Document:

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                                                                   EXHIBIT 10.26

                                 LOAN AGREEMENT

                         DATED AS OF FEBRUARY 12, 2003

                                     AMONG

               INTERFACE SECURITIZATION CORPORATION, AS BORROWER,

                     INTERFACE, INC., AS INITIAL SERVICER,

                 THREE PILLARS FUNDING CORPORATION, AS LENDER,

                                      AND

                SUNTRUST CAPITAL MARKETS, INC., AS ADMINISTRATOR

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                               TABLE OF CONTENTS

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ARTICLE I. DEFINITIONS............................................................................................1

Section 1.1      Defined Terms....................................................................................1
Section 1.2      Other Definitional Provisions...................................................................21
Section 1.3      Other Terms.....................................................................................22
Section 1.4      Computation of Time Periods.....................................................................22
Section 1.5      Limitation on Recourse..........................................................................22

ARTICLE II. THE LENDER'S COMMITMENT, BORROWING PROCEDURES AND LENDER NOTE........................................23

Section 2.1      Lender's Commitment.............................................................................23
Section 2.2      Borrowing Procedures............................................................................23
Section 2.3      Funding.........................................................................................23
Section 2.4      Representation and Warranty.....................................................................23
Section 2.5      Extension of Lender's Commitment................................................................24
Section 2.6      Voluntary Termination of Lender's Commitment; Reduction of Facility Limit.......................24
Section 2.7      Note............................................................................................24

ARTICLE III. INTEREST, FEES, ETC.................................................................................25

Section 3.1      Interest Rates..................................................................................25
Section 3.2      Interest Payment Dates..........................................................................25
Section 3.3      Interest Allocations............................................................................26
Section 3.4      Fees............................................................................................26
Section 3.5      Computation of Interest and Fees................................................................26

ARTICLE IV. REPAYMENTS AND PREPAYMENTS; DISTRIBUTION OF COLLECTIONS..............................................26

Section 4.1      Repayments and Prepayments......................................................................26
Section 4.2      Application of Collections......................................................................27
Section 4.3      Application of Certain Payments.................................................................28
Section 4.4      Due Date Extension..............................................................................28
Section 4.5      Making of Payments..............................................................................28

ARTICLE V. SECURITY INTEREST.....................................................................................29

Section 5.1      Grant of Security...............................................................................29
Section 5.2      Administrator Appointed Attorney-in-Fact........................................................29
Section 5.3      Administrator May Perform.......................................................................30
Section 5.4      Release of Collateral...........................................................................30
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ARTICLE VI. INCREASED COSTS, ETC.................................................................................30

Section 6.1      Increased Costs.................................................................................30
Section 6.2      Funding Losses..................................................................................32
Section 6.3      Withholding Taxes...............................................................................32

ARTICLE VII. CONDITIONS TO BORROWING.............................................................................33

Section 7.1      Initial Loan....................................................................................33
                  7.1.1    Resolutions...........................................................................33
                  7.1.2    Consents, etc.........................................................................34
                  7.1.3    Incumbency and Signatures.............................................................34
                  7.1.4    Good Standing Certificates............................................................34
                  7.1.5    Financing Statements..................................................................34
                  7.1.6    Search Reports........................................................................34
                  7.1.7    Fee Letter; Payment of Fees...........................................................34
                  7.1.8    Receivables Sale Agreement and Receivables Transfer Agreement.........................34
                  7.1.9    Opinions of Counsel...................................................................35
                  7.1.10   Lender Note...........................................................................35
                  7.1.11   Borrowing Base Certificate............................................................35
                  7.1.12   Lock Box Account Agreements...........................................................35
                  7.1.13   Releases; Payoff Letter...............................................................35
                  7.1.14   Intercreditor Agreement...............................................................35
                  7.1.15   Other    .............................................................................36
Section 7.2      All Loans.......................................................................................36
                  7.2.1    No Default, etc.......................................................................36
                  7.2.2    Borrowing Request, etc................................................................36
                  7.2.3    Commitment Termination Date...........................................................36
                  7.2.4    Collateral Review.....................................................................36
                  7.2.5    Accounts 36

ARTICLE VIII. REPRESENTATIONS AND WARRANTIES.....................................................................36

Section 8.1      Existence and Power.............................................................................36
Section 8.2      Power and Authority; Due Authorization, Execution and Delivery..................................37
Section 8.3      No Conflict.....................................................................................37
Section 8.4      Governmental Authorization......................................................................37
Section 8.5      Actions, Suits..................................................................................37
Section 8.6      Binding Effect..................................................................................37
Section 8.7      Accuracy of Information.........................................................................37
Section 8.8      Margin Regulations; Use of Proceeds.............................................................38
Section 8.9      Good Title......................................................................................38
Section 8.10      Perfection.....................................................................................38
Section 8.11      Places of Business and Locations of Records....................................................38
Section 8.12      Accounts 38
Section 8.13      No Material Adverse Effect.....................................................................39
Section 8.14      Names    ......................................................................................39
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Section 8.15      Ownership of Borrower; No Subsidiaries.........................................................39
Section 8.16      Not a Holding Company or an Investment Company.................................................39
Section 8.17      Compliance with Credit and Collection Policy...................................................39
Section 8.18      Solvency 39
Section 8.19      Eligible Receivables...........................................................................39
Section 8.20      Sales by Originators...........................................................................39

ARTICLE IX. COVENANTS OF BORROWER AND SERVICER...................................................................40

Section 9.1      Affirmative Covenants...........................................................................40
                  9.1.1    Compliance with Laws, Etc.............................................................40
                  9.1.2    Preservation of Legal Existence.......................................................40
                  9.1.3    Performance and Compliance with Receivables...........................................40
                  9.1.4    Credit and Collection Policy..........................................................40
                  9.1.5    Reporting Requirements................................................................40
                           (a)      Financial Statements.........................................................41
                           (b)      Borrowing Base Certificates and Monthly Reports..............................42
                           (c)      Significant Events...........................................................42
                           (d)      Servicing Certificate........................................................42
                           (e)      Collateral Review............................................................43
                           (f)      Other........................................................................43
                  9.1.6    Use of Proceeds.......................................................................43
                  9.1.7    Separate Legal Entity.................................................................43
                  9.1.8    Adverse Claims on Receivables.........................................................45
                  9.1.9    Further Assurances....................................................................45
                  9.1.10   Servicing.............................................................................45
                  9.1.11   Inspection............................................................................46
                  9.1.12   Cooperation...........................................................................46
                  9.1.13   Facility 46
                  9.1.14   Accounts 47
Section 9.2      Negative Covenants..............................................................................47
                  9.2.1    Sales, Liens, Etc.....................................................................47
                  9.2.2    Mergers, Acquisitions, Sales, Subsidiaries, etc.......................................47
                  9.2.3    Change in Business; Change in Credit and Collection Policy............................48
                  9.2.4    Other Debt............................................................................48
                  9.2.5    Organizational Documents..............................................................48
                  9.2.6    Jurisdiction of Organization; Location of Records.....................................48
                  9.2.7    Financing Statements..................................................................49
                  9.2.8    Business Restrictions.................................................................49
                  9.2.9    Other Agreements......................................................................49

ARTICLE X. SIGNIFICANT EVENTS AND THEIR EFFECT...................................................................49

Section 10.1      Events of Default..............................................................................49
                  10.1.1   Non-Payment of Loans, Etc.............................................................49
                  10.1.2   Collateral Reporting..................................................................49
                  10.1.3   Non-Compliance with Other Provisions..................................................49
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                  10.1.4   Breach of Representations and Warranties..............................................50
                  10.1.5   Bankruptcy............................................................................50
                  10.1.6   Tax and ERISA Liens...................................................................50
Section 10.2      Amortization Events............................................................................50
                  10.2.1   Servicer Event of Default.............................................................50
                  10.2.2   Borrowing Base Deficit................................................................50
                  10.2.3   Default Ratio.........................................................................50
                  10.2.4   Dilution Ratio........................................................................50
                  10.2.5   Delinquency Ratio.....................................................................50
                  10.2.6   Accounts Receivable Turnover Ratio....................................................50
                  10.2.7   Event of Default......................................................................50
                  10.2.8   Validity of Transaction Documents.....................................................51
                  10.2.9   Termination Date......................................................................51
                  10.2.10  Change of Control.....................................................................51
Section 10.3      Effect of Significant Event....................................................................51

ARTICLE XI. THE SERVICER.........................................................................................51

Section 11.1      Interface as Initial Servicer..................................................................51
Section 11.2      Certain Duties of the Servicer.................................................................52
                  11.2.1   Authorization to Act as Borrower's Agent..............................................52
                  11.2.2   Servicer to Act as Servicer...........................................................52
                  11.2.3   Collections...........................................................................53
Section 11.3      Servicing Compensation.........................................................................55
Section 11.4      Agreement Not to Resign........................................................................55
Section 11.5      Designation of Servicer........................................................................55
Section 11.6      Termination....................................................................................55
Section 11.7      Servicer Events of Default.....................................................................55
                  11.7.1   Failure to Make Payments and Deposits.................................................55
                  11.7.2   Non-Compliance with Other Provisions..................................................55
                  11.7.3   Delegation............................................................................55
                  11.7.4   Breach of Representations and Warranties..............................................56
                  11.7.5   Bankruptcy............................................................................56
                  11.7.6   Judgments.............................................................................56
                  11.7.7   Cross-Default to Material Debt........................................................56
                  11.7.8   Collateral Reporting..................................................................56

ARTICLE XII. ADMINISTRATOR.......................................................................................57

Section 12.1      Authorization and Action.......................................................................57
Section 12.2      Administrator and Affiliates...................................................................57

ARTICLE XIII. ASSIGNMENTS........................................................................................57

Section 13.1      Restrictions on Assignments....................................................................57
Section 13.2      Documentation..................................................................................57
Section 13.3      Rights of Assignee.............................................................................58
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Section 13.4      Notice of Assignment...........................................................................58

ARTICLE XIV. INDEMNIFICATION.....................................................................................58

Section 14.1      General Indemnity of Borrower..................................................................58
Section 14.2      Indemnity of Servicer..........................................................................58

ARTICLE XV. MISCELLANEOUS........................................................................................59

Section 15.1      No Waiver; Remedies............................................................................59
Section 15.2      Amendments, Etc................................................................................59
Section 15.3      Notices, Etc...................................................................................60
Section 15.4      Costs, Expenses and Taxes......................................................................60
Section 15.5      Binding Effect; Survival.......................................................................60
Section 15.6      Captions and Cross References..................................................................61
Section 15.7      Severability...................................................................................61
Section 15.8      Governing Law..................................................................................61
Section 15.9      Counterparts...................................................................................61
Section 15.10     Submission to Jurisdiction; Waiver of Trial by Jury............................................62
Section 15.11     No Recourse Against Lender.....................................................................62
Section 15.12     No Proceedings.................................................................................62
Section 15.13     Confidentiality................................................................................63
Section 15.14     Entire Agreement...............................................................................63
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                             EXHIBITS AND SCHEDULES

EXHIBIT A            Form of Borrowing Request
EXHIBIT B            Form of Lender Note
EXHIBIT C            Form of Monthly Report
EXHIBIT D            Form of Borrowing Base Certificate
EXHIBIT E            Form of LockBox Account Agreement
SCHEDULE 8.5         Litigation
SCHEDULE 8.12        LockBoxes and LockBox Accounts
SCHEDULE 9.1.5       Collateral Review Requirements
SCHEDULE 15.3        Notice Addresses

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                                 LOAN AGREEMENT

                  THIS LOAN AGREEMENT is made and entered into as of February
12, 2003, among INTERFACE SECURITIZATION CORPORATION, a Delaware corporation
(together with its successors and permitted assigns, "BORROWER"), INTERFACE,
INC., a Georgia corporation, in its capacity as the initial servicer (in such
capacity, together with its successors and permitted assigns in such capacity,
the "SERVICER"), THREE PILLARS FUNDING CORPORATION, a Delaware corporation
(together with its successors and permitted assigns, "LENDER"), and SUNTRUST
CAPITAL MARKETS, INC., a Tennessee corporation, as agent and administrator for
Lender (in such capacity, together with its successor and assigns in such
capacity, the "ADMINISTRATOR").

                                   BACKGROUND

                  1.       Borrower desires that Lender extend financing to
         Borrower on the terms and subject to the conditions set forth herein.

                  2.       Lender is willing to provide such financing on the
         terms and subject to the conditions set forth in this Agreement.

                  NOW, THEREFORE, in consideration of the premises and the
mutual agreements herein contained, the parties hereto agree as follows:

                                  ARTICLE I.
                                  DEFINITIONS

                  Section 1.1       Defined Terms. As used in this Agreement,
(a) capitalized terms used and not otherwise defined herein are used with the
meanings attributed thereto in the Receivables Transfer Agreement or
Receivables Sale Agreement (each, as hereinafter defined) regardless of whether
those capitalized terms are listed below, and (b) the following terms have the
following meanings:

                  "ACCOUNTS RECEIVABLE TURNOVER RATIO" means, on any date of
determination, the ratio computed as of the most recent Calculation Date by
dividing (a) the aggregate amount of Credit Sales during the 12 months ending
on such Calculation Date by (b) the average month-end amount of the Aggregate
Unpaid Balance of Receivables during the 12 months ending on such Calculation
Date.

                  "ACTIVATION NOTICE" means a notice given by Administrator to
a Collection Bank, pursuant to which Administrator notifies Collection Bank
that from and after the date of such notice, Collection Bank shall be required
to follow only the instructions of Administrator in respect of any withdrawals
or transfers from a LockBox Account, including, without limitation, the form of
notice attached to the LockBox Agreements as an exhibit.

                  "ADMINISTRATOR" has the meaning set forth in the preamble to
this Agreement.

                  "ADMINISTRATOR'S ACCOUNT" has the meaning set forth in
Section 4.5.

                                      -1-
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                  "ADVANCE RATE" means the percentage equal to (a) 100% minus
(b) the Reserve Percentage.

                  "ADVERSE CLAIM" means any lien (statutory or other),
mortgage, pledge, hypothecation, assignment, encumbrance or preference,
priority or other security agreement or preferential arrangement of any kind or
nature whatsoever (including, without limitation, the interest of a vendor or
lessor under any conditional sale, capitalized lease or other title retention
agreement).

                  "AFFECTED PARTY" means each of Lender, any Liquidity Bank,
any permitted assignee of Lender or any Liquidity Bank, any Support Provider
and any holder of a participation interest in the rights and obligations of any
Liquidity Bank or Credit Bank under the Liquidity Agreement or the Conduit
Credit Agreement, as the case may be, Administrator and any holding company of
Bank.

                  "AFFILIATE" of any Person means any other Person directly or
indirectly controlling, controlled by, or under common control with, such
Person, whether through the ownership of voting securities, by contract or
otherwise. For purposes of this definition, "control" (including with
correlative meanings, the terms "controlling", "controlled by", and "under
common control with") as applied to any Person, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the
management and policies of that Person.. The word "AFFILIATED" has a
correlative meaning.

                  "AGGREGATE UNPAID BALANCE" means, on any date of
determination, the aggregate Unpaid Balance of all Eligible Receivables at such
time.

                  "AGREEMENT" means this Loan Agreement, as it may be amended,
supplemented, restated or otherwise modified from time to time in accordance
with the terms hereof.

                  "ALLOCATIONS" has the meaning set forth in Section 3.3.

                  "ALTERNATIVE RATE" means, for any Interest Period, an
interest rate per annum equal to either (a) the LIBOR Rate or (b) if the LIBOR
Rate is unavailable for any reason or there is less than two (2) Business Days'
prior notice to the Liquidity Banks of any funding by them, the Base Rate.

                  "ALTERNATIVE RATE ALLOCATION" has the meaning set forth in
Section 3.3.

                  "AMORTIZATION EVENT" means any of the events described in
Section 10.2.

                  "APPLICABLE MARGIN" has the meaning specified in the Fee
Letter.

                  "BANK" means SunTrust Bank, a Georgia banking corporation.

                  "BANKRUPTCY CODE" means the Bankruptcy Code, 11 U.S.C.ss.101,
et seq., as amended.

                                      -2-
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                  "BASE RATE" means, on any date of determination, a
fluctuating rate of interest per annum equal to the higher of (i) the Prime
Rate, or (ii) the Federal Funds Rate most recently determined by Bank plus
0.50% per annum.

                  "BORROWER" has the meaning set forth in the preamble to this
Agreement.

                  "BORROWING BASE" means, on any date of determination, an
amount equal to the product of (a) the Advance Rate as of the most recent
Calculation Date times (b) the excess, if any, of (i) the Aggregate Unpaid
Balance as of the last Business Day of the week then most recently ended (or in
the case of any Borrowing Base Certificate delivered on a daily basis pursuant
to Section 9.1.5(b)(i), as of the immediately preceding Business Day) over (ii)
the Excess Concentration Amount for all Obligors as of the last Business Day of
the week then most recently ended.

                  "BORROWING BASE CERTIFICATE" means a certificate,
substantially in the form of Exhibit D hereto, duly executed by an authorized
officer of Servicer.

                  "BORROWING BASE DEFICIT" means, on any date of determination,
an amount equal to the excess, if any, of (a) the aggregate principal amount of
all outstanding Loans at such time over (b) the sum of the Borrowing Base (as
reflected in the most recent Borrowing Base Certificate) plus all Collections
on deposit with the Bank.

                  "BORROWING REQUEST" has the meaning set forth in Section 2.2.

                  "BUSINESS DAY" means any day on which (a) Bank is not
authorized or required to be closed for business in Atlanta, Georgia, and The
Depository Trust Company of New York is open for business, and (b) commercial
banks in New York City are not authorized or required to be closed and, in the
case of a Rate Setting Date for Loans bearing interest by reference to the
LIBOR Rate, banks are open for business in London, England.

                  "CALCULATION DATE" means the last Business Day of each
Calculation Period.

                  "CALCULATION PERIOD" means a calendar month.

                  "CANADIAN OBLIGOR" means an Obligor which (a) if a natural
person, is a resident of Canada, or (b) if a corporation or business
organization, is organized under the laws of Canada or any political
subdivision thereof and has its chief executive office and principal place of
business in Canada.

                  "CHARGE-OFF" means a Receivable not previously deemed a
Defaulted Receivable that is written-off by the Servicer or should, in
accordance with the Credit and Collection Policy, be written-off.

                  "CLOSING DATE" means the date of the first Loan hereunder.

                  "COLLATERAL" has the meaning set forth in Section 5.1(a).

                                      -3-
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                  "COLLATERAL AGENT" means SunTrust Bank, a Georgia banking
corporation, in its capacity as Collateral Agent for the Co-Agents and Lenders
under and as defined in the Interface Revolving Credit Agreement, together with
its successors and assigns and any Person now or hereafter appointed as
"Collateral Agent" under the Interface Revolving Credit Agreement.

                  "COLLATERAL REVIEW" means a report of the independent
certified public accountants of Interface which satisfies the requirements set
forth on Schedule 9.1.5.

                  "COLLECTION BANK" means, at any time, any of the banks
holding one or more LockBox Accounts.

                  "COLLECTIONS" means, with respect to any Receivable, all cash
collections and other cash proceeds in respect of such Receivable, including,
without limitation, all yield, Finance Charges or other related amounts
accruing in respect thereof and all cash proceeds of Related Security with
respect to such Receivable.

                  "COMMERCIAL PAPER NOTES" means short-term promissory notes
issued by Lender to fund its Loans or investments in receivables or other
financial assets.

                  "COMMERCIAL PAPER RATE" means, for any Interest Period for
all or any portion of the related CP Allocation, a rate per annum equal to the
sum of (i) the rate or, if more than one rate, the weighted average of the
rates, determined by converting to an interest-bearing equivalent rate per
annum the discount rate (or rates) at which Commercial Paper Notes outstanding
during such Interest Period have been or may be sold by any placement agent or
commercial paper dealer selected by Administrator, plus (ii) the commissions
and charges charged by such placement agent or commercial paper dealer with
respect to such Commercial Paper Notes, expressed as a percentage of the face
amount thereof and converted to an interest-bearing equivalent rate per annum.

                  "COMMITMENT TERMINATION DATE" means the earliest to occur of
(i) the Scheduled Commitment Termination Date, (ii) the date of any termination
of the Lender's Commitment pursuant to Section 2.6, (iii) the effective date on
which the Lender's Commitment is terminated pursuant to Section 10.3, (iv) the
Liquidity Termination Date, and (v) termination of the Credit Banks'
commitments under the Conduit Credit Agreement.

                  "CONCENTRATION LIMIT" means:

                  (a)      for any other Obligor whose short term unsecured
         debt ratings are (i) at least both "A-1" from S&P and "P-1" from
         Moody's, 10.0% of the Aggregate Unpaid Balance; or (ii) at least both
         "A-2" from S&P and "P-2" from Moody's, 5.0% of the Aggregate Unpaid
         Balance; or

                  (b)      for any other Obligor who does not have short term
         unsecured debt ratings from both S&P and Moody's of at least the
         levels set forth in clause (a)(ii) above but who has long term
         unsecured debt ratings from both S&P and Moody's which are (i) greater
         than or equal to both "A" by S&P and "A2" by Moody's, 10.0% of the
         Aggregate Unpaid Balance; (ii) greater than or equal to both "BBB-" by
         S&P and "Baa3" by Moody's and less than or equal to "A-" by S&P

                                      -4-
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         and "A3" by Moody's, 5.0% of the Aggregate Unpaid Balance; or (iii)
         less than "BBB-" by S&P or "Baa3" by Moody's, 3.0% of the Aggregate
         Unpaid Balance;

                  (c)      for all Canadian Obligors in the aggregate, 3.0% of
         the Aggregate Unpaid Balance; and

                  (d)      for any other Obligor, 3.0% of the Aggregate Unpaid
         Balance;

PROVIDED that (1) the limitations set forth in the foregoing clauses (a)-(c)
shall apply to each specified Obligor and its Affiliates, considered as if they
were one and the same Person, and (2) in the event that any Obligor has both
long-term and short-term unsecured debt ratings from both S&P and Moody's that
are covered under the foregoing clauses (a) and (b), the short-term debt
ratings under clause (a) above shall control.

                  "CONDUIT CREDIT AGREEMENT" means and includes any
program-wide agreement entered into by any Credit Bank providing for the
issuance of one or more letters of credit for the account of Lender, the
issuance of one or more surety bonds for which Lender is obligated to reimburse
the applicable Credit Bank for any drawings thereunder, the sale by Lender to
any Credit Bank of receivables or other financial assets owned or held by
Lender (or portions thereof) and/or the making of loans and/or other extensions
of credit to Lender in connection with its commercial paper program, together
with any cash collateral agreement, letter of credit, surety bond or other
agreement or instrument executed and delivered in connection therewith (but
excluding the Liquidity Agreement, or similar agreement, or any voluntary
advance agreement).

                  "CONTRACT" means either (i) a written agreement between an
Originator and an Obligor, or (ii) an invoice issued by an Originator to an
Obligor, in either of the foregoing cases, pursuant to which such Obligor is
obligated to pay for goods, merchandise and/or services.

                  "COVERED TAXES" means Taxes other than Excluded Taxes.

                  "CP ALLOCATION" has the meaning set forth in Section 3.3.

                  "CP TRANCHE PERIOD" means, with respect to all or any portion
of the CP Allocation, a period of days from 1 Business Day up to 30 consecutive
days commencing on a Business Day which period is either (a) requested by
Borrower and agreed to by Lender (or by Administrator on Lender's behalf) or
(b) in the absence of such request and agreement, selected by Lender (or by
Administrator on Lender's behalf).

                  "CREDIT ADVANCE" means a drawing under a letter of credit
issued pursuant to a Credit Agreement for the account of Lender, a loan to
Lender under a Credit Agreement or any other advance or disbursement of funds
to Lender or for Lender's account pursuant to a Credit Agreement or any such
letter of credit, in each case to the extent such drawing, loan, advance or
disbursement has not been repaid or reimbursed to Credit Bank in accordance
with the related Credit Agreement.

                  "CREDIT AND COLLECTION POLICY" has the meaning set forth in
the Receivables Transfer Agreement and the Receivables Sale Agreement.

                                      -5-
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                  "CREDIT BANK" means and includes Bank and any other or
additional bank or other Person (other than Borrower or other customer of
Lender or any liquidity provider as such) now or hereafter extending credit or
a purchase commitment to or for the account of Lender or issuing a letter of
credit, surety bond or other instrument, in each case to support any
obligations arising under or in connection with Lender's commercial paper
program.

                  "CREDIT SALES" means, for any period of determination, the
aggregate amount of all trade receivables with credit terms of any kind
originated by any Originator during such period.

                  "CURRENCY CONTRACTS" shall mean any forward contracts,
futures contracts, foreign exchange contracts, currency swap agreements, and
other similar agreements and arrangements entered into by Interface or any
consolidated Subsidiary designed to protect Interface or any such Subsidiary
against fluctuations in foreign exchange rates.

                  "DAYS SALES OUTSTANDING RATIO" means, on any date of
determination, the ratio computed as of the most recent Calculation Date by
dividing (a) 360 by (b) the Accounts Receivable Turnover Ratio for the
Calculation Period ending on such Calculation Date.

                  "DEBT" of any Person means, without duplication, (i) all
obligations of such Person which in accordance with GAAP would be shown on the
balance sheet of such Person as a liability (including, without limitation,
obligations for borrowed money and for the deferred purchase price of property
or services, and obligations evidenced by bonds, debentures, notes or other
similar instruments), (ii) all rental obligations under leases required to be
capitalized under GAAP or under Synthetic Lease Obligations (other than those
under the Guilford Equipment Lease), (iii) all Guaranties of such Person
(including, without limitation, all guaranties of Debt referred to in this
definition of such Person) and all reimbursement obligations of such Person in
respect of letters of credit issued for its account, (iv) Debt of others
secured by any Lien upon property owned by such Person, whether or not assumed,
(v) all net payment obligations or other liabilities under Hedging Agreements,
and (vi) Redeemable Capital Stock of such Person valued at the greater of its
voluntary or involuntary maximum fixed repurchase price plus accrued dividends.
For purposes hereof, the "maximum fixed repurchase price" of any Redeemable
Capital Stock which does not have a fixed repurchase price shall be calculated
in accordance with the terms of such Redeemable Capital Stock as if such
Redeemable Capital Stock were purchased on any date on which Debt shall be
required to be determined pursuant to this Agreement, and if such price is
based on, or measured by, the fair market value of such Redeemable Capital
Stock, such fair market value shall be determined in good faith by the board of
directors of the issuer of such Redeemable Capital Stock.

                  "DEFAULT RATE" has the meaning set forth in Section 3.1(c).

                  "DEFAULT RATIO" means, on any date of determination, the
ratio (expressed as a percentage) computed as of the most recent Calculation
Date by dividing (a) the sum (without double counting) of (i) the Unpaid
Balance of Receivables that became Defaulted Receivables during the Calculation
Period ending on such Calculation Date, plus (ii) the Unpaid Balance of
Receivables that became Charge-Offs during the Calculation Period ending on
such Calculation

                                      -6-
<PAGE>
Date by (b) Credit Sales for the Calculation Period ending 4 months prior to
such Calculation Date.

                  "DEFAULTED RECEIVABLE" means, as of any date of
determination, any Receivable (i) which the Servicer has or should have
charged-off or deemed uncollectible in accordance with the Credit and
Collection Policy after taking a reasonable time to apply Collections received
to applicable invoices and reconcile the amount of such Receivable, (ii) as to
which, as of such date of determination, any payment, or part thereof, remains
unpaid for 91 days or more past the due date for such payment, determined by
reference to the original contractual payment terms of such Receivable or (iii)
as to which the Obligor thereon has suffered an Event of Bankruptcy.

                  "DELINQUENCY RATIO" means, on any date of determination, the
ratio (expressed as a percentage) computed as of the most recent Calculation
Date, by dividing (a) the Unpaid Balance of Receivables that are Delinquent
Receivables as of such Calculation Date by (b) an amount equal to the Aggregate
Unpaid Balance as of such Calculation Date, minus the aggregate Excess
Concentration Amount as of such Calculation Date.

                  "DELINQUENT RECEIVABLE" means, as of any date of
determination, any Receivable (other than a Defaulted Receivable) as to which,
as of such date of determination, any payment, or part thereof, remains unpaid
for 61 days or more past the due date for such payment, determined by reference
to the original contractual payment terms of such Receivable.

                  "DILUTION HORIZON RATIO" means, on any date of determination,
the ratio (expressed as a percentage) computed as of the most recent
Calculation Date by dividing (a) the sum of (i) Credit Sales for the
Calculation Period ending on such Calculation Date plus (ii) 50% of Credit
Sales for the immediately preceding Calculation Period, by (b) an amount equal
to (i) the Aggregate Unpaid Balance as of such Calculation Date minus (ii) the
aggregate Excess Concentration Amount as of such Calculation Date.

                  "DILUTION RATIO" means, on any date of determination, the
ratio (expressed as a percentage) computed as of the most recent Calculation
Date by dividing (a) Dilutions for the Calculation Period ending on such
Calculation Date by (b) Credit Sales for the Calculation Period ending 1 month
prior to such Calculation Date.

                  "DILUTION RESERVE" means, on any date of determination, the
product computed as of the most recent Calculation Date, of (a) the sum of (i)
the product of (x) the Stress Factor times (y) the Expected Dilution Ratio plus
(ii) the product of (x) the positive difference, if any, between (1) the
Dilution Spike Rate less (2) the Expected Dilution Ratio times (y) a ratio
computed by dividing (1) the Dilution Spike Rate by (2) the Expected Dilution
Ratio times (b) the Dilution Horizon Ratio.

                  "DILUTION SPIKE RATE" means, on any date of determination,
the highest Dilution Ratio over the 12-month period ending on the most recent
Calculation Date.

                  "DILUTIONS" means, for any period of determination, the
aggregate amount of returns, allowances, net credits and any other non-cash
reductions to the Credit Sales during such period.

                                      -7-
<PAGE>
                  "DISTRIBUTION DATE" means the 10th day of each calendar month
after the Closing Date (or, if such day is not a Business Day, the Business Day
immediately thereafter).

                  "DOCUMENTS" means all documentation relating to the
Receivables including, without limitation, the Contracts, billing statements
and computer records and programs.

                  "DOLLAR(S)" and the sign "$" shall mean lawful money of the
United States of America.

                  "ELIGIBLE RECEIVABLE" means each Receivable (net of any cash
in advance or cash prepayment received by an Originator) that meets the
following criteria:

                  (a)      that was created by an Originator in compliance with
         its Credit and Collection Policy, in the ordinary course of the
         business of such Originator;

                  (b)      that was documented in compliance with the
         applicable Originator's standard administration and documentation
         policies and procedures;

                  (c)      is not (i) a Delinquent Receivable, or (ii) a
         Defaulted Receivable;

                  (d)      as to which, at the time of the sale or contribution
         of such Receivable to Borrower, Interface was the sole owner thereof
         and had good and marketable title thereto, free and clear of all
         Adverse Claims (other than Permitted Encumbrances), and which was sold
         or contributed to Borrower pursuant to the Receivables Sale Agreement
         free and clear of all Adverse Claims other than in favor of
         Administrator;

                  (e)      the assignment of which by the applicable Originator
         to Interface pursuant to the Receivables Transfer Agreement, and/or by
         Interface to Borrower pursuant to the Receivables Sale Agreement, does
         not contravene or conflict with any law, rule or regulation or any
         contractual or other restriction, limitation or encumbrance, and the
         sale or assignment of which does not require the consent of the
         Obligor thereof;

                  (f)      which is denominated and payable in Dollars and is
         only payable in the United States of America;

                  (g)      the Obligor of which is a resident of the United
         States or Canada;

                  (h)      the Obligor of which is not an officer, director or
         Affiliate of any Originator or Borrower;

                  (i)      the Obligor of which is not a Governmental
         Authority;

                  (j)      that is in full force and effect and constitutes the
         legally valid and binding payment obligation of the Obligor with
         respect thereto, enforceable against such Obligor in accordance with
         its terms;

                                      -8-
<PAGE>
                  (k)      that does not contravene in any material respect any
         applicable requirements of law (including without limitation all laws,
         rules and regulations relating to truth in lending, fair credit
         billing, fair credit reporting, fair debt collection practices and
         privacy) and which complies with all applicable requirements of law
         and with respect to which all consents, licenses, approvals or
         authorizations of, or registrations or declarations with, any
         governmental authority required to be obtained, effected or given by
         the related Originator in connection with the creation or the
         execution, delivery and performance of such Receivable, have been duly
         obtained, effected or given and are in full force and effect;

                  (l)      that complies with all applicable requirements of
         the applicable Credit and Collection Policy;

                  (m)      as to which each of Interface's, Borrower's and
         Administrator's (for the benefit of the Secured Parties) first
         priority (subject to Permitted Encumbrances) security interest in such
         Receivable has been perfected under the applicable Uniform Commercial
         Code and other applicable laws;

                  (n)      as to which the Servicer or an Originator is in
         possession of the related Receivable File;

                  (o)      which provides for repayment in full of the Unpaid
         Balance thereof within 90 days of the date of the creation thereof;

                  (p)      the terms of which have not been modified or waived
         except as permitted under the Credit and Collection Policy and this
         Agreement;

                  (q)      which constitutes an "account" or a "payment
         intangible" under and as defined in Article 9 of the Uniform Commercial
         Code of all applicable jurisdictions;

                  (r)      which is not subject to any dispute, right of
         rescission, set-off, counterclaim or any other defense (including
         defenses arising out of violations of usury laws) of the applicable
         Obligor against the applicable Originator or any other Adverse Claim,
         and the Obligor thereon holds no right as against such Originator to
         cause such Originator to repurchase the goods the sale of which shall
         have given rise to such Receivable (except with respect to sale
         discounts effected pursuant to the Contract, or goods returned in
         accordance with the terms of the Contract);

                  (s)      which is not owing from an Obligor as to which more
         than 10% of the aggregate Outstanding Balance of all Receivables owing
         from such Obligor are Defaulted Receivables; and

                  (t)      the applicable Originator has satisfied and fully
         performed all obligations on its part with respect to such Receivable
         required to be fulfilled by it, and no further action is required to
         be performed by any Person with respect

                                      -9-
<PAGE>
         thereto other than payment thereon by the applicable Obligor
         (excluding warranty obligations for which no claim exists).

                  "EVENT OF BANKRUPTCY" shall be deemed to have occurred with
respect to a Person if either:

                  (a)      a case or other proceeding shall be commenced,
         without the application or consent of such Person, in any court,
         seeking the liquidation, reorganization, debt arrangement,
         dissolution, winding up, or composition or readjustment of debts of
         such Person, the appointment of a trustee, receiver, custodian,
         liquidator, assignee, sequestrator or the like for such Person or all
         or substantially all of its assets, or any similar action with respect
         to such Person under any law relating to bankruptcy, insolvency,
         reorganization, winding up or composition or adjustment of debts and,
         solely in the case of Borrower, such case or proceeding shall continue
         undismissed, or unstayed and in effect, for a period of 60 consecutive
         days; or an order for relief in respect of such Person shall be
         entered in an involuntary case under the federal bankruptcy laws or
         other similar laws now or hereafter in effect; or

                  (b)      such Person shall commence a voluntary case or other
         proceeding under any applicable bankruptcy, insolvency,
         reorganization, debt arrangement, dissolution or other similar law now
         or hereafter in effect, or shall consent to the appointment of or
         taking possession by a receiver, liquidator, assignee, trustee,
         custodian, sequestrator (or other similar official) for such Person or
         for any substantial part of its property, or shall make any general
         assignment for the benefit of creditors, or shall fail to, or admit in
         writing its inability to, pay its debts generally as they become due,
         or, if a corporation or similar entity, its board of directors shall
         vote to implement any of the foregoing.

                  "EVENT OF DEFAULT" means any of the events described in
Section 10.1.

                  "EXCESS CONCENTRATION AMOUNT" means, on any date of
determination, with respect to any Obligor and its Affiliates considered as if
they were one and the same Obligor, the amount, if any, by which the Aggregate
Unpaid Balance of such Obligor and its Affiliates at such time exceeds the
Concentration Limit for such Obligor and its Affiliates at such time.

                  "EXCLUDED DEPOSIT ACCOUNTS" means the LockBox Accounts at
Bank One, NA and related LockBoxes of Borrower identified on Schedule 8.12 as
"Excluded LockBoxes".

                  "EXCLUDED TAXES" means, in the case of any Indemnified Party,
taxes imposed on its overall net income, and franchise taxes and branch profit
taxes based on net income, imposed on it by (i) the jurisdiction under the laws
of which such Indemnified Party is organized or (ii) the jurisdiction in which
such Indemnified Party's principal executive office is located.

                  "EXPECTED DILUTION RATIO" means, on any date of
determination, the rolling twelve-month average Dilution Ratio for the 12-month
period ending on the most recent Calculation Date.

                                     -10-
<PAGE>
                  "EXTENSION FEE" has the meaning provided in the Fee Letter.

                  "FACILITY LIMIT" means $50,000,000, as may be reduced
pursuant to Section 2.6.

                  "FEDERAL FUNDS RATE" means, for any period, the per annum
rate set forth in the weekly statistical release designated as H.15(519), or
any successor publication, published by the Federal Reserve Board (including
any such successor, "H.15(519)") for such day opposite the caption "Federal
Funds (Effective)." If on any relevant day such rate is not yet published in
H.15(519), the rate for such day will be the rate set forth in the daily
statistical release designated as the Composite 3:30 p.m. Quotations for U.S.
Government Securities, or any successor publications, published by the Federal
Reserve Bank of Atlanta (including any such successor, the "COMPOSITE 3:30 P.M.
QUOTATIONS") for such day under the caption "Federal Funds Effective Rate." If
on any relevant day the appropriate rate for such previous day is not yet
published in either H.15(519) or the Composite 3:30 p.m. Quotations, the rate
for such day will be the arithmetic mean as determined by Bank of the rates for
the last transaction in overnight Federal funds arranged prior to 9:00 a.m.
(New York time) on that day by each of three leading brokers of Federal funds
transactions in New York City selected by Bank.

                  "FEE LETTER" has the meaning set forth in Section 3.4.

                  "FEES" means all fees and other amounts payable by Borrower
to Administrator or Lender pursuant to the Fee Letter.

                  "FINANCE CHARGES" means, with respect to a Contract, any
finance, interest, late payment charges or similar charges owing by an Obligor
pursuant to such Contract.

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

                  "GOVERNMENTAL AUTHORITY" means any nation or government, any
federal, state, local or other political subdivision thereof and any entity
exercising executive, legislative, judicial, regulatory or administrative
authority or functions of or pertaining to government including any authority
or other quasi-governmental entity established to perform any of such
functions.

                  "GUARANTY" shall mean any contractual obligation, contingent
or otherwise, of a Person with respect to any Indebtedness of another Person,
including without limitation, any such Indebtedness directly or indirectly
guaranteed, endorsed, co-made or discounted or sold with recourse by that
Person, or in respect of which that Person is otherwise directly or indirectly
liable, including contractual obligations (contingent or otherwise) arising
through any agreement to purchase, repurchase, or otherwise acquire such
Indebtedness or any security therefor, or any agreement to provide funds for
the payment or discharge thereof (whether in the form of loans, advances, stock
purchases, capital contributions or otherwise), or to maintain solvency,
assets, level of income, or other financial condition, or to make any payment
other than for value

                                     -11-
<PAGE>
received. The amount of any Guaranty shall be deemed to be an amount equal to
the stated or determinable amount of the primary obligation in respect of which
guaranty is made or, if not so stated or determinable, the maximum reasonably
anticipated liability in respect thereof (assuming such Person is required to
perform thereunder) as determined by such Person in good faith.

                  "GUILFORD EQUIPMENT LEASE" shall mean the Master Equipment
Lease Agreement dated as of June 30, 1995, between Fleet Credit Corporation and
Interface Fabrics Group Finishing, Inc. (formerly known as Guilford of Maine,
Inc.), relating to the leasing of various textile manufacturing equipment in
aggregate original amount (acquisition costs) of not more than $21,000,000 and
in an aggregate current amount (acquisition costs) of not more than $6,100,000,
as such agreement, in whole or in part, may from time to time be amended,
renewed, extended, substituted, refinanced, restructured, replaced,
supplemented or otherwise modified, whether with the same or any other
Person(s) as lessor(s) or lender(s) (including, without limitation, any
successive renewals, extensions, substitutions, refinancings, restructurings,
replacements, supplements or other modifications of the foregoing); provided
that from and after the Closing Date the aggregate amount (acquisition costs)
of the Guilford Equipment Lease may not exceed $6,100,000 at any time.

                  "HEDGING AGREEMENTS" shall mean the collective reference to
Currency Contracts and Interest Rate Contracts or similar agreements or
combinations thereof.

                  "INDEMNIFIED AMOUNTS" has the meaning set forth in Section
14.1.

                  "INDEMNIFIED PARTY" has the meaning set forth in Section
14.1.

                  "INTERCREDITOR AGREEMENT" means the Intercreditor Agreement
dated as of February 12, 2003 by and between Administrator and the Collateral
Agent, as such agreement may be amended, supplemented, restated, replaced or
otherwise modified from time to time.

                  "INTEREST PERIOD" means:

                  (a)      with respect to any CP Allocation, its CP Tranche
         Period;

                  (b)      with respect to any Alternative Rate Allocation, (i)
         initially, the period commencing on the date of the initial
         establishment of such Allocation and ending on (but excluding) the
         Business Day immediately preceding the next following Scheduled
         Interest Payment Date, and (ii) thereafter, each period commencing on
         (and including) the Business Day immediately preceding a Scheduled
         Interest Payment Date and ending on (but excluding) the Business Day
         immediately preceding the next following Scheduled Interest Payment
         Date;

PROVIDED, HOWEVER, that if any Interest Period for any Allocation that
commences before the Commitment Termination Date would otherwise end on a date
occurring after such Commitment Termination Date, such Interest Period shall
end on such Commitment Termination Date and the duration of each such Interest
Period that commences on or after the Commitment Termination Date, if any,
shall be of such duration as shall be selected by Administrator.

                                     -12-
<PAGE>
                  "INTEREST RATE CONTRACTS" shall mean any forward contracts,
futures contracts, interest rate exchange agreements, interest rate cap
agreements, interest rate collar agreements, and other similar agreements and
arrangements entered into by Interface or any of its consolidated Subsidiaries
designed to protect Interface or any such Subsidiary against fluctuations in
interest rates.

                  "INTERFACE" means Interface, Inc., a Georgia corporation, and
its successors.

                  "INTERFACE REVOLVING CREDIT AGREEMENT" means that certain
Fourth Amended and Restated Credit Agreement dated as of January 17, 2002,
among Interface, certain Subsidiaries of Interface, First Union National Bank,
as Domestic Agent and Multicurrency Agent, the financial institutions signatory
thereto as lenders, SunTrust Bank, as Collateral Agent, and Citicorp North
America, Inc., as Syndication Agent, as amended by that certain First Amendment
to Credit Agreement and Letter of Credit Agreement dated as of December 12,
2002, and as further amended, modified, supplemented, extended, refinanced or
replaced from time to time, and after giving effect to any waiver from time to
time granted by the requisite lenders and/or agents of any covenants, terms or
provisions thereof.

                  "LENDER" has the meaning set forth in the preamble to this
Agreement.

                  "LENDER NOTE" has the meaning set forth in Section 2.7.

                  "LENDER'S COMMITMENT" has the meaning set forth in Section
2.1.

                  "LIBOR RATE" means, for any Interest Period, the rate per
annum on the Rate Setting Day of such Interest Period shown on page 3750 of
Telerate or any successor page as the composite offered rate for London
interbank deposits for one month, as shown under the heading "USD" as of 11:00
a.m. (London time); PROVIDED that in the event no such rate is shown, the LIBOR
Rate shall be the rate per annum (rounded upwards, if necessary, to the nearest
1/16th of one percent) based on the rates at which Dollar deposits for one
month are displayed on page "LIBOR" of the Reuters Screen as of 11:00 a.m.
(London time) on the Rate Setting Day (it being understood that if at least two
(2) such rates appear on such page, the rate will be the arithmetic mean of
such displayed rates); PROVIDED FURTHER, that in the event fewer than two (2)
such rates are displayed, or if no such rate is relevant, the LIBOR Rate shall
be the rate per annum equal to the average of the rates at which deposits in
Dollars are offered by Administrator at approximately 11:00 a.m. (London time)
on the Rate Setting Day to prime banks in the London interbank market for a one
month.

                  "LIEN" shall mean any lien, charge, claim, security interest,
mortgage or encumbrance, or preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever.

                  "LIQUIDITY AGREEMENT" means and includes (a) the Liquidity
Asset Purchase Agreement (regarding Interface Securitization Corporation),
dated as of February 12, 2003, among Lender, as borrower, Bank, as liquidity
agent for the Liquidity Banks, Administrator, and the Liquidity Banks, or (b)
any other agreement hereafter entered into by Lender providing for the sale by
Lender of Loans (or portions thereof), or the making of loans or other
extensions of credit to Lender secured by security interests in the Loans (or
portions thereof), to support all or

                                     -13-
<PAGE>
part of Lender's payment obligations under the Commercial Paper Notes or to
provide an alternate means of funding Lender's investments in accounts
receivable or other financial assets, in each case as amended, supplemented,
restated or otherwise modified from time to time.

                  "LIQUIDITY BANK" means and includes Bank and the various
financial institutions as are, or may become, parties to the Liquidity
Agreement, as purchasers thereunder.

                  "LIQUIDITY TERMINATION DATE" means the earlier to occur of
(a) February 11, 2004, as such date may be extended from time to time by the
Liquidity Banks in accordance with the Liquidity Agreement, and (b) the
occurrence of an Event of Bankruptcy with respect to Lender.

                  "LOAN" means any amount disbursed as principal by Lender to
Borrower under this Agreement.

                  "LOCKBOX" means a postal box maintained on behalf of Borrower
or the Servicer for the purpose of receiving checks and money orders
constituting Collections of the Receivables.

                  "LOCKBOX ACCOUNT" means any of those bank accounts described
on Schedule 8.12 hereto and any additional or replacement account to which Mail
Payments are deposited for clearing.

                  "LOCKBOX ACCOUNT AGREEMENT" means an agreement among an
Originator, Borrower, Administrator and the bank holding any LockBox Account,
in substantially the form of Exhibit E attached hereto.

                  "LOSS HORIZON RATIO" means, on any date of determination, the
ratio computed as of the most recent Calculation Date by dividing (a) the sum
of (i) the Weighted Average Credit Percentage of Credit Sales for the
Calculation Period ending on such Calculation Date, plus (ii) Credit Sales for
the Calculation Period ending one (1) month prior to such Calculation Date,
plus (iii) Credit Sales for the Calculation Period ending two (2) months prior
to such Calculation Date, plus (iv) 23% of Credit Sales for the Calculation
Period ending three (3) months prior to such Calculation Date, by (b) an amount
equal to (i) the Aggregate Unpaid Balance as of such Calculation Date, minus
(ii) the aggregate Excess Concentration Amount as of such Calculation Date.

                  "LOSS RESERVE" means, on any date of determination, the
greater of (a) product of (i) the highest rolling 3-month average Default Ratio
over the 12 months ending on the most recent Calculation Date, times (ii) the
Loss Horizon Ratio as of such Calculation Date, times (iii) the Stress Factor,
or (b) 12%.

                  "MAIL PAYMENTS" has the meaning specified in Section
11.2.3(a).

                  "MATERIAL ADVERSE EFFECT" means a material adverse effect on
(a) on the business, property, condition (financial or otherwise) or results of
operations or prospects of (i) Servicer and its Subsidiaries taken as a whole,
or (ii) Borrower, (b) the ability of Borrower or Servicer to perform its
respective obligations under the Agreement or any other Transaction Document to

                                     -14-
<PAGE>
which it is a party, (c) the legality, validity or enforceability of the
Agreement or any other Transaction Document, (d) the existence, validity,
perfection or priority of (i) Administrator's (for the benefit of the Secured
Parties) security interest in the Collateral, or (ii) Borrower's ownership
interest in the Receivables; or (e) the validity, enforceability or
collectibility of the Receivables generally or of any material portion of the
Receivables.

                  "MATERIAL DEBT" has the meaning specified in Section 11.7.7.

                  "MONTHLY REPORT" means a report, substantially in the form of
Exhibit C or in such other form acceptable to Administrator, prepared by
Servicer as of the Calculation Date then most recently occurring signed by an
authorized officer of Servicer.

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

                  "OBLIGATIONS" means all obligations (monetary or otherwise)
of Borrower to Lender, Administrator, any Affected Party or any Indemnified
Party and their respective successors, permitted transferees and assigns
arising under or in connection with this Agreement, the Lender Note and each
other Transaction Document, in each case however created, arising or evidenced,
whether direct or indirect, absolute or contingent, now or hereafter existing,
or due or to become due.

                  "OBLIGOR" means, with respect to any Receivable, each Person
obligated to make payments with respect to such Receivable, including any
guarantor thereof.

                  "ORGANIZATIONAL DOCUMENTS" means, for any Person, the
documents for its formation and organization, which, for example, (a) for a
corporation are its corporate charter and bylaws, (b) for a partnership are its
certificate of partnership (if applicable) and partnership agreement, (c) for a
limited liability company are its certificate of formation or organization and
its operating agreement, regulations or the like and (d) for a trust is the
trust agreement, declaration of trust, indenture or bylaws under which it is
created.

                  "ORIGINAL SELLER" means any of Interface Americas, Inc., a
Georgia corporation, Interface Fabrics Group Marketing, Inc., a Nevada
corporation, Pandel, Inc., a Georgia corporation, Interface Teknit, Inc., a
Michigan corporation, Interface TekSolutions, LLC, a Michigan limited liability
company, and any other Person that may hereafter become an "Original Seller"
under and pursuant to the terms of the Receivables Transfer Agreement.

                  "ORIGINATOR" means each of (i) Interface, and (ii) the
Original Sellers.

                  "OUTSTANDING BALANCE" of any Receivable at any time means the
then outstanding principal balance thereof.

                  "PERMITTED ENCUMBRANCES" means the following: (a) Liens for
taxes or assessments or other governmental charges not yet due and payable; and
(b) Liens created by the Transaction Documents.

                                     -15-
<PAGE>
                  "PERMITTED INVESTMENT" means, at any time:

                  (i)      marketable obligations issued by, or the full and
         timely payment of which is directly and fully guaranteed or insured
         by, the United States government or any other government with an
         equivalent rating, or any agency or instrumentality thereof when such
         marketable obligations are backed by the full faith and credit of the
         United States government or such other equivalently rated government,
         as the case may be, but excluding any securities which are derivatives
         of such obligations;

                  (ii)     time deposits, bankers' acceptances and certificates
         of deposit of any domestic commercial bank or any United States branch
         or agency of a foreign commercial bank which (x) has capital, surplus
         and undivided profits in excess of $100,000,000 and which has a
         commercial paper or certificate of deposit rating meeting the
         requirements specified in clause (iii) below (or equivalent rating
         from the Rating Agencies) or (y) is set forth in a list (which may be
         updated from time to time) (A) approved by Administrator and (B) with
         respect to which a written statement has been obtained from each of
         the Rating Agencies to the effect that the rating of the Commercial
         Paper Notes will not be downgraded or withdrawn solely as a result of
         the acquisition of such investments;

                  (iii)    commercial paper which is (x) rated at least as high
         as the Commercial Paper Notes by the Rating Agencies, or (y) set forth
         in a list (which may be updated from time to time) (A) approved by
         Administrator and (B) with respect to which a written statement has
         been obtained from each of the Rating Agencies to the effect that the
         rating of the Commercial Paper Notes will not be downgraded or
         withdrawn solely as a result of the acquisition of such investments;

                  (iv)     secured repurchase obligations for underlying
         securities of the types described in clauses (i) and (ii) above
         entered into with any bank of the type described in clause (ii) above;
         and

                  (v)      freely redeemable shares in money market funds which
         invest solely in obligations, bankers' acceptances, time deposits,
         certificates of deposit, repurchase agreements and commercial paper of
         the types described in clauses (i) through (iv) above, without regard
         to the limitations as to the maturity of such obligations, bankers'
         acceptances, time deposits, certificates of deposit, repurchase
         agreements or commercial paper set forth below, which are rated at
         least "AAm" or "AAmg" or their equivalent by both Rating Agencies,
         PROVIDED that there is no "r-highlighter" affixed to such rating.

                  "PERSON" means an individual, partnership, limited liability
company, corporation (including a business trust), joint stock company, trust,
unincorporated association, joint venture, government or any agency or
political subdivision thereof or any other entity.

                                     -16-
<PAGE>
                  "PRIME RATE" means as of any date of determination, the rate
of interest most recently announced by Bank at its principal office in Atlanta,
Georgia as its prime rate (it being understood that at any one time there shall
exist only one such prime rate so announced, which rate is not necessarily
intended to be the lowest rate of interest determined by Bank in connection
with extensions of credit).

                  "PROGRAM DOCUMENTS" means the Liquidity Agreement, the
Conduit Credit Agreement, the Voluntary Advance Agreement, the documents under
which Administrator performs its obligations with respect to Lender's
commercial paper program and the other documents to be executed and delivered
in connection therewith, as amended, supplemented, restated or otherwise
modified from time to time.

                  "PURCHASE PRICE CREDIT" has the meaning set forth in the
Receivables Sale Agreement or the Receivables Transfer Agreement, as
applicable.

                  "RATE SETTING DAY" means, for any Interest Period, two (2)
Business Days prior to the commencement of such Interest Period. In the event
such day is not a Business Day, then the Rate Setting Day shall be the
immediately preceding Business Day.

                  "RATING AGENCIES" means S&P and Moody's.

                  "RECEIVABLE" means each "RECEIVABLE" under and as defined in
the Receivables Sale Agreement in which Borrower now has or hereafter acquires
any right, title or interest.

                  "RECEIVABLE FILE" means with respect to a Receivable, (i) the
Contract giving rise to the Receivable and other evidences of the Receivable
including, without limitation, tapes, discs, punch cards and related property
and rights and (ii) each UCC financing statement related thereto, if any.

                  "RECEIVABLES SALE AGREEMENT" means the Receivables Sale
Agreement, dated as of February 12, 2003, by and between Interface, as seller,
and Borrower, as buyer, as such agreement may be further amended, supplemented,
restated or otherwise modified from time to time with the prior written consent
of Administrator.

                  "RECEIVABLES TRANSFER AGREEMENT" means the Receivables
Transfer Agreement, dated as of February 12, 2003, by and between the Original
Sellers, as sellers, and Interface, as buyer, as such agreement may be further
amended, supplemented, restated or otherwise modified from time to time with
the prior written consent of Administrator.

                  "RECORDS" means, with respect to any Receivable, all
Contracts and other documents, books, records and other information (including,
without limitation, computer programs, tapes, disks, punch cards, data
processing software and related property and rights) relating to such
Receivable, any Related Security therefor and the related Obligor.

                  "REDEEMABLE CAPITAL STOCK" shall have the meaning assigned to
such term in the Interface Revolving Credit Agreement.

                                     -17-
<PAGE>
                  "REGULATORY CHANGE" means, relative to any Affected Party:

                  (a)      any change in (or the adoption, implementation,
         change in the phase-in or commencement of effectiveness of) any: (i)
         United States Federal or state law or foreign law applicable to such
         Affected Party, (ii) regulation, interpretation, directive,
         requirement or request (whether or not having the force of law)
         applicable to such Affected Party of (A) any court or government
         authority charged with the interpretation or administration of any law
         referred to in clause (a)(i), or of (B) any fiscal, monetary or other
         authority having jurisdiction over such Affected Party, or (iii) GAAP
         or regulatory accounting principles applicable to such Affected Party
         and affecting the application to such Affected Party of any law,
         regulation, interpretation, directive, requirement or request referred
         to in clause (a)(i) or (a)(ii) above;

                  (b)      any change in the application to such Affected Party
         of any existing law, regulation, interpretation, directive,
         requirement, request or accounting principles referred to in clause
         (a)(i), (a)(ii) or (a)(iii) above; or

                  (c)      the issuance, publication or release of any
         regulation, interpretation, directive, requirement or request of a
         type described in clause (a)(ii) above to the effect that the
         obligations of any Liquidity Bank under the Liquidity Agreement are
         not entitled to be included in the zero percent category of
         off-balance sheet assets for purposes of any risk-weighted capital
         guidelines applicable to such Liquidity Bank or any related Affected
         Party.

                  "RELATED SECURITY" means all "RELATED SECURITY" under and as
defined in the Receivables Sale Agreement in which Borrower now has or
hereafter acquires any right, title or interest.

                  "REQUIRED CAPITAL AMOUNT" has the meaning specified in the
Receivables Sale Agreement.

                  "REQUIREMENTS OF LAW" for any Person or any of its property
shall mean the Organizational Documents of such Person or any of its property,
and any statute, law, treaty, rule or regulation, or determination of an
arbitrator or Governmental Authority, in each case applicable to or binding
upon such Person or any of its property or businesses or to which such Person
or any of its property or businesses is subject, whether federal, state or
local.

                   "RESERVE PERCENTAGE" means the percentage equal to the sum
of (i) the Loss Reserve, (ii) the Dilution Reserve, (iii) the Yield Reserve,
and (iv) the Servicing Reserve.

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

                  "SCHEDULED COMMITMENT TERMINATION DATE" means February 11,
2004, as extended from time to time by mutual agreement of the parties hereto.

                                     -18-
<PAGE>
                  "SCHEDULED INTEREST PAYMENT DATE" means with respect to each
other Loan, each Distribution Date hereafter commencing with March 12, 2003.

                  "SECURED PARTIES" means Lender, Administrator and each
Indemnified Party, and the successors and permitted assigns of each of the
foregoing.

                  "SERVICER" means Interface, or any successor Servicer
appointed as provided in Section 11.5.

                  "SERVICER EVENT OF DEFAULT" shall have the meaning specified
in Section 11.7.

                  "SERVICING FEE" means, as to any Calculation Period, the fee
payable to the Servicer which, so long as Interface or one of its Affiliates is
the Servicer, shall be equal to the Servicing Fee Rate divided by 12 multiplied
by the Aggregate Unpaid Balance at the beginning of such Calculation Period.
The Servicing Fee for any successor Servicer shall be equal to the fee
reasonably agreed to by Administrator and such successor Servicer.

                  "SERVICING FEE RATE" means 2.40%.

                  "SERVICING RESERVE" means, on any date of determination, the
product of: (a) the highest Day Sales Outstanding Ratio during the 12 months
ending on the most recent Calculation Date, (b) the Stress Factor, (c) 2.40%,
and (d) 1/360.

                  "SIGNIFICANT EVENT" means any Amortization Event or Event of
Default.

                  "SOLVENT" means with respect to any Person that as of the
date of determination both (A)(i) the then fair saleable value of the property
of such Person is (y) greater than the total amount of liabilities (including
contingent liabilities) of such Person and (z) not less than the amount that
will be required to pay the probable liabilities on such Person's then existing
debts as they become absolute and matured considering all financing
alternatives and potential asset sales reasonably available to such Person;
(ii) such Person's capital is not unreasonably small in relation to its
business or any contemplated or undertaken transaction; and (iii) such Person
does not intend to incur, or believe (nor should it reasonably believe) that it
will incur, debts beyond its ability to pay such debts as they become due; and
(B) such Person is "solvent" within the meaning given that term and similar
terms under applicable laws relating to fraudulent transfers and conveyances.
For purposes of this definition, the amount of any contingent liability at any
time shall be computed as the amount that, in light of all of the facts and
circumstances existing at such time, represents the amount that can reasonably
be expected to become an actual or matured liability.

                  "STRESS FACTOR" means 2.0.

                  "SUBORDINATED LOANS" has the meaning assigned to such term in
the Receivables Sale Agreement.

                  "SUBORDINATED NOTE" has the meaning assigned to such term in
the Receivables Sale Agreement.

                                     -19-
<PAGE>
                  "SUBSIDIARY" means, with respect to any Person, a corporation
of which such Person and/or its other Subsidiaries own, directly or indirectly,
such number of outstanding shares as have more than 50% of the ordinary voting
power for the election of directors.

                  "SUPPORT PROVIDER" means and includes any entity now or
hereafter extending credit or liquidity support or having a commitment to
extend credit or liquidity support to or for the account of, or to make loans
to or purchases from, Lender or issuing a letter of credit, surety bond or
other instrument to support any obligations arising under or in connection with
the commercial paper program of Lender.

                  "SYNTHETIC LEASE OBLIGATIONS" shall mean, collectively, all
payment obligations of Interface or any of its consolidated Subsidiaries
pursuant to so-called "synthetic" leases not treated as capital leases under
GAAP, but which are treated as financings under the Internal Revenue Code.

                  "TAXES" means any and all present or future taxes, duties,
levies, imposts, deductions, charges or withholdings, and any and all
liabilities (including but not limited to interest and penalties) with respect
to the foregoing, imposed by any Governmental Authority.

                  "TELERATE PAGE 3750" shall mean the display designated as
"Page 3750" on the Telerate Service (or such other page as may replace "Page
3750" on that service or another service as may be nominated by the British
Bankers' Association as the information vendor for the purpose of displaying
British Bankers' Association Interest Settlement Rate for Dollars).

                  "TRANSACTION DOCUMENTS" means this Agreement, the Receivables
Sale Agreement, the Receivables Transfer Agreement, the Lender Note, the
Subordinated Note, the Fee Letter, the Intercreditor Agreement, and the other
instruments, certificates, agreements, reports and documents to be executed and
delivered under or in connection with this Agreement, the Receivables Transfer
Agreement or the Receivables Sale Agreement (except the Program Documents), as
any of the foregoing may be amended, supplemented, amended and restated, or
otherwise modified from time to time in accordance with this Agreement.

                  "UCC" means the Uniform Commercial Code as from time to time
in effect in the applicable jurisdiction or jurisdictions.

                  "UNMATURED SERVICER EVENT OF DEFAULT" means any event that,
if it continues uncured, will, with lapse of time or notice or lapse of time
and notice, constitute a Servicer Event of Default.

                  "UNMATURED SIGNIFICANT EVENT" means any event that, if it
continues uncured, will, with lapse of time or notice or lapse of time and
notice, constitute a Significant Event.

                  "UNPAID BALANCE" means, with respect to any Receivable, the
sum of (a) the Outstanding Balance thereof, plus (without duplication), (b) the
aggregate amount required to repay in full all interest, finance, prepayment
and other fees or charges of any kind payable in respect of, such Outstanding
Balance.

                                     -20-
<PAGE>
                  "VOLUNTARY ADVANCE AGREEMENT" means the Voluntary Advance
Agreement, dated as of March 11, 1999, among Lender, Administrator and Bank, as
it may be amended, supplemented, restated or otherwise modified from time to
time.

                  "WEIGHTED AVERAGE CREDIT PERCENTAGE" means, on any date of
determination, the percentage determined pursuant to the following formula:

                                    WACT
                         [ 100% x [ ---- ] ]
                                     30

                  WHERE:

                  WACT = the Weighted Average Credit Terms for the most recent
         Calculation Period.

                  "WEIGHTED AVERAGE CREDIT TERMS" means, for any Calculation
Period of determination, the weighted average of payment terms granted in
invoices for Receivables generated during such Calculation Period.

                  "YIELD RESERVE" means, on any date of determination, the
product of (a) the highest Day Sales Outstanding Ratio during the 12 months
ending on the most recent Calculation Date, (b) the Stress Factor, (c) the
Prime Rate as in effect on such Calculation Date and (d) 1/360.

                  Section 1.2       Other Definitional Provisions.

                  (a)      Unless otherwise specified therein, all terms
         defined in this Agreement have the meanings as so defined herein when
         used in the Lender Note or any other Transaction Document,
         certificate, report or other document made or delivered pursuant
         hereto.

                  (b)      Each term defined in the singular form in Section
         1.1 or elsewhere in this Agreement shall mean the plural thereof when
         the plural form of such term is used in this Agreement, the Lender
         Note or any other Transaction Document, certificate, report or other
         document made or delivered pursuant hereto, and each term defined in
         the plural form in Section 1.1 shall mean the singular thereof when
         the singular form of such term is used herein or therein.

                  (c)      The words "HEREOF," "HEREIN," "HEREUNDER" and
         similar terms when used in this Agreement shall refer to this
         Agreement as a whole and not to any particular provision of this
         Agreement, and article, section, subsection, schedule and exhibit
         references herein are references to articles, sections, subsections,
         schedules and exhibits to this Agreement unless otherwise specified.

                                     -21-
<PAGE>
                  Section 1.3       Other Terms. All accounting terms not
specifically defined herein shall be construed in accordance with GAAP. All
terms used in Article 9 of the UCC and not specifically defined herein, are
used herein as defined in such Article 9.

                  Section 1.4       Computation of Time Periods. Unless
otherwise stated in this Agreement, in the computation of a period of time from
a specified date to a later specified date, the word "FROM" means "FROM AND
INCLUDING" and the words "TO" and "UNTIL" each means "TO BUT EXCLUDING."

                  Section 1.5       Limitation on Recourse. Notwithstanding
anything to the contrary in this Agreement or any other Transaction Document,
Borrower shall have no personal liability to the Lender or the Administrator
under any Transaction Document for the payment of the principal balance of any
or all of the Loans beyond the interests of Borrower in the Collateral;
provided, however, that Borrower shall have personal liability for (a) any
interest that may accrue on the Loans, (b) any Fees, (c) any Servicer costs and
expenses, including the Servicing Fee, in connection with servicing,
administering and collecting the Receivables, (d) all amounts payable pursuant
to Section 4.1(d), 6.1, 6.2, 6.3 or 14.1 of this Agreement, and (e) any damage
suffered by the Lender or the Administrator as a result of (i) any fraud or
misrepresentation by Borrower in connection with any of the Loans, the
Collateral or the Transaction Documents or (ii) any breach by Borrower of any
of its representations, warranties or covenants in any of the Transaction
Documents (other than its covenants with respect to the payment of the
principal balance of the Loans). Subject to the exceptions set forth above, as
between the Lender and the Administrator, on the one hand, and Borrower, on the
other hand, the Lender and the Administrator shall proceed only against, and
shall rely solely on, the Collateral for payment or other satisfaction of the
principal balance of the Loans and the Lender's and Administrator's sole and
exclusive remedy with respect to the principal balance of the Loans upon the
occurrence of any Significant Event shall be to exercise their rights and
remedies with respect to the Collateral and the Lender and the Administrator
shall not sue or otherwise proceed against Borrower to collect payment of the
principal balance of the Loans or any deficiency which may remain owing on the
principal balance of the Loans after the exercise by the Lender and
Administrator of their rights and remedies with respect to the Collateral. The
foregoing provisions concern only the personal liability of Borrower for the
principal balance of the Loans under the Transaction Documents and do not in
any manner, and shall not be interpreted or construed to, diminish, affect,
modify, or impair in any manner whatsoever the rights, titles or interests of
the Lender or the Administrator in or to the Collateral, the pursuit or
exercise by the Lender or the Administrator of any rights or remedies which the
Lender or Administrator may have with respect to the Collateral, the priority
or enforceability of the Lender's or the Administrator's rights, titles and
interests in or to the Collateral, or any rights or remedies which the Lender
or Administrator may have against any person (other than Borrower) who may now
or hereafter be primarily or secondarily liable for principal balance of the
Loans.

                                     -22-
<PAGE>
                                  ARTICLE II.
         THE LENDER'S COMMITMENT, BORROWING PROCEDURES AND LENDER NOTE

                  Section 2.1       Lender's Commitment. On the terms and
subject to the conditions set forth in this Agreement, Lender agrees to make
loans to Borrower on a revolving basis from time to time (the "LENDER'S
COMMITMENT") before the Commitment Termination Date in such amounts as may be
from time to time requested by Borrower pursuant to Section 2.2; PROVIDED,
HOWEVER, that the aggregate principal amount of all Loans from time to time
outstanding hereunder shall not exceed the lesser of (a) the Facility Limit and
(b) the Borrowing Base. Within the limits of the Lender's Commitment, Borrower
may borrow and (subject to Section 4.1(a)) prepay and reborrow under this
Section 2.1.

                  Section 2.2       Borrowing Procedures. Borrower (or the
Servicer on its behalf) may request a Loan hereunder by giving notice to
Administrator of a proposed borrowing not later than 2:00 p.m. (New York City
time), two (2) Business Days prior to the proposed date of such borrowing (or
such lesser period of time as Lender may consent); PROVIDED that Borrower shall
not request, and Lender shall not make, Loans more than once per calendar week.
Each such notice (herein called a "BORROWING REQUEST") shall be in the form of
Exhibit A (or, if acceptable to Administrator, the information required therein
may be given by telephone) and shall include the date and amount of such
proposed borrowing. Any Borrowing Request given by Borrower (or the Servicer on
its behalf) pursuant to this Section 2.2 shall be irrevocable and binding on
Borrower. Any Borrowing Request may be delivered by facsimile transmission or
by electronic mail message attaching a portable data format or ".pdf" file
containing an image of the signed request, PROVIDED, HOWEVER, that no such
transmission or electronic mail message shall be deemed to be delivered unless
and until Borrower (or Servicer on its behalf) confirms Administrator's actual
receipt thereof by telephone.

                  Section 2.3       Funding. Subject to the satisfaction of the
conditions precedent set forth in Article VII with respect to such Loan and the
limitations set forth in Section 2.1, Lender shall make the proceeds of such
requested Loan available to Administrator at its office in Atlanta, Georgia in
immediately available funds on the proposed date of borrowing. Upon receipt by
Administrator of such funds, Administrator will make such funds available to
Borrower at such office on such date. Each borrowing shall be on a Business Day
and shall be in an amount of at least $1,000,000 and in integral multiples of
$500,000 (or in such other amounts as Lender or Administrator may approve).

                  Section 2.4       Representation and Warranty. Each request
for a borrowing pursuant to Section 2.2 shall automatically constitute a
representation and warranty by Borrower to Administrator and Lender that on the
requested date of such borrowing (a) the representations and warranties
contained in Article VIII will be true and correct in all material respects as
of such requested date as though made on such date (except any representation
and warranty which by its express terms relates to a specific date or period,
which shall be true and correct in all material respects as of such specific
date or period), (b) no Significant Event or Unmatured Significant Event has
occurred and is continuing or will result from such borrowing, and (c) after
giving effect to such requested borrowing, the aggregate principal balance of
the outstanding Loans hereunder will not exceed the lesser of the Borrowing
Base and the Facility Limit.

                                     -23-
<PAGE>
                  Section 2.5       Extension of Lender's Commitment. The
Lender's Commitment shall terminate on the Commitment Termination Date.
Notwithstanding the foregoing:

                  (a)      Lender or Administrator, on Lender's behalf, shall
         use reasonable effort to give Borrower not less than 60 days' prior
         notice of any scheduled termination of the Credit Banks' commitments
         under the Conduit Credit Agreement and shall promptly notify Borrower
         of any extension thereof,

                  (b)      Not more than 60 days prior to the Liquidity
         Termination Date in effect from time to time, Borrower may request
         that Lender or Administrator, on Lender's behalf, seek the Liquidity
         Banks' consent to extend the Liquidity Termination Date for a period
         which, when aggregated with the number of days remaining until the
         existing Liquidity Termination Date would not cause the Liquidity
         Banks' commitments under the Liquidity Agreement as so extended to
         exceed 364 days in toto, and

                  (c)      Not more than 60 days prior to the Scheduled
         Commitment Termination Date in effect from time to time, Borrower may
         request that Lender consent to extend the Scheduled Commitment
         Termination Date for an additional 364-day period.

Administrator shall advise Borrower in writing whether each request made
pursuant to the foregoing clause (b) or clause (c) has been granted within
thirty (30) days after such request has been made and whether such consent is
subject to satisfaction of any conditions precedent. If any such request is not
granted within thirty (30) days after such request has been made, the Liquidity
Termination Date or Scheduled Commitment Termination Date, as the case may be,
shall remain unchanged. If any such request is granted within thirty (30) days
after such request has been made, the Liquidity Termination Date or Scheduled
Commitment Termination Date, as the case may be, shall be extended as provided
in Administrator's written notice upon satisfaction of any conditions precedent
specified therein (including, without limitation, payment of the Extension
Fee).

                  Section 2.6       Voluntary Termination of Lender's
Commitment; Reduction of Facility Limit. Borrower may, in its sole discretion
for any reason upon at least 10 days' notice to Administrator (with a copy to
Lender), terminate the Lender's Commitment in whole, or, reduce in part the
unused portion of the Facility Limit; PROVIDED, HOWEVER that (a) each such
partial reduction will be in a minimum amount of $5,000,000 or a higher
integral multiple of $1,000,000 and shall not reduce the Facility Limit below
$40,000,000, and (b) in connection therewith Borrower shall comply with Section
3.2(b) and Section 4.1(b).

                  Section 2.7       Note. Each Loan from Lender shall be
evidenced by a single promissory grid note (herein, as amended, modified,
extended or replaced from time to time, called the "LENDER NOTE") substantially
in the form set forth in Exhibit B, with appropriate insertions, payable to the
order of Lender. Borrower hereby irrevocably authorizes Administrator in
connection with the Lender Note to make (or cause to be made) appropriate
notations on the grid attached to the Lender Note (or on any continuation of
such grid, or at Administrator's option, in its records), which notations, if
made, shall evidence, inter alia, the

                                     -24-
<PAGE>
date of, the outstanding principal of, and the interest rate and Interest
Period applicable to the Loans evidenced thereby. Such notations shall be
rebuttably presumptive evidence of the subject matter thereof, absent manifest
error; PROVIDED, HOWEVER, that the failure to make any such notations shall not
limit or otherwise affect any Obligations of Borrower.

                                 ARTICLE III.
                              INTEREST, FEES, ETC.

                  Section 3.1       Interest Rates. Each Loan (or portion
thereof) shall accrue interest on the unpaid principal amount thereof for the
period commencing on the date of such Loan until such Loan is paid in full, as
follows:

                  (a)      at all times while the making or maintenance of such
         Loan (or the applicable portion thereof) by Lender is funded by the
         issuance of Commercial Paper Notes of Lender, during each Interest
         Period, at a rate per annum equal to the sum of (i) the Commercial
         Paper Rate applicable to such Interest Period, plus (ii) the
         Applicable Margin;

                  (b)      at all times while the making or maintenance of such
         Loan (or the applicable portion thereof) by Lender is funded during
         each Interest Period pursuant to the Liquidity Agreement or the
         Voluntary Advance Agreement, at a rate per annum equal to the sum of
         (i) the Alternative Rate applicable to such Interest Period, plus (ii)
         the Applicable Margin; and

                  (c)      notwithstanding the provisions of the preceding
         clauses (a) and (b), in the event that a Significant Event has
         occurred and is continuing, at a rate per annum (the "DEFAULT RATE")
         equal to the Base Rate applicable from time to time (but not less than
         the interest rate in effect for such Loan as at the date of such
         Significant Event), plus a margin of 2.00%. After the date any
         principal amount of any Loan is due and payable (whether on the
         Scheduled Commitment Termination Date, upon acceleration or otherwise)
         or after any other monetary Obligation of Borrower arising under this
         Agreement shall become due and payable, Borrower shall pay (to the
         extent permitted by law, if in respect of any unpaid amounts
         representing interest) interest (after as well as before judgment) on
         such amounts at a rate per annum equal to the Default Rate. No
         provision of this Agreement or the Lender Note shall require the
         payment or permit the collection of interest in excess of the maximum
         permitted by applicable law.

                  Section 3.2       Interest Payment Dates. Interest accrued on
each Allocation shall be payable, without duplication:

                  (a)      on each Scheduled Interest Payment Date prior to the
         Scheduled Commitment Termination Date, for the period since the
         creation of such Allocation (in the case of the first Scheduled
         Interest Payment Date thereafter) or since the prior Scheduled
         Interest Payment Date (in the case of any subsequent Scheduled
         Interest Payment Date);

                                     -25-
<PAGE>
                  (b)      on the date of any payment or prepayment (in whole
         or in part) of principal outstanding in such Allocation, on the amount
         paid or prepaid (it being understood that any prepayment shall be
         accompanied by any amounts owing under Section 6.2);

                  (c)      in full, on the Scheduled Commitment Termination
         Date (whether at scheduled maturity or upon acceleration thereof
         pursuant to Section 10.3); and

                  (d)      from and after the Scheduled Commitment Termination
         Date, upon demand.

                  Section 3.3       Interest Allocations. Administrator shall
from time to time and in its sole discretion determine whether interest in
respect of the Loans then outstanding, or any portion thereof, shall be
calculated by reference to the Commercial Paper Rate (such portion being herein
called a "CP ALLOCATION") or an Alternative Rate (such portion being herein
called an "ALTERNATIVE RATE ALLOCATION", and together with a CP Allocation
individually called an "ALLOCATION", and collectively, "ALLOCATIONS");
PROVIDED, HOWEVER, that, Administrator shall use its reasonable efforts to
allocate all or substantially all of the Loans from Lender to a CP Allocation
(it being understood that if Lender is not able to issue sufficient Commercial
Paper Notes to fund all of its assets at such time and no Significant Event or
Unmatured Significant Event has occurred and is continuing, Lender and
Administrator shall, at least, fund the Loans pro rata with its other
non-defaulted assets with Commercial Paper Notes); PROVIDED FURTHER, HOWEVER,
that Administrator may determine, at any time and in its sole discretion, that
the Commercial Paper Rate is unavailable or otherwise not desirable, in which
case the Loans from Lender will be allocated to an Alternative Rate Allocation
(unless the Default Rate is in effect).

                  Section 3.4       Fees. Administrator and Lender shall be
entitled to payment of certain Fees in the amounts and on the dates set forth
in the letter agreement executed in connection herewith between Borrower,
Administrator and Lender (as the same may be amended, supplemented, restated or
otherwise modified, the "FEE LETTER").

                  Section 3.5       Computation of Interest and Fees. All
interest, Fees and Servicing Fees shall be computed on the basis of the actual
number of days (including the first day but excluding the last day) occurring
during the period for which such interest, Fee or Servicing Fee is payable over
a year comprised of 360 days.

                                  ARTICLE IV.
            REPAYMENTS AND PREPAYMENTS; DISTRIBUTION OF COLLECTIONS

                  Section 4.1       Repayments and Prepayments. Borrower shall
repay in full the unpaid principal amount of each Loan on the Scheduled
Commitment Termination Date. Prior thereto Borrower:

                  (a)      may, from time to time on any Business Day, make a
         prepayment, in whole or in part, of the outstanding principal amount
         of any Loans; PROVIDED, HOWEVER, that, (i) unless otherwise consented
         to by Administrator, all such voluntary prepayments shall require at
         least two (2) Business Days' (or, in the case of a voluntary
         prepayment of $10,000,000 or more, at least seven (7)

                                     -26-
<PAGE>
         Business Days') prior written notice to Administrator, and (ii) unless
         otherwise consented to by Administrator, all such voluntary partial
         prepayments shall be in a minimum amount of $1,000,000 and an integral
         multiple of $500,000;

                  (b)      shall, on each date when any reduction in the
         Facility Limit shall become effective pursuant to Section 2.6, make a
         prepayment of the Loans in an amount equal to the excess, if any, of
         the aggregate outstanding principal amount of the Loans over the
         Facility Limit as so reduced;

                  (c)      shall, immediately upon any acceleration of the
         Scheduled Commitment Termination Date of any Loans pursuant to Section
         10.3, repay all Loans, unless, pursuant to Section 10.3(a), only a
         portion of all Loans is so accelerated, in which event Borrower shall
         repay the accelerated portion of the Loans; and

                  (d)      shall, immediately upon discovering that a Borrowing
         Base Deficit exists, make a prepayment of the Loans in an amount equal
         to such Borrowing Base Deficit.

Each such prepayment shall be subject to the payment of any amounts required by
Section 6.2.

                  Section 4.2       Application of Collections.

                  (a)      All Collections shall be distributed by the Servicer
         at such times and in the order of priority set forth in this Section
         4.2.

                  (b)      On each Distribution Date prior to the Commitment
         Termination Date, the Servicer shall distribute from Collections on
         such Distribution Date, if any, the following amounts, without
         duplication in the following order of priority:

                  FIRST, to the extent due and owing under this Agreement or
         any other Transaction Document, the accrued Servicing Fee payable for
         the prior Calculation Period (plus, if applicable, the amount of
         Servicing Fee payable for any prior Calculation Period to the extent
         such amount has not been distributed to Servicer);

                  SECOND, interest accrued on the Loans during the period from
         the most recent Distribution Date to the current Distribution Date
         (plus, if applicable, the amount of interest on the Loans accrued for
         any prior period to the extent such amount has not been paid, and to
         the extent permitted by law, interest thereon);

                  THIRD, to the extent due and owing under any Transaction
         Document, all Fees accrued during the prior Calculation Period (plus,
         if applicable, the amount of Fees accrued for any prior Calculation
         Period to the extent such amount has not been distributed to Lender or
         Administrator);

                  FOURTH, as a repayment of principal of the Loans, an amount
         equal to the Borrowing Base Deficit, if any;

                                     -27-
<PAGE>
                  FIFTH, to the extent due and owing under this Agreement or
         any other Transaction Document on such Distribution Date, all other
         Obligations owed to any Secured Party; and

                  SIXTH, the balance, if any, to Borrower.

                  (c)      On each Distribution Date from and after the
         Commitment Termination Date, the Servicer shall distribute from
         Collections, if any, on such Distribution Date the following amounts,
         without duplication in the following order of priority:

                  FIRST, the accrued but unpaid Servicing Fee due and owing on
         such Distribution Date;

                  SECOND, all other Obligations due and owing on such
         Distribution Date; and

                  THIRD, once all amounts described in clauses FIRST and SECOND
         above have been paid in full, the balance, if any, to Borrower.

                  Section 4.3       Application of Certain Payments. Each
payment of principal of the Loans shall be applied to such Loans as Borrower
shall direct or, in the absence of such notice or during the existence of a
Significant Event or after the Commitment Termination Date, as Administrator
shall determine in its discretion.

                  Section 4.4       Due Date Extension. If any payment of
principal or interest with respect to any Loan falls due on a day which is not
a Business Day, then such due date shall be extended to the next following
Business Day, and additional interest shall accrue at the applicable interest
rate and be payable for the period of such extension.

                  Section 4.5       Making of Payments. All payments of
principal of, or interest on, the Loans and of all Fees, and all amounts to be
deposited by Borrower or Servicer hereunder, shall be made by Borrower or
Servicer, as applicable, no later than 12:00 noon (New York City time), on the
day when due by wire transfer in immediately available funds to Account No.
880171236 at Bank (the "ADMINISTRATOR'S ACCOUNT"), ABA No. 061000104,
Reference: Three Pillars Funding Corporation/Interface Securitization
Corporation Transaction, Attention: Janice Taylor. Funds received by
Administrator after 12:00 noon (New York City time), on the date when due, will
be deemed to have been received by Administrator on its next following Business
Day.

                                     -28-
<PAGE>
                                  ARTICLE V.
                               SECURITY INTEREST

                  Section 5.1       Grant of Security.

                  (a)      Borrower hereby assigns and pledges to Administrator
(for the benefit of the Secured Parties), and hereby grants to Administrator
(for the benefit of the Secured Parties) a security interest in all of
Borrower's right, title and interest in and to the following, whether now or
hereafter existing and wherever located:

                  (i)      all Receivables, Collections, Related Security and
         Receivable Files;

                  (ii)     all of Borrower's rights, remedies, powers and
         privileges in respect of the Receivables Transfer Agreement and the
         Receivables Sale Agreement, including, without limitation, its rights
         to receive Purchase Price Credits and indemnity payments thereunder;

                  (iii)    the LockBox Accounts and all funds on deposit
         therein, together with all certificates and instruments, if any, from
         time to time evidencing such accounts and funds on deposit; and

                  (iv)     all products and proceeds (including, without
         limitation, insurance proceeds) of, and additions, improvements and
         accessions to, and books and records describing or used in connection
         with, all and any of the property described above (items (i) through
         (iv) are collectively referred to as the "COLLATERAL").

                  (b)      This grant of security secures the payment and
performance of all Obligations of Borrower now or hereafter existing or arising
under, or in connection with, this Loan Agreement, the Lender Note and each
other Transaction Document, whether for principal, interest, costs, Fees,
Indemnified Amounts, expenses or otherwise (all such Obligations of Borrower
being called the "OBLIGATIONS").

                  (c)      This grant of security shall create a continuing
security interest in the Collateral and shall:

                  (i)      remain in full force and effect until
         Administrator's (for the benefit of the Secured Parties) interest in
         the Collateral shall have been released in accordance with Section
         5.4;

                  (ii)     be binding upon Borrower, its successors,
         transferees and assigns; and

                  (iii)    inure, together with the rights and remedies of
         Administrator (for the benefit of the Secured Parties) hereunder, to
         the benefit of Administrator and each Secured Party and their
         respective successors, transferees and assigns.

                  Section 5.2       Administrator Appointed Attorney-in-Fact.
Borrower hereby irrevocably appoints Administrator (for the benefit of the
Secured Parties) as Borrower's

                                     -29-
<PAGE>
attorney-in-fact, with full authority in the place and stead of Borrower and in
the name of Borrower or otherwise, from time to time in Administrator's
discretion, after the occurrence and during the continuation of a Significant
Event to take any action and to execute any instrument which Administrator may
deem necessary or advisable to accomplish the purposes of the Transaction
Documents, including, without limitation:

                  (a)      to ask, demand, collect, sue for, recover,
         compromise, receive and give acquittance and receipts for moneys due
         and to become due under or in respect of any of the Collateral;

                  (b)      to receive, endorse, and collect any drafts or other
         instruments, documents and chattel paper, in connection with clause
         (a) above;

                  (c)      to file any claims or take any action or institute
         any proceedings which Administrator may deem necessary or desirable
         for the collection of any of the Collateral or otherwise to enforce
         the rights of Administrator (for the benefit of the Secured Parties)
         with respect to any of the Collateral;

                  (d)      to sell, transfer, assign or otherwise deal in or
         with the Collateral or any part thereof pursuant to the terms and
         conditions hereunder; and

                  (e)      to perform the affirmative obligations of Borrower
         under the Transaction Documents. Administrator agrees to give Borrower
         and Servicer written notice of the taking of any such action, but the
         failure to give such notice shall not affect the rights, power or
         authority of Administrator with respect thereto. Borrower hereby
         acknowledges, consents and agrees that the power of attorney granted
         pursuant to this Section 5.2 is irrevocable and coupled with an
         interest.

                  Section 5.3       Administrator May Perform. If Borrower
fails to perform any agreement contained herein, Administrator (for the benefit
of the Secured Parties) may itself perform, or cause performance of such
agreement, and the reasonable expenses of Administrator incurred in connection
therewith shall be payable by Borrower.

                  Section 5.4       Release of Collateral. Administrator's (for
the benefit of the Secured Parties) right, title and interest in the Collateral
shall be released effective on the date occurring after the Commitment
Termination Date on which all Obligations shall have been finally and fully
paid and performed (other than contingent indemnity obligations that are not
yet due and payable).

                                  ARTICLE VI.
                             INCREASED COSTS, ETC.

                  Section 6.1       Increased Costs. If any change in
Regulation D of the Board of Governors of the Federal Reserve System, or any
Regulatory Change, in each case occurring after the date hereof:

                                     -30-
<PAGE>
                  (a)      shall subject any Affected Party to any tax, duty or
         other charge with respect to any Loan made or funded by it, or shall
         change the basis of taxation of payments to such Affected Party of the
         principal of or interest on any Loan owed to or funded by it or any
         other amounts due under this Agreement in respect of any Loan made or
         funded by it (except for Excluded Taxes and changes in the rate of tax
         on the overall net income of such Affected Party imposed by the
         jurisdiction in which such Affected Party's principal executive office
         is located); or

                  (b)      shall impose, modify or deem applicable any reserve
         (including, without limitation, any reserve imposed by the Board of
         Governors of the Federal Reserve System, but excluding any reserve
         included in the determination of interest rates pursuant to Section
         3.1), special deposit or similar requirement against assets of,
         deposits with or for the account of, or credit extended by, any
         Affected Party;

                  (c)      shall change the amount of capital maintained or
         required or requested or directed to be maintained by any Affected
         Party; or

                  (d)      shall impose on any Affected Party any other
         condition affecting any Loan made or funded by any Affected Party;

and the result of any of the foregoing is or would be to (i) increase the cost
to or to impose a cost on (I) an Affected Party funding or making or
maintaining any Loan (including extensions of credit under the Liquidity
Agreement, the Voluntary Advance Agreement or any Credit Advance, or any
commitment of such Affected Party with respect to any of the foregoing), or
(II) Administrator for continuing its or Borrower's relationship with Lender,
(ii) to reduce the amount of any sum received or receivable by an Affected
Party under this Agreement, the Lender Note, the Liquidity Agreement, the
Voluntary Advance Agreement or the Conduit Credit Agreement with respect
thereto, or (iii) in the good faith determination of such Affected Party, to
reduce the rate of return on the capital of an Affected Party as a consequence
of its obligations hereunder, or under the Liquidity Agreement, the Voluntary
Advance Agreement or Credit Agreement, or arising in connection herewith or
therewith to a level below that which such Affected Party could otherwise have
achieved, then upon written demand by Administrator on behalf of such Affected
Party after the adoption of such change in Regulation D of the Board of
Governors of the Federal Reserve System or such Regulatory Change (which demand
shall be accompanied by a written statement setting forth the basis of such
demand), Borrower shall pay to Administrator on behalf of such Affected Party
such additional amount or amounts as will (in the reasonable determination of
such Affected Party) compensate such Affected Party for such increased cost or
such reduction. Such written statement (which shall include calculations in
reasonable detail) shall, in the absence of manifest error, be rebuttably
presumptive evidence of the subject matter thereof.

                  Administrator and each Affected Party agrees, if requested by
Borrower, it will use reasonable efforts (subject to the overall policy
considerations of such Affected Party) to designate an alternate lending office
with respect to Loans affected by any of the matters or circumstances
prescribed above in Section 6.1 hereof in order to reduce the liability of
Borrower

                                     -31-
<PAGE>
or avoid the results provided thereunder, so long as such designation is not
disadvantageous to such Affected Party as determined by such Affected Party,
which determination, if made in good faith, shall be conclusive and binding on
all parties hereto. Nothing in this Section 6.1 shall affect or postpone any of
the obligation of Borrower hereunder or any right of any Affected Party
hereunder.

                  Section 6.2       Funding Losses. Borrower hereby agrees that
upon demand by any Affected Party (which demand shall be accompanied by a
statement setting forth the basis for the calculations of the amount being
claimed), Borrower will indemnify such Affected Party against any net loss or
expense which such Affected Party may sustain or incur (including, without
limitation, any net loss or expense incurred by reason of the liquidation or
reemployment of deposits or other funds acquired by such Affected Party to fund
or maintain any Allocation made by Lender to Borrower), as reasonably
determined by such Affected Party, as a result of (a) any payment or prepayment
(including any mandatory prepayment) of any Allocation on a date other than the
last day of the Interest Period for such Allocation, or (b) any failure of
Borrower to borrow any Loan on a date specified therefor in a related Borrowing
Request. Such written statement shall, in the absence of manifest error, be
rebuttably presumptive evidence of the subject matter thereof.

                  Section 6.3 Withholding Taxes.

                  (a)      All payments made by Borrower hereunder (or by
Servicer, on behalf of Borrower, hereunder) shall be made free and clear of,
and without reduction or withholding for or on account of, any present or
future Covered Taxes, now or hereafter imposed, levied, collected, withheld or
assessed by any Governmental Authority or other taxing authority. If any
Covered Taxes are required to be withheld from any amounts payable to
Administrator or Lender, the amounts so payable to Administrator or Lender
shall be increased to the extent necessary to yield to Administrator or Lender
(after payment of all such Covered Taxes) all such amounts payable hereunder at
the rates or in the amounts specified herein. Whenever any Covered Taxes are
payable by Borrower, as promptly as possible thereafter, Borrower shall send to
Administrator for its own account or for the account of Lender, as the case may
be, a certified copy of an original official receipt received by Borrower
showing payment thereof. If Borrower fails to pay any Covered Taxes when due to
the appropriate taxing authority or fails to remit to Administrator the
required documentary evidence, Borrower shall indemnify Administrator and
Lender for such Covered Taxes and any incremental taxes that may become payable
by Administrator or Lender as a result of any such failure.

                  (b)      At least five (5) Business Days prior to the first
date on which any payments, including discount or Fees, are payable hereunder
for the account of Lender, if Lender is not incorporated under the laws of the
United States, Lender agrees to deliver to each of Borrower and Administrator
two (2) duly completed copies of (i) United States Internal Revenue Service
Form W-8BEN or W-8ECI (or successor applicable form) certifying that such
Lender is entitled to receive payments hereunder without deduction or
withholding of any United States federal income taxes or (ii) United States
Internal Revenue Service Form W-8 or W-9 (or successor applicable form) to
establish an exemption from United States backup withholding tax. Lender shall
replace or update such forms as is necessary or appropriate to maintain any
applicable exemption or as is requested by Administrator or Borrower. If Lender
does not deliver the forms

                                     -32-
<PAGE>
described in this Section 6.3(b), Borrower or Administrator shall withhold
United States federal income taxes from any payments made hereunder at the
statutory rate applicable to payments made to Lender. Lender agrees to
indemnify and hold Borrower and Administrator harmless for any United States
federal income taxes, penalties, interest and other costs and losses incurred
or payable by Borrower or Administrator as a result of either (x) Lender's
failure to submit any form required to be provided pursuant to this Section
6.3(b) or (y) Borrower's or Administrator's reliance on any form that Lender
has provided pursuant to this Section 6.3(b).

                  (c)      Administrator and each Lender agrees, if requested
by Borrower, it will use reasonable efforts (subject to the overall policy
considerations of such Person) to designate an alternate lending office with
respect to Loans affected by any of the matters or circumstances prescribed in
Section 6.3(a) hereof in order to reduce the liability of Borrower or avoid the
results provided thereunder, so long as such designation is not disadvantageous
to Administrator or such Lender, as the case may be, as determined by such
Person, which determination, if made in good faith, shall be conclusive and
binding on all parties hereto. Nothing in this Section 6.3(c) shall affect or
postpone any of the obligation of Borrower hereunder or any right of any Lender
hereunder.

                  (d)      If a Lender or Administrator shall become aware that
it is entitled to receive a refund in respect of any Covered Taxes, it promptly
shall notify Borrower of the availability of such refund and shall promptly
after receipt of a request by Borrower, pursue or timely claim such refund at
such Borrower's expense. If any Lender or Administrator receives a refund in
respect of any Covered Taxes for which such Lender or Administrator has
received payment from Borrower hereunder, it promptly shall repay such refund
(plus interest received, if any) to Borrower (but only to the extent of
indemnity payments made, or additional amounts paid, by Borrower under this
Section 6.3 with respect to Covered Taxes giving rise to such refund), provided
that Borrower, upon the request of such Lender or Administrator, agrees to
return such refund (plus any penalties, interest or other charges required to
be paid) to such Lender or Administrator in the event such Lender or
Administrator is required to repay such refund to the relevant taxing
authority. Nothing contained in this Section 6.3(d) shall require Administrator
or any Lender to make available its tax returns (or any other information
relating to its taxes which it deems confidential).

                                 ARTICLE VII.
                            CONDITIONS TO BORROWING

                  Section 7.1       Initial Loan. The obligation of Lender to
make the initial Loan hereunder is subject to the conditions precedent that
Administrator shall have received all of the following, each duly executed and
dated the date of such Loan (or such earlier date as shall be satisfactory to
Administrator), in form and substance satisfactory to Administrator:

                           7.1.1    Resolutions. Certified copies of
         resolutions of the Board of Directors (or a duly constituted committee
         thereof) of each of Borrower, the Servicer and each of the Originators
         authorizing or ratifying the execution, delivery and performance,
         respectively, of the Transaction Documents to which it is a party,
         together with a certified copy of its Organizational Documents.

                                     -33-
<PAGE>
                           7.1.2    Consents, etc. Certified copies of all
         documents evidencing any necessary consents and governmental approvals
         (if any) with respect to the Transaction Documents.

                           7.1.3    Incumbency and Signatures. A certificate of
         the Secretary or an Assistant Secretary of Borrower, Servicer and each
         Originator certifying the names of its officer or officers authorized
         to sign the Transaction Documents to which it is a party.

                           7.1.4    Good Standing Certificates. Good standing
         certificates for Borrower, Servicer and each Originator issued as of a
         recent date acceptable to Administrator by (a) the Secretary of State
         of the jurisdiction of such Person's organization, and (b) the
         Secretary of State of the jurisdiction where such Person's chief
         executive office and principal place of business are located.

                           7.1.5    Financing Statements. (i) Acknowledgment
         copies of proper financing statements (Form UCC-1), filed on or prior
         to the date of the initial Loan, naming Borrower as debtor and
         Administrator (for the benefit of the Secured Parties) as the secured
         party as may be necessary or, in the opinion of Administrator,
         desirable under the UCC to perfect Administrator's (for the benefit of
         the Secured Parties) security interest in the Collateral, (ii)
         acknowledgment copies of proper financing statements, filed on or
         prior to the date of the initial Loan, naming each Originator, as
         seller/debtor, Borrower as purchaser/secured party and Administrator
         as assignee as may be necessary or, in the opinion of Administrator,
         desirable under the UCC to perfect Borrower's ownership interest in
         the Receivables, and (iii) duly authorized copies of proper Uniform
         Commercial Code Form UCC-3 termination statements, if any, necessary
         to release all liens and other Adverse Claims of any Person in the
         Collateral granted by Borrower or any Originator.

                           7.1.6    Search Reports. A written search report
         provided to Administrator by a search service acceptable to
         Administrator listing all effective financing statements that name
         Borrower or any Originator as debtor or assignor and that are filed in
         the jurisdictions in which filings were made pursuant to Section 7.1.5
         above and in such other jurisdictions that Administrator shall
         reasonably request, together with copies of such financing statements
         (none of which shall cover any Collateral or interests therein or
         proceeds of any thereof), and tax and judgment lien search reports
         from a Person satisfactory to Administrator showing no evidence of
         such lien filed against Borrower or any Originator.

                           7.1.7    Fee Letter; Payment of Fees. The Fee
         Letter, together with all outstanding Fees payable pursuant to the Fee
         Letter.

                           7.1.8    Receivables Sale Agreement and Receivables
         Transfer Agreement. (i) Duly executed and delivered counterparts of
         each of the Receivables Sale Agreement, the Receivables Transfer
         Agreement and all documents, agreements and instruments contemplated
         thereby, and (ii) evidence that each of the

                                     -34-
<PAGE>
         conditions precedent to the execution and delivery of the Receivables
         Transfer Agreement and the Receivables Sale Agreement has been
         satisfied to Administrator's satisfaction, and that the initial
         assignments and transfers under the Receivables Transfer Agreement and
         the Receivables Sale Agreement have been consummated.

                           7.1.9    Opinions of Counsel. Opinions of counsel to
         Borrower, Servicer, and each Originator in form and substance
         satisfactory to Administrator.

                           7.1.10   Lender Note. The Lender Note, duly executed
         by Borrower.

                           7.1.11   Borrowing Base Certificate. A Borrowing
         Base Certificate, duly executed by an officer of Servicer on
         Borrower's behalf showing a calculation of the Borrowing Base as of
         the date of such initial Loan.

                           7.1.12   Lock Box Account Agreements. The Lock Box
         Agreement(s), duly executed by all of the parties thereto, with
         respect to each LockBox Account (other than Excluded Deposit
         Accounts).

                           7.1.13   Releases; Payoff Letter. (i) Releases and
         termination statements duly executed by each Person, other than
         Borrower, that has an interest in the Receivables; and (ii) a payoff
         and estoppel letter and termination agreement from Bank One, NA (Main
         Office Chicago), as Agent for the Purchasers under and as defined in
         that certain Receivables Purchase Agreement dated as of December 19,
         2000 among Borrower, Interface, as servicer, certain financial
         institutions party thereto as purchasers (the "Original Purchasers"),
         Jupiter Securitization Corporation and BankOne, NA (Main Office
         Chicago), as Agent (in such capacity, the "Original Agent") (as
         amended, the "Original Receivables Purchase Agreement"), pursuant to
         which the Existing Agent will (x) confirm the amount (the "Payoff
         Amount") necessary for Borrower to repurchase from the Original
         Purchasers, as of February 12, 2003, all of their Purchaser Interests
         under and as defined in the Original Receivables Purchase Agreement in
         the Outstanding Balance of Receivables at such time and otherwise
         satisfy all of its payment obligations to the Original Agent and the
         Original Purchasers under the Original Receivables Purchase Agreement
         and the related Transaction Documents (as defined in the Original
         Receivables Purchase Agreement), and (y) acknowledge and agree that
         upon receipt of the Payoff Amount, the Original Receivables Purchase
         Agreement and the related Transaction Documents (as defined in the
         Original Receivables Purchase Agreement) shall terminate and all of
         the obligations of Borrower, Interface, as servicer, and the Original
         Sellers (as defined in the Original Receivables Purchase Agreement)
         shall terminate (other than any obligations which by their express
         terms survive termination of the Original Receivables Purchase
         Agreement and such Transaction Documents).

                           7.1.14   Intercreditor Agreement. The Intercreditor
         Agreement, duly executed by the parties thereto and acknowledged by
         Interface and Borrower.

                                     -35-
<PAGE>
                           7.1.15   Other. Such other documents, certificates
         and opinions as Administrator may reasonably request.

                  Section 7.2       All Loans. The making of each Loan,
including without limitation, the initial Loan, is subject to the conditions
precedent that:

                           7.2.1    No Default, etc. (i) No Significant Event,
         Unmatured Significant Event or Servicer Event of Default has occurred
         and is continuing or will result from the making of such Loan, (ii)
         the representations and warranties of Borrower contained in Article
         VIII are true and correct in all material respects as of the date of
         such requested Loan (except any representation and warranty which by
         its express terms relates to a specific date or period, which shall be
         true and correct in all material respects as of such specific date or
         period), with the same effect as though made on the date of such Loan,
         and (iii) after giving effect to such Loan, the aggregate unpaid
         balance of the Loans will not exceed the Borrowing Base or the
         Facility Limit. By making a Borrowing Request, Borrower shall be
         deemed to have represented and warranted that items (i), (ii) and
         (iii) in the preceding sentence are true and correct.

                           7.2.2    Borrowing Request, etc. Administrator shall
         have received a Borrowing Request for such Loan in accordance with
         Section 2.2, together with all items required to be delivered in
         connection therewith.

                           7.2.3    Commitment Termination Date. The Commitment
         Termination Date shall not have occurred.

                           7.2.4    Collateral Review. Administrator shall have
         received the most-recent Collateral Review pursuant to Section
         9.1.5(c).

                           7.2.5    Accounts. Each of the LockBox Accounts
         shall have been transferred into Borrower's name and shall be subject
         to a valid and perfected first priority security interest in favor of
         Administrator for the benefit of the Secured Parties.

                                 ARTICLE VIII.
                         REPRESENTATIONS AND WARRANTIES

                  In order to induce Lender and Administrator to enter into
this Agreement and, in the case of Lender, to make Loans hereunder, Borrower
hereby represents and warrants to Administrator and Lender as to itself as
follows, and Servicer hereby represents and warrants to Administrator and
Lender as to itself as follows:

                  Section 8.1       Existence and Power. Servicer is a
corporation duly organized under the laws of the State of Georgia. Borrower is
a corporation duly organized under the laws of the State of Delaware. Each of
Servicer and Borrower is validly existing and in good standing under the laws
of its state of organization and is duly qualified to do business and is in
good standing as a foreign corporation, and has and holds all power and all
governmental licenses, authorizations, consents and approvals required to carry
on its business in each jurisdiction in

                                     -36-
<PAGE>
which its business is conducted except where the failure to so qualify or so
hold could not reasonably be expected to have a Material Adverse Effect.

                  Section 8.2       Power and Authority; Due Authorization,
Execution and Delivery. The execution and delivery by each of Servicer and
Borrower of this Agreement and each other Transaction Document to which it is a
party, and the performance of its obligations hereunder and thereunder, and
Borrower's use of the proceeds of the Loans made hereunder, are within its
powers and authority and have been duly authorized by all necessary corporate
action on its part. This Agreement and each other Transaction Document to which
Servicer or Borrower is a party has been duly executed and delivered by
Servicer or Borrower, as the case may be.

                  Section 8.3       No Conflict. The execution and delivery by
each of Borrower and Servicer of this Agreement and each other Transaction
Document to which it is a party, and the performance of its obligations
hereunder and thereunder do not contravene or violate (i) its Organizational
Documents, (ii) any law, rule or regulation applicable to it, (iii) any
restrictions under any agreement, contract or instrument to which it is a party
or by which it or any of its property is bound, or (iv) any order, writ,
judgment, award, injunction or decree binding on or affecting it or its
property, and do not result in the creation or imposition of any Adverse Claim
on its assets (except as created under the Transaction Documents) except, in
any case, where such contravention or violation could not reasonably be
expected to have a Material Adverse Effect; and no transaction contemplated
hereby requires compliance with any bulk sales act or similar law.

                  Section 8.4       Governmental Authorization. Other than the
filing of the financing statements required hereunder, no authorization or
approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body is required for the due execution and delivery by
Servicer or Borrower of this Agreement and each other Transaction Document to
which it is a party and the performance of its obligations hereunder and
thereunder.

                  Section 8.5       Actions, Suits. Except as disclosed on
Schedule 8.5, there is no litigation, arbitration, governmental investigation,
proceeding or inquiry pending or, to the knowledge of any of their officers,
threatened against or affecting Borrower, Servicer or any of Servicer's
Subsidiaries which could reasonably be expected to have a Material Adverse
Effect or which seeks to prevent, enjoin or delay the making or repayment of
any Loans.

                  Section 8.6       Binding Effect. This Agreement and each
other Transaction Document to which Interface or Borrower is a party constitute
the legal, valid and binding obligations of Interface or Borrower, as the case
may be, enforceable against it in accordance with their respective terms,
except as such enforcement may be limited by applicable bankruptcy, insolvency,
reorganization or other similar laws relating to or limiting creditors' rights
generally and by general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law).

                  Section 8.7       Accuracy of Information.

                  (a)      All written information furnished by Borrower,
Servicer or any of their respective Affiliates for purposes of or in connection
with this Agreement, any of the other

                                     -37-
<PAGE>
Transaction Documents or any transaction contemplated hereby or thereby was
true and accurate in every material respect on the date such information was
stated or certified and did not contain any material misstatement of fact or
omit to state a material fact or any fact necessary to make the statements
contained therein, taken as a whole, together with all other written and verbal
information so furnished, not misleading.

                  (b)      To the best knowledge of Borrower and Servicer, all
verbal information furnished by Borrower, Servicer or any of their respective
Affiliates for purposes of or in connection with this Agreement, any of the
other Transaction Documents or any transaction contemplated hereby or thereby
was true and accurate in every material respect on the date such information
was furnished and did not contain any material misstatement of fact or omit to
state a material fact or any fact necessary to make the statements contained
therein, taken as a whole, together with all other written and verbal
information so furnished, not misleading.

                  Section 8.8       Margin Regulations; Use of Proceeds.
Borrower is not engaged in the business of extending credit for the purpose of
purchasing or carrying margin stock, and no proceeds of any Loans, directly or
indirectly, will be used for a purpose that violates, or would be inconsistent
with, Regulations T, U and X promulgated by the Federal Reserve Board from time
to time. No portion of the proceeds of any Loan hereunder will be used for a
purpose that violates, or would be inconsistent with, any other law, rule or
regulation applicable to Borrower.

                  Section 8.9       Good Title. Borrower (i) is the legal and
beneficial owner of the Receivables and (ii) is the legal and beneficial owner
of the Related Security with respect thereto or possesses a valid and perfected
security interest therein, in each case, free and clear of any Adverse Claim,
except Permitted Encumbrances. There have been duly filed all financing
statements or other similar instruments or documents necessary under the UCC
(or any comparable law) of all appropriate jurisdictions to perfect Borrower's
ownership interest in each such Receivable, its Collections and the Related
Security.

                  Section 8.10      Perfection. This Agreement is effective to
create a valid security interest in the Collateral favor of Administrator, for
the benefit of the Secured Parties. There have been duly filed all financing
statements or other similar instruments or documents necessary under the UCC
(or any comparable law) of all appropriate jurisdictions to perfect
Administrator's security interest, for the benefit of the Secured Parties, in
the Collateral. The Collateral is free of any Adverse Claim except for
Permitted Encumbrances.

                  Section 8.11      Places of Business and Locations of
Records. The principal place of business and chief executive office of each of
Borrower and Servicer is located at its address referred to on Schedule 15.3 to
this Agreement (or at such other locations, notified to Administrator in
jurisdictions where all action required to perfect or maintain the perfection
of Administrator's security interest in the Collateral has been taken).
Borrower's Federal Employer Identification Number is 58-2185615, and its
Delaware organizational identification number is 2526269.

                  Section 8.12      Accounts. Borrower represents and warrants
that (a) Schedule 8.12 hereto is a complete and accurate listing, as of the
Closing Date, of the LockBoxes and LockBox Accounts, and (b) each of the
LockBox Accounts has been established in, or

                                     -38-
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transferred into, Borrower's name. Neither Servicer nor Borrower has granted
any interest in any LockBox or any LockBox Account to any Person other than
Administrator, and Administrator has exclusive control of the LockBox Accounts
(except for the Excluded Deposit Accounts).

                  Section 8.13      No Material Adverse Effect. Since December
30, 2001, no event has occurred that could reasonably be expected to have a
Material Adverse Effect.

                  Section 8.14      Names. The name in which Borrower has
executed this Agreement is identical to the name of Borrower as indicated on
the public record of the State of Delaware. Borrower has not used any legal
name, trade name or assumed name other than the name in which it has executed
this Agreement, except for any change in its legal name permitted under Section
9.2.3.

                  Section 8.15      Ownership of Borrower; No Subsidiaries. All
of the issued and outstanding equity interests of Borrower are owned
beneficially and of record by Interface, free and clear of any Adverse Claim
except in favor of the Collateral Agent. Such equity interests are validly
issued, fully paid and nonassessable, and there are no options, warrants or
other rights to acquire securities of Borrower. Borrower has no Subsidiaries.

                  Section 8.16      Not a Holding Company or an Investment
Company. Neither Borrower nor Servicer is a "holding company" or a "subsidiary
holding company" of a "holding company" within the meaning of the Public
Utility Holding Company Act of 1935, as amended, or any successor statute.
Neither Borrower nor Servicer is an "investment company" within the meaning of
the Investment Company Act of 1940, as amended, or any successor statute.

                  Section 8.17      Compliance with Credit and Collection
Policy. Each of Borrower and Servicer has complied in all material respects
with the applicable Credit and Collection Policy with regard to each Receivable
and the related Contract, and has not made any change to such Credit and
Collection Policy that could reasonably be expected to have a material adverse
effect on the collectibility of any of the Receivables, except such material
change as to which Administrator has given its prior written consent.

                  Section 8.18      Solvency. Both before and after giving
effect to each Loan, Borrower is Solvent.

                  Section 8.19      Eligible Receivables. Each Receivable
included in the Borrowing Base as an Eligible Receivable as of the date of (a)
any Borrowing Base Certificate, (b) any Monthly Report or (c) the making of any
Loan, is an Eligible Receivable on such date.

                  Section 8.20      Sales by Originators. Each sale of
Receivables by an Original Seller to Interface shall have been effected under,
and in accordance with the terms of, the Receivables Transfer Agreement,
including the payment by Interface to the applicable Original Seller of an
amount equal to the purchase price therefor as described in the Receivables
Transfer Agreement, each sale of Receivables by Interface to Borrower shall
have been effected under, and in accordance with the terms of, the Receivables
Sale Agreement, including the payment by Borrower to Interface of an amount
equal to the purchase price therefor as described in the Receivables Sale
Agreement and each such sale shall have been made for "reasonably equivalent

                                     -39-
<PAGE>
value" (as such term is used under ss. 548 of the United States Bankruptcy
Code) and not for or on account of "antecedent debt" (as such term is used
under ss. 547 of the United States Bankruptcy Code) owed by Borrower to
Interface or by Interface to the applicable Original Seller, as the case may
be.

                                  ARTICLE IX.
                       COVENANTS OF BORROWER AND SERVICER

                  Section 9.1       Affirmative Covenants. From the date hereof
until the first day, following the Commitment Termination Date, on which all
Obligations (other than contingent indemnity obligations that are not yet due
and payable) shall have been finally and fully paid and performed, each of
Borrower and Servicer hereby covenants and agrees with Lender and Administrator
that as to itself, as follows:

                           9.1.1    Compliance with Laws, Etc. Each of Borrower
         and Servicer will comply with all applicable laws, rules, regulations
         and orders of all governmental authorities (including those which
         relate to the Receivables), except where the failure to so comply
         could not reasonably be expected to have a Material Adverse Effect.

                           9.1.2    Preservation of Legal Existence. Each of
         Borrower and Servicer will preserve and maintain its existence rights,
         franchises and privileges in the jurisdiction of its organization, and
         qualify and remain qualified in good standing as a foreign entity in
         the jurisdiction where its principal place of business and its chief
         executive office are located and in each other jurisdiction where the
         failure to preserve and maintain such existence, rights, franchises,
         privileges and qualifications would have a Material Adverse Effect.

                           9.1.3    Performance and Compliance with
         Receivables. Each of Borrower and Servicer will timely and fully
         perform and comply with all provisions, covenants and other promises
         required to be observed by it under the Receivables and all other
         agreements related to such Receivables, except where the failure to so
         comply could not reasonably be expected to have a Material Adverse
         Effect.

                           9.1.4    Credit and Collection Policy. Each of
         Borrower and Servicer will comply in all material respects with the
         Credit and Collection Policy.

                           9.1.5    Reporting Requirements. Each of Borrower
         and Servicer will furnish to Administrator and Lender:

                                     -40-
<PAGE>
                                    (a)      Financial Statements.

                  (i)      as soon as available, and in any event within 95
         days after the end of each year, a copy of the balance sheet of
         Borrower, in each case, as at the end of such year, together with the
         related statement of earnings for such year, certified by the chief
         executive officer, chief financial officer or controller of Borrower
         (which certification shall state that such balance sheet and statement
         or earnings fairly present the financial condition and results of
         operations for such year in accordance with GAAP except for the
         absence of footnotes), together with a certificate of such officer
         stating that such officer has obtained no knowledge that a Significant
         Event or Unmatured Significant Event has occurred and is continuing,
         or if, in the opinion of such officer, such a Significant Event or
         Unmatured Significant Event has occurred and is continuing, a
         statement as to the nature thereof;

                  (ii)     as soon as available and in any event within 95 days
         after the end of each fiscal year of Interface, balance sheets of
         Interface and its consolidated Subsidiaries as at the end of such
         year, presented on a consolidated basis, and the related statements of
         income, shareholders' equity, and cash flows of Interface and its
         consolidated Subsidiaries for such fiscal year, presented on a
         consolidated basis, setting forth in each case in comparative form the
         figures for the previous fiscal year, all in reasonable detail and
         accompanied by a report thereon of BDO Seidman, LLP or other
         independent public accountants of comparable recognized national
         standing, which such report shall be unqualified as to going concern
         and scope of audit and shall state that such financial statements
         present fairly in all material respects the financial condition as at
         the end of such fiscal year on a consolidated basis, and the results
         of operations and statements of cash flows of Interface and its
         consolidated Subsidiaries for such fiscal year in accordance with GAAP
         and that the examination by such accountants in connection with such
         consolidated financial statements has been made in accordance with
         generally accepted auditing standards (it being agreed that the
         requirements of this subsection may be satisfied by the delivery of
         the applicable annual report on Form 10-K of Interface to the
         Securities and Exchange Commission to the extent that (i) it contains
         the foregoing information and (ii) it is delivered within the
         applicable time period noted herein and is available to the Lender on
         EDGAR); and

                  (iii)    as soon as available and in any event within 50 days
         after the end of each fiscal quarter, of Interface (other than the
         fourth fiscal quarter), balance sheets of Interface and its
         consolidated Subsidiaries as at the end of such quarter presented on a
         consolidated basis and the related statements of income, shareholders'
         equity, and cash flows of Interface and its consolidated Subsidiaries
         for such fiscal quarter and for the portion of Interface's fiscal year
         ended at the end of such quarter, presented on a consolidated basis
         setting forth in each case in comparative form the figures for the
         corresponding quarter and the corresponding portion of Interface's
         previous fiscal year, all in reasonable detail and certified by the
         chief financial officer or principal accounting officer of Interface
         that such

                                     -41-
<PAGE>
         financial statements fairly present in all material respects the
         financial condition of Interface and its consolidated Subsidiaries as
         at the end of such fiscal quarter on a consolidated basis, and the
         results of operations and statements of cash flows of Interface and
         its consolidated Subsidiaries for such fiscal quarter and such portion
         of Interface's fiscal year, in accordance with GAAP consistently
         applied (subject to normal year-end audit adjustments and the absence
         of certain footnotes) (it being agreed that the requirements of this
         subsection may be satisfied by the delivery of the applicable
         quarterly report on Form 10-Q of Interface to the Securities and
         Exchange Commission to the extent that (i) it contains the foregoing
         information and (ii) it is delivered within the applicable time period
         noted herein and is available to the Lender on EDGAR);

                                    (b)      Borrowing Base Certificates and
         Monthly Reports.

                  (i)      On or before Tuesday of each week after the Closing
         Date (or if any such day is not a Business Day, the next succeeding
         Business Day), Servicer shall prepare and deliver to Administrator and
         Lender a Borrowing Base Certificate as of the last Business Day of the
         week then most recently ended, signed by an authorized officer of
         Servicer; provided that Servicer may elect from time to time to
         deliver to Administrator and Lender a Borrowing Base Certificate on a
         daily basis as of the immediately preceding Business Day, signed by an
         authorized officer of Servicer; and

                  (ii)     On or before the second Business Day preceding each
         Distribution Date, Servicer shall prepare and deliver to Administrator
         and Lender a Monthly Report as of the last day of the month then most
         recently ended, signed by an authorized officer of Servicer.

                                    (c)      Significant Events. As soon as
         possible but in any event within one (1) Business Day after any
         officer of Borrower or Servicer becomes aware of the occurrence of a
         Significant Event or an Unmatured Significant Event, Borrower or
         Servicer, as the case may be, will deliver to Administrator and Lender
         an officer's certificate of Borrower setting forth details of such
         event and the action that Borrower or Servicer, as the case may be,
         proposes to take with respect thereto.

                                    (d)      Servicing Certificate. Servicer
         shall deliver, or cause to be delivered, to Administrator, on or
         before the date that is 95 days after the end of each year, an
         officer's certificate signed by the president, treasurer, assistant
         treasurer, chief executive officer or any vice president of Servicer,
         dated as of the last day of the preceding year, stating that (a) a
         review of the activities of Servicer during the preceding 12-month
         period and of its performance under this Agreement has been made under
         such officer's supervision and (b) to the best of such officer's
         knowledge, based on such review, Servicer has fulfilled its
         obligations under the Agreement throughout such year and has complied
         in all material respects with the Credit and Collection Policy, or, if
         there has been a

                                     -42-
<PAGE>
         default of a material nature in the fulfillment of any such
         obligation, specifying each such default known to such officer and the
         nature and status thereof.

                                    (e)      Collateral Review. As soon as
         possible, and in any event within 45 days after the Closing Date, and
         after each semi-annual period thereafter, a report of the independent
         certified public accountants of Interface (each such report, a
         "COLLATERAL REVIEW") which satisfies the requirements set forth on
         Schedule 9.1.5.

                                    (f)      Other. Promptly, from time to
         time, such other information, documents, records or reports respecting
         the Collateral, the Receivables or the condition or operations,
         financial or otherwise, of Borrower or any Originator as Administrator
         may from time to time reasonably request in order to protect the
         interests of Administrator or Lender under or as contemplated by this
         Agreement or the other Transaction Documents.

                           9.1.6    Use of Proceeds. Borrower will use the
         proceeds of the Loans made hereunder solely in connection with (a) the
         acquisition or funding of Receivables, (b) the making of Permitted
         Investments, (c) to pay Borrower's expenses to the extent such
         expenses do not violate the provisions of this Agreement, and (d) to
         make dividends from time to time to Interface in accordance with
         applicable corporate law provided that at the time of the making of
         such dividend and after giving effect thereto, Borrower's Net Worth is
         at least equal to the Required Capital Amount.

                           9.1.7    Separate Legal Entity. Borrower hereby
         acknowledges that Lender and Administrator are entering into the
         transactions contemplated by this Agreement and the other Transaction
         Documents in reliance upon Borrower's identity as a legal entity
         separate from any other Person. Therefore, from and after the date
         hereof, Borrower shall take all reasonable steps to continue
         Borrower's identity as a separate legal entity and to make it apparent
         to third Persons that Borrower is an entity with assets and
         liabilities distinct from those of any other Person, and is not a
         division of any Originator or other Person. Without limiting the
         generality of the foregoing and in addition to and consistent with the
         covenant set forth in Section 9.1.2, Borrower shall take such actions
         as shall be required in order that:

                  (a)      Borrower will be a limited purpose corporation whose
         primary activities are restricted in its certificate of incorporation
         to purchasing the Receivables and Related Security and financing the
         acquisition thereof, to providing (or arranging for the provision of)
         services necessary for the collection of such Receivables and the
         maintenance of ownership of such Receivables and the proceeds thereof,
         and conducting such other activities that are incidental to and
         necessary or convenient to carry out its primary activities;

                  (b)      Not less than one member of Borrower's Board of
         Directors (each, an "INDEPENDENT DIRECTOR") shall be an individual who
         is not, and during the past five (5) years has not been, a director,
         officer, employee or 5% beneficial owner

                                     -43-
<PAGE>
         of the outstanding common stock of any Person or entity beneficially
         owning any outstanding shares of common stock of Interface or any
         Affiliate thereof; PROVIDED, HOWEVER, that an individual shall not be
         deemed to be ineligible to be an Independent Director solely because
         such individual serves or has served in the capacity of an
         "independent director" or similar capacity for special purpose
         entities formed by Interface or any of its Affiliates. The certificate
         of incorporation of Borrower shall provide that (i) the Board of
         Directors shall not approve, or take any other action to cause the
         filing of, a voluntary bankruptcy petition with respect to Borrower
         unless the Independent Directors shall approve the taking of such
         action in writing prior to the taking of such action, and (ii) such
         provision cannot be amended without the prior written consent of the
         Independent Director;

                  (c)      Any employee, consultant or agent of Borrower will
         be compensated from funds of Borrower, as appropriate, for services
         provided to Borrower;

                  (d)      Borrower will allocate and charge fairly and
         reasonably overhead expenses shared with any other Person. To the
         extent, if any, that Borrower and any other Person share items of
         expenses such as legal, auditing and other professional services, such
         expenses will be allocated to the extent practical on the basis of
         actual use or the value of services rendered, and otherwise on a basis
         reasonably related to the actual use or the value of services
         rendered; Borrower's operating expenses will not be paid by any other
         Person except as permitted under the terms of this Agreement or
         otherwise consented to by Administrator and Lender;

                  (e)      Borrower's books and records will be maintained
         separately from those of any other Person;

                  (f)      All audited financial statements of any Person that
         are consolidated to include Borrower will contain detailed notes
         clearly stating that (A) all of Borrower's assets are owned by
         Borrower, and (B) Borrower is a separate legal entity;

                  (g)      Borrower's assets will be maintained in a manner
         that facilitates their identification and segregation from those of
         any other Person;

                  (h)      Borrower will strictly observe corporate formalities
         in its dealings with all other Persons, and funds or other assets of
         Borrower will not be commingled with those of any other Person;

                  (i)      Borrower shall not, directly or indirectly, be named
         or enter into an agreement to be named, as a direct or contingent
         beneficiary or loss payee, under any insurance policy with respect to
         any amounts payable due to occurrences or events related to any other
         Person; and

                                     -44-
<PAGE>
                  (j)      Any Person that renders or otherwise furnishes
         services to Borrower will be compensated thereby at market rates for
         such services it renders or otherwise furnishes thereto. Borrower will
         not hold itself out to be responsible for the debts of any other
         Person or the decisions or actions respecting the daily business and
         affairs of any other Person.

                  (k)      Borrower shall take such other actions as are
         necessary on its part to ensure that the facts and assumptions set
         forth in the opinion issued by Kilpatrick Stockton LLP, as counsel for
         Borrower, in connection with the closing or initial Loan under this
         Agreement and relating to substantive consolidation issues, and in the
         certificates accompanying such opinion, remain true and correct in all
         material respects at all times.

                           9.1.8    Adverse Claims on Receivables. Each of
         Borrower and Servicer will, and will require each Originator to,
         defend each Receivable against all claims and demands of all Persons
         at any time claiming the same or any interest therein adverse to
         Administrator and the Secured Parties.

                           9.1.9    Further Assurances. At its expense, each of
         Borrower and Servicer will perform all acts and execute all documents
         reasonably requested by Administrator at any time to evidence,
         perfect, maintain and enforce the title or the security interest of
         Administrator in the Receivables and the priority thereof. Each of
         Borrower and Servicer will, at the reasonable request of
         Administrator, execute and deliver financing statements relating to or
         covering the Collateral and, where permitted by law, Borrower shall
         authorize Administrator to file one or more financing statements
         signed only by Administrator. Borrower shall, and shall cause each
         Originator to, cause its computer records, master data processing
         records and other books and records relating to the Receivables to be
         marked, with a legend stating that the Receivables have been sold to
         Borrower and that the Collateral has been pledged to Administrator for
         the benefit of the Secured Parties.

                           9.1.10   Servicing. Servicer shall use all
         reasonable measures to prevent or minimize any loss being realized on
         a Receivable and shall take all reasonable steps to recover the full
         amount of such loss. Borrower and Servicer shall, at their own
         expense, take such steps as are necessary to maintain perfection of
         any security interest created by each Receivable in the related goods
         and merchandise subject thereto. Servicer shall use its commercially
         reasonable efforts, consistent with prudent servicing procedures, to
         repossess or otherwise convert the ownership of the goods or
         merchandise securing any Receivable which becomes a Defaulted
         Receivable. Servicer shall follow such practices and procedures for
         servicing the Receivables as would be customary and usual for a
         prudent servicer under similar circumstances, including using
         reasonable efforts to realize upon any recourse to the Obligors and
         selling the goods securing a Receivable at a public or private sale.

                                     -45-
<PAGE>
                           9.1.11   Inspection. Each of Borrower and Servicer
         shall permit Lender, Administrator or their duly authorized
         representatives, attorneys or auditors, upon reasonable prior notice,
         to inspect the Receivables, the Receivable Files, Documents and the
         related accounts, records and computer systems, software and programs
         used or maintained by Borrower or Servicer at such times as Lender or
         Administrator may reasonably request; provided, however, that (i) for
         so long as no Significant Event or Unmatured Significant Event shall
         have occurred and be continuing and (ii) the result of the immediately
         preceding examination and/or inspection of such Person shall have been
         reasonably satisfactory to Administrator or Lender, as the case may
         be, (A) such examinations and/or inspections shall be limited to four
         times per calendar year per Person and (B) such cost shall be born by
         Borrower and Servicer not more than twice per calendar year per Person
         (although in no event shall the foregoing be construed to limit
         Administrator or Lender or their respective agents or representatives
         to two such examinations and/or visits during such calendar year
         period with respect to such each Person). Upon instructions from
         Lender or Administrator, each of Borrower and Servicer shall release
         any document in its possession related to any Receivables to Lender or
         Administrator, as the case may be, or to the Servicer, if reasonably
         requested by Lender or Administrator.

                           9.1.12   Cooperation. Each of Borrower and Servicer
         shall provide such cooperation, information and assistance, and
         prepare and supply Administrator with such data regarding the
         performance by the Obligors of their obligations under the Receivables
         and the performance by Borrower and Servicer of their respective
         obligations under the Transaction Documents, as may be reasonably
         requested by Administrator from time to time.

                           9.1.13   Facility. Servicer shall maintain its
         facility from which it services the Receivables in its present
         condition, ordinary wear and tear excepted, or such other facility of
         similar quality, security and safety as Servicer may select from time
         to time. Servicer shall make all property tax payments, lease payments
         and all other payments with respect to such facility, except for such
         payments which are being contested in good faith by appropriate
         proceedings and with respect to which adequate reserves are being
         maintained. Servicer shall (i) ensure that Administrator shall have
         complete and unrestricted access during inspections pursuant to
         Section 9.1.12 and at any time following the occurrence and
         continuance of a Significant Event, at Servicer's expense, to such
         facility and all computers and other systems relating to the servicing
         of the Receivables and all persons employed at such facility, (ii) use
         its best efforts to retain the employees based at such facility to
         provide assistance to Administrator and (iii) continue to store on a
         daily basis all back-up files relating to the Receivables and the
         servicing of the Receivables at Servicer's facilities, or such other
         storage facility of similar quality, security and safety as Servicer
         may select from time to time, in the case of each of clauses (i), (ii)
         and (iii) until the receipt of all Collections in respect of all
         Receivables or all Receivables have been written off in accordance
         with the Credit and Collection Policy.

                                     -46-
<PAGE>
                           9.1.14   Accounts. Borrower shall not maintain any
         bank accounts other than the accounts described on Schedule 8.12.
         Except as set forth in the last sentence of Section 11.2.3(b), neither
         Borrower nor Servicer shall make, nor will either of them permit any
         Originator to make, any change in its instructions to Obligors
         regarding payments to be made to a LockBox. Neither Borrower nor
         Servicer will, nor will either of them permit any Originator to add
         any LockBox Account Bank or Lock Box Account to those listed on
         Schedule 8.12 unless Administrator shall have consented thereto and
         received a copy of any new duly executed LockBox Account Agreement.
         Neither Borrower nor Servicer will, nor will either of them permit any
         Originator to, change any LockBox Account Bank or close any LockBox or
         LockBox Account (other than the Excluded Deposit Accounts) unless
         Administrator shall have received at least thirty (30) days' prior
         notice of such termination and (i) in the case of a closed LockBox,
         all applicable Obligors have been notified to make payments to another
         LockBox that clears through a LockBox Account which is subject to a
         LockBox Account Agreement, or (ii) in the case of termination of a
         LockBox Bank or closing of a LockBox Account, a new LockBox Account
         Agreement is entered into with respect to any new or replacement
         LockBox Account or LockBox Account Bank.

                  Section 9.2       Negative Covenants. From the date hereof
until the first day, following the Commitment Termination Date, on which all
Obligations shall have been finally and fully paid and performed (other than
contingent indemnity obligations that are not yet due and payable), each of
Borrower and Servicer hereby covenants and agrees as to itself as follows:

                           9.2.1    Sales, Liens, Etc. Except pursuant to, or
         as contemplated by, the Transaction Documents, Borrower shall not sell
         (and shall not permit Servicer, acting on Borrower's behalf to),
         assign (by operation of law or otherwise) or otherwise dispose of, or
         create or suffer to exist voluntarily or involuntarily any Adverse
         Claims (other than Permitted Encumbrances) upon or with respect to any
         of its assets, including, without limitation, the Collateral, any
         interest therein or any right to receive any amount from or in respect
         thereof.

                           9.2.2    Mergers, Acquisitions, Sales, Subsidiaries,
         etc. Borrower shall not:

                  (a)      be a party to any merger or consolidation, or
         directly or indirectly purchase or otherwise acquire all or
         substantially all of the assets or any stock of any class of, or any
         partnership or joint venture interest in, any other Person, except for
         Permitted Investments, or sell, transfer, assign, convey or lease any
         of its property and assets (or any interest therein) other than
         pursuant to, or as contemplated by, this Agreement or the other
         Transaction Documents;

                  (b)      make, incur or suffer to exist an investment in,
         equity contribution to, loan or advance to, or payment obligation in
         respect of the deferred purchase price of property from, any other
         Person, except for Permitted Investments or pursuant to the
         Transaction Documents;

                                     -47-
<PAGE>
                  (c)      create any direct or indirect Subsidiary or
         otherwise acquire direct or indirect ownership of any equity interests
         in any other Person other than pursuant to the Transaction Documents;
         or

                  (d)      enter into any transaction with any Affiliate except
         for the transactions contemplated by the Transaction Documents and
         other transactions upon fair and reasonable terms materially no less
         favorable to Borrower than would be obtained in a comparable arm's
         length transaction with a Person not an Affiliate.

                           9.2.3    Change in Business; Change in Credit and
         Collection Policy. Borrower will not make any material change in the
         character of its business. Neither Borrower nor Servicer will make any
         material change in the Credit and Collection Policy that could
         adversely affect the collectibility of any Receivable. Neither
         Borrower nor Servicer will change its name unless it shall have: (i)
         given Administrator at least thirty (30) days' prior written notice
         thereof and (ii) delivered to Administrator all financing statements,
         instruments and other documents reasonably requested by Administrator
         in connection with such change.

                           9.2.4    Other Debt. Borrower will not incur any
         Debt to any Person other than (a) pursuant to this Agreement, the
         Receivables Sale Agreement or otherwise in connection with a
         transaction involving Lender, Bank, any Credit Bank, any Liquidity
         Bank or any other Persons providing liquidity or credit support to
         Lender, and (b) the Subordinated Loans from time to time made pursuant
         to Section 1.2(a) of the Receivables Sale Agreement.

                           9.2.5    Organizational Documents. Borrower shall
         not amend its Organizational Documents in any manner that violates any
         of the covenants contained in this Agreement or otherwise might result
         in Borrower being substantively consolidated with Interface or any
         Affiliate of Interface.

                           9.2.6    Jurisdiction of Organization; Location of
         Records. Borrower shall not change its jurisdiction of organization or
         permit the documents and records evidencing the Receivables to be
         moved unless (i) Borrower or Servicer, as the case may be, shall have
         given to Administrator prior written notice thereof, clearly
         describing the new location, and (ii) Borrower shall have taken such
         action, satisfactory to Administrator, to maintain the title or
         ownership of Borrower and any security interest of Administrator in
         the Collateral at all times fully perfected and in full force and
         effect. Servicer shall not, in any event, move the location where it
         conducts the servicing and collection of the Receivables from the
         address referred to on Schedule 15.3 to this Agreement unless (i) such
         address is located within the continental United States, (ii) Servicer
         has given Administrator at least thirty (30) days' prior written
         notice of such change and (iii) Servicer shall have delivered to
         Administrator all financing statements, instruments and other
         documents reasonably requested by Administrator in connection with
         such change or relocation.

                                     -48-
<PAGE>
                           9.2.7    Financing Statements. Borrower shall not
         execute any effective financing statement (or similar statement or
         instrument of registration under the laws of any jurisdiction) or
         statements relating to any Receivables other than the financing
         statements described in Section 7.1.5.

                           9.2.8    Business Restrictions. Borrower shall not
         (i) engage in any business other than the acquisition, financing and
         collection of Receivables and other Collateral, (ii) engage in any
         transactions or be a party to any documents, agreements or
         instruments, other than the Transaction Documents and those incidental
         to the purposes thereof, or (iii) incur any trade payables (other than
         for professional fees incurred in the ordinary course of business) or
         other liabilities not constituting Debt permitted under Section 9.2.4
         if such the aggregate outstanding balance of such trade payables and
         other liabilities would at any time exceed $10,700.

                           9.2.9    Other Agreements. Borrower will not amend,
         restate, supplement, cancel, terminate or otherwise modify the
         Receivables Transfer Agreement or the Receivables Sale Agreement, or
         give any consent, waiver, directive or approval thereunder or waive
         any default, action, omission or breach under any of the foregoing or
         otherwise grant any indulgence thereunder, without (in each case) the
         prior written consent of Administrator.

                                  ARTICLE X.
                      SIGNIFICANT EVENTS AND THEIR EFFECT

                  Section 10.1      Events of Default. Each of the following
shall constitute an "EVENT OF DEFAULT" under this Agreement:

                           10.1.1   Non-Payment of Loans, Etc. Borrower shall
fail to make any payment when due of any principal of or interest on any Loan,
or payment of any other Obligation payable by Borrower hereunder or under the
other Transaction Documents, including, without limitation, any Fees and
Indemnified Amounts, or shall fail to make any deposit required to be made
hereunder when due and, in each of the foregoing cases, such failure shall
continue for one (1) Business Day.

                           10.1.2   Collateral Reporting. Borrower and Servicer
shall fail to deliver any Borrowing Base Certificate or Monthly Report within 1
Business Day after the same is due.

                           10.1.3   Non-Compliance with Other Provisions.
Borrower shall:

                  (a)      fail to perform or observe any covenant contained in
         Section 9.2 of this Agreement and such failure shall remain unremedied
         for three (3) Business Days after the earlier to occur of (i)
         Borrower's having knowledge thereof and (ii) Borrower's having
         received written notice thereof from the Lender or Administrator, or

                  (b)      fail to perform or observe any other term, covenant
         or agreement contained in this Agreement or any other Transaction
         Document on its part to be

                                     -49-
<PAGE>
         performed or observed and any such failure shall remain unremedied for
         thirty (30) days after the earlier to occur of (i) Borrower's having
         knowledge thereof and (ii) Borrower's having received written notice
         thereof from the Lender or Administrator.

                           10.1.4   Breach of Representations and Warranties.
         Any representation, warranty, certification or statement made by
         Borrower in this Agreement, any other Transaction Document to which
         Borrower is a party or in any other document delivered pursuant hereto
         or thereto shall prove to have been incorrect in any material respect
         when made or deemed made; PROVIDED THAT the materiality threshold in
         the preceding clause shall not be applicable with respect to any
         representation or warranty which itself contains a materiality
         threshold.

                           10.1.5   Bankruptcy. An Event of Bankruptcy shall
         have occurred and remained continuing with respect to Borrower or
         Servicer.

                           10.1.6   Tax and ERISA Liens. The Internal Revenue
         Service shall file notice of a lien pursuant to ss. 6323 of the
         Internal Revenue Code with regard to any of the assets of Borrower or
         the Pension Benefit Guaranty Corporation shall file a notice of lien
         pursuant to ss. 4068 of ERISA, with regard to any assets of Borrower,
         and in either of the foregoing cases, such lien shall not have been
         released within fifteen (15) Business Days.

                  Section 10.2      Amortization Events. Each of the following
shall constitute an "AMORTIZATION EVENT" under this Agreement:

                           10.2.1   Servicer Event of Default. A Servicer Event
         of Default shall have occurred and remained continuing.

                           10.2.2   Borrowing Base Deficit. A Borrowing Base
         Deficit shall exist and such condition shall continue unremedied for
         one (1) Business Day.

                           10.2.3   Default Ratio. The Default Ratio shall
         equal or exceed 2.86% on a rolling three-month average basis.

                           10.2.4   Dilution Ratio. The Dilution Ratio shall
         equal or exceed 5.10% on a rolling three-month average basis.

                           10.2.5   Delinquency Ratio. The Delinquency Ratio
         shall equal or exceed 3.90% on a rolling three-month average basis.

                           10.2.6   Accounts Receivable Turnover Ratio. The
         Accounts Receivable Turnover Ratio shall be less than 7 to 1 for any
         Calculation Period.

                           10.2.7   Event of Default. An Event of Default shall
         have occurred and be continuing.

                                     -50-
<PAGE>
                           10.2.8   Validity of Transaction Documents. (a) Any
         Transaction Document, or any lien or security interest granted
         thereunder, shall (except in accordance with its terms), in whole or
         in part, terminate, cease to be effective or cease to be the legally
         valid, binding and enforceable obligation of Borrower, Servicer or any
         Originator party to such Transaction Document, (b) Borrower, any
         Originator or Servicer shall, directly or indirectly, contest in any
         manner such effectiveness, validity, binding nature or enforceability
         or (c) any security interest securing any Obligation shall, in whole
         or in part, cease to be a perfected first priority (subject to
         Permitted Encumbrances) security interest.

                           10.2.9   Termination Date. The "Termination Date"
         under and as defined in the Receivables Sale Agreement or the
         Receivables Transfer Agreement shall occur.

                           10.2.10  Change of Control. Interface shall cease to
         own, directly or indirectly, 100% of the outstanding voting stock of
         Borrower.

                  Section 10.3      Effect of Significant Event.

                  (a)      Optional Termination. Upon the occurrence and during
the continuance of a Significant Event (other than an Event of Default
described in Section 10.1.5), Administrator may, and at the request of Lender
shall, by notice to Borrower (a copy of which shall be promptly forwarded by
Administrator to each Rating Agency), declare all or any portion of the
outstanding principal amount of the Loans and other Obligations to be due and
payable and/or the Lender's Commitment (if not theretofore terminated) to be
terminated by declaring the Commitment Termination Date to have occurred,
whereupon the full unpaid amount of such Loans and other Obligations which
shall be so declared due and payable shall be and become immediately due and
payable, without further notice, demand or presentment, and/or, as the case may
be, the Lender's Commitment shall terminate.

                  (b)      Automatic Termination. Upon the occurrence of an
Event of Default described in Section 10.1.5), the Commitment Termination Date
shall be deemed to have occurred automatically, and all outstanding Loans and
all other Obligations shall become immediately and automatically due and
payable, all without presentment, demand, protest, or notice of any kind.

                  (c)      Notice to Rating Agencies. Administrator shall
notify each Rating Agency of the occurrence of any continuing Significant
Event, promptly following its actual knowledge thereof.

                                  ARTICLE XI.
                                  THE SERVICER

                  Section 11.1      Interface as Initial Servicer. The
servicing, administering and collection of the Receivables shall be conducted
by the Person designated from time to time as Servicer under this Agreement.
Until such time following the occurrence of a Servicer Event of Default or an
Amortization Event as Administrator shall notify Interface and Borrower in
writing

                                     -51-
<PAGE>
of the revocation of such power and authority, Borrower, Lender and
Administrator hereby appoint Interface to act as Servicer under the Transaction
Documents.

                  Section 11.2      Certain Duties of the Servicer.

                           11.2.1   Authorization to Act as Borrower's Agent.
         Borrower hereby appoints Servicer as its agent for the following
         purposes: (i) selecting the amount of each requested Loan and
         executing Borrowing Requests on behalf of Borrower, (ii) making
         transfers among, deposits to and withdrawals from all deposit accounts
         of Borrower for the purposes described in the Transaction Documents,
         (iii) arranging payment by Borrower of all Fees, expenses, other
         Obligations and other amounts payable under the Transaction Documents,
         (iv) causing the repayment and prepayment of the Loans as required and
         permitted pursuant to Section 4.1 and (v) executing and preparing the
         Monthly Reports and Borrowing Base Certificates; PROVIDED, HOWEVER,
         that Servicer shall act in such capacity only as an agent of Borrower
         and shall incur thereby no additional obligations with respect to any
         Loan, and nothing herein shall be deemed to authorize Servicer to take
         any action as Borrower's agent which Borrower is precluded from taking
         itself. Borrower irrevocably agrees that (A) it shall be bound by all
         proper actions taken by Servicer pursuant to the preceding sentence,
         and (B) Lender, Administrator and the banks holding all deposit
         accounts of Borrower are entitled to accept submissions,
         determinations, selections, specifications, transfers, deposits and
         withdrawal requests, and payments from Servicer on behalf of Borrower.

                           11.2.2   Servicer to Act as Servicer.

                  (a)      Servicer shall service and administer the
         Receivables on behalf of Borrower and Administrator (for the benefit
         of the Secured Parties) and shall have full power and authority,
         acting alone and/or through subservicers as provided in Section
         11.2.2(c), to do any and all things which it may deem reasonably
         necessary or desirable in connection with such servicing and
         administration and which are consistent with this Agreement.
         Consistent with the terms of this Agreement, Servicer may waive,
         modify or vary any term of any Receivable or consent to the
         postponement of strict compliance with any such term or in any manner,
         grant indulgence to any Obligor if, in Servicer's reasonable
         determination, such waiver, modification, postponement or indulgence
         is not materially adverse to the interests of Borrower or
         Administrator (for the benefit of the Secured Parties); PROVIDED,
         HOWEVER, that Servicer may not permit any modification with respect to
         any Receivable that would reduce the Unpaid Balance (except for actual
         payments thereof), or extend the due date thereof, except that
         Servicer may take such actions with respect to Defaulted Receivables
         if such actions will, in Servicer's reasonable business judgment,
         maximize the Collections thereof. Without limiting the generality of
         the foregoing, Servicer in its own name or in the name of Borrower is
         hereby authorized and empowered by Borrower when Servicer believes it
         appropriate in its best judgment to execute and deliver, on behalf of
         Borrower, any and all instruments of satisfaction or

                                     -52-
<PAGE>
         cancellation, or of partial or full release or discharge and all other
         comparable instruments, with respect to the Receivables.

                  (b)      Servicer shall service and administer the
         Receivables by employing such procedures (including collection
         procedures) and degree of care, in each case consistent with
         applicable law, with the Credit and Collection Policy and with prudent
         industry standards, as are customarily employed by Servicer in
         servicing and administering receivables owned or serviced by Servicer
         comparable to the Receivables. Servicer shall not take any action to
         impair Administrator's (for the benefit of the Secured Parties)
         security interest in any Receivable, except to the extent allowed
         pursuant to this Agreement or required by law.

                  (c)      Servicer may perform any of its duties pursuant to
         this Agreement, including those delegated to it pursuant to this
         Agreement, through subservicers appointed by Servicer, PROVIDED that
         such subservicing arrangements may be terminated, at Administrator's
         discretion, upon the replacement of Interface as Servicer. Such
         subservicers may include Affiliates of Servicer. Notwithstanding any
         such delegation of a duty, Servicer shall remain obligated and liable
         for the performance of such duty as if Servicer were performing such
         duty.

                  (d)      Servicer may take such actions as are necessary to
         discharge its duties as Servicer in accordance with this Agreement,
         including the power to execute and deliver on behalf of Borrower such
         instruments and documents as may be customary, necessary or desirable
         in connection with the performance of Servicer's duties under this
         Agreement (including consents, waivers and discharges relating to the
         Receivables).

                  (e)      Servicer shall keep separate records covering the
         transactions contemplated by this Agreement, including the identity
         and collection status of each Receivable purchased by Borrower from
         any Originator and the Purchase Price Credits.

                           11.2.3   Collections.

                  (a)      On or prior to the Closing Date, Borrower and
         Servicer shall have established and shall maintain thereafter the
         following system of collecting and processing Collections of
         Receivables: The Obligors shall be instructed to make payments of
         Receivables only (i) by check, draft or money order mailed to a
         LockBox listed on Schedule 8.12 (such payments, upon receipt in such a
         LockBox, being referred to herein as "MAIL PAYMENTS"), (ii) by wire
         transfer or ACH to a LockBox Account which is subject to a LockBox
         Agreement, or (iii) by cash, check, draft or money order delivered to
         an Originator and deposited to a LockBox or LockBox Account which is
         subject to a LockBox Account Agreement ) (A) within two (2) Business
         Days following receipt thereof, if no Termination Event or Significant
         Event has occurred and is continuing, and (B) immediately following
         receipt thereof, if any Termination Event or Significant Event has
         occurred and is continuing.

                                     -53-
<PAGE>
                  (b)      On or prior to the Closing Date, Administrator shall
         have received a LockBox Agreement with respect to each LockBox Account
         (other than Excluded Deposit Accounts). The Administrator is
         authorized at any time after the occurrence and during the continuance
         of a Significant Event to deliver to the Collection Banks the
         Activation Notices. Borrower hereby transfers to the Agent for the
         benefit of the Lender, effective when the Agent delivers such notice,
         the exclusive ownership and control of each Lock-Box and the
         Collection Accounts. (other than the Excluded Deposit Accounts). In
         addition, after the occurrence and during the continuance of any
         Significant Event, Servicer agrees that it shall, upon the written
         request of the Administrator, notify all Obligors under Receivables to
         make payment thereof to (i) one or more bank accounts and/or
         post-office boxes designated by the Administrator and specified in
         such notice or (ii) any successor Servicer appointed hereunder.

                  (c)      Servicer shall remove all Mail Payments, or cause
         all Mail Payments to be removed, from each LockBox by the close of
         business on each Business Day and deposited into a LockBox Account
         which is subject to a LockBox Agreement; PROVIDED, HOWEVER, that
         Servicer shall cause all Mail Payments from a LockBox constituting an
         Excluded Deposit Account to be deposited into a LockBox Account which
         is subject to a LockBox Agreement (i) on each Business Day, to the
         extent that the aggregate amount of Mail Payments from such LockBox
         exceeds $250,000 at such time, and (ii) on or before the last Business
         Day of each week, to the extent that the aggregate amount of Mail
         Payments from such LockBox does not exceed $250,000. Servicer shall
         process all such Mail Payments, and all other payments received in any
         form on the date received by recording the amount of the payment
         received from the Obligor and the applicable account or invoice
         number.

                  (d)      All Collections received by any Originator or
         Servicer in respect of Receivables will, pending remittance to
         Administrator, be held by any Originator or Servicer in trust for the
         exclusive benefit of Administrator, and shall not be commingled with
         any other funds or property of any Originator or Servicer.

                  (e)      Borrower and Servicer hereby irrevocably waive any
         right to set-off or otherwise deduct any amount owing by or to them
         from any Collections received by them prior to remittance thereof in
         accordance with this Agreement.

                  (f)      In performing its duties and obligations hereunder,
         Servicer (i) shall not impair the rights of Borrower or Administrator
         in any Receivable, (ii) shall not amend the terms of any Receivable
         other than in accordance with the Credit and Collection Policy and
         this Agreement, (iii) shall not release any goods securing a
         Receivable from the lien created by such Receivable except as
         specifically provided for herein, and (iv) shall be entitled to
         commence or settle any legal action to enforce collection of any
         Receivable or to foreclose upon or repossess any goods securing such
         Receivable. In the event that Servicer shall breach any of its
         covenants set forth in clause (i), (ii) or (iii) of this Section
         11.2.3(f), Servicer shall pay the Unpaid Balance of each Receivable
         affected thereby on the

                                     -54-
<PAGE>
         Distribution Date following the Calculation Period in which such event
         occurs. For the purposes of Section 11.7 hereof, Servicer shall not be
         deemed to have breached its obligations under this Section 11.2.3(f)
         unless it shall fail to make such payment with respect to any
         Receivable affected by Servicer's noncompliance with clause (i), (ii)
         or (iii) of this Section 11.2.3(f).

                  (g)      All payments or other amounts collected or received
         by Servicer in respect of a Receivable shall be applied to the Unpaid
         Balance of such Receivable.

                  Section 11.3      Servicing Compensation. Servicer, as
compensation for its activities hereunder, shall be entitled to receive the
Servicing Fee, which shall be payable by Borrower on each Distribution Date
from Collections in accordance with Section 4.2. Servicer shall be required to
pay all expenses incurred by it in connection with its servicing activities
hereunder (including payment of the fees and expenses of any subservicer) and
shall not be entitled to reimbursement therefor except as specifically provided
herein.

                  Section 11.4      Agreement Not to Resign. Interface
acknowledges that Lender and Administrator have relied on Interface's agreement
to act as Servicer hereunder in their respective decisions to execute and
deliver the respective Transaction Documents to which they are parties. In
recognition of the foregoing, Interface agrees not to resign as Servicer
voluntarily, except as required by law (as evidenced by the delivery of an
outside opinion of counsel to Administrator, in form and substance satisfactory
to Administrator), without the prior written consent of Administrator.

                  Section 11.5      Designation of Servicer. Borrower agrees
not to designate any Person other than Interface as Servicer without the prior
written consent of Administrator.

                  Section 11.6      Termination. The authorization of Servicer
to act on behalf of Borrower under this Agreement and the other Transaction
Documents shall terminate at the sole discretion of Administrator upon the
replacement of Servicer by a successor Servicer selected by Administrator.

                  Section 11.7      Servicer Events of Default. Each of the
following shall constitute a "SERVICER EVENT OF DEFAULT" under this Agreement:

                           11.7.1   Failure to Make Payments and Deposits.
         Servicer shall fail to make any payment or deposit required to be made
         by it hereunder on the date when due and, in each of the foregoing
         cases, such failure shall continue for one (1) Business Day.

                           11.7.2   Non-Compliance with Other Provisions.
         Servicer shall fail to perform or observe any other term, covenant or
         agreement contained in this Agreement or any other Transaction
         Document on its part to be performed or observed and any such failure
         shall remain unremedied for ten (10) days.

                           11.7.3   Delegation. Servicer shall delegate any of
         its duties hereunder, except as expressly permitted in accordance with
         the terms hereof.

                                     -55-
<PAGE>
                           11.7.4   Breach of Representations and Warranties.
         Any representation, warranty, certification or statement made by
         Servicer in this Agreement, any other Transaction Document to which
         Servicer is a party or in any Borrowing Base Certificate, Monthly
         Report or other document delivered pursuant hereto or thereto shall
         prove to have been incorrect in any material respect when made or
         deemed made; PROVIDED THAT the materiality threshold in the preceding
         clause shall not be applicable with respect to any representation or
         warranty which itself contains a materiality threshold.

                           11.7.5   Bankruptcy. An Event of Bankruptcy shall
         have occurred and remained continuing with respect to Servicer.

                           11.7.6   Judgments. A final judgment or judgments
         for the payment of money in excess of $11,600 in the aggregate shall
         have been rendered against Borrower, or in excess of $10,000,000 in
         the aggregate shall have been rendered against Servicer, and the same
         shall have remained unsatisfied and in effect, without stay of
         execution, for a period of thirty (30) consecutive days after the
         period for appellate review shall have elapsed.

                           11.7.7   Cross-Default to Material Debt. Failure of
         Servicer to pay any Debt in excess of $10,000,000 in aggregate
         principal amount ("MATERIAL DEBT") when due; or the default by
         Servicer in the performance of any term, provision or condition
         contained in any agreement under which any Material Debt was created
         or is governed, the effect of which is to cause, or to permit the
         holder or holders of such Material Debt to cause, such Debt to become
         due prior to its stated maturity; or any Material Debt of Servicer
         shall be declared to be due and payable or required to be prepaid
         (other than by a regularly scheduled payment) prior to the date of
         maturity thereof.

                           11.7.8   Collateral Reporting. Servicer shall fail
         to deliver any Borrowing Base Certificate or Monthly Report within 1
         Business Day after the same is due.

At any time during the continuance of any Servicer Event of Default,
Administrator may, in its sole discretion, notify Servicer in writing of the
revocation of its appointment as Servicer hereunder. Upon revocation of
Servicer's appointment hereunder, Administrator shall appoint a successor
Servicer. Servicer agrees that upon receipt of written notification from
Administrator of the revocation of Servicer's appointment as Servicer
hereunder, Servicer shall upon the written request of Administrator (which
request may be contained in the notification of revocation) (i) notify all
Obligors under the Receivables to make payment thereof to a bank account(s) or
post office box designated by Administrator and specified in such notice, and
(ii) pay to Administrator (or its designee) immediately all Collections then
held or thereafter received by Servicer or the applicable Originator of
Receivables, together with all other payment obligations of the Servicer
hereunder owing to Lender or Administrator. Servicer shall, at its sole cost
and expense, cooperate with and assist the successor Servicer (including,
without limitation, providing access to, and transferring, all Receivable Files
and all records (including data-processing records) relating thereto (which
shall be held in trust for the benefit of the parties hereto in accordance with
their respective interests)) and allowing the successor Servicer to use

                                     -56-
<PAGE>
all licenses, hardware or software necessary or desirable to collect the
Receivables). Interface irrevocably agrees to act (if requested to do so) as
the data-processing agent for the successor Servicer (in substantially the same
manner as Interface conducted such data-processing functions while it acted as
Servicer).

                                 ARTICLE XII.
                                 ADMINISTRATOR

                  Section 12.1      Authorization and Action. Lender hereby
appoints SunTrust Capital Markets, Inc. as its Administrator for purposes of
the Transaction Documents and authorizes SunTrust Capital Markets, Inc. in such
capacity to take such action on its behalf under each Transaction Document and
to exercise such powers hereunder and thereunder as are delegated to SunTrust
Capital Markets, Inc., as Administrator, by the terms hereof and thereof,
together with such powers as are reasonably incidental thereto.

                  Section 12.2      Administrator and Affiliates. Bank and any
of its Affiliates may generally engage in any kind of business with Borrower,
Bank, Servicer, any Obligor, any of their respective Affiliates and any Person
who may do business with or own securities of Borrower, Bank, Servicer, any
Obligor or any of their respective Affiliates, all as if SunTrust Capital
Markets, Inc. were not Administrator and without any duty to account therefor
to Lender.

                                 ARTICLE XIII.
                                  ASSIGNMENTS

                  Section 13.1      Restrictions on Assignments. Neither
Borrower nor Servicer may assign its rights hereunder or any interest herein
without the prior written consent of Administrator and Lender. Lender may not
assign all or any portion of Lender's Commitment to any Person other than the
Liquidity Bank(s) without the prior written consent of Borrower and
Administrator. Nothing herein shall be deemed to preclude Lender from pledging
or assigning all or any portion of any Loan or the Lender Note:

                  (a)      to Credit Bank, any Liquidity Bank (or any successor
         of any thereof by merger, consolidation or otherwise), any Affiliate
         of Credit Bank or any Liquidity Bank in connection with a draw under
         the Liquidity Agreement or a Credit Advance (which may then assign all
         or any portion thereof so assigned or any interest therein to such
         party or parties as it may choose); or

                  (b)      to any other Person proposed by Lender and consented
         to by Administrator and Borrower (which consent of Borrower shall not
         be unreasonably withheld or delayed).

Administrator shall promptly provide notice of any assignment to each Rating
Agency. Subject to Section 13.2, all of the aforementioned assignments shall be
upon such terms and conditions as Lender and the assignee may mutually agree.

                  Section 13.2      Documentation. Lender shall deliver to each
assignee an assignment, in such form as Lender and the related assignee may
agree, duly executed by Lender, assigning any such Loan to the assignee, and
Lender shall promptly execute and deliver

                                     -57-
<PAGE>
all further instruments and documents, and take all further action, that the
assignee may reasonably request, in order to perfect, protect or more fully
evidence the assignee's right, title and interest in and to such Loan, and to
enable the assignee to exercise or enforce any rights hereunder or under the
Lender Note evidencing such Loan.

                  Section 13.3      Rights of Assignee. Upon the foreclosure of
any assignment of any Loans made for security purposes, or upon any other
assignment of any Loan from Lender pursuant to this Article XIII, the
respective assignee receiving such assignment shall have all of the rights of
Lender hereunder to the extent of such assignment with respect to such Loans
and all references to Lender in Section 6.1 shall be deemed to apply to such
assignee to the extent of such assignment.

                  Section 13.4      Notice of Assignment. Lender shall provide
notice to Borrower of any assignment hereunder by Lender to any assignee.
Lender authorizes Administrator to, and Administrator agrees that it shall,
endorse the Lender Note to reflect any assignments made pursuant to this
Article XIII or otherwise.

                                 ARTICLE XIV.
                                INDEMNIFICATION

                  Section 14.1      General Indemnity of Borrower. Without
limiting any other rights which any such Person may have hereunder or under
applicable law, Borrower hereby agrees to indemnify Administrator, Lender,
Servicer, each Liquidity Bank, each Credit Bank, Bank, each of Bank's
Affiliates and each of their respective successors, transferees, participants
and assigns and all officers, directors, shareholders, controlling persons,
employees and agents of any of the foregoing (each of the foregoing Persons
being individually called an "INDEMNIFIED PARTY"), forthwith on demand from and
against any and all damages, losses, claims, liabilities and related reasonable
costs and expenses, including reasonable and actual attorneys' fees and
disbursements (all of the foregoing being collectively called "INDEMNIFIED
AMOUNTS") awarded against or incurred by any of them arising out of or relating
to any Transaction Document or the transactions contemplated thereby, any
commingling of funds (whether or not permitted hereunder), or the use of
proceeds therefrom by Borrower, including (without limitation) in respect of
the funding of any Loan or in respect of any Receivable; EXCLUDING, HOWEVER,
(a) Indemnified Amounts to the extent a final judgment of a court of competent
jurisdiction holds that such Indemnified Amounts resulted from gross negligence
or willful misconduct on the part of the Indemnified Party seeking
indemnification, and (b) Excluded Taxes. Anything contained in this Section
14.1 to the contrary notwithstanding: (1) the foregoing indemnification is not
intended to, and shall not, constitute a guarantee of the collectibility or
payment of the Receivables, and (2) nothing in this Section 14.1 shall require
the Servicer to indemnify any Indemnified Party for Receivables which are not
collected, not paid or are otherwise uncollected on account of the insolvency,
bankruptcy, lack of creditworthiness or financial inability to pay of the
applicable Obligor.

                  Section 14.2      Indemnity of Servicer. Without limiting any
other rights which any such Person may have hereunder or under applicable law,
Interface as Servicer, hereby agrees to indemnify each Indemnified Party
forthwith on demand from and against any and all Indemnified Amounts awarded
against or incurred by any of them arising from, or related to, the

                                     -58-
<PAGE>
negligence or willful misconduct of Interface, the inaccuracy of any
representation or warranty of Interface, or the failure of Interface to perform
its obligations under any Transaction Document; EXCLUDING, HOWEVER, (a)
Indemnified Amounts to the extent determined by a court of competent
jurisdiction to have resulted from gross negligence or willful misconduct on
the part of such Indemnified Party, (b) Indemnified Amounts to the extent
solely due to non-payment by any Obligor of an amount due and payable with
respect to a Receivable for credit reasons, and (c) any tax upon or measured by
net income on any Indemnified Party. Anything contained in this Section 14.2 to
the contrary notwithstanding: (1) the foregoing indemnification is not intended
to, and shall not, constitute a guarantee of the collectibility or payment of
the Receivables, and (2) nothing in this Section 14.2 shall require the
Servicer to indemnify any Indemnified Party for Receivables which are not
collected, not paid or are otherwise uncollected on account of the insolvency,
bankruptcy, lack of creditworthiness or financial inability to pay of the
applicable Obligor.

                                  ARTICLE XV.
                                 MISCELLANEOUS

                  Section 15.1      No Waiver; Remedies. No failure on the part
of Lender, Administrator, any Indemnified Party or any Affected Party to
exercise, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise by
any of them of any right, power or remedy hereunder preclude any other or
further exercise thereof, or the exercise of any other right, power or remedy.
The remedies herein provided are cumulative and not exclusive of any remedies
provided by law. Without limiting the foregoing, each of Bank, each Credit Bank
and each Liquidity Bank is hereby authorized by Borrower at any time and from
time to time, to the fullest extent permitted by law, to set off and apply any
and all deposits (general or special, time or demand, provisional or final) at
any time held and other indebtedness at any time owing by Bank, such Credit
Bank or such Liquidity Bank to or for the credit or the account of Borrower,
now or hereafter existing under this Agreement, to Administrator, any Affected
Party, any Indemnified Party, or Lender or their respective successors and
assigns.

                  Section 15.2      Amendments, Etc. No amendment, modification
or waiver of, or consent with respect to, any provision of this Agreement and
any Schedules hereto, or the Lender Note shall in any event be effective unless
the same shall be in writing and signed and delivered by (i) Borrower,
Servicer, Administrator and Lender (with respect to an amendment), or (ii)
Administrator and Lender (with respect to a waiver or consent by them) or
Servicer or Borrower (with respect to a waiver or consent by them), as the case
may be, and then any such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given; PROVIDED,
HOWEVER, that no material amendment of this Agreement (other than an amendment
to extend the Scheduled Commitment Termination Date) shall be effective unless
the Lender (or Administrator on its behalf) shall have received written
confirmation by the Rating Agencies that such amendment shall not cause the
rating on the then outstanding Commercial Paper Notes to be downgraded or
withdrawn. Administrator shall provide each Rating Agency with a copy of each
amendment to or consent or waiver under this Agreement promptly following the
effective date thereof.

                                     -59-
<PAGE>
                  Section 15.3      Notices, Etc. All notices and other
communications provided for hereunder shall, unless otherwise stated herein, be
in writing (including facsimile communication) and shall be personally
delivered or sent by certified first class mail, postage prepaid, or by
facsimile, overnight courier to the intended party at the address or facsimile
number of such party set forth opposite its name on Schedule 15.3 hereto or at
such other address or facsimile number as shall be designated by such party in
a written notice to the other parties hereto. All such notices and
communications shall be effective, (a) if personally delivered, when received,
(b) if sent by certified mail, three Business Days after having been deposited
in the mail, postage prepaid, (c) if sent by overnight courier, one Business
Day after having been given to such courier, and (d) if transmitted by
facsimile, when sent, receipt confirmed by telephone or electronic means,
except that notices and communications pursuant to Section 2.2 shall not be
effective until received.

                  Section 15.4      Costs, Expenses and Taxes. In addition to
its obligations under Section 14.1, Borrower agrees to pay on demand:

                  (a)      all reasonable costs and expenses incurred by
         Administrator, Lender, each Liquidity Bank, each Credit Bank and
         Servicer in connection with (i) the preparation, execution, delivery,
         administration and enforcement of, or any breach of, this Agreement,
         the Lender Note, the other Transaction Documents, the Liquidity
         Agreement and, to the extent directly related to this Agreement, the
         Program Documents (including any amendments or modifications of or
         supplements to the Program Documents directly related to this
         Agreement), including, without limitation, the reasonable and actual
         fees and expenses of counsel to any of such Persons incurred in
         connection therewith, (ii) the perfection of Administrator's security
         interest in the Collateral, (iii) the maintenance of the LockBoxes and
         the LockBox Accounts, (iv) the audit of the books, records and
         procedures of Originators, Servicer and Borrower by Administrator's
         auditors (which may be employees of Administrator), and (v) Rating
         Agency fees related to the transactions contemplated by this
         Agreement; and

                  (b)      all stamp and other transactional or filing taxes
         and fees payable or determined to be payable in connection with the
         execution, delivery, filing and recording of this Agreement, the
         Lender Note, the other Transaction Documents, or (to the extent
         directly related to this Agreement) the Program Documents, and agrees
         to indemnify each Indemnified Party against any liabilities with
         respect to or resulting from any delay in paying or omission to pay
         such taxes and fees.

                  Section 15.5      Binding Effect; Survival. This Agreement
shall be binding upon and inure to the benefit of Borrower, Bank, Lender,
Administrator, and their respective successors and assigns, and the provisions
of Article VI and Article XIV shall inure to the benefit of the Affected
Parties and the Indemnified Parties, respectively, and their respective
successors and assigns; PROVIDED, HOWEVER, nothing in the foregoing shall be
deemed to authorize any assignment not permitted by Article XIII. This
Agreement shall create and constitute the continuing obligations of the parties
hereto in accordance with its terms, and shall remain in full force and effect
until such time, after the Commitment Termination Date, when all Obligations

                                     -60-
<PAGE>
have been finally and fully paid and performed. The rights and remedies with
respect to any breach of any representation and warranty made by Borrower or
Servicer pursuant to Article VIII and the indemnification and payment
provisions of Article XIV and Article VI, Sections 15.4, 15.11 and 15.12 shall
be continuing and shall survive any termination of this Agreement and any
termination of Interface's rights to act as Servicer hereunder or under any
other Transaction Document.

                  Section 15.6      Captions and Cross References. The various
captions (including, without limitation, the table of contents) in this
Agreement are provided solely for convenience of reference and shall not affect
the meaning or interpretation of any provision of this Agreement. Unless
otherwise indicated, references in this Agreement to any Section, Appendix,
Schedule or Exhibit are to such Section of or Appendix, Schedule or Exhibit to
this Agreement, as the case may be, and references in any Section, subsection,
or clause to any subsection, clause or subclause are to such subsection, clause
or subclause of such Section, subsection or clause.

                  Section 15.7      Severability. Any provision of this
Agreement which is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this
Agreement or affecting the validity or enforceability of such provision in any
other jurisdiction.

                  Section 15.8      Governing Law. THIS AGREEMENT SHALL BE A
CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF (OTHER THAN SECTION
5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) EXCEPT TO THE EXTENT THAT THE
LAWS OF ANOTHER JURISDICTION GOVERN THE PERFECTION, OR THE EFFECT OF PERFECTION
OR NONPERFECTION, OF THE SECURITY INTERESTS OF THE ADMINISTRATOR, FOR THE
BENEFIT OF THE SECURED PARTIES.

                  Section 15.9      Counterparts. This Agreement may be
executed by the parties hereto in several counterparts, each of which shall be
deemed to be an original but all of which shall constitute together but one and
the same agreement.

                                     -61-
<PAGE>
                  Section 15.10     Submission to Jurisdiction; Waiver of Trial
by Jury.

                  (a)      Each of Borrower and Servicer hereby submits to the
         nonexclusive jurisdiction of any United States District Court for the
         Southern District of New York and of any New York state court sitting
         in New York, New York for purposes of all legal proceedings arising
         out of, or relating to, the Transaction Documents or the transactions
         contemplated thereby. Each of Borrower and Servicer hereby irrevocably
         waives, to the fullest extent possible, any objection it may now or
         hereafter have to the venue of any such proceeding and any claim that
         any such proceeding has been brought in an inconvenient forum. Nothing
         in this Section 15.10 shall affect the right of Administrator or
         Lender to bring any action or proceeding against Borrower or Servicer
         or their respective properties in the courts of other jurisdictions.

                  (b)      TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH
         PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY
         ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION
         WITH, ANY TRANSACTION DOCUMENT OR ANY MATTER ARISING THEREUNDER.

                  Section 15.11     No Recourse Against Lender. The obligations
of the Lender under this Agreement are solely the corporate obligations of
Lender. No recourse shall be had for any obligation, covenant or agreement
(including, without limitation, the payment of any amount owing in respect to
this Agreement or the payment of any Fee hereunder or for any other obligation
or claim) arising out of or based upon this Agreement or any other agreement,
instrument or Transaction Document entered into pursuant hereto or in
connection herewith against any stockholder, employee, officer, director,
manager, administrator, partner or incorporator of Lender, as such, by the
enforcement of any assessment or by any legal or equitable proceeding, by
virtue of any statute or otherwise.

                  Section 15.12     No Proceedings. Each of the parties hereto
hereby agree that it will not institute against Lender, or join any other
Person in instituting against Lender, any insolvency proceeding (namely, any
proceeding of the type referred to in the definition of Event of Bankruptcy) so
long as any Commercial Paper Notes issued by Lender shall be outstanding and
there shall not have elapsed one year plus one day since the last day on which
any such Commercial Paper Notes shall be outstanding. The provisions of this
Section 15.12 shall survive the termination hereof.

                                     -62-
<PAGE>
                  Section 15.13     Confidentiality.

                  (a)      Unless otherwise consented to by Administrator or
required by any applicable law, rule, regulation, direction, request or order
of any judicial, administrative or regulatory authority or proceedings, each of
Borrower and Servicer hereby agrees that it shall maintain and shall cause each
of its employees and officers to maintain the confidentiality of the Fee Letter
and the other confidential or proprietary information with respect to
Administrator and Lender and their respective businesses obtained by it or them
in connection with the structuring, negotiating and execution of the
transactions contemplated herein, except that each of Borrower, Servicer and
their respective officers and employees may disclose such information to their
external accountants, attorneys and other advisors and as required by any
applicable law, rule (including, without limitation, any disclosure as a result
of the filing required filing by Interface with the Securities and Exchange
Commission of this Agreement, the Receivables Sale Agreement and the
Receivables Transfer Agreement), direction, request or order of any judicial,
administrative or regulatory authority or proceeding (whether or not having the
force or effect of law). The restrictions in this Section 15.13(a) shall not
apply to any information which is or becomes generally available to the public
other than as a result of disclosure by Borrower, Servicer or one of their
respective Affiliates.

                  (b)      Unless otherwise agreed to in writing by the
Interface, each Lender and the Administrator hereby agrees to keep all
nonpublic information with respect to Interface and its Subsidiaries
(including, without limitation Borrower and the Original Sellers) confidential
and not to disclose or reveal any such information to any Person other than its
(or its Affiliates) directors, officers, employees, agents or representatives
who reasonably require such information in connection with their activities
concerning this Agreement or the transactions contemplated hereby and to any
the Liquidity Banks; provided, however, that the Agent or any Lender may
disclose nonpublic information: (i) to Administrator, the Liquidity Banks or
Lender by each other, (ii) as required by or pursuant to any applicable law,
rule, regulation, direction, request or order of any judicial, administrative
or regulatory authority or proceedings (whether or not having the force or
effect of law), (iii) to any prospective or actual assignee or participant of
any of the Persons described in clause (i) (but only on a confidential basis),
and (iv) to any Rating Agency, Commercial Paper Note dealer, Credit Bank or
Support Provider to Lender or any entity organized for the purpose of
purchasing, or making loans secured by, financial assets for which
Administrator acts as the administrative agent or administrator and to any
officers, directors, employees, outside accountants and attorneys of any of the
foregoing, PROVIDED each Person described in the foregoing clauses (iii) and
(iv) is informed of the confidential nature of such information and, except for
any Rating Agency, has agreed in writing to be bound by the provisions of this
Section 15.13.

                  Section 15.14     Entire Agreement. This Agreement and the
other Transaction Documents executed and delivered herewith represent the final
agreement among the parties hereto and thereto and may not be contradicted by
evidence of prior, contemporaneous or subsequent oral agreements of the
parties. There are no unwritten oral agreements among the parties.

                      [SIGNATURE PAGES BEGIN ON NEXT PAGE]

                                     -63-
<PAGE>

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

INTERFACE SECURITIZATION CORPORATION, AS BORROWER

By: /s/ Patrick C. Lynch
   ------------------------------------------
Name: Patrick C. Lynch
Title: Vice President

INTERFACE, INC., AS INITIAL SERVICER

By: /s/ Patrick C. Lynch
   ------------------------------------------
Name: Patrick C. Lynch
Title: Vice President

                                     -64-
<PAGE>
THREE PILLARS FUNDING CORPORATION, AS LENDER

By: /s/ Evelyn Echevarria
   ------------------------------------------
Name: Evelyn Echevarria
Title: Vice President

                                     -65-
<PAGE>
SUNTRUST CAPITAL MARKETS, INC., AS ADMINISTRATOR

By:  /s/ Todd Shutley
   ------------------------------------------
Name:  Todd Shutley
Title:  Managing Director

                                     -66-Ex-10.n Employment Agreement/Wachovia & Kelly

 

EXHIBIT 10(N)

EMPLOYMENT AGREEMENT

     This EMPLOYMENT AGREEMENT, made and entered into as of the 1st day of
November, 2001, by and between Wachovia Corporation (the “Company”), a North
Carolina corporation, and ROBERT P. KELLY (the “Executive”);

     WHEREAS, the Management Resources & Compensation Committee (the
“Committee”) of the Board of Directors of the Company (the “Board”) has
determined that it is in the best interests of the Company and its stockholders
to assure that the Company will have the continued service of the Executive.
The Committee believes it is imperative to encourage the Executive’s full
attention and dedication to the Company, and to provide the Executive with
compensation and benefits arrangements upon a termination of employment with
the Company which ensure that the compensation and benefits expectations of the
Executive will be satisfied and which are competitive with those of other
corporations.

     NOW, THEREFORE, in order to accomplish the objectives set forth above and
in consideration of the mutual covenants herein contained, the parties hereby
agree as follows:

     1.     Employment Period. (a) The “Effective Date” shall mean the date
hereof.

          (b)     The Company hereby agrees to continue the Executive in its employ, and
the Executive hereby agrees to remain in the employ of the Company upon the
terms and conditions set forth in this Agreement, for the period commencing on
the Effective Date and ending on the third anniversary thereof (the “Employment
Period”); provided, however, that commencing on the date one year after the
date hereof, and on each annual anniversary of such date (such date and each
annual anniversary thereof shall be hereinafter referred to as the “Renewal
Date”), unless previously terminated, the Employment Period shall be
automatically extended so as to terminate three years from such Renewal Date,
unless at least 90 days prior to the Renewal Date the Company or the Executive,
respectively, shall give notice to the Executive or the Company, respectively,
that the Employment Period shall not be so extended. Notwithstanding the
foregoing, in the event a “Change in Control” (as defined herein) occurs, the
Employment Period, unless previously terminated, shall be extended immediately
prior to the Change in Control so that the Employment Period shall terminate no
earlier than three years from such Change in Control.

     2.     Terms of Employment. (a) Positions and Duties. (i) During the
Employment Period, the Company agrees to employ the Executive, and the
Executive agrees to serve as an employee of the Company and as an employee of
one or more of its subsidiaries. The Executive shall perform such duties and
responsibilities, in such capacity and with such authority, for the Company (or
one or more of its subsidiaries) as the Company may designate from time to
time. Such duties shall be of a type for which the Executive is suited by
background, experience and training, in the Company’s reasonable discretion.

               (ii)     During the Employment Period,
and excluding any periods of vacation
and sick leave to which the Executive is entitled, the Executive agrees to

1

 

 devote his full professional attention and time during normal business
hours to the business and affairs of the Company and to perform the
responsibilities assigned to the Executive hereunder. During the Employment
Period it shall not be a violation of this Agreement for the Executive to (A)
serve on corporate, civic or charitable boards or committees, (B) deliver
lectures, fulfill speaking engagements or teach at educational institutions,
and (C) manage personal investments, so long as such activities do not
interfere with the performance of the Executive’s responsibilities as an
employee of the Company in accordance with this Agreement and are consistent
with the Company’s policies. It is expressly understood and agreed that to the
extent that any such activities have been conducted by the Executive prior to
the Effective Date, the continued conduct of such activities (or the conduct of
activities similar in nature and scope thereto) subsequent to the Effective
Date shall not thereafter be deemed to interfere with the performance of the
Executive’s responsibilities to the Company.

          (b)     Compensation. (i) Salary and Bonus. For all services rendered by the
Executive in any capacity under this Agreement, the Company shall pay the
Executive during the Employment Period as compensation (i) an annual salary in
an amount not less than the amount of the Executive’s annual salary as of the
Effective Date (the “Annual Base Salary”) and (ii) such annual cash incentive
bonus, if any, as may be awarded to him by the Board or by a Committee
designated by the Board (the “Annual Bonus”); provided, however, the Annual
Bonus paid to the Executive for the fiscal year 2001 shall not be less than
$675,000. Such salary shall be payable in accordance with the Company’s
customary payroll practices, and any such bonus shall be payable in cash in
accordance with the Company’s incentive bonus plans from which the Annual Bonus
is awarded. During the Employment Period prior to the Date of Termination, the
Annual Base Salary shall be reviewed in accordance with the Company’s policies
and procedures applicable to the Executive and may be increased from time to
time consistent with such procedures. Any increase in Annual Base Salary shall
not serve to limit or reduce any other obligation to the Executive under this
Agreement. In the event the Executive’s actual Annual Base Salary is increased
above the then current Annual Base Salary during the Employment Period, such
increased Annual Base Salary shall constitute “Annual Base Salary” for purposes
of this Agreement, and may not thereafter be reduced except with the written
consent of the Executive.

               (ii)     Employee
Benefits. During the Employment Period prior to the Date of
Termination, the Executive and/or the Executive’s family, as the case may be,
shall be eligible to participate in employee benefit plans generally available
to other peer executives of the Company or its subsidiaries, including without
limitation, employee stock purchase plans, savings plans, retirement plans,
welfare benefit plans (including, without limitation, medical, prescription,
dental, disability, life, accidental death, and travel accident insurance, but
excluding severance plans) and similar plans, practices, policies and programs.
In addition, during the Employment Period, the Executive shall be eligible to
participate in the Company’s stock-based incentive compensation plans then
available to other peer executives of the Company with awards thereunder
determined by the Board or by a Committee designated by the Board, in its sole
discretion, except as provided in this Agreement.

               (iii)     Expenses.
During the Employment Period prior to the Date

2

 

 of Termination, the Executive shall be entitled to receive prompt
reimbursement for all reasonable expenses incurred by the Executive in
accordance with the policies, practices and procedures of the Company and its
affiliated companies in effect for the Executive at the time the expense is
incurred.

               (iv)     Fringe Benefits. During the Employment Period prior to the Date of
Termination, the Executive shall be entitled to fringe benefits and perquisite
plans or programs of the Company and its affiliated companies generally
available to executives who are peers of the Executive; provided that the
Company reserves the right to modify, change or terminate such fringe benefits
and perquisite plans or programs from time to time, in its sole discretion.

               (v)     Indemnification/D&O Insurance. During the Employment Period for acts
prior to the Date of Termination, the Executive shall be entitled to
indemnification with respect to the performance of his duties hereunder, and
directors’ and officers’ liability insurance, on the same terms and conditions
as generally available to other peer executives of the Company and its
affiliated companies.

     3.     Termination of Employment. (a) Retirement, Death or Disability. The
Executive’s employment shall terminate automatically upon the Executive’s death
or Retirement (as defined herein) during the Employment Period. For purposes
of this Agreement, “Retirement” shall mean either (i) voluntary termination by
the Executive of the Executive’s employment upon satisfaction of the
requirements for early retirement under the Company’s tax-qualified defined
benefit pension plan or (ii) voluntary termination by the Executive of the
Executive’s employment upon satisfaction of the requirements for normal
retirement under the terms of the Company’s tax-qualified pension plan. If the
Company determines in good faith that Disability of the Executive has occurred
during the Employment Period (pursuant to the definition of Disability set
forth below), it may give to the Executive written notice in accordance with
this Agreement of its intention to terminate the Executive’s employment. In
such event, the Executive’s employment with the Company shall terminate
effective on the 30th day after receipt of such notice by the Executive (the
“Disability Effective Date”), provided that, within the 30 days after such
receipt, the Executive shall not have returned to full-time performance of the
Executive’s duties. For purposes of this Agreement, “Disability” shall mean
termination of the Executive’s employment upon satisfaction of the requirements
to receive benefits under the Company’s long-term disability plan.

          (b)     Cause. The Company may terminate the Executive’s employment during
the Employment Period for Cause. For purposes of this Agreement, “Cause” shall
mean:

               (i)     the continued and
willful failure of the Executive to perform
substantially the Executive’s duties with the Company or one of its affiliates
(other than any such failure resulting from incapacity due to physical or
mental illness), after a written demand for substantial performance is
delivered to the Executive by the Company which specifically identifies the
manner in which the Company believes that the Executive has not substantially
performed the Executive’s duties and a reasonable time for such substantial
performance has elapsed since delivery of such demand, or

3

 

               (ii)     the willful engaging by the Executive in illegal conduct or gross
misconduct which is materially injurious to the Company.

For purposes of this provision, no act or failure to act, on the part of the
Executive, shall be considered “willful” unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the
Executive’s action or omission was in the best interests of the Company. Any
act, or failure to act, based upon authority given pursuant to a resolution
duly adopted by the Board or upon the instructions of the Chairman of the Board
or a senior executive officer of the Company or based upon the advice of
counsel for the Company shall be conclusively presumed to be done, or omitted
to be done, by the Executive in good faith and in the best interests of the
Company. Following a Change in Control (as defined herein), the Company’s
termination of the Executive’s employment shall not be deemed to be for Cause
unless and until there shall have been delivered to the Executive a copy of a
resolution duly adopted by the affirmative vote of not less than three-fourths
of the entire membership of the Board at a meeting of the Board called and held
for such purpose (after reasonable notice is provided to the Executive and the
Executive is given an opportunity, together with counsel, to be heard before
such Board), finding that, in the good faith opinion of such Board, the
Executive is guilty of the conduct described in subparagraph (i) or (ii) above,
and specifying the particulars thereof in detail.

          (c)     Good Reason. The Executive’s employment may be terminated by the
Executive for Good Reason. For purposes of this Agreement, “Good Reason” shall
mean, in the absence of a written consent of the Executive which expressly
refers to a provision of this Section 3(c):

               (i)     prior to a Change in Control, the substantial diminution in the
overall importance of the Executive’s role, as determined by balancing (A) any
increase or decrease in the scope of the Executive’s management
responsibilities against (B) any increase or decrease in the relative sizes of
the businesses, activities or functions (or portions thereof) for which the
Executive has responsibility; provided, however, that none of (I) a change in
the Executive’s title, (II) a change in the hierarchy, (III) a change in the
Executive’s responsibilities from line to staff or vice versa, and (IV) placing
the Executive on temporary leave pending an inquiry into whether the Executive
has engaged in conduct that could constitute “Cause” under this Agreement,
either individually or in the aggregate shall be considered Good Reason;

               (ii)     any failure by the Company to comply with any material provision of
this Agreement (including, without limitation, any provision of Section 2 of
this Agreement), other than an isolated, insubstantial and inadvertent failure
not occurring in bad faith and which is remedied by the Company promptly after
receipt of notice thereof given by the Executive;

               (iii)     any purported termination by the Company of the Executive’s
employment otherwise than as expressly permitted by this Agreement;

               (iv)     at any time prior to the Executive reaching age 63, the Company
giving notice to the Executive of its intention not to extend the term of this
Agreement as provided in Section 1(b);

4

 

               (v)     following a Change in Control, the relocation of the principal place
of the Executive’s employment to a location that is more than 35 miles from
such principal place of employment immediately prior to the date the proposed
Change in Control is publicly announced, or the Company’s requiring the
Executive to travel on Company business to a substantially greater extent than
required immediately prior to the Change in Control;

               (vi)     following a Change in Control, the Company’s requiring the Executive
or all or substantially all of the employees of the Company who report directly
to the Executive immediately prior to the date the proposed Change in Control
is publicly announced to be based at any office or location other than such
person’s office or location on such date;

               (vii)     any failure by the Company to comply with and satisfy Section 9(c)
of this Agreement; or

               (viii)     following a Change in Control, assignment to the Executive of any
duties inconsistent in any respect with the Executive’s position as in effect
immediately prior to the public announcement of the proposed Change in Control
(including status, offices, titles and reporting requirements), authority,
duties or responsibilities, or any other action by the Company which results in
any diminution in such position, authority, duties or responsibilities.

For purposes of this Section 3(c), any good faith determination of “Good
Reason” made by the Executive after a Change in Control shall be conclusive
(including any such determination when the Executive is then eligible for
Retirement). In the event the Company challenges the Executive’s determination
of Good Reason, the Company shall continue to make the payments and provide the
benefits to the Executive as set forth in Section 4(a). If it is finally
determined pursuant to the procedures set forth in this Agreement that the
Executive’s termination was not for Good Reason, the Executive shall reimburse
the Company the amounts to which it is finally determined to be entitled.

          (d)     Notice of Termination. Any termination by the Company for Cause, or
by the Executive for Good Reason, shall be communicated by Notice of
Termination to the other party hereto given in accordance with this Agreement.
For purposes of this Agreement, a “Notice of Termination” means a written
notice which (i) indicates the specific termination provision in this Agreement
relied upon, (ii) to the extent applicable, sets forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated and (iii) if the Date
of Termination (as defined below) is other than the date of receipt of such
notice, specifies the termination date (which date shall be not more than 30
days after the giving of such notice). The failure by the Executive or the
Company to set forth in the Notice of Termination any fact or circumstance
which contributes to a showing of Good Reason or Cause shall not waive any
right of the Executive or the Company, respectively, hereunder or preclude the
Executive or the Company, respectively, from asserting such fact or
circumstance in enforcing the Executive’s or the Company’s rights hereunder.
To be effective, a Notice of Termination

5

 

given by the Executive terminating employment with the Company for Good Reason
must be received by the Company no later than 60 days from the event(s) giving
rise to the Good Reason termination.

          (e)     Date of Termination. “Date of Termination” means (i) if the
Executive’s employment is terminated by the Company for Cause, the date of
receipt of the Notice of Termination, unless the Company agrees to a later date
no more than 30 days after such notice, as the case may be, (ii) if the
Executive’s employment is terminated by the Executive for Good Reason or
Retirement, the date of receipt of the Notice of Termination or any later date
specified therein within 30 days of such notice, as the case may be, (iii) if
the Executive’s employment is terminated by the Company other than for Cause or
Disability, the date on which the Company notifies the Executive of such
termination or any later date specified therein within 30 days of such notice,
as the case may be, (iv) if the Executive’s employment is terminated by reason
of death or Disability, the date of death of the Executive or the Disability
Effective Date, as the case may be, and (v) if the Executive’s employment is
terminated by the Executive for other than Good Reason, death, Disability or
Retirement, the date that is 60 days after the date of receipt of the Notice of
Termination by the Company, provided, however, the Company may elect to waive
such notice or place the Executive on paid leave for all or any part of such
60-day period during which the Executive will be entitled to continue to
receive the Annual Base Salary but shall not receive any Annual Bonus or any
other payment from the Company other than reimbursement for expenses as
contemplated in Section 2(b)(iii) and continued participation in the employee
benefit plans as contemplated in Section 2(b)(ii).

          (f)     Change in Control. For purpose of this Agreement, a “Change in
Control” shall mean:

               (i)     The acquisition by any individual, entity or group (within the meaning
of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of
either (A) the then outstanding shares of common stock of the Company (the
“Outstanding Company Common Stock”) or (B) the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally in
the election of directors (the “Outstanding Company Voting Securities”;
provided, however, that for purposes of this subsection (i), the following
acquisitions shall not constitute a Change in Control: (1) any acquisition
directly from the Company, (2) any acquisition by the Company, (3) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any corporation controlled by the Company or (4)
any acquisition by any corporation pursuant to a transaction which complies
with clauses (A), (B) and (C) of subsection (iii) of this Section 3(f); or

               (ii)     Individuals who, as of the date hereof, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of
the Board; provided, however, that any individual becoming a director
subsequent to the date hereof whose election, or nomination for election by the
Company’s shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board (either by a specific vote or by
approval of the proxy statement of the

6

 

 Company in which such person is named as a nominee for director, without
written objection to such nomination) shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies
or contests by or on behalf of a Person other than the Board; or

               (iii)     Consummation of a reorganization, merger, share exchange or
consolidation or sale or other disposition of all or substantially all of the
assets of the Company (a “Business Combination”), in each case, unless,
following such Business Combination, (A) all or substantially all of the
individuals and entities who were the beneficial owners, respectively, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities
immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 60% of, respectively, the then outstanding shares of
common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case
may be, of the corporation resulting from such Business Combination (including,
without limitation, a corporation which as a result of such transaction owns
the Company or all or substantially all of the Company’s assets either directly
or through one or more subsidiaries) in substantially the same proportions as
their ownership, immediately prior to such Business Combination of the
Outstanding Company Common Stock and Outstanding Company Voting Securities, as
the case may be, (B) no Person (excluding any corporation resulting from such
Business Combination or any employee benefit plan (or related trust) of the
Company or such corporation resulting from the Business Combination)
beneficially owns, directly or indirectly, 20% or more of, respectively, the
then outstanding shares of common stock of the corporation resulting from such
Business Combination or the combined voting power of the then outstanding
voting securities of such corporation except to the extent that such ownership
existed prior to the Business Combination and (C) at least a majority of the
members of the board of directors of the corporation resulting from such
Business Combination were members of the Incumbent Board immediately prior to
the time of the execution of the initial agreement, or of the action of the
Board, providing for such Business Combination; or

               (iv)     Approval by the stockholders of the Company of a complete liquidation
or dissolution of the Company.

     4.     Obligations of the Company upon Termination. (a) Good Reason;
Company Termination other than for Cause, Death, Disability or Retirement. If,
during the Employment Period, the Company shall terminate the Executive’s
employment other than for Cause, Death, Disability or Retirement or the
Executive shall terminate employment for Good Reason:

               (i)     the Company shall pay to the Executive in a lump sum in cash within
30 days after the Date of Termination the aggregate of (A) the Executive’s
Annual Base Salary through the Date of Termination to the extent not
theretofore paid, and (B) the product of (1) an Annual Bonus of an amount equal
to the greater of (x) the highest annual cash incentive bonus paid by the
Company to the

7

 

 Executive for the three calendar years prior to the Date of Termination
(which may include, if applicable, the bonus for 2001 described in Section
2(b)(i)) or (y) the Executive’s then applicable “target” incentive bonus under
the then applicable cash incentive compensation plan prior to the Date of
Termination (the greater of clauses (x) or (y) is defined as the “Base Bonus”),
and (2) a fraction, the numerator of which is the number of days in the fiscal
year in which the Date of Termination occurs through the Date of Termination,
and the denominator of which is 365, to the extent not theretofore paid (the
“Pro Rata Bonus”), (C) any unpaid Annual Bonus for the prior year, (D) any
compensation previously deferred by the Executive (together with any accrued
interest or earnings thereon) and (E) any accrued paid time off, in each case
to the extent not theretofore paid (the sum of the amounts described in clauses
(A), (B), (C), (D) and (E) shall be hereinafter referred to as the “Accrued
Obligations”).

For purposes of determining the Base Bonus hereunder, the Company shall exclude
any special or one-time bonuses and any premium enhancements to bonuses but
shall include any portions of bonuses (other than the excluded bonuses) which
have been deferred by the Executive;

               (ii)     for each of the three years after the Executive’s Date of Termination
(the “Compensation Continuance Period”), the Company shall pay to the Executive
a cash benefit equal to the sum of (A) the Executive’s highest Annual Base
Salary during the twelve months immediately prior to the Date of Termination,
(B), the Base Bonus, and (C) the amount equal to the highest matching
contribution by the Company to the Executive’s account in the Company’s 401(k)
plan for the five years immediately prior to the Date of Termination (the
payments described in clauses (A), (B) and (C) shall be hereinafter referred to
as the “Compensation Continuance Payments” and, together with the benefits
referred to in Sections 4(a)(iii), (iv), (v), (vi) and (vii), shall be
hereinafter referred to as the “Compensation Continuance Benefits”). The
Company shall make the Compensation Continuance Payments no more frequently
than semi-monthly (and may make the Compensation Continuance Payments in
accordance with the Company’s normal payroll policies and practices), and shall
withhold from the Compensation Continuance Payments all applicable federal,
state and local taxes. Notwithstanding anything contained in this Agreement to
the contrary, in the event a Change of Control has occurred on or prior to the
Date of Termination, the Company shall pay the Compensation Continuance
Payments to the Executive in a lump sum in cash within 30 days after the Date
of Termination.

               (iii)     during the Compensation Continuance Period (or for the remainder of
the Executive’s life if such Date of Termination is after a Change in Control),
or such longer period as may be provided by the terms of the appropriate plan,
program, practice or policy, the Company shall continue medical, dental and
life insurance benefits to the Executive and/or the Executive’s family on a
substantially equivalent basis to those which would have been provided to them
in accordance with the medical, dental and life insurance plans, programs,
practices and policies described in Section 2(b)(iv) of this Agreement if the
Executive’s employment had not been terminated. Notwithstanding the foregoing,
in the event the Executive becomes reemployed with another employer and becomes
eligible to receive medical, dental and/or life insurance benefits from such
employer, the medical, dental and/or life insurance benefits described herein
shall be secondary to such benefits during the

8

 

 period of the Executive’s eligibility, but only to the extent that the
Company reimburses the Executive for any increased cost and provides any
additional benefits necessary to give the Executive the benefits provided
hereunder. For purposes of determining eligibility (but not the time of
commencement of benefits) of the Executive for retiree benefits pursuant to
such plans, practices, programs and policies, the Executive shall be considered
to have terminated employment with the Company on the Date of Termination.
Notwithstanding the foregoing, if the Company reasonably determines that
providing continued coverage under one or more of its welfare benefit plans
contemplated herein could adversely affect the tax treatment of other
participants covered under such plans, or would otherwise have adverse legal
ramifications, the Company may, in its discretion, either (A) provide other
coverage at least as valuable as the continued coverage through insurance or
otherwise, or (B) pay the Executive a lump sum cash amount that reasonably
approximates the after-tax value to the Executive of the premiums for continued
coverage, in lieu of providing such continued coverage;

               (iv)     during the Compensation Continuance Period, to the extent not
otherwise vested in accordance with the Company’s stock compensation plans, all
unvested options to purchase shares of Company common stock and restricted
stock awards will continue to vest in accordance with the applicable terms of
such stock option or restricted stock grants as if the Executive’s employment
with the Company had not been terminated. At the end of the Compensation
Continuance Period, to the extent not otherwise vested in accordance with the
preceding sentence, all unvested stock options and restricted stock awards will
vest. Notwithstanding the termination of the Executive’s employment with the
Company, all stock options granted to the Executive as of the date of this
Agreement and during the Employment Period will be exercisable until the
scheduled expiration date of such stock options; provided, however, in the
event any such stock options are designated as “incentive stock options”
pursuant to section 422 of the Code (as defined herein), such stock options
shall be treated as non-qualified stock options for purposes of this sentence
to the extent that they are exercised after the period specified in section
422(a)(2) of the Code (to the extent such provision applies);

               (v)     during the Compensation Continuance Period, the Executive shall be
entitled to continue to participate in the Company’s fringe benefit and
perquisite plans or programs in which the Executive participated immediately
prior to the Date of Termination, in each case in accordance with the Company’s
plans, programs, practices and policies;

               (vi)     to the extent not theretofore paid or provided, the Company shall
timely pay or provide to the Executive any other amounts or benefits required
to be paid or provided or which the Executive is eligible to receive under any
plan, program, policy or practice or contract or agreement of the Company and
its affiliated companies (excluding any severance plan, program, policy or
practice) through the Date of Termination (such other amounts and benefits
shall be hereinafter referred to as the “Other Benefits”); and

               (vii)     the Company will provide outplacement services to the Executive in
accordance with the Company’s policies generally applicable to

9

 

 involuntarily terminated employees.

          (b)     Death. If the Executive’s employment is terminated by reason of the
Executive’s death during the Employment Period, this Agreement shall terminate
without further obligations to the Executive’s legal representatives under this
Agreement, other than for payment of Accrued Obligations, Other Benefits, and
the payment of an amount equal to the Executive’s Annual Base Salary. Accrued
Obligations and cash payments pursuant to the preceding sentence shall be paid
to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash
within 30 days of the Date of Termination. With respect to the provision of
Other Benefits, the term Other Benefits as utilized in this Section 4(b) shall
include, without limitation, and the Executive’s estate and/or beneficiaries
shall be entitled to receive, death benefits then applicable to the Executive.

          (c)     Retirement. If the Executive’s employment is terminated by reason of
the Executive’s Retirement during the Employment Period, this Agreement shall
terminate without further obligations to the Executive under this Agreement,
other than for payment of Accrued Obligations and Other Benefits. Accrued
Obligations shall be paid to the Executive in a lump sum in cash within 30 days
of the Date of Termination. With respect to the provision of Other Benefits,
the term Other Benefits as utilized in this Section 4(c) shall include, without
limitation, and the Executive shall be entitled to receive, all retirement
benefits then applicable to the Executive.

          (d)     Disability. If the Executive’s employment is terminated by reason of
the Executive’s Disability during the Employment Period, this Agreement shall
terminate without further obligations to the Executive, other than for payment
of Accrued Obligations, Other Benefits, and the payment of an amount equal to
the Executive’s Annual Base Salary. Accrued Obligations and the cash payments
pursuant to the preceding sentence shall be paid to the Executive in a lump sum
in cash within 30 days of the Date of Termination. With respect to the
provision of Other Benefits, the term Other Benefits as utilized in this
Section 4(d) shall include, and the Executive shall be entitled after the
Disability Effective Date to receive, disability and other benefits then
applicable to the Executive.

          (e)     Cause; Other than for Good Reason. If the Executive’s employment
shall be terminated by the Company for Cause or by the Executive without Good
Reason (other than for Retirement) during the Employment Period, this Agreement
shall terminate without further obligations of the Company to the Executive
other than the obligation to pay to the Executive (x) his Annual Base Salary
through the Date of Termination, (y) the amount of any compensation previously
deferred by the Executive, and (z) Other Benefits, in each case only to the
extent owing and theretofore unpaid.

     5.     Non-exclusivity of Rights. Nothing in this Agreement shall prevent or
limit the Executive’s continuing or future participation in any plan, program,
policy or practice provided by the Company or any of its affiliated companies
and for which the Executive may qualify (excluding any severance plan or
program of the Company), nor subject to Section 11(f), shall anything herein
limit or otherwise affect such rights as the Executive may have under any
contract or agreement with the Company or any of

10

 

 its affiliated companies. Amounts which are vested benefits or which the
Executive is otherwise entitled to receive under any plan, policy, practice or
program of or any contract or agreement with the Company or any of its
affiliated companies at or subsequent to the Date of Termination shall be
payable in accordance with such plan, policy, practice or program or contract
or agreement except as explicitly modified by this Agreement.

     6.     Full Settlement. Except as specifically provided in this Agreement,
the Company’s obligation to make the payments provided for in this Agreement
and otherwise to perform its obligations hereunder shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right or action
which the Company may have against the Executive or others. In no event shall
the Executive be obligated to seek other employment or take any other action by
way of mitigation of the amounts payable to the Executive under any of the
provisions of this Agreement and, such amounts shall not be reduced whether or
not the Executive obtains other employment. The Executive acknowledges and
agrees that subject to the payment by the Company of the benefits provided in
this Agreement to the Executive, in no event will the Company or its
subsidiaries or affiliates be liable to the Executive for damages under any
claim of breach of contract as a result of the termination of the Executive’s
employment. In the event of such termination, the Company shall be liable only
to provide the benefits specified in this Agreement. The Company agrees to pay
as incurred, to the full extent permitted by law, all legal fees and expenses
which the Executive may reasonably incur as a result of any contest by the
Company, the Executive or others of the validity or enforceability of, or
liability under, any provision of this Agreement or any guarantee of
performance thereof (including as a result of any contest by the Executive
about the amount of any payment pursuant to this Agreement), plus in each case
interest on any delayed payment at the applicable Federal rate provided for in
Section 7872(f)(2)(A) of the Internal Revenue Code of 1986, as amended (the
“Code”). Notwithstanding the foregoing, if it is finally judicially determined
that the Executive brought any claims contemplated in the previous sentence in
bad faith, the Executive shall reimburse the Company for such fees and expenses
which are reasonably related to such bad faith claim.

     7.     Covenants. (a) The Executive shall hold in a fiduciary capacity for
the benefit of the Company all secret, non-public or confidential information,
knowledge or data relating to the Company or any of its affiliated companies,
and their related businesses, which shall have been obtained by the Executive
during the Executive’s employment by the Company or any of its affiliated
companies (or predecessors thereto). After termination of the Executive’s
employment with the Company, the Executive shall not, without the prior written
consent of the Company or as may otherwise be required by law or legal process,
communicate or divulge any such information, knowledge or data to anyone other
than the Company and those designated by it. In addition to the foregoing, the
Executive will refrain from taking any action or making any statements, written
or oral, which are intended to or which disparage the business, goodwill or
reputation of the Company or any of its affiliated companies, or their
respective directors, officers, executives or other employees, or which could
adversely affect the morale of employees of the Company or any of its
affiliated companies.

11

 

          (b)     (i) While employed by the Company and for three years after the Date
of Termination (which may include the Compensation Continuance Period), the
Executive shall not, directly or indirectly, on behalf of the Executive or any
other person, (A) solicit for employment by other than the Company, (B)
encourage to leave the employ of the Company, or (C) interfere with the
Company’s or its affiliated companies’ relationship with, any person employed
by the Company or its affiliated companies.

               (ii)     While employed by the Company and for three years after the Date of
Termination (which may include the Compensation Continuance Period), the
Executive will not become a director, officer, employee or consultant engaging
in activities similar to those performed by a senior officer for any business
which is in competition with any line of business of the Company or its
affiliates and in which the Executive participated in a direct capacity while
he was employed by the Company or its affiliates (including predecessors
thereof) at any time within the one year period preceding the Effective Date
and which has offices in any location in which the Executive had supervisory
responsibility in the geographic footprint of First Union National Bank (or
successors thereto, including but not limited to, Florida, Georgia, South
Carolina, Tennessee, North Carolina, Virginia, Maryland, Pennsylvania, New
Jersey, Delaware, New York, Connecticut, and Washington, D.C. plus any other
state or states added during the Employment Period) during that one year
period. The Executive expressly acknowledges the reasonableness of such
restrictions and such geographic area. Further, during such period, the
Executive will not acquire an equity or equity-like interest in such an
organization for his own account, except that he may acquire equity interests
of not more than 5% of any such organization from time to time as an
investment. Notwithstanding anything to the contrary contained herein, this
Section 7(b)(ii) shall not apply if the Executive terminates employment with
the Company pursuant to Retirement or the Executive terminates employment with
the Company for any reason following a Change in Control or the Company
terminates the Executive’s employment for any reason following a Change in
Control. Upon the Executive’s request to the Company’s Chief Executive
Officer, the Company will provide an advance opinion as to whether a proposed
activity would violate the provisions of this Section 7(b)(ii).

               (iii)     During the Compensation Continuance Period, the Executive shall
provide consulting services to the Company at such time or times as the Company
shall reasonably request, subject to appropriate notice and to reimbursement by
the Company of all reasonable travel and other expenses incurred and paid by
the Executive in accordance with the Company’s then-current policy for expense
reimbursement. In the event the Executive shall engage in any employment
permitted hereunder during the Compensation Continuance Period for another
employer or on a self-employed basis, the Executive’s obligation to provide the
consulting services hereunder shall be adjusted in accordance with the
requirements of such employment.

          (c)     In the event of a breach or threatened breach of this Section 7, the
Executive agrees that the Company shall be entitled to injunctive relief in a
court of appropriate jurisdiction to remedy any such breach or threatened
breach and, prior to a Change in Control, the Company may terminate the
Compensation Continuance

12

 

 Period and the Compensation Continuance Benefits, if applicable, in its
sole discretion. The Executive acknowledges that monetary damages would be
inadequate and insufficient remedy for a breach or threatened breach of Section
7. Following the occurrence of a Change in Control, in no event shall an
asserted violation of the provisions of this Section 7 constitute a basis for
deferring or withholding any amounts otherwise payable to the Executive under
this Agreement. If it is finally determined pursuant to the procedures set
forth in this Agreement that the Executive did not breach this Section 7, the
Company shall reimburse the Executive the amounts to which it is finally
determined to be entitled.

          (d)     Any termination of the Executive’s employment or of this Agreement
shall have no effect on the continuing operation of this Section 7; provided,
however, upon termination of this Agreement due to the Company’s or the
Executive’s failure to extend the term of this Agreement pursuant to Section
1(b), Section 7(b)(ii) shall no longer apply to the Executive if the
Executive’s employment shall terminate after the term of this Agreement
expires; and provided, further, Section 7(b)(ii) shall not apply if the
Executive terminates employment with the Company pursuant to Retirement or the
Executive terminates employment with the Company for any reason following a
Change in Control or the Company terminates the Executive’s employment for any
reason following a Change in Control.

          (e)     The Executive hereby agrees that prior to accepting employment with
any other person or entity during the Employment Period or during the three
years following the Date of Termination (which may include the Compensation
Continuance Period), the Executive will provide such prospective employer with
written notice of the existence of this Agreement and the provisions of Section
3(e) and this Section 7, with a copy of such notice delivered simultaneously to
the Company in accordance with Section 11(c). The foregoing provision shall
not apply if the Company terminates the Executive’s employment without Cause
following a Change in Control, or if the Executive terminates his employment
for Good Reason following a Change in Control.

     8.     Certain Additional Payments by the Company. (a) Anything in this
Agreement to the contrary notwithstanding and except as set forth below, in the
event it shall be determined that any payment or distribution by the Company to
or for the benefit of the Executive following a Change in Control (whether paid
or payable or distributed or distributable pursuant to the terms of the
Agreement or otherwise, but determined without regard to any additional
payments required under this Section 8) (a “Payment”) would be subject to the
excise tax imposed by Section 4999 of the Code (or any successor statute) or
any interest or penalties are incurred by the Executive with respect to such
excise tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the “Excise Tax”), then the Executive
shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an
amount such that after payment by the Executive of all taxes (including any
interest or penalties imposed with respect to such taxes), including, without
limitation, any income taxes (and any interest and penalties imposed with
respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the
Executive retains an amount of the Gross-Up Payment equal to the Excise Tax
imposed upon the Payments.

13

 

          (b)     Subject to the provisions of Section 8(c), all determinations required
to be made under this Section 8, including whether and when a Gross-Up Payment
is required and the amount of such Gross-Up Payment and the assumptions to be
utilized in arriving at such determination, shall be made by KPMG LLP or such
other certified public accounting firm reasonably acceptable to the Company
(the “Accounting Firm”) which shall provide detailed supporting calculations
both to the Company and the Executive within 30 business days of the receipt of
notice from the Company that there has been a Payment, or such earlier time as
is requested by the Company. All fees and expenses of the Accounting Firm
shall be borne solely by the Company. Any Gross-Up Payment, as determined
pursuant to this Section 8, shall be paid by the Company to the Executive by
the due date for the payment of any Excise Tax, or, if earlier, 30 days after
the receipt of the Accounting Firm’s determination. Any determination by the
Accounting Firm shall be binding upon the Company and the Executive. As a
result of the uncertainty in the application of Section 4999 of the Code at the
time of the initial determination by the Accounting Firm hereunder, it is
possible that Gross-Up Payments which will not have been made by the Company
should have been made (“Underpayment”), consistent with the calculations
required to be made hereunder. In the event that the Company exhausts its
remedies pursuant to Section 8(c) and the Executive thereafter is required to
make a payment of any Excise Tax, the Accounting Firm shall determine the
amount of the Underpayment that has occurred and any such Underpayment shall be
promptly paid by the Company to or for the benefit of the Executive.

          (c)     The Executive shall notify the Company in writing of any claim by the
Internal Revenue Service that, if successful, would require the payment by the
Company of the Gross-Up Payment. Such notification shall be given as soon as
practicable but no later than ten business days after the Executive is informed
in writing of such claim and shall apprise the Company of the nature of such
claim and the date on which such claim is requested to be paid. The Executive
shall not pay such claim prior to the expiration of the 30-day period following
the date on which it gives such notice to the Company (or such shorter period
ending on the date that any payment of taxes with respect to such claim is
due). If the Company notifies the Executive in writing prior to the expiration
of such period that it desires to contest such claim, the Executive shall:

               (i)     give the Company any information reasonably requested by the Company
relating to such claim,

               (ii)     take such action in connection with contesting such claim as the
Company shall reasonably request in writing from time to time, including,
without limitation, accepting legal representation with respect to such claim
by an attorney reasonably selected by the Company,

               (iii)     cooperate with the Company in good faith in order to effectively
contest such claim, and

               (iv)     permit the Company to participate in any proceedings relating to such
claim;

14

 

provided, however, that the Company shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold the Executive harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions
of this Section 8(c), the Company shall control all proceedings taken in
connection with such contest and, at its sole option, may pursue or forego any
and all administrative appeals, proceedings, hearings and conferences with the
taxing authority in respect of such claim and may, at its sole option, either
direct the Executive to pay the tax claimed and sue for a refund or contest the
claim in any permissible manner, and the Executive agrees to prosecute such
contest to a determination before any administrative tribunal, in a court of
initial jurisdiction and in one or more appellate courts, as the Company shall
determine; provided, however, that if the Company directs the Executive to pay
such claim and sue for a refund, the Company shall advance the amount of such
payment to the Executive, on an interest-free basis and shall indemnify and
hold the Executive harmless, on an after-tax basis, from any Excise Tax or
income tax (including interest or penalties with respect thereto) imposed with
respect to such advance or with respect to any imputed income with respect to
such advance; and further provided that any extension of the statute of
limitations relating to payment of taxes for the taxable year of the Executive
with respect to which such contested amount is claimed to be due is limited
solely to such contested amount. Furthermore, the Company’s control of the
contest shall be limited to issues with respect to which a Gross-Up Payment
would be payable hereunder and the Executive shall be entitled to settle or
contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority.

          (d)     If, after the receipt of an amount advanced by the Company pursuant to
Section 8(c), the Executive becomes entitled to receive any refund with respect
to such claim, the Executive shall (subject to the Company’s complying with the
requirements of Section 8(c)) promptly pay to the Company the amount of such
refund (together with any interest paid or credited thereon after taxes
applicable thereto) upon receipt thereof. If, after the receipt by the
Executive of an amount advanced by the Company pursuant to Section 8(c), a
determination is made that the Executive shall not be entitled to any refund
with respect to such claim and the Company does not notify the Executive in
writing of its intent to contest such denial or refund prior to the expiration
of 30 days after such determination, then such advance shall be forgiven and
shall not be required to be repaid and the amount of such advance shall offset,
to the extent thereof, the amount of Gross-Up Payment required to be paid.

          (e)     For purposes of this Section 8, any reference to the Executive shall
be deemed to include the Executive’s surviving spouse, estate and/or
beneficiaries with respect to payments or adjustments provided by this Section
8.

     9.     Successors. (a) This Agreement is personal to the Executive and
without the prior consent of the Company shall not be assignable by the
Executive otherwise than by will or the laws of descent and distribution.

15

 

          (b)     This Agreement shall inure to the benefit of and be binding upon the
Company and its successors and assigns.

          (c)     The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of
the business and/or assets of the Company to assume expressly in writing and
agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform it if no such succession had taken
place. As used in this Agreement, “Company” shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise.

     10.     Arbitration. Except with respect to the Company’s rights to
injunctive relief for matters arising under Section 7 of this Agreement, any
disputes or controversies arising under or in connection with this Agreement
(including, without limitation, whether any such disputes or controversies have
been brought in bad faith) shall be settled exclusively by arbitration in
Charlotte, North Carolina in accordance with the commercial arbitration rules
of the American Arbitration Association then in effect; provided, however, that
the Company may invoke the American Arbitration Association’s Optional Rules
for Emergency Measures of Protection. Judgment may be entered on the
arbitrator’s award in any court having jurisdiction.

     11.     General Provisions. (a) Governing Law; Amendment; Modification. This
Agreement shall be governed and construed in accordance with the laws of the
State of North Carolina, without reference to principles of conflict of laws.
This Agreement may not be modified or amended except by an instrument in
writing signed by the parties hereto.

          (b)     Severability. If, for any reason, any provision of this Agreement is
held invalid, such invalidity shall not affect any other provision of this
Agreement not held so invalid, and each such other provision shall to the full
extent consistent with law continue in full force and effect. If any provision
of this Agreement shall be held invalid in part, such invalidity shall in no
way affect the rest of such provision not held so invalid and the rest of such
provision, together with all other provisions of this Agreement, shall to the
full extent consistent with law continue in full force and effect.

          (c)     Notices. All notices under this Agreement shall be in writing and
shall be deemed effective when delivered in person (in the Company’s case, to
its Secretary) or forty-eight (48) hours after deposit thereof in the U.S.
mail, postage prepaid, for delivery as registered or certified mail —
addressed, in the case of the Executive, to such Executive at his residential
address, and in the case of the Company, to its corporate headquarters,
attention of the Secretary, or to such other address as the Executive or the
Company may designate in writing at any time or from time to time to the other
party. In lieu of notice by deposit in the U.S. mail, a party may give notice
by telegram or telex.

          (d)     Tax Withholding. The Company may withhold from any amounts payable
under this Agreement such Federal, state, local or foreign taxes as shall be
required to be withheld pursuant to any applicable law or regulation.

16

 

          (e)     Strict Compliance. The Executive’s or the Company’s failure to insist
upon strict compliance with any provision of this Agreement or the failure to
assert any right the Executive or the Company may have hereunder, including,
without limitation, the right of the Executive to terminate employment for Good
Reason pursuant to Section 3(c) of this Agreement, shall not be deemed to be a
waiver of such provision or right or any other provision or right of this
Agreement. The waiver, whether express or implied, by either party of a
violation of any of the provisions of this Agreement shall not operate or be
construed as a waiver of any subsequent violation of any such provision.

          (f)     Entire Understanding. From and after the Effective Date this
Agreement shall supersede any other agreement between the parties with respect
to the subject matter hereof, including without limitation, the Employment
Agreement between the Company and the Executive dated as of February 23, 2001.

          (g)     Conflicts with Plans. To the extent any plan, policy, practice or
program of or contract or agreement with the Company attempts to cap, restrict,
limit or reduce payments to the Executive hereunder, such caps, restrictions,
limitations or reductions are expressly modified to permit the payments
contemplated hereby and the parties intend that the terms of this Agreement
shall be construed as having precedence over any such caps, restrictions,
limitations or reductions.

          (h)     Release and Waiver of Claims. In consideration of any Compensation
Continuance Benefits the Company provides to the Executive under this
Agreement, the Executive upon termination of employment with the Company shall
execute a separate general release and waiver of claims in favor of the
Company, its affiliates and personnel in a form acceptable to the Company. The
Executive shall not be eligible for any Compensation Continuance Benefits until
the Executive has executed such release and waiver of claims.

          (i)     Creditor Status. No benefit or promise hereunder shall be secured by
any specific assets of the Company. The Executive shall have only the rights
of an unsecured general creditor of the Company in seeking satisfaction of such
benefits or promises.

          (j)     No Assignment of Benefits. No right, benefit or interest hereunder
shall be subject to assignment, encumbrance, charge, pledge, hypothecation or
set off in respect of any claim, debt or obligation, or similar process.

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     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed
by its officers thereunto duly authorized, and the Executive has signed this
Agreement under seal, all as of the date and year first above written.

	 	 	 	 	 	 	 
	WACHOVIA CORPORATION	 	 	 	ATTEST:
	 	[SEAL]
	 	 	 	 	 	 	 
	By:	 	 	 	 	 	 
	
	 	 	 	
	 	 
	Name: G. Kennedy Thompson

Title: Chief Executive Officer	 	 	 	Mark C. Treanor

Secretary	 	 
	 	 	 	 	 	 	 
	

Robert P. Kelly	 	
(SEAL)	 	 	 	 

18

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