreement
(the "Note Agreement") which Notes and obligations are secured in substantial
part by the Lease. Capitalized terms not otherwise defined herein shall have the
meanings set forth in the Note Agreement.

         1.       Initial Development.
                  -------------------

         A.       Landlord will cause Landlord's Improvements depicted on the
Site Plan attached hereto as Exhibit B to be constructed in accordance with the
plans and specifications and construction contracts described on Exhibit C
hereto.

         B.       Landlord agrees, at Landlord's sole cost and expense, to cause
construction of Landlord's Improvements as follows:

                  (i)      in accordance with Exhibits B and C;

                  (ii)     Landlord shall use all reasonable efforts to cause
         Office Completion (as hereinafter defined) of Landlord's Improvements
         as soon as reasonably possible but in any event on or before November
         1, 1999; and

                  (iii)    Landlord shall cause Final Project Completion (as
         hereinafter defined) to occur on or prior to May 30, 2000.

Landlord shall notify Tenant of the anticipated Office Completion and/or Final
Project Completion, as applicable. Tenant shall have the right to enter the
Demised Premises during the

                                        2

<PAGE>

sixty (60) day period preceding the Office Completion and/or Final Project
Completion for the purpose of installing its equipment and receiving raw
materials and Tenant does hereby agree to assume all risk of loss or damage to
such equipment and raw materials, and to indemnify, defend and hold harmless
Landlord from and against any loss or damage to such equipment and raw materials
and all liability, loss or damage arising from any injury to the property of
Landlord, or its contractors, subcontractors or materialmen, and any death or
personal injury to any person or persons arising out of such installation.
Landlord agrees to cooperate with Tenant at Tenant's expense so that Tenant's
contractors and tradespeople will be permitted to reasonably perform their work
without material interference. Tenant agrees to cooperate with Landlord so that
Landlord's contractors and tradespeople will be permitted to reasonably perform
their work without material interference.

         C.       "Office Completion" shall mean the municipality having
jurisdiction over the Demised Premises issues a temporary or preliminary
certificate of occupancy permitting Tenant to occupy the office building
component of Landlord's Improvements or takes such other action as may be
customary to permit temporary or preliminary occupancy or use thereof and the
office building component of Landlord's Improvements is otherwise ready for
beneficial use and occupancy by Tenant subject to completion of any Punchlist
Items (as hereinafter defined) by Landlord; Landlord's architect certifies that
the office building component of Landlord's Improvements has been constructed
and completed in a good and workmanlike manner in accordance with the approved
plans and specifications therefor and with this Lease and complies with
applicable laws, ordinances and regulations and is otherwise ready for
beneficial use and occupancy by Tenant subject to completion of any Punchlist
Items by Landlord.

         D.       "Final Project Completion" shall mean the municipality having
jurisdiction over the Demised Premises issues a final certificate of occupancy
permitting Tenant to occupy all of Landlord's Improvements or takes such other
action as may be customary to permit occupancy or use thereof and all of
Landlord's Improvements are otherwise ready for beneficial use and occupancy by
Tenant subject to completion of any Punchlist Items by Landlord; Landlord's
architect certifies that all of Landlord's Improvements have been constructed
and completed in a good and workmanlike manner in accordance with the approved
plans and specifications therefor and with this Lease and comply with applicable
laws, ordinances and regulations and all of Landlord's Improvements are
otherwise ready for beneficial use and occupancy by Tenant subject to completion
of any Punchlist Items by Landlord; Landlord shall have obtained title insurance
in form satisfactory to mortgagee insuring the completed Demised Premises free
of Liens not permitted by the Operative Agreements.

         E.       Within thirty (30) days of the Office Completion and/or Final
Project Completion, as applicable, Tenant shall execute and deliver to Landlord
a punchlist (the "Punchlist") of incomplete items (the "Punchlist Items").
Landlord shall use all reasonable efforts to complete the Punchlist Items as
soon as possible after receipt of the Punchlist.

         F.       Landlord covenants that the Demised Premises (except trade
fixtures, equipment, machinery or any other item constructed or installed by
Tenant) will conform as of the Rent Commencement Date to applicable laws,
regulations, or other governmental orders relating to the

                                        3

<PAGE>

physical condition of the Demised Premises. Landlord shall be responsible for
procuring building and other permits and licenses necessary for construction of
Landlord's Improvements.

         2.       Term and Occupancy. The term of this Lease shall commence on
the date hereof (the "Commencement Date"), and shall end on the date which is
the twentieth (20th) anniversary of the Rent Commencement Date (the "Expiration
Date"), unless the term be extended or earlier terminated as provided herein.

         3.       Rent.
                  ----

         A.       The annual base rental (the "Base Rent") is set forth on the
Schedule of Rents attached hereto as Exhibit D. Base Rent shall be paid monthly,
in arrears, in equal installments, without offset or deduction commencing
December 30, 1999 (the "Rent Commencement Date") and on the 30th day of each
month through the Expiration Date. Until advised in writing to the contrary by
Landlord, Tenant shall pay all Base Rent, Additional Rent and all other amounts
due Landlord hereunder to Harris Trust and Savings Bank, 111 West Monroe Street,
Chicago, Illinois 60606, Attn: Indenture Trust Division.

         B.       Tenant at its option, upon notice as provided below may prepay
Base Rent, if in part, then in an amount sufficient to allow Landlord to prepay
the Notes in an aggregate principal amount of $5,000,000 or integral multiples
of $100,000 in excess thereof, together with accrued interest thereon, plus the
Make-Whole Amount.

         Notice of prepayment of Base Rent shall be given to Landlord not less
than thirty (30) nor more than sixty (60) days before the date fixed for
prepayment (the "Optional Prepayment Date") and shall be accompanied by
certificate of Tenant certifying as to: (i) the Optional Prepayment Date, (ii)
the aggregate amount to be paid on such Optional Prepayment Date, (iii) the
portion thereof allocable to the prepayment of principal of the Notes by
Landlord, and (iv) the portion thereof allocable to payment of accrued interest
and Make-Whole Amount that Landlord would be required to pay if such prepayment
were made on the date notice is being given hereunder together with the detailed
calculations used in determining the Make-Whole Amount. In addition, promptly
upon becoming able to calculate the portion of the prepayment allocable to
Make-Whole Amount, Tenant shall provide notice to Landlord of its determination
of the amount of such portion. Any notice of prepayment so given, Tenant shall
be obligated to pay Landlord on such Optional Prepayment Date the amount
referred to above. Nothing in this paragraph shall relieve Tenant of its
obligation to pay accrued rent due and payable on any Optional Prepayment Date.

         C.       Upon any prepayment of Base Rent as provided herein or as
required under the Note Agreement, each installment of rent payable during the
term shall be reduced pro rata.

                                        4

<PAGE>

         4.       Use.
                  ---

         The Demised Premises shall be used and occupied by Tenant as office and
parking space (the "Tenant's Use"). Landlord represents that the Demised
Premises are currently zoned to permit general office and parking use. In
addition, Tenant may use all or any part of the Demised Premises for any lawful
purpose incidental to Tenant's Use then permitted by local zoning ordinances and
the certificate of occupancy provided, however, Tenant may not use or occupy the
Demised Premises, or permit the Demised Premises to be used or occupied in such
a manner as to cause the value or usefulness of the Demised Premises, or any
part thereof, substantially to diminish.

         5.       Maintenance, Repairs and Replacements. During the term of this
Lease, Tenant shall, at Tenant's sole expense, keep the Demised Premises in good
working order, condition and repair as a first class office complex and in
compliance with all applicable laws and shall perform all maintenance thereof
and all necessary repairs and replacements thereto, interior and exterior,
structural and nonstructural, ordinary and extraordinary, foreseen or
unforeseen, of every nature, kind and description. When used in this paragraph,
"repairs" shall include all necessary replacements, renewals, alterations,
additions and betterments. If Tenant cannot keep the Demised Premises or any
portion thereof in good working order, condition and repair, then Tenant shall
replace the same in a first-class manner. Tenant shall comply with manufacturers
recommended schedules for warranty work. All repairs and replacements made by
Tenant shall be at least equal in quality to the original work and shall be made
by Tenant in accordance with all applicable laws. The necessity for or adequacy
of maintenance, repairs and replacements shall be measured by the standards
which are appropriate for improvements of similar first class office
construction.

         6.       Alterations.
                  -----------

         A.       Tenant shall have the right to make any alterations of and
additions to the Improvements (including alterations arising due to casualty or
condemnation), provided in all cases that no Events of Default exist hereunder
and such alterations shall (a) not reduce the gross square footage of the
Improvements, (b) not adversely affect the structural or systemic soundness of
the Improvements, (c) not adversely affect the fair market value of the Demised
Premises, (d) be undertaken with due diligence in a good and workmanlike fashion
consistent with the first class nature of the Demised Premises, (e) not violate
any law, regulation, restriction or requirements of this Lease, and (f) shall,
in the case of alterations, the estimated cost of which exceeds $1,000,000, be
under the supervision of architects/engineers reasonably satisfactory to
Landlord and any mortgagee pursuant to plans and specifications reasonably
approved by Landlord and any mortgagee. Tenant shall deliver to Landlord "as
built" working drawings of any alteration within sixty (60) days of completion
of construction thereof.

         B.       The cost of any alteration shall be paid for by Tenant so that
the Demised Premises and all portions thereof shall at all times be free of
liens for labor and materials supplied to the Demised Premises. The work of any
alteration shall be prosecuted with reasonable dispatch. Tenant shall obtain and
maintain, at its sole cost and expense, during the

                                        5

<PAGE>

performance of such work, worker's compensation insurance covering all persons
employed in connection with the work and with respect to which death or injury
claims could be asserted against Landlord or Tenant or against the Demised
Premises or any interest therein, together with comprehensive general liability
insurance for the mutual benefit of Landlord and Tenant with limits of not less
than Three Million Dollars ($3,000,000) in the event of injury to one person,
Ten Million ($10,000,000) Dollars in respect to any one accident or occurrence,
and Two Million Dollars ($2,000,000) for property damage, and "builder's risk"
insurance on a completed value form or other comparable coverage on the work.
All such insurance shall be in a company or companies authorized to do business
in the state in which the Demised Premises are located and rated A-XIII by A.M.
Best's insurance ratings or other comparable and nationally recognized rating
entity, and all such policies of insurance shall be delivered to Landlord
endorsed "Premium Paid" by the company or agency issuing the same prior to the
start of any such construction.

         C.       No change, alteration, restoration or new construction shall
be in or connect the Improvements with any property, building or other
improvement located outside the boundaries of the Land, nor shall the same
obstruct or interfere with any existing easement.

         D.       Tenant shall notify Landlord in writing 30 days prior to
commencing any alterations, additions or improvements to the Demised Premises
which have been approved by Landlord so that Landlord shall have the right to
record and post notices of nonresponsibility on the Demised Premises.

         E.       All improvements and alterations made or installed by Tenant
shall immediately, upon completion or installation thereof, become the property
of Landlord without payment therefor by Landlord, and shall be surrendered to
Landlord on the expiration of the term of this Lease.

         7.       Signs. Tenant may install, at its expense, signs containing
Tenant's name at the Demised Premises, provided that such signs (a) do not cause
any structural or other damage to the Demised Premises; (b) do not violate
applicable governmental laws, ordinances, rules or regulations; (c) do not
violate any existing restrictions affecting the Demised Premises; and (d) are
compatible with the architecture of the Demised Premises and the landscaped
areas.

         8.       Utilities and Services.
                  ----------------------

         A.       Tenant shall contract for and pay directly for the cost of
usage of all utilities including all charges for water, heat, gas, light,
garbage, electricity, telephone, data, sewage, steam, power or other public or
private utility services. In the event that any charge or fee is required by the
state in which the Demised Premises are located, or any city or other agency,
subdivision, or instrumentality thereof, or by any utility company furnishing
services or utilities to the Demised Premises, as a condition precedent to
furnishing or continuing to furnish utilities or services to the Demised
Premises, such charge or fee shall be deemed to be a utility charge payable by
Tenant.

                                        6

<PAGE>

         B.       Tenant acknowledges that any one or more of the services
provided for herein may be interrupted or suspended by reason of accident,
repair, alterations or improvements necessary to be made, strike, lockout,
misuse or neglect by Tenant or Tenant's agents, employees or invitees, or by
shortages of fuel or other energy supplies to be provided by public or private
utilities or suppliers or by other matters, and Landlord shall not be liable to
Tenant therefor, nor shall Tenant have any right to terminate the Lease or other
rights (including but not limited to any reduction or abatement of rent) against
Landlord in the event of a failure, interruption or suspension of any of the
aforesaid services.

         9.       Compliance with Law. Tenant shall throughout the term of this
Lease, at Tenant's sole cost and expense, comply with or remove or cure any
violation of any applicable laws, orders, statutes, ordinances, rules,
regulations and requirements of federal, state and municipal governments,
including, without limitation, any applicable laws, orders, statutes,
ordinances, rules, regulations and requirements of any federal, state or local
government relating to occupational safety and health (collectively, the "OSHA
Regulations"), all applicable rules and regulations of the Board of Fire
Underwriters and any requirements of the certificate of occupancy or any permit
with respect to the Demised Premises and the sidewalks, curbs, roadways, alleys,
entrances or railroad track facilities, if any, adjacent or appurtenant thereto,
and whether the compliance, curing or removal of any such violation and the
costs and expenses necessitated thereby shall have been foreseen or unforeseen,
ordinary or extraordinary, and whether or not the same shall be presently within
the contemplation of Landlord or Tenant or shall involve any change of
governmental policy, or require structural or extraordinary repairs, alterations
or additions by Tenant and irrespective of the costs thereof. Tenant, at its
sole cost and expense, shall comply with all agreements, contracts, easements,
restrictions, reservations or covenants, if any, affecting the Demised Premises
or hereafter created by, consented to, or requested by Tenant or Landlord.
Tenant shall also comply with, observe and perform all provisions and
requirements of all policies of insurance at any time in force with respect to
the Demised Premises and shall comply with all development permits issued by
governmental authorities issued in connection with development of the Demised
Premises. Tenant shall procure and maintain all permits and licenses required
for the transaction of Tenant's business at the Demised Premises.

         10.      Landlord's Title, Authority and Quiet Enjoyment; Tenant's
                  ---------------------------------------------------------
Authority.
---------

         A.       Landlord represents and warrants that it has good and
marketable fee simple title to the Demised Premises, subject to the exceptions
to title currently encumbering the Demised Premises, and any additional
exceptions to title created in connection with Landlord's development or
financing of the Demised Premises.

         B.       Landlord represents and warrants that it has full and complete
authority to enter into this Lease, and so long as Tenant performs each and
every term, provision and condition herein contained on the part of Tenant to be
kept and performed, Tenant shall peacefully and quietly enjoy the Demised
Premises without hindrance or molestation by Landlord or by any other person
claiming by, through or under Landlord, subject to the terms of the Lease.

                                        7

<PAGE>

         C.       Tenant represents and warrants that it has full and complete
authority to enter into this Lease under all of the terms, conditions and
provisions set forth herein.

         D.       Tenant hereby approves the condition of Landlord's title to
the Demised Premises. This Lease shall be subject to all easements, covenants,
conditions and restrictions presently existing or hereafter created upon the
Demised Premises; provided, however, Landlord shall not permit or cause any
easements, covenants, restrictions, conditions or other changes in Landlord's
title which would materially and adversely impact Tenant's Use.

         11.      Subordination. The priority of this Lease and the leasehold
estate of Tenant created hereunder are and shall be subject and subordinate to
the lien of any mortgage, deed of trust, sale-leaseback, ground lease or similar
encumbrance, whether such encumbrance is placed against the fee or leasehold
estate, affecting the Demised Premises and to all renewals, modifications,
consolidations, replacements and extensions thereof, and advances thereunder.
Tenant agrees at any time hereafter, upon demand, to execute and deliver any
instruments, releases or other documents that may reasonably be required for the
purpose of subjecting and subordinating this Lease, as above provided, to the
lien of any such mortgage, deed of trust, ground lease, sale-leaseback or
similar encumbrance in a form reasonably acceptable to Tenant and the holder of
such mortgage or instrument.

         12.      Assignment and Sublease. Provided there are no Events of
Defaults hereunder or under the Note Agreement, as defined herein and therein,
Tenant may assign this Lease or sublease all or any portion of the Demised
Premises subject to the terms hereof.

         Tenant shall not assign this Lease without the exclusive prior written
consent of Landlord and any mortgagee. Notwithstanding the foregoing, Tenant may
assign this Lease to any person which is a successor to Tenant as permitted by
the terms of the Note Agreement.

         If this Lease is assigned, Lessor may collect Base Rent and Additional
Rent directly from such assignee. If any part of the Demised Premises is sublet
and any Event of Default exists hereunder, Landlord may collect Base Rent and
Additional Rent from such subtenant.

         Any assignment or sublease shall require the assignee or subtenant to
comply with all terms of this Lease except for any sublease term, which shall be
at Tenant's discretion (but in no event extend beyond the term of this Lease),
and a duplicate original of such sublease or assignment shall be delivered to
Landlord at least ten (10) days prior to the commencement of such sublease or
assignment.

         Any assignee shall assume, by instrument in form and content
satisfactory to Landlord, the due performance of all of Tenant's obligations
under this Lease, including any accrued obligations at the time of the effective
date of the assignment, and such assumption agreement shall state that the same
is made by the assignee for the express benefit of Landlord as a third party
beneficiary thereof.

                                        8

<PAGE>

         Each sublease permitted hereby shall be subject and subordinate to all
of the terms, covenants and conditions of this Lease and to all of the rights of
Landlord hereunder; and in the event this Lease shall terminate before the
expiration of such sublease, the sublessee thereunder will, at Landlord's
option, attorn to Landlord and waive any rights the sublessee may have to
terminate the sublease or to surrender possession thereunder, as a result of the
termination of this Lease. No sublease shall be permitted hereby unless as a
condition to effectiveness thereof, Tenant shall have assigned to Landlord and
Landlord shall have effectively assigned to mortgagee such sublease.

         Tenant agrees to pay on behalf of Landlord any and all costs of
Landlord or otherwise occasioned by such assignment or subletting, including
without limitation, the cost of any alteration, addition, improvement or other
renovation or refurbishment to the Demised Premises made in connection with such
assignment or subletting and any cost imposed by any governmental authority in
connection with any of the foregoing.

         No assignment or sublease shall be made unless any guarantor of the
Tenant's obligations or any party responsible for Tenant's obligations shall
give its written consent to such assignment or sublease and confirm that its
obligations shall not be affected by such assignment or sublease, and, provided,
further, that if any modification to the Lease is proposed to be made after such
assignment or sublease, then, at Landlord's or mortgagee's option, all prior
assignors and sublessors, and all such obligated parties, shall be required to
confirm in writing their approval of such modification, and that their
obligations continue as to the Lease as so modified.

         No assignment or subletting under this paragraph shall relieve Tenant
(or any guarantor of Tenant's obligations under the Lease or any assignee) of
its obligations hereunder. Any assignment or subletting of this Lease which is
not in compliance with the provisions of this paragraph shall be of no effect
and void. Except as permitted hereby, Tenant shall not transfer, sublet, assign
or otherwise encumber its interest in the Lease or the Demised Premises.

         Notwithstanding anything contained in this Lease to the contrary and
notwithstanding any consent by Landlord to any sublease of the Demised Premises,
or any portion thereof, or to any assignment of this Lease or of Tenant's
interest or estate in the Demised Premises, no sublessee shall assign its
sublease nor further sublease the Demised Premises, or any portion thereof, and
no assignee shall further assign or sublet its interest in this Lease or its
interest or estate in the Demised Premises, or any portion thereof, without
Landlord's prior written consent in each and every instance which consent may be
withheld or delayed as above provided. No such further assignment or subleasing
shall relieve Tenant from any of Tenant's obligations in this Lease contained.

         13.      Lease Extension. If this Lease shall not have been terminated
pursuant to any provisions hereof and no Events of Default exist hereunder or
under the Note Agreement, then Tenant may, at Tenant's option, extend the term
of this Lease for two (2) successive additional terms of five (5) years each
(each an "Extension Term," collectively the "Extension Terms") commencing on the
expiration of the original term, or the immediately preceding Extension Term, as
the case may be. Tenant may exercise such option by giving Landlord written
notice at

                                        9

<PAGE>

least six (6) months prior to the expiration of the original term or the
immediately preceding Extension Term, as the case may be. Upon the giving by
Tenant to Landlord of such written notice and the compliance by Tenant with the
foregoing provisions of this paragraph, this Lease shall be deemed to be
automatically extended upon all the covenants, agreements, terms, provisions and
conditions set forth in this Lease, except that Base Rent for each such
Extension Term shall be the then fair market value for the Demised Premises.

         14.      Impositions.
                  -----------

         A.       Tenant covenants and agrees to pay during the term of this
Lease, as Additional Rent, before any fine, penalty, interest or cost may be
added thereto for the nonpayment thereof, all real estate taxes, special
assessments, water rates and charges, sewer rates and charges, including any sum
or sums payable for present or future sewer or water, charges for public
utilities, street lighting, excise levies, licenses, permits, inspection fees,
other governmental charges, and all other charges or burdens of whatsoever kind
and nature (including costs, fees, and expenses of complying with any
restrictive covenants or similar agreements to which the Demised Premises are
now or hereafter subject) incurred in the use, occupancy, ownership, operation,
leasing or possession of the Demised Premises, without particularizing by any
known name or by whatever name hereafter called, and whether any of the
foregoing be general or special, ordinary or extraordinary, foreseen or
unforeseen (all of which are sometimes herein referred to as "Impositions"),
which at any time during the term may have been or may be assessed, levied,
confirmed, imposed upon, or become a lien on the Demised Premises, or any
portion thereof, or any appurtenance thereto, rents or income therefrom, and
such easements or rights as may now or hereafter be appurtenant or appertain to
the use of the Demised Premises.

         B.       If, at any time during the term of this Lease, any method of
taxation shall be such that there shall be levied, assessed or imposed on
Landlord, or on the Basic Rent or Additional Rent, or on the Demised Premises or
on the value of the Demised Premises, or any portion thereof, a capital levy,
sales or use tax, gross receipts tax or other tax on the rents received
therefrom, or a franchise tax, or an assessment, levy or charge measured by or
based in whole or in part upon such rents or value, Tenant covenants to pay and
discharge the same, it being the intention of the parties hereto that the rent
to be paid hereunder shall be paid to Landlord absolutely net without deduction
or charge of any nature whatsoever foreseeable or unforeseeable, ordinary or
extraordinary, or of any nature, kind or description, except as in this Lease
otherwise expressly provided. Nothing in this Lease contained shall require
Tenant to pay any municipal, state or federal net income or excess profits taxes
assessed against Landlord, or any municipal, state or federal capital levy,
estate succession, inheritance or transfer taxes of Landlord.

         C.       Tenant covenants to furnish Landlord, on or before the date
upon which any Imposition or other tax, assessment, levy or charge is due and
payable, official receipts of the appropriate taxing authority, or other
appropriate proof satisfactory to Landlord, evidencing the payment of the same.

                                       10

<PAGE>

         D.       Tenant shall have the right at its own expense to contest the
amount or validity, in whole or in part, of any Imposition by appropriate
proceedings diligently conducted in good faith, but only after payment of such
Imposition, unless such payment, or a payment thereof under protest, would
operate as a bar to such contest or interfere materially with the prosecution
thereof, in which event, notwithstanding the provisions hereof, Tenant may
postpone or defer payment of such Imposition if the Demised Premises or any
portion thereof would, by reason of such postponement or deferment, be in danger
of being forfeited or lost. Upon the termination of any such proceedings, Tenant
shall pay the amount of such Imposition or part thereof, if any, as finally
determined in such proceedings, the payment of which may have been deferred
during the prosecution of such proceedings, together with any costs, fees,
including attorney's fees, interest, penalties, fines and other liability in
connection therewith. Tenant shall be entitled to the refund of any Imposition,
penalty, fine and interest thereon received by Landlord which have been paid by
Tenant or which have been paid by Landlord but for which Landlord has been
previously reimbursed in full by Tenant. Landlord shall not be required to join
in any proceedings referred to in this paragraph unless the provisions of any
law, rule or regulation at the time in effect shall require that such
proceedings be brought by or in the name of Landlord, in which event Landlord
shall join in such proceedings or permit the same to be brought in Landlord's
name upon compliance with such conditions as Landlord may reasonably require.
Landlord shall not ultimately be subject to any liability for the payment of any
fees, including attorney's fees, costs and expenses in connection with such
proceedings. Tenant agrees to pay all such fees (including reasonable attorney's
fees), costs and expenses or, on demand, to make reimbursement to Landlord for
such payment.

         15.      Insurance.
                  ---------

         A.       During the term of this Lease, during any extension thereof,
and during any holdover period, Tenant shall at its cost and expense procure and
keep in force a policy of comprehensive public liability insurance, with limits
of not less than $5,000,000 for injury to any one person, $25,000,000 as to any
one accident, and $3,000,000 as to property damage, all on a per occurrence
basis which policy shall name Landlord and Landlord's mortgagee, if any, as
additional insureds. Certified copies of such insurance shall be delivered to
Landlord prior to the Commencement Date and shall provide that same may not be
canceled, modified or lowered in amounts without prior written notice of not
less than thirty (30) days to Landlord and Landlord's mortgagee. Notwithstanding
the foregoing, Tenant may insure the foregoing risks under its blanket policy.
Any such liability insurance shall contain a contractual liability endorsement
covering Tenant's indemnification obligations under this Lease.

         B.       During the term of this Lease and any extension thereof,
Tenant, at its sole cost and expense, shall obtain and continuously maintain in
full force and effect, policies of insurance covering the Improvements
constructed, installed or located on the Demised Premises naming the Landlord,
as an additional insured and loss payee and Landlord's mortgagee, if any, as
mortgagee, against (a) loss or damage by fire; (b) loss or damage from such
other risks or hazards now or hereafter embraced by an "Extended Coverage
Endorsement," or broadest form of "all risk" coverage including, but not limited
to, windstorm, hail, explosion, vandalism, riot and civil commotion, damage from
vehicles, smoke damage, water damage and debris removal; (c) loss

                                       11

<PAGE>

for flood; (d) loss from so-called explosion, collapse and underground hazards;
and (e) loss or damage from such other risks or hazards of a similar or
dissimilar nature which are now or may hereafter be customarily insured against
with respect to improvements similar in construction, design, general location,
use and occupancy to the Improvements. At all times, such insurance coverage
shall be in an amount equal to 100% of the then "full replacement cost" of the
Improvements. "Full Replacement Cost" shall be interpreted to mean the cost of
replacing the improvements without deduction for depreciation or wear and tear,
and it shall include a reasonable sum for architectural, engineering, legal,
administrative and supervisory fees connected with the restoration or
replacement of the Improvements in the event of damage thereto or destruction
thereof. If a sprinkler system shall be located in the Improvements, sprinkler
leakage insurance shall be procured and continuously maintained by Tenant at
Tenant's sole cost and expense. Tenant shall cause to be inserted in the policy
of insurance required by this paragraph a so-called "waiver of subrogation"
clause as to Landlord and Landlord's insurer.

         C.       During the term of this Lease and any extension thereof,
Tenant shall maintain Workman's Compensation Insurance in accordance with the
laws of the State of Illinois.

         D.       Tenant shall maintain insurance coverage (including loss of
use and business interruption coverage) upon Tenant's business and upon all
personal property of Tenant or the personal property of others kept, stored or
maintained on the Demised Premises against loss or damage by fire, windstorm or
other casualties or causes for such amount as Tenant may desire, and Tenant
agrees that such policies shall contain a waiver of subrogation clause as to
Landlord and Landlord's insurer.

         Nothing in this paragraph shall prevent Tenant from taking out
insurance of the kind and in the amount provided for under the preceding
paragraphs of this paragraph under a blanket insurance policy or policies
(certified copies thereof reasonably satisfactory to Landlord shall be delivered
to Landlord) which may cover other properties owned or operated by Tenant as
well as the Demised Premises; provided, however, that any such policy of blanket
insurance of the kind provided for shall specify therein the amounts thereof
exclusively allocated to the Demised Premises or Tenant shall furnish Landlord
and the holder of any fee mortgage with a written statement from the insurers
under such policies specifying the amounts of the total insurance exclusively
allocated to the Demised Premises; and provided, further, however, that such
policies of blanket insurance shall, as respects the Demised Premises, contain
the various provisions required of such an insurance policy by the foregoing
provisions hereof.

         E.       Tenant shall deliver certified copies of all such insurance to
Landlord prior to the Commencement Date hereof and certified copies and evidence
of payment for all renewal coverage not less than ten (10) days prior to the
expiration of any such insurance. Such policies shall provide (except in case of
general liability insurance) for losses up to $1,000,000 to be adjusted by and
paid to Tenant and losses equal to or in excess of $1,000,000 shall be adjusted
by Tenant subject to the reasonable approval of Landlord and any mortgagee, and,
while the Notes are outstanding, paid to the Agent.

                                       12

<PAGE>

         F.       Tenant hereby releases Landlord (and Landlord's assignees,
employees, agents and servants) and waives any claims it may have against
Landlord from any liability for damage to or destruction of Tenant's trade
fixtures, personal property (including also property under the care, custody, or
control of Tenant), machinery, equipment, furniture, fixtures and business
interests on the Premises, except arising from Landlord's gross negligence. This
paragraph shall apply especially, but not exclusively, to damage or destruction
caused by the flooding of basements or other subsurface areas, or by
refrigerators, sprinkling devices, air conditioning apparatus, water, snow,
frost, steam, excessive heat or cold, falling plaster, broken glass, sewage,
gas, odors or noise, or the bursting or leaking of pipes or plumbing fixtures,
and shall apply equally, whether any such damage results from the act or
omission of other tenants or occupants in the Premises or any other persons, and
whether such damage be caused by or result from any of the aforesaid, or shall
be caused by or result from other, circumstances of a similar or dissimilar
nature.

         16.      Destruction and Restoration.
                  ---------------------------

         A.       Tenant covenants and agrees that in case of damage to or
destruction of the Demised Premises after the Commencement Date of the term of
this Lease, by fire or otherwise, Tenant, at its sole cost and expense, shall
promptly restore, repair, replace and rebuild the same as nearly as possible to
the condition that the same were in immediately prior to such damage or
destruction with such changes or alterations (made in conformity with paragraph
6 hereof) as may be reasonably acceptable to Landlord or required by law. Tenant
shall forthwith give Landlord written notice of such damage or destruction upon
the occurrence thereof and specify in such notice, in reasonable detail, the
extent thereof. Such restoration, repairs, replacements, rebuilding, changes and
alterations, including the cost of temporary repairs for the protection of the
Demised Premises, or any portion thereof, pending completion thereof are
sometimes hereinafter referred to as the "Restoration." The Restoration shall be
carried on and completed in accordance with the provisions and conditions of
this Lease including but not limited to paragraphs 5, 6, 9, and 16 hereof.
Tenant shall, at Tenant's expense, regardless of whether there are sufficient
insurance proceeds therefor, promptly commence and complete with all due
diligence the Restoration to as nearly as possible the condition which existed
prior to such damage or destruction.

         B.       All insurance moneys held by Agent, shall be applied to the
payment of the costs of the Restoration and shall be paid out from time to time
as the Restoration progresses upon the written request of Tenant, accompanied by
a certificate of the architect or a qualified professional engineer in charge of
the Restoration stating that as of the date of such certificate (a) the sum
requested is justly due to the contractors, subcontractors, materialmen,
laborers, engineers, architects, or persons, firms or corporations furnishing or
supplying work, labor, services or materials for such Restoration, or is justly
required to reimburse Tenant for any expenditures made by Tenant in connection
with such Restoration, and when added to all sums previously paid out by
Landlord does not exceed the value of the Restoration performed to the date of
such certificate by all of said parties; (b) except for the amount, if any,
stated in such certificates to be due for work, labor, services or materials,
there is no outstanding indebtedness known to the person signing such
certificate, after due inquiry, which is then due for work, labor, services or

                                       13

<PAGE>

materials in connection with such Restoration, which, if unpaid, might become
the basis of a mechanic's lien or similar lien with respect to the Restoration
or a lien upon the Demised Premises, or any portion thereof; and (c) the costs,
as estimated by the person signing such certificate, of the completion of the
Restoration required to be done subsequent to the date of such certificate in
order to complete the Restoration do not exceed the sum of the remaining
insurance moneys, remaining in the hands of Landlord or Agent, if applicable,
after payment of the sum requested in such certificate.

         As a condition to payment, Tenant shall furnish Landlord or Agent, if
applicable, at the time of any such payment with evidence reasonably
satisfactory to Landlord or Agent, if applicable, that there are no unpaid bills
in respect to any work, labor, services or materials performed, furnished or
supplied in connection with such Restoration. If the insurance moneys in the
hands of Landlord, shall be insufficient to pay the entire costs of the
Restoration, Tenant agrees to pay any deficiency promptly. Tenant shall continue
to be liable for full payment of Base Rent, Additional Rent and any other
amounts due and payable hereunder. Upon completion of the Restoration and
payment in full thereof by Tenant, Landlord or Agent, if applicable, shall
within a reasonable period of time thereafter, turn over to Tenant all insurance
moneys or other moneys then remaining upon submission of proof reasonably
satisfactory to Landlord or Agent, if applicable, that the Restoration has been
paid for in full and the damaged or destroyed Improvements repaired, restored or
rebuilt as nearly as possible to the condition they were in immediately prior to
such damage or destruction, or with such changes or alterations as may be made
in conformity with the terms hereof.

         C.       No destruction of or damage to the Demised Premises, or any
portion thereof, by fire, casualty or otherwise shall permit Tenant to surrender
this Lease or shall relieve Tenant from its liability to pay to Landlord the
Base Rent and Additional Rent payable under this Lease or from any of its other
obligations under this Lease, and Tenant waives any rights now or hereafter
conferred upon Tenant by present or future law or otherwise to quit or surrender
this Lease or the Demised Premises, or any portion thereof, to Landlord or to
any suspension, diminution, abatement or reduction of rent on account of any
such damage or destruction.

         17.      Condemnation.
                  ------------

         A.       If, during the term of this Lease, the entire Demised Premises
shall be taken as the result of the exercise of the power of eminent domain,
condemnation or a deed in lieu of the foregoing (a "Taking"), this Lease and all
right, title and interest of Tenant hereunder shall cease and come to an end on
the date of vesting of title pursuant to such Taking and Landlord shall be
entitled to and shall receive the total award made in such Taking, Tenant hereby
assigning any interest in such award, damages, consequential damages and
compensation to Landlord and Tenant hereby waiving any right Tenant has now or
may have under present or future law to receive any separate award of damages
for its interest in the Demised Premises, or any portion thereof, or its
interest in this Lease.

         In any Taking of the Demised Premises, or any portion thereof, whether
or not this Lease is terminated as in this paragraph provided, Tenant shall not
be entitled to any portion of the

                                       14

<PAGE>

award for the Taking of the Demised Premises or damage to the Improvements,
except as otherwise provided herein with respect to the restoration of the
Improvements, or for the estate or interest of Tenant therein, all such award,
damages, consequential damages and compensation being hereby assigned to
Landlord, and Tenant hereby waives any right it now has or may have under
present or future law to receive any separate award of damages for its interest
in the Demised Premises, or any portion thereof, or its interest in this Lease,
except that Tenant shall have, nevertheless, the limited right to prove in the
Taking and to receive any award which may be made for damages to or condemnation
of Tenant's movable trade fixtures and equipment, and for Tenant's relocation
costs in connection therewith.

         B.       If, less than the entire Demised Premises, but more than 15%
of the floor area of the Improvements, or more than 50% of the Land, shall be
taken in any such Taking, this Lease shall, upon vesting of title in the Taking,
terminate as to the portion of the Demised Premises so taken, and Tenant may, at
its option, terminate this Lease as to the remainder of the Demised Premises.
Tenant shall not have the right to terminate this Lease pursuant to the
preceding sentence unless (a) the business of Tenant conducted in the portion of
the Demised Premises taken cannot reasonably be carried on with substantially
the same utility and efficiency in the remainder of the Demised Premises (or any
substitute space securable by Tenant pursuant to clause [b] hereof) and (b)
Tenant cannot construct or secure substantially similar space to the space so
taken, on the Demised Premises. Such termination as to the remainder of the
Demised Premises shall be effected by notice in writing given not more than 60
days after the date of vesting of title in such Taking, and shall specify a date
not more than 60 days after the giving of such notice as the date for such
termination. Upon the date specified in such notice, the term of this Lease, and
all right, title and interest of Tenant hereunder, shall cease and come to an
end. If this Lease is terminated as in this paragraph 17B provided, Landlord
shall be entitled to and shall receive the total award made in such Taking,
Tenant hereby assigning any interest in such award, damages, consequential
damages and compensation to Landlord, and Tenant hereby waiving any right Tenant
has now or may have under present or future law to receive any separate award of
damages for its interest in the Demised Premises, or any portion thereof, or its
interest in this Lease except as otherwise provided in paragraph 17A. The right
of Tenant to terminate this Lease, as provided in this paragraph 17B, shall be
exercisable only upon condition that no Event of Default exist hereunder or
under the Note Agreement, and such termination upon Tenant's part shall become
effective only upon compliance by Tenant with all such terms, covenants and
conditions to the date of such termination. In the event that Tenant elects not
to terminate this Lease as to the remainder of the Demised Premises, the rights
and obligations of Landlord and Tenant shall be governed by the provisions of
paragraph 17C hereof.

         C.       If 15%, or less, of the floor area of the Improvements, or
50%, or less, of the Land, shall be taken in such Taking, or if more than 15% of
the floor area of the Improvements or more than 50% of the Land is taken (but
less than the entire Demised Premises), and this Lease is not terminated as in
paragraph 17B hereof provided, this Lease shall, upon vesting of title in the
Taking, terminate as to the parts so taken, and Tenant shall have no claim or
interest in the award, damages, consequential damages and compensation, or any
part thereof except as otherwise provided in paragraph 17A. Landlord shall be
entitled to and shall receive the total award made in such Taking, Tenant hereby
assigning any interest in such award, damages,

                                       15

<PAGE>

consequential damages and compensation to Landlord, and Tenant hereby waiving
any right Tenant has now or may have under present or future law to receive any
separate award of damages for its interest in the Demised Premises, or any
portion thereof, or its interest in this Lease except as otherwise provided in
paragraph 17A. The net amount of the award (after deduction of all costs and
expenses, including attorney's fees), shall be held by Landlord as trustee or so
long as the Notes remain outstanding, by Agent and applied as hereinafter
provided. Tenant, in such case, covenants and agrees, at Tenant's sole cost and
expense (subject to reimbursement to the extent hereinafter provided), promptly
to restore that portion of the Improvements on the Demised Premises not so taken
to a complete architectural and mechanical unit for the use and occupancy of
Tenant as in this Lease provided. In the event that the net amount of the award
(after deduction of all costs and expenses, including attorney's fees) is
insufficient to pay all costs of such restoration work, Tenant shall deposit
with Landlord as trustee such additional sums as may be required upon the
written request of Landlord so long as Tenant has participated in the
Proceedings; provided, however, Landlord shall retain ultimate control over any
final settlement or litigation with the condemning authority, and provided
further that notwithstanding that the net amount of the award may be
insufficient to pay all costs of the restoration work, Tenant shall continue to
be liable for payment of Base Rent, Additional Rent and any other amount due and
payable hereunder, which amounts shall not be abated except as provided in
Paragraph 17E below. The provisions and conditions in paragraph 6 applicable to
changes and alterations shall apply to Tenant's obligations to restore that
portion of the Improvements to a complete architectural and mechanical unit.
Landlord agrees in connection with such restoration work to apply so much of the
net amount of any award (after deduction of all costs and expenses, including
attorney's fees) that may be received by Landlord and held by Landlord as
trustee in any such Proceedings for physical damage to the Improvements as a
result of such taking to the costs of such restoration work thereof and the said
net award for physical damage to the Improvements as a result of such taking
shall be paid out from time to time to Tenant, or on behalf of Tenant, as such
restoration work progresses upon the written request of Tenant, which shall be
accompanied by a certificate of the architect or the registered professional
engineer in charge of the restoration work stating that (a) the sum requested is
justly due to the contractors, subcontractors, materialmen, laborers, engineers,
architects or other persons, firms or corporations furnishing or supplying work,
labor, services or materials for such restoration work or as is justly required
to reimburse Tenant for expenditures made by Tenant in connection with such
restoration work, and when added to all sums previously paid out by Landlord as
trustee does not exceed the value of the restoration work performed to the date
of such certificate; and (b) the net amount of any such award for physical
damage to the Improvements as a result of such taking remaining in the hands of
Landlord, together with the sums, if any, deposited by Tenant with Landlord as
trustee pursuant to the provisions hereof, will be sufficient upon the
completion of such restoration work to pay for the same in full. If payment of
the award for physical damage to the Improvements as a result of such taking, as
aforesaid, shall not be received by Landlord in time to permit payments as the
restoration work progresses (except in the event of an appeal of the award by
Landlord), Tenant shall not be required to proceed with any restoration work
until payment of such award is received by Landlord; provided, however, delay in
payment of such amount shall not release Tenant of its obligation to pay Base
Rent, Additional Rent and other amounts due and payable hereunder during any
such delay and there shall be no abatement of Base Rent, Additional Rent or any
other amounts except as provided in Paragraph

                                       16

<PAGE>

17E below. If Landlord appeals an award and payment of the award is delayed
pending appeal, Tenant shall, nevertheless, perform and fully pay for such work
without delay, and payment of the amount to which Tenant would have been
entitled had Landlord not appealed the award (in an amount not to exceed the net
award prior to such appeal) shall be made by Landlord to Tenant as restoration
progresses pursuant to this Paragraph 17C, in which event Landlord shall be
entitled to retain an amount equal to the sum disbursed to Tenant pursuant to
the preceding sentence out of the net award as and when payment of such award is
received by Landlord. Tenant shall also furnish Landlord as trustee with each
certificate hereinabove referred to, together with evidence reasonably
satisfactory to Landlord that there are no unpaid bills in respect to any work,
labor, services or materials performed, furnished or supplied, or claimed to
have been performed, furnished or supplied, in connection with such restoration
work, and that no liens have been filed against the Demised Premises, or any
portion thereof. Landlord as trustee shall not be required to pay out any funds
when there are unpaid bills for work, labor, services or materials performed,
furnished or supplied in connection with such restoration work, or where a lien
for work, labor, services or materials performed, furnished or supplied has been
placed against the Demised Premises, or any portion thereof. Upon completion of
the restoration work and payment in full therefor by Tenant, and upon submission
of proof reasonably satisfactory to Landlord that the restoration work has been
paid for in full and that the Improvements have been restored or rebuilt to a
complete architectural and mechanical unit for the use and occupancy of Tenant
as provided in this Lease, Landlord as trustee shall pay over to Tenant any
portion of the cash deposit furnished by Tenant then remaining; provided,
however, any other amounts awarded in such Proceedings which remain following
restoration of the Demised Premises shall be the property of Landlord and Tenant
shall have no claim thereto.

         D.       In the event of any partial termination of this Lease as a
result of any such Taking, Tenant shall pay to Landlord all Base Rent and all
Additional Rent and other charges payable hereunder with respect to that portion
of the Demised Premises so taken in such Taking with respect to which this Lease
shall have terminated justly apportioned to the date of such termination. From
and after the date of vesting of title in such Taking, Tenant shall continue to
pay the Base Rent and Additional Rent and other charges payable hereunder, as in
this Lease provided, to be paid by Tenant, subject to abatement, if any, as
provided for in paragraph 17E hereof.

         E.       In the event of a partial taking of the Demised Premises under
paragraph 17C hereof, or a partial taking of the Demised Premises under
paragraph 17B hereof, followed by Tenant's election not to terminate this Lease,
the Base Rent payable hereunder during the period from and after the date of
vesting of title in such Taking to the termination of this Lease shall not be
reduced unless Tenant shall have completed the restoration work with its own
funds in accordance with the provisions of the Lease and Landlord shall have
applied the net amount of any award to reduce the indebtedness secured by any
financing encumbering the Demised Premises, in which event Base Rent payable
hereunder shall be reduced pro rata.

         F.       THE PARTIES HERETO HEREBY ACKNOWLEDGE AND AGREE THAT
NOTWITHSTANDING ANY OTHER PROVISIONS OF THIS LEASE IT IS THE INTENT OF THE
PARTIES THAT IF AS A RESULT OF ANY TAKING THERE IS

                                       17

<PAGE>

ANY REDEMPTION OR OTHER REPAYMENT OF THE NOTES AND THE PROCEEDS RECEIVED FROM
SUCH TAKING ARE INSUFFICIENT TO PAY IN FULL ANY PRINCIPAL, INTEREST OR
MAKE-WHOLE AMOUNT, IF ANY, DUE AND PAYABLE ON THE NOTES ON ACCOUNT OF THE
TAKING, THAT THE TENANT SHALL, UPON DEMAND, PAY THE AMOUNT OF SUCH
INSUFFICIENCY.

         18.      Default by Tenant. The occurrence of any one or more of the
following events shall constitute an "Event of Default" by Tenant:

         A.       The failure by Tenant to make any payment of Base Rent,
Additional Rent or any other amount required to be paid by Tenant hereunder, and
any interest for late payment thereof, as and when due, where such failure shall
continue for a period of five (5) days.

         B.       The failure by Tenant to observe or perform any of the
covenants, conditions or provisions of paragraphs 12 or 15.

         C.       The failure by Tenant to observe or perform any of the
covenants, conditions or provisions of this Lease (except as set forth in
paragraphs 18A and 18B above) where such failure shall continue for a period of
thirty (30) days after Tenant obtains knowledge of such failure or default.

         D.       The occurrence of an Event of Default under Section 11 of the
Note Agreement.

         19.      Landlord's Remedies. Upon the occurrence of an Event of
Default, Landlord, in addition to other rights or remedies it may have, shall
have the right to terminate this Lease, or without terminating this Lease,
terminate Tenant's right to possession of the Demised Premises, and in either
event Tenant shall immediately surrender possession of the Demised Premises to
Landlord and if Tenant fails to do so, Landlord may, without prejudice to any
other remedy it may have for possession or arrearage of rentals, enter upon and
take possession of the Demised Premises and expel or remove Tenant and any other
person who may be occupying the Demised Premises or any part thereof, with or
without legal proceedings, without being liable for prosecution or any claim or
damage therefor. In such event, Landlord shall be entitled to recover from
Tenant all reasonable damages incurred by Landlord by reason of such Event of
Default, including without limitation, the cost of recovering possession of the
Demised Premises, expenses of reletting including reasonable renovation and
alteration of the Demised Premises, attorneys, fees, real estate commissions,
and any other sum of money, late charges and damages.

         If Tenant's right to possession of the Demised Premises is terminated
without termination of the Lease, Landlord shall be entitled to enforce all of
Landlord's rights and remedies under the Lease, including the right to recover
the rent as it becomes due hereunder. Should Landlord elect to relet the Demised
Premises or any part thereof, Landlord may do so for such term or terms and at
such rental or rentals and upon such other terms and conditions as Landlord may
deem appropriate. Rental and other amounts received by Landlord in connection
with such reletting shall be applied in such manner and to such parties as
Landlord shall determine. Should such rentals and other amounts received from
such reletting during any month be less than Tenant's

                                       18

<PAGE>

obligations hereunder, Tenant shall pay such deficiency to Landlord. Such
deficiency shall be calculated and paid monthly. No such reentry or taking
possession of the Demised Premises by Landlord shall be construed as an election
on its part to terminate this Lease, unless a written notice of such intention
be given to Tenant or unless the termination thereof be decreed by a court of
competent jurisdiction.

         In the event Landlord terminates this Lease in accordance herewith,
Tenant shall be liable and shall pay to Landlord, the sum of all rent and other
payments owed to date to Landlord, all sums owed to date to third parties
(including without limitation, all Impositions) hereunder accrued to the date of
such termination, all amounts required to be spent by Landlord to fulfill any of
Tenant's obligations which Tenant did not fulfill prior to termination by
Landlord, plus, an amount equal to the present value discounted at the Federal
Reserve discount rate of (i) the total rental payments hereunder for the
remaining portion of the term of the Lease, calculated as if such term the
Expiration Date, unless Tenant has extended this Lease, in which case such
calculation shall be as if the term expires on the final day of the Extension
Term then in effect, less (ii) the fair market rental value of the Demised
Premises for such remaining period. Nothing herein contained shall limit or
prejudice the right of Landlord to prove for and obtain, as damages by reason of
such expiration or termination, an amount equal to the maximum allowed by any
statute or rule of law in effect at the time when, and governing the proceedings
in which, such damages are to be proved, whether or not such amount be greater,
equal to or less than the amount of the difference referred to above.
Notwithstanding the foregoing, Landlord and Tenant agree that it is extremely
difficult and impractical to establish the amount of damages Landlord would
sustain upon an Event of Default. The parties hereby agree that a reasonable
estimate of such other amounts necessary to compensate Landlord in such event
and not otherwise included herein is the sum of the principal amount of the
Notes then outstanding plus interest accrued thereon together with the Make
Whole Amount, less the amounts set forth above in this paragraph (the
"Liquidated Damages"). Landlord shall be entitled such Liquidated Damages from
Tenant not as a penalty but as liquidated damages.

         In addition to the aforesaid remedies, Landlord shall be entitled to
pursue any other remedy now or hereafter available to Landlord at equity or
under the laws or judicial decisions of the state where the Demised Premises is
located or by statute or otherwise. All rights and remedies of Landlord herein
enumerated shall be cumulative, and the exercise or the commencement of the
exercise by Landlord of any one or more of such rights or remedies should not
preclude the simultaneous or later exercise by Landlord of any or all other
rights or remedies. Tenant shall pay, upon demand, all of Landlord's costs,
including reasonable attorneys' fees and court costs, incident to the
enforcement of Tenant's obligations hereunder. A receipt by Landlord of rent
with knowledge of the breach of any covenant hereof shall not be deemed a waiver
of such breach, and no waiver by Landlord of any provisions of this Lease shall
be deemed to have been made unless expressed in writing and signed by Landlord.
Without limiting the generality of the foregoing, no failure by Landlord to
insist upon the performance of any of the terms of this Lease or to exercise any
right or remedy consequent upon a breach thereof shall constitute a waiver of
such breach or any of the terms of this Lease, and no express waiver shall
affect any default other than the default specified in the express waiver and
that only

                                       19

<PAGE>

for the time and to the extent therein stated. One or more waivers by Landlord
shall not be construed as a waiver of a subsequent breach of the same covenant,
term or condition. In addition to other remedies in this Lease provided,
Landlord shall be entitled to seek a restraint by injunction of the violation or
attempted or threatened violation of the covenants, conditions and provisions of
this Lease.

         20.      Notices. All notices shall be sent by registered mail, return
receipt requested personal delivery, or by recognized overnight courier
providing proof of delivery, to the following addresses:

         To Landlord:                          To Tenant:

         Hewitt Properties II LLC              Hewitt Associates LLC
         100 Half Day Road                     100 Half Day Road
         Lincolnshire, Illinois 60069          Lincolnshire, Illinois 60069
         Attn.: Gerald I. Wilson               Attn: John M. Ryan

         Any notice shall be deemed to have been given five (5) days after the
date deposited in the United States mail, on the date of personal delivery, or
on the first business day after sending when delivery by recognized overnight
courier providing proof of delivery, in the manner aforesaid. Either party, by
notice to the other, shall have the right to change the addresses for notice(s)
to be sent to such party, and to add or substitute entities to which a copy of
any notice shall be sent by the other party.

         21.      Brokerage. Landlord and Tenant acknowledge that no real estate
broker brought about this lease transaction. Landlord hereby indemnifies Tenant
against claims for brokerage fees, commissions or similar compensation by any
party claiming by, through or under Landlord in connection with this Lease, and
Tenant hereby indemnifies Landlord against claims for brokerage fees,
commissions or similar compensation by any party claiming by, through or under
Tenant in connection with this Lease.

         22.      Estoppel. Landlord and Tenant shall, at any time upon not less
than twenty (20) days prior written notice, execute and deliver to a prospective
new landlord, lender, or assignee or subtenant of Tenant, as the case may be, a
statement in writing (i) certifying that this Lease is unmodified and in full
force and effect (or if modified, stating the nature of such modification and
certifying that this Lease, as so modified, is in full force and effect) and the
date to which the rent and other charges are paid in advance, if any, and (ii)
acknowledging that there are not, to the party's knowledge, any uncured defaults
on the part of the other party hereunder, or so specifying such defaults if any
are claimed, and (iii) other reasonable requests that relate to the Lease.

                                       20

<PAGE>

         23.      Hazardous Substances.
                  --------------------

         A.       For purposes hereof, "Hazardous Substance" means:

                  (i)      "Hazardous Substances" as defined by the
         Comprehensive Environmental Response, Compensation and Liability Act
         ("CERCLA"), 42 U.S.C. ss.9601 et. seq., as amended, and all regulations
         promulgated thereunder, the Federal Clean Air Act, as amended (42
         U.S.C. ss.7401 et. seq.) and the Federal Water Pollution Control Act
         ("FWPCA"), 33 U.S.C. ss.1317 et. seq. as amended and all regulations
         promulgated thereunder;

                  (ii)     "Hazardous Waste" as defined by the Resource
         Conservation and Recovery Act ("RCRA"), 42 U.S.C. ss.6602 et. seq. as
         amended and all regulations promulgated thereunder;

                  (iii)    Any pollutant or contaminant or hazardous, dangerous
         or toxic chemicals, materials or substances within the meaning of any
         other applicable federal, state or local law, regulation, ordinance or
         requirement (including consent decrees and administrative orders)
         relating to or imposing liability or standards of conduct concerning
         any hazardous, toxic or dangerous waste, substance or material, all as
         amended or hereafter amended;

                  (iv)     Gas, gasoline, oil or other petroleum products;

                  (v)      Any radioactive material, including any source,
         special nuclear or by-product material as defined in 42 U.S.C. ss.2011
         et. seq. as amended or hereafter amended, and all regulations
         promulgated thereunder;

                  (vi)     Asbestos; and

                  (vii)    Anything defined as a hazardous, toxic or radioactive
         material, waste or substance or the use, transportation or disposal of
         which is regulated under applicable law or rules and regulations issued
         pursuant thereof;

(all of the foregoing statutes, laws, ordinance, rules, regulations, and common
law theories being sometimes hereinafter collectively referred to as
"Environmental Laws").

         B.       Tenant shall not allow any Hazardous Substance to be located
on the Demised Premises and shall not conduct or authorize the generation,
transportation, storage, treatment, release or disposal at the Demised Premises,
of any Hazardous Substance other than in quantities incidental to the conduct of
Tenant's Use and in compliance with Environmental Laws; provided, however,
nothing herein contained shall permit Tenant to allow any so-called "acutely
hazardous", "ultra-hazardous", "imminently hazardous chemical substance or
mixture" or comparable Hazardous Substance to be located on or about the Demised
Premises.

                                       21

<PAGE>

         C.       If the presence, release, threat of release, placement on or
in the Demised Premises, or the generation, transportation, storage, treatment,
or disposal at the Demised Premises of any Hazardous Substances as a result of
Tenant's operations at the Demised Premises: (i) gives rise to liability
(including, but not limited to, a response action, remedial action, or removal
action) under Environmental Laws, (ii) causes or threatens to cause a
significant public health effect, or (iii) pollutes or threatens to pollute the
environment, Tenant shall promptly take any and all remedial and removal action
necessary to clean up the Demised Premises and mitigate exposure to liability
arising from the hazardous substance, whether or not required by law.

         D.       Tenant shall indemnify, defend and hold Landlord harmless from
all damages, costs, losses, expenses (including, but not limited to, actual
attorneys fees and engineering fees) arising from or attributable to the
existence of any Hazardous Substances at the Demised Premises as a result of
Tenant's operations at the Demised Premises, and (ii) any breach by Tenant of
any of its covenants contained herein.

         E.       Upon request by Landlord during the term of this Lease, Tenant
shall undertake and submit to Landlord an environmental audit from an
environmental consulting firm reasonably acceptable to Landlord which audit
shall evidence Tenant's compliance herewith. Tenant shall bear the cost of such
environmental audit.

         F.       Landlord or Tenant shall give the other prompt written notice
upon discovery of any Hazardous Substance at or adjacent to the Demised
Premises. Landlord and Tenant's obligations hereunder shall survive termination
of the Lease.

         24.      Surrender.
                  ---------

         A.       Upon any termination or expiration of this Lease, Tenant shall
surrender the Demised Premises in the same condition as existed at the Rent
Commencement Date, except for normal wear and tear and damage caused by the fire
or other casualty subject to the terms of this Lease; provided, however, that
nothing in this paragraph is intended to change or diminish Tenant's obligations
under any other part of this Lease. Any damage to the Demised Premises resulting
from the removal of such Alterations shall be repaired by Tenant at Tenant's
expense. If the Demised Premises be not surrendered as above set forth, Tenant
shall indemnify, defend and hold Landlord harmless against loss or liability
resulting from the delay by Tenant in so surrendering the Demised Premises,
including, without limitation any claim made by any succeeding occupant founded
on such delay.

         All property of Tenant not removed on or before the last day of the
term of this Lease shall be deemed abandoned. Tenant shall reimburse Landlord
upon demand for any expenses incurred by Landlord with respect to removal,
storage or disposal of abandoned property and with respect to restoring said
Demised Premises to good order, condition and repair.

         25.      Liens. Tenant has no authority, express or implied, to create
or place any lien or encumbrance of any kind or nature whatsoever upon, or in
any manner to bind the interest of

                                       22

<PAGE>

Landlord or Tenant in the Demised Premises, or to charge the rentals payable
hereunder for any claim in favor of any person dealing with Tenant, including
those who furnish materials or perform labor for any construction or repairs,
and Tenant covenants and agrees that it shall not mortgage, encumber or pledge
this Lease or any interest therein. The preceding sentence shall not be
construed as prohibiting Tenant from making alterations as provided above or
from permitting any other mechanics or materialmen's lienable work to be
performed as long as such work is not prohibited by this Lease. Tenant agrees to
indemnify and hold Landlord harmless from any lien filed against the Demised
Premises on account of work performed by or on behalf of Tenant and from any and
all losses, costs, damages, expenses, liabilities, suits, penalties, claims and
damages (including attorney fees) arising from or relating to such lien. After
Tenant's receipt of notice or actual knowledge of the placing of any lien or
encumbrance against the Demised Premises, Tenant shall immediately give Landlord
written notice thereof. Tenant shall within ten (10) days therefrom remove such
lien by payment.

         If Tenant shall fail to discharge such mechanic's lien within such
period, then, in addition to any other right or remedy of Landlord, Landlord
may, but shall not be obligated to, discharge the same by paying to the claimant
the amount claimed to be due by procuring the discharge of such lien as to the
Demised Premises by deposit in the court having jurisdiction of such lien, a
cash sum sufficient to secure the discharge of the same, or by the deposit of a
bond or other security with such court sufficient in form, content and amount to
procure the discharge of such lien, or in such other manner as is now or may in
the future be provided by present or future law or the discharge of such lien as
a lien against the Demised Premises. Any amount paid by Landlord, or the value
of any deposit so made by Landlord, together with all costs, fees and expenses
in connection therewith (including attorneys' fees of Landlord), together with
interest thereon at the Default Rate, shall be Additional Rent payable on demand
by Landlord.

         26.      Interest. Base Rent, Additional Rent and any other amounts due
Landlord hereunder, if not paid when due, and any other charges payable by
Tenant hereunder not paid when due, including any charges, expenses, liabilities
or fees in connection with a default by Tenant, shall accrue interest (the
"Default Rate") at the greater of (a) the rate of prime (as published in the
Wall Street Journal) plus two percent (2%) per annum or, so long as the Notes
are outstanding, (b) the default rate set forth in the Note Agreement from the
due date until paid, and to be paid to Landlord by Tenant upon demand.

         27.      Inspections. Landlord, its agents, employees, contractors,
lenders or prospective lenders, may, after providing Tenant with at least
twenty-four (24) hours prior notice except in an emergency situation, enter the
Demised Premises during business hours (except in an emergency situation), to
(a) exhibit the Demised Premises to prospective purchasers or lenders and
perform due diligence in connection therewith; (b) inspect the Demised Premises
to see that Tenant is complying with its obligations hereunder; and (c) exhibit
the Demised Premises during the last twelve (12) months of the term to
prospective tenants.

         28.      Transfer of Landlord's Interest. Tenant acknowledges that
Landlord has the right to transfer its interest in the Demised Premises without
the consent of Tenant and in this Lease, and Tenant agrees that in the event of
any such transfer Landlord shall automatically be

                                       23

<PAGE>

released from all liability under this Lease and Tenant agrees to look solely to
such transferee for the performance of Landlord's obligations hereunder;
provided, however, any such transferee shall be deemed to have assumed the
obligations of Landlord hereunder subject to the conditions and limitations
herein contained. Tenant agrees to look solely to Landlord's interest in the
Demised Premises for the recovery of any judgment from Landlord, it being agreed
that Landlord, or if Landlord is a partnership, its partners whether general or
limited, or if Landlord is a corporation, its directors, officers or
shareholders, or if Landlord is a limited liability company, its members or
managers, shall never be personally liable for such judgment.

         29.      Indemnity.
                  ---------

         A.       To the fullest extent allowed by law, Tenant shall at all
times indemnify, defend and hold harmless Landlord and any person claiming by or
through Landlord from and against any and all claims by or on behalf of any
person, firm or corporation, arising from the conduct or management of the
Demised Premises, or from any work or things whatsoever done in or about the
Demised Premises, and will further indemnify, defend and hold Landlord and any
person claiming by or through Landlord harmless against and from any and all
claims arising during the term of this Lease, or arising from any breach or
default on the part of Tenant in the performance of any covenant or agreement on
the part of Tenant to be performed, pursuant to the terms of this Lease, or
arising from, any act or negligence of Tenant, its agents, servants, employees
or licensees, or arising from any accident, injury or damage whatsoever caused
to any person, firm or corporation occurring during the term of this Lease, in
or about the Demised Premises or upon the sidewalk and the land adjacent
thereto, and from and against all costs, attorneys' fees, expenses and
liabilities incurred in or about any such claim or action or proceeding brought
thereon; and in case any action or proceeding be brought against Landlord by
reason of any such claim, Tenant, upon notice from Landlord, covenants to defend
such action or proceeding by counsel reasonably satisfactory to Landlord.

         B.       Landlord shall protect, indemnify and hold Tenant harmless
from and against any and all loss, claims, liability or costs (including court
costs and attorneys' fees) incurred by reason of: (a) any damage to any property
or any injury to any person occurring in or on the Demised Premises to the
extent that such injury or damage shall be caused by the gross negligence or
willful misconduct of Landlord or its agents, servants or employees; provided,
however, that such indemnification shall be limited to the extent of the sum of:
(i) amounts of insurance proceeds recovered by Landlord under insurance policies
carried by Landlord for such injury or damage, after deductibles, or insurance
proceeds that would have been received in the event Landlord had not elected to
self-insure, and (ii) the deductible amounts for such claims under such
insurance policies.

         The provisions of this paragraph shall survive the termination of this
Lease with respect to any claims or liability occurring prior to such
termination.

         30.      Modification of Lease. The terms, covenants and conditions of
this Lease may not be changed orally but only by an instrument in writing signed
by Landlord and Tenant and consented to by mortgagee. The failure of either
party hereto to insist in any one or more cases

                                       24

<PAGE>

upon the strict performance of any term, covenant or condition of this Lease to
be performed or observed by the other party hereto shall not constitute a waiver
of relinquishment for the future of any such term, covenant or condition.

         31.      Choice of Law and Interpretation. This Lease shall be governed
by the internal law of the State in which the Demised Premises is situated,
without considering such state's choice of law rules.

         32.      Independent Covenant; Net Lease. It is the express intent of
Landlord and Tenant that (a) the obligations of Landlord and Tenant hereunder
shall be separate and independent covenants and agreements and that the Base
Rent and Additional Rent, and all other charges and sums payable by Tenant
hereunder, shall commence at the times provided herein and shall continue to be
payable in all events; (b) all costs or expenses of whatsoever character or
kind, general or special, ordinary or extraordinary, foreseen or unforeseen, and
of every kind and nature whatsoever that may be necessary or required in and
about the Demised Premises, or any portion thereof, and Tenant's possession or
authorized use thereof during the term of this Lease, shall be paid by Tenant
and all provisions of this Lease are to be interpreted and construed in light of
the intention expressed in this paragraph; (c) the Base Rent shall be absolutely
net to Landlord so that this Lease shall yield net to Landlord the Base Rent
during the term of this Lease; (d) all Impositions, insurance premiums, utility
expenses, repair and maintenance expenses, and all other costs, fees, interest,
charges, expenses, reimbursements and obligations of every kind and nature
whatsoever relating to the Demised Premises, or any portion thereof, which may
arise or become due during the term of this Lease, or any extension or renewal
thereof, shall be paid or discharged by Tenant as "Additional Rent."

         33.      Entry by Landlord. Tenant agrees to permit Landlord or
Landlord's mortgagee and authorized representatives of Landlord or Landlord's
mortgagee to enter upon the Demised Premises at all reasonable times during
ordinary business hours for the purpose of inspecting the same and making any
necessary repairs to comply with any laws, ordinances, rules, regulations or
requirements of any public body, or the Board of Fire Underwriters, or any
similar body. Nothing herein contained shall imply any duty upon the part of
Landlord to do any such work which, under any provision of this Lease, Tenant
may be required to perform and the performance thereof by Landlord shall not
constitute a waiver of Tenant's default in failing to perform the same. Landlord
may, during the progress of any work, keep and store upon the Demised Premises
all necessary materials, tools and equipment. Landlord shall not in any event be
liable for inconvenience, annoyance, disturbance, loss of business or other
damage to Tenant by reason of making repairs or the performance of any work in
or about the Demised Premises, or on account of bringing material, supplies and
equipment into, upon or through the Demised Premises during the course thereof,
and the obligations of Tenant under this Lease shall not be thereby affected in
any manner whatsoever.

         34.      Survival of Obligations. All obligations of Tenant hereunder
not fully performed as of the expiration or earlier termination of the term of
this Lease shall survive the expiration or earlier termination of the term
hereof.

                                       25

<PAGE>

         35.      Option to Purchase Demised Premises.
                  -----------------------------------

         Tenant (but not any subtenant or assignee of Tenant) shall have the
option to purchase the Demised Premises (the "Option") as hereinafter provided.

         A.       Tenant shall have the option to purchase the Demised Premises
at an option price (the "Option Price") equal to the greater of (x) the then
outstanding principal amount of the Notes plus accrued interest thereon through
the date of purchase of the Demised Premises together with the Make Whole
Amount, if any or (y) the fair market value of the Demised Premises. Tenant may
only exercise the Option if the Lease is in full force and effect and no
defaults or Events of Default exist at the time Tenant notifies Landlord of the
exercise of the Option and at the time set for closing of the Option. Tenant
shall signify its intent to exercise the Option by delivering to Landlord its
written notice of its exercise of the Option, not later than 60 days prior to
the date stated in such notice as the closing date for such Option (the
"Notice").

         B.       "Fair Market Value" shall be determined by mutual agreement of
Landlord and Tenant prior to the delivery of any Notice or if they have not so
agreed at the time of delivery of any such Notice, Fair Market Value shall be
determined by appraisal as provided herein.

                  (i)      Either party may, by notice to the other, appoint a
         disinterested appraiser. Within 10 days after the service of such
         notice, the other party may in like manner appoint a disinterested
         appraiser and give notice thereof to the party appointing the first
         appraiser. In case of the failure of the other party so to appoint a
         second appraiser, the first appraiser shall be the sole appraiser and
         shall determine the Fair Market Value. If two appraisers are so
         appointed by the parties, they shall promptly attempt to determine the
         Fair Market Value. If the two appraisers are unable to agree on the
         Fair Market Value within 20 days after the second appraiser has been
         appointed, they shall select and appoint in writing a third
         disinterested appraiser and give notice thereof to both parties.

                  (ii)     Within 15 days after the selection and appointment of
         the third appraiser, the three appraisers shall meet and attempt to
         determine the Fair Market Value. The decision of a majority of the
         appraisers shall determine the Fair Market Value. If a majority of the
         three appraisers are unable to agree on the Fair Market Value within
         said 15-day period, the three appraisers each shall promptly prepare an
         appraisal of the Fair Market Value and the three appraisals shall be
         added together and their total being divided by three with the
         resulting quotient being the Fair Market Value. If, however, the low
         appraisal and/or high appraisal varies by more than ten percent (10%)
         from the middle appraisal, the appraisal or appraisals so varying shall
         be disregarded. If only one appraisal is disregarded, the remaining
         appraisals shall be added together and their total divided by two with
         the resulting quotient being the Fair Market Value. If both the low
         appraisal and the high appraisal are disregarded, the middle appraisal
         shall establish the Fair Market Value.

                  (iii)    Each of the parties shall pay for its own appraiser's
         fees and the parties will each pay half of the fees of the third
         appraiser and all other costs of appraisals.

                                       26

<PAGE>

                  (iv)     To be qualified to act as an appraiser under this
         paragraph, a person must be a member of the American Institute of Real
         Estate Appraisers (or if such institute is not in existence at the time
         in question, a member of successor or similar organization) and must
         have minimum of 10 years recent experience in real estate appraisal
         specializing in commercial office buildings in the suburban Chicago,
         Illinois.

                  (v)      After the Fair Market Value has been determined, the
         appraisers shall immediately notify the parties and the closing on the
         sale shall occur on the next rent payment date not less than 60 days
         from the date of such notification.

         C.       Upon the date fixed for any purchase, Tenant shall pay to
Landlord, in lawful money of the Untied States, by wire transfer of immediately
available funds or as otherwise directed by Landlord, the purchase price
therefor specified herein together with all Base Rent, Additional Rent and other
sums then due and payable hereunder to and including such date of purchase, and
Landlord shall deliver to Tenant a special warranty deed, and any other
instruments reasonably necessary to convey the title thereto and to assign any
other property then required to be assigned pursuant hereto. Tenant shall pay
all charges incident to such conveyance and assignment, including reasonable
counsel fees, escrow fees, recording fees, title insurance premiums and all
applicable taxes that may be imposed by reason of such conveyance and assignment
and the delivery of said deed and other instruments.

         36.      No Merger. There shall be no merger of this Lease or the
leasehold estate created hereby with the fee estate in the Land and Demised
Premises by reason that the same person or entity may acquire, hold or own such
estates directly or indirectly.

                                       27

<PAGE>

         IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Lease
as of the day and year first above written.

                                            LANDLORD:

                                            HEWITT PROPERTIES II LLC

                                            By: /s/ C.L. Connolly III
                                                --------------------------------

                                            Title: Chief Executive
                                                   -----------------------------

                                            TENANT:

                                            HEWITT ASSOCIATES LLC

                                            By: /s/ John M. Ryan
                                                --------------------------------

                                            Title: Chief Administrative Officer
                                                   -----------------------------

                                       28

<PAGE>

                                    EXHIBIT A

                                Legal Description

                                  See Attached

PIN:  15-22-403-020
      15-22-403-021

Address:  Lots 1 and 2 in Lincolnshire Corporate Center.

<PAGE>

THE LAND REFERRED TO IN THIS POLICY IS DESCRIBED AS FOLLOWS:

PARCEL 1: THAT PART OF LOTS 1 AND 2 IN LINCOLNSHIRE CORPORATE CENTER UNIT 3,
BEING A SUBDIVISION OF PART OF SECTIONS 22 AND 27, TOWNSHIP 43 NORTH, RANGE 11,
EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED
OCTOBER 3, 1985 AS DOCUMENT 2388875, AND AMENDED BY LETTERS OF AMENDMENT
RECORDED NOVEMBER 14, 1986 AS DOCUMENT 2505119 AND NOVEMBER 21, 1986 AS DOCUMENT
2507771, IN LAKE COUNTY, ILLINOIS, DESCRIBED AS FOLLOWS:

THAT PART OF SAID LOTS 1 AND 2 IN THE AFOREMENTIONED LINCOLNSHIRE CORPORATE
CENTER UNIT 3 LYING EASTERLY AND NORTHERLY OF THE FOLLOWING DESCRIBED LINE:
BEGINNING AT A POINT ON THE NORTH LINE OF SAID LOT 2, A DISTANCE OF 7.00 FEET
WESTERLY OF THE NORTHEAST CORNER THEREOF; THENCE SOUTH 02 DEGREES 08 MINUTES 57
SECONDS WEST PARALLEL WITH THE WEST LINE OF SAID LOT 2, A DISTANCE OF 294.00
FEET; THENCE SOUTH 87 DEGREES 51 MINUTES 03 SECONDS EAST PARALLEL WITH THE NORTH
LINE OF LOTS 1 AND 2, A DISTANCE OF 173.00 FEET; THENCE SOUTH 02 DEGREES 08
MINUTES 57 SECONDS WEST, 166.85 FEET; THENCE NORTH 87 DEGREES 51 MINUTES 03
SECONDS WEST PARALLEL WITH THE NORTH LINE OF LOTS 1 AND 2, A DISTANCE OF 20.16
FEET; THENCE SOUTH 02 DEGREES 12 MINUTES 15 SECONDS WEST, 134.83 FEET; THENCE
SOUTH 47 DEGREES 08 MINUTES 56 SECONDS WEST, 17.87 FEET; THENCE SOUTH 43 DEGREES
06 MINUTES 17 SECONDS EAST, 11.86 FEET; THENCE SOUTH 46 DEGREES 31 MINUTES 18
SECONDS WEST, 12.01 FEET; THENCE SOUTH 42 DEGREES 51 MINUTES 04 SECONDS EAST,
17.77 FEET; THENCE SOUTH 02 DEGREES 12 MINUTES 15 SECONDS WEST, 59.59 FEET;
THENCE SOUTH 47 DEGREES 08 MINUTES 56 SECONDS WEST, 19.45 FEET; THENCE SOUTH 02
DEGREES 12 MINUTES 15 SECONDS WEST, 32.17 FEET; THENCE SOUTH 42 DEGREES 51
MINUTES 04 SECONDS EAST, 156.36 FEET; THENCE SOUTH 13 DEGREES 12 MINUTES 52
SECONDS EAST, 158.99 FEET TO THE SOUTH LINE OF SAID LOT 1.

PARCEL 2: EASEMENT FOR THE BENEFIT OF PARCEL ONE OVER THOSE PORTIONS OF LOTS 1
AND 2 IN LINCOLNSHIRE CORPORATE CENTER UNIT 3, AFORESAID, LYING WESTERLY AND
SOUTHERLY OF THE AFOREDESCRIBED LINE, AS CREATED BY THE RECIPROCAL EASEMENT AND
SHARED FACILITIES OPERATING AGREEMENT DATED JULY 31, 1998 AND RECORDED - AS
DOCUMENT -, BY AND BETWEEN HEWITT PROPERTIES I LLC, AN ILLINOIS LIMITED
LIABILITY COMPANY, AND HEWITT PROPERTIES II LLC, AN ILLINOIS LIMITED LIABILITY
COMPANY, FOR THE FOLLOWING DESCRIBED PURPOSES: AN EASEMENT TO USE THAT PORTION
OF THE COMMON AREA, AS DEFINED THEREIN AND DEPICTED ON THE SITE PLAN ATTACHED AS
EXHIBIT "C", CONSISTING OF DRIVEWAYS AND TRAFFIC LANES TO PROVIDE UNINTERRUPTED
PASSAGE BY MOTOR VEHICLES FOR INGRESS AID EGRESS BETWEEN THE ENTRANCES AND
EXITS; AN EASEMENT TO USE THAT PORTION OF THE AFORESAID COMMON AREA, CONSISTING
OF SIDEWALKS AND EXTERIOR WALKWAYS; EASEMENT TO THE PARKING FACILITIES AND SUCH
PORTIONS OF THE AFORESAID COMMON AREA CONSISTING OF MARKED PARKING SPACES AND
TRAFFIC LANES; EASEMENT TO

                                       A-1

<PAGE>

USE THE LOADING DOCK AREA, AS DEFINED THEREIN AND DEPICTED ON THE SITE PLAN
ATTACHED AS EXHIBIT "C"; EASEMENT FOR MAINTENANCE, REPAIR AND RECONSTRUCTION OF
THE COMMON BUILDING COMPONENTS, AS DEFINED THEREIN; EASEMENTS IN THOSE PORTIONS
OF THE BASEMENT OF THE PAVILION, THE LOADING DOCK AREA AND THE TECHNOLOGY
BUILDING WHERE CHILLERS, SHARED FACILITIES AND PIPES SERVING SUCH FACILITIES ARE
CURRENTLY LOCATED FOR THE PURPOSE OF CONNECTING ANY AND ALL OF THE PIPE(S) FOR
SHARED FACILITIES AND/OR MAINTAINING, REPAIRING AND REPLACING EXISTING SHARED
FACILITIES, AS DEFINED THEREIN; AND EASEMENT FOR BUILDING ENCROACHMENTS OVER THE
COMMON AREA AND THE COMMON BUILDING COMPONENTS, IN LAKE COUNTY, ILLINOIS.

                                      A-2

<PAGE>

                                    EXHIBIT B

                                    Site Plan

                                     [chart]

<PAGE>

                                    EXHIBIT C

                      Description of Plans, Specifications
                           and Construction Contracts

                                      None

<PAGE>

                                    EXHIBIT D
                                Schedule of Rents

                            HEWITT PROPERTIES II LLC
                      MORTGAGE STYLE AMORTIZATION SCHEDULE
                             August 19, 1998 Closing

        PRINCIPAL                  $45,000,000  Treasury Average       5.600%
        ANNUAL INTEREST                 6.7300%           Spread        1.13%
        PAYMENT PER PERIOD         $341,628.94        BEY Spread        1.22%
        PERIODS PER YEAR                    12          Treasury        11/11
        TERM (PERIODS)                     240
        AVERAGE LIFE (PERIODS)           13.49
        DURATION (PERIODS)              101.42              8.45(years)

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
                          APPLIED TO                  NEW                        PRESENT                           YEAR-WEIGHT
       DATE       PMT     INTEREST    PRINCIPAL     BALANCE       PAYMENT         VALUE     PROPORTION  DURATION    PRINCIPAL
-------------------------------------------------------------------------------------------------------------------------------
  <S>            <C>      <C>         <C>        <C>            <C>            <C>          <C>        <C>        <C>
  19-Aug-1998        0                           45,000,000.00
     Aug-1998     0.37     92,537.30       0.00  45,000,000.00  $ 92,537.50     92,347.93     0.0021    0.0008           0.00
     Sep-1998     1.37    252,375.00       0.00  45,000,000.00   252,375.00    250,453.37     0.0056    0.0076           0.00
     Oct-1998     2.37    252,375.00       0.00  45,000,000.00   252,375.00    249,056.58     0.0055    0.0131           0.00
     Nov-1998     3.37    252,375.00       0.00  45,000,000.00   252,375.00    247,667.58     0.0055    0.0185           0.00
     Dec-1998     4.37    252,375.00       0.00  45,000,000.00   252,375.00    246,286.32     0.0055    0.0239           0.00
     Jan-1999     5.37    252,375.00       0.00  45,000,000.00   252,375.00    244,912.77     0.0054    0.0292           0.00
     Feb-1999     6.37    252,375.00       0.00  45,000,000.00   252,375.00    243,546.88     0.0054    0.0345           0.00
     Mar-1999     7.37    252,375.00       0.00  45,000,000.00   252,375.00    242,188.60     0.0054    0.0396           0.00
     Apr-1999     8.37    252,375.00       0.00  45,000,000.00   252,375.00    240,837.90     0.0054    0.0448           0.00
     May-1999     9.37    252,375.00       0.00  45,000,000.00   252,373.00    239,494.74     0.0053    0.0499           0.00
     Jun-1999    10.37    252,375.00       0.00  45,000,000.00   252,375.00    238,159.06     0.0053    0.0549           0.00
     Aug-1999    11.37    252,375.00       0.00  45,000,000.00   252,375.00    236,830.84     0.0053    0.0598           0.00
     Aug-1999    12.37    252,375.00       0.00  45,000,000.00   252,375.00    235,510.02     0.0052    0.0647           0.00
     Sep-1999    13.37    252,375.00       0.00  45,000,000.00   252,375.00    234,196.57     0.0052    0.0696           0.00
     Oct-1999    14.37    252,375.00       0.00  45,000,000.00   252,375.00    232,890.44     0.0052    0.0744           0.00
     Nov-1999    15.37    252,375.00       0.00  45,000,000.00   252,375.00    231,591.60     0.0051    0.0791           0.00
     Dec-1999    16.37    252,375.00  89,253.94  44,910,746.06   341,628.94    311,746.97     0.0069    0.1134   1,460,789.42
     Jan-2000    17.37    251,874.43  89,754.50  44,820,991.56   341,628.94    310,008.34     0.0069    0.1196   1,558,736.52
     Feb-2000    18.37    251,371.06  90,257.88  44,730,733.69   341,628.94    308,279.41     0.0069    0.1258   1,657,736.30
     Mar-2000    19.37    250,864.86  90,764.07  44,639,969.62   341,628.94    306,560.12     0.0068    0.1319   1,757,797.51
     Apr-2000    20.37    230,335.83  91,273.11  44,548,696.51   341,628.94    304,850.42     0.0068    0.1380   1,858,928.93
     May-2000    21.37    249,843.94  91,785.00  44,456,911.51   341,628.94    303,150.25     0.0067    0.1439   1,961,139.47
     Jun-2000    22.37    749,329.18  92,299.76  44,364,611.76   341,628.94    301,459.56     0.0067    0.1498   2,064,437.91
     Aug-2000    23.37    248,811.53  92,817.41  44,271,794.35   341,628.94    299,778.31     0.0067    0.1557   2,168,833.37
     Aug-2000    24.37    248,290.98  93,337.96  44,178,456.39   341,628.94    298,106.43     0.0066    0.1614   2,274,334.86
     Sep-2000    25.37    247,767.51  93,861.43  44,084,594.97   341,628.94    296,443.87     0.0066    0.1671   2,380,951.52
     Oct-2000    26.37    247,241.10  94,387.83  43,990,207.14   341,628.94    294,790.59     0.0066    0.1727   2,488,692.52
     Nov-2000    27.37    246,711.75  94,917.19  43,895,289.94   341,628.94    293,146.52     0.0065    0.1783   2,597,567.13
     Dec-2000    28.37    246,179.42  95,449.52  43,799,840.43   341,628.94    291,511.63     0.0065    0.1838   2,707,584.67
     Jan-2001    29.37    245,644.11  95,984.83  43,703,855.60   341,628.94    289,885.85     0.0064    0.1892   2,818,754.54
     Feb-2001    30.37    245,105.79  96,523.15  43,607,332.45   341,628.94    288,269.14     0.0064    0.1945   2,931,086.20
     Mar-2001    31.37    244,564.46  97,064.48  43,510,267.97   341,628.94    286,661.45     0.0064    0.1998   3,044,589.19
     Apr-2001    32.37    244,020.09  97,608.85  43,412,659.12   341,628.94    285,062.72     0.0063    0.2050   3,159,273.11
     May-2001    33.37    243,472.66  98,156.27  43,314,502.85   341,628.94    283,472.91     0.0063    0.2102   3,275,147.64
     Jun-2001    34.37    242,922.17  98,706.77  43,215,796.08   341,628.94    281,891.97     0.0063    0.2153   3,392,222.37
     Aug-2001    35.37    242,368.59  99,260.35  43,116,535.73   341,628.94    280,319.84     0.0062    0.2203   3,510,507.58
     Aug-2001    36.37    241,811.90  99,817.03  43,016,718.70   341,628.94    278,756.48     0.0062    0.2253   3,630,012.71
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
                          APPLIED TO                  NEW                        PRESENT                           YEAR-WEIGHT
       DATE       PMT     INTEREST    PRINCIPAL     BALANCE       PAYMENT         VALUE     PROPORTION  DURATION    PRINCIPAL
-------------------------------------------------------------------------------------------------------------------------------
  <S>            <C>      <C>         <C>        <C>            <C>            <C>          <C>         <C>       <C>
     Sep-2001    37.37    241,252.10  100,376.84  42,916,341.86  341,628.94    277,201.84     0.0062      0.2302   3,750,747.87
     Oct-2001    38.37    240,689.15  100,939.79  42,815,402.08  341,628.94    275,655.87     0.0061      0.2350  38,727,233.10
     Nov-2001    39.37    240,123.05  101,505.89  42,713,896.19  341,628.94    274,118.52     0.0061      0.2398   3,995,948.51
     Dec-2001    40.37    239,553.77  102,075.17  42,611,821.02  341,628.94    272,589.75     0.0061      0.2445   4,120,434.29
     Jan-2002    41.37    238,981.30  102,647.64  42,509,173.38  341,628.94    271,069.50     0.0060      0.2492   4,246,190.70
     Feb-2002    42.37    238,405.61  103,223.32  42,405,950.06  341,628.94    269,557.73     0.0060      0.2538   4,373,228.08
     Mar-2002    43.37    237,826.70  103,802.23  42,302,147.83  341,628.94    268,054.39     0.0060      0.2583   4,501,556.83
     Apr-2002    44.37    237,744.55  104,384.39  42,197,763.44  341,628.94    266,559.44     0.0059      0.2628   4,631,187.45
     May-2002    43.37    236,659.12  104,969.81  42,092,793.62  341,628.94    265,072.82     0.0059      0.2672   4,762,130.51
     Jun-2002    46.37    236,070.42  105,558.32  41,987,235.10  341,628.94    263,594.50     0.0059      0.2716   4,894,396.64
     Aug-2002    47.37    275,478.41  106,150.33  41,881,084.58  341,628.94    262,124.42     0.0058      0.2759   5,027,996.57
     Aug-2002    48.37    234,883.08  106,745.83  41,774,338.73  341,628.94    260,662.53     0.0058      0.2802   5,162,941.11
     Sep-2002    49.37    234,284.42  107,344.52  41,666,994.21  341,628.94    259,208.80     0.0058      0.2844   5,299,241.12
     Oct-2002    50.37    233,682.39  107,946.54  41,559,047.66  341,628.94    257,763.18     0.0057      0.2885   5,436,907.58
     Nov-2002    51.37    233,076.99  108,551.94  41,450,495.72  341,628.94    256,325.62     0.0057      0.2926   5,575,951.51
     Dec-2002    52.37    232,468.20  109,160.74  41,341,334.98  341,628.94    254,896.08     0.0057      0.2966   5,716,384.04
     Jan-2003    53.37    231,855.99  109,772.95  41,231,562.03  341,628.94    253,474.51     0.0056      0.3006   5,858,216.38
     Feb-2003    54.37    231,240.34  110,388.59  41,121,173.44  341,628.94    252,060.87     0.0056      0.3045   6,001,459.80
     Mar-2003    53.37    230,621.25  111,007.69  41,010,165.75  341,628.94    250,655.11     0.0056      0.3084   6,146,125.68
     Apr-2003    56.37    229,998.68  111,630.26  40,898,535.49  341,628.94    249,257.11     0.0055      0.3122   6,292,225.46
     May-2003    57.37    229,372.62  112,256.32  40,786,279.18  341,628.94    247,867.07     0.0055      0.3160   6,439,770.67
     Jun-2003    38.37    228,743.05  112,885.89  40,673,393.29  341,628.94    246,484.70     0.0055      0.3197   6,588,772.94
     Aug-2003    39.37    278,109.93  113,518.99  40,559,874.30  341,628.94    245,110.05     0.0054      0.3234   6,739,243.96
     Aug-2003    60.37    227,473.30  114,155.64  40,445,718.66  341,628.94    243,743.05     0.0054      0.3270   6,891,195.53
     Sep-2003    61.37    226,833.07  114,795.86  40,330,922.80  341,628.94    242,383.68     0.0054      0.3305   7,044,639.51
     Oct-2003    62.37    226,189.26  115,439.68  40,215,483.12  341,628.94    241,031.90     0.0054      0.3341   7,199,587.88
     Nov-2003    63.37    223,541.83  116,087.10  40,099,396.02  341,628.94    239,687.63     0.0053      0.3375   7,356,052.67
     Dec-2003    64.37    224,890.78  116,738.16  39,982,657.86  341,628.94    238,350.90     0.0053      0.3409   7,514,046.02
     Jan-2004    65.37    274,236.07  117,392.86  39,865,265.00  341,628.94    237,021.60     0.0053      0.3443   7,673,580.16
     Feb-2004    66.37    223,577.69  118,051.24  39,747,213.76  341,628.94    235,699.72     0.0052      0.3476   7,834,667.40
     Mar-2004    67.37    272,915.62  118,713.31  39,628,500.44  341,628.94    234,385.21     0.0052      0.3509   7,997,320.13
     Apr-2004    68.37    222,219.84  119,379.10  39,509,121.35  341,628.94    233,078.03     0.0052      0.3541   8,161,550.87
     May-2004    69.37    221,580.32  120,048.61  39,389,072.73  341,628.94    231,778.14     0.0052      0.3573   8,327,372.18
     Jun-2004    70.37    220,907.05  120,721.89  39,268,350.85  341,628.94    230,485.50     0.0051      0.3604   8,494,796.74
     Aug-2004    71.37    220,230.00  121,398.94  39,146,951.91  341,628.94    229,200.07     0.0051      0.3635   8,663,837.33
     Aug-2004    72.37    219,549.16  122,079.78  39,024,872.13  341,628.94    227,921.81     0.0051      0.3665   8,834,506.80
     Sep-2004    73.37    218,864.49  122,764.44  38,902,107.69  341,628.94    226,650.68     0.0050      0.3695   9,006,818.10
     Oct-2004    74.37    218.173.99  123,452.95  38,778,654.74  341,628.94    225,386.63     0.0050      0.3725   9,180,784.29
     Nov-2004    75.37    217,483.62  124,145.31  38,654,509.42  341,628.94    224,129.64     0.0050      0.3754   9,356,418.50
     Dec-2004    76.37    216,787.37  124,841.56  38,529,667.86  341,628.94    227,879.66     0.0050      0.3782   9,533,733.98
     Jan-2005    77.37    216,087.22  125,541.72  38,404,126.15  341,628.94    221,636.64     0.0049      0.3810   9,712,744.05
     Feb-2005    78.37    215,383.14  126,245.80  38,277,880.35  341,628.94    220,400.56     0.0049      0.3838   9,893,462.15
     Mar-2005    79.37    214,675.11  126,953.82  38,150,926.53  341,628.94    219,171.38     0.0049      0.3866   10,075,901.81
     Apr-2005    80.37    213,963.11  127,665.82  38,023,260.70  341,628.94    217,949.05     0.0048      0.3892   10,260,076.65
     May-2005    81.37    213,247.12  128,381.82  37,894,878.89  341,628.94    216,733.53     0.0048      0.3919   10,446,000.40
     Jun-2005    82.37    212,527.11  129,101.82  37,765,777.07  341,628.94    215,524.80     0.0048      0.3945   10,633,686.87
     Aug-2005    83.37    211,803.07  129,825.87  37,635,951.20  341,628.94    214,322.80     0.0048      0.3971   10,823,150.00
     Aug-2005    84.37    211,074.96  130,553.98  37,505,397.22  341,628.94    213,127.51     0.0047      0.3996   11,014,403.81
     Sep-2005    85.37    210,342.77  131,286.17  37,374,115.05  341,628.94    211,938.89     0.0047      0.4021   11,207,462.43
     Oct-2005    86.37    209,606.47  132,022.46  37,242,088.59  341,628.94    210,756.90     0.0047      0.4045   11,402,340.07
     Nov-2005    87.37    208,866.05  132,762.89  37,109,325.70  341,628.94    209,581.49     0.0047      0.4069   11,599,051.09
     Dec-2005    88.37    208,121.47  133,507.47  36,975,818.23  341,628.94    208,412.65     0.0046      0.4093   11,797,609.90
     Jan-2006    89.37    207.372.71  134,256.22  36,841,562.01  341,628.94    207,250.32     0.0046      0.4116   11,998,031.05
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
                       APPLIED TO                   NEW                       PRESENT                            YEAR-WEIGHT
   DATE        PMT      INTEREST    PRINCIPAL     BALANCE        PAYMENT       VALUE     PROPORTION  DURATION     PRINCIPAL
---------------------------------------------------------------------------------------------------------------------------------
  <S>        <C>       <C>         <C>          <C>             <C>          <C>         <C>         <C>        <C>
  Feb-2006    90.37    206,619.76  135,009.18   36,706,552.83   341,628.94   206,094.47    0.0046     0.4139    12,200,329.13
  Mar-2006    91.37    205,862.58  135,766.35   36,570,786.48   341,628.94   204,945.07    0.0046     0.4161    12,404,519.05
  Apr-2006    92.37    205,101.16  136,527.78   36,434,258.71   341,628.94   203,802.08    0.0045     0.4183    12,601,615.50
  May-2006    93.37    204,335.47  137,293.47   36,296,965.24   341,628.94   202,665.46    0.0045     0.4205    12,818,633.51
  Jun-2006    94.37    203,565.48  138,063.46   36,158,901.78   341,628.94   201,535.19    0.0045     0.4226    13,028,588.13
  Aug-2006    95.37    202,791.17  138,837.76   36,020,064.02   341,628.94   200,411.21    0.0045     0.4247    13,240,494.56
  Aug-2006    96.37    202,012.53  139,616.41   35,880,447.61   341,628.94   199,293.51    0.0044     0.4268    13,454,368.08
  Sep-2006    97.37    201,229.51  140,399.43   35,740,048.18   341,628.94   198,182.04    0.0044     0.4288    13,670,224.08
  Oct-2006    98.37    200,442.10  141,186.83   35,598.861.35   341,628.94   197,076.77    0.0044     0.4308    13,888,078.09
  Nov-2006    99.37    199,650.28  141,978.66   35,456,882.70   341,628.94   195,977.66    0.0044     0.4327    14,107,945.71
  Dec-2006   100.37    198,854.02  142,774.92   35,314,107.78   341,628.94   194,884.68    0.0043     0.4347    14,329,342.70
  Jan-2007   101.37    198,053.29  143,575.65   35,170,532.13   341,628.94   193,797.80    0.0043     0.4365    14,553,784.88
  Feb-2007   102.37    197,248.07  144,380.87   35,026,151.26   341,628.94   192,716.98    0.0043     0.4384    14,779,788.22
  Mar-2007   103.37    196,438.33  145,190.60   34,880,960.66   341,628.94   191,642.18    0.0043     0.4402    15,007,868.31
  Apr-2007   104.37    195,624.05  146,004.88   34,734,955.77   341,628.94   190,573.38    0.0042     0.4420    15,238,042.82
  May-2007   105.37    194,805.21  146,823.73   34,588,132.05   341,628.94   189,510.55    0.0042     0.4437    15,470,326.57
  Jun-2007   106.37    193,981.77  147,647.16   34,440,484.89   341,628.94   188,453.64    0.0042     0.4454    15,704,736.48
  Aug-2007   107.37    193,183.72  148,475.22   34,292,009.67   341,628.94   187,402.62    0.0042     0.4471    15,941,289.09
  Aug-2007   108.37    192.321.02  149,307.92   34,142.701.76   341,628.94   186,357.46    0.0041     0.4488    16,180,001.07
  Sep-2007   109.37    191,483.65  150,145.28   33,992,556.47   341,628.94   185,318.14    0.0041     0.4504    16,420,889.19
  Oct-2007   110.37    190,641.59  150,987.35   33,841,569.12   341,628.94   184,284.61    0.0041     0.4520    16,663,970.36
  Nov-2007   111.37    189,794.80  151,834.14   33,689,734.99   341,628.94   183,256.84    0.0041     0.4535    16,909,261.60
  Dec-2007   112.37    188,943.26  152,685.67   33,537,049.31   341,628.94   182,234.81    0.0040     0.4550    17,156,780.05
  Jan-2008   113.37    188,086.95  153,541.98   33,383,507.33   341,628.94   181,218.48    0.0040     0.4565    17,406,542.97
  Feb-2008   114.37    187,225.84  154,403.10   33,229,104.23   341,628.94   180,207.81    0.0040     0.4580    17,658,567.77
  Mar-2008   115.37    186,759.89  155,269.04   33,073,835.19   341,628.94   179,202.78    0.0040     0.4594    17,912,871.94
  Apr-2008   116.37    185,489.09  156,139.84   32,917,695.34   341,628.94   178,203.36    0.0040     0.4608    18,169,473.15
  May-2008   117.37    184,613.41  157,015.53   32,760,679.82   341,628.94   177,209.51    0.0039     0.4622    18,428,389.14
  Jun-2008   118.37    183,732.81  157,896.12   32,602,783.69   341,628.94   176,221.00    0.0039     0.4635    18,689,637.81
  Aug-2008   119.37    182,847.28  158,781.66   32,444,002.04   341,628.94   175,238.41    0.0039     0.4648    18,953,237.18
  Aug-2008   120.37    181,956.78  159,672.16   32,284,329.88   341,628.94   174,261.09    0.0039     0.4661    19,219,205.41
  Sep-2008   121.37    181,061.28  160,567.65   32,123,762.22   341,628.94   173,289.23    0.0039     0.4674    19,487,560.78
  Oct-2008   122.37    180,160.77  161,468.17   31,962,294.06   341,628.94   172,322.78    0.0038     0.4686    19,758,321.68
  Nov-2008   123.37    179,255.20  162,773.74   31,799.920.32   341,628.94   171,361.73    0.0038     0.4698    20,031,506.67
  Dec-2008   124.37    178,344.55  163,284.38   31,636,635.94   341,628.94   170,406.04    0.0038     0.4710    20,307,134.42
  Jan-2009   125.37    177,428.80  164,200.14   31,472,435.80   341,628.94   169,455.67    0.0038     0.4721    20,585,223.74
  Feb-2009   126.37    176,507.91  165,121.03   31,307,314.77   341,628.94   168,510.61    0.0037     0.4732    20,865,793.56
  Mar-2009   127.37    175,581.86  166,047.08   31,141.267.70   341,628.94   167,570.82    0.0037     0.4743    21,148,862.96
  Apr-2009   128.37    174,650.61  166,978.33   30,974,289.37   341,628.94   166,636.26    0.0037     0.4753    21,434,451.16
  May-2009   129.77    173,714.14  167,914.80   30,806,374.57   341,628.94   165,706.92    0.0037     0.4764    21,722,577.51
  Jun-2009   130.37    172,772.42  168,856.52   30,637,518.05   341,628.94   164,782.77    0.0037     0.4774    22,013,261.48
  Aug-2009   131.37    171,825.41  169,803.52   30,467,714.53   341,628.94   163,863.77    0.0036     0.4784    22,306,522.71
  Aug-2009   132.37    170,873.10  170,755,84   30,296,958.69   341,628.94   162,949.89    0.0036     0.4793    22,602,380.96
  Sep-2009   133.37    169,915.44  171,713.49   30,125,245.20   341,628.94   162,041.11    0.0036     0.4802    22,900,856.14
  Oct-2009   134.37    168,952.42  172,676.52   29,952,568.68   341,628.94   161,137.40    0.0036     0.4811    23,201,968.30
  Nov-2009   135.37    167,983.99  173,644.95   29,778,923.74   341,628.94   160,238.72    0.0036     0.4820    23,505,737.62
  Dec-2009   136.37    167,010.13  174,618.81   29,604,304.93   341,628.94   159,345.06    0.0035     0.4829    23,812,184.43
  Jan-2010   137.37    166,030.81  175,598.13   29,428,706.80   341,628.94   158,456.39    0.0035     0.4837    24,121,329.23
  Feb-2010   138.37    165,046.00  176,582.94   29,252,123.87   341,628.94   157,572.67    0.0035     0.4845    24,433,192.62
  Mar-2010   139.37    164,085.66  177,573.27   29,074,550.59   341,628.94   156,693.87    0.0035     0.4853    24,747,795.38
  Apr-2010   140.37    163,059.77  178,569.16   28,895,981.43   341,628.94   155,819.98    0.0035     0.4860    25,065,158.43
  May-2010   141.37    162.058.30  179,570.64   28,716,410.79   341,628.94   154,950.97    0.0034     0.4868    25,385,302.84
  Jun-2010   142.37    161,051.20  180,577.73   28,535,833.05   341,628.94   154,086.80    0.0034     0.4875    25,708,249.81
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
                       APPLIED TO                    NEW                     PRESENT                            YEAR-WEIGHT
    DATE       PMT      INTEREST    PRINCIPAL      BALANCE        PAYMENT     VALUE     PROPORTION  DURATION     PRINCIPAL
------------------------------------------------------------------------------------------------------------------------------
<S>           <C>      <C>         <C>          <C>             <C>         <C>            <C>       <C>       <C>
   Aug-2010   143.77   160,038.46  181,590.47   28,354,242.58   341,628.94  153,227.45     0.0034    0.4882    26,034,020.72
   Aug-2010   144.37   159,020.04  182,608.89   26,171,633.69   341,628.94  152,372.89     0.0034    0.4888    26,362,637.08
   Sep-2010   145.37   157,995.91  183,633.02   27,988,000.67   341,628.94  151,523.10     0.0034    0.4895    26,694,120.56
   Oct-2010   146.37   156.966.04  184,662.90   27,803,337.77   341,628.94  150,678.04     0.0033    0.4901    27,028,492.98
   Nov-2010   147.37   188,930.39  185,698.55   27,617,639.22   341,628.94  149,837.70     0.0033    0.4907    27,365,776.33
   Dec-2010   148.37   154,888.93  186,740.01   27,430,899.21   341,628.94  149,002.05     0.0033    0.4913    27,705,992.73
   Jan-2011   149.37   153,841.63  187,787.31   27,243,111.90   341,628.94  148,171.06     0.0033    0.4918    28,049,164.49
   Feb-2011   150.37   152,788.45  188,840.48   27,054.271.41   341,628.94  147,344.70     0.0033    0.4923    28,395,314.03
   Mar-2011   151.37   151,729.37  189,899.56   26,864,371.85   341,628.94  146,522.95     0.0033    0.4929    28,744,463.98
   Apr-2011   152.37   150,664.35  190,964.58   26,673,407.27   341,628.94  145,705.78     0.0032    0.4933    29,096,637.10
   May-2011   153.37   149,593.36  192,035.58   26,481,371.69   341,628.94  144,893.18     0.0032    0.4938    29,451,856.32
   Jun-2011   154.37   148,516.36  193,112.58   26,288,259.11   341,628.94  144,085.10     0.0032    0.4943    29,810,144.72
   Aug-2011   155.37   147,437.32  194,195.62   26,094,063.50   341,628.94  143,281.53     0.0032    0.4947    30,171,525.57
   Aug-2011   156.37   146,344.21  195,284.73   25,898,778.77   341,628.94  142,482.44     0.0032    0.4951    30,536,022.27
   Sep-2011   157.37   145,248.98  196,379.95   25,702,398.81   341,628.94  141,687.91     0.0031    0.4955    30,903,658.42
   Oct-2011   158.37   144,147.62  197,481.32   25,504,917.50   341,628.94  140,897.61     0.0031    0.4959    31,274,457.75
   Nov-2011   159.37   143,040.08  198,588.86   25,306,328.64   341,628.94  140,111.81     0.0031    0.4962    31,648,444.19
   Dec-2011   160.37   141,926.33  199,702.61   25,106,626.03   341,628.94  139,330.40     0.0031    0.4965    32,025,641.82
   Jan-2012   161.37   140,806.33  200,822.61   24,905,803.42   341,628.94  138,553.35     0.0031    0.4968    32,406,074.91
   Feb-2012   162.37   139,680.05  201,948.89   24,703,854.53   341,628.94  137,780.63     0.0031    0.4971    32,789,767.87
   Mar-2012   163.37   138,547.45  203,081.49   24,500,773.05   341,628.94  137,012.22     0.0030    0.4974    33,176,745.30
   Apr-2012   164.37   137,408.50  204,220.43   24,296,552.62   341,628.94  136,248.09     0.0030    0.4977    33,567,031.98
   May-2012   165.37   136.263.17  205,365.77   24,091,186.85   341,628.94  135,488.23     0.0030    0.4979    33,960,652.85
   Jun-2012   166.37   135,111.41  206,517.33   23,884,669.32   341,628.94  134,732.60     0.0030    0.4981    34,357,633.04
   Aug-2012   167.37   133,953.19  207,675.75   23,676,993.57   341,628.94  133,981.19     0.0030    0.4983    34,757,997.85
   Aug-2012   168.37   132,788.47  208,840.46   23,468,153.10   341,628.94  133,233.97     0.0030    0.4985    35,161,772.75
   Sep-2012   169.37   131,617.23  210,011.71   23,258,141.39   341,628.94  132,490.92     0.0029    0.4987    35,568,983.71
   Oct-2012   170.37   130,439.41  211,189.53   23,046,951.87   341,628.94  131,752.01     0.0029    0.4988    35,979,655.63
   Nov-2012   171.37   129,254.99  212,373.93   22,834,577.92   341,628.94  131,017.22     0.0029    0.4989    36,397,813.50
   Dec-2012   172.37   128,063.92  213,565.01   22,621,012.91   341,628.94  130,286.53     0.0029    0.4990    36,811,789.16
   Jan-2013   173.37   126,866.18  214,762.76   22,406,250.15   341,628.94  129,359.92     0.0029    0.4991    37,232,703.02
   Feb-2013   174.37   125,661.72  215,967.22   21,190,282.93   341,628.94  128,837.35     0.0029    0.4992    37,657,483.64
   Mar-2013   175.37   124,450.50  217,178.43   21,973,104.50   341,628.94  128,118.82     0.0028    0.4993    38,085,857.79
   Apr-2013   176.37   123,232.49  218,396.44   21,757,708.06   341,628.94  127,404.29     0.0028    0.4993    38,517,852.72
   May-2013   177.37   122,007.65  219,621.28   21,535,086.78   341,628.94  126,693.73     0.0028    0.4994    38,953,797.66
   Jun-2013   178.37   120,775.95  220,852.99   21,314,233.79   341,628.94  123,987.18     0.0028    0.4994    39,392,811.83
   Aug-2013   179.37   119,537.33  222,091.61   21,092.142.18   341,628.94  125,284.54     0.0028    0.4994    39,835,831.76
   Aug-2013   180.37   118,291.76  223,337.17   20,868,805.01   341,628.94  124,585.82     0.0028    0.4994    40,282,581.25
   Sep-2013   181.37   117,039.21  224,589.72   20,644,215.29   341,628.94  123,991.00     0.0028    0.4993    40,733,089.12
   Oct-2013   182.37   115,779.64  225,849.30   20,418,365.99   341,628.94  123,200.05     0.0027    0.4993    41,187,387.16
   Nov-2013   183.37   114,513.00  227,115.93   20,191,250.06   341,628.94  122,512.96     0.0027    0.4992    41,678,791.66
   Dec-2013   184.37   117,239.26  228,389.68   19,962,860.38   341,628.94  121,829.70     0.0027    0.4991    42,107,747.17
   Jan-2014   185.37   119,958.38  229,670.56   19,733,189.82   341,628.94  121,150.24     0.0027    0.4990    42,573,266.28
   Feb-2014   186.37   110,670.31  230,958.63   19,502,231.00   341,628.94  120,474.58     0.0027    0.4989    43,072,989.97
   Mar-2014   187.37   109,375.01  232,253.92   19,269,977.27   341,628.94  119,802.69     0.0027    0.4988    43,516,613.33
   Apr-2014   188.37   108,072.46  233,556.48   19,036,420.79   341,628.94  119,134.54     0.0026    0.4997    43,994,255.65
   May-2014   189.37   106,762.59  234,866.34   18,801,554.45   341,628.94  118,770.12     0.0026    0.4985    47,475,856.75
   Jun-2014   190.37   105,445.38  236,183.55   18,365.370.89   341,628.94  117,809.71     0.0026    0.4984    44,961,775.73
   Aug-2014   191.37   104,120.79  237,508.15   18.327,862.75   341,628.94  117,152.78     0.0026    0.4982    45,751,172.52
   Aug-2014   192.37   102,788.76  238,840.17   18,089,022.57   341,628.94  116,799.01     0.0026    0.4980    45,947,887.85
   Sep-2014   193.37   101,449.27  240,179.67   17,848,842.91   341,628.94  115,879.29     0.0026    0.4978    46,772,771.76
   Oct-2014   194.37   100,102.26  241,526.68   17,607,316.23   341,628.94  115,203.19     0.0026    0.4976    46,944,737.81
   Nov-2014   195.37    98,747.70  242,881.24   17,367,737.99   341,628.94  117,560.70     0.0025    0.4974    47,150,997.77
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
 ------------------------------------------------------------------------------------------------------------------------------
                        APPLIED TO                  NEW                        PRESENT                            YEAR-WEIGHT
    DATE      PMT        INTEREST    PRINCIPAL    BALANCE         PAYMENT       VALUE     PROPORTION  DURATION     PRINCIPAL
 ------------------------------------------------------------------------------------------------------------------------------
 <S>         <C>       <C>          <C>         <C>             <C>           <C>         <C>         <C>         <C>
  Dec-2014   196.37     97,385.54   244,243.40  17,120,191.60   341,628.94    113,921.79    0.0025     0.4971     47,961,261.62
  Jan-2015   197.37     97,015.74   245,613.19  16,874,578.40   341,628.94    113,286.44    0.0025     0.4969     48,775,857.55
  Feb-2015   198.37     97,638.26   246,990.68  16,627,587.73   341,628.94    112,654.64    0.0025     0.4966     48,997,717.00
  Mar-2015   199.37     93,253.05   248,375.88  16,379,211.85   371,628.94    112,026.35    0.0025     0.4930     49,817,871.58
  Apr-2015   200.37     91,860.08   249,768.86  16,129,442.99   341,628.94    111,401.58    0.0025     0.4960     50,045,753.17
  May-2015   201.37     90,759.29   251,169.64  15,878,273.35   341,628.94    110,780.28    0.0025     0.4957     50,577,193.84
  Jun-2015   202.37     89,050.65   252,578.00  15,625,695.06   341,628.94    110,162.16    0.0024     0.4954     51,113,725.88
  Aug-2015   203.37     87,634.11   253,994.83  15,371,700.23   341,628.94    109,548.07    0.0024     0.4951     51,654,081.84
  Aug-2015   204.37     86,209.62   255,419.32  15,116,280.91   341,628.94    108,937.12    0.0024     0.4947     52,199,194.77
  Sep-2015   205.37     87,777.14   256,851.79  14,859,429.12   341,628.94    108,329.57    0.0024     0.4944     52,778,796.75
  Oct-2015   206.37     83,336.63   258,292.30  14,601,136.81   341,628.94    107,725.41    0.0024     0.4940     53,302,921.89
  Nov-2015   207.37     81,888.04   259,740.89  14,341,395.92   341,628.94    107,124.62    0.0024     0.4936     53,861,603.33
  Dec-2015   208.37     80,431.33   261,197.61  14,080,198.31   341,628.94    106,527.18    0.0024     0.4933     54,424,874.77
  Jan-2016   209.37     78.966.45   262,662.49  13,817,535.82   341,628.94    105,933.07    0.0024     0.4929     54,992,770.10
  Feb-2016   210.37     77,493.35   264,135.59  13,553,400.23   341,628.94    105,342.28    0.0023     0.4925     55,565,323.47
  Mar-2016   211.37     76,011.99   265,616.95  13,287,783.28   341,628.94    104,754.78    0.0023     0.4920     56,142,569.28
  Apr-2016   212.37     74,522.32   267,106.62  13,020,676.67   341,628.94    104,170.55    0.0023     0.4916     56,727,542.14
  May-2016   213.37     73,024.29   268,604.64  12.752,072.02   341,628.94    103,589.59    0.0023     0.4912     57,311,276.92
  Jun-2016   214.37     71,517.87   270,111.07  12,481,960.96   341,628.94    103,011.86    0.0023     0.4907     57,902,808.73
  Au8-2016   215.37     70,003.00   271,625.94  12,210,335.02   341,628.94    102,477.36    0.0023     0.4903     58,499,172.92
  Au8-2016   216.37     68,479.63   273,149.31  11,937,185.71   341,628.94    101,866.06    0.0023     0.4898     59,100,405.09
  Sep-2016   217.37     66,947.72   274,681.22  11,662,504.49   341,628.94    101,297.95    0.0023     0.4893     59,706,571.08
  Oct-2016   218.37     65,407.21   276.221.72  11,386,282.77   341,628.94    100,733.01    0.0022     0.4888     60,717,616.99
  Nov-2016   219.37     63,858.07   277,770.87  11,108,511.90   341,628.94    100,171.21    0.0022     0.4883     60,933,669.16
  Dec-2016   220.37     62,300.24   279,328.70  10,829,183.21   341,628.94     99,612.55    0.0022     0.4979     61,887,734.18
  Jan-2017   221.37     60,733.67   280,895.27  10,548,287.94   341,628.94     99,057.01    0.0022     0.4973     62,180,878.92
  Feb-2017   222.37     59,158.31   282,470.62  10,265,817.32   341,628.94     98,504.56    0.0022     0.4968     62,812,080.77
  Mar-2017   223.37     57,574.13   284,054.81   9,981,762.51   341,628.94     97,955.20    0.0022     0.4862     63,448,376.19
  Apr-2017   224.37     55,981.05   285,647.88   9,696,114.62   341,628.94     97,408.89    0.0022     0.4857     67,089,863.72
  May-2017   225.37     54,379.04   287,249.89   9,408,864.73   341,628.94     99,865.64    0.0022     0.4951     67,736,550.93
  Jun-2017   226.37     52,768.05   288,860.89   9,120,003.84   341,628.94     99,325.41    0.0021     0.4846     65,388,473.98
  Aug-2017   227.37     81,178.02   290,780.91   8,829,522.93   341,628.94     95,788.20    0.0021     0.4870     66,075,677.26
  Aug-2017   228.37     49,518.91   292,110.03   8,537,412.90   341,628.94     95,253.99    0.0021     0.4834     66,708,197.46
  Sep-2017   229.37     47,880.66   293,748.28   8,243,664.62   341,628.94     94,722.75    0.0021     0.4828     67,376,063.52
  Oct-2017   230.37     46,233.22   295,395.72   7,948,268.90   341,628.94     94,194.48    0.0021     0.4822     68,049,326.66
  Nov-2017   231.37     44,576.54   297,052.79   7,651,216.51   341,628.94     93,669.15    0.0021     0.4816     68,728,022.37
  Dec-2017   232.37     42,910.57   298,718.36   7,352,498.15   341,628.94     93,146.75    0.0021     0.4810     69,412,190.39
  Jan-2018   273.37     41,235.26   300,393.68   7,052,104.47   341,628.94     92,627.26    0.0020     0.4804     70,101,870.77
  Feb-2018   234.37     39,550.55   302,078.38   6,750,026.09   341,628.94     92,110.68    0.0020     0.4797     70,797,103.81
  Mar-2018   235.37     37,856.40   303,772.54   6,446,253.55   341,628.94     91,596.97    0.0020     0.4791     71,497,930.10
  Apr-2018   236.37     36,152.74   305,476.20   6,140,777.35   341,628.94     91,086.17    0.0020     0.4784     72,204,390.53
  May-2018   237.37     34,439.53   307,189.41   5,833,587.94   341,628.94     90,578.14    0.0020     0.4778     72,916,526.27
  Jun-2018   238.37     32,716.71   308,912.23   5,524,675.71   341,628.94     90,072.98    0.0020     0.4771     73,634,378.64
  Aug-2018   239.37     30,984.22   310,644.71   5,214,031.00   341,628.94     89,370.64    0.0020     0.7764     74,357,989.79
  Aug-2018   240.37     29,242.02   312,386.91   4,901,644.08   341,628.94     89,071.10    0.0020     0.4758     75,087,400.80
  Sep-2018   241.37     27,490.05   314,138.88   4,587,505.20   341,628.94     88,574.34    0.0020     0.4751     75,822,654.85
  Oct-2018   242.37     25,728.26   315,900.68   4,271,604.52   341,628.94     88,080.36    0.0020     0.4744     76,567,794.23
  Nov-2018   247.37     23,956.58   317,672.35   3,953,932.17   341,628.94     87,589.13    0.0019     0.4737     77,310,861.89
  Dec-2018   244.37     22,174.97   319,453.97   3,634,478.20   341,628.94     87,100.64    0.0019     0.4730     78,063,900.94
  Jan-2019   245.37     20,383.37   321,245.57   3,313,232.63   341,628.94     86,614.87    0.0019     0.4727     78,822,957.89
  Feb-2019   246.37     18,581.77   323,047.22   2,990,185.41   341,628.94     86,131.82    0.0019     0.4716     79,588,067.51
  Mar-2019   247.37     16,769.96   324,838.98   2,665,326.43   341,628.94     85,651.46    0.0019     0.4708     80,359,282.91
  Apr-2019   248.37     14,948.04   326,680.90   2,338,645.53   341,628.94     85,173.77    0.0019     0.4701     81,136,645.45
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
 ------------------------------------------------------------------------------------------------------------------------------
                        APPLIED TO                  NEW                        PRESENT                            YEAR-WEIGHT
    DATE      PMT        INTEREST    PRINCIPAL    BALANCE         PAYMENT       VALUE     PROPORTION  DURATION     PRINCIPAL
 ------------------------------------------------------------------------------------------------------------------------------
 <S>         <C>        <C>          <C>         <C>            <C>            <C>        <C>         <C>        <C>
  May-2019   249.37     13,115.90    328,513.03  2,010,132.50   341,628.94     87,698.75    0.0019     0.4694    81,920,199.83
  Jun-2019   250.37     11,273.49    330,355.44  1,679,777.06   341,628.94     84,226.38    0.0019     0.4686    82,709,991.06
  Aug-2019   251.37      9,420.75    332,208.19  1,347,568.87   341,628.94     83,756.65    0.0019     0.4679    83,506,064.75
  Aug-2019   252.37      7,557.62    334,071.72  1,013,497.55   341,628.94     83,289.53    0.0019     0.4671    87,308,465.61
  Sep-2019   253.37      5,684.03    335,944.90    677,532.65   341,628.94     82,825.02    0.0018     0.4663    85,117,240.50
  Oct-2019   254.37      3,799.94    737,828.99    339,723.65   341,628.94     82,363.10    0.0018     0.4656    85,932,735.35
  Nov-2019   255.37      1,905.28    339.723.65          0.00   341,628.94     81,903.76    0.0018     0.4648    86,754,096.77
</TABLE>

<PAGE>

                       FIRST AMENDMENT TO LEASE AGREEMENT

         THIS FIRST AMENDMENT TO LEASE AGREEMENT (this "Lease") is made as of
the 31st day of May, 2002 between HEWITT PROPERTIES II LLC, an Illinois limited
liability company, having its principal office at 100 Half Day Road,
Lincolnshire, Illinois 60069 (the "Landlord"), and HEWITT ASSOCIATES LLC, an
Illinois limited liability company, having its principal office at 100 Half Day
Road, Lincolnshire, Illinois 60069 (the "Tenant").

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

         Landlord and Tenant have entered into that certain Lease Agreement
dated as of July 31, 1998 ("Lease") for approximately 12.5 acres situated in
Lincolnshire, Illinois, County of Lake and legally described on Exhibit A
attached hereto and made a part hereof (the "Land"), together with all
improvements located thereon. All capitalized terms used herein and not
otherwise defined shall have the definition provided to them in the Lease.

         Contemporaneously with the execution of the Lease, Landlord issued
$45,000,000 of its Secured Credit Tenant Notes due 2019 (the "Notes") pursuant
to a Note Purchase Agreement (the "Original Note Agreement") which Notes and
obligations are secured in substantial part by the Lease.

         Landlord and the holders of the Notes are amending the Original Note
Agreement and in connection therewith desire to amend the Lease as set forth
herein.

         1. Definition of Note Amendment. The term "Note Agreement" as used in
the Lease as amended hereby and as may be further amended or modified shall mean
that certain Note Purchase Agreement dated as of July 31, 1998 among Landlord,
Tenant and the Purchasers (as such term is defined in the Note Purchase
Agreement) and any and all existing and future modifications, amendments and/or
supplements thereto.

         2. Choice of Law and Interpretation. This Amendment shall be governed
by the internal law of the State of Illinois, without considering such state's
choice of law rules.

         3. Conflict. In the event of any conflict between the terms of this
Amendment and the language of the Lease, the terms of this Amendment shall
control.

         4. Counterpart. This Amendment may be executed in two or more
counterparts, each of which shall be an original, but all of which taken
together shall constitute one and the same agreement.

         5. Lease Terms Unmodified. Except as set forth above, the Lease shall
remain unmodified and in full force and effect.

                                       29

<PAGE>

         IN WITNESS WHEREOF, Landlord and Tenant have duly executed this
Amendment as of the day and year first above written.

                                            LANDLORD:

                                            HEWITT PROPERTIES III LLC

                                            By: /s/ C. L. Connolly III
                                                --------------------------------
                                            Title: Authorized Representative

                                            TENANT:

                                            HEWITT ASSOCIATES LLC

                                            By: /s/ C. L. Connolly III
                                                --------------------------------
                                            Title: Authorized Representative

                                       30

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]