Document:

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                                                                   Exhibit 10.15

                                                                  EXECUTION COPY

                               U.S.$2,500,000,000
                       364-DAY REVOLVING CREDIT AGREEMENT
                            Dated as of July 13, 2004
                                      Among
                                KRAFT FOODS INC.
                                       and
                        THE INITIAL LENDERS NAMED HEREIN
                                       and
                               JPMORGAN CHASE BANK
                                       and
                                 CITIBANK, N.A.
                            AS ADMINISTRATIVE AGENTS
                                       and
                           CREDIT SUISSE FIRST BOSTON
                                       and
                          DEUTSCHE BANK SECURITIES INC.
                              AS SYNDICATION AGENTS
                                       and
                               ABN AMRO BANK N.V.
                                       and
                                   BNP PARIBAS
                                       and
              DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN BRANCHES
                                       and
                                  HSBC BANK USA
                      AS ARRANGERS AND DOCUMENTATION AGENTS
                               * * * * * * * * * *
           J.P. MORGAN SECURITIES INC., CITIGROUP GLOBAL MARKETS INC.,
          CREDIT SUISSE FIRST BOSTON and DEUTSCHE BANK SECURITIES INC.
                     AS JOINT LEAD ARRANGERS AND BOOKRUNNERS

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                                TABLE OF CONTENTS

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<Caption>
                                                                                                           PAGE
<S>               <C>                                                                                        <C>
ARTICLE I         DEFINITIONS AND ACCOUNTING TERMS............................................................1
Section 1.01.     Certain Defined Terms.......................................................................1
Section 1.02.     Computation of Time Periods................................................................10
Section 1.03.     Accounting Terms...........................................................................10

ARTICLE II        AMOUNTS AND TERMS OF THE ADVANCES..........................................................10

Section 2.01.     The Pro Rata Advances......................................................................10
Section 2.02.     Making the Pro Rata Advances...............................................................11
Section 2.03.     Repayment of Pro Rata Advances.............................................................12
Section 2.04.     Interest on Pro Rata Advances..............................................................13
Section 2.05.     Additional Interest on LIBO Rate Advances..................................................13
Section 2.06.     Conversion of Pro Rata Advances............................................................13
Section 2.07.     The Competitive Bid Advances...............................................................14
Section 2.08.     LIBO Rate Determination....................................................................19
Section 2.09.     Fees.......................................................................................20
Section 2.10.     Optional Termination, Reduction or Increase of the Commitments and Term-Out Option.........20
Section 2.11.     Optional Prepayments of Pro Rata Advances..................................................22
Section 2.12.     Increased Costs............................................................................23
Section 2.13.     Illegality.................................................................................24
Section 2.14.     Payments and Computations..................................................................24
Section 2.15.     Taxes......................................................................................25
Section 2.16.     Sharing of Payments, Etc...................................................................28
Section 2.17.     Evidence of Debt...........................................................................28
Section 2.18.     Use of Proceeds............................................................................29

ARTICLE III       CONDITIONS TO EFFECTIVENESS AND LENDING....................................................29

Section 3.01.     Conditions Precedent to Effectiveness......................................................29
Section 3.02.     Initial Advance to Each Designated Subsidiary..............................................31
Section 3.03.     Conditions Precedent to Each Pro Rata Borrowing............................................31
Section 3.04.     Conditions Precedent to Each Competitive Bid Borrowing.....................................32
</Table>

                                        i
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                                TABLE OF CONTENTS
                                   (continued)

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<Caption>
                                                                                                           PAGE
<S>               <C>                                                                                        <C>
ARTICLE IV        REPRESENTATIONS AND WARRANTIES.............................................................33

Section 4.01.     Representations and Warranties of Kraft....................................................33

ARTICLE V         COVENANTS OF KRAFT.........................................................................34

Section 5.01.     Affirmative Covenants......................................................................34
Section 5.02.     Negative Covenants.........................................................................35

ARTICLE VI        EVENTS OF DEFAULT..........................................................................37

Section 6.01.     Events of Default..........................................................................37
Section 6.02.     Lenders' Rights upon Event of Default......................................................38

ARTICLE VII       THE ADMINISTRATIVE AGENTS..................................................................39

Section 7.01.     Authorization and Action...................................................................39
Section 7.02.     Administrative Agents' Reliance, Etc.......................................................39
Section 7.03.     JPMorgan Chase, Citibank and Affiliates....................................................40
Section 7.04.     Lender Credit Decision.....................................................................40
Section 7.05.     Indemnification............................................................................41
Section 7.06.     Successor Administrative Agents............................................................41
Section 7.07.     Syndication Agents and Arrangers and Documentation Agents..................................42

ARTICLE VIII      GUARANTY...................................................................................42

Section 8.01.     Guaranty...................................................................................42
Section 8.02.     Guaranty Absolute..........................................................................42
Section 8.03.     Waivers....................................................................................43
Section 8.04.     Continuing Guaranty........................................................................43

ARTICLE IX        MISCELLANEOUS..............................................................................44

Section 9.01.     Amendments, Etc............................................................................44
Section 9.02.     Notices, Etc...............................................................................44
Section 9.03.     No Waiver; Remedies........................................................................46
Section 9.04.     Costs and Expenses.........................................................................46
Section 9.05.     Right of Set-Off...........................................................................47
</Table>

                                       ii
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                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                           PAGE
<S>               <C>                                                                                        <C>
Section 9.06.     Binding Effect.............................................................................47
Section 9.07.     Assignments and Participations.............................................................48
Section 9.08.     Designated Subsidiaries....................................................................51
Section 9.09.     Governing Law..............................................................................51
Section 9.10.     Execution in Counterparts..................................................................51
Section 9.11.     Jurisdiction, Etc..........................................................................51
Section 9.12.     Confidentiality............................................................................52
Section 9.13.     Integration................................................................................53

SCHEDULE

Schedule I        -   List of Applicable Lending Offices

EXHIBITS

Exhibit A-1       -   Form of Pro Rata Note
Exhibit A-2       -   Form of Competitive Bid Note
Exhibit B-1       -   Form of Notice of Pro Rata Borrowing
Exhibit B-2       -   Form of Notice of Competitive Bid Borrowing
Exhibit C         -   Form of Assignment and Acceptance
Exhibit D         -   Form of Designation Agreement
Exhibit E-1       -   Form of Opinion of Counsel for Kraft
Exhibit E-2       -   Form of Opinion of Counsel for Kraft
Exhibit F         -   Form of Opinion of Counsel for Designated Subsidiary
Exhibit G         -   Form of Opinion of Counsel for JPMorgan Chase, as Adminstrative Agent
Exhibit H         -   Form of New Lender Supplement
</Table>

                                       iii
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                       364-DAY REVOLVING CREDIT AGREEMENT

                            DATED AS OF JULY 13, 2004

        KRAFT FOODS INC., a Virginia corporation ("KRAFT"), the banks, financial
institutions and other institutional lenders (the "INITIAL LENDERS") listed on
the signature pages hereof, and JPMORGAN CHASE BANK ("JPMORGAN CHASE") and
CITIBANK, N.A. ("CITIBANK"), as administrative agents (each, in such capacity,
an "ADMINISTRATIVE AGENT"), CREDIT SUISSE FIRST BOSTON and DEUTSCHE BANK
SECURITIES INC., as syndication agents (each, in such capacity, a "SYNDICATION
AGENT") and ABN AMRO BANK N.V., BNP PARIBAS, DRESDNER BANK AG, NEW YORK AND
GRAND CAYMAN BRANCHES and HSBC BANK USA, as arrangers and documentation agents
(each, in such capacity, an "ARRANGER AND DOCUMENTATION AGENT") for the Lenders
(as hereinafter defined), agree as follows:

                                    ARTICLE I

                        DEFINITIONS AND ACCOUNTING TERMS

                Section 1.01. CERTAIN DEFINED TERMS. As used in this Agreement,
the following terms shall have the following meanings (such meanings to be
equally applicable to both the singular and plural forms of the terms defined):

                "ADVANCE" means a Pro Rata Advance or a Competitive Bid Advance.

                "AGENTS" means each Administrative Agent, each Syndication Agent
        and each Arranger and Documentation Agent.

                "APPLICABLE FACILITY FEE RATE" means, for any period, a
        percentage per annum equal to 0.0800%.

                "APPLICABLE INTEREST RATE MARGIN" means for any Interest Period
        a percentage per annum equal to 0.2200%; PROVIDED that for any day
        during any Interest Period that the aggregate amount of Advances
        outstanding under this Agreement and the 5-Year Facility exceeds
        one-third of the aggregate amount of Commitments under this Agreement
        and commitments under the 5-Year Facility, the Applicable Interest Rate
        Margin shall be increased by 0.1000% per annum; and PROVIDED FURTHER
        that for any Pro Rata Advances that have been extended pursuant to
        Section 2.10(c), the Applicable Interest Rate Margin shall be increased
        by 0.1250% per annum.

                "APPLICABLE LENDING OFFICE" means, with respect to each Lender,
        such Lender's Domestic Lending Office in the case of a Pro Rata Advance
        and, in the case of a Competitive Bid Advance, the office of such Lender
        notified by such Lender to JPMorgan Chase, as Administrative Agent, as
        its Applicable Lending Office with respect to such Competitive Bid
        Advance.

                "ASSIGNMENT AND ACCEPTANCE" means an assignment and acceptance
        entered into by a Lender and an Eligible Assignee, and accepted by
        JPMorgan Chase, as Administrative Agent, in substantially the form of
        Exhibit C hereto.

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                "BASE RATE" means a fluctuating interest rate per annum in
        effect from time to time, which rate per annum shall at all times be
        equal to the higher of:

                        (i) the rate of interest announced publicly by JPMorgan
        Chase in New York, New York, from time to time, as JPMorgan Chase's
        prime rate; and

                        (ii) 1/2 of one percent per annum above the Federal
        Funds Effective Rate.

                "BASE RATE ADVANCE" means a Pro Rata Advance that bears interest
        as provided in Section 2.04(a)(i).

                "BOARD" means the Board of Governors of the Federal Reserve
        System of the United States (or any successor).

                "BORROWERS" means, collectively, Kraft and each Designated
        Subsidiary that shall become a party to this Agreement pursuant to
        Section 9.08.

                "BORROWING" means a Pro Rata Borrowing or a Competitive Bid
                Borrowing.

                "BUSINESS DAY" means a day of the year on which banks are not
        required or authorized by law to close in New York City and, if the
        applicable Business Day relates to any LIBO Rate Advances or Floating
        Rate Bid Advances, on which dealings are carried on in the London
        interbank market and banks are open for business in London.

                "COMMITMENT" means as to any Lender (i) the Dollar amount set
        forth opposite such Lender's name on the signature pages hereof or (ii)
        if such Lender has entered into an Assignment and Acceptance, or entered
        into a New Lender Supplement, the Dollar amount set forth for such
        Lender in the Register maintained by JPMorgan Chase, as Administrative
        Agent, pursuant to Section 9.07(d), in each case, as such amount may be
        reduced or increased pursuant to Section 2.10.

                "COMPETITIVE BID ADVANCE" means an advance by a Lender to any
        Borrower as part of a Competitive Bid Borrowing resulting from the
        competitive bidding procedure described in Section 2.07 and refers to a
        Fixed Rate Bid Advance or a Floating Rate Bid Advance.

                "COMPETITIVE BID BORROWING" means a borrowing consisting of
        simultaneous Competitive Bid Advances from each of the Lenders whose
        offer to make one or more Competitive Bid Advances as part of such
        borrowing has been accepted under the competitive bidding procedure
        described in Section 2.07.

                "COMPETITIVE BID NOTE" means a promissory note of any Borrower
        payable to the order of any Lender, in substantially the form of Exhibit
        A-2 hereto, evidencing the

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        indebtedness of such Borrower to such Lender resulting from a
        Competitive Bid Advance made by such Lender to such Borrower.

                "COMPETITIVE BID REDUCTION" has the meaning specified in
        Section 2.01.

                "CONSOLIDATED TANGIBLE ASSETS" means the total assets appearing
        on a consolidated balance sheet of Kraft and its Subsidiaries, less
        goodwill and other intangible assets and the minority interests of other
        Persons in such Subsidiaries, all as determined in accordance with
        accounting principles generally accepted in the United States, EXCEPT
        that if there has been a material change in an accounting principle as
        compared to that applied in the preparation of the financial statements
        of Kraft and its Subsidiaries as of and for the quarter ended March 31,
        2004, then such new accounting principle shall not be used in the
        determination of Consolidated Tangible Assets. A material change in an
        accounting principle is one that, in the year of its adoption, changes
        Consolidated Tangible Assets at any quarter in such year by more than
        10%.

                "CONVERT," "CONVERSION" and "CONVERTED" each refers to a
        conversion of Pro Rata Advances of one Type into Pro Rata Advances of
        the other Type pursuant to Section 2.06, 2.08 or 2.13.

                "DEBT" means (i) indebtedness for borrowed money or for the
        deferred purchase price of property or services, whether or not
        evidenced by bonds, debentures, notes or similar instruments, (ii)
        obligations as lessee under leases that, in accordance with accounting
        principles generally accepted in the United States, are recorded as
        capital leases, and (iii) obligations under direct or indirect
        guaranties in respect of, and obligations (contingent or otherwise) to
        purchase or otherwise acquire, or otherwise to assure a creditor against
        loss in respect of, indebtedness or obligations of any other Person of
        the kinds referred to in clause (i) or (ii) above.

                "DEFAULT" means any event specified in Section 6.01 that would
        constitute an Event of Default but for the requirement that notice be
        given or time elapse or both.

                "DESIGNATED SUBSIDIARY" means any wholly-owned Subsidiary of
        Kraft designated for borrowing privileges under this Agreement pursuant
        to Section 9.08.

                "DESIGNATION AGREEMENT" means, with respect to any Designated
        Subsidiary, an agreement in the form of Exhibit D hereto signed by such
        Designated Subsidiary and Kraft.

                "DOLLARS" and the "$" sign each means lawful currency of the
                United States of America.

                "DOMESTIC LENDING OFFICE" means, with respect to any Lender, the
        office of such Lender specified as its "Domestic Lending Office"
        opposite its name on Schedule I

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        hereto or in the Assignment and Acceptance or New Lender Supplement
        pursuant to which it became a Lender, or such other office of such
        Lender as such Lender may from time to time specify to Kraft and
        JPMorgan Chase, as Administrative Agent.

                "EFFECTIVE DATE" has the meaning specified in Section 3.01.

                "ELIGIBLE ASSIGNEE" means (i) a commercial bank organized under
        the laws of the United States, or any State thereof, and having total
        assets in excess of $5,000,000,000; (ii) a commercial bank organized
        under the laws of any other country which is a member of the
        Organization for Economic Cooperation and Development (or any successor)
        ("OECD"), or a political subdivision of any such country, and having
        total assets in excess of $5,000,000,000, provided that such bank is
        acting through a branch or agency located in the country in which it is
        organized or another country which is also a member of the OECD or the
        Cayman Islands; (iii) the central bank of any country which is a member
        of the OECD; (iv) a commercial finance company or finance Subsidiary of
        a corporation organized under the laws of the United States, or any
        State thereof, and having total assets in excess of $3,000,000,000; (v)
        an insurance company organized under the laws of the United States, or
        any State thereof, and having total assets in excess of $5,000,000,000;
        (vi) any Lender; (vii) an affiliate of any Lender; and (viii) any other
        bank, commercial finance company, insurance company or other Person
        approved in writing by Kraft, which approval shall be notified to
        JPMorgan Chase, as Administrative Agent and, for the purposes of Section
        2.10(b), approved in writing by JPMorgan Chase, as Administrative Agent.

                "ERISA" means the Employee Retirement Income Security Act of
        1974, as amended from time to time, and the regulations promulgated and
        rulings issued thereunder.

                "ERISA AFFILIATE" means any Person that for purposes of Title IV
        of ERISA is a member of any Borrower's controlled group, or under common
        control with any Borrower, within the meaning of Section 414 of the
        Internal Revenue Code.

                "ERISA EVENT" means (a) (i) the occurrence with respect to a
        Plan of a reportable event, within the meaning of Section 4043 of ERISA,
        unless the 30-day notice requirement with respect thereto has been
        waived by the Pension Benefit Guaranty Corporation (or any successor)
        ("PBGC"), or (ii) the requirements of subsection (1) of Section 4043(b)
        of ERISA (without regard to subsection (2) of such section) are met with
        respect to a contributing sponsor, as defined in Section 4001(a)(13) of
        ERISA, of a Plan, and an event described in paragraph (9), (10), (11),
        (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur
        with respect to such Plan within the following 30 days; (b) the
        application for a minimum funding waiver with respect to a Plan; (c) the
        provision by the administrator of any Plan of a notice of intent to
        terminate such Plan, pursuant to Section 4041(a)(2) of ERISA (including
        any such notice with respect to a

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        plan amendment referred to in Section 4041(e) of ERISA); (d) the
        cessation of operations at a facility of any Borrower or Kraft or any of
        their ERISA Affiliates in the circumstances described in Section 4062(e)
        of ERISA; (e) the withdrawal by any Borrower or Kraft or any of their
        ERISA Affiliates from a Multiple Employer Plan during a plan year for
        which it was a substantial employer, as defined in Section 4001(a)(2) of
        ERISA; (f) the conditions set forth in Section 302(f)(1)(A) and (B) of
        ERISA to the creation of a lien upon property or rights to property of
        any Borrower or Kraft or any of their ERISA Affiliates for failure to
        make a required payment to a Plan are satisfied; (g) the adoption of an
        amendment to a Plan requiring the provision of security to such Plan,
        pursuant to Section 307 of ERISA; or (h) the institution by the PBGC of
        proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or
        the occurrence of any event or condition described in Section 4042 of
        ERISA that constitutes grounds for the termination of, or the
        appointment of a trustee to administer, a Plan.

                "EUROCURRENCY LIABILITIES" has the meaning assigned to that term
        in Regulation D of the Board, as in effect from time to time.

                "EUROCURRENCY LENDING OFFICE" means, with respect to any Lender,
        the office of such Lender specified as its "Eurocurrency Lending Office"
        opposite its name on Schedule I hereto or in the Assignment and
        Acceptance or New Lender Supplement pursuant to which it became a Lender
        (or, if no such office is specified, its Domestic Lending Office), or
        such other office of such Lender as such Lender may from time to time
        specify to Kraft and JPMorgan Chase, as Administrative Agent.

                "EUROCURRENCY RATE RESERVE PERCENTAGE" means, for any Interest
        Period, for all LIBO Rate Advances or Floating Rate Bid Advances
        comprising part of the same Borrowing, the reserve percentage applicable
        two Business Days before the first day of such Interest Period under
        regulations issued from time to time by the Board for determining the
        maximum reserve requirement (including, without limitation, any
        emergency, supplemental or other marginal reserve requirement) for a
        member bank of the Federal Reserve System in New York City with respect
        to liabilities or assets consisting of or including Eurocurrency
        Liabilities (or with respect to any other category of liabilities that
        includes deposits by reference to which the interest rate on LIBO Rate
        Advances or Floating Rate Bid Advances is determined) having a term
        equal to such Interest Period.

                "EVENT OF DEFAULT" has the meaning specified in Section 6.01.

                "EXISTING LOAN AGREEMENT" means Kraft's existing
        U.S.$2,500,000,000 364-Day Revolving Credit Agreement dated as of July
        14, 2003.

                "FEDERAL BANKRUPTCY CODE" means the Bankruptcy Reform Act of
        1978, as amended from time to time.

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                "FEDERAL FUNDS EFFECTIVE RATE" means, for any period, a
        fluctuating interest rate per annum equal, for each day during such
        period, to the weighted average of the rates on overnight Federal funds
        transactions with members of the Federal Reserve System arranged by
        Federal funds brokers, as published for such day (or, if such day is not
        a Business Day, for the next preceding Business Day) on Telerate Page
        120 (or any successor page), or, if such rate is not so published for
        any day that is a Business Day, the average of the quotations for such
        day on such transactions received by JPMorgan Chase, as Administrative
        Agent, from three Federal funds brokers of recognized standing selected
        by it.

                "5-YEAR FACILITY" means the U.S.$2,000,000,000 5-Year Revolving
        Credit Agreement dated as of July 24, 2001 among Kraft and the agents
        and lenders parties thereto.

                "FIXED RATE BID ADVANCE" means a Competitive Bid Advance bearing
        interest based on a fixed rate per annum as specified in the relevant
        Notice of Competitive Bid Borrowing.

                "FLOATING RATE BID ADVANCE" means a Competitive Bid Advance
        bearing interest at a rate of interest quoted as a margin over the LIBO
        Rate as specified in the relevant Notice of Competitive Bid Borrowing.

                "HOME JURISDICTION WITHHOLDING TAXES" means (a) in the case of
        Kraft, withholding for United States income taxes, United States back-up
        withholding taxes and United States withholding taxes and (b) in the
        case of a Designated Subsidiary, withholding taxes imposed by the
        jurisdiction under the laws of which such Designated Subsidiary is
        organized or any political subdivision thereof.

                "INTEREST PERIOD" means, for each LIBO Rate Advance comprising
        part of the same Pro Rata Borrowing and each Floating Rate Bid Advance
        comprising part of the same Competitive Bid Borrowing, the period
        commencing on the date of such LIBO Rate Advance or Floating Rate Bid
        Advance or the date of Conversion of any Base Rate Advance into such
        LIBO Rate Advance and ending on the last day of the period selected by
        the Borrower requesting such Borrowing pursuant to the provisions below.
        The duration of each such Interest Period shall be one, two, three or
        six months, or, if available to all Lenders, nine months, as such
        Borrower may select upon notice received by JPMorgan Chase, as
        Administrative Agent, not later than 11:00 A.M. (New York City time) on
        the third Business Day prior to the first day of such Interest Period;
        PROVIDED, HOWEVER, that:

                (a)     such Borrower may not select any Interest Period that
        ends after the Termination Date, subject to Section 2.10(c);

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                (b)     whenever the last day of any Interest Period would
        otherwise occur on a day other than a Business Day, the last day of such
        Interest Period shall be extended to occur on the next succeeding
        Business Day, PROVIDED that if such extension would cause the last day
        of such Interest Period to occur in the next following calendar month,
        the last day of such Interest Period shall occur on the immediately
        preceding Business Day; and

                (c)     whenever the first day of any Interest Period occurs on
        a day of an initial calendar month for which there is no numerically
        corresponding day in the calendar month that succeeds such initial
        calendar month by the number of months equal to the number of months in
        such Interest Period, such Interest Period shall end on the last
        Business Day of such succeeding calendar month.

                "INTERNAL REVENUE CODE" means the Internal Revenue Code of 1986,
        as amended from time to time, and the regulations promulgated and the
        rulings issued thereunder.

                "JPMORGAN CHASE'S ADMINISTRATIVE AGENT ACCOUNT" means (a) the
        account of JPMorgan Chase, as Administrative Agent, maintained by
        JPMorgan Chase, as Administrative Agent, at its office at 1111 Fannin,
        Houston, Texas 77002, Account No. 323243088, Attention: Leah Hughes, or
        (b) such other account of JPMorgan Chase, as Administrative Agent, as is
        designated in writing from time to time by JPMorgan Chase, as
        Administrative Agent, to Kraft and the Lenders for such purpose.

                "LENDERS" means the Initial Lenders and any New Lender and their
        respective successors and permitted assignees.

                "LIBO RATE" means an interest rate per annum equal to either:

                (a)     the offered rate per annum at which deposits in Dollars
        appear on Telerate Page 3750 (or any successor page) as of 11:00 A.M.
        (London time) two Business Days before the first day of such Interest
        Period, or

                (b) if the LIBO Rate does not appear on Telerate Page 3750 (or
        any successor page), then the LIBO Rate will be determined by taking the
        average (rounded upward to the nearest whole multiple of 1/16 of 1% per
        annum, if such average is not such a multiple) of the rates per annum at
        which deposits in Dollars are offered by the principal office of each of
        the Reference Banks in London, England to prime banks in the London
        interbank market at 11:00 A.M. (London time) two Business Days before
        the first day of such Interest Period for an amount substantially equal
        to the amount that would be the Reference Banks' respective ratable
        shares of such Borrowing outstanding during such Interest Period and for
        a period equal to such Interest Period, as determined by JPMorgan Chase,
        as Administrative Agent, SUBJECT, HOWEVER, to the provisions of
        Section 2.08.

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                "LIBO RATE ADVANCE" means a Pro Rata Advance that bears interest
        as provided in Section 2.04(a)(ii).

                "LIEN" has the meaning specified in Section 5.02(a).

                "MAJOR SUBSIDIARY" means any Subsidiary (a) more than 50% of the
        voting securities of which is owned directly or indirectly by Kraft, (b)
        which is organized and existing under, or has its principal place of
        business in, the United States or any political subdivision thereof,
        Canada or any political subdivision thereof, any country which is a
        member of the European Union on the date hereof (other than Greece,
        Portugal or Spain) or any political subdivision thereof, or Switzerland,
        Norway or Australia or any of their respective political subdivisions,
        and (c) which has at any time total assets (after intercompany
        eliminations) exceeding $1,000,000,000.

                "MARGIN STOCK" means margin stock, as such term is defined in
        Regulation U.

                "MULTIEMPLOYER PLAN" means a multiemployer plan, as defined in
        Section 4001(a)(3) of ERISA, to which any Borrower or any ERISA
        Affiliate is making or accruing an obligation to make contributions, or
        has within any of the preceding five plan years made or accrued an
        obligation to make contributions, such plan being maintained pursuant to
        one or more collective bargaining agreements.

                "MULTIPLE EMPLOYER PLAN" means a single employer plan, as
        defined in Section 4001(a)(15) of ERISA, that (a) is maintained for
        employees of any Borrower or any ERISA Affiliate and at least one Person
        other than such Borrower and the ERISA Affiliates or (b) was so
        maintained and in respect of which such Borrower or any ERISA Affiliate
        could have liability under Section 4064 or 4069 of ERISA in the event
        such plan has been or were to be terminated.

                "NEW LENDER" has the meaning specified in Section 2.10(b).

                "NEW LENDER SUPPLEMENT" has the meaning specified in
        Section 2.10(b).

                "NOTE" means a Pro Rata Note or a Competitive Bid Note. ----

                "NOTICE OF COMPETITIVE BID BORROWING" has the meaning specified
        in Section 2.07(b).

                "NOTICE OF PRO RATA BORROWING" has the meaning specified in
        Section 2.02(a).

                "OBLIGATIONS" has the meaning specified in Section 8.01.

                "OTHER TAXES" has the meaning specified in Section 2.15(b).

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

                "PLAN" means a Single Employer Plan or a Multiple Employer Plan.

                "PRO RATA ADVANCE" means an advance by a Lender to any Borrower
        as part of a Pro Rata Borrowing and refers to a Base Rate Advance or a
        LIBO Rate Advance (each of which shall be a "TYPE" of Pro Rata Advance).

                "PRO RATA BORROWING" means a borrowing consisting of
        simultaneous Pro Rata Advances of the same Type made by each of the
        Lenders pursuant to Section 2.01.

                "PRO RATA NOTE" means a promissory note of any Borrower payable
        to the order of any Lender, delivered pursuant to a request made under
        Section 2.17 in substantially the form of Exhibit A-1 hereto, evidencing
        the aggregate indebtedness of such Borrower to such Lender resulting
        from the Pro Rata Advances made by such Lender to such Borrower.

                "REFERENCE BANKS" means JPMorgan Chase, Citibank, Credit Suisse
        First Boston and Deutsche Bank AG New York Branch.

                "REGISTER" has the meaning specified in Section 9.07(d).

                "REGULATION A" means Regulation A of the Board, as in effect
        from time to time.

                "REGULATION U" means Regulation U of the Board, as in effect
        from time to time.

                "REQUIRED LENDERS" means at any time Lenders owed at least 50.1%

        of the then aggregate unpaid principal amount of the Pro Rata Advances
        owing to Lenders, or, if no such principal amount is then outstanding,
        Lenders having at least 50.1% of the Commitments.

                "SINGLE EMPLOYER PLAN" means a single employer plan, as defined
        in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of
        any Borrower or any ERISA Affiliate and no Person other than such
        Borrower and the ERISA Affiliates or (b) was so maintained and in
        respect of which such Borrower or any ERISA Affiliate could have
        liability under Section 4069 of ERISA in the event such plan has been or
        were to be terminated.

                "SUBSIDIARY" of any Person means any corporation of which (or in
        which) more than 50% of the outstanding capital stock having voting
        power to elect a majority of the Board of Directors of such corporation
        (irrespective of whether at the time capital stock

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        of any other class or classes of such corporation shall or might have
        voting power upon the occurrence of any contingency) is at the time
        directly or indirectly owned or controlled by such Person, by such
        Person and one or more of its other Subsidiaries or by one or more of
        such Person's other Subsidiaries.

                "TERMINATION DATE" means the earlier of (a) the date that is the
        Business Day preceding the first anniversary of the Effective Date and
        (b) the date of termination in whole of the Commitments pursuant to
        Section 2.10 or 6.02.

                "TERM NOTICE" has the meaning specified in Section 2.10(c).

                Section 1.02. COMPUTATION OF TIME PERIODS. In this Agreement in
the computation of periods 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 mean "to but excluding."

                Section 1.03. ACCOUNTING TERMS. All accounting terms not
specifically defined herein shall be construed in accordance with accounting
principles generally accepted in the United States of America, except that if
there has been a material change in an accounting principle affecting the
definition of an accounting term as compared to that applied in the preparation
of the financial statements of Kraft as of and for the quarter ended March 31,
2004, then such new accounting principle shall not be used in the determination
of the amount associated with that accounting term. A material change in an
accounting principle is one that, in the year of its adoption, changes the
amount associated with the relevant accounting term for any quarter in such year
by more than 10%.

                                   ARTICLE II

                        AMOUNTS AND TERMS OF THE ADVANCES

                Section 2.01. THE PRO RATA ADVANCES. (a) OBLIGATION TO MAKE PRO
RATA ADVANCES. Each Lender severally agrees, on the terms and conditions
hereinafter set forth, to make Pro Rata Advances to any Borrower from time to
time on any Business Day during the period from the Effective Date until the
Termination Date in an aggregate amount not to exceed at any time outstanding
such Lender's Commitment; PROVIDED, HOWEVER, that the aggregate amount of the
Commitments of the Lenders shall be deemed used from time to time to the extent
of the aggregate amount of the Competitive Bid Advances then outstanding and
such deemed use of the aggregate amount of the Commitments shall be allocated
among the Lenders ratably according to their respective Commitments (such deemed
use of the aggregate amount of the Commitments being a "COMPETITIVE BID
REDUCTION").

        (b)     AMOUNT OF PRO RATA BORROWINGS. Except for Pro Rata Borrowings
pursuant to Sections 2.10(b)(iii)(B) and (C), each Pro Rata Borrowing shall be
in an aggregate amount of no less than $50,000,000 or an integral multiple of
$1,000,000 in excess thereof.

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        (c)     TYPE OF PRO RATA ADVANCES. Each Pro Rata Borrowing shall consist
of Pro Rata Advances of the same Type made on the same day by the Lenders
ratably according to their respective Commitments. Within the limits of each
Lender's Commitment and subject to this Section 2.01, any Borrower may borrow
under this Section 2.01, prepay pursuant to Section 2.11 or repay pursuant to
Section 2.03 and reborrow under this Section 2.01.

                Section 2.02. MAKING THE PRO RATA ADVANCES. (a) NOTICE OF PRO
RATA BORROWING. Each Pro Rata Borrowing shall be made on notice, given not later
than (x) 11:00 A.M. (New York City time) on the third Business Day prior to the
date of the proposed Pro Rata Borrowing in the case of a Pro Rata Borrowing
consisting of LIBO Rate Advances, or (y) 9:00 A.M. (New York City time) on the
date of the proposed Pro Rata Borrowing in the case of a Pro Rata Borrowing
consisting of Base Rate Advances, by the Borrower to JPMorgan Chase, as
Administrative Agent, which shall give to each Lender prompt notice thereof by
telecopier. Each such notice of a Pro Rata Borrowing (a "NOTICE OF PRO RATA
BORROWING") shall be by telephone, confirmed immediately in writing, by
registered mail or telecopier in substantially the form of Exhibit B-1 hereto,
specifying therein the requested:

                        (i)     date of such Pro Rata Borrowing,

                        (ii)    Type of Advances comprising such Pro Rata
        Borrowing,

                        (iii)   aggregate amount of such Pro Rata Borrowing, and

                        (iv)    in the case of a Pro Rata Borrowing consisting
        of LIBO Rate Advances, the initial Interest Period for each such Pro
        Rata Advance. Notwithstanding anything herein to the contrary, no
        Borrower may select LIBO Rate Advances for any Pro Rata Borrowing if the
        obligation of the Lenders to make LIBO Rate Advances shall then be
        suspended pursuant to Section 2.08(c) or 2.13.

        (b)     FUNDING PRO RATA ADVANCES. Each Lender shall, before 11:00 A.M.
(New York City time) on the date of such Pro Rata Borrowing, make available for
the account of its Applicable Lending Office to JPMorgan Chase, as
Administrative Agent, at JPMorgan Chase's Administrative Agent Account, in same
day funds, such Lender's ratable portion of such Pro Rata Borrowing. After
receipt of such funds by JPMorgan Chase, as Administrative Agent, and upon
fulfillment of the applicable conditions set forth in Article III, JPMorgan
Chase, as Administrative Agent, will make such funds available to the relevant
Borrower at the address of JPMorgan Chase, as Administrative Agent, referred to
in Section 9.02.

        (c)     IRREVOCABLE NOTICE. Each Notice of Pro Rata Borrowing of any
Borrower shall be irrevocable and binding on such Borrower. In the case of any
Pro Rata Borrowing that the related Notice of Pro Rata Borrowing specifies is to
be comprised of LIBO Rate Advances, the Borrower requesting such Pro Rata
Borrowing shall indemnify each Lender against any loss, cost or expense incurred
by such Lender as a result of any failure to fulfill on or before the date

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specified in such Notice of Pro Rata Borrowing for such Pro Rata Borrowing the
applicable conditions set forth in Article III, including, without limitation,
any loss (excluding loss of anticipated profits), cost or expense incurred by
reason of the liquidation or reemployment of deposits or other funds acquired by
such Lender to fund the Pro Rata Advance to be made by such Lender as part of
such Pro Rata Borrowing when such Pro Rata Advance, as a result of such failure,
is not made on such date.

        (d)     LENDER'S RATABLE PORTION. Unless JPMorgan Chase, as
Administrative Agent, shall have received notice from a Lender prior to 11:00
A.M. (New York City time) on the day of any Pro Rata Borrowing that such Lender
will not make available to JPMorgan Chase, as Administrative Agent, such
Lender's ratable portion of such Pro Rata Borrowing, JPMorgan Chase, as
Administrative Agent, may assume that such Lender has made such portion
available to JPMorgan Chase, as Administrative Agent, on the date of such Pro
Rata Borrowing in accordance with Section 2.02(b) and JPMorgan Chase, as
Administrative Agent, may, in reliance upon such assumption, make available to
the Borrower proposing such Pro Rata Borrowing on such date a corresponding
amount. If and to the extent that such Lender shall not have so made such
ratable portion available to JPMorgan Chase, as Administrative Agent, such
Lender and such Borrower severally agree to repay to JPMorgan Chase, as
Administrative Agent, forthwith on demand such corresponding amount together
with interest thereon, for each day from the date such amount is made available
to such Borrower until the date such amount is repaid to JPMorgan Chase, as
Administrative Agent, at:

                        (i)     in the case of such Borrower, the higher of (A)
        the interest rate applicable at the time to Pro Rata Advances comprising
        such Pro Rata Borrowing and (B) the cost of funds incurred by JPMorgan
        Chase, as Administrative Agent, in respect of such amount, and

                        (ii)    in the case of such Lender, the Federal Funds
        Effective Rate.

If such Lender shall repay to JPMorgan Chase, as Administrative Agent, such
corresponding amount, such amount so repaid shall constitute such Lender's Pro
Rata Advance as part of such Pro Rata Borrowing for purposes of this Agreement.

        (e)     INDEPENDENT LENDER OBLIGATIONS. The failure of any Lender to
make the Pro Rata Advance to be made by it as part of any Pro Rata Borrowing
shall not relieve any other Lender of its obligation, if any, hereunder to make
its Pro Rata Advance on the date of such Pro Rata Borrowing, but no Lender shall
be responsible for the failure of any other Lender to make the Pro Rata Advance
to be made by such other Lender on the date of any Pro Rata Borrowing.

                Section 2.03. REPAYMENT OF PRO RATA ADVANCES. Subject to Section
2.10(c), each Borrower shall repay to JPMorgan Chase, as Administrative Agent,
for the ratable account of the Lenders on the Termination Date the unpaid
principal amount of the Pro Rata Advances then outstanding.

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                Section 2.04. INTEREST ON PRO RATA ADVANCES. (a) SCHEDULED
INTEREST. Each Borrower shall pay interest on the unpaid principal amount of
each Pro Rata Advance owing by such Borrower to each Lender from the date of
such Pro Rata Advance until such principal amount shall be paid in full, at the
following rates per annum:

                        (i)     BASE RATE ADVANCES. During such periods as such
        Pro Rata Advance is a Base Rate Advance, a rate per annum equal at all
        times to the Base Rate in effect from time to time, payable in arrears
        monthly on the 20th day of each month and on the date such Base Rate
        Advance shall be Converted or paid in full.

                        (ii)    LIBO RATE ADVANCES. During such periods as such
        Pro Rata Advance is a LIBO Rate Advance, a rate per annum equal at all
        times during each Interest Period for such Pro Rata Advance to the sum
        of (x) the LIBO Rate for such Interest Period for such Pro Rata Advance
        PLUS (y) the Applicable Interest Rate Margin in effect from time to
        time, payable in arrears on the last day of such Interest Period and, if
        such Interest Period has a duration of more than three months, on each
        day that occurs during such Interest Period every three months from the
        first day of such Interest Period, and on the date such LIBO Rate
        Advance shall be Converted or paid in full.

        (b)     DEFAULT INTEREST. Upon the occurrence and during the continuance
of an Event of Default, each Borrower shall pay interest on the unpaid principal
amount of each Pro Rata Advance owing to each Lender, payable in arrears on the
dates referred to in Section 2.04(a)(i) or Section 2.04(a)(ii), at a rate per
annum equal at all times to 1% per annum above the rate per annum required to be
paid on such Pro Rata Advance.

                Section 2.05. ADDITIONAL INTEREST ON LIBO RATE ADVANCES. Each
Borrower shall pay to each Lender, so long as such Lender shall be required
under regulations of the Board to maintain reserves with respect to liabilities
or assets consisting of or including Eurocurrency Liabilities, additional
interest on the unpaid principal amount of each LIBO Rate Advance of such Lender
to such Borrower, from the date of such Advance until such principal amount is
paid in full, at an interest rate per annum equal at all times to the remainder
obtained by subtracting (i) the LIBO Rate for the Interest Period for such
Advance from (ii) the rate obtained by dividing such LIBO Rate by a percentage
equal to 100% minus the Eurocurrency Rate Reserve Percentage of such Lender for
such Interest Period, payable on each date on which interest is payable on such
Advance. Such additional interest shall be determined by such Lender and
notified to Kraft through JPMorgan Chase, as Administrative Agent.

                Section 2.06. CONVERSION OF PRO RATA ADVANCES. (a) CONVERSION
UPON ABSENCE OF INTEREST PERIOD. If any Borrower shall fail to select the
duration of any Interest Period for any LIBO Rate Advances in accordance with
the provisions contained in the definition of the term "Interest Period,"
JPMorgan Chase, as Administrative Agent, will forthwith so notify such Borrower
and the Lenders, and such Advances will automatically, on the last day of the
then existing Interest Period therefor, Convert into Base Rate Advances.

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        (b)     CONVERSION UPON EVENT OF DEFAULT. Upon the occurrence and during
the continuance of any Event of Default under Section 6.01(a), JPMorgan Chase,
as Administrative Agent, or the Required Lenders may elect that (i) each LIBO
Rate Advance be, on the last day of the then existing Interest Period therefor,
Converted into Base Rate Advances and (ii) the obligation of the Lenders to
make, or to Convert Advances into, LIBO Rate Advances be suspended.

        (c)     VOLUNTARY CONVERSION. Subject to the provisions of
Sections 2.08(c) and 2.13, any Borrower may convert all such Borrower's Pro Rata
Advances of one Type constituting the same Pro Rata Borrowing into Advances of
the other Type on any Business Day, upon notice given to JPMorgan Chase, as
Administrative Agent, not later than 11:00 A.M. (New York City time) on the
third Business Day prior to the date of the proposed Conversion; PROVIDED,
HOWEVER, that the Conversion of a LIBO Rate Advance into a Base Rate Advance may
be made on, and only on, the last day of an Interest Period for such LIBO Rate
Advance. Each such notice of a Conversion shall, within the restrictions
specified above, specify

                        (i)     the date of such Conversion;

                        (ii)    the Pro Rata Advances to be Converted; and

                        (iii)   if such Conversion is into LIBO Rate Advances,
        the duration of the Interest Period for each such Pro Rata Advance.

                Section 2.07. THE COMPETITIVE BID ADVANCES. (a) COMPETITIVE BID
ADVANCES' IMPACT ON COMMITMENTS. Each Lender severally agrees that any Borrower
may make Competitive Bid Borrowings under this Section 2.07 from time to time on
any Business Day during the period from the Effective Date until the Termination
Date in the manner set forth below; PROVIDED that, following the making of each
Competitive Bid Borrowing, the aggregate amount of the Advances then outstanding
shall not exceed the aggregate amount of the Commitments of the Lenders. As
provided in Section 2.01, the aggregate amount of the Commitments of the Lenders
shall be deemed used from time to time to the extent of the aggregate amount of
the Competitive Bid Advances then outstanding, and such deemed use of the
aggregate amount of the Commitments shall be applied to the Lenders ratably
according to their respective Commitments; PROVIDED, HOWEVER, that any Lender's
Competitive Bid Advances shall not otherwise reduce that Lender's obligation to
lend its pro rata share of the remaining available Commitments.

        (b)     NOTICE OF COMPETITIVE BID BORROWING. Any Borrower may request a
Competitive Bid Borrowing under this Section 2.07 by delivering to JPMorgan
Chase, as Administrative Agent, by telecopier, a notice of a Competitive Bid
Borrowing (a "NOTICE OF COMPETITIVE BID BORROWING"), in substantially the form
of Exhibit B-2 hereto, specifying therein the following:

                        (i)     date of such proposed Competitive Bid Borrowing;

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                        (ii)    aggregate amount of such proposed Competitive
        Bid Borrowing;

                        (iii)   interest rate basis and day count convention to
        be offered by the Lenders;

                        (iv)    in the case of a Competitive Bid Borrowing

        consisting of Floating Rate Bid Advances, Interest Period, or in the
        case of a Competitive Bid Borrowing consisting of Fixed Rate Bid
        Advances, maturity date for repayment of each Fixed Rate Bid Advance to
        be made as part of such Competitive Bid Borrowing (which maturity date
        may not be earlier than the date occurring seven days after the date of
        such Competitive Bid Borrowing or later than the earlier of (A) 360 days
        after the date of such Competitive Bid Borrowing and (B) the Termination
        Date);

                        (v)     interest payment date or dates relating thereto;

                        (vi)    location of such Borrower's account to which
        funds are to be advanced; and

                        (vii)   other terms (if any) to be applicable to such
        Competitive Bid Borrowing.

A Borrower requesting a Competitive Bid Borrowing shall deliver a Notice of
Competitive Bid Borrowing to JPMorgan Chase, as Administrative Agent, not later
than 10:00 A.M. (New York City time) (x) at least two Business Days prior to the
date of the proposed Competitive Bid Borrowing, if such Borrower shall specify
in the Notice of Competitive Bid Borrowing that the Competitive Bid Borrowing
shall be Fixed Rate Bid Advances, or (y) at least four Business Days prior to
the date of the proposed Competitive Bid Borrowing, if such Borrower shall
specify in the Notice of Competitive Bid Borrowing that the Competitive Bid
Borrowing shall be Floating Rate Bid Advances. Each Notice of Competitive Bid
Borrowing shall be irrevocable and binding on such Borrower. JPMorgan Chase, as
Administrative Agent, shall in turn promptly notify each Lender of each request
for a Competitive Bid Borrowing received by it from such Borrower by sending
such Lender a copy of the related Notice of Competitive Bid Borrowing.

        (c)     DISCRETION AS TO COMPETITIVE BID ADVANCES. Each Lender may, in
its sole discretion, elect to irrevocably offer to make one or more Competitive
Bid Advances to the applicable Borrower as part of such proposed Competitive Bid
Borrowing at a rate or rates of interest specified by such Lender in its sole
discretion, by notifying JPMorgan Chase, as Administrative Agent (which shall
give prompt notice thereof to such Borrower), before 9:30 A.M. (New York City
time) (A) on the Business Day prior to the date of such proposed Competitive Bid
Borrowing, in the case of a Competitive Bid Borrowing consisting of Fixed Rate
Bid Advances, and (B) on the third Business Day prior to the date of such
proposed Competitive Bid Borrowing, in the case of a Competitive Bid Borrowing
consisting of Floating Rate Bid Advances; PROVIDED that, if JPMorgan Chase in
its capacity as a Lender shall, in its sole

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discretion, elect to make any such offer, it shall notify such Borrower of such
offer at least 30 minutes before the time and on the date on which notice of
such election is to be given by any other Lender to JPMorgan Chase, as
Administrative Agent. In such notice, the Lender shall specify the following:

                        (i)     the minimum amount and maximum amount of each
        Competitive Bid Advance which such Lender would be willing to make as
        part of such proposed Competitive Bid Borrowing (which amounts may,
        subject to the proviso to the first sentence of Section 2.07(a), exceed
        such Lender's Commitment);

                        (ii)    the rate or rates of interest therefor; and

                        (iii)   such Lender's Applicable Lending Office with
        respect to such Competitive Bid Advance.

If any Lender shall elect not to make such an offer, such Lender shall so notify
JPMorgan Chase, as Administrative Agent, before 9:30 A.M. (New York City time)
on the date on which notice of such election is to be given to JPMorgan Chase,
as Administrative Agent, by the other Lenders, and such Lender shall not be
obligated to, and shall not, make any Competitive Bid Advance as part of such
Competitive Bid Borrowing; PROVIDED FURTHER that the failure by any Lender to
give such notice shall not cause such Lender to be obligated to make any
Competitive Bid Advance as part of such proposed Competitive Bid Borrowing.

        (d)     BORROWER SELECTION OF LENDER BIDS. The Borrower proposing the
Competitive Bid Borrowing shall, in turn, (A) before 12:00 noon (New York City
time) on the Business Day prior to the date of such proposed Competitive Bid
Borrowing, in the case of a Competitive Bid Borrowing consisting of Fixed Rate
Bid Advances and (B) before 12:00 noon (New York City time) on the third
Business Day prior to the date of such proposed Competitive Bid Borrowing, in
the case of a Competitive Bid Borrowing consisting of Floating Rate Bid
Advances, either:

                        (i)     cancel such Competitive Bid Borrowing by giving
        JPMorgan Chase, as Administrative Agent, notice to that effect, or

                        (ii)    accept, in its sole discretion, one or more of
        the offers made by any Lender or Lenders pursuant to Section 2.07(c), by
        giving notice to JPMorgan Chase, as Administrative Agent, of the amount
        of each Competitive Bid Advance (which amount shall be equal to or
        greater than the minimum amount, and equal to or less than the maximum
        amount, notified to such Borrower by JPMorgan Chase, as Administrative
        Agent on behalf of such Lender, for such Competitive Bid Advance
        pursuant to Section 2.07(c) to be made by each Lender as part of such
        Competitive Bid Borrowing, and reject any remaining offers made by
        Lenders pursuant to Section 2.07(c) by giving JPMorgan Chase, as
        Administrative Agent, notice to that effect. Such Borrower shall accept
        the offers made by any Lender or Lenders to make Competitive Bid
        Advances in order of the

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        lowest to the highest rates of interest offered by such Lenders. If two
        or more Lenders have offered the same interest rate, the amount to be
        borrowed at such interest rate will be allocated among such Lenders in
        proportion to the maximum amount that each such Lender offered at such
        interest rate.

If the Borrower proposing the Competitive Bid Borrowing notifies JPMorgan Chase,
as Administrative Agent, that such Competitive Bid Borrowing is canceled
pursuant to Section 2.07(d)(i), or if such Borrower fails to give timely notice
in accordance with Section 2.07(d), JPMorgan Chase, as Administrative Agent,
shall give prompt notice thereof to the Lenders and such Competitive Bid
Borrowing shall not be made.

        (e)     COMPETITIVE BID BORROWING. If the Borrower proposing the
Competitive Bid Borrowing accepts one or more of the offers made by any Lender
or Lenders pursuant to Section 2.07(d)(ii), JPMorgan Chase, as Administrative
Agent, shall in turn promptly notify:

                        (i)     each Lender that has made an offer as described
        in Section 2.07(c), whether or not any offer or offers made by such
        Lender pursuant to Section 2.07(c) have been accepted by such Borrower;

                        (ii)    each Lender that is to make a Competitive Bid
        Advance as part of such Competitive Bid Borrowing, of the date and
        amount of each Competitive Bid Advance to be made by such Lender as part
        of such Competitive Bid Borrowing; and

                        (iii)   each Lender that is to make a Competitive Bid
        Advance as part of such Competitive Bid Borrowing, upon receipt, that
        JPMorgan Chase, as Administrative Agent, has received forms of documents
        appearing to fulfill the applicable conditions set forth in Article III.

When each Lender that is to make a Competitive Bid Advance as part of such
Competitive Bid Borrowing has received notice pursuant to Section 2.07(e)(iii),
such Lender shall, before 11:00 A.M. (New York City time), on the date of such
Competitive Bid Borrowing specified in the notice received from JPMorgan Chase,
as Administrative Agent, pursuant to Section 2.07(e)(i), make available for the
account of its Applicable Lending Office to JPMorgan Chase, as Administrative
Agent, at its address referred to in Section 9.02, in same day funds, such
Lender's portion of such Competitive Bid Borrowing. Upon fulfillment of the
applicable conditions set forth in Article III and after receipt by JPMorgan
Chase, as Administrative Agent, of such funds, JPMorgan Chase, as Administrative
Agent, will make such funds available to such Borrower at the location specified
by such Borrower in its Notice of Competitive Bid Borrowing. Promptly after each
Competitive Bid Borrowing, JPMorgan Chase, as Administrative Agent, will notify
each Lender of the amount of the Competitive Bid Borrowing, the consequent
Competitive Bid Reduction and the dates upon which such Competitive Bid
Reduction commenced and will terminate.

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        (f)     IRREVOCABLE NOTICE. If the Borrower proposing the Competitive
Bid Borrowing notifies JPMorgan Chase, as Administrative Agent, that it accepts
one or more of the offers made by any Lender or Lenders pursuant to Section
2.07(c), such notice of acceptance shall be irrevocable and binding on such
Borrower. Such Borrower shall indemnify each Lender against any loss, cost or
expense incurred by such Lender as a result of any failure to fulfill on or
before the date specified in the related Notice of Competitive Bid Borrowing for
such Competitive Bid Borrowing the applicable conditions set forth in Article
III, including, without limitation, any loss (excluding loss of anticipated
profits), cost or expense incurred by reason of the liquidation or reemployment
of deposits or other funds acquired by such Lender to fund the Competitive Bid
Advance to be made by such Lender as part of such Competitive Bid Borrowing when
such Competitive Bid Advance, as a result of such failure, is not made on such
date.

        (g)     AMOUNT OF COMPETITIVE BID BORROWINGS; COMPETITIVE BID NOTES.
Each Competitive Bid Borrowing shall be in an aggregate amount of $50,000,000 or
an integral multiple of $1,000,000 in excess thereof and, following the making
of each Competitive Bid Borrowing, the aggregate amount of Advances then
outstanding shall not exceed the aggregate amount of the Commitments of the
Lenders. Within the limits and on the conditions set forth in this Section 2.07,
any Borrower may from time to time borrow under this Section 2.07, prepay
pursuant to Section 2.11 or repay pursuant to Section 2.07(h), and reborrow
under this Section 2.07; PROVIDED that a Competitive Bid Borrowing shall not be
made within two Business Days of the date of any other Competitive Bid
Borrowing. The indebtedness of any Borrower resulting from each Competitive Bid
Advance made to such Borrower as part of a Competitive Bid Borrowing shall be
evidenced by a separate Competitive Bid Note of such Borrower payable to the
order of the Lender making such Competitive Bid Advance.

        (h)     REPAYMENT OF COMPETITIVE BID ADVANCES. On the maturity date of
each Competitive Bid Advance provided in the Competitive Bid Note evidencing
such Competitive Bid Advance, the Borrower shall repay to JPMorgan Chase, as
Administrative Agent, for the account of each Lender that has made a Competitive
Bid Advance the then unpaid principal amount of such Competitive Bid Advance. No
Borrower shall have any right to prepay any principal amount of any Competitive
Bid Advance unless, and then only on the terms set forth in the Competitive Bid
Note evidencing such Competitive Bid Advance.

        (i)     INTEREST ON COMPETITIVE BID ADVANCES. Each Borrower that has
borrowed through a Competitive Bid Borrowing shall pay interest on the unpaid
principal amount of each Competitive Bid Advance from the date of such
Competitive Bid Advance to the date the principal amount of such Competitive Bid
Advance is repaid in full, at the rate of interest for such Competitive Bid
Advance and on the interest payment date or dates set forth in the Competitive
Bid Note evidencing such Competitive Bid Advance. Upon the occurrence and during
the continuance of an Event of Default, such Borrower shall pay interest on the
amount of unpaid principal of each Competitive Bid Advance owing to a Lender,
payable in arrears on the date or dates interest is payable thereon, at a rate
per annum equal at all times to 1% per annum above the rate per annum required
to be paid on such Competitive Bid Advance under the terms

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of the Competitive Bid Note evidencing such Competitive Bid Advance unless
otherwise agreed in such Competitive Bid Note.

                Section 2.08. LIBO RATE DETERMINATION. (a) METHODS TO DETERMINE
LIBO RATE. JPMorgan Chase, as Administrative Agent, shall determine the LIBO
Rate by using the methods described in the definition of the term "LIBO Rate,"
and shall give prompt notice to the Borrower and Lenders of each such LIBO Rate.

        (b)     ROLE OF REFERENCE BANKS. In the event that the LIBO Rate cannot
be determined by the method described in clause (a) of the definition of "LIBO
Rate," each Reference Bank agrees to furnish to JPMorgan Chase, as
Administrative Agent, timely information for the purpose of determining the LIBO
Rate in accordance with the method described in clause (b) of the definition
thereof. If any one or more of the Reference Banks shall not furnish such timely
information to JPMorgan Chase, as Administrative Agent, for the purpose of
determining a LIBO Rate, JPMorgan Chase, as Administrative Agent, shall
determine such interest rate on the basis of timely information furnished by the
remaining Reference Banks. If fewer than two Reference Banks furnish timely
information to JPMorgan Chase, as Administrative Agent, for determining the LIBO
Rate for any LIBO Rate Advances or Floating Rate Bid Advances, as the case may
be, then:

                        (i)     JPMorgan Chase, as Administrative Agent, shall
        forthwith notify Kraft and the Lenders that the interest rate cannot be
        determined for such LIBO Rate Advance or Floating Rate Bid Advances, as
        the case may be;

                        (ii)    with respect to each LIBO Rate Advance, such
        Advance will, on the last day of the then existing Interest Period
        therefor, be prepaid by the Borrower or be automatically Converted into
        a Base Rate Advance; and

                        (iii)   the obligation of the Lenders to make LIBO Rate
        Advances or Floating Rate Bid Advances or to Convert Base Rate Advances
        into LIBO Rate Advances shall be suspended until JPMorgan Chase, as
        Administrative Agent, shall notify Kraft and the Lenders that the
        circumstances causing such suspension no longer exist.

JPMorgan Chase, as Administrative Agent, shall give prompt notice to Kraft and
the Lenders of the applicable interest rate determined by JPMorgan Chase, as
Administrative Agent, for purposes of Section 2.04(a)(i) or (ii), and the rate,
if any, furnished by each Reference Bank for the purpose of determining the
interest rate under Section 2.04(a)(ii) or the applicable LIBO Rate.

        (c)     INADEQUATE LIBO RATE. If, with respect to any LIBO Rate
Advances, the Required Lenders notify JPMorgan Chase, as Administrative Agent,
that (i) they are unable to obtain matching deposits in the London interbank
market at or about 11:00 A.M. (London time)

<Page>

on the second Business Day before the making of a Borrowing in sufficient
amounts to fund their respective LIBO Rate Advances as a part of such Borrowing
during the Interest Period therefor or (ii) the LIBO Rate for any Interest
Period for such Advances will not adequately reflect the cost to such Required
Lenders of making, funding or maintaining their respective LIBO Rate Advances
for such Interest Period, JPMorgan Chase, as Administrative Agent, shall
forthwith so notify Kraft and the Lenders, whereupon (A) the Borrower of such
LIBO Rate Advances will, on the last day of the then existing Interest Period
therefor, either (x) prepay such Advances or (y) Convert such Advances into Base
Rate Advances and (B) the obligation of the Lenders to make, or to Convert Base
Rate Advances into, LIBO Rate Advances shall be suspended until JPMorgan Chase,
as Administrative Agent, shall notify Kraft and the Lenders that the
circumstances causing such suspension no longer exist. In the case of clause
(ii) above, each Lender shall certify its cost of funds for each Interest Period
to JPMorgan Chase, as Administrative Agent, and Kraft as soon as practicable
(but in any event not later than 10 Business Days after the last day of such
Interest Period).

                Section 2.09. FEES. (a) FACILITY FEE. Kraft agrees to pay to
JPMorgan Chase, as Administrative Agent, for the account of each Lender a
facility fee on the aggregate amount of such Lender's Commitment (whether or not
used and without giving effect to any Competitive Bid Reduction) from the date
hereof in the case of each Initial Lender and from the effective date specified
in the Assignment and Acceptance or New Lender Supplement pursuant to which it
became a Lender in the case of each other Lender until the Termination Date at
the Applicable Facility Fee Rate, in each case payable on the last day of each
March, June, September and December until the Termination Date and on the
Termination Date.

        (b)     AGENT'S FEES.  Kraft shall pay to JPMorgan Chase, as
Administrative Agent, for its own account such fees as may from time to time be
agreed between Kraft and such Agent.

                Section 2.10. OPTIONAL TERMINATION, REDUCTION OR INCREASE OF THE
COMMITMENTS AND TERM-OUT OPTION.

        (a)     OPTIONAL TERMINATION OR REDUCTION OF THE COMMITMENTS. Kraft
shall have the right, upon at least three Business Days' notice to JPMorgan
Chase, as Administrative Agent, to terminate in whole or reduce ratably in part
the unused portions of the respective Commitments of the Lenders; PROVIDED that
each partial reduction shall be in the aggregate amount of no less than
$50,000,000; and PROVIDED FURTHER that the aggregate amount of the Commitments
of the Lenders shall not be reduced to an amount that is less than the aggregate
principal amount of the Competitive Bid Advances then outstanding

        (b)     OPTIONAL INCREASE OF THE COMMITMENTS.

                        (i)     Notwithstanding anything herein to the contrary,
        so long as no Default or Event of Default has occurred and is
        continuing, Kraft and any one or more Lenders or additional banks,
        financial institutions or other entities that are Eligible

<Page>

        Assignees (each, a "NEW LENDER") may, at any time after the Effective
        Date and prior to the Termination Date, agree that such Lenders shall
        increase the amount of their Commitments or such New Lenders shall
        provide additional Commitments. In connection therewith, Kraft shall
        deliver to JPMorgan Chase, as Administrative Agent, for entry in the
        Register, a notice specifying (A) the amount of such increase, (B) the
        names of any participating Lenders and New Lenders and their respective
        allocations of such increase, and (C) the applicable date such increase
        shall become effective (the "INCREASED FACILITY CLOSING DATE").
        Notwithstanding the foregoing, (x) the aggregate Commitments may not be
        increased by more than $500,000,000, (y) each increase effected pursuant
        to this Section 2.10(b) shall be in an amount of at least $100,000,000
        and (z) no more than two Increased Facility Closing Dates may be
        selected by Kraft during the term of this Agreement. No Lender shall
        have any obligation to participate in any increase described in this
        Section 2.10(b) unless it agrees to do so in its sole discretion.

                        (ii)    Any New Lender which, with the consent of Kraft,
        agrees to become a "Lender" under this Agreement in connection with any
        transaction described in clause (i) above shall enter into a supplement
        to this Agreement (each, a "NEW LENDER SUPPLEMENT"), substantially in
        the form of Exhibit H, whereupon such New Lender shall become a Lender
        and shall be bound by and entitled to the benefits of this Agreement as
        of the date of execution of such New Lender Supplement.

                        (iii)   (A) Except as set forth in subsections (B) and
        (C) of this clause (iii), if any bank, financial institution or other
        entity becomes a New Lender or any Lender's Commitment is increased
        pursuant to this Section 2.10(b), Pro Rata Advances made on or after the
        applicable Increased Facility Closing Date shall be made in accordance
        with the pro rata provisions of Section 2.01 based on the respective
        Commitments in effect on and after such Increased Facility Closing Date
        (except to the extent that any such Pro Rata Borrowing would result in
        any Lender making an aggregate principal amount of Pro Rata Advances in
        excess of its Commitment, in which case such excess amount will be
        allocated to and made by, any New Lenders and Lenders with increased
        Commitments pursuant to clause (i) above, pro rata in accordance with
        their respective Commitments).

                                (B) In the event that on any Increased Facility
                Closing Date there are Base Rate Advances outstanding, the
                relevant Borrower shall make prepayments of and borrowings of
                additional Base Rate Advances so that, after giving effect
                thereto, the resulting Base Rate Advances outstanding are
                allocated among the Lenders as nearly as may be in accordance
                with the pro rata provisions of Section 2.01 based on such
                Lenders' respective Commitments in effect on and after such
                Increased Facility Closing Date, and such allocations shall be
                effected on such Increased Facility Closing Date by JPMorgan
                Chase, as Administrative Agent, through appropriate entries in
                the Register.

<Page>

                                (C) In the event that on any Increased Facility
                Closing Date there are LIBO Rate Advances outstanding, such LIBO
                Rate Advances shall remain outstanding with the respective
                Lenders thereof until the expiration of their respective
                Interest Periods (unless the relevant Borrower elects to prepay
                any thereof in accordance with the applicable provisions of this
                Agreement) and the continuations, if any, of any LIBO Rate
                Advances outstanding on such Increased Facility Closing Date
                shall be effected by repayment of such LIBO Rate Advances on the
                last day of the Interest Period applicable thereto and the
                borrowing of new LIBO Rate Advances to be allocated among the
                Lenders in accordance with the pro rata provisions of Section
                2.01 based on such Lenders' respective Commitments in effect on
                and after such Increased Facility Closing Date.

                        (iv)    For purposes of Section 9.01, no consent of any
        Lender other than a Lender that has agreed to participate in the
        increase described in this Section 2.10(b) shall be required in
        connection with the transactions under this Section 2.10(b).

        (c)     TERM-OUT OPTION. The Company may, by written notice to JPMorgan
Chase, as Administrative Agent, which shall promptly notify the Lenders, not
later than 15 Business Days prior to the Termination Date (the "TERM NOTICE"),
extend the maturity date for all Pro Rata Advances outstanding at the close of
business New York time on the Termination Date to the date, specified in the
Term Notice, no later than the first anniversary of the Termination Date;
PROVIDED that, on the date of the Term Notice and on the Termination Date, (i)
no event has occurred and is continuing that constitutes a Default or Event of
Default and (ii) the representations contained in Section 4.01 (except the
representations set forth in the last sentence of subsection (e) and in
subsection (f) thereof (other than clause (i) thereof)) are correct; and
PROVIDED, FURTHER, that the option provided for in this Section 2.10(c) may be
exercised only once. If a Term Notice is given, each Borrower shall repay to
JPMorgan Chase, as Administrative Agent, for the ratable account of the Lenders
on the maturity date set forth in such Term Notice, the unpaid principal amount
of the Pro Rata Advances then outstanding. Upon the effectiveness of the
extension provided for in this Section 2.10(c), all terms of this Agreement
shall remain in full force and effect, EXCEPT that the right of any Borrower to
borrow under Section 2.01 shall terminate. The Borrower agrees that it will,
upon the request of any Lender through JPMorgan Chase, as Administrative Agent,
issue a new Pro Rata Note in favor of such Lender reflecting the extended
maturity date, in exchange for the Pro Rata Note held by such Lender, which
shall be promptly returned to the Borrower and marked "cancelled".

                Section 2.11. OPTIONAL PREPAYMENTS OF PRO RATA ADVANCES. Each
Borrower may, in the case of any LIBO Rate Advance, upon at least three Business
Days' notice to JPMorgan Chase, as Administrative Agent, or, in the case of any
Base Rate Advance, upon notice given to JPMorgan Chase, as Administrative Agent,
not later than 9:00 A.M. (New York City time) on the date of the proposed
prepayment, in each case stating the proposed date and aggregate principal
amount of the prepayment, and if such notice is given such Borrower shall,
prepay the

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outstanding principal amount of the Pro Rata Advances comprising part of the
same Pro Rata Borrowing in whole or ratably in part, together with accrued
interest to the date of such prepayment on the principal amount prepaid;
PROVIDED, HOWEVER, that (x) each partial prepayment other than partial
prepayments pursuant to Section 2.10(b)(iii)(B) shall be in an aggregate
principal amount of no less than $50,000,000 and (y) in the event of any such
prepayment of a LIBO Rate Advance, such Borrower shall be obligated to reimburse
the Lenders in respect thereof pursuant to Section 9.04(b).

                Section 2.12. INCREASED COSTS. (a) COSTS FROM CHANGE IN LAW OR
AUTHORITIES. If, due to either (i) the introduction of or any change (other than
any change by way of imposition or increase of reserve requirements to the
extent such change is included in the Eurocurrency Rate Reserve Percentage) in
or in the interpretation of any law or regulation or (ii) the compliance with
any guideline or request from any central bank or other governmental authority
(whether or not having the force of law), there shall be any increase in the
cost to any Lender of agreeing to make or making, funding or maintaining LIBO
Rate Advances or Floating Rate Bid Advances (excluding for purposes of this
Section 2.12 any such increased costs resulting from (i) Taxes or Other Taxes
(as to which Section 2.15 shall govern) and (ii) changes in the basis of
taxation of overall net income or overall gross income by the United States or
by the foreign jurisdiction or state under the laws of which such Lender is
organized or has its Applicable Lending Office or any political subdivision
thereof), then the Borrower of the affected Advances shall from time to time,
upon demand by such Lender (with a copy of such demand to JPMorgan Chase, as
Administrative Agent), pay to JPMorgan Chase, as Administrative Agent, for the
account of such Lender additional amounts sufficient to compensate such Lender
for such increased cost; PROVIDED, HOWEVER, that before making any such demand,
each Lender agrees to use reasonable efforts (consistent with its internal
policy and legal and regulatory restrictions) to designate a different
Applicable Lending Office if the making of such a designation would avoid the
need for, or reduce the amount of, such increased cost and would not, in the
reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.
A certificate as to the amount of such increased cost, submitted to Kraft, such
Borrower and JPMorgan Chase, as Administrative Agent, by such Lender, shall be
conclusive and binding for all purposes, absent manifest error.

        (b)     REDUCTION IN LENDER'S RATE OF RETURN. In the event that, after
the date hereof, the implementation of or any change in any law or regulation,
or any guideline or directive (whether or not having the force of law) or the
interpretation or administration thereof by any central bank or other authority
charged with the administration thereof, imposes, modifies or deems applicable
any capital adequacy or similar requirement (including, without limitation, a
request or requirement which affects the manner in which any Lender allocates
capital resources to its commitments, including its obligations hereunder) and
as a result thereof, in the sole opinion of such Lender, the rate of return on
such Lender's capital as a consequence of its obligations hereunder is reduced
to a level below that which such Lender could have achieved but for such
circumstances, but reduced to the extent that Borrowings are outstanding from
time to time, then in each such case, upon demand from time to time Kraft shall
pay to such Lender such additional amount or amounts as shall compensate such
Lender for such reduction in rate of return;

<Page>

PROVIDED that, in the case of each Lender, such additional amount or amounts
shall not exceed 0.15 of 1% per annum of such Lender's Commitment. A certificate
of such Lender as to any such additional amount or amounts shall be conclusive
and binding for all purposes, absent manifest error. Except as provided below,
in determining any such amount or amounts each Lender may use any reasonable
averaging and attribution methods. Notwithstanding the foregoing, each Lender
shall take all reasonable actions to avoid the imposition of, or reduce the
amounts of, such increased costs, provided that such actions, in the reasonable
judgment of such Lender, will not be otherwise disadvantageous to such Lender,
and, to the extent possible, each Lender will calculate such increased costs
based upon the capital requirements for its Commitment hereunder and not upon
the average or general capital requirements imposed upon such Lender.

                Section 2.13. ILLEGALITY. Notwithstanding any other provision of
this Agreement, if any Lender shall notify JPMorgan Chase, as Administrative
Agent, that the introduction of or any change in, or in the interpretation of,
any law or regulation makes it unlawful, or any central bank or other
governmental authority asserts that it is unlawful, for any Lender or its
Eurocurrency Lending Office to perform its obligations hereunder to make LIBO
Rate Advances or Floating Rate Bid Advances or to fund or maintain LIBO Rate
Advances or Floating Rate Bid Advances, (a) each LIBO Rate Advance or Floating
Rate Bid Advances, as the case may be, will automatically, upon such demand, be
Converted into a Base Rate Advance or an Advance that bears interest at the rate
set forth in Section 2.04(a)(i), as the case may be, and (b) the obligation of
the Lenders to make LIBO Rate Advances or Floating Rate Bid Advances or to
Convert Base Rate Advances into LIBO Rate Advances shall be suspended, in each
case, until JPMorgan Chase, as Administrative Agent, shall notify Kraft and the
Lenders that the circumstances causing such suspension no longer exist;
PROVIDED, HOWEVER, that before making any such demand, each Lender agrees to use
reasonable efforts (consistent with its internal policy and legal and regulatory
restrictions) to designate a different Eurocurrency Lending Office if the making
of such a designation would allow such Lender or its Eurocurrency Lending Office
to continue to perform its obligations to make LIBO Rate Advances or Floating
Rate Bid Advances or to continue to fund or maintain LIBO Rate Advances or
Floating Rate Bid Advances, as the case may be, and would not, in the judgment
of such Lender, be otherwise disadvantageous to such Lender.

                Section 2.14. PAYMENTS AND COMPUTATIONS. (a) TIME AND
DISTRIBUTION OF PAYMENTS. Kraft and each Borrower shall make each payment
hereunder, not later than 11:00 A.M. (New York City time) on the day when due to
JPMorgan Chase, as Administrative Agent, at JPMorgan Chase's Administrative
Agent Account in same day funds. JPMorgan Chase, as Administrative Agent, will
promptly thereafter cause to be distributed like funds relating to the payment
of principal or interest or facility fees ratably (other than amounts payable
pursuant to Section 2.07, 2.12, 2.15 or 9.04(b)) to the Lenders for the account
of their respective Applicable Lending Offices, and like funds relating to the
payment of any other amount payable to any Lender to such Lender for the account
of its Applicable Lending Office, in each case to be applied in accordance with
the terms of this Agreement. From and after the effective date of an

<Page>

Assignment and Acceptance pursuant to Section 9.07, JPMorgan Chase, as
Administrative Agent, shall make all payments hereunder in respect of the
interest assigned thereby to the Lender assignee thereunder, and the parties to
such Assignment and Acceptance shall make all appropriate adjustments in such
payments for periods prior to such effective date directly between themselves.

        (b)     COMPUTATION OF INTEREST AND FEES. All computations of interest
based on JPMorgan Chase's prime rate shall be made by JPMorgan Chase, as
Administrative Agent, on the basis of a year of 365 or 366 days, as the case may
be. All computations of interest based on the LIBO Rate or the Federal Funds
Effective Rate and of facility fees shall be made by JPMorgan Chase, as
Administrative Agent, and all computations of interest pursuant to Section 2.05
shall be made by a Lender, on the basis of a year of 360 days, and all
computations of interest in respect of Competitive Bid Advances shall be made by
JPMorgan Chase, as Administrative Agent, as specified in the applicable Notice
of Competitive Bid Notice, in each case for the actual number of days (including
the first day but excluding the last day) occurring in the period for which such
interest or facility fees are payable. Each determination by JPMorgan Chase, as
Administrative Agent (or, in the case of Section 2.05 by a Lender), of an
interest rate hereunder shall be conclusive and binding for all purposes, absent
manifest error.

        (c)     PAYMENT DUE DATES. Whenever any payment hereunder shall be
stated to be due on a day other than a Business Day, such payment shall be made
on the next succeeding Business Day, and such extension of time shall in such
case be included in the computation of payment of interest or facility fee, as
the case may be; PROVIDED, HOWEVER, that if such extension would cause payment
of interest on or principal of LIBO Rate Advances or Floating Rate Bid Advances
to be made in the next following calendar month, such payment shall be made on
the immediately preceding Business Day.

        (d)     PRESUMPTION OF BORROWER PAYMENT. Unless JPMorgan Chase, as
Administrative Agent, receives notice from any Borrower prior to the date on
which any payment is due to the Lenders hereunder that such Borrower will not
make such payment in full, JPMorgan Chase, as Administrative Agent, may assume
that such Borrower has made such payment in full to JPMorgan Chase, as
Administrative Agent, on such date and JPMorgan Chase, as Administrative Agent,
may, in reliance upon such assumption, cause to be distributed to each Lender on
such due date an amount equal to the amount then due such Lender. If and to the
extent such Borrower has not made such payment in full to JPMorgan Chase, as
Administrative Agent, each Lender shall repay to JPMorgan Chase, as
Administrative Agent, forthwith on demand such amount distributed to such Lender
together with interest thereon, for each day from the date such amount is
distributed to such Lender until the date such Lender repays such amount to
JPMorgan Chase, as Administrative Agent, at the Federal Funds Effective Rate.

                Section 2.15. TAXES. (a) Any and all payments by each Borrower
and Kraft hereunder shall be made, in accordance with Section 2.14, free and
clear of and without deduction for any and all present or future taxes, levies,
imposts, deductions, charges or

<Page>

withholdings, and all liabilities with respect thereto, EXCLUDING, (i) in the
case of each Lender and JPMorgan Chase, as Administrative Agent, taxes imposed
on its net income, and franchise taxes imposed on it, by the jurisdiction under
the laws of which such Lender or JPMorgan Chase, as Administrative Agent (as the
case may be), is organized or any political subdivision thereof, (ii) in the
case of each Lender, taxes imposed on its net income, and franchise taxes
imposed on it, by the jurisdiction of such Lender's Applicable Lending Office or
any political subdivision thereof, (iii) in the case of each Lender and JPMorgan
Chase, as Administrative Agent, taxes imposed on its net income, franchise taxes
imposed on it, and any tax imposed by means of withholding to the extent such
tax is imposed solely as a result of a present or former connection (other than
the execution, delivery and performance of this Agreement or a Note) between the
Lender or JPMorgan Chase, as Administrative Agent, as the case may be, and the
taxing jurisdiction, and (iv) in the case of each Lender and JPMorgan Chase, as
Administrative Agent, taxes imposed by the United States by means of withholding
tax if and to the extent that such taxes shall be in effect and shall be
applicable on the date hereof to payments to be made to such Lender's Applicable
Lending Office or to JPMorgan Chase, as Administrative Agent (all such
non-excluded taxes, levies, imposts, deductions, charges, withholdings and
liabilities in respect of payments hereunder being hereinafter referred to as
"TAXES"). If any Borrower or Kraft shall be required by law to deduct any Taxes
from or in respect of any sum payable hereunder to any Lender or JPMorgan Chase,
as Administrative Agent, (i) the sum payable shall be increased as may be
necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section 2.15) such Lender or
JPMorgan Chase, as Administrative Agent (as the case may be), receives an amount
equal to the sum it would have received had no such deductions been made, (ii)
such Borrower or Kraft shall make such deductions and (iii) such Borrower or
Kraft shall pay the full amount deducted to the relevant taxation authority or
other authority in accordance with applicable law.

        (b)     In addition, each Borrower or Kraft shall pay any present or
future stamp or documentary taxes or any other excise or property taxes, charges
or similar levies that arise from any payment made hereunder or from the
execution, delivery or registration of, performing under, or otherwise with
respect to, this Agreement (hereinafter referred to as "OTHER TAXES").

        (c)     Each Borrower and Kraft shall indemnify each Lender and JPMorgan
Chase, as Administrative Agent, for and hold it harmless against the full amount
of Taxes or Other Taxes (including, without limitation, Taxes and Other Taxes
imposed by any jurisdiction on amounts payable under this Section 2.15) paid by
such Lender or JPMorgan Chase, as Administrative Agent (as the case may be), and
any liability (including penalties, interest and expenses) arising therefrom or
with respect thereto, whether or not such Taxes or Other Taxes were correctly or
legally asserted. This indemnification shall be made within 30 days from the
date such Lender or JPMorgan Chase, as Administrative Agent (as the case may
be), makes written demand therefor.

        (d)     Within 30 days after the date of any payment of Taxes, each
Borrower and Kraft shall furnish to JPMorgan Chase, as Administrative Agent, at
its address referred to in Section

<Page>

9.02, the original or a certified copy of a receipt evidencing such payment. If
any Borrower or Kraft determines that no Taxes are payable in respect thereof,
such Borrower or Kraft shall, at the request of JPMorgan Chase, as
Administrative Agent, furnish or cause the payor to furnish, JPMorgan Chase, as
Administrative Agent, and each Lender an opinion of counsel reasonably
acceptable to JPMorgan Chase, as Administrative Agent, stating that such payment
is exempt from Taxes.

        (e)     Each Lender, on or prior to the date of its execution and
delivery of this Agreement in the case of each Initial Lender and on the date of
the Assignment and Acceptance or New Lender Supplement pursuant to which it
becomes a Lender in the case of each other Lender, shall provide each of
JPMorgan Chase, as Administrative Agent, Kraft and such Borrower with any form
or certificate that is required by any taxing authority (including, if
applicable, two original Internal Revenue Service Forms W-9, W-8BEN or W-8ECI,
as appropriate, or any successor or other form prescribed by the Internal
Revenue Service), certifying that such Lender is exempt from or entitled to a
reduced rate of Home Jurisdiction Withholding Taxes on payments pursuant to this
Agreement. Thereafter, each such Lender shall provide additional forms or
certificates (i) to the extent a form or certificate previously provided has
become inaccurate or invalid or otherwise ceased to be effective or (ii) as
requested in writing by any Borrower, Kraft or JPMorgan Chase, as Administrative
Agent. Unless the Borrowers, Kraft and JPMorgan Chase, as Administrative Agent,
have received forms or other documents satisfactory to them indicating that
payments hereunder are not subject to Home Jurisdiction Withholding Taxes or are
subject to Home Jurisdiction Witholding Taxes at a rate reduced by an applicable
tax treaty, such Borrower, Kraft or JPMorgan Chase, as Administrative Agent,
shall withhold taxes from such payments at the applicable statutory rate in the
case of payments to or for any Lender.

        (f)     Any Lender claiming any additional amounts payable pursuant to
this Section 2.15 agrees to use reasonable efforts (consistent with its internal
policy and legal and regulatory restrictions) to select or change the
jurisdiction of its Applicable Lending Office if the making of such a selection
or change would avoid the need for, or reduce the amount of, any such additional
amounts that may thereafter accrue and would not, in the reasonable judgment of
such Lender, be otherwise economically disadvantageous to such Lender.

        (g)     No additional amounts will be payable pursuant to this
Section 2.15 with respect to (i) any Home Jurisdiction Withholding Taxes that
would not have been payable had the Lender provided the relevant forms or other
documents pursuant to Section 2.15(e); or (ii) in the case of an Assignment and
Acceptance by a Lender to an Eligible Assignee, any Home Jurisdiction
Withholding Taxes that exceed the amount of such Home Jurisdiction Withholding
Taxes that are imposed prior to such Assignment and Acceptance, unless such
Assignment and Acceptance resulted from the demand of Kraft.

        (h)     If any Lender or JPMorgan Chase, as Administrative Agent, as the
case may be, obtains a refund of any Tax for which payment has been made
pursuant to this Section 2.15,

<Page>

which refund in the good faith judgment of such Lender or JPMorgan Chase, as
Administrative Agent, as the case may be, (and without any obligation to
disclose its tax records) is allocable to such payment made under this Section
2.15, the amount of such refund (together with any interest received thereon and
reduced by reasonable costs incurred in obtaining such refund) promptly shall be
paid to the Borrower to the extent payment has been made in full by the Borrower
pursuant to this Section 2.15.

                Section 2.16. SHARING OF PAYMENTS, ETC. If any Lender shall
obtain any payment (whether voluntary, involuntary, through the exercise of any
right of set-off, or otherwise) on account of the Pro Rata Advances owing to it
(other than pursuant to Section 2.12, 2.15 or 9.04(b)) in excess of its ratable
share of payments on account of the Pro Rata Advances obtained by all the
Lenders, such Lender shall forthwith purchase from the other Lenders such
participations in the Pro Rata Advances made by them as shall be necessary to
cause such purchasing Lender to share the excess payment ratably with each of
them; PROVIDED, HOWEVER, that if all or any portion of such excess payment is
thereafter recovered from such purchasing Lender, such purchase from each Lender
shall be rescinded and such Lender shall repay to the purchasing Lender the
purchase price to the extent of such recovery together with an amount equal to
such Lender's ratable share (according to the proportion of (i) the amount of
such Lender's required repayment to (ii) the total amount so recovered from the
purchasing Lender) of any interest or other amount paid or payable by the
purchasing Lender in respect of the total amount so recovered. Each Borrower
agrees that any Lender so purchasing a participation from another Lender
pursuant to this Section 2.16 may, to the fullest extent permitted by law,
exercise all its rights of payment (including the right of set-off) with respect
to such participation as fully as if such Lender were the direct creditor of
such Borrower in the amount of such participation.

                Section 2.17. EVIDENCE OF DEBT. (a) LENDER RECORDS; PRO RATA
NOTES. Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of each Borrower to such Lender
resulting from each Pro Rata Advance owing to such Lender from time to time,
including the amounts of principal and interest payable and paid to such Lender
from time to time hereunder in respect of Pro Rata Advances. Each Borrower
shall, upon notice by any Lender to such Borrower (with a copy of such notice to
JPMorgan Chase, as Administrative Agent) to the effect that a Pro Rata Note is
required or appropriate in order for such Lender to evidence (whether for
purposes of pledge, enforcement or otherwise) the Pro Rata Advances owing to, or
to be made by, such Lender, such Borrower shall promptly execute and deliver to
such Lender a Pro Rata Note payable to the order of such Lender in a principal
amount up to the Commitment of such Lender.

        (b)     RECORD OF BORROWINGS, PAYABLES AND PAYMENTS. The Register
maintained by JPMorgan Chase, as Administrative Agent, pursuant to Section
9.07(d) shall include a control account, and a subsidiary account for each
Lender, in which accounts (taken together) shall be recorded as follows:

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                        (i)     the date and amount of each Borrowing made
        hereunder, the Type of Advances comprising such Borrowing and, if
        appropriate, the Interest Period applicable thereto;

                        (ii)    the terms of each Assignment and Acceptance
        delivered to and accepted by it and information provided to it by Kraft
        pursuant to Section 2.10(b);

                        (iii)   the amount of any principal or interest due and
        payable or to become due and payable from each Borrower to each Lender
        hereunder; and

                        (iv)    the amount of any sum received by JPMorgan
        Chase, as Administrative Agent, from the Borrowers hereunder and each
        Lender's share thereof.

        (c)     EVIDENCE OF PAYMENT OBLIGATIONS. Entries made in good faith by
JPMorgan Chase, as Administrative Agent, in the Register pursuant to Section
2.17(b), and by each Lender in its account or accounts pursuant to Section
2.17(a), shall be PRIMA FACIE evidence of the amount of principal and interest
due and payable or to become due and payable from each Borrower to, in the case
of the Register, each Lender and, in the case of such account or accounts, such
Lender, under this Agreement, absent manifest error; PROVIDED, HOWEVER, that the
failure of JPMorgan Chase, as Administrative Agent, or such Lender to make an
entry, or any finding that an entry is incorrect, in the Register or such
account or accounts shall not limit or otherwise affect the obligations of any
Borrower under this Agreement.

                Section 2.18. USE OF PROCEEDS. The proceeds of the Advances
shall be available (and each Borrower agrees that it shall use such proceeds)
for general corporate purposes of Kraft and its Subsidiaries.

                                   ARTICLE III

                     CONDITIONS TO EFFECTIVENESS AND LENDING

                Section 3.01. CONDITIONS PRECEDENT TO EFFECTIVENESS. This
Agreement shall become effective on and as of the first date (the "EFFECTIVE
DATE") on which the following conditions precedent have been satisfied:

        (a)     Kraft shall have notified each Lender and JPMorgan Chase, as
Administrative Agent, in writing as to the proposed Effective Date.

        (b)     On the Effective Date, the following statements shall be true
and JPMorgan Chase, as Administrative Agent, shall have received for the account
of each Lender a certificate signed by a duly authorized officer of Kraft, dated
the Effective Date, stating that:

                        (i)     the representations and warranties contained in
        Section 4.01 are correct on and as of the Effective Date, and

<Page>

                        (ii)    no event has occurred and is continuing that
        constitutes a Default or Event of Default.

        (c)     JPMorgan Chase, as Administrative Agent, shall have received on
        or before the Effective Date copies of the letter from Kraft dated on or
        before such day, terminating in whole the commitments of the banks party
        to the Existing Loan Agreement.

        (d)     Prior to or simultaneously with the Effective Date, Kraft shall
have satisfied all of its obligations under the Existing Loan Agreement
including, without limitation, the payment of all loans, accrued interest and
fees under the Existing Loan Agreement.

        (e)     JPMorgan Chase, as Administrative Agent, shall have received on
or before the Effective Date the following, each dated such day, in form and
substance satisfactory to JPMorgan Chase, as Administrative Agent:

                        (i)     Certified copies of the resolutions of the Board
        of Directors of Kraft approving this Agreement, and of all documents
        evidencing other necessary corporate action and governmental approvals,
        if any, with respect to this Agreement.

                        (ii)    A certificate of the Secretary or an Assistant
        Secretary of Kraft certifying the names and true signatures of the
        officers of Kraft authorized to sign this Agreement and the other
        documents to be delivered hereunder.

                        (iii)   Favorable opinions of counsel (which may be
        in-house counsel) for Kraft, substantially in the form of Exhibits E-1
        and E-2 hereto.

                        (iv)    A favorable opinion of Simpson Thacher &
        Bartlett LLP, counsel for JPMorgan Chase, as Administrative Agent,
        substantially in the form of Exhibit G hereto.

        (f)     This Agreement shall have been executed by Kraft, JPMorgan Chase
and Citibank, as Administrative Agents, Credit Suisse First Boston and Deutsche
Bank Securities Inc., as Syndication Agents, and ABN AMRO Bank N.V., BNP
Paribas, Dresdner Bank AG, New York and Grand Cayman Branches and HSBC Bank USA,
as Arrangers and Documentation Agents, and JPMorgan Chase, as Administrative
Agent, shall have been notified by each Initial Lender that such Initial Lender
has executed this Agreement.

JPMorgan Chase, as Administrative Agent, shall notify Kraft and the Initial
Lenders of the date which is the Effective Date upon satisfaction of all of the
conditions precedent set forth in this Section 3.01. For purposes of determining
compliance with the conditions specified in this Section 3.01, each Lender shall
be deemed to have consented to, approved or accepted or to be satisfied with
each document or other matter required thereunder to be consented to or approved
by or acceptable or satisfactory to the Lenders unless an officer of JPMorgan
Chase, as Administrative Agent, responsible for the transactions contemplated by
this Agreement shall

<Page>

have received notice from such Lender prior to the date that Kraft, by notice to
the Lenders, designates as the proposed Effective Date, specifying its objection
thereto.

                Section 3.02. INITIAL ADVANCE TO EACH DESIGNATED SUBSIDIARY. The
obligation of each Lender to make an initial Advance to each Designated
Subsidiary following any designation of such Designated Subsidiary as a Borrower
hereunder pursuant to Section 9.08 is subject to the receipt by JPMorgan Chase,
as Administrative Agent, on or before the date of such initial Advance of each
of the following, in form and substance satisfactory to JPMorgan Chase, as
Administrative Agent, and dated such date, and in sufficient copies for each
Lender:

        (a)     Certified copies of the resolutions of the Board of Directors of
such Designated Subsidiary (with a certified English translation if the original
thereof is not in English) approving this Agreement, and of all documents
evidencing other necessary corporate action and governmental approvals, if any,
with respect to this Agreement.

        (b)     A certificate of a proper officer of such Designated Subsidiary
certifying the names and true signatures of the officers of such Designated
Subsidiary authorized to sign this Agreement and the other documents to be
delivered hereunder.

        (c)     A certificate signed by a duly authorized officer of the
Designated Subsidiary, dated as of the date of such initial Advance, certifying
that such Designated Subsidiary shall have obtained all governmental and third
party authorizations, consents, approvals (including exchange control approvals)
and licenses required under applicable laws and regulations necessary for such
Designated Subsidiary to execute and deliver this Agreement and to perform its
obligations thereunder.

        (d)     The Designation Agreement of such Designated Subsidiary,
substantially in the form of Exhibit D hereto.

        (e)     A favorable opinion of counsel (which may be in-house counsel)
to such Designated Subsidiary, dated the date of such initial Advance, covering,
to the extent customary and appropriate for the relevant jurisdiction, the
opinions outlined on Exhibit F hereto.

        (f)     Such other approvals, opinions or documents as any Lender,
through JPMorgan Chase, as Administrative Agent, may reasonably request.

                Section 3.03. CONDITIONS PRECEDENT TO EACH PRO RATA BORROWING.
The obligation of each Lender to make a Pro Rata Advance on the occasion of each
Pro Rata Borrowing is subject to the conditions precedent that the Effective
Date shall have occurred and on the date of such Pro Rata Borrowing the
following statements shall be true, and the acceptance by the Borrower of the
proceeds of such Pro Rata Borrowing shall be a representation by such Borrower
or Kraft, as the case may be, that:

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        (a)     the representations and warranties contained in Section 4.01
(except the representations set forth in the last sentence of subsection (e) and
in subsection (f) thereof (other than clause (i) thereof)) are correct on and as
of the date of such Pro Rata Borrowing, before and after giving effect to such
Pro Rata Borrowing and to the application of the proceeds therefrom, as though
made on and as of such date, and, if such Pro Rata Borrowing shall have been
requested by a Designated Subsidiary, the representations and warranties of such
Designated Subsidiary contained in its Designation Agreement are correct on and
as of the date of such Pro Rata Borrowing, before and after giving effect to
such Pro Rata Borrowing and to the application of the proceeds therefrom, as
though made on and as of such date;

        (b)     after giving effect to the application of the proceeds of all
Borrowings on such date (together with any other resources of the Borrower
applied together therewith) no event has occurred and is continuing, or would
result from such Pro Rata Borrowing, that constitutes a Default or Event of
Default; and

        (c)     if such Pro Rata Borrowing is in an aggregate principal amount
equal to or greater than $500,000,000 and is being made in connection with any
purchase of shares of such Borrower's or Kraft's capital stock or the capital
stock of any other Person, or any purchase of all or substantially all of the
assets of any Person (whether in one transaction or a series of transactions) or
any transaction of the type referred to in Section 5.02(b), the statement in (b)
above shall also be true on a pro forma basis as if such transaction or purchase
shall have been completed.

                Section 3.04. CONDITIONS PRECEDENT TO EACH COMPETITIVE BID
BORROWING. The obligation of each Lender that is to make a Competitive Bid
Advance on the occasion of a Competitive Bid Borrowing is subject to the
conditions precedent that (i) JPMorgan Chase, as Administrative Agent, shall
have received the written confirmatory Notice of Competitive Bid Borrowing with
respect thereto, (ii) on or before the date of such Competitive Bid Borrowing,
but prior to such Competitive Bid Borrowing, JPMorgan Chase, as Administrative
Agent, shall have received a Competitive Bid Note payable to the order of such
Lender for each of the one or more Competitive Bid Advances to be made by such
Lender as part of such Competitive Bid Borrowing, in a principal amount equal to
the principal amount of the Competitive Bid Advance to be evidenced thereby and
otherwise on such terms as were agreed to for such Competitive Bid Advance in
accordance with Section 2.07, and (iii) on the date of such Competitive Bid
Borrowing the following statements shall be true, and the acceptance by the
Borrower of the proceeds of such Competitive Bid Borrowing shall be a
representation by such Borrower or Kraft, as the case may be, that:

        (a)     the representations and warranties contained in Section 4.01 are
correct on and as of the date of such Competitive Bid Borrowing, before and
after giving effect to such Competitive Bid Borrowing and to the application of
the proceeds therefrom, as though made on and as of such date, and, if such
Competitive Bid Borrowing shall have been requested by a Designated Subsidiary,
the representations and warranties of such Designated Subsidiary

<Page>

contained in its Designation Agreement are correct on and as of the date of such
Competitive Bid Borrowing, before and after giving effect to such Competitive
Bid Borrowing and to the application of the proceeds therefrom, as though made
on and as of such date, and

        (b)     after giving effect to the application of the proceeds of all
Borrowings on such date (together with any other resources of the Borrower
applied together therewith), no event has occurred and is continuing, or would
result from such Competitive Bid Borrowing that constitutes a Default or Event
of Default.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

                Section 4.01. REPRESENTATIONS AND WARRANTIES OF KRAFT. Kraft
represents and warrants as follows:

        (a)     It is a corporation duly organized, validly existing and in good
standing under the laws of Virginia.

        (b)     The execution, delivery and performance of this Agreement and
the Notes to be delivered by it are within its corporate powers, have been duly
authorized by all necessary corporate action, and do not contravene (i) its
charter or by-laws or (ii) in any material respect, any law, rule, regulation or
order of any court or governmental agency or any contractual restriction binding
on or affecting it.

        (c)     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, delivery and performance by it of this Agreement or the Notes
to be delivered by it.

        (d)     This Agreement is, and each of the Notes to be delivered by it
when delivered hereunder will be, a legal, valid and binding obligation of Kraft
enforceable against Kraft in accordance with its terms, subject to the effect of
any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other laws affecting creditors' rights generally and subject, as
to enforceability, to general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law) and an implied
covenant of good faith and fair dealing.

        (e)     As reported in Kraft's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2004, the unaudited condensed consolidated balance
sheets of Kraft and its Subsidiaries as of March 31, 2004 and the unaudited
condensed consolidated statements of earnings of Kraft and its Subsidiaries for
the quarter then ended fairly present, in all material respects and subject to
year-end audit adjustments, the consolidated financial position of Kraft and its

<Page>

Subsidiaries as at such date and the consolidated results of the operations of
Kraft and its Subsidiaries for the quarter ended on such date, all in accordance
with accounting principles generally accepted in the United States. Except as
disclosed in Kraft's Quarterly Report on Form 10-Q for the quarter ended March
31, 2004, and in any Current Report on Form 8-K filed subsequent to March 31,
2004 but prior to July 13, 2004, since March 31, 2004 there has been no material
adverse change in such position or operations.

        (f)     There is no pending or threatened action or proceeding affecting
it or any of its Subsidiaries before any court, governmental agency or
arbitrator (a "PROCEEDING") (i) that purports to affect the legality, validity
or enforceability of this Agreement or (ii) except for Proceedings disclosed in
Kraft's Quarterly Report on Form 10-Q for the quarter ended March 31, 2004, its
Annual Report on Form 10-K for the year ended December 31, 2003, any Current
Report on Form 8-K filed subsequent to March 31, 2004 but prior to July 13, 2004
and, with respect to Proceedings commenced after the date of the most recent
such document but prior to July 13, 2004, a certificate delivered to the
Lenders, that may materially adversely affect the financial position or results
of operations of Kraft and its Subsidiaries taken as a whole.

        (g)     It owns directly or indirectly 100% of the capital stock of each
other Borrower.

        (h)     None of the proceeds of any Advance will be used, directly or
indirectly, for the purpose of purchasing or carrying any Margin Stock or for
the purpose of reducing or retiring any indebtedness which was originally
incurred to purchase or carry any Margin Stock or for any other purpose that
would constitute the Advances as a "purpose credit" within the meaning of
Regulation U and, in each case, would constitute a violation of Regulation U.

                                    ARTICLE V

                               COVENANTS OF KRAFT

                Section 5.01. AFFIRMATIVE COVENANTS.  So long as any Advance
shall remain unpaid or any Lender shall have any Commitment hereunder, Kraft
will:

        (a)     COMPLIANCE WITH LAWS, ETC. Comply, and cause each Major
Subsidiary to comply, in all material respects, with all applicable laws, rules,
regulations and orders (such compliance to include, without limitation,
complying with ERISA and paying before the same become delinquent all taxes,
assessments and governmental charges imposed upon it or upon its property except
to the extent contested in good faith), noncompliance with which would
materially adversely affect the financial condition or operations of Kraft and
its Subsidiaries taken as a whole.

        (b)     MAINTENANCE OF NET WORTH. Maintain total shareholders' equity on

the consolidated balance sheet of Kraft and its Subsidiaries of not less than
$18,200,000,000.

        (c)     REPORTING REQUIREMENTS. Furnish to the Lenders:

<Page>

                        (i)     as soon as available and in any event within 60
        days after the end of each of the first three quarters of each fiscal
        year of Kraft, an unaudited interim condensed consolidated balance sheet
        of Kraft and its Subsidiaries as of the end of such quarter and
        unaudited interim condensed consolidated statements of earnings of Kraft
        and its Subsidiaries for the period commencing at the end of the
        previous fiscal year and ending with the end of such quarter, certified
        by the chief financial officer of Kraft;

                        (ii)    as soon as available and in any event within 100
        days after the end of each fiscal year of Kraft, a copy of the
        consolidated financial statements for such year for Kraft and its
        Subsidiaries, audited by PricewaterhouseCoopers LLP (or other
        independent auditors which, as of the date of this Agreement, are one of
        the "big four" accounting firms);

                        (iii)   all reports which Kraft sends to any of its
        shareholders, and copies of all reports on Form 8-K (or any successor
        forms adopted by the Securities and Exchange Commission) which Kraft
        files with the Securities and Exchange Commission;

                        (iv)    as soon as possible and in any event within five
        days after the occurrence of each Event of Default and each event which,
        with the giving of notice or lapse of time, or both, would constitute an
        Event of Default, continuing on the date of such statement, a statement
        of the chief financial officer or treasurer of Kraft setting forth
        details of such Event of Default or event and the action which Kraft has
        taken and proposes to take with respect thereto; and

                        (v)     such other information respecting the condition
        or operations, financial or otherwise, of Kraft or any Major Subsidiary
        as any Lender through JPMorgan Chase, as Administrative Agent, may from
        time to time reasonably request.

In lieu of furnishing the Lenders the items referred to in clauses (i), (ii) and
(iii) above, Kraft may make such items available on the internet at
www.kraft.com (which website includes an option to subscribe to a free service
alerting subscribers by e-mail of new Securities and Exchange Commission
filings) or any successor or replacement website thereof, or by similar
electronic means.

                Section 5.02. NEGATIVE COVENANTS. So long as any Advance shall
remain unpaid or any Lender shall have any Commitment hereunder, Kraft will not:

        (a)     LIENS, ETC. Create or suffer to exist, or permit any Major
Subsidiary to create or suffer to exist, any lien, security interest or other
charge or encumbrance (other than operating leases and licensed intellectual
property), or any other type of preferential arrangement ("LIENS"), upon or with
respect to any of its properties, whether now owned or hereafter acquired, or
assign, or permit any Major Subsidiary to assign, any right to receive income,
in each case to secure or provide for the payment of any Debt of any Person,
other than:

<Page>

                        (i) Liens upon or in property acquired or held by it or
        any Major Subsidiary in the ordinary course of business to secure the
        purchase price of such property or to secure indebtedness incurred
        solely for the purpose of financing the acquisition of such property;

                        (ii)    Liens existing on property at the time of its
        acquisition (other than any such lien or security interest created in
        contemplation of such acquisition);

                        (iii)   Liens existing on the date hereof securing Debt;

                        (iv)    Liens on property financed through the issuance
        of industrial revenue bonds in favor of the holders of such bonds or any
        agent or trustee therefor;

                        (v)     Liens existing on property of any Person
        acquired by Kraft or any Major Subsidiary;

                        (vi)    Liens securing Debt in an aggregate amount not
        in excess of 15% of Consolidated Tangible Assets;

                        (vii)   Liens upon or with respect to "margin stock" as
        that term is defined in Regulation U;

                        (viii)  Liens in favor of Kraft or any Major Subsidiary;

                        (ix)    precautionary Liens provided by Kraft or any
        Major Subsidiary in connection with the sale, assignment, transfer or
        other disposition of assets by Kraft or such Major Subsidiary which
        transaction is determined by the Board of Directors of Kraft or such
        Major Subsidiary to constitute a "sale" under accounting principles
        generally accepted in the United States; or

                        (x)     any extension, renewal or replacement of the
        foregoing, PROVIDED that (A) such Lien does not extend to any additional
        assets (other than a substitution of like assets), and (B) the amount of
        Debt secured by any such Lien is not increased.

        (b)     MERGERS, ETC. Consolidate with or merge into, or convey or
transfer its properties and assets substantially as an entirety to, any Person,
or permit any Subsidiary directly or indirectly owned by it to do so, unless,
immediately after giving effect thereto, no Default or Event of Default would
exist and, in the case of any merger or consolidation to which it is a party,
the surviving corporation is Kraft or was a Subsidiary of Kraft immediately
prior to such merger or consolidation, which is organized and existing under the
laws of the United States of America or any State thereof, or the District of
Columbia. The surviving corporation of any merger or consolidation involving
Kraft or any other Borrower shall assume all of Kraft's or such Borrower's
obligations under this Agreement (including without limitation with respect to

<Page>

Kraft's obligations, the covenants set forth in Article V) by the execution and
delivery of an instrument in form and substance satisfactory to the Required
Lenders.

                                   ARTICLE VI

                                EVENTS OF DEFAULT

                Section 6.01. EVENTS OF DEFAULT. Each of the following events
(each an "Event of Default") shall constitute an Event of Default:

        (a)     Any Borrower or Kraft shall fail to pay any principal of any
Advance when the same becomes due and payable; or any Borrower shall fail to pay
interest on any Advance, or Kraft shall fail to pay any fees payable under
Section 2.09, within ten days after the same becomes due and payable; or

        (b)     Any representation or warranty made or deemed to have been made
by any Borrower or Kraft herein or by any Borrower or Kraft (or any of their
respective officers) in connection with this Agreement shall prove to have been
incorrect in any material respect when made or deemed to have been made; or

        (c)     Any Borrower or Kraft shall fail to perform or observe (i) any
term, covenant or agreement contained in Section 5.01(b) or 5.02(b), (ii) any
term, covenant or agreement contained in Section 5.02(a) if such failure shall
remain unremedied for 15 days after written notice thereof shall have been given
to Kraft by JPMorgan Chase, as Administrative Agent, or any Lender or (iii) any
other term, covenant or agreement contained in this Agreement on its part to be
performed or observed if such failure shall remain unremedied for 30 days after
written notice thereof shall have been given to Kraft by JPMorgan Chase, as
Administrative Agent, or any Lender; or

        (d)     Any Borrower or Kraft or any Major Subsidiary shall fail to pay
any principal of or premium or interest on any Debt which is outstanding in a
principal amount of at least $100,000,000 in the aggregate (but excluding Debt
arising under this Agreement) of such Borrower or Kraft or such Major Subsidiary
(as the case may be), when the same becomes due and payable (whether by
scheduled maturity, required prepayment, acceleration, demand or otherwise), and
such failure shall continue after the applicable grace period, if any, specified
in the agreement or instrument relating to such Debt unless adequate provision
for any such payment has been made in form and substance satisfactory to the
Required Lenders; or any Debt of any Borrower or Kraft or any Major Subsidiary
which is outstanding in a principal amount of at least $100,000,000 in the
aggregate (but excluding Debt arising under this Agreement) shall be declared to
be due and payable, or required to be prepaid (other than by a scheduled
required prepayment), redeemed, purchased or defeased, or an offer to prepay,
redeem, purchase or defease such Debt shall be required to be made, in each case
prior to the stated maturity thereof

<Page>

unless adequate provision for the payment of such Debt has been made in form and
substance satisfactory to the Required Lenders; or

        (e)     Any Borrower or Kraft or any Major Subsidiary shall generally
not pay its debts as such debts become due, or shall admit in writing its
inability to pay its debts generally, or shall make a general assignment for the
benefit of creditors; or any proceeding shall be instituted by or against any
Borrower or Kraft or any Major Subsidiary seeking to adjudicate it a bankrupt or
insolvent, or seeking liquidation, winding up, reorganization, arrangement,
adjustment, protection, relief, or composition of it or its debts under any law
relating to bankruptcy, insolvency or reorganization or relief of debtors, or
seeking the entry of an order for relief or the appointment of a receiver,
trustee, or other similar official for it or for any substantial part of its
property, and, in the case of any such proceeding instituted against it (but not
instituted by it), either such proceeding shall remain undismissed or unstayed
for a period of 60 days or any of the actions sought in such proceeding
(including, without limitation, the entry of an order for relief against it or
the appointment of a receiver, trustee, custodian or other similar official for
it or for any of its property constituting a substantial part of the property of
Kraft and its Subsidiaries taken as a whole) shall occur; or any Borrower or
Kraft or any Major Subsidiary shall take any corporate action to authorize any
of the actions set forth above in this subsection (e); or

        (f)     Any judgment or order for the payment of money in excess of
$100,000,000 shall be rendered against any Borrower or Kraft or any Major
Subsidiary and there shall be any period of 60 consecutive days during which a
stay of enforcement of such unsatisfied judgment or order, by reason of a
pending appeal or otherwise, shall not be in effect; or

        (g)     Any Borrower, Kraft or any ERISA Affiliate shall incur, or shall
be reasonably likely to incur, liability in excess of $500,000,000 in the
aggregate as a result of one or more of the following: (i) the occurrence of any
ERISA Event; (ii) the partial or complete withdrawal of any Borrower, Kraft or
any ERISA Affiliate from a Multiemployer Plan; or (iii) the reorganization or
termination of a Multiemployer Plan; PROVIDED, HOWEVER, that no Default or Event
of Default under this Section 6.01(g) shall be deemed to have occurred if the
Borrower, Kraft or any ERISA Affiliate shall have made arrangements satisfactory
to the PBGC or the Required Lenders to discharge or otherwise satisfy such
liability (including the posting of a bond or other security); or

        (h)     So long as any Subsidiary of Kraft is a Designated Subsidiary,
the guaranty provided by Kraft under Article VIII hereof shall for any reason
cease to be valid and binding on Kraft or Kraft shall so state in writing.

                Section 6.02. LENDERS' RIGHTS UPON EVENT OF DEFAULT. If an
Event of Default occurs or is continuing, then JPMorgan Chase, as Administrative
Agent, shall at the request, or may with the consent, of the Required Lenders,
by notice to Kraft and the Borrowers:

<Page>

        (a)     declare the obligation of each Lender to make further Advances
to be terminated, whereupon the same shall forthwith terminate, and

        (b)     declare all the Advances then outstanding, all interest thereon
and all other amounts payable under this Agreement to be forthwith due and
payable, whereupon the Advances then outstanding, all such interest and all such
amounts shall become and be forthwith due and payable, without presentment,
demand, protest or further notice of any kind, all of which are hereby expressly
waived by the Borrowers;

PROVIDED, HOWEVER, that in the event of an actual or deemed entry of an order
for relief with respect to any Borrower under the Federal Bankruptcy Code, (i)
the obligation of each Lender to make Advances shall automatically be terminated
and (ii) the Advances then outstanding, all such interest and all such amounts
shall automatically become and be due and payable, without presentment, demand,
protest or any notice of any kind, all of which are hereby expressly waived by
the Borrowers.

                                   ARTICLE VII

                            THE ADMINISTRATIVE AGENTS

                Section 7.01. AUTHORIZATION AND ACTION. Each Lender hereby
appoints and authorizes the Administrative Agents to take such action as agent
on its behalf and to exercise such powers and discretion under this Agreement as
are delegated to the Administrative Agents by the terms hereof, together with
such powers and discretion as are reasonably incidental thereto. As to any
matters not expressly provided for by this Agreement (including, without
limitation, enforcement or collection of the Notes), the Administrative Agents
shall not be required to exercise any discretion or take any action, but shall
be required to act or to refrain from acting (and shall be fully protected in so
acting or refraining from acting) upon the instructions of the Required Lenders,
and such instructions shall be binding upon all Lenders and all holders of
Notes; PROVIDED, HOWEVER, that no Administrative Agent shall be required to take
any action that exposes such Administrative Agent to personal liability or that
is contrary to this Agreement or applicable law. Each of the Administrative
Agents agrees to give to each Lender prompt notice of each notice given to it by
Kraft or any Borrower as required by the terms of this Agreement or at the
request of Kraft or such Borrower, and any notice provided pursuant to Section
5.01(c)(iv).

                Section 7.02. ADMINISTRATIVE AGENTS' RELIANCE, ETC. Neither the
Administrative Agents nor any of their directors, officers, agents or employees
shall be liable for any action taken or omitted to be taken by it or them under
or in connection with this Agreement, except for its or their own gross
negligence or willful misconduct. Without limitation of the generality of the
foregoing, the Administrative Agents:

<Page>

        (a)     may treat the Lender that made any Advance as the holder of the
Debt resulting therefrom until JPMorgan Chase, as Administrative Agent, receives
and accepts an Assignment and Acceptance entered into by such Lender, as
assignor, and an Eligible Assignee, as assignee, as provided in Section 9.07;

        (b)     may consult with legal counsel (including counsel for Kraft or
any Borrower), independent public accountants and other experts selected by it
and shall not be liable for any action taken or omitted to be taken in good
faith by it in accordance with the advice of such counsel, accountants or
experts;

        (c)     make no warranty or representation to any Lender and shall not
be responsible to any Lender for any statements, warranties or representations
(whether written or oral) made in or in connection with this Agreement;

        (d)     shall not have any duty to ascertain or to inquire as to the
performance or observance of any of the terms, covenants or conditions of this
Agreement on the part of Kraft or any Borrower or to inspect the property
(including the books and records) of Kraft or such Borrower;

        (e)     shall not be responsible to any Lender for the due execution,
legality, validity, enforceability, genuineness, sufficiency or value of this
Agreement or any other instrument or document furnished pursuant hereto; and

        (f)     shall incur no liability under or in respect of this Agreement
by acting upon any notice, consent, certificate or other instrument or writing
(which may be by telecopier, telegram or telex) believed by it to be genuine and
signed or sent by the proper party or parties.

                Section 7.03. JPMORGAN CHASE, CITIBANK AND AFFILIATES. With
respect to its Commitment and the Advances made by it, each of JPMorgan Chase
and Citibank shall have the same rights and powers under this Agreement as any
other Lender and may exercise the same as though it were not an Administrative
Agent; and the term "Lender" or "Lenders" shall, unless otherwise expressly
indicated, include JPMorgan Chase and Citibank in their individual capacities.
JPMorgan Chase and Citibank and their affiliates may accept deposits from, lend
money to, act as trustee under indentures of, accept investment banking
engagements from and generally engage in any kind of business with, Kraft, any
Borrower, any of its Subsidiaries and any Person who may do business with or own
securities of Kraft, any Borrower or any such Subsidiary, all as if JPMorgan
Chase and Citibank were not Administrative Agents and without any duty to
account therefor to the Lenders.

                Section 7.04. LENDER CREDIT DECISION. Each Lender acknowledges
that it has, independently and without reliance upon either Administrative
Agent, either Syndication Agent, any Arranger and Documentation Agent, or any
other Lender and based on the financial statements referred to in Section 4.01
and such other documents and information as it has

<Page>

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

                Section 7.05. INDEMNIFICATION. The Lenders agree to indemnify
each Administrative Agent (to the extent not reimbursed by Kraft or the
Borrowers), ratably according to the respective principal amounts of the Pro
Rata Advances then owing to each of them (or if no Pro Rata Advances are at the
time outstanding, ratably according to the respective amounts of their
Commitments), from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever that may be imposed on, incurred by, or
asserted against such Administrative Agent in any way relating to or arising out
of this Agreement or any action taken or omitted by such Administrative Agent
under this Agreement (collectively, the "INDEMNIFIED COSTS"), PROVIDED that no
Lender shall be liable for any portion of the Indemnified Costs resulting from
such Administrative Agent's gross negligence or willful misconduct. Without
limitation of the foregoing, each Lender agrees to reimburse such Administrative
Agent promptly upon demand for its ratable share of any out-of-pocket expenses
(including counsel fees) incurred by such Administrative Agent in connection
with the preparation, execution, delivery, administration, modification,
amendment or enforcement (whether through negotiations, legal proceedings or
otherwise) of, or legal advice in respect of rights or responsibilities under,
this Agreement, to the extent that such Administrative Agent is not reimbursed
for such expenses by Kraft or the Borrowers. In the case of any investigation,
litigation or proceeding giving rise to any Indemnified Costs, this Section 7.05
applies whether any such investigation, litigation or proceeding is brought by
any Administrative Agent, any Lender or a third party.

                Section 7.06. SUCCESSOR ADMINISTRATIVE AGENTS. An Administrative
Agent may resign at any time by giving written notice thereof to the Lenders and
Kraft and may be removed at any time with or without cause by the Required
Lenders. Upon the resignation or removal of JPMorgan Chase, as Administrative
Agent, Citibank, as Administrative Agent, shall succeed to and become vested
with all the rights, powers, discretion, privileges and duties of JPMorgan
Chase, as Administrative Agent, and JPMorgan Chase, as Administrative Agent
shall be discharged from its duties and obligations under this Agreement. Upon
any other such resignation or removal which results in there being no
Administrative Agent hereunder, the Required Lenders shall have the right to
appoint a successor Administrative Agent. If no successor Administrative Agent
shall have been so appointed by the Required Lenders, and shall have accepted
such appointment, within 30 days after the retiring Administrative Agent's
giving of notice of resignation or the Required Lenders' removal of the retiring
Administrative Agent, then the retiring Administrative Agent may, on behalf of
the Lenders, appoint a successor Administrative Agent, which shall be a
commercial bank organized under the laws of the United States of America or of
any State thereof and having a combined capital and surplus of at least
$500,000,000. Upon the acceptance of any appointment as Administrative Agent
hereunder by a

<Page>

successor Administrative Agent, such successor Administrative Agent shall
thereupon succeed to and become vested with all the rights, powers, discretion,
privileges and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations under
this Agreement. After any retiring Administrative Agent's resignation or removal
hereunder as Administrative Agent, the provisions of this Article VII shall
inure to its benefit as to any actions taken or omitted to be taken by it while
it was Administrative Agent under this Agreement.

                Section 7.07. SYNDICATION AGENTS AND ARRANGERS AND DOCUMENTATION
AGENTS. Credit Suisse First Boston and Deutsche Bank Securities Inc. have been
designated as Syndication Agents, and ABN AMRO Bank N.V., BNP Paribas, Dresdner
Bank AG, New York and Grand Cayman Branches and HSBC Bank USA, have been
designated as Arrangers and Documentation Agents, under this Agreement, but the
use of such titles does not impose on any of them any duties or obligations
greater than those of any other Lender.

                                  ARTICLE VIII

                                    GUARANTY

                Section 8.01. GUARANTY. Kraft hereby unconditionally and
irrevocably guarantees (the undertaking of Kraft contained in this Article VIII
being the "GUARANTY") the punctual payment when due, whether at stated maturity,
by acceleration or otherwise, of all obligations of each Borrower now or
hereafter existing under this Agreement, whether for principal, interest, fees,
expenses or otherwise (such obligations being the "OBLIGATIONS"), and any and
all expenses (including counsel fees and expenses) incurred by JPMorgan Chase,
as Administrative Agent, or the Lenders in enforcing any rights under the
Guaranty.

                Section 8.02. GUARANTY ABSOLUTE. Kraft guarantees that the
Obligations will be paid strictly in accordance with the terms of this
Agreement, regardless of any law, regulation or order now or hereafter in effect
in any jurisdiction affecting any of such terms or the rights of JPMorgan Chase,
as Administrative Agent, or the Lenders with respect thereto. The liability of
Kraft under this Guaranty shall be absolute and unconditional irrespective of:

        (a)     any lack of validity, enforceability or genuineness of any
provision of this Agreement or any other agreement or instrument relating
thereto;

        (b)     any change in the time, manner or place of payment of, or in any
other term of, all or any of the Obligations, or any other amendment or waiver
of or any consent to departure from this Agreement;

        (c)     any exchange, release or non-perfection of any collateral, or
any release or amendment or waiver of or consent to departure from any other
guaranty, for all or any of the Obligations; or

<Page>

        (d)     any other circumstance which might otherwise constitute a
defense available to, or a discharge of, a Borrower or Kraft.

                This Guaranty shall continue to be effective or be reinstated,
as the case may be, if at any time any payment of any of the Obligations is
rescinded or must otherwise be returned by JPMorgan Chase, as Administrative
Agent, or any Lender upon the insolvency, bankruptcy or reorganization of a
Borrower or otherwise, all as though such payment had not been made.

                Section 8.03. WAIVERS. (a) Kraft hereby waives promptness,
diligence, notice of acceptance and any other notice with respect to any of the
Obligations and this Guaranty and any requirement that JPMorgan Chase, as
Administrative Agent, or any Lender protect, secure, perfect or insure any
security interest or lien or any property subject thereto or exhaust any right
or take any action against a Borrower or any other Person or any collateral.

        (b)     Kraft hereby irrevocably waives any claims or other rights that
it may now or hereafter acquire against any Borrower that arise from the
existence, payment, performance or enforcement of Kraft's obligations under this
Guaranty or this Agreement, including, without limitation, any right of
subrogation, reimbursement, exoneration, contribution or indemnification and any
right to participate in any claim or remedy of JPMorgan Chase, as Administrative
Agent, or any Lender against such Borrower or any collateral, whether or not
such claim, remedy or right arises in equity or under contract, statute or
common law, including, without limitation, the right to take or receive from
such Borrower, directly or indirectly, in cash or other property or by set-off
or in any other manner, payment or security on account of such claim, remedy or
right. If any amount shall be paid to Kraft in violation of the preceding
sentence at any time prior to the later of the cash payment in full of the
Obligations and all other amounts payable under this Guaranty and the
Termination Date, such amount shall be held in trust for the benefit of JPMorgan
Chase, as Administrative Agent, and the Lenders and shall forthwith be paid to
JPMorgan Chase, as Administrative Agent, to be credited and applied to the
Obligations and all other amounts payable under this Guaranty, whether matured
or unmatured, in accordance with the terms of this Agreement and this Guaranty,
or to be held as collateral for any Obligations or other amounts payable under
this Guaranty thereafter arising. Kraft acknowledges that it will receive direct
and indirect benefits from the financing arrangements contemplated by this
Agreement and this Guaranty and that the waiver set forth in this Section
8.03(b) is knowingly made in contemplation of such benefits.

                Section 8.04. CONTINUING GUARANTY. This Guaranty is a continuing
guaranty and shall (a) remain in full force and effect until payment in full
(after the Termination Date) of the Obligations and all other amounts payable
under this Guaranty, (b) be binding upon Kraft, its successors and assigns, and
(c) inure to the benefit of and be enforceable by the Lenders, JPMorgan Chase,
as Administrative Agent, and their respective successors, transferees and
assigns.

<Page>

                                   ARTICLE IX

                                  MISCELLANEOUS

                Section 9.01. AMENDMENTS, ETC. No amendment or waiver of any
provision of this Agreement, nor consent to any departure by any Borrower or
Kraft therefrom, shall in any event be effective unless the same shall be in
writing and signed by the Required Lenders, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose
for which given; PROVIDED, HOWEVER, that no amendment, waiver or consent shall,
unless in writing and signed by all the Lenders, do any of the following: (a)
waive any of the conditions specified in Sections 3.01 and 3.02, (b) increase
the Commitments of the Lenders other than pursuant to Section 2.10(b), or
subject the Lenders to any additional obligations, (c) reduce the principal of,
or interest on, the Pro Rata Advances or any fees or other amounts payable
hereunder, (d) postpone any date fixed for any payment of principal of, or
interest on, the Pro Rata Advances other than pursuant to Section 2.10(c), or
any fees or other amounts payable hereunder, (e) change the percentage of the
Commitments or of the aggregate unpaid principal amount of the Pro Rata
Advances, or the number of Lenders, that shall be required for the Lenders or
any of them to take any action hereunder, (f) release Kraft from any of its
obligations under Article VIII or (g) amend this Section 9.01; PROVIDED FURTHER
that no waiver of the conditions specified in Section 3.04 in connection with
any Competitive Bid Borrowing shall be effective unless consented to by all
Lenders making Competitive Bid Advances as part of such Competitive Bid
Borrowing; and PROVIDED FURTHER that no amendment, waiver or consent shall,
unless in writing and signed by JPMorgan Chase, as Administrative Agent, in
addition to the Lenders required above to take such action, affect the rights or
duties of JPMorgan Chase, as Administrative Agent, under this Agreement or any
Pro Rata Advance.

                Section 9.02. NOTICES, ETC. (a) ADDRESSES. All notices and other
communications provided for hereunder shall be in writing (including telecopier
communication) and mailed, telecopied, or delivered, as follows:

        if to any Borrower:

        c/o Kraft Foods Inc.
        Three Lakes Drive
        Northfield, Illinois 60093
        Attention: Executive Vice President and Chief Financial Officer
        Fax number: (847) 646-7759;

        with a copy to:

        Altria Corporate Services, Inc.
        120 Park Avenue
        New York, New York  10017

<Page>

        Attention: Treasury Department - Debt Administration
        Fax number: (917) 663-5310;

        if to Kraft, as guarantor:
        Kraft Foods Inc.
        Three Lakes Drive
        Northfield, Illinois 60093
        Attention:  Secretary
        Fax number:  (847) 646-2950;

        if to any Initial Lender, at its Domestic Lending Office specified
        opposite its name on Schedule I hereto;

        if to any other Lender, at its Domestic Lending Office specified in the
        Assignment and Acceptance or New Lender Supplement pursuant to which it
        became a Lender;

        if to JPMorgan Chase, as Administrative Agent:

        c/o JPMorgan Chase Bank
        270 Park Avenue, 4th Floor
        New York, New York 10017
        Attention: Robert Sacks
        Fax number: (212) 270-6637;

        with a copy to:

        JPMorgan Chase Bank
        Loan and Agency
        1111 Fannin
        10th Floor
        Houston, Texas 77002
        Attention: Leah Hughes
        Fax number:  (713) 750-2932
        and Michael Mekuria
        Fax number: (713) 750-2452; or

as to any Borrower, Kraft or JPMorgan Chase, as Administrative Agent, at such
other address as shall be designated by such party in a written notice to the
other parties and, as to each other party, at such other address as shall be
designated by such party in a written notice to Kraft and JPMorgan Chase, as
Administrative Agent.

        (b)     EFFECTIVENESS OF NOTICES. All such notices and communications
shall, when mailed or telecopied, be effective when deposited in the mail or
telecopied, respectively, except

<Page>

that notices and communications to JPMorgan Chase, as Administrative Agent,
pursuant to Article II, III or VII shall not be effective until received by
JPMorgan Chase, as Administrative Agent. Delivery by telecopier of an executed
counterpart of any amendment or waiver of any provision of this Agreement or of
any Exhibit hereto to be executed and delivered hereunder shall be effective as
delivery of a manually executed counterpart thereof.

                Section 9.03. NO WAIVER; REMEDIES. No failure on the part of any
Lender or JPMorgan Chase, as Administrative Agent, to exercise, and no delay in
exercising, any right hereunder or under any Note shall operate as a waiver
thereof; nor shall any single or partial exercise of any such right preclude any
other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies
provided by law.

                Section 9.04. COSTS AND EXPENSES. (a) ADMINISTRATIVE AGENT;
ENFORCEMENT. Kraft agrees to pay on demand all reasonable costs and expenses in
connection with the preparation, execution, delivery, administration (excluding
any cost or expenses for administration related to the overhead of JPMorgan
Chase, as Administrative Agent), modification and amendment of this Agreement
and the documents to be delivered hereunder, including, without limitation, the
reasonable fees and out-of-pocket expenses of counsel for JPMorgan Chase, as
Administrative Agent, with respect thereto and with respect to advising JPMorgan
Chase, as Administrative Agent, as to its rights and responsibilities under this
Agreement, and all costs and expenses of the Lenders and JPMorgan Chase, as
Administrative Agent, if any (including, without limitation, reasonable counsel
fees and expenses of the Lenders and JPMorgan Chase, as Administrative Agent),
in connection with the enforcement (whether through negotiations, legal
proceedings or otherwise) of this Agreement and the other documents to be
delivered hereunder.

        (b)     PREPAYMENT OF LIBO RATE ADVANCES OR FLOATING RATE BID ADVANCES.
If any payment of principal of LIBO Rate Advance or Floating Rate Bid Advance is
made other than on the last day of the Interest Period for such Advance or at
its maturity, as a result of a payment pursuant to Section 2.11, acceleration of
the maturity of the Advances pursuant to Section 6.02, an assignment made as a
result of a demand by Kraft pursuant to Section 9.07(a) or for any other reason,
Kraft shall, upon demand by any Lender (with a copy of such demand to JPMorgan
Chase, as Administrative Agent), pay to JPMorgan Chase, as Administrative Agent,
for the account of such Lender any amounts required to compensate such Lender
for any additional losses, costs or expenses which it may reasonably incur as a
result of such payment, including, without limitation, any loss (excluding loss
of anticipated profits), cost or expense incurred by reason of the liquidation
or reemployment of deposits or other funds acquired by any Lender to fund or
maintain such Advance. Without prejudice to the survival of any other agreement
of any Borrower or Kraft hereunder, the agreements and obligations of each
Borrower and Kraft contained in Section 2.02(c), 2.05, 2.12, 2.15 and this
Section 9.04(b) shall survive the payment in full of principal and interest
hereunder.

<Page>

        (c)     INDEMNIFICATION. Each Borrower and Kraft jointly and severally
agree to indemnify and hold harmless the Administrative Agents and each Lender
and each of their respective affiliates, control persons, directors, officers,
employees, attorneys and agents (each, an "INDEMNIFIED PARTY") from and against
any and all claims, damages, losses, liabilities and expenses (including,
without limitation, reasonable fees and disbursements of counsel) which may be
incurred by or asserted against any Indemnified Party, in each case in
connection with or arising out of, or in connection with the preparation for or
defense of, any investigation, litigation, or proceeding (i) related to any
transaction or proposed transaction (whether or not consummated) in which any
proceeds of any Borrowing are applied or proposed to be applied, directly or
indirectly, by any Borrower, whether or not such Indemnified Party is a party to
such transaction or (ii) related to any Borrower's or Kraft's entering into this
Agreement, or to any actions or omissions of any Borrower or Kraft, any of their
respective Subsidiaries or affiliates (other than Altria Group, Inc. and its
non-Kraft Subsidiaries or affiliates) or any of its or their respective
officers, directors, employees or agents in connection therewith, in each case
whether or not an Indemnified Party is a party thereto and whether or not such
investigation, litigation or proceeding is brought by Kraft or any Borrower or
any other Person; PROVIDED, HOWEVER, that neither any Borrower nor Kraft shall
be required to indemnify any such Indemnified Party from or against any portion
of such claims, damages, losses, liabilities or expenses that is found in a
final, non-appealable judgment by a court of competent jurisdiction to have
resulted from the gross negligence or willful misconduct of such Indemnified
Party.

                Section 9.05. RIGHT OF SET-OFF. Upon (i) the occurrence and
during the continuance of any Event of Default and (ii) the making of the
request or the granting of the consent specified by Section 6.02 to authorize
JPMorgan Chase, as Administrative Agent, to declare the Advances due and payable
pursuant to the provisions of Section 6.02, each Lender is hereby authorized at
any time and from time to time, to the fullest extent permitted by law, to set
off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing
by such Lender to or for the credit or the account of Kraft or any Borrower
against any and all of the obligations of any Borrower or Kraft now or hereafter
existing under this Agreement, whether or not such Lender shall have made any
demand under this Agreement and although such obligations may be unmatured. Each
Lender shall promptly notify the appropriate Borrower or Kraft, as the case may
be, after any such set-off and application, PROVIDED that the failure to give
such notice shall not affect the validity of such set-off and application. The
rights of each Lender and its affiliates under this Section 9.05 are in addition
to other rights and remedies (including, without limitation, other rights of
set-off) that such Lender and its affiliates may have.

                Section 9.06. BINDING EFFECT. This Agreement shall be binding
upon and inure to the benefit of Kraft, JPMorgan Chase, as Administrative Agent,
Citibank, as Administrative Agent and each Lender and their respective
successors and assigns, except that neither any Borrower nor Kraft shall have
the right to assign its rights hereunder or any interest herein without the
prior written consent of the Lenders.

<Page>

                Section 9.07. ASSIGNMENTS AND PARTICIPATIONS. (a) ASSIGNMENT OF
LENDER OBLIGATIONS. Each Lender may and, if demanded by Kraft upon at least five
Business Days' notice to such Lender and JPMorgan Chase, as Administrative
Agent, will assign to one or more Persons all or a portion of its rights and
obligations under this Agreement (including, without limitation, all or a
portion of its Commitment and the Pro Rata Advances owing to it), SUBJECT to the
following:

                        (i)     each such assignment shall be of a constant, and
        not a varying, percentage of all rights and obligations under this
        Agreement (other than, except in the case of an assignment made as a
        result of a demand by Kraft pursuant to this Section 9.07(a), any
        Competitive Bid Advances owing to such Lender or any Competitive Bid
        Notes held by it);

                        (ii)    the amount of the Commitment of the assigning
        Lender being assigned pursuant to each such assignment (determined as of
        the date of the Assignment and Acceptance with respect to such
        assignment) shall in no event be less than $10,000,000 (subject to
        reduction at the sole discretion of Kraft) and shall be an integral
        multiple of $1,000,000;

                        (iii)   each such assignment shall be to an Eligible
        Assignee;

                        (iv)    each such assignment made as a result of a
        demand by Kraft pursuant to this Section 9.07(a) shall be arranged by
        Kraft after consultation with JPMorgan Chase, as Administrative Agent,
        and shall be either an assignment of all of the rights and obligations
        of the assigning Lender under this Agreement or an assignment of a
        portion of such rights and obligations made concurrently with another
        such assignment or other such assignments which together cover all of
        the rights and obligations of the assigning Lender under this Agreement;

                        (v)     no Lender shall be obligated to make any such
        assignment as a result of a demand by Kraft pursuant to this Section
        9.07(a) unless and until such Lender shall have received one or more
        payments from either the Borrowers to which it has outstanding Advances
        or one or more Eligible Assignees in an aggregate amount at least equal
        to the aggregate outstanding principal amount of the Advances owing to
        such Lender, together with accrued interest thereon to the date of
        payment of such principal amount and all other amounts payable to such
        Lender under this Agreement; and

                        (vi)    the parties to each such assignment shall
        execute and deliver to JPMorgan Chase, as Administrative Agent, for its
        acceptance and recording in the Register, an Assignment and Acceptance,
        together with a processing and recordation fee of $3,500, PROVIDED that,
        if such assignment is made as a result of a demand by Kraft under this
        Section 9.07(a), Kraft shall pay or cause to be paid such $3,500 fee.

<Page>

Upon such execution, delivery, acceptance and recording, from and after the
effective date specified in each Assignment and Acceptance, (x) the assignee
thereunder shall be a party hereto and, to the extent that rights and
obligations hereunder have been assigned to it pursuant to such Assignment and
Acceptance, have the rights and obligations of a Lender hereunder and (y) the
assigning Lender thereunder shall, to the extent that rights and obligations
hereunder have been assigned by it pursuant to such Assignment and Acceptance,
relinquish its rights (other than those provided under Section 9.04) and be
released from its obligations under this Agreement (and, in the case of an
Assignment and Acceptance covering all or the remaining portion of an assigning
Lender's rights and obligations under this Agreement, such Lender shall cease to
be a party hereto).

        (b)     ASSIGNMENT AND ACCEPTANCE. By executing and delivering an
Assignment and Acceptance, the assigning Lender thereunder and the assignee
thereunder confirm to and agree with each other and the other parties hereto as
follows: (i) other than as provided in such Assignment and Acceptance, such
assigning Lender makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations
made in or in connection with this Agreement or the execution, legality,
validity, enforceability, genuineness, sufficiency or value of this Agreement or
any other instrument or document furnished pursuant hereto; (ii) such assigning
Lender makes no representation or warranty and assumes no responsibility with
respect to the financial condition of any Borrower or Kraft or the performance
or observance by any Borrower or Kraft of any of its obligations under this
Agreement or any other instrument or document furnished pursuant hereto; (iii)
such assignee confirms that it has received a copy of this Agreement, together
with copies of the financial statements referred to in Section 4.01 and such
other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into such Assignment and Acceptance; (iv)
such assignee will, independently and without reliance upon JPMorgan Chase, as
Administrative Agent, such assigning Lender or any other Lender and based on
such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under
this Agreement; (v) such assignee confirms that it is an Eligible Assignee; (vi)
such assignee represents that (A) the source of any funds it is using to acquire
the assigning Lender's interest or to make any Advance is not and will not be
plan assets as defined under the regulations of the Department of Labor of any
Plan subject to Title I of ERISA or Section 4975 of the Code or (B) the
assignment or Advance is not and will not be a non-exempt prohibited transaction
as defined in Section 406 of ERISA; (vii) such assignee appoints and authorizes
JPMorgan Chase, as Administrative Agent, to take such action as agent on its
behalf and to exercise such powers and discretion under this Agreement as are
delegated to JPMorgan Chase, as Administrative Agent, by the terms hereof,
together with such powers and discretion as are reasonably incidental thereto;
and (viii) such assignee agrees that it will perform in accordance with their
terms all of the obligations that by the terms of this Agreement are required to
be performed by it as a Lender.

        (c)     AGENT'S ACCEPTANCE. Upon its receipt of an Assignment and
Acceptance executed by an assigning Lender and an assignee representing that it
is an Eligible Assignee, together with

<Page>

any Pro Rata Note or Notes subject to such assignment, JPMorgan Chase, as
Administrative Agent, shall, if such Assignment and Acceptance has been
completed and is in substantially the form of Exhibit C hereto, (i) accept such
Assignment and Acceptance, (ii) record the information contained therein in the
Register and (iii) give prompt notice thereof to Kraft.

        (d)     REGISTER. JPMorgan Chase, as Administrative Agent, shall
maintain at its address referred to in Section 9.02 a copy of each Assignment
and Acceptance delivered to and accepted by it and a register for the
recordation of the names and addresses of the Lenders and the Commitment of, and
principal amount of the Advances owing to, each Lender from time to time (the
"REGISTER"). The entries in the Register shall be conclusive and binding for all
purposes, absent manifest error, and Kraft, the Borrowers, JPMorgan Chase, as
Administrative Agent, and the Lenders may treat each Person whose name is
recorded in the Register as a Lender hereunder for all purposes of this
Agreement. The Register shall be available for inspection by Kraft, any Borrower
or any Lender at any reasonable time and from time to time upon reasonable prior
notice.

        (e)     SALE OF PARTICIPATION. Each Lender may sell participations to
one or more banks or other entities in or to all or a portion of its rights and
obligations under this Agreement (including, without limitation, all or a
portion of its Commitment, the Advances owing to it and any Note or Notes held
by it), SUBJECT to the following:

                        (i)     such Lender's obligations under this Agreement
        (including, without limitation, its Commitment to Kraft hereunder) shall
        remain unchanged,

                        (ii)    such Lender shall remain solely responsible to
        the other parties hereto for the performance of such obligations,

                        (iii)   Kraft, the other Borrowers, JPMorgan Chase, as
        Administrative Agent, and the other Lenders shall continue to deal
        solely and directly with such Lender in connection with such Lender's
        rights and obligations under this Agreement, and

                        (iv)    no participant under any such participation
        shall have any right to approve any amendment or waiver of any provision
        of this Agreement, or any consent to any departure by any Borrower or
        Kraft therefrom, except to the extent that such amendment, waiver or
        consent would reduce the principal of, or interest on, the Advances or
        any fees or other amounts payable hereunder, in each case to the extent
        subject to such participation, or postpone any date fixed for any
        payment of principal of, or interest on, the Advances or any fees or
        other amounts payable hereunder, in each case to the extent subject to
        such participation.

        (f)     DISCLOSURE OF INFORMATION. Any Lender may, in connection with
any assignment or participation or proposed assignment or participation pursuant
to this Section 9.07, disclose to the assignee or participant or proposed
assignee or participant, any information relating to Kraft

<Page>

or any Borrower furnished to such Lender by or on behalf of Kraft or any
Borrower; provided that, prior to any such disclosure, the assignee or
participant or proposed assignee or participant shall agree to preserve the
confidentiality of any confidential information relating to Kraft received by it
from such Lender.

        (g)     REGULATION A SECURITY INTEREST. Notwithstanding any other
provision set forth in this Agreement, any Lender may at any time create a
security interest in all or any portion of its rights under this Agreement
(including, without limitation, the Advances owing to it and any Note or Notes
held by it) in favor of any Federal Reserve Bank in accordance with Regulation
A.

                Section 9.08. DESIGNATED SUBSIDIARIES. (a) DESIGNATION. Kraft
may at any time, and from time to time, by delivery to JPMorgan Chase, as
Administrative Agent, of a Designation Agreement duly executed by Kraft and the
respective Subsidiary and substantially in the form of Exhibit D hereto,
designate such Subsidiary as a "Designated Subsidiary" for purposes of this
Agreement and such Subsidiary shall thereupon become a "Designated Subsidiary"
for purposes of this Agreement and, as such, shall have all of the rights and
obligations of a Borrower hereunder. JPMorgan Chase, as Administrative Agent,
shall promptly notify each Lender of each such designation by Kraft and the
identity of the respective Subsidiary.

        (b)     TERMINATION. Upon the payment and performance in full of all of
the indebtedness, liabilities and obligations under this Agreement of any
Designated Subsidiary then, so long as at the time no Notice of Pro Rata
Borrowing or Notice of Competitive Bid Borrowing in respect of such Designated
Subsidiary is outstanding, such Subsidiary's status as a "Designated Subsidiary"
shall terminate upon notice to such effect from JPMorgan Chase, as
Administrative Agent, to the Lenders (which notice JPMorgan Chase, as
Administrative Agent, shall give promptly, and only upon its receipt of a
request therefor from Kraft). Thereafter, the Lenders shall be under no further
obligation to make any Advance hereunder to such former Designated Subsidiary
until such time as it has been redesignated a Designated Subsidiary by Kraft
pursuant to Section 9.08(a).

                Section 9.09. GOVERNING LAW. This Agreement and the Notes shall
be governed by, and construed in accordance with, the laws of the State of New
York.

                Section 9.10. EXECUTION IN COUNTERPARTS. This Agreement may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this
Agreement by telecopier shall be effective as delivery of a manually executed
counterpart of this Agreement.

                Section 9.11. JURISDICTION, ETC. (a) SUBMISSION TO JURISDICTION;
SERVICE OF PROCESS. Each of the parties hereto hereby irrevocably and
unconditionally submits, for itself and

<Page>

its property, to the nonexclusive jurisdiction of any New York state court or
Federal court of the United States of America sitting in New York City, and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement, or for recognition or enforcement of any judgment,
and each of the parties hereto hereby irrevocably and unconditionally agrees
that all claims in respect of any such action or proceeding may be heard and
determined in any such New York state court or, to the extent permitted by law,
in such Federal court. Kraft and each Borrower hereby agree that service of
process in any such action or proceeding brought in any such New York state
court or in such Federal court may be made upon the process agent appointed
pursuant to Section 9.11(b) (the "PROCESS AGENT") and each Designated Subsidiary
hereby irrevocably appoints the Process Agent its authorized agent to accept
such service of process, and agrees that the failure of the Process Agent to
give any notice of any such service shall not impair or affect the validity of
such service or of any judgment rendered in any action or proceeding based
thereon. Each Borrower hereby further irrevocably consents to the service of
process in any action or proceeding in such courts by the mailing thereof by any
parties hereto by registered or certified mail, postage prepaid, to such
Borrower at its address specified pursuant to Section 9.02. Each of the parties
hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by law. Nothing in this Agreement shall affect any
right that any party may otherwise have to serve legal process in any other
manner permitted by law or to bring any action or proceeding relating to this
Agreement or the Notes in the courts of any jurisdiction.

        (b)     APPOINTMENT OF PROCESS AGENT. Kraft agrees to appoint a Process
Agent from the Effective Date through the Termination Date or, if applicable,
the date set forth in the Term Notice (i) to receive on behalf of Kraft, each
Borrower and each Designated Subsidiary and their respective property service of
copies of the summons and complaint and any other process which may be served in
any action or proceeding in any New York State or Federal court sitting in New
York City arising out of or relating to this Agreement and (ii) to forward
forthwith to Kraft, each Borrower and each Designated Subsidiary at their
respective addresses copies of any summons, complaint and other process which
such Process Agent receives in connection with its appointment. Kraft will give
JPMorgan Chase, as Administrative Agent, prompt notice of such Process Agent's
address.

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

                Section 9.12. CONFIDENTIALITY. None of the Agents nor any Lender
shall disclose any confidential information relating to Kraft or any Borrower to
any other Person without the consent of Kraft, other than (a) to such Agent's or
such Lender's affiliates and their officers,

<Page>

directors, employees, agents and advisors and, as contemplated by Section
9.07(f), to actual or prospective assignees and participants, and then, in each
such case, only on a confidential basis; PROVIDED, HOWEVER, that such actual or
prospective assignee or participant shall have been made aware of this Section
9.12 and shall have agreed to be bound by its provisions as if it were a party
to this Agreement, (b) as required by any law, rule or regulation or judicial
process, and (c) as requested or required by any state, federal or foreign
authority or examiner regulating banks or banking.

                Section 9.13. INTEGRATION. This Agreement and the Notes
represent the agreement of Kraft, the other Borrowers, the Administrative Agents
and the Lenders with respect to the subject matter hereof, and there are no
promises, undertakings, representations or warranties by the Administrative
Agents, Kraft, the other Borrowers or any Lender relative to the subject matter
hereof not expressly set forth or referred to herein or in the Notes other than
the matters referred to in Sections 2.09(b) and 9.04(a) and except for
Confidentiality Agreements entered into between Kraft and each Lender in
connection with this Agreement.

                            [signature pages omitted]

<Page>

                                                           EXHIBIT A-1 - FORM OF
                                                                   PRO RATA NOTE

                                                    Dated: _______________, 200_

U.S.$_________________

     FOR VALUE RECEIVED, the undersigned, [NAME OF BORROWER], a __________
corporation (the "BORROWER"), HEREBY PROMISES TO PAY to the order of __________
(the "LENDER") for the account of its Applicable Lending Office on the
Termination Date1 (each as defined in the Credit Agreement referred to below)
the principal sum of U.S.$[amount of the Lender's Commitment in figures] or, if
less, the aggregate principal amount of the Pro Rata Advances outstanding on the
Termination Date(1) made by the Lender to the Borrower pursuant to the 364-Day
Revolving Credit Agreement, dated as of July 13, 2004 among Kraft Foods Inc.,
the Lender and certain other lenders parties thereto, JPMorgan Chase Bank, as
Administrative Agent, Citibank, N.A., as Administrative Agent, Credit Suisse
First Boston and Deutsche Bank Securities Inc., as Syndication Agents, and ABN
AMRO Bank N.V., BNP Paribas, Dresdner Bank AG, New York and Grand Cayman
Branches and HSBC Bank USA, as Arrangers and Documentation Agents for the Lender
and such other lenders (as amended or modified from time to time, the "CREDIT
AGREEMENT;" the terms defined therein being used herein as therein defined).

     The Borrower promises to pay interest on the unpaid principal amount of
each Pro Rata Advance from the date of such Pro Rata Advance until such
principal amount is paid in full, at such interest rate, and payable at such
times, as are specified in the Credit Agreement.

     Both principal and interest in respect of each Pro Rata Advance are payable
in Dollars to JPMorgan Chase Bank, as Administrative Agent, for the account of
the Lender at the office of JPMorgan Chase Bank located at 270 Park Avenue, New
York, New York 10017 in same day funds. Each Pro Rata Advance owing to the
Lender by the Borrower pursuant to the Credit Agreement, and all payments made
on account of principal thereof, shall be recorded by the Lender and, prior to
any transfer hereof, endorsed on the grid attached hereto which is part of this
Promissory Note.

     This Promissory Note is one of the Pro Rata Notes referred to in, and is
entitled to the benefits of, the Credit Agreement. The Credit Agreement, among
other things, (i) provides for the making of Pro Rata Advances by the Lender to
the Borrower from time to time in an aggregate amount not to exceed at any time
outstanding the Dollar amount first above mentioned, the indebtedness of the
Borrower resulting from each such Pro Rata Advance being evidenced by this
Promissory Note, and (ii) contains provisions for acceleration of the maturity
hereof upon the happening of certain stated events and also for prepayments on
account of principal hereof prior to the maturity hereof upon the terms and
conditions therein specified.

----------
        (1)    Revise if Term-Out Option exercised.

<Page>

     This Promissory Note shall be governed by, and construed in accordance
with, the laws of the State of New York.

                                        [NAME OF BORROWER]

                                        By
                                           -------------------------
                                           Name:
                                           Title:

                                        2
<Page>

                         LOANS AND PAYMENTS OF PRINCIPAL

<Table>
<Caption>
                                                           Amount of
                                                           Principal        Unpaid
                Type of        Amount of      Interest       Paid          Principal        Notation
   Date         Advance         Advance         Rate      or Prepaid        Balance          Made By
-----------------------------------------------------------------------------------------------------
<S>             <C>            <C>            <C>         <C>              <C>              <C>
</Table>

                                        3
<Page>

                                                           EXHIBIT A-2 - FORM OF
                                                            COMPETITIVE BID NOTE
                                                    Dated: _______________, 200_

U.S.$_______________

     FOR VALUE RECEIVED, the undersigned, [NAME OF BORROWER], a
_________________________ corporation (the "BORROWER"), HEREBY PROMISES TO PAY
to the order of _________________________ (the "LENDER") for the account of its
Applicable Lending Office (as defined in the 364-Day Revolving Credit Agreement,
dated as of July 13, 2004 among Kraft Foods Inc., the Lender and certain other
lenders parties thereto, JPMorgan Chase Bank, as Administrative Agent, Citibank,
N.A., as Administrative Agent, Credit Suisse First Boston and Deutsche Bank
Securities Inc., as Syndication Agents, and ABN AMRO Bank N.V., BNP Paribas,
Dresdner Bank AG, New York and Grand Cayman Branches and HSBC Bank USA, as
Arrangers and Documentation Agents for the Lender and such other lenders (as
amended or modified from time to time, the "CREDIT AGREEMENT;" the terms defined
therein being used herein as therein defined)), on _______________, 200_, the
principal amount of U.S.$[_______________].

     The Borrower promises to pay interest on the unpaid principal amount hereof
from the date hereof until such principal amount is paid in full, at the
interest rate and payable on the interest payment date or dates provided below:

     Interest Rate Basis: ____________________.

     Day Count Convention:_________________.

     Interest Payment Date(s):________________.

     Both principal and interest are payable in Dollars to JPMorgan Chase Bank,
as Administrative Agent, for the account of the Lender at the office of JPMorgan
Chase Bank, located at 270 Park Avenue, New York, New York 10017, in same day
funds.

     This Promissory Note is one of the Competitive Bid Notes referred to in,
and is entitled to the benefits of, the Credit Agreement. The Credit Agreement,
among other things, contains provisions for acceleration of the maturity hereof
upon the happening of certain stated events.

     The Borrower hereby waives presentment, demand, protest and notice of any
kind. No failure to exercise, and no delay in exercising, any rights hereunder
on the part of the holder hereof shall operate as a waiver of such rights.

     This Promissory Note shall be governed by, and construed in accordance
with, the laws of the State of New York.

                                        [NAME OF BORROWER]

                                        By
                                          -----------------------
                                          Name:
                                          Title:

<Page>

                                                                   3

                                                 EXHIBIT B-1 - FORM OF NOTICE OF
                                                              PRO RATA BORROWING

                                                    [Date]

JPMorgan Chase Bank, as Administrative Agent
   for the Lenders parties
   to the Credit Agreement
   referred to below

     Attention:  _______________

Ladies and Gentlemen:

     [NAME OF BORROWER], refers to the 364-Day Revolving Credit Agreement, dated
as of July 13, 2004 (as amended or modified from time to time, the "CREDIT
AGREEMENT," the terms defined therein being used herein as therein defined),
among Kraft Foods Inc., the Lenders parties thereto and JPMorgan Chase Bank, as
Administrative Agent, Citibank, N.A., as Administrative Agent, Credit Suisse
First Boston and Deutsche Bank Securities Inc., as Syndication Agents, and ABN
AMRO Bank N.V., BNP Paribas, Dresdner Bank AG, New York and Grand Cayman
Branches and HSBC Bank USA, as Arrangers and Documentation Agents for such
Lenders, and hereby gives you notice, irrevocably, pursuant to Section 2.02 of
the Credit Agreement that the undersigned hereby requests a Pro Rata Borrowing
under the Credit Agreement, and in that connection sets forth below the
information relating to such Pro Rata Borrowing (the "PROPOSED PRO RATA
BORROWING") as required by Section 2.02(a) of the Credit Agreement:

            (i)   The date of the Proposed Pro Rata Borrowing is
     _______________, 200_.

            (ii)  The Type of Advances comprising the Proposed Pro Rata
     Borrowing is [Base Rate Advances] [LIBO Rate Advances].

            (iii) The aggregate amount of the Proposed Pro Rata Borrowing is
     U.S.$[_______________].

            [(iv) The initial Interest Period for each LIBO Rate Advance made as
     part of the Proposed Pro Rata Borrowing is ______ month(s).]

     The undersigned, as applicable, hereby certifies that the following
statements are true on the date hereof, and will be true on the date of the
Proposed Pro Rata Borrowing:

          (A)  the representations and warranties contained in Section 4.01 of
     the Credit Agreement (except the representations set forth in the last
     sentence of subsection (e) thereof and in subsection (f) thereof (other
     than clause (i) thereof)) are correct, before and after giving effect to
     the Proposed Pro Rata Borrowing and to the application of the proceeds
     therefrom, as though made on and as of such date;

<Page>

          [if the Borrower is a Designated Subsidiary: the representations and
     warranties of such Designated Subsidiary contained in its Designation
     Agreement are correct, before and after giving effect to the Proposed Pro
     Rata Borrowing and to the application of the proceeds therefrom, as though
     made on and as of such date;]

          (B)  after giving effect to the application of the proceeds of all
     Borrowings on the date of such Pro Rata Borrowing (together with any other
     resources of the Borrower applied together therewith), no event has
     occurred and is continuing, or would result from such Pro Rata Borrowing,
     that constitutes a Default or Event of Default;

          (C)  if such Proposed Pro Rata Borrowing is in an aggregate principal
     amount equal to or greater than $500,000,000 and is being made in
     connection with any purchase of shares of the Borrower's capital stock or
     the capital stock of any other Person, or any purchase of all or
     substantially all of the assets of any Person (whether in one transaction
     or a series of transactions) or any transaction of the type referred to in
     Section 5.02(b) of the Credit Agreement, the statement in clause (B) above
     will be true on a PRO FORMA basis as if such transaction or purchase shall
     have been completed; and

          (D)  the aggregate principal amount of the Proposed Pro Rata Borrowing
     and all other Borrowings to be made on the same day under the Credit
     Agreement is within the aggregate unused Commitments of the Lenders.

                                        Very truly yours,

                                        KRAFT FOODS INC.

                                        By
                                          -------------------------
                                          Name:
                                          Title:

                                        [NAME OF BORROWER]

                                        By
                                          -------------------------
                                          Name:
                                          Title:

                                        2
<Page>

                                                 EXHIBIT B-2 - FORM OF NOTICE OF
                                                       COMPETITIVE BID BORROWING

                                            [Date]

JPMorgan Chase Bank, as Administrative Agent
     for the Lenders parties to the Credit Agreement
     referred to below

     Attention:  _______________

Ladies and Gentlemen:

     [NAME OF BORROWER], refers to the 364-Day Revolving Credit Agreement, dated
as of July 13, 2004 (as amended or modified from time to time, the "CREDIT
AGREEMENT," the terms defined therein being used herein as therein defined),
among Kraft Foods Inc., the Lenders parties thereto and JPMorgan Chase Bank, as
Administrative Agent, Citibank, N.A., as Administrative Agent, Credit Suisse
First Boston and Deutsche Bank Securities Inc., as Syndication Agents, and ABN
AMRO Bank N.V., BNP Paribas, Dresdner Bank AG, New York and Grand Cayman
Branches and HSBC Bank USA, as Arrangers and Documentation Agents for such
Lenders, and hereby gives you notice, irrevocably, pursuant to Section 2.07 of
the Credit Agreement that the undersigned hereby requests a Competitive Bid
Borrowing under the Credit Agreement, and in that connection sets forth the
terms on which such Competitive Bid Borrowing (the "PROPOSED COMPETITIVE BID
BORROWING") is requested to be made:

     (A)   Date of Competitive Bid Borrowing;
     (B)   Amount of Competitive Bid Borrowing;
     (C)   Interest rate basis;
     (D)   Day count convention;
     (E)   [Interest Period] [Maturity date];
     (F)   Interest payment date(s);
     (G)   Borrower's account location;
     (H)   [other terms (if any)].

     The undersigned, as applicable, hereby certifies that the following
statements are true on the date hereof, and will be true on the date of the
Proposed Competitive Bid Borrowing:

          (a) the representations and warranties contained in Section 4.01 of
     the Credit Agreement are correct, before and after giving effect to the
     Proposed Competitive Bid Borrowing and to the application of the proceeds
     therefrom, as though made on and as of such date;

<Page>

          [if the Borrower is a Designated Subsidiary: the representations and
     warranties of such Designated Subsidiary contained in its Designation
     Agreement are correct, before and after giving effect to the Proposed
     Competitive Bid Borrowing and to the application of the proceeds therefrom,
     as though made on and as of such date;]

          (b) after giving effect to the application of the proceeds of all
     Borrowings on the date of such Competitive Bid Borrowing (together with any
     other resources of the Borrower applied together therewith), no event has
     occurred and is continuing, or would result from such Proposed Competitive
     Bid Borrowing, that constitutes a Default or Event of Default; and

          (c) the aggregate principal amount of the Proposed Competitive Bid
     Borrowing and all other Borrowings to be made on the same day under the
     Credit Agreement is within the aggregate unused Commitments of the Lenders.

     The undersigned hereby confirms that the Proposed Competitive Bid Borrowing
is to be made available to it in accordance with Section 2.07(e) of the Credit
Agreement.

                                        Very truly yours,

                                        KRAFT FOODS INC.

                                        By
                                          -------------------------

                                          Name:
                                          Title:

                                        [NAME OF BORROWER]

                                        By
                                          -------------------------

                                          Name:
                                          Title:

                                        2
<Page>

                                                             EXHIBIT C - FORM OF
                                                       ASSIGNMENT AND ACCEPTANCE

     Reference is made to the 364-Day Revolving Credit Agreement, dated as of
July 13, 2004 (as amended or modified from time to time, the "CREDIT AGREEMENT,"
the terms defined therein being used herein as therein defined), among Kraft
Foods Inc., a Virginia corporation, the Lenders parties thereto and JPMorgan
Chase Bank, as Administrative Agent, Citibank, N.A., as Administrative Agent,
Credit Suisse First Boston and Deutsche Bank Securities Inc., as Syndication
Agents, and ABN AMRO Bank N.V., BNP Paribas, Dresdner Bank AG, New York and
Grand Cayman Branches and HSBC Bank USA, as Arrangers and Documentation Agents
for such Lenders.

     The "Assignor" and the "Assignee" referred to on Schedule 1 hereto agree as
follows:

          1.   The Assignor hereby sells and assigns to the Assignee, and the
Assignee hereby purchases and assumes from the Assignor, an interest in and to
the Assignor's rights and obligations under the Credit Agreement as of the date
hereof (other than in respect of Competitive Bid Advances and Competitive Bid
Notes) equal to the percentage interest specified on Schedule 1 hereto of all
outstanding rights and obligations under the Credit Agreement (other than in
respect of Competitive Bid Advances and Competitive Bid Notes). After giving
effect to such sale and assignment, the Assignee's Commitment and the amount of
the Pro Rata Advances owing to the Assignee will be as set forth on Schedule 1
hereto. Each of the Assignor and the Assignee represents and warrants that it is
authorized to execute and deliver this Assignment and Acceptance.

          2.   The Assignor (i) represents and warrants that it is the legal
and beneficial owner of the interest being assigned by it hereunder and that
such interest is free and clear of any adverse claim; (ii) makes no
representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with the
Credit Agreement or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Credit Agreement or any other
instrument or document furnished pursuant thereto; and (iii) makes no
representation or warranty and assumes no responsibility with respect to the
financial condition of any Borrower or Kraft or the performance or observance by
any Borrower or Kraft of any of its obligations under the Credit Agreement or
any other instrument or document furnished pursuant thereto.

          3.   The Assignee (i) confirms that it has received a copy of the
Credit Agreement, together with copies of the financial statements referred to
in Section 4.01 thereof and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Acceptance; (ii) agrees that it will, independently and
without reliance upon JPMorgan Chase, as Administrative Agent, any other Agent,
the Assignor or any other Lender and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under the Credit Agreement; (iii) confirms that
it is an Eligible Assignee; (iv) represents that (A) the source of any funds it
is using to acquire the Assignor's interest or to make any Advance is not and
will not be plan assets as defined under the regulations of the Department of
Labor of any Plan subject to Title I of ERISA or Section 4975 of the Code or (B)
the assignment or Advance is not and will be not be a non-exempt prohibited
transaction as

<Page>

defined in Section 406 of ERISA; (v) appoints and authorizes
JPMorgan Chase, as Administrative Agent, to take such action as agent on its
behalf and to exercise such powers and discretion under the Credit Agreement as
are delegated to JPMorgan Chase, as Administrative Agent, by the terms thereof,
together with such powers and discretion as are reasonably incidental thereto;
and (vi) agrees that it will perform in accordance with their terms all of the
obligations that by the terms of the Credit Agreement are required to be
performed by it as a Lender.

          4.   This Assignment and Acceptance will be delivered to JPMorgan
Chase, as Administrative Agent, for acceptance and recording by JPMorgan Chase,
as Administrative Agent following its execution. The effective date for this
Assignment and Acceptance (the "EFFECTIVE DATE") shall be the date of acceptance
hereof by JPMorgan Chase, as Administrative Agent, unless otherwise specified on
Schedule 1 hereto.

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

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

          7.   This Assignment and Acceptance shall be governed by, and
construed in accordance with, the laws of the State of New York.

          8.   This Assignment and Acceptance may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of Schedule 1 to this Assignment and Acceptance by
telecopier shall be effective as delivery of a manually executed counterpart of
this Assignment and Acceptance.

     IN WITNESS WHEREOF, the Assignor and the Assignee have caused Schedule 1 to
this Assignment and Acceptance to be executed by their officers thereunto duly
authorized as of the date specified thereon.

                                        2
<Page>

                                   Schedule 1
                                       to
                            Assignment and Acceptance

     Percentage interest assigned: _____%

     Assignee's Commitment:    U.S.$__________

     Aggregate outstanding principal amount of Pro Rata Advances assigned:
     U.S.$__________

     Effective Date(1):      _______________, 200_

                                        [NAME OF ASSIGNOR], as Assignor

                                        By
                                           -------------------------------------
                                           Title:

                                                   Dated
                                                        __________________, 200_

                                             [NAME OF ASSIGNEE], as Assignee

                                        By
                                           -------------------------------------
                                           Title:

                                                   Dated
                                                        __________________, 200_

                                        Domestic Lending Office:
                                          [Address]

Accepted this __________ day of _______________, 200_
JPMORGAN CHASE BANK, as Administrative Agent

By
   Title:

[Approved this __________ day of _______________, 200_]

[NAME OF BORROWER](2)

By
  ------------------------
  Title:

----------
     (1)    This date should be no earlier than five Business Days after the
delivery of this Assignment and Acceptance to JPMorgan Chase, as
Administrative Agent.

     (2)    Required if the Assignee is an Eligible Assignee solely by reason of
clause (viii) of the definition of "Eligible Assignee."

<Page>

                                                             EXHIBIT D - FORM OF
                                                           DESIGNATION AGREEMENT

                                                         [Date]

JPMorgan Chase Bank, as Administrative Agent
   for the Lenders parties to the Credit Agreement
   referred to below

Ladies and Gentlemen:

     Reference is made to the 364-Day Revolving Credit Agreement, dated as of
July 13, 2004 (as amended or modified from time to time, the "CREDIT AGREEMENT,"
the terms defined therein being used herein as therein defined), among Kraft
Foods Inc., [certain other borrowers parties thereto], the Lenders parties
thereto and JPMorgan Chase Bank, as Administrative Agent, Citibank, N.A., as
Administrative Agent, Credit Suisse First Boston and Deutsche Bank Securities
Inc., as Syndication Agents, and ABN AMRO Bank N.V., BNP Paribas, Dresdner Bank
AG, New York and Grand Cayman Branches and HSBC Bank USA, as Arrangers and
Documentation Agents for such Lenders.

     Please be advised that Kraft hereby designates its undersigned wholly-owned
Subsidiary, ____________ ("DESIGNATED SUBSIDIARY"), as a "Designated Subsidiary"
under and for all purposes of the Credit Agreement.

     The Designated Subsidiary, in consideration of each Lender's agreement to
extend credit to it under and on the terms and conditions set forth in the
Credit Agreement, does hereby assume each of the obligations imposed upon a
"Designated Subsidiary" and a "Borrower" under the Credit Agreement and agrees
to be bound by the terms and conditions of the Credit Agreement. In furtherance
of the foregoing, the Designated Subsidiary hereby represents and warrants to
each Lender as follows:

          (a)  The Designated Subsidiary is a corporation duly organized,
     validly existing and in good standing under the laws of _________________.

          (b)  The execution, delivery and performance by the Designated
     Subsidiary of this Designation Agreement, the Credit Agreement and the
     Notes to be delivered by it are within the Designated Subsidiary's
     corporate powers, have been duly authorized by all necessary corporate
     action and do not contravene (i) the Designated Subsidiary's charter or
     by-laws or (ii) in any material respect, any law, rule, regulation or order
     of any court or governmental agency or contractual restriction binding on
     or affecting it.

          (c)  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, delivery and performance by the Designated
     Subsidiary of this Designation Agreement, the Credit Agreement or the Notes
     to be delivered by it.

<Page>

          (d)  This Designation Agreement is, and the Notes to be delivered by
     the Designated Subsidiary when delivered will be, legal, valid and binding
     obligations of the Designated Subsidiary enforceable against the Designated
     Subsidiary in accordance with their respective terms, subject to the effect
     of any applicable bankruptcy, insolvency, fraudulent conveyance,
     reorganization, moratorium or other laws affecting creditors' rights
     generally and subject, as to enforceability, to general principles of
     equity (regardless of whether such enforceability is sought in a proceeding
     in equity or at law) and an implied covenant of good faith and fair
     dealing.

          (e)  There is no pending or threatened action or proceeding affecting
     the Designated Subsidiary or any of its Subsidiaries before any court,
     governmental agency or arbitrator that purports to affect the legality,
     validity or enforceability of this Designation Agreement, the Credit
     Agreement or any Note of the Designated Subsidiary.

                                        Very truly yours,

                                        KRAFT FOODS INC.

                                        By
                                          -------------------------
                                          Name:
                                          Title:

                                        [DESIGNATED SUBSIDIARY]

                                        By
                                          -------------------------
                                          Name:
                                          Title:

                                        2
<Page>

                                                           EXHIBIT E-1 - FORM OF
                                                              OPINION OF COUNSEL
                                                                       FOR KRAFT

                      [Letterhead of Hunton & Williams LLP]

                                           [Effective Date]

To each of the Lenders party
     to the Credit Agreement referred to below

                                KRAFT FOODS INC.

Ladies and Gentlemen:

     This opinion is furnished to you pursuant to Section 3.01(e)(iii) of the
364-Day Revolving Credit Agreement, dated as of July 13, 2004 (the "CREDIT
AGREEMENT"), among Kraft Foods Inc., the Lenders parties thereto and JPMorgan
Chase Bank, as Administrative Agent, Citibank, N.A., as Administrative Agent,
Credit Suisse First Boston and Deutsche Bank Securities Inc., as Syndication
Agents, and ABN AMRO Bank N.V., BNP Paribas, Dresdner Bank AG, New York and
Grand Cayman Branches and HSBC Bank USA, as Arrangers and Documentation Agents
for such Lenders. Terms defined in the Credit Agreement are used herein as
therein defined.

     We have acted as counsel for Kraft in connection with the preparation,
execution and delivery of the Credit Agreement.

     In that connection, we have examined the following documents:

          (1)  The Credit Agreement.

          (2)  The documents furnished by Kraft pursuant to Article III of the
     Credit Agreement.

          (3)  The Articles of Incorporation of Kraft and all amendments thereto
     (the "CHARTER").

          (4)  The by-laws of Kraft and all amendments thereto (the "BY-LAWS").

     We have also examined the originals, or copies certified to our
satisfaction, of such corporate records of Kraft, certificates of public
officials and of officers of Kraft, and agreements, instruments and other
documents, as we have deemed relevant and necessary as a basis for the opinions
expressed below. As to questions of fact material to such opinions, we have,
when relevant facts were not independently established by us, relied upon
certificates of Kraft or its officers or of public officials. We have assumed
the due execution and delivery, pursuant to due authorization, of the Credit
Agreement by the Initial Lenders and JPMorgan Chase, as Administrative Agent,
Citibank, N.A., as Administrative Agent, Credit Suisse First Boston and Deutsche
Bank Securities Inc., as Syndication Agents, and ABN AMRO Bank N.V.,

<Page>

BNP Paribas, Dresdner Bank AG, New York and Grand Cayman Branches and HSBC Bank
USA, as Arrangers and Documentation Agents.

     Our opinions expressed below are limited to the law of the State of New
York, the Commonwealth of Virginia and the Federal law of the United States.

     Based upon the foregoing and upon such investigation as we have deemed
necessary, we are of the following opinion:

          1.   Kraft is a corporation duly organized, validly existing and in
     good standing under the laws of the Commonwealth of Virginia.

          2.   The execution, delivery and performance by Kraft of the Credit
     Agreement and the Notes, and the consummation of the transactions
     contemplated thereby, are within Kraft's corporate powers, have been duly
     authorized by all necessary corporate action, and do not contravene (i) the
     Charter or the By-laws or (ii) any law, rule or regulation applicable to
     Kraft (including, without limitation, Regulation X of the Board of
     Governors of the Federal Reserve System) or (iii) to our knowledge, any
     contractual restriction binding on or affecting Kraft. The Credit Agreement
     and any Notes delivered on the date hereof have been duly executed and
     delivered on behalf of Kraft.

          3.   No authorization, approval or other action by, and no notice to
     or filing with, any governmental authority or regulatory body or any other
     third party is required for the due execution, delivery and performance by
     Kraft of the Credit Agreement and the Notes.

          4.   The Credit Agreement is the legal, valid and binding obligation
     of Kraft enforceable against Kraft in accordance with its terms. The Notes
     issued on the date hereof, if any, are the legal, valid and binding
     obligations of Kraft, enforceable against Kraft in accordance with their
     respective terms.

     The opinion set forth in paragraph 4 above as to enforceability is subject
to the effect of any applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or other laws affecting creditors' rights generally
and subject, as to enforceability, to general principles of equity (regardless
of whether enforcement is sought in a proceeding in equity or at law) and an
implied covenant of good faith and fair dealing.

     We express no opinion with respect to:

          (A)  The effect of any provision of the Credit Agreement which is
intended to permit modification thereof only by means of an agreement in writing
by the parties thereto;

          (B)  The effect of any provision of the Credit Agreement insofar as
it provides that any Person purchasing a participation from a Lender or other
Person may exercise set-off or similar rights with respect to such participation
or that any Lender or other Person may exercise set-off or similar rights other
than in accordance with applicable law;

                                        2
<Page>

          (C)  The effect of any provision of the Credit Agreement imposing
penalties or forfeitures;

          (D)  The enforceability of any provision of the Credit Agreement to
the extent that such provision constitutes a waiver of illegality as a defense
to performance of contract obligations; or

          (E)  The effect of any provision of the Credit Agreement relating
to indemnification or exculpation in connection with violations of any
securities laws or relating to indemnification, contribution or exculpation in
connection with willful, reckless or criminal acts or gross negligence of the
indemnified or exculpated Person or the Person receiving contribution.

          In connection with the provisions of the Credit Agreement which relate
to forum selection (including, without limitation, any waiver of any objection
to venue or any objection that a court is an inconvenient forum), we note that
under NYCPLR Section 510, a New York State court may have discretion to transfer
the place of trial, and under 28 U.S.C. Section 1404(a), a United States
District Court has discretion to transfer an action from one Federal court to
another.

     This opinion is being furnished to you pursuant to Section 3.01(e)(iii) of
the Credit Agreement, is solely for the benefit of you and your counsel, and is
not intended for, and may not be relied upon by, any other person or entity
without our prior written consent. We undertake no duty to inform you of events
occurring subsequent to the date hereof.

                                        Very truly yours,

                                        3
<Page>

                                                           EXHIBIT E-2 - FORM OF
                                                              OPINION OF COUNSEL
                                                                       FOR KRAFT

                                            [Effective Date]

To each of the Lenders party
     to the Credit Agreement referred to below

                                KRAFT FOODS INC.

Ladies and Gentlemen:

     This opinion is furnished to you pursuant to Section 3.01(e)(iii) of the
364-Day Revolving Credit Agreement, dated as of July 13, 2004 (the "CREDIT
AGREEMENT"), among Kraft Foods Inc. ("KRAFT"), the Lenders parties thereto and
JPMorgan Chase Bank, as Administrative Agent, Citibank, N.A., as Administrative
Agent, Credit Suisse First Boston and Deutsche Bank Securities Inc., as
Syndication Agents, and ABN AMRO Bank N.V., BNP Paribas, Dresdner Bank AG, New
York and Grand Cayman Branches and HSBC Bank USA, as Arrangers and Documentation
Agents for such Lenders. Terms defined in the Credit Agreement are used herein
as therein defined.

     I have acted as counsel for Kraft in connection with the preparation,
execution and delivery of the Credit Agreement.

     In that connection, I have examined originals, or copies certified to my
satisfaction, of such corporate records of Kraft, certificates of public
officials and of officers of Kraft, and agreements, instruments and other
documents, as I have deemed relevant and necessary as a basis for the opinions
expressed below. As to questions of fact material to such opinions, I have, when
relevant facts were not independently established by me, relied upon
certificates of Kraft or its officers or of public officials.

     Based upon the foregoing and upon such investigation as I have deemed
necessary, I am of the opinion that, to the best of my knowledge, (i) there is
no pending or threatened action or proceeding against Kraft or any of its
Subsidiaries before any court, governmental agency or arbitrator (a
"PROCEEDING") that purports to affect the legality, validity, binding effect or
enforceability of the Credit Agreement or the Notes, if any, or the consummation
of the transactions contemplated thereby, and (ii) except for Proceedings
disclosed in the Annual Report on Form 10-K of Kraft for the fiscal year ended
December 31, 2003, its Quarterly Report on Form 10-Q for the quarter ended March
31, 2004, any Current Reports on Form 8-K filed subsequent to March 31, 2004 but
prior to July 13, 2004, or, with respect to Proceedings commenced after the date
of the most recent such document but prior to July 13, 2004, a certificate
delivered to the Lenders and attached hereto, there are no Proceedings that are
likely to have a materially adverse effect upon the financial position or
results of operations of Kraft and its Subsidiaries taken as a whole.

                                        Very truly yours,

<Page>

                                                             EXHIBIT F - FORM OF
                                                              OPINION OF COUNSEL
                                                       FOR DESIGNATED SUBSIDIARY

                                            [Effective Date]

To each of the Lenders parties
     to the Credit Agreement referred to below

                                KRAFT FOODS INC.

Ladies and Gentlemen:

     This opinion is furnished to you pursuant to Section 3.02(e) of the 364-Day
Revolving Credit Agreement, dated as of July 13, 2004 (the "CREDIT AGREEMENT"),
among Kraft Foods Inc. ("KRAFT"), the Lenders parties thereto and JPMorgan Chase
Bank, as Administrative Agent, Citibank, N.A., as Administrative Agent, Credit
Suisse First Boston and Deutsche Bank Securities Inc., as Syndication Agents and
ABN AMRO Bank N.V., BNP Paribas, Dresdner Bank AG, New York and Grand Cayman
Branches and HSBC Bank USA, as Arrangers and Documentation Agents for such
Lenders. Terms defined in the Credit Agreement are used herein as therein
defined.

     We have acted as counsel for __________ (the "DESIGNATED SUBSIDIARY") in
connection with the preparation, execution and delivery of the Designation
Agreement.

     In that connection, we have examined the following documents:

          (1)  The Designation Agreement.

          (2)  The Credit Agreement.

          (3)  The documents furnished by the Designated Subsidiary pursuant to
     Article III of the Credit Agreement.

          (4)  The [Articles] [Certificate] of Incorporation of the Designated
     Subsidiary and all amendments thereto (the "Charter").

          (5)  The by-laws of the Designated Subsidiary and all amendments
     thereto (the "BY-LAWS").

     We have also examined the originals, or copies certified to our
satisfaction, of such corporate records of the Designated Subsidiary,
certificates of public officials and of officers of the Designated Subsidiary,
and agreements, instruments and other documents, as we have deemed relevant and
necessary as a basis for the opinions expressed below. As to questions of fact
material to such opinions, we have, when relevant facts were not independently
established by us, relied upon certificates of the Designated Subsidiary or its
officers or of public officials. We have assumed the due execution and delivery,
pursuant to due authorization, of the Credit Agreement by the Initial Lenders
and JPMorgan Chase, as Administrative Agent, Citibank, N.A.,

<Page>

as Administrative Agent, Credit Suisse First Boston and Deutsche Bank Securities
Inc., as Syndication Agents, and ABN AMRO Bank N.V., BNP Paribas, Dresdner Bank
AG, New York and Grand Cayman Branches and HSBC Bank USA, as Arrangers and
Documentation Agents.

     Based upon the foregoing and upon such investigation as we have deemed
necessary, we are of the following opinion:

          1.   The Designated Subsidiary is a corporation duly organized,
     validly existing and in good standing under the laws of_____________.

          2.   The execution, delivery and performance by the Designated
     Subsidiary of the Designation Agreement, the Credit Agreement and the Notes
     to be delivered by it, and the consummation of the transactions
     contemplated thereby, are within the Designated Subsidiary's corporate
     powers, have been duly authorized by all necessary corporate action, and do
     not contravene (i) the Charter or the By-laws or (ii) any law, rule or
     regulation applicable to the Designated Subsidiary (including, without
     limitation, Regulation X of the Board of Governors of the Federal Reserve
     System) or (iii) to our knowledge, any contractual restriction binding on
     or affecting the Designated Subsidiary. The Designation Agreement, the
     Credit Agreement and the Notes delivered by the Designated Subsidiary on
     the date hereof have been duly executed and delivered on behalf of the
     Designated Subsidiary.

          3.   No authorization, approval or other action by, and no notice to
     or filing with, any governmental authority or regulatory body or any other
     third party is required for the due execution, delivery and performance by
     the Designated Subsidiary of the Designation Agreement, the Credit
     Agreement and the Notes delivered by the Designated Subsidiary.

          4.   The Designation Agreement and the Credit Agreement are the legal,
     valid and binding obligations of the Designated Subsidiary enforceable
     against the Designated Subsidiary in accordance with their respective
     terms. The Notes issued on the date hereof, if any, by the Designated
     Subsidiary are the legal, valid and binding obligations of the Designated
     Subsidiary, enforceable against the Designated Subsidiary in accordance
     with their respective terms.

          5.   There is, to the best of my knowledge, no pending or threatened
     action or proceeding against the Designated Subsidiary or any of its
     Subsidiaries before any court, governmental agency or arbitrator that
     purport to affect the legality, validity, binding effect or enforceability
     of the Designation Agreement, the Credit Agreement or any of the Notes
     delivered by the Designated Subsidiary or the consummation of the
     transactions contemplated thereby.

                                        2
<Page>

     The opinion set forth in paragraph 4 above as to enforceability is subject
to the effect of any applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or other laws affecting creditors' rights generally
and subject, as to enforceability, to general principles of equity (regardless
of whether enforcement is sought in a proceeding in equity or at law) and an
implied covenant of good faith and fair dealing.

                                        Very truly yours,

                                        3
<Page>

                                                                       EXHIBIT G
                                                      FORM OF OPINION OF COUNSEL
                                                             FOR JPMORGAN CHASE,
                                                         AS ADMINISTRATIVE AGENT

                 [Letterhead of Simpson Thacher & Bartlett LLP]

                                                   [Effective Date]

   JPMorgan Chase Bank and Citibank, N.A.,
     as Adminstrative Agents

   The Lenders listed on Schedule I hereto which are parties to the Credit
     Agreement on the date hereof

   Re: 364-Day Revolving Credit Agreement dated as
       of July 13, 2004 (the "Credit Agreement")
       among Kraft Foods Inc. (the "Company"), and
       Credit Suisse First Boston and Deutsche Bank
       Securities Inc., as Syndication Agents, and
       ABN AMRO Bank N.V., BNP Paribas,
       Dresdner Bank AG, New York and Grand
       Cayman Branches and HSBC Bank USA as
       Arrangers and Documentation Agents

Ladies and Gentlemen:

     We have acted as counsel to JPMorgan Chase Bank, as Administrative Agent,
in connection with the preparation, execution and delivery of the Credit
Agreement.

     This opinion is delivered to you pursuant to Section 3.01(e)(iv) of the
Credit Agreement. Terms used herein which are defined in the Credit Agreement
shall have the respective meanings set forth in the Credit Agreement, unless
otherwise defined herein.

     In connection with this opinion, we have examined a copy of the Credit
Agreement signed by the Company and by the Administrative Agents and the
Lenders.

     We also have examined the originals, or duplicates or certified or
conformed copies, of such records, agreements, instruments and other documents
and have made such other investigations as we have deemed relevant and necessary
in connection with the opinions expressed herein. As to questions of fact
material to this opinion, we have relied upon certificates of public officials
and of officers and representatives of the Company. In addition,

<Page>

we have examined, and have relied as to matters of fact upon, the
representations made in the Credit Agreement.

     In rendering the opinion set forth below, we have assumed the genuineness
of all signatures, the legal capacity of natural persons, the authenticity of
all documents submitted to us as originals, the conformity to original documents
of all documents submitted to us as duplicates or certified or conformed copies,
and the authenticity of the originals of such latter documents.

     In rendering the opinion set forth below we have assumed that (1) the
Credit Agreement is a valid and legally binding obligation of each of the
Lenders parties thereto, (2) the Company is duly organized and validly existing
and in good standing under the laws of the jurisdiction in which it is organized
and of each other jurisdiction in which the conduct of its business or ownership
of its property makes such qualification necessary, has the corporate power and
authority to execute, deliver and perform its obligations under the Credit
Agreement and has duly authorized, executed and delivered the Credit Agreement
in accordance with its Articles of Incorporation and By-laws or other similar
organizational documents, and (3)(a) execution, delivery and performance by the
Company of the Credit Agreement do not contravene its Articles of Incorporation
or By-laws or other similar organizational documents, (b) execution, delivery
and performance by the Company of the Credit Agreement do not violate, or
require any consent not obtained under, the laws of the jurisdiction in which it
is organized or any other applicable laws or regulations or any order, writ,
injunction or decree of any court or other governmental authority binding on the
Company, and (c) execution, delivery and performance by the Company of the
Credit Agreement do not constitute a breach or violation of, or require any
consent not obtained under, any agreement or instrument which is binding upon
the Company.

     Based upon and subject to the foregoing, and subject to the qualifications
and limitations set forth herein, we are of the opinion that the Credit
Agreement constitutes the valid and legally binding obligation of the Company,
enforceable against the Company in accordance with its terms.

     Our opinion set forth above is subject to (i) the effects of bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar
laws relating to or affecting creditors' rights generally, (ii) general
equitable principles (whether considered in a proceeding in equity or at law)
and (iii) an implied covenant of good faith and fair dealing.

     We express no opinion with respect to:

          (A)  the effect of any provision of the Credit Agreement which is
intended to permit modification thereof only by means of an agreement in writing
by the parties thereto;

          (B)  the effect of any provision of the Credit Agreement insofar as
it provides that any Person purchasing a participation from a Lender or other
Person may exercise set-off or similar rights with respect to such participation
or that any Lender or other Person may exercise set-off or similar rights other
than in accordance with applicable law;

          (C)  the effect of any provision of the Credit Agreement imposing
penalties or forfeitures;

                                        2
<Page>

          (D)  the enforceability of any provision of the Credit Agreement to
the extent that such provision constitutes a waiver of illegality as a defense
to performance of contract obligations; or

          (E)  the effect of any provision of the Credit Agreement relating to
indemnification or exculpation in connection with violations of any securities
laws or relating to indemnification, contribution or exculpation in connection
with willful, reckless or criminal acts or gross negligence of the indemnified
or exculpated Person or the Person receiving contribution.

          In connection with the provisions of the Credit Agreement which relate
to forum selection (including, without limitation, any waiver of any objection
to venue or any objection that a court is an inconvenient forum), we note that
under NYCPLR Section 510, a New York State court may have discretion to transfer
the place of trial, and under 28 U.S.C. Section 1404(a), a United States
District Court has discretion to transfer an action from one Federal court to
another.

          We are members of the Bar of the State of New York, and we do not
express any opinion herein concerning any law other than the law of the State of
New York and the Federal law of the United States.

          This opinion letter is rendered to you in connection with the
above-described transaction. This opinion letter may not be relied upon by you
for any other purpose, or relied upon by, or furnished to, any other person,
firm or corporation without our prior written consent. This opinion letter may
be furnished to, but may not be relied upon by, a regulatory authority entitled
to receive it.

                                        Very truly yours,

                                        3
<Page>

                                                             EXHIBIT H - FORM OF
                                                           NEW LENDER SUPPLEMENT

          NEW LENDER SUPPLEMENT, dated _____ __, 200__ to the 364-Day Revolving
Credit Agreement, dated as of July 13, 2004 (as amended or modified from time to
time, the "CREDIT AGREEMENT," the terms defined therein being used herein as
therein defined unless otherwise defined herein), among Kraft Foods Inc.
("KRAFT"), the Lenders parties thereto and JPMorgan Chase Bank, as
Administrative Agent, Citibank, N.A., as Administrative Agent, Credit Suisse
First Boston and Deutsche Bank Securities Inc., as Syndication Agents, and ABN
AMRO Bank N.V., BNP Paribas, Dresdner Bank AG, New York and Grand Cayman
Branches and HSBC Bank USA as Arrangers and Documentation Agents for such
Lenders.

                              W I T N E S S E T H :

          WHEREAS, the undersigned desires to become a party to the Credit
     Agreement pursuant to Section 2.10(b) thereof;

          NOW, THEREFORE, the undersigned hereby agrees as follows:

          1.   The undersigned agrees to provide Kraft with a Commitment in the
     amount of U.S.$_________ , and to become a Lender to be bound by and
     entitled to the benefits of the Credit Agreement as of the Effective Date
     (as defined below).

          2.   The undersigned (i) represents and warrants that it is legally
     authorized to enter into this New Lender Supplement; (ii) confirms that it
     has received a copy of the Credit Agreement, together with copies of the
     financial statements referred to in Section 4.01 thereof and such other
     documents and information as it has deemed appropriate to make its own
     credit analysis and decision to enter into this New Lender Supplement;
     (iii) agrees that it has made and will, independently and without reliance
     upon JPMorgan Chase, as Administrative Agent, any other Agent or any other
     Lender and based on such documents and information as it shall deem
     appropriate at the time, continue to make its own credit decisions in
     taking or not taking action under the Credit Agreement; (iv) confirms that
     it is an Eligible Assignee; (v) represents that (A) the source of any funds
     it is using to make any Advance is not and will not be plan assets as
     defined under the regulations of the Department of Labor of any plan
     subject to Title I of ERISA or Section 4975 of the Code or (B) its
     Commitment or any Advance is not and will not be a non-exempt prohibited
     transaction as defined in Section 406 of ERISA; (vi) appoints and
     authorizes JPMorgan Chase, as Administrative Agent, to take such action as
     agent on its behalf and to exercise such powers and discretion under the
     Credit Agreement as are delegated to JPMorgan Chase, as Administrative
     Agent, by the terms thereof, together with such powers and discretion as
     are reasonably incidental thereto; and (vii) agrees that it will perform in
     accordance with its terms all the obligations which by the terms of the
     Credit Agreement are required to be performed by it as a Lender.

          3.   The undersigned's Domestic Lending Office for the purposes of the
     Credit Agreement is as follows:

<Page>

                    [Name of New Lender]
                    [Address of Lending Office]
                    [Name of Contact]
                    [Telephone number]
                    [Fax number]

          4.   This New Lender Supplement will be delivered to JPMorgan Chase,
     as Administrative Agent, by Kraft for recording by JPMorgan Chase, as
     Administrative Agent, following its execution. The effective date for this
     New Lender Supplement (the "EFFECTIVE DATE"), shall be the date of
     acceptance hereof by Kraft.

          5.   Upon such recording by JPMorgan Chase, as Administrative Agent,
     as of the Effective Date, the undersigned shall be a party to the Credit
     Agreement and, to the extent provided in this New Lender Supplement, have
     the rights and obligations of a Lender thereunder.

          6.   This New Lender Supplement shall be governed by, and construed in
     accordance with, the laws of the State of New York.

          7.   This New Lender Supplement may be executed in any number of
     counterparts and by different parties hereto in separate counterparts, each
     of which when so executed shall be deemed to be an original and all of
     which taken together shall constitute one and the same agreement. Delivery
     of an executed counterpart to this New Lender Supplement by telecopier
     shall be effective as delivery of a manually executed counterpart of this
     New Lender Supplement.

          IN WITNESS WHEREOF, the undersigned has caused this New Lender
Supplement to be executed and delivered by a duly authorized officer on the date
first above written.

                                        [INSERT NAME OF NEW LENDER]

                                        By:
                                           ----------------------------------
                                           Name:
                                           Title:

Accepted and agreed this _____ day of
 ______________, 200_.

KRAFT FOODS INC.

By:
   ----------------------------------
   Name:
   Title:

                                        2Exhibit 10.1  

 

FIVE YEAR CREDIT AGREEMENT 

dated as of 

June 28,
2004 

among 

EDWARDS LIFESCIENCES CORPORATION 

as Borrower 

The
Lenders Party Hereto 

JPMORGAN CHASE BANK 

as Administrative Agent 

J.P. MORGAN EUROPE LIMITED 

as London Agent 

MIZUHO CORPORATE BANK, LIMITED 

as Tokyo Agent 

BANK OF AMERICA, N.A. 

as Syndication Agent 

and 

THE BANK OF TOKYO—MITSUBISHI, LTD

MIZUHO CORPORATE BANK, LIMITED

SUNTRUST BANK

WACHOVIA BANK, N.A. 

as Documentation Agents 

J.P. MORGAN SECURITIES INC. and BANC OF AMERICA SECURITIES LLC

as Joint Lead Arrangers and Joint Bookrunners 

 

   TABLE OF CONTENTS 

	 
	 	 
	 	Page

	

ARTICLE I

Definitions
	

SECTION 1.01.	
 	

Defined Terms	
 	

1
	SECTION 1.02.	 	Classification of Loans and Borrowings	 	16
	SECTION 1.03.	 	Terms Generally	 	16
	SECTION 1.04.	 	Accounting Terms; GAAP	 	16
	SECTION 1.05.	 	Exchange Rates	 	16
	SECTION 1.06.	 	Redenomination of Certain Foreign Currencies	 	17
	

ARTICLE II

The Credits
	

SECTION 2.01.	
 	

Commitments	
 	

17
	SECTION 2.02.	 	Loans and Borrowings	 	18
	SECTION 2.03.	 	Requests for Revolving Borrowings	 	19
	SECTION 2.04.	 	Competitive Bid Procedure	 	19
	SECTION 2.05.	 	Letters of Credit	 	21
	SECTION 2.06.	 	Funding of Borrowings	 	25
	SECTION 2.07.	 	Repayment of Borrowings; Evidence of Debt	 	25
	SECTION 2.08.	 	Interest Elections	 	26
	SECTION 2.09.	 	Termination and Reduction of Commitments	 	27
	SECTION 2.10.	 	Increase in Commitments	 	28
	SECTION 2.11.	 	Prepayment of Loans	 	29
	SECTION 2.12.	 	Fees	 	30
	SECTION 2.13.	 	Interest	 	31
	SECTION 2.14.	 	Alternate Rate of Interest	 	32
	SECTION 2.15.	 	Increased Costs	 	32
	SECTION 2.16.	 	Break Funding Payments	 	33
	SECTION 2.17.	 	Taxes	 	34
	SECTION 2.18.	 	Payments Generally; Pro Rata Treatment; Sharing of Setoffs	 	35
	SECTION 2.19.	 	Mitigation Obligations; Replacement of Lenders	 	36
	SECTION 2.20.	 	Designation of US Borrowers, Swiss Borrowers and Japanese Borrowers	 	37
	

ARTICLE III

Representations and Warranties
	

SECTION 3.01.	
 	

Corporate Existence and Standing	
 	

37
	SECTION 3.02.	 	Authorization; No Violation	 	37
	SECTION 3.03.	 	Governmental Consents	 	37
	SECTION 3.04.	 	Validity	 	38
	SECTION 3.05.	 	Litigation	 	38
	SECTION 3.06.	 	Financial Statements; No Material Adverse Change	 	38
	SECTION 3.07.	 	Investment Company Act	 	38
	SECTION 3.08.	 	Regulation U	 	38
	SECTION 3.09.	 	Environmental Matters	 	38
	SECTION 3.10.	 	Disclosure	 	38
	SECTION 3.11.	 	Subsidiary Guarantors	 	39
	SECTION 3.12.	 	Solvency	 	39
	SECTION 3.13.	 	Limitation of Debt from Lenders that are not Qualifying Banks	 	39
	 	 	 	 	 

ii

 

	

ARTICLE IV

Conditions
	

SECTION 4.01.	
 	

Effective Date	
 	

39
	SECTION 4.02.	 	Each Credit Event	 	40
	SECTION 4.03.	 	Initial Credit Event for each Swiss Borrower and Japanese Borrower	 	40
	

ARTICLE V

Affirmative Covenants
	

SECTION 5.01.	
 	

Payment of Taxes, Etc	
 	

41
	SECTION 5.02.	 	Maintenance of Insurance	 	41
	SECTION 5.03.	 	Preservation of Existence, Etc	 	41
	SECTION 5.04.	 	Compliance with Laws, Etc	 	41
	SECTION 5.05.	 	Keeping of Books	 	41
	SECTION 5.06.	 	Inspection	 	41
	SECTION 5.07.	 	Reporting Requirements	 	41
	SECTION 5.08.	 	Use of Proceeds and Letters of Credit	 	42
	SECTION 5.09.	 	Guarantee Requirement	 	43
	SECTION 5.10.	 	Limitation of Debt From Lenders That Are Not Qualifying Banks	 	43
	

ARTICLE VI

Negative Covenants
	

SECTION 6.01.	
 	

Subsidiary Debt	
 	

43
	SECTION 6.02.	 	Liens, Etc	 	43
	SECTION 6.03.	 	Sale and Leaseback Transactions	 	45
	SECTION 6.04.	 	Merger, Etc	 	45
	SECTION 6.05.	 	Change in Business	 	46
	SECTION 6.06.	 	Certain Restrictive Agreements	 	46
	SECTION 6.07.	 	Leverage Ratio	 	46
	SECTION 6.08.	 	Interest Coverage Ratio	 	46
	

ARTICLE VII

Events of Default
	

ARTICLE VIII

The Agents
	

ARTICLE IX

Collection Allocation Mechanism
	

ARTICLE X

Guarantee
	 	 	 	 	 

iii

 

	

ARTICLE XI

Miscellaneous
	

SECTION 11.01.	
 	

Notices	
 	

52
	SECTION 11.02.	 	Waivers; Amendments	 	52
	SECTION 11.03.	 	Expenses; Indemnity; Damage Waiver	 	53
	SECTION 11.04.	 	Successors and Assigns	 	54
	SECTION 11.05.	 	Survival	 	57
	SECTION 11.06.	 	Counterparts; Integration; Effectiveness	 	57
	SECTION 11.07.	 	Severability	 	57
	SECTION 11.08.	 	Right of Setoff	 	57
	SECTION 11.09.	 	Governing Law; Jurisdiction; Consent to Service of Process	 	57
	SECTION 11.10.	 	WAIVER OF JURY TRIAL	 	58
	SECTION 11.11.	 	Headings	 	58
	SECTION 11.12.	 	Confidentiality	 	58
	SECTION 11.13.	 	Conversion of Currencies	 	59
	SECTION 11.14.	 	Termination of Covenants	 	59
	SECTION 11.15.	 	Release of Guarantors	 	59
	SECTION 11.16.	 	USA PATRIOT Act	 	59
	SECTION 11.17.	 	Qualifying Bank Representation and Warranty	 	60

	

SCHEDULES:	
 	

 
	

Schedule 1.01	
 	

—	
 	

Subsidiary Guarantors
	Schedule 2.01	 	—	 	Lenders and Commitments
	Schedule 2.18	 	—	 	Payment Instructions
	Schedule 6.01	 	—	 	Debt of Material Subsidiaries
	Schedule 6.02	 	—	 	Security Interests
	

EXHIBITS:	
 	

 	
 	

 
	

Exhibit A-1	
 	

—	
 	

Form of Borrowing Subsidiary Agreement
	Exhibit A-2	 	—	 	Form of Borrowing Subsidiary Termination
	Exhibit B	 	—	 	Form of Assignment and Acceptance
	Exhibit C	 	—	 	Form of Subsidiary Guarantee Agreement
	Exhibit D	 	—	 	Form of Indemnity, Subrogation and Contribution Agreement
	Exhibit E-1	 	—	 	Form of Opinion of Counsel for the Company
	Exhibit E-2	 	—	 	Form of Opinion of Associate General Counsel of the Company

iv

        FIVE YEAR CREDIT AGREEMENT dated as of June 28, 2004, among EDWARDS LIFESCIENCES CORPORATION, a Delaware corporation (the "Company"); the US BORROWERS (as defined herein); the
SWISS BORROWERS (as defined herein); the JAPANESE BORROWERS (as defined herein) (the Company, the US Borrowers, the Swiss Borrowers and the Japanese Borrowers being collectively called the
"Borrowers"); the LENDERS from time to time party hereto; JPMORGAN CHASE BANK, as Administrative Agent; J.P. MORGAN EUROPE LIMITED, as London Agent; MIZUHO CORPORATE BANK, LIMITED, as the Tokyo Agent;
BANK OF AMERICA, N.A., as Syndication Agent; and THE BANK OF TOKYO—MITSUBISHI, LTD, MIZUHO CORPORATE BANK, LIMITED, SUNTRUST BANK and WACHOVIA BANK, N.A., each as Documentation
Agent. 

        The
Company has requested the Lenders (such term and each other capitalized term used and not otherwise defined herein having the meaning assigned to it in Article I) to extend
credit in the form of (a) US Tranche Commitments under which the Company may obtain Loans in US Dollars and one or more Designated Foreign Currencies in an aggregate principal amount at any
time outstanding that will not result in the sum of the US Tranche Revolving Exposures and the Competitive Loan Exposures exceeding $350,000,000, (b) Swiss Tranche Commitments under which the
Swiss Borrowers may obtain Loans in Swiss Francs or Euros and the Company may obtain Loans in US Dollars in an aggregate principal amount at any time outstanding that will not result in the Swiss
Tranche Exposure exceeding $50,000,000, (c) Japanese Tranche Commitments under which the Japanese Borrowers may obtain Loans in Yen and the Company may obtain Loans in US Dollars in an
aggregate principal amount at any time outstanding that will not result in the Japanese Tranche Exposure exceeding $100,000,000 and (d) Letters of Credit in US Dollars in an aggregate stated
amount at any time outstanding up to $25,000,000. The Company has also requested the Lenders to provide a procedure pursuant to which the Borrowers may invite the Lenders to bid on an uncommitted
basis on short-term Loans to the Borrowers. The proceeds of borrowings hereunder and the Letters of Credit issued hereunder will be used for general corporate purposes of the Borrowers and
their subsidiaries. 

        The
Lenders are willing to establish the credit facilities referred to in the preceding paragraph upon the terms and subject to the conditions set forth herein. Accordingly, the parties
hereto agree as follows: 

ARTICLE I  

 Definitions  

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

        "ABR", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate. 

        "Administrative Agent" means JPMorgan Chase Bank, in its capacity as administrative agent for the Lenders hereunder. 

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

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

        "Agents" means, collectively, the Administrative Agent, the London Agent and the Tokyo Agent. 

        "Agreement Currency" has the meaning assigned to such term in Section 11.13(b). 

 

        "Alternate Base Rate" means, for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day and
(b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective
Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 

        "Applicable Agent" means (a) with respect to a Loan, Borrowing or Letter of Credit denominated in US Dollars, and with respect to
any payment hereunder that does not relate to a particular Loan or Borrowing, the Administrative Agent, (b) with respect to a Eurocurrency or Fixed Rate Loan or Eurocurrency or Fixed Rate
Borrowing denominated in any Designated Foreign Currency, the London Agent and (c) with respect to a TIBOR or Yen Base Rate Revolving Loan or Borrowing, the Tokyo Agent. 

        "Applicable Rate" means, for any day, with respect to (i) any Loan of any Type or (ii) the facility fees payable hereunder,
as the case may be, the applicable rate per annum set forth under the appropriate caption in the table below, based upon the Leverage Ratio as of the most recent determination date: 

	Category
 
	 	Leverage

Ratio
	 	Facility

Fee (basis

points per

annum)
	 	LIBOR/TIBOR/

Yen Base Rate

Spread (basis

points per

annum)
	 	ABR Spread

(basis points

per annum)

	Category 1	 	£ 1.50	 	10.0	 	40.0	 	0
	Category 2	 	> 1.50 and £ 2.00	 	12.5	 	50.0	 	0
	Category 3	 	> 2.00 and £ 2.50	 	15.0	 	60.0	 	0
	Category 4	 	> 2.50 and £ 2.75	 	17.5	 	82.5	 	0
	Category 5	 	> 2.75	 	20.0	 	105	 	25.0

Except
as set forth below, the Leverage Ratio used on any date to determine the Applicable Rate shall be that in effect at the end of the most recent fiscal quarter for which financial statements
shall have been delivered pursuant to Section 5.07(a) or (b); provided that if any financial statements required to have been delivered under
Section 5.07(a) or (b) shall not at any time have been delivered, the Applicable Rate shall, until such financial statements shall have been delivered, be determined by reference to
Category 5 in the Table above. 

        "Assignment and Acceptance" means an assignment and acceptance entered into by a Lender and an assignee (with the consent of any party
whose consent is required by Section 11.04), and accepted by the Administrative Agent, in the form of Exhibit B or any other form approved by the Administrative Agent. 

        "Attributable Debt" means, in connection with any Sale and Leaseback Transaction, the present value (discounted in accordance with GAAP at
the discount rate implied in the lease) of the obligations of the lessee for rental payments during the term of the lease. 

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

        "Borrower" means the Company, any other US Borrower, any Swiss Borrower or any Japanese Borrower. 

        "Borrowing" means Loans (including one or more Competitive Loans) of the same Class, Type and currency, made, converted or continued on
the same date and, in the case of Eurocurrency Loans, TIBOR Loans or Fixed Rate Loans, as to which a single Interest Period is in effect. 

        "Borrowing Minimum" means (a) in the case of a Borrowing denominated in US Dollars, $5,000,000 and (b) in the case of a
Borrowing denominated in any Designated Foreign Currency, 

2

 

the
smallest amount of such Foreign Currency that (i) is an integral multiple of 1,000,000 units (or, in the case of Sterling, 500,000 units) of such currency and (ii) has a US Dollar
Equivalent in excess of $5,000,000. 

        "Borrowing Multiple" means (a) in the case of a Borrowing denominated in US Dollars, $1,000,000 and (b) in the case of a
Borrowing denominated in any Foreign Currency, 1,000,000 units (or, in the case of Sterling, 500,000 units) of such currency. 

        "Borrowing Request" means a request by a Borrower for a Revolving Borrowing in accordance with Section 2.03. 

        "Borrowing Subsidiary Agreement" means a Borrowing Subsidiary Agreement substantially in the form of Exhibit A-1. 

        "Borrowing Subsidiary Termination" means a Borrowing Subsidiary Termination substantially in the form of Exhibit A-2. 

        "Business Day" means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or
required by law to remain closed; provided, that (a) when used in connection with a Eurocurrency Loan or in connection with a Fixed Rate Loan
denominated in a Designated Foreign Currency, the term "Business Day" shall also exclude any day on which banks are not open for dealings in deposits in
the applicable currency in the London interbank market, (b) when used in connection with a TIBOR Loan, a Yen Base Rate Loan or a Eurocurrency or Fixed Rate Loan denominated in a Designated
Foreign Currency, the term "Business Day" shall also exclude any day on which banks are not open for dealings in deposits in the applicable Designated
Foreign Currency in the principal financial center of the country of such Designated Foreign Currency, and (c) when used in connection with a Loan denominated in Euro, the term
"Business Day" shall also exclude any day on which the TARGET payment system is not open for the settlement of payments in Euro. 

        "Calculation Date" means the last Business Day of each calendar month. 

        "CAM" shall mean the mechanism for the allocation and exchange of interests in the Tranches and collections thereunder established under
Article IX. 

        "CAM Exchange" shall mean the exchange of the Lender's interests provided for in Article IX. 

        "CAM Exchange Date" shall mean the date on which any event referred to in paragraph (g) of Article VII shall occur in
respect of the Company. 

        "CAM Percentage" shall mean, as to each Lender, a fraction, expressed as a decimal, of which (a) the numerator shall be the
aggregate US Dollar Equivalent (determined on the basis of Exchange Rates prevailing on the CAM Exchange Date) of the Specified Obligations owed to such Lender and such Lender's participation in
undrawn amounts of Letters of Credit immediately prior to the CAM Exchange Date and (b) the denominator shall be the aggregate US Dollar Equivalent (as so determined) of the Specified
Obligations owed to all the Lenders and the aggregate undrawn amount of outstanding Letters of Credit immediately prior to such CAM Exchange Date. 

        "Change in Control" means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or
group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of shares representing more than
30% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the Company; or (b) occupation of a majority of the seats (other than vacant seats) on the
board of directors of the Company by Persons who were not 

3

 

(i) directors
of the Company on the date hereof, (ii) nominated by the board of directors of the Company or (iii) appointed by directors so nominated. 

        "Change in Law" means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in
any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or the Issuing Bank or
by any lending office of such Lender or by such Lender's or Issuing Bank's holding company with any request, guideline or directive (whether or not having the force of law) of any Governmental
Authority made or issued after the date of this Agreement. 

        "Class", when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are US Tranche Revolving Loans, Competitive Loans, Swiss Tranche Revolving Loans or Japanese Tranche Revolving Loans, and (b) any Commitment, refers to whether such Commitment is a US Tranche
Commitment, a Swiss Tranche Commitment or a Japanese Tranche Commitment. 

        "Code" means the Internal Revenue Code of 1986, as amended from time to time. 

        "Commitment" means a US Tranche Commitment, a Swiss Tranche Commitment or a Japanese Tranche Commitment. 

        "Company" has the meaning assigned to such term in the heading of this Agreement. 

        "Competitive Bid" means an offer by a Lender to make a Competitive Loan in accordance with Section 2.04. 

        "Competitive Bid Rate" means, with respect to any Competitive Bid, the Margin or the Fixed Rate, as applicable, offered by the Lender
making such Competitive Bid. 

        "Competitive Bid Request" means a request for Competitive Bids in accordance with Section 2.04. 

        "Competitive Borrowing" means a Borrowing comprised of Competitive Loans. 

        "Competitive Loan" means a Loan made pursuant to Section 2.04. Each Competitive Loan shall be a Eurocurrency Loan or a Fixed Rate
Loan. 

        "Competitive Loan Exposure" means, with respect to any Lender at any time, the sum of (a) the aggregate principal amount of the
outstanding Competitive Loans of such Lender denominated in US Dollars and (b) the sum of the US Dollar Equivalents of the aggregate principal amounts of the outstanding Competitive Loans of
such Lender denominated in Designated Foreign Currencies. 

        "Confidential Information Memorandum" means the Confidential Information Memorandum dated May 2004 distributed to the Lenders,
together with the appendices thereto, as amended through the date hereof. 

        "Consolidated EBITDA" means, for any period, for the Company and its Subsidiaries on a consolidated basis, an amount equal to consolidated
net income for such period plus (a) the following to the extent deducted in calculating such consolidated net income: (i) Consolidated
Interest Expense for such period, (ii) the provision for federal, state, local and foreign income taxes payable by the Company and its Subsidiaries for such period, (iii) the amount of
depreciation and amortization expense deducted in determining such consolidated net income and (iv) any extraordinary or non-recurring expenses or losses (to the extent any of the
foregoing are non-cash items), including losses on sales of assets outside the ordinary course of business, special charges and purchased research and development charges in connection
with acquisitions, but excluding 

4

 

any
non-cash charge that relates to the write-down or write-off of inventory or accounts receivable; and minus
(b) extraordinary gains increasing consolidated net income for such period. 

        "Consolidated Interest Expense" means, for any period, the interest expense of the Company and the consolidated Subsidiaries for such
period determined on a consolidated basis in accordance with GAAP, including (a) the amortization of debt discounts to the extent included in interest expense in accordance with GAAP,
(b) the amortization of all fees (including fees with respect to interest rate protection agreements or other interest rate hedging arrangements) payable in connection with the incurrence of
Debt to the extent included in interest expense in accordance with GAAP and (c) the portion of any rents payable under capital leases allocable to interest expense in accordance with GAAP. 

        "Consolidated Net Tangible Assets" means the total amount of assets that would be included on a consolidated balance sheet of the Company
and the consolidated Subsidiaries (and which shall reflect the deduction of applicable reserves) after deducting therefrom all current liabilities of the Company and the consolidated Subsidiaries and
all Intangible Assets. 

        "Consolidated Total Assets" means the total amount of assets that would be included on a consolidated balance sheet of the Company and the
consolidated Subsidiaries. 

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

        "Debt" means, without duplication, (a) indebtedness for borrowed money or for the deferred purchase price of property or services
carried as indebtedness on the consolidated balance sheet of the Company and the consolidated Subsidiaries (b) obligations of the Company and the consolidated Subsidiaries as lessee under
leases that, in accordance with GAAP, are recorded as capital leases, (c) obligations of the Company and the consolidated Subsidiaries under direct or indirect guarantees in respect of, and
obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor
against loss in respect of, indebtedness or obligations of others of the kinds referred to in clauses (a) and (b) above (including actual or contingent liabilities in respect of letters
of credit issued to support such indebtedness or other obligations), (d) indebtedness or obligations of the kinds referred to in clauses (a), (b) and (c) above of the
unconsolidated Subsidiaries and (e) solely for purposes of Article VII hereof, obligations under interest rate, foreign exchange rate or other hedging agreements. The term "Debt" shall
not include the undrawn face amount of any letter of credit issued for the account of the Company or any Subsidiary in the ordinary course of the Company's or such Subsidiary's business (other than
any letter of credit referred to in clause (c) above), but shall include the reimbursement obligation owing from time to time by the Company or any of the consolidated Subsidiaries in respect
of drawings made under any letter of credit in the event reimbursement is not made immediately following the applicable drawing. For purposes of Article VII, the "principal amount" of the
obligations of the Company or any Subsidiary in respect of any hedging agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Company or such
Subsidiary would be required to pay if such hedging agreement were terminated at such time. 

        "Default" means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless
cured or waived, become an Event of Default. 

        "Designated Amount" means, at any time, the sum of (a) the aggregate outstanding principal amount at such time of Debt of Material
Subsidiaries (other than Subsidiary Guarantors) that is permitted under clause (d) of Section 6.01, (b) the aggregate outstanding investment or claim held at such time by
purchasers, assignees or other transferees of (or of interests in) Receivables sold 

5

 

under
clause (iv) of Section 6.02(l), (c) the aggregate outstanding principal amount at such time of Secured Debt permitted under the last paragraph of Section 6.02 and
(d) the aggregate amount at such time of the Attributable Debt in respect of Sale and Leaseback Transactions permitted under Section 6.03. 

        "Designated Foreign Currency" means Euros, Sterling, Swiss Francs, Yen and any other currency (other than US Dollars) approved in writing
by the US Tranche Lenders that shall be freely traded and exchangeable into US Dollars in the London interbank market, and for which a LIBO Rate may be determined, at the time of such approval. 

        "Effective Date" means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with
Section 11.02). 

        "EMU Legislation" means the legislative measures of the European Union for the introduction of, changeover to or operation of the Euro in
one or more member states. 

        "Environmental Laws" means all federal, state, local and foreign laws, rules and regulations relating to the release, emission, disposal,
storage and related handling of waste materials, pollutants and hazardous substances. 

        "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

        "Euro" or "E" means the single currency of the European Union as constituted by the Treaty
on European Union and as referred to in the EMU Legislation. 

        "Eurocurrency", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are
bearing interest at a rate determined by reference to the LIBO Rate. 

        "Event of Default" has the meaning assigned to such term in Article VII. 

        "Exchange Rate" means on any day, with respect to any Designated Foreign Currency, the rate at which such Designated Foreign Currency may
be exchanged into US Dollars, as set forth at approximately 11:00 a.m., London time, on such day on the Reuters World Currency Page for such Designated Foreign Currency. In the event that such
rate does not appear on any Reuters World Currency Page, the Exchange Rate shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon
by the Administrative Agent and the Company, or, in the absence of such agreement, such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent
in the market where its foreign currency exchange operations in respect of such Designated Foreign Currency are then being conducted, at or about 10:00 a.m., local time, on such date for the
purchase of US Dollars for delivery two Business Days later; provided that if at the time of any such determination, for any reason, no such spot rate
is being quoted, the Administrative Agent, after consultation with the Company, may use any reasonable method it deems appropriate to determine such rate, and such determination shall be presumed
correct absent manifest error. 

6

  

        "Excluded Taxes" means, with respect to any Lender or the Issuing Bank, (a) income or franchise taxes imposed on (or measured by)
its net income by the United States of America (or any political subdivision thereof), or by the jurisdiction under which such recipient is organized or in which its principal office or any lending
office from which it makes Loans hereunder is located, (b) any branch profit taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction described in
clause (a) above, (c) in the case of a US Tranche Lender (other than a Lender that becomes a US Tranche Lender by operation of the CAM), any withholding tax that is imposed by the United
States of America (or any political subdivision thereof) on payments by the Company from an office within such jurisdiction to the extent such tax is in effect and would apply as of the date such US
Tranche Lender becomes a party to this Agreement or relates to payments received by a new lending office designated by such US Tranche Lender and is in effect and would apply at the time such lending
office is designated, (d) in the case of a Swiss Tranche Lender (other than a Lender that becomes a Swiss Tranche Lender by operation of the CAM), any withholding tax that is imposed
(i) by Switzerland (or any political subdivision thereof) on payments by a Swiss Borrower from an office within such jurisdiction or (ii) by the United States of America (or any
political subdivision thereof) on payments by the Company from an office within such jurisdiction, in either case to the extent such tax is in effect and would apply as of the date such Swiss Tranche
Lender becomes a party to this Agreement or relates to payments received by a new lending office designated by such Swiss Tranche Lender and is in effect and would apply at the time such lending
office is designated, (e) in the case of a Japanese Tranche Lender (other than a Lender that becomes a Japanese Tranche Lender by operation of the CAM), any withholding tax that is imposed
(i) by Japan (or any political subdivision thereof) on payments by a Japanese Borrower from an office within such jurisdiction or (ii) by the United States of America (or any political
subdivision thereof) on payments by the Company from an office within such jurisdiction, in either case to the extent such tax is in effect and would apply as of the date such Japanese Tranche Lender
becomes a party to this Agreement or relates to payments received by a new lending office designated by such Japanese Tranche Lender and is in effect and would apply at the time such lending office is
designated or (f) any withholding tax that is attributable to such Lender's failure to comply with Section 2.17(e), except, in the case of clause (c), (d) or
(e) above, to the extent that (i) such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts
from the applicable Borrower with respect to such withholding tax pursuant to Section 2.17(a) or (ii) such withholding tax shall have resulted from the making of any payment to a
location other than the office designated by the Applicable Agent or such Lender for the receipt of payments of the applicable type from the applicable Borrower. 

        "Exposure" means, with respect to any Lender, such Lender's US Tranche Revolving Exposure, Competitive Loan Exposure, Swiss Tranche
Exposure and Japanese Tranche Exposure. 

        "Federal Funds Effective Rate" means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank
of New York, or, if such rate is not so published for any
day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three
Federal funds brokers of recognized standing selected by it. 

        "Fixed Rate" means, with respect to any Competitive Loan (other than a Eurocurrency Competitive Loan), the fixed rate of interest per
annum specified by the Lender making such Competitive Loan in its related Competitive Bid. 

        "Fixed Rate Revolving Loan" means a Competitive Loan bearing interest at a Fixed Rate. 

7

 

        "Foreign Subsidiary" means any Subsidiary that is not incorporated or otherwise organized under the laws of the United States or its
territories or possessions. 

        "GAAP" means generally accepted accounting principles in the United States of America. 

        "Governmental Authority" means any nation or government, any federal, state, local or other political subdivision thereof and any entity
exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government. 

        "Guarantee Requirement" means, at any time, that (a) the Subsidiary Guarantee Agreement (or a supplement referred to in
Section 15 thereof) shall have been executed by each Material Subsidiary (other than any Foreign Subsidiary) existing at such time, shall have been delivered to the Administrative Agent and
shall be in full force and effect and (b) the Indemnity, Subrogation and Contribution Agreement (or a supplement referred to in Section 12 thereof) shall have been executed by the
Company and each Subsidiary Guarantor, shall have been delivered to the Administrative Agent and shall be in full force and effect. 

        "Indemnified Taxes" means Taxes other than Excluded Taxes. 

        "Indemnity, Subrogation and Contribution Agreement" means an Indemnity, Subrogation and Contribution Agreement substantially in the form
of Exhibit D, made by the Company and the Subsidiary Guarantors in favor of the Administrative Agent for the benefit of the Lenders. 

        "Initial Borrowing Date" means the date of the initial Borrowing hereunder. 

        "Intangible Assets" means all assets of the Company and the consolidated Subsidiaries that would be treated as intangibles in conformity
with GAAP on a consolidated balance sheet of the Company and the consolidated Subsidiaries. 

        "Interest Coverage Ratio" means, for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated
Interest Expense for such period. 

        "Interest Election Request" means a request by the relevant Borrower to convert or continue a Revolving Borrowing in accordance with
Section 2.08. 

        "Interest Payment Date" means (a) with respect to any ABR Loan, the last day of each March, June, September and December,
(b) with respect to any Eurocurrency Loan, TIBOR Loan or Yen Base Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a
Eurocurrency Borrowing or TIBOR Borrowing with an Interest Period of more than three months' duration, each day prior to the last day of such Interest Period that occurs at intervals of three months'
duration after the first day of such Interest Period and (c) with respect to any Fixed Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part
and, in the case of a Fixed Rate Borrowing with an Interest Period of more than 90 days' duration (unless otherwise specified in the applicable Competitive Bid Request), each day prior to the
last day of such Interest Period that occurs at intervals of 90 days' duration after the first day of such Interest Period, and any other dates specified in the applicable Competitive Bid
Request as Interest Payment Dates with respect to such Borrowing. 

        "Interest Period" means, (i) with respect to any Eurocurrency Borrowing, Yen Base Rate Borrowing or TIBOR Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the relevant Borrower may elect and
(ii) with respect to any Fixed Rate Borrowing, the period (which shall not be less than 7 days or more than 360 days) commencing on the date of such Borrowing and ending on the
date specified in the applicable Competitive Bid Request; provided that (i) if any Interest Period would end on a day other than a Business Day, 

8

 

such
Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurocurrency Borrowing or TIBOR Borrowing only, such next succeeding Business Day would fall in the
next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurocurrency Borrowing or TIBOR Borrowing that
commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last
Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made, and thereafter shall be the
effective date of the most recent conversion or continuation of such Borrowing. 

        "Issuing Bank" means JPMorgan Chase Bank, in its capacity as the issuer of Letters of Credit hereunder, and its successors in such
capacity as provided in Section 2.05(i). The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the
term "Issuing Bank" shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 

        "Japanese Borrower" means any Japanese Subsidiary that has been designated as such pursuant to Section 2.20 and that has not ceased
to be a Japanese Borrower as provided in such Section. 

        "Japanese Subsidiary" means any Subsidiary that is incorporated or otherwise organized in Japan. 

        "Japanese Tranche Commitment" means, with respect to each Japanese Tranche Lender, the commitment of such Japanese Tranche Lender to make
Japanese Tranche Revolving Loans pursuant to Section 2.01(c), expressed as an amount representing the maximum aggregate amount of such Japanese Tranche Lender's Japanese Tranche Exposure
hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such
Lender pursuant to Section 11.04. The initial amount of each Japanese Tranche Lender's Japanese Tranche Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance
pursuant to which Japanese Tranche Lender shall have assumed its Japanese Tranche Commitment, as applicable. The aggregate amount of the Japanese Tranche Commitments on the date hereof is
$100,000,000. 

        "Japanese Tranche Exposure" means, with respect to any Japanese Tranche Lender at any time, such Lender's Japanese Tranche Percentage of
the sum of the US Dollar Equivalents of the principal amounts of the outstanding Japanese Tranche Revolving Loans. 

        "Japanese Tranche Lender" mean a Lender with a Japanese Tranche Commitment. 

        "Japanese Tranche Percentage" means, with respect to any Japanese Tranche Lender, the percentage of the total Japanese Tranche Commitments
represented by such Lender's Japanese Tranche Commitment. If the Japanese Tranche Commitments have terminated or expired, the Japanese Tranche Percentages shall be determined based upon the Japanese
Tranche Commitments most recently in effect, giving effect to any assignments. 

        "Japanese Tranche Revolving Borrowing" means a Borrowing comprised of Japanese Tranche Revolving Loans. 

        "Japanese Tranche Revolving Loan" means a Loan made by a Japanese Tranche Lender pursuant to Section 2.01(c). Each Japanese Tranche
Revolving Loan made to the Company shall be denominated in US Dollars and shall be a Eurocurrency Loan or an ABR Loan, and each Japanese Tranche Revolving Loan made to a Japanese Borrower shall be
denominated in Yen and shall be a TIBOR Loan or a Yen Base Rate Loan. 

        "JPMorgan" means JPMorgan Chase Bank and its successors. 

9

 

        "Judgment Currency" has the meaning assigned to such term in Section 11.13(b). 

        "LC Disbursement" means a payment made by the Issuing Bank in respect of a Letter of Credit. 

        "LC Exposure" means at any time the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time and
(b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Company or the applicable Subsidiary at such time. The LC Exposure of any US Tranche
Lender at any time shall be such Lender's US Tranche Percentage of the aggregate LC Exposure. 

        "Lenders" means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an
Assignment and Acceptance or as provided in Section 2.10, other than any such Person that shall have ceased to be a party hereto pursuant to an Assignment and Acceptance. 

        "Letter of Credit" means any letter of credit issued pursuant to this Agreement on behalf of Lenders holding US Tranche Commitments. 

        "Leverage Ratio" means, at any time, the ratio of (a) Total Debt at such time to (b) Consolidated EBITDA for the most recent
period of four consecutive fiscal quarters of the Company ended at or prior to such time. 

        "LIBO Rate" means, with respect to any Eurocurrency Borrowing for any Interest Period, the rate per annum determined by the Applicable
Agent at approximately 11:00 a.m., London time, on the Quotation Day for such Interest Period by reference to the British Bankers' Association Interest Settlement Rates for deposits in the
currency of such Borrowing (as reflected on the applicable Telerate screen), for a period equal to such Interest Period; provided that, to the extent
that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, "LIBO Rate" shall mean the interest rate per annum determined by the Applicable Agent to be the
average of the rates per annum at which deposits in the currency of such Borrowing are offered for such Interest Period to major banks in the London interbank market by JPMorgan at approximately
11:00 a.m., London time, on the Quotation Day for such Interest Period. 

        "Loan Documents" means this Agreement, each Borrowing Subsidiary Agreement, each Borrowing Subsidiary Termination, the Subsidiary
Guarantee Agreement, the Indemnity, Subrogation and Contribution Agreement and each Letter of Credit and promissory note delivered pursuant to this Agreement. 

        "Loan Parties" means the Borrowers and the Subsidiary Guarantors. 

        "Loans" means the loans made by the Lenders to the Borrowers pursuant to this Agreement. 

        "Local Time" means (a) with respect to a Loan, Borrowing or Letter of Credit denominated in US Dollars, New York City time,
(b) with respect to a Eurocurrency or Fixed Rate Loan or Eurocurrency or Fixed Rate Borrowing denominated in any Designated Foreign Currency, London time and (c) with respect to a TIBOR
or Yen Base Rate Revolving Loan or Borrowing, Tokyo time. 

        "London Agent" means J.P. Morgan Europe Limited. 

        "Margin" means, with respect to any Competitive Loan bearing interest at a rate based on the LIBO Rate, the marginal rate of interest, if
any, to be added to or subtracted from the LIBO Rate to determine the rate of interest applicable to such Loan, as specified by the Lender making such Loan in its related Competitive Bid. 

10

 

        "Material Subsidiary" means (a) any Swiss Borrower or Japanese Borrower, (b) any Subsidiary that directly or indirectly owns
or Controls any Material Subsidiary and (c) any other Subsidiary (i) the net revenues of which for the most recent period of four fiscal quarters of the Company for which audited
financial statements have been delivered pursuant to Section 5.01 were greater than 5% of the Company's consolidated net revenues for such period or (ii) the net tangible assets of which
as of the end of such period were greater than 5% of Consolidated Net Tangible Assets as of such date; provided that if at any time the aggregate amount
of the net revenues or net tangible assets of all Subsidiaries that are not Material Subsidiaries for or at the end of any period of four fiscal quarters exceeds 5% of the Company's consolidated net
revenues for such period or 5% of Consolidated Net Tangible Assets as of the end of such period, the Company (or, in the event the Company has failed to do so within 10 days, the Administrative
Agent) shall designate sufficient Subsidiaries as "Material Subsidiaries" to eliminate such excess, and such designated Subsidiaries shall for all purposes of this Agreement constitute Material
Subsidiaries. For purposes of making the determinations required by this definition, revenues and assets of Foreign Subsidiaries shall be converted into US Dollars at the rates used in preparing the
consolidated balance sheet of the Company included in the applicable financial statements. 

        "Maturity Date" means June 26, 2009. 

        "Obligations" means (a) the due and punctual payment of (i) the principal of and premium, if any, and interest (including
interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans made to any
Borrower, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by any Borrower under this
Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon and obligations to provide cash collateral and
(iii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations
incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Loan Parties under this
Agreement and the other Loan Documents, and (b) unless otherwise agreed upon in writing by the applicable Lender party thereto, the due and punctual payment and performance of all obligations
of the Company or any Subsidiary, monetary or otherwise, under each interest rate hedging Agreement relating to Obligations referred to in the preceding clause (a) entered into with any
counterparty that was a Lender (or an Affiliate thereof) at the time such hedging agreement was entered into. 

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

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

        "Prime Rate" means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank as its prime rate in effect
at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

        "Qualifying Bank" means an entity which is duly licensed as a bank and actively engaged in the banking business. 

11

  

        "Quotation Day" means, with respect to any Eurocurrency Borrowing and any Interest Period, the day on which it is market practice in the
relevant interbank market for prime banks to give quotations for deposits in the currency of such Borrowing for delivery on the first day of such Interest Period. If such quotations would normally be
given by prime banks on more than one day, the Quotation Day will be the last of such days. 

        "Register" has the meaning set forth in Section 11.04. 

        "Related Fund" means, with respect to any Lender that is a fund that invests in bank loans, any other fund that invests in bank loans and
is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 

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

        "Required Lenders" means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the
sum of the total Revolving Credit Exposures and unused Commitments at such time; provided that, for purposes of declaring the Loans to be due and
payable pursuant to Article VII, and for all purposes after the Loans become due and payable pursuant to Article VII or the Commitments expire or terminate, the outstanding Competitive
Loans of the Lenders shall be included in their respective Revolving Credit Exposures in determining the Required Lenders. 

        "Reset Date" has the meaning set forth in Section 1.05(a). 

        "Revolving Availability Period" means the period from and including the Effective Date to but excluding the earlier of the Maturity Date
and the date of termination of the Commitments. 

        "Revolving Borrowing" means a Borrowing comprised of US Tranche Revolving Loans, Swiss Tranche Revolving Loans or Japanese Tranche
Revolving Loans. 

        "Revolving Credit Exposure" means a US Tranche Revolving Exposure, a Swiss Tranche Exposure or a Japanese Tranche Exposure. 

        "Revolving Loan" means any US Tranche Revolving Loan, Swiss Tranche Revolving Loan or Japanese Tranche Revolving Loan. 

        "Sale and Leaseback Transaction" means any arrangement whereby the Company or a Material Subsidiary, directly or indirectly, shall sell or
transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property which it intends to use
for substantially the same purpose or purposes as the property being sold or transferred. 

        "Secured Debt" means Debt or any other obligation or liability of the Company or any Material Subsidiary the payment of which is secured
by a Security Interest. 

        "Security Interest" means any lien, security interest, mortgage or other charge or encumbrance of any kind, title retention device, pledge
or any other type of preferential arrangement, upon or with respect to any property of the Company or any Material Subsidiary, whether now owned or hereafter acquired. 

        "Specified Obligations" means Obligations consisting of the principal of and interest on Loans, reimbursement obligations in respect of LC
Disbursements (including interest accrued thereon), and fees. 

        "Statutory Reserve Rate" means, with respect to any currency, a fraction (expressed as a decimal), the numerator of which is the number
one and the denominator of which is the number 

12

 

one
minus the aggregate of the maximum reserve, liquid asset or similar percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by any
Governmental Authority of the United States or of the jurisdiction of such currency or any jurisdiction in which Loans in such currency are made to which banks in such jurisdiction are subject for any
category of deposits or liabilities customarily used to fund loans in such currency or by reference to which interest rates applicable to Loans in such currency are determined. Such reserve, liquid
asset or similar percentages shall include those imposed pursuant to Regulation D of the Board. Eurocurrency Loans and TIBOR Loans shall be deemed to be subject to such reserve requirements
without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under any applicable law, rule or regulation. The Statutory Reserve Rate shall
be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

        "Sterling" or "£" means the lawful money of the United Kingdom. 

        "subsidiary" means, with respect to any Person, any entity with respect to which such Person alone owns, such Person or one or more of its
subsidiaries together own, or such Person and any Person Controlling such Person together own, in each case directly or indirectly, capital stock or other equity interests having ordinary voting power
to elect a majority of the members of the Board of Directors of such corporation or other entity or having a majority interest in the capital or profits of such corporation or other entity. 

        "Subsidiary" means any subsidiary of the Company. 

        "Subsidiary Guarantee Agreement" means a Subsidiary Guarantee Agreement substantially in the form of Exhibit C, made by the
Subsidiary Guarantors in favor of the Administrative Agent for the benefit of the Lenders. 

        "Subsidiary Guarantors" means each Person listed on Schedule 1.01 and each other Person that becomes party to a Subsidiary
Guarantee Agreement as a Subsidiary Guarantor, and the permitted successors and assigns of each such Person. 

        "Swiss Borrower" means any Swiss Subsidiary that has been designated as such pursuant to Section 2.20 and that has not ceased to be
a Swiss Borrower as provided in such Section. 

        "Swiss Subsidiary" means any Subsidiary that is incorporated or otherwise organized in Switzerland. 

        "Swiss Francs" or "SF" means the lawful money of Switzerland. 

        "Swiss Tranche Commitment" means, with respect to each Swiss Tranche Lender, the commitment of such Swiss Tranche Lender to make Swiss
Tranche Revolving Loans pursuant to Section 2.01(b), expressed as an amount representing the maximum aggregate amount of such Swiss Tranche Lender's Swiss Tranche Exposure hereunder, as such
commitment may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to
Section 11.04. The initial amount of each Swiss Tranche Lender's Swiss Tranche Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to which such Swiss
Tranche Lender shall have assumed its Swiss Tranche Commitment, as applicable. The aggregate amount of the Swiss Tranche Commitments on the date hereof is $50,000,000. 

        "Swiss Tranche Exposure" means, with respect to any Swiss Tranche Lender at any time, such Lender's Swiss Tranche Percentage of the sum of
the US Dollar Equivalents of the principal amounts of the outstanding Swiss Tranche Revolving Loans. 

        "Swiss Tranche Lender" mean a Lender with a Swiss Tranche Commitment. 

13

 

        "Swiss Tranche Percentage" means, with respect to any Swiss Tranche Lender, the percentage of the total Swiss Tranche Commitments
represented by such Lender's Swiss Tranche Commitment. If the Swiss Tranche Commitments have terminated or expired, the Swiss Tranche Percentages shall be determined based upon the Swiss Tranche
Commitments most recently in effect, giving effect to any assignments. 

        "Swiss Tranche Revolving Borrowing" means a Borrowing comprised of Swiss Tranche Revolving Loans. 

        "Swiss Tranche Revolving Loan" means a Loan made by a Swiss Tranche Lender pursuant to Section 2.01(b). Each Swiss Tranche
Revolving Loan made to the Company shall be denominated in US Dollars and shall be a Eurocurrency Loan or an ABR Loan, and each Swiss Tranche Revolving Loan made to a Swiss Borrower shall be
denominated in Swiss Francs and shall be a Eurocurrency Loan. 

        "Taxes" means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any
Governmental Authority. 

        "TIBO Rate" means, with respect to any TIBOR Borrowing for any Interest Period, the interest rate per annum (rounded upwards, if
necessary, to the next 1/100 of 1%) for deposits for a maturity most nearly comparable to such Interest Period in Yen appearing on Telerate Screen page 17097 (or on any successor or substitute page of
such service providing rate quotations comparable to those currently provided on such page of such service, as determined by the Tokyo Agent from time to time for purposes of providing quotations of
interest rates in the Tokyo interbank market) at approximately 11:00 a.m., Tokyo time, two Business Days prior to the commencement of such Interest Period. In the event that such rate is not
available at such time for any reason, then the "TIBO Rate" with respect to such TIBOR Borrowing for such Interest Period shall be the rate at which
deposits for a maturity most nearly comparable to such Interest Period in Yen are offered by the principal Tokyo office of the Tokyo Agent in immediately available funds in the Tokyo interbank market
at approximately 11:00 a.m., Tokyo time, two Business Days prior to the commencement of such Interest Period. 

        "TIBOR", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the TIBO Rate. 

        "Tokyo Agent" means Mizuho Corporate Bank, Limited. 

        "Total Debt" means, at any date, all Debt of the Company and its consolidated Subsidiaries at such date to the extent such Debt should be
reflected on a consolidated balance sheet of the Company at such date in accordance with GAAP. 

        "Tranche" means a category of Commitments and extensions of credit thereunder. For purposes hereof, each of the following comprise a
separate Tranche: (i) the US Tranche Commitments, the US Tranche Revolving Loans and the Competitive Loans, (ii) the Swiss Tranche Commitments and the Swiss Tranche Revolving Loans and
(iii) the Japanese Tranche Commitments and the Japanese Tranche Revolving Loans. 

        "Transactions" means the execution, delivery and performance by the Loan Parties of the Loan Documents, the borrowing of Loans and the use
of the proceeds thereof and the issuance of Letters of Credit hereunder. 

        "Transfer Assets" means (a) when referring to the Company, the conveyance, transfer, lease or other disposition (whether in one
transaction or in a series of transactions) of all or substantially all of the assets of the Company or of the Company and its Subsidiaries taken as a whole, and (b) when referring to a
Subsidiary, the conveyance, transfer, lease or other disposition (whether in 

14

 

one
transaction or in a series of transactions) of all or substantially all of the assets of such Subsidiary. 

        "Type", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising
such Borrowing, is determined by reference to the LIBO Rate, the TIBO Rate, the Alternate Base Rate, the Yen Base Rate or a Fixed Rate. 

        "Unfunded Liabilities" means, in the case of a single employer pension benefit plan which is covered by Title IV of ERISA, the amount, if
any, by which the present value of all vested benefits accrued to the date of determination under such plan exceeds the fair market value of all assets of such plan allocable
to such benefits as of such date, and, in the case of a multiemployer pension plan, the withdrawal liability of the Company and the Subsidiaries. 

        "US Borrowers" means the Company, Edwards Lifesciences World Trade Corporation, Edwards Lifesciences LLC, Edwards Lifesciences
(U.S.) Inc. and any other US Subsidiary that has been designated as a US Borrower pursuant to Section 2.20 and that has not ceased to be a US Borrower as provided in such Section. 

        "US Corporation" means a corporation organized and existing under the laws of the United States, any state thereof or the District of
Columbia. 

        "US Dollar Equivalent" means, on any date of determination, (a) with respect to any amount in US Dollars, such amount, and
(b) with respect to any amount in any Designated Foreign Currency, the equivalent in US Dollars of such amount, determined by the Administrative Agent pursuant to Section 1.05 using the
Exchange Rate with respect to such Designated Foreign Currency at the time in effect under the provisions of such Section. 

        "US Dollars" or "$" means the lawful money of the United States of America. 

        "US Subsidiary" means any Subsidiary that is incorporated or otherwise organized under the laws of the United States or its territories or
possessions. 

        "US Tranche Commitment" means, with respect to each US Tranche Lender, the commitment of such US Tranche Lender to make US Tranche
Revolving Loans pursuant to Section 2.01(a), expressed as an amount representing the maximum aggregate amount of such US Tranche Lender's US Tranche Revolving Exposure hereunder, as such
commitment may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to
Section 11.04. The initial amount of each US Tranche Lender's US Tranche Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to which such US Tranche
Lender shall have assumed its US Tranche Commitment, as applicable. The aggregate amount of the US Tranche Commitments on the date hereof is $350,000,000. 

        "US Tranche Lender" mean a Lender with a US Tranche Commitment. 

        "US Tranche Percentage" means, with respect to any US Tranche Lender, the percentage of the total US Tranche Commitments represented by
such Lender's US Tranche Commitment. If the US Tranche Commitments have terminated or expired, the US Tranche Percentages shall be determined based upon the US Tranche Commitments most recently in
effect, giving effect to any assignments. 

        "US Tranche Revolving Borrowing" means a Borrowing comprised of US Tranche Revolving Loans. 

        "US Tranche Revolving Exposure" means, with respect to any US Tranche Lender at any time, the sum at such time, without duplication, of
(a) such Lender's US Tranche Percentage of the sum 

15

 

of
the US Dollar Equivalents of the principal amounts of the outstanding US Tranche Revolving Loans, plus (b) the aggregate amount of such Lender's LC Exposure. 

        "US Tranche Revolving Loan" means a Loan made by a US Tranche Lender pursuant to Section 2.01(a). Each US Tranche Revolving Loan
denominated in US Dollars shall be a Eurocurrency Loan or an ABR Loan, and each US Tranche Revolving Loan denominated in a Designated Foreign Currency shall be a Eurocurrency Loan. 

        "Yen" or "¥" refers to the lawful money of Japan. 

        "Yen Base Rate" means, with respect to any Yen Base Rate Revolving Borrowing for any Interest Period, the rate of interest per annum
publicly announced from time to time by the Tokyo Agent as its short-term prime rate in effect at its principal office in Tokyo; each change in the Yen Base Rate shall be effective from
and including the date such change is publicly announced as being effective. 

        SECTION
1.02.    Classification of Loans and Borrowings.    For purposes of this Agreement, Loans may be classified
and referred to by Class (e.g., a "US Tranche Revolving Loan") or by Type (e.g., a "Eurocurrency Loan")
or by Class and Type (e.g., a "Eurocurrency US Tranche Revolving Loan"). Borrowings also may be classified and referred to by Class
(e.g., a "US Tranche Revolving Borrowing") or by Type (e.g., a "US Tranche Eurocurrency Borrowing") or
by Class and Type (e.g., a "Eurocurrency US Tranche Revolving Borrowing"). 

        SECTION
1.03.    Terms Generally.    The definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be
deemed to be followed by the phrase "without limitation". The word "will" shall be construed to have the same meaning and effect as the word "shall". Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person's successors and assigns, (c) the words "herein", "hereof" and
"hereunder" and words of similar import shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words "asset" and "property" shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

        SECTION
1.04.    Accounting Terms; GAAP.    Except as otherwise expressly provided herein, all terms of an accounting
or financial nature shall be construed in accordance with GAAP as in effect from time to time; provided that if the Company notifies the Administrative
Agent that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of
such provision (or if the Administrative Agent notifies the Company that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is
given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall
have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 

        SECTION
1.05.    Exchange Rates.    (a)    Not later than 10:00 a.m., New York City time, on each
Calculation Date, the Administrative Agent shall (i) determine the Exchange Rate as of such Calculation Date with respect to each Designated Foreign Currency and (ii) give written notice
thereof 

16

 

to
the Lenders and the Company. The Exchange Rates so determined shall become effective on the first Business Day immediately following the relevant Calculation Date (a "Reset
Date"), shall remain effective until the next succeeding Reset Date, and shall for all purposes of this Agreement (other than Section 11.13 or any other provision
expressly requiring the use of a current Exchange Rate) be the Exchange Rates employed in converting any amounts between US Dollars and Designated Foreign Currencies. 

        (b)   Not
later than 5:00 p.m., New York City time, on each Reset Date and each date on which Revolving Loans denominated in any Designated Foreign Currency are made,
the Administrative Agent shall (i) determine the aggregate amount of the US Dollar Equivalents of the principal amounts of the Revolving Loans of each Class denominated in Designated Foreign
Currencies (after giving effect to any Revolving Loans made or repaid on such date) and (ii) notify the Lenders and the Company of the results of such determination. 

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

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

ARTICLE II  

 The Credits  

        SECTION
2.01.    Commitments.    (a)    Subject to the terms and conditions set forth herein, each US
Tranche Lender agrees to make US Tranche Revolving Loans to the US Borrowers from time to time during the Revolving Availability Period in US Dollars or any Designated Foreign Currency in an aggregate
principal amount at any time outstanding that will not result in (i) such Lender's US Tranche Revolving Exposure exceeding its US Tranche Commitment or (ii) the aggregate amount of the
Lenders' US Tranche Revolving Exposures and Competitive Loan Exposures exceeding the aggregate amount of the US Tranche Commitments. 

        (b)   Subject
to the terms and conditions set forth herein, each Swiss Tranche Lender agrees to make Swiss Tranche Revolving Loans to the Swiss Borrowers in Swiss Francs or
Euros and to the US Borrowers in US Dollars in an aggregate principal amount at any time outstanding that will not result in (i) such Lender's Swiss Tranche Exposure exceeding its Swiss Tranche
Commitment or (ii) the aggregate amount of the Lenders' Swiss Tranche Exposures exceeding the aggregate amount of the Swiss Tranche Commitments. 

        (c)   Subject
to the terms and conditions set forth herein, each Japanese Tranche Lender agrees to make Japanese Tranche Revolving Loans to the Japanese Borrowers in Yen and
to the US Borrowers in US Dollars in an aggregate principal amount at any time outstanding that will not result in (i) such Lender's Japanese Tranche Exposure exceeding its Japanese Tranche
Commitment or (ii) the aggregate 

17

 

amount
of the Lenders' Japanese Tranche Exposures exceeding the aggregate amount of the Japanese Tranche Commitments. 

        SECTION
2.02.    Loans and Borrowings.    (a)    Each US Tranche Revolving Loan shall be made as part of a
Borrowing consisting of US Tranche Revolving Loans made by the US Tranche Lenders ratably in accordance with their respective US Tranche Commitments. Each Swiss Tranche Revolving Loan shall be made as
part of a Borrowing consisting of Swiss Tranche Revolving Loans made by the Swiss Tranche Lenders ratably in accordance with their respective Swiss Tranche Commitments. Each Japanese Tranche Revolving
Loan shall be made as part of a Borrowing consisting of Japanese Tranche Revolving Loans made by the Japanese Tranche Lenders ratably in accordance with their respective Japanese Tranche Commitments.
Each Competitive Loan shall be made in accordance with the procedures set forth in Section 2.04. The failure of any Lender to make any Loan required to be made by it shall not relieve any other
Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender's
failure to make Loans as required hereunder. 

        (b)   Subject
to Section 2.14, (i) each US Tranche Revolving Borrowing shall be comprised entirely of (A) in the case of a Borrowing denominated in US
Dollars, Eurocurrency Loans or ABR Loans and (B) in the case of a Borrowing denominated in a Designated Foreign Currency, Eurocurrency Loans, in each case as the Company may request in
accordance herewith; (ii) each Swiss Tranche Revolving Borrowing shall be comprised entirely of (A) in the case of a Borrowing denominated in Swiss Francs or Euros, Eurocurrency Loans
and, (B) in the case of a Borrowing denominated in US Dollars, Eurocurrency Loans or ABR Loans, in each case as the applicable Borrower may request in accordance herewith; (iii) each
Japanese Tranche Revolving Borrowing shall be comprised entirely of (A) in the case of a Borrowing denominated in Yen, TIBOR Loans or Yen Base Rate Loans and (B) in the case of a
Borrowing denominated in US Dollars, Eurocurrency Loans or ABR Loans, in each case as the applicable Borrower may request in accordance herewith; and (iv) each Competitive Borrowing shall be
comprised entirely of Eurocurrency Loans or Fixed Rate Loans, in each case as the applicable Borrower may request in accordance herewith. Each Lender at its option may make any Loan by causing any
domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the
same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loan
in accordance with the terms of this Agreement. 

        (c)   At
the commencement of each Interest Period for any Borrowing, such Borrowing shall be in an aggregate amount that is at least equal to the Borrowing Minimum and an
integral multiple of the Borrowing Multiple; provided that (i) an ABR Revolving Borrowing may be made in an aggregate amount that is equal to the
aggregate available US Tranche Commitments, Swiss Tranche Commitments or Japanese Tranche Commitments, as the case may be and (ii) a Yen Base Rate Revolving Borrowing may be made in an
aggregate amount that is equal to the aggregate available Japanese Tranche Commitments. Borrowings of more than one Type and Class may be outstanding at the same time;  provided that there shall not at
any time be more than a total of (i) twelve US Tranche Eurocurrency Revolving Borrowings outstanding,
(ii) six Swiss Tranche Eurocurrency Revolving Borrowings outstanding or (iii) six Japanese Tranche TIBOR or Eurocurrency Revolving Borrowings outstanding. 

        (d)   Notwithstanding
any other provision of this Agreement, no Borrower shall be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period
requested with respect thereto would end after the Maturity Date. 

18

   
        SECTION 2.03.    Requests for Revolving Borrowings.    To request a Revolving Borrowing, the applicable Borrower,
or
the Company on behalf of the applicable Borrower, shall notify the Applicable Agent of such request by telephone (a) in the case of a Eurocurrency Borrowing, not later than 12:00 noon, Local
Time, three Business Days before the date of the proposed Borrowing, (b) in the case of a TIBOR Borrowing, not later than 5:00 p.m., Local Time, four Business Days before the date of the
proposed Borrowing, (c) in the case of an ABR Borrowing, not later than 12:00 noon, Local Time, one Business Day before the date of the proposed Borrowing and (d) in the case of a Yen
Base Rate Revolving Borrowing, not later than 12:00 noon, Local Time, two Business Days before the date of the proposed Borrowing; provided that any
such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e) may be given not later than 12:00 noon, Local Time, on the date
of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Applicable Agent of a written Borrowing
Request in a form approved by the Applicable Agent and signed by the applicable Borrower, or by the Company on behalf of the applicable Borrower. Each such telephonic and written Borrowing Request
shall specify the following information in compliance with Section 2.02: 

          (i)  the
Borrower requesting such Borrowing (or on whose behalf the Company is requesting such Borrowing); 

         (ii)  whether
the requested Borrowing is to be a US Tranche Revolving Borrowing, a Swiss Tranche Revolving Borrowing or a Japanese Tranche Revolving Borrowing; 

        (iii)  the
currency and aggregate principal amount of the requested Borrowing; 

        (iv)  the
date of the requested Borrowing, which shall be a Business Day; 

         (v)  the
Type of the requested Borrowing; 

        (vi)  in
the case of a Eurocurrency Borrowing, TIBOR Borrowing or Yen Base Rate Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term "Interest Period"; 

       (vii)  the
location and number of the relevant Borrower's account to which funds are to be disbursed, which shall comply with the requirements of Section 2.06; and 

      (viii)  in
the case of a Borrowing in a Foreign Currency, the location from which payments of the principal and interest on such Borrowing will be made. 

If
no currency is specified with respect to any requested Eurocurrency Revolving Borrowing, then the relevant Borrower shall be deemed to have selected US Dollars. If no election as to the Type of
Borrowing is specified, then the requested Borrowing shall be (i) in the case of a Borrowing denominated in US Dollars, an ABR Borrowing, (ii) in the case of a Borrowing by a Swiss
Borrower denominated in Swiss Francs, a Eurocurrency Borrowing, (iii) in the case of a Borrowing by a Japanese Borrower denominated in Yen, a Yen Base Rate Revolving Borrowing and
(iv) in the case of any other Borrowing, a Eurocurrency Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Borrowing or TIBOR Borrowing, then the relevant
Borrower shall be deemed to have selected an Interest Period of one month's duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Applicable Agent shall
advise each Lender that will make a Loan as part of the requested Borrowing of the details thereof and of the amount of the Loan to be made by such Lender as part of the requested Borrowing. 

        SECTION
2.04.    Competitive Bid Procedure.    (a)    Subject to the terms and conditions set forth herein,
from time to time during the Revolving Availability Period the Company may request Competitive Bids for Competitive Loans in US Dollars or one or more Designated Foreign Currencies and may (but shall
not have any obligation to) accept Competitive Bids and borrow Competitive Loans; 

19

 

 provided that the sum of the US Tranche Revolving Exposures and Competitive Loan Exposures at any time shall not exceed the aggregate amount of the Lenders' US Tranche
Commitments. To request Competitive Bids, the Company shall notify the Applicable Agent of such request by telephone, (i) in the case of a Eurocurrency Competitive Borrowing or a Fixed Rate
Competitive Borrowing denominated in a Designated Foreign Currency, not later than 12:00 noon, Local Time, four Business Days before the date of the proposed Competitive Borrowing and (ii) in
the case of a Fixed Rate Revolving Borrowing denominated in US Dollars, not later than 12:00 noon, Local Time, one Business Day before the date of the proposed Competitive Borrowing. Not more than
three Competitive Bid Requests may be submitted on the same day, and a Competitive Bid Request shall not be made within five Business Days after the date of any previous Competitive Bid Request unless
any and all such previous Competitive Bid Requests shall have been withdrawn or all Competitive Bids received in response thereto rejected. Each telephonic Competitive Bid Request shall be confirmed
promptly by hand delivery or telecopy to the Applicable Agent of a written Competitive Bid Request in a form approved by the Applicable Agent and signed by the Company. Each such telephonic and
written Competitive Bid Request shall specify the following information in compliance with Section 2.02: 

          (i)  the
aggregate amount of the requested Borrowing; 

         (ii)  the
date of such Borrowing, which shall be a Business Day; 

        (iii)  whether
the requested Borrowing is to be denominated in US Dollars or a Designated Foreign Currency (specifying such Designated Foreign Currency, if applicable); 

        (iv)  whether
such Borrowing is to be a Eurocurrency Borrowing or a Fixed Rate Revolving Borrowing; 

         (v)  the
Interest Period to be applicable to such Borrowing, which shall be a period contemplated by the definition of the term "Interest Period"; 

        (vi)  the
location and number of the Company's account to which funds are to be disbursed, which shall comply with the requirements of Section 2.06; and 

       (vii)  in
the case of any Borrowing in a Designated Foreign Currency, the location from which payments of the principal of and interest on such Borrowing will be made. 

If
no election as to the currency of a Borrowing is specified in any Competitive Bid Request, then the Company shall be deemed to have requested a Borrowing in US Dollars. Promptly following receipt
of a Competitive Bid Request in accordance with this Section, the Applicable Agent shall notify the Lenders of the details thereof by telecopy, inviting the US Tranche Lenders to submit Competitive
Bids. 

        (b)   Each
US Tranche Lender may (but shall not have any obligation to) make one or more Competitive Bids to the Company in response to a Competitive Bid Request. Each
Competitive Bid by a Lender must be in a form approved by the Applicable Agent and must be received by the Applicable Agent by telecopy, (i) in the case of a Eurocurrency Competitive Borrowing
or a Fixed Rate Competitive Borrowing denominated in a Designated Foreign Currency, not later than 11:00 a.m., Local Time, three Business Days before the date of the proposed Competitive
Borrowing and (ii) in the case of a Fixed Rate Revolving Borrowing denominated in US Dollars, not later than 9:30 a.m., Local Time, on the date of the proposed Competitive Borrowing.
Competitive Bids that do not conform to the form approved by the Applicable Agent may be rejected by the Applicable Agent, and the Applicable Agent shall notify the applicable Lender as promptly as
practicable. Each Competitive Bid shall specify (i) the principal amount (which shall be in an amount that is at least equal to the Borrowing Minimum and an integral multiple of the Borrowing
Multiple, and which may equal the entire principal amount of the Competitive Borrowing requested by the Company) of the Competitive Loan or Loans that the Lender is willing to make, (ii) the
Competitive Bid Rate or Rates at which the 

20

 

Lender
is prepared to make such Loan or Loans (expressed as a percentage rate per annum in the form of a decimal to no more than four decimal places) and (iii) the Interest Period applicable to
each such Loan and the last day thereof. 

        (c)   The
Applicable Agent shall promptly notify the Company by telecopy of the Competitive Bid Rate and the principal amount specified in each Competitive Bid and the
identity of the US Tranche Lender that shall have made such Competitive Bid. 

        (d)   Subject
only to the provisions of this paragraph, the Company may accept or reject any Competitive Bid. The Company shall notify the Applicable Agent by telephone,
confirmed by telecopy in a form approved by the Applicable Agent, whether and to what extent it has decided to accept or reject each Competitive Bid, (i) in the case of a Eurocurrency
Competitive Borrowing or a Fixed Rate Competitive Borrowing denominated in a Designated Foreign Currency, not later than 12:00 noon, Local Time, three Business Days before the date of the proposed
Competitive Borrowing and (ii) in the case of a Fixed Rate Revolving Borrowing denominated in US Dollars, not later than 10:30 a.m., Local Time, on the date of the proposed Competitive
Borrowing; provided that (i) the failure of the Company to give such notice shall be deemed to be a rejection of each Competitive Bid,
(ii) the Company shall not accept a Competitive Bid made at a particular Competitive Bid Rate if such Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the
aggregate amount of the Competitive Bids accepted by the Company shall not exceed the aggregate amount of the requested Competitive Borrowing specified in the related Competitive Bid Request,
(iv) to the extent necessary to comply with clause (iii) above, the Company may accept Competitive Bids at the same Competitive Bid Rate in part, which acceptance, in the case of
multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive Bid, and (v) except pursuant to clause (iv) above,
no Competitive Bid shall be accepted for a Competitive Loan unless such Competitive Loan is in a minimum principal amount of at least the Borrowing Minimum and an integral multiple of the Borrowing
Multiple; provided further that if a Competitive Loan must be in an amount less than the Borrowing Minimum because of the provisions of
clause (iv) above, such Competitive Loan may be for a minimum of $1,000,000 (or, in the case of an Designated Foreign Currency Competitive Loan, the smallest amount of such Alternate Currency
that (i) is an integral multiple of 1,000,000 units (or, in the case of Sterling, 500,000 units) of such currency and (ii) has a US Dollar Equivalent in excess of $1,000,000), and in
calculating the pro rata allocation of acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to integral
multiples of the Borrowing Multiple in a manner determined by the Company. A notice given by the Company pursuant to this paragraph shall be irrevocable. 

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

        (f)    If
the Applicable Agent or one of its Affiliates shall elect to submit a Competitive Bid in its capacity as a US Tranche Lender, it shall submit such Competitive Bid
directly to the Company at least one quarter of an hour earlier than the time by which the other Lenders are required to submit their Competitive Bids to the Applicable Agent pursuant to
paragraph (b) of this Section. 

        SECTION
2.05.    Letters of
Credit.    (a)    General.    Subject to the terms and conditions set forth herein, the Company
may request the issuance (or the amendment, renewal or extension) of Letters of Credit denominated in US Dollars, in any case in a form reasonably acceptable to the Administrative Agent and the
Issuing Bank, at any time and from time to time during the Revolving Availability Period. In the event of any form of letter of credit application or other agreement submitted by the 

21

 

Company
or any other Borrower to, or entered into by the Company or any other Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall
control. 

        (b)    Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.    To request the issuance of a Letter
of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Company shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so
have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting
the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, the date of issuance, amendment, renewal or extension (which shall be a Business Day), the
date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof
and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Company also shall submit a letter of credit
application on the Issuing Bank's standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance,
amendment, renewal or extension of each Letter of Credit the Company or the applicable Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal
or extension the LC Exposure shall not exceed $25,000,000 and (ii) the aggregate US Tranche Revolving Exposures will not exceed the aggregate US Tranche Commitments. 

        (c)    Expiration Date.    Each Letter of Credit shall expire at or prior to the close of business on the earlier of
(i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the
date that is five Business Days prior to the Maturity Date. 

        (d)    Participations.    By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the
amount thereof) and without any further action on the part of the Issuing Bank or the US Tranche Lenders, the Issuing Bank hereby grants to each US Tranche Lender, and each US Tranche Lender hereby
acquires from the Issuing Bank, a participation in such Letter of Credit equal to such US Tranche Lender's US Tranche Percentage of the aggregate amount available to be drawn under such Letter of
Credit. In consideration and in furtherance of the foregoing, each US Tranche Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing
Bank, such Lender's US Tranche Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Company on the date due as provided in paragraph (e) of this Section or of
any reimbursement payment required to be refunded to the Company for any reason. Each US Tranche Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph
in respect of Letters of Credit is absolute and unconditional and shall not be affected
by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the US Tranche
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 

        (e)    Reimbursement.    If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the
Company shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement, not later than 1:00 p.m., New York City time, on the date that such
LC Disbursement is made, if the Company shall have received notice of such LC Disbursement prior to 11:00 a.m., New York City time, on such date, or, if such notice has not been received by the
Company prior to such time on such date, then not later than 1:00 p.m., New York City time, on (A) the Business Day that the Company receives such notice, if such notice is received
prior to 11:00 a.m., New York City time, on the day of receipt, or (B) the Business Day immediately following the day that the Company receives such notice, if such notice is not
received prior to such time on the day of receipt. If the Company fails to make such payment when due then, upon notice 

22

 

from
the applicable Issuing Bank to the Company and the Administrative Agent, the Administrative Agent shall notify each US Tranche Lender of the applicable LC Disbursement, the payment then due from
the Company in respect thereof and such Lender's US Tranche Percentage, thereof. Promptly following receipt of such notice, each US Tranche Lender shall pay to the Administrative Agent its US Tranche
Percentage of the payment then due from the Company in the same manner as provided in Section 2.06 with respect to Loans made by such US Tranche Lender (and Section 2.06 shall apply,  mutatis mutandis, to the payment obligations of the US Tranche Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank
the amounts so received by it from the US Tranche Lenders. Promptly following receipt by the Administrative Agent of any payment from the Company pursuant to this paragraph, the Administrative Agent
shall distribute such payment to the Issuing Bank or, to the extent that US Tranche Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such US Tranche Lenders
and the Issuing Bank as their interests may appear. Any payment made by a US Tranche Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement shall not constitute a Loan
and shall not relieve the Company of its obligation to reimburse such LC Disbursement. 

        (f)    Obligations Absolute.    The Company's obligations to reimburse LC Disbursements as provided in
paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances
whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement or any other Loan Document, or any term or provision herein or therein,
(ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any
respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or
(iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge
of, or provide a right of set-off against, the Company's obligations hereunder. None of the Administrative Agent, the US Tranche Lenders or the Issuing Bank, or any of their Related
Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder
(irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other
communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from
causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the
Company to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Company to the extent permitted by applicable law) suffered by the
Company that are caused by the Issuing Bank's failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties
hereto expressly agree that, in the absence of gross negligence or wilful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank
shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents
presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such
documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not
in strict compliance with the terms of such Letter of Credit. 

        (g)    Disbursement Procedures.    The Issuing Bank shall, promptly following its receipt thereof, examine all
documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Company by telephone (confirmed 

23

 

by
telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to
give or delay in giving such notice shall not relieve the Company of its obligation to reimburse the Issuing Bank and the US Tranche Lenders with respect to any such LC Disbursement. 

        (h)    Interim Interest.    If the Issuing Bank shall make any LC Disbursement, then, unless the Company shall
reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to
but excluding the date that the Company reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that, at
all times after the Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, Section 2.13(g) shall apply. Interest accrued pursuant to this
paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any US Tranche Lender pursuant to paragraph (e) of this Section to
reimburse the Issuing Bank shall be for the account of such US Tranche Lender to the extent of such payment. 

        (i)    Replacement of the Issuing Bank.    The Issuing Bank may be replaced at any time by written agreement among the
Company, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time
any such replacement shall become effective, the Company shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the
effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be
issued thereafter and (ii) references herein to the term "Issuing Bank" shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing
Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations
of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

        (j)    Cash Collateralization.    If the US Tranche Commitments shall be terminated on the Business Day that the
Company receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, US Tranche Lenders with LC Exposure representing greater than 50%
of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Company shall deposit in an account with the Administrative Agent, in the name of the Administrative
Agent and for the benefit of the US Tranche Lenders, an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon;  provided that the obligation to deposit such
cash collateral shall become effective immediately, and such deposit shall become immediately due and
payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Company described in clause (f) or (g) of Article VII. Such
deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Company under this Agreement. The Administrative Agent shall have exclusive
dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option
and sole discretion of the Administrative Agent and at the Company's risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such
account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied,
shall be held for the satisfaction of the reimbursement obligations of the Company for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of
US Tranche Lenders with LC Exposures representing greater than 50% of the total LC Exposure) be applied to satisfy other obligations of the Company under this Agreement. If the Company is required to
provide 

24

 

an
amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to them within three Business Days
after all Events of Default have been cured or waived. 

        SECTION
2.06.    Funding of Borrowings.    (a)    Each Lender shall make each Loan to be made by it
hereunder on the proposed date thereof by wire transfer of immediately available funds in the applicable currency by 11:00 a.m., Local Time, to the account of the Applicable Agent most recently
designated by it for such purpose for Loans of such Class and currency by notice to the applicable Lenders. The Applicable Agent will make such Loans available to the relevant Borrower by promptly
crediting the amounts so received, in like funds, to an account of such Borrower maintained by the Applicable Agent (i) in New York City, in the case of Loans denominated in US Dollars
(ii) in London, in the case of Eurocurrency or Fixed Rate Loans denominated in any Designated Foreign Currency and (iii) in Tokyo, in the case of TIBOR or Yen Base Rate Revolving Loans;  provided that US Tranche
Revolving Loans made to finance the reimbursement of an LC Disbursement shall be remitted by the Administrative Agent to the Issuing Bank. 

        (b)   Unless
the Applicable Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the
Applicable Agent such Lender's share of such Borrowing, the Applicable Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this
Section and may, in reliance upon such assumption, make available to the relevant Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Applicable Agent, then the applicable Lender and such Borrower severally agree to pay to the Applicable Agent forthwith on demand such corresponding amount with interest thereon, for
each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Applicable Agent, at (i) in the case of such Lender, the rate
reasonably determined by the Applicable Agent to be the cost to it of funding such amount or (ii) in the case of such Borrower, the interest rate applicable to the subject Loan. If such Lender
pays such amount to the Applicable Agent, then such amount shall constitute such Lender's Loan included in such Borrowing and the Applicable Agent shall return to such Borrower any amount (including
interest) paid by such Borrower to the Applicable Agent pursuant to this paragraph. 

        SECTION
2.07.    Repayment of Borrowings; Evidence of Debt.    (a)    Each Borrower hereby unconditionally
promises to pay to the Applicable Agent for the accounts of the applicable Lenders (i) the then unpaid principal amount of each Revolving Borrowing of such Borrower on the Maturity Date and
(ii) the then unpaid principal amount of each Competitive Loan on the last day of the Interest Period applicable thereto. Each Borrower agrees to repay the principal amount of each Loan made to
such Borrower and the accrued interest thereon in the currency of such Loan. 

        (b)   Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such Lender resulting from each
Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

        (c)   The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class, Type and currency thereof and the
Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) the
amount of any sum received by any Agent hereunder for the accounts of the Lenders and each Lender's share thereof. Each of the London Agent and the Tokyo Agent shall furnish to the Administrative
Agent, promptly after the making of any Loan or Borrowing with respect to which it is the Applicable Agent or the receipt of any payment of principal or interest with respect to any such Loan or
Borrowing, information with respect thereto that will enable the Administrative Agent to maintain the accounts referred to in the preceding sentence. 

25

 

The
Administrative Agent shall notify in writing the London Agent or the Tokyo Agent, as applicable, promptly after the making of any Loan or Borrowing with respect to which it is the Applicable Agent
or the receipt of payment of any principal with respect to any such Loan or Borrowing. 

        (d)   The
entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima
facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of any Borrower to repay the Loans in accordance with the terms of this Agreement. 

        (e)   Any
Lender may request that Loans of any Class made by it to any Borrower be evidenced by a promissory note. In such event, each applicable Borrower shall prepare,
execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the
Administrative Agent. Thereafter, the Loans evidenced by each such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 11.04) be represented
by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 

        SECTION
2.08.    Interest Elections.    (a)    Each Revolving Borrowing initially shall be of the Type
specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or TIBOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter,
the relevant Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing or TIBOR Borrowing, may elect Interest Periods
therefor, all as provided in this Section and on terms consistent with the other provisions of this Agreement. A Borrower may elect different options with respect to different portions of an affected
Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a
separate Revolving Borrowing. 

        (b)   To
make an election pursuant to this Section, a Borrower, or the Company on its behalf, shall notify the Applicable Agent of such election by telephone by the time that
a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such
election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Applicable Agent of a written Interest Election
Request in a form approved by the Administrative Agent and signed by the relevant Borrower, or the Company on its behalf. Notwithstanding any contrary provision herein, this Section shall not be
construed to permit any Borrower to (i) change the currency of any Borrowing, (ii) elect an Interest Period for Eurocurrency Loans or TIBOR Loans that does not comply with
Section 2.02(d) or (iii) convert any Borrowing to a Borrowing of a Type not available under the Class of Commitments pursuant to which such Borrowing was made. 

        (c)   Each
telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 

          (i)  the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions
thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting
Borrowing); 

26

  

         (ii)  the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

        (iii)  the
Type of the resulting Borrowing; and 

        (iv)  if
the resulting Borrowing is to be a Eurocurrency Borrowing or a TIBOR Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated by the definition of the term "Interest Period". 

If
any such Interest Election Request requests a Eurocurrency Borrowing or a TIBOR Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest
Period of one month's duration. 

        (d)   Promptly
following receipt of an Interest Election Request, the Applicable Agent shall advise each Lender holding a Loan to which such request relates of the details
thereof and of such Lender's portion of each resulting Borrowing. 

        (e)   If
the relevant Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing or TIBOR Borrowing prior to the end of the Interest
Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period, such Borrowing shall (i) in the case of a Borrowing denominated in US
Dollars, be converted to an ABR Borrowing, (ii) in the case of a Japanese Tranche Revolving Borrowing denominated in Yen, be converted into a Yen Base Rate Revolving Borrowing and
(iii) in the case of any other Eurocurrency Borrowing, become due and payable on the last day of such Interest Period. 

        SECTION
2.09.    Termination and Reduction of Commitments.    (a)    Unless previously terminated, the
Commitments shall terminate on the Maturity Date; provided that the Commitments shall terminate at 5:00 p.m., New York City time, on
June 30, 2004, if the Effective Date shall not have occurred prior to such time. 

        (b)   The
Company may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that
(i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum, (ii) the Company
shall not terminate or reduce the US Tranche Commitments if, after giving effect to any concurrent prepayment of the US Tranche Revolving Loans in accordance with Section 2.11, the sum of the
aggregate US Tranche Revolving Exposures and the aggregate Competitive Loan Exposures would exceed the aggregate US Tranche Commitments, (iii) the Company shall not terminate or reduce the
Swiss Tranche Commitments if, after giving effect to any concurrent prepayment of the Swiss Tranche Revolving Loans in accordance with Section 2.11, the aggregate Swiss Tranche Exposures would
exceed the aggregate Swiss Tranche Commitments and (iv) the Company shall not terminate or reduce the Japanese Tranche Commitments if, after giving effect to any concurrent prepayment of the
Japanese Tranche Revolving Loans in accordance with Section 2.11, the aggregate Japanese Tranche Exposures would exceed the aggregate Japanese Tranche Commitments. 

        (c)   The
Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments of any Class under paragraph (b) of this Section at least
three Business Days prior to the effective date of such termination or reduction, specifying the effective date of such election. Promptly following receipt of any such notice, the Administrative
Agent shall advise the other Agents and the applicable Lenders of the contents thereof. Each notice delivered by the Company pursuant to this Section shall be irrevocable;  provided that a notice of
termination of the Commitments delivered by the Company may state that such notice is conditioned upon the effectiveness of
other credit facilities, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.
Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class 

27

 

shall
be made ratably among the applicable Lenders in accordance with their respective Commitments of such Class. 

        SECTION
2.10.    Increase in Commitments.    (a)    The Company may, by written notice to the Administrative
Agent (which shall promptly deliver a copy to each of the Lenders), request that the total US Tranche Commitments, Swiss Tranche Commitments or Japanese Tranche Commitments be increased by an amount
not less than $25,000,000 for any such increase; provided that after giving effect to any such increase the sum of the total Commitments shall not
exceed $750,000,000. Such notice shall set forth the amount of the requested increase in the total US Tranche Commitments, Swiss Tranche Commitments or Japanese Tranche Commitments, as the case may
be, and the date on which such increase is requested to become effective (which shall be not less than 30 Business Days or more than 60 days after the date of such notice), and shall offer each
Lender the opportunity to increase its Commitment by its US Tranche Percentage, Swiss Tranche Percentage or Japanese Tranche Percentage, as the case may be, of the proposed increased amount. Each
Lender shall, by notice to the Company and the Administrative Agent given not more than 10 Business Days after the date of the Company's notice, either agree to increase its applicable Commitment by
all or a portion of the offered amount (each Lender so agreeing being an "Increasing Lender") or decline to increase its applicable Commitment (and any
Lender that does not deliver such a notice within such period of 10 Business Days shall be deemed to have declined to increase its Commitment) (each Lender so declining or deemed to have declined
being a "Non-Increasing Lender"). In the event that, on the
10th Business Day after the Company shall have delivered a notice pursuant to the first sentence of this paragraph, the Lenders shall have agreed pursuant to the preceding sentence to increase their
Commitments by an aggregate amount less than the increase in the total Commitments requested by the Company, the Company may arrange for one or more banks or other financial institutions (any such
bank or other financial institution being called an "Augmenting Lender"), which may include any Lender, to extend US Tranche Commitments, Swiss Tranche
Commitments or Japanese Tranche Commitments, as the case may be, or increase their existing US Tranche Commitments, Swiss Tranche Commitments or Japanese Tranche Commitments, as the case may be, in an
aggregate amount equal to the unsubscribed amount; provided that each Augmenting Lender, if not already a Lender hereunder, shall be subject to the
approval of the Administrative Agent (which approval shall not be unreasonably withheld) and the Borrowers and each Augmenting Lender shall execute all such documentation as the Administrative Agent
shall reasonably specify to evidence the Commitment of such Augmenting Lender and/or its status as a Lender hereunder. Any increase in the total US Tranche Commitments, Swiss Tranche Commitments or
Japanese Tranche Commitments, as the case may be, may be made in an amount which is less than the increase requested by the Company if the Company is unable to arrange for, or chooses not to arrange
for, Augmenting Lenders. 

        (b)   On
the effective date (the "Increase Effective Date") of any increase in the total US Tranche Commitments, Swiss Tranche
Commitments or Japanese Tranche Commitments pursuant to this Section 2.10 (the "Commitment Increase"), (i) the aggregate principal amount
of the US Tranche Revolving Loans, Swiss Tranche Revolving Loans or Japanese Tranche Revolving Loans, as the case may be, outstanding (the "Initial
Loans") immediately prior to giving effect to the Commitment Increase on the Increase Effective Date shall be deemed to be paid, (ii) each Increasing Lender and each
Augmenting Lender that shall have been a US Tranche Lender, Swiss Tranche Lender or Japanese Tranche Lender, as the case may be, prior to the Commitment Increase shall pay to the Administrative Agent
or another Agent designated by the Administrative Agent for such purpose in same day funds an amount equal to the difference between (A) the product of (1) such Lender's US Tranche
Percentage, Swiss Tranche Percentage or Japanese Tranche Percentage, as the case may be (calculated after giving effect to the Commitment Increase), multiplied by (2) the amount of the
Subsequent Borrowings (as hereinafter defined) and (B) the product of (1) such Lender's US Tranche Percentage, Swiss Tranche Percentage or Japanese Tranche Percentage, as the case may be
(calculated without giving effect to the Commitment Increase), multiplied by (2) the amount of the Initial Loans, 

28

 

(iii) each
Augmenting Lender that shall not have been a Lender prior to the Commitment Increase shall pay to the Administrative Agent or another Agent designated by the Administrative Agent for
such purpose in same day funds an amount equal to the product of (1) such Augmenting Lender's US Tranche Percentage, Swiss Tranche Percentage or Japanese Tranche Percentage (calculated after
giving effect to the Commitment Increase) multiplied by (2) the amount of the Subsequent Borrowings, and (iv) after the Administrative Agent or other Agent receives the funds specified
in clauses (ii) and (iii) above, the Administrative Agent or such other Agent shall pay to each Non-Increasing Lender the portion of such funds that is equal to the
difference between (A) the product of (1) such Non-Increasing Lender's US Tranche Percentage, Swiss Tranche Percentage or Japanese Tranche Percentage (calculated without
giving effect to the Commitment Increase) multiplied by (2) the amount of the Initial Loans, and (B) the product of (1) such Non-Increasing Lender's US Tranche
Percentage, Swiss Tranche Percentage or Japanese Tranche Percentage (calculated after giving effect to the Commitment Increase) multiplied by (2) the amount of the Subsequent Borrowings,
(v) after the effectiveness of the Commitment Increase, the applicable Borrowers shall be deemed to have made new Borrowings (the "Subsequent
Borrowings") in an aggregate principal amount equal to the aggregate principal amount of the Initial Loans and of the types and for the Interest Periods specified in a
Borrowing Request delivered to the Administrative Agent in accordance with Section 2.04, (vi) each Non-Increasing Lender, each Increasing Lender and each Augmenting Lender
shall be deemed to hold its US Tranche Percentage, Swiss Tranche Percentage or Japanese Tranche Percentage, as the case may be, of each Subsequent Borrowing (each calculated after giving effect to the
Commitment Increase) and (vii) the applicable Borrowers shall pay each Increasing Lender and each Non-Increasing Lender any and all accrued but unpaid interest on the Initial Loans.
The deemed payments made pursuant to clause (i) above in respect of each Eurocurrency Loan or TIBOR Loan shall be subject to indemnification by the Borrowers pursuant to the provisions of
Section 2.16 if the Increase Effective Date occurs other than on the last day of the Interest Period relating thereto and breakage costs result. 

        (c)   Increases
and new Commitments created pursuant to this Section 2.10 shall become effective on the date specified in the notice delivered by the Company pursuant
to the first sentence of paragraph (a) above. 

        (d)   Notwithstanding
the foregoing, no increase in the Commitments of any Class (or in any Commitment of any Lender) or addition of an Augmenting Lender shall become
effective under this Section unless, (i) on the date of such increase, the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied and the
Administrative Agent shall have received a certificate to that effect dated such date and executed by the chief financial officer of the Company, and (ii) the Administrative Agent shall have
received (with sufficient copies for each of the Lenders) documents consistent with those delivered on the Effective Date under clauses (b) and (c) of Section 4.01 as to the
corporate power and authority of the applicable Borrowers to borrow hereunder after giving effect to such increase. 

        SECTION
2.11.    Prepayment of Loans.    (a)    Any Borrower shall have the right at any time and from time
to time to prepay any Borrowing of such Borrower in whole or in part, subject to prior notice in accordance with paragraph (d) of this Section;  provided, that Competitive Loans may be prepaid only
with the consent of the Lenders making such Loans. 

        (b)   If
the aggregate Exposures of any Class shall exceed the aggregate Commitments of such Class (reduced, in the case of the US Tranche Commitments, by the aggregate amount
of the US Tranche Lenders' Competitive Loan Exposures), then (i) on the last day of any Interest Period for any Eurocurrency Revolving Borrowing or TIBOR Borrowing of such Class and
(ii) on any other date in the event ABR Revolving Borrowings or Yen Base Rate Revolving Borrowings shall be outstanding under such Class, the applicable Borrowers shall prepay Revolving Loans
or Competitive Loans of such Class in an amount equal to the lesser of (A) the amount necessary to eliminate such excess (after giving effect to any other prepayment of Loans on such day) and
(B) the amount of the applicable 

29

 

Borrowings
referred to in clause (i) or (ii), as applicable. If, on any Reset Date, the aggregate amount of the Exposures of any Class shall exceed 105% of the aggregate Commitments of such
Class (reduced, in the case of the US Tranche Commitments, by the aggregate amount of the US Tranche Lenders' Competitive Loan Exposures), then the applicable Borrowers shall, not later than the next
Business Day, prepay one or more Borrowings of such Class in an aggregate principal amount sufficient to eliminate such excess. 

        (c)   Prior
to any optional or mandatory prepayment of Borrowings hereunder, the applicable Borrower shall select the Borrowing or Borrowings to be prepaid and shall specify
such selection in the notice of such prepayment pursuant to paragraph (d) of this Section. 

        (d)   The
applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the Applicable Agent by telephone (confirmed by telecopy) of any prepayment of
a Borrowing hereunder (i) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m., Local Time, three Business Days before the date of such prepayment, (b) in the case
of a TIBOR Borrowing, not later than 5:00 p.m., Local Time, four Business Days before the date of such prepayment, and (c) in the case of an ABR Borrowing or a Yen Base Rate Revolving
Borrowing, not later than 11:00 a.m., Local Time, one Business Day before the date of such prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the
principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of optional prepayment is given in connection with a
conditional notice of termination of the Commitments as contemplated by Section 2.09(c), then such notice of prepayment may be revoked if such notice of termination is revoked in accordance
with Section 2.09(c). Promptly following receipt of any such notice, the Applicable Agent shall advise the applicable Lenders of the contents thereof. Each partial prepayment of any Borrowing
shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to
the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments
pursuant to Section 2.16. 

        SECTION
2.12.    Fees.    (a)    The Company agrees to pay to the Administrative Agent for the account of
each Lender a facility fee, which shall accrue at the Applicable Rate on the daily amount of the Commitments of such Lender (whether used or unused) during the period from and including the date
hereof to but excluding the date on which the last of such Commitments terminates; provided that, if such Lender continues to have any Exposure of any
Class after its Commitment of such Class terminates, then such facility fee shall continue to accrue on the daily amount of such Lender's Exposure of such Class to but excluding the date on which such
Lender ceases to have any such Exposure. Accrued facility fees shall be payable in arrears on the last day of March, June, September and December of each year, commencing on the first such date to
occur after the date hereof, and on the date on which all the Commitments shall have terminated and the Lenders shall have no further Exposures. All facility fees shall be computed on the basis of a
year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). For purposes of computing facility fees with respect to US
Tranche Commitments, a US Tranche Commitment of a Lender shall be deemed to be used to the extent of the outstanding US Tranche Revolving Loans and the LC Exposure of such Lender. 

        (b)   The
Company agrees to pay (i) to the Administrative Agent for the account of each US Tranche Lender a participation fee with respect to its participations in
Letters of Credit, which shall accrue at the Applicable Rate used to determine the interest rate applicable to US Tranche Eurocurrency Revolving Loans on the daily amount of such US Tranche Lender's
LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the date hereof to but excluding the later of the date on which such US
Tranche Lender's US Tranche Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate
of 0.125% per 

30

 

annum
on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the date hereof to but excluding
the later of the date of termination of the US Tranche Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank's standard fees with respect to the issuance,
amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued under this paragraph through and including the last day of
March, June, September and December of each year shall be payable on such last day, commencing on the first such date to occur after the date hereof; provided  that all such fees shall be payable on the
date on which the US Tranche Commitments terminate and any such fees accruing after the date on which the US Tranche Commitments
terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting
fees payable under this paragraph shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last
day). 

        (c)   The
Company agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Company and
the Administrative Agent. 

        (d)   All
fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees
payable to it) for distribution, in the case of facility fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 

        SECTION
2.13.    Interest.    (a)    The Loans comprising each ABR Borrowing shall bear interest at the
Alternate Base Rate plus the Applicable Rate. 

        (b)   The
Loans comprising each Yen Base Rate Borrowing shall bear interest at the Yen Base Rate plus the Applicable Rate. 

        (c)   The
Loans comprising each Eurocurrency Borrowing shall bear interest (i) in the case of a Eurocurrency Revolving Borrowing, at the LIBO Rate for the Interest
Period in effect for such Borrowing plus the Applicable Rate, or (ii) in the case of a Eurocurrency Competitive Loan, at the LIBO Rate for the Interest Period in effect for such Borrowing plus
(or minus, as applicable) the Margin applicable to such Loan. 

        (d)   The
Loans comprising each TIBOR Borrowing shall bear interest at the TIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 

        (e)   Each
Fixed Rate Loan shall bear interest at the Fixed Rate applicable to such Loan. 

        (f)    Notwithstanding
the foregoing, if any principal of or interest on any Loan or any fee payable by any Borrower hereunder is not paid when due, whether at stated maturity,
upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% per
annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR
Revolving Loans as provided in paragraph (a) above. 

31

   
        (g)   Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that
(i) interest accrued pursuant to paragraph (g) above shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR
Revolving Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and
(iii) in the event of any conversion of any Eurocurrency Revolving Loan or TIBOR Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be
payable on the effective date of such conversion. 

        (h)   All
interest hereunder shall be computed on the basis of a year of 360 days, except that (i) interest on Borrowings denominated in Sterling and Yen and
(ii) interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or
366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Yen
Base Rate, LIBO Rate or TIBO Rate shall be determined by the Applicable Agent, and such determination shall be conclusive absent manifest error. 

        SECTION
2.14.    Alternate Rate of Interest.    If prior to the commencement of any Interest Period for a Eurocurrency
Borrowing or TIBOR Borrowing denominated in any currency: 

        (a)   the
Applicable Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBO
Rate or the TIBO Rate, as the case may be, for such Interest Period; or 

        (b)   the
Applicable Agent is advised by a majority in interest of the Lenders that would participate in such Borrowing that the LIBO Rate or the TIBO Rate, as the case may
be, for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 

then
the Applicable Agent shall give notice thereof to the applicable Borrower and the applicable Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Applicable Agent
notifies the applicable Borrower and the applicable Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of
any Revolving Borrowing denominated in such currency to, or continuation of any Revolving Borrowing denominated in such currency as, a Eurocurrency Borrowing or TIBOR Borrowing, as the case may be,
shall be ineffective, and any Eurocurrency Borrowing or TIBOR Borrowing, as the case may be, denominated
in such currency that is requested to be continued shall be repaid on the last day of the then current Interest Period applicable thereto, and (ii) any Borrowing Request for a Eurocurrency
Revolving Borrowing or TIBOR Borrowing, as the case may be, denominated in such currency shall be ineffective. 

        SECTION
2.15.    Increased Costs.    (a)    If any Change in Law shall: 

          (i)  impose,
modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any
Lender or the Issuing Bank; or 

         (ii)  impose
on any Lender or the Issuing Bank or the London or Tokyo interbank market any other condition affecting this Agreement or Eurocurrency Loans or TIBOR Loans made
by such Lender or any Letter of Credit or participations therein; 

and
the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurocurrency Loan or TIBOR Loan (or of maintaining its obligation to make any such
Loan) or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such 

32

 

Lender
or the Issuing Bank hereunder (whether of principal, interest or otherwise), then the Company will pay or cause the other Borrowers to pay to such Lender or the Issuing Bank, as the case may
be, such additional amount or amounts as will compensate such Lender or the Issuing Bank for such additional costs incurred or reduction suffered. 

        (b)   If
any Lender or the Issuing Bank reasonably determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return
on such Lender's or Issuing Bank's capital or on the capital of such Lender's or Issuing Bank's holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in
Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender's or Issuing Bank's holding
company could have achieved but for such Change in Law (taking into consideration such Lender's or the Issuing Bank's policies and the policies of such Lender's or the Issuing Bank's holding company
with respect to capital adequacy), then from time to time the Company will pay or cause the other Borrowers to pay to such Lender or the Issuing Bank, as the case may be, such additional amount or
amounts as will compensate such Lender or the Issuing Bank or such Lender's or the Issuing Bank's holding company for any such reduction suffered. 

        (c)   Each
Lender or the Issuing Bank shall determine the amount or amounts necessary to compensate such Lender or the Issuing Bank or such Lender's or the Issuing Bank's
holding company, as the case may be, as specified in paragraph (a) or (b) of this Section using the methods customarily used by it for such purpose (and if such Lender or the Issuing
Bank uses more than one such method, the method used hereunder shall be that which most accurately determines such amount or amounts). A certificate of a Lender or the Issuing Bank setting forth the
amount or amounts necessary to compensate such Lender or the Issuing Bank or such Lender's or the Issuing Bank's holding company, as the case may be, as specified in paragraph (a) or
(b) of this Section, and setting forth in reasonable detail the calculations used by such Lender or the Issuing Bank to determine such amount, shall be delivered to the Company and shall be
conclusive absent manifest error. The Company shall pay or cause the other Borrowers to pay to such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate
within 15 Business Days after receipt thereof. 

        (d)   Failure
or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's or the
Issuing Bank's right to demand such compensation; provided that the Company shall not be required to compensate a Lender or the Issuing Bank pursuant to
this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in
Law giving rise to such increased costs or reductions and delivers a certificate with respect thereto as provided in paragraph (c) above; provided
further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to
include the period of retroactive effect thereof. 

        SECTION
2.16.    Break Funding Payments.    In the event of (a) the payment of any principal of any
Eurocurrency Loan, TIBOR Loan or Fixed Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any
Eurocurrency Loan or TIBOR Loan to a Loan of a different Type or Interest Period other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert,
continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(d) and is revoked in accordance
therewith), or (d) the assignment or deemed assignment of any Eurocurrency Loan, TIBOR Loan or Fixed Rate Loan other than on the last day of the Interest Period applicable thereto as a result
of a request by the Company pursuant to Section 2.19 or the CAM Exchange, then, in any such event, the applicable Borrower shall compensate each Lender for the loss, cost and expense
attributable to such event. In the case of a Eurocurrency Loan or TIBOR Loan, such loss, cost or expense to any Lender shall be deemed to 

33

 

include
an amount determined by such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred, at
the LIBO Rate or TIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a
failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest that would accrue on such principal amount for
such period at the interest rate such Lender would bid were it to bid, at the commencement of such period, for deposits in the applicable currency of a comparable amount and period from other banks in
the London or Tokyo interbank market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section, and setting forth in reasonable
detail the calculations used by such Lender to determine such amount or amounts, shall be delivered to the applicable Borrower and shall be conclusive absent manifest error. The applicable Borrower
shall pay such Lender the amount shown as due on any such certificate within 15 Business Days after receipt thereof. 

        SECTION
2.17.    Taxes.    (a)    Any and all payments by or on account of any Borrower hereunder or under
any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if any Borrower
shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section) the Administrative Agent, the London Agent, the Tokyo Agent or the applicable Lender or Issuing Bank, as the case may
be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Borrower shall make such deductions and (iii) such Borrower shall pay the full
amount deducted to the relevant Governmental Authority in accordance with applicable law. 

        (b)   In
addition, the Loan Parties shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

        (c)   The
relevant Borrower shall indemnify the Administrative Agent, the London Agent, the Tokyo Agent and each Lender and the Issuing Bank, within 15 Business Days after
written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by such Agent or such Lender or the Issuing Bank, as the case may be, on or with respect to any payment by or
on account of any obligation of any Borrower hereunder or under any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability setting forth in reasonable detail the circumstances giving rise thereto and the
calculations used by such Lender to determine the amount thereof delivered to the Company by a Lender or the Issuing Bank, or by an Agent, on its own behalf or on behalf of a Lender or the Issuing
Bank, shall be conclusive absent manifest error. 

        (d)   As
soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Borrower to a Governmental Authority, such Borrower shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent. 

        (e)   Any
Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which a Borrower is located, or any treaty to which
such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Company (with a copy to the Administrative Agent), at the time or times prescribed by applicable law,
such properly completed and 

34

 

executed
documentation prescribed by applicable law or reasonably requested by the Company as will permit such payments to be made without withholding or at a reduced rate;  provided that such Lender has received
written notice from the Company advising it of the availability of such exemption or reduction and containing all
applicable documentation. 

        (f)    Each
Lender, on the date it becomes a Lender hereunder, will designate lending offices for the Loans to be made by it such that, on such date, it will not be liable for
(i) in the case of a US Tranche Lender, any withholding tax that is imposed by the United States of America (or any political subdivision thereof) on payments by the Company from an office
within such jurisdiction, (ii) in the case of a Swiss Tranche Lender, any withholding tax that is imposed (A) by Switzerland (or any political subdivision thereof) on payments by a Swiss
Borrower from an office within such jurisdiction or (B) by the United States of America (or any political subdivision thereof) on payments by the Company from an office within such
jurisdiction, or (iii) in the case of a Japanese Tranche Lender, any withholding tax that is imposed (A) by Japan (or any political subdivision thereof) on payments by a Japanese
Borrower from an office within such jurisdiction or (B) by the United States of America (or any political subdivision thereof) on payments by the Company from an office within such
jurisdiction. 

        SECTION
2.18.    Payments Generally; Pro Rata Treatment; Sharing of Setoffs.    (a)    Each Borrower shall
make each payment required to be made by it hereunder or under any other Loan Document (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under
Section 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon, Local Time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts
received after such time on any date may, in the discretion of the Applicable Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.
All such payments shall be made to the Applicable Agent to the applicable account specified in Schedule 2.18 or, in any such case, to such other account as the Applicable Agent shall from time
to time specify in a notice delivered to the Company; provided that payments to be made directly to the Issuing Bank as expressly provided herein and
payments pursuant to Sections 2.15, 2.16, 2.17 and 11.03 shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified
therein (it being agreed that the Borrowers will be deemed to have satisfied their obligations with respect to payments referred to in this proviso if they shall make such payments to the persons
entitled thereto in accordance with instructions provided by the Administrative Agent; the Administrative Agent agrees to provide such instructions upon request, and no Borrower will be deemed to have
failed to make such a payment if it shall transfer such payment to an improper account or address as a result of the failure of the Administrative Agent to provide proper instructions). The Applicable
Agent shall distribute any such payments received by it for the account of any Lender or other Person promptly following receipt thereof at the appropriate lending office or other address specified by
such Lender or other Person. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of
any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder of principal or interest in respect of any Loan or LC Disbursement shall be
made in the currency of such Loan or LC Disbursement; all other payments hereunder and under each other Loan Document shall be made in US Dollars. Any payment required to be made by an Agent hereunder
shall be deemed to have been made by the time required if such Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or operating
procedures of the clearing or settlement system used by such Agent to make such payment. Any amount payable by any Agent to one or more Lenders in the national currency of a member state of the
European Union that has adopted the Euro as its lawful currency shall be paid in Euro. 

        (b)   If
any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on its US
Tranche Revolving Loans, Swiss Tranche 

35

 

Revolving
Loans, Japanese Tranche Revolving Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its US Tranche
Revolving Loans, Swiss Tranche Revolving Loans, Japanese Tranche Revolving Loans and participations in LC Disbursements and accrued interest thereon than the proportion received by any other Lender,
then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the US Tranche Revolving Loans, Swiss Tranche Revolving Loans, Japanese Tranche Revolving
Loans and participations in LC Disbursements of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate
amount of their respective US Tranche Revolving Loans, Swiss Tranche Revolving Loans, Japanese Tranche Revolving Loans and participations in LC Disbursements and accrued interest thereon;  provided that
(i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to
any payment made by any Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to the Company or any Subsidiary or Affiliate thereof (as to which the provisions of
this paragraph shall apply). Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the
Borrower in the amount of such participation. 

        (c)   Unless
the Applicable Agent shall have received notice from the relevant Borrower prior to the date on which any payment is due for the account of all or certain of the
Lenders or the Issuing Bank hereunder that such Borrower will not make such payment, the Applicable Agent may assume that such Borrower has made such payment on such date in accordance herewith and
may, in reliance upon such assumption, distribute to the applicable Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if such Borrower has not in fact made such payment,
then each of the applicable Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Applicable Agent forthwith on demand the amount so distributed to such Lender or Issuing
Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Applicable Agent, at a rate determined by the
Applicable Agent in accordance with banking industry practices on interbank compensation. 

        (d)   If
any Lender shall fail to make any payment required to be made by it to any Agent pursuant to this Agreement, then the Agents may, in their discretion (notwithstanding
any contrary provision hereof), apply any amounts thereafter received by them for the account of such Lender to satisfy such Lender's obligations to the Agents until all such unsatisfied obligations
are fully paid. 

        SECTION
2.19.    Mitigation Obligations; Replacement of Lenders.    (a)    If any Lender requests
compensation under Section 2.15, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder
to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender. The Company hereby agrees to pay all reasonable, direct, out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment. 

36

 

        (b)   If
any Lender requests compensation under Section 2.15, or if any Loan Party is required to pay any additional amount to any Lender or any Governmental Authority
for the account of any Lender pursuant to Section 2.17, or if any Lender defaults in its obligation to fund Loans hereunder, then the Company may, at its sole expense and effort, upon notice to
such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 11.04), all its
interests, rights and obligations under the Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);  provided that
(i) the Company shall have received the prior written consent of the Administrative Agent (and if a Revolving Commitment is being
assigned, the Issuing Bank), which consent shall not be unreasonably withheld and (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and
participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee or the Company. A Lender shall not be required to make any
such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. 

        SECTION
2.20.    Designation of US Borrowers, Swiss Borrowers and Japanese Borrowers.    The Company may at any time
and from time to time designate any US Subsidiary as a US Borrower, any Swiss Subsidiary as a Swiss Borrower, or any Japanese Subsidiary as a Japanese Borrower, by delivery to the Administrative Agent
of a Borrowing Subsidiary Agreement executed by such Subsidiary and the Company, and upon such delivery such Subsidiary shall for all purposes of this Agreement be a US Borrower, a Swiss Borrower or a
Japanese Borrower, as the case may be, and a party to this Agreement until the Company shall have executed and delivered to the Administrative Agent a Borrowing Subsidiary Termination with respect to
such Subsidiary, whereupon such Subsidiary shall cease to be a US Borrower, a Swiss Borrower or a Japanese Borrower, as the case may be, and a party to this Agreement. Notwithstanding the preceding
sentence, no Borrowing Subsidiary Termination will become effective as to any US Borrower, Swiss Borrower or Japanese Borrower at a time when any principal of or interest on any Loan to such US
Borrower, Swiss Borrower or Japanese Borrower shall be outstanding hereunder, provided that such Borrowing Subsidiary Termination shall be effective to
terminate the right of such US Borrower, Swiss Borrower or Japanese Borrower, as the case may be, to request or receive further Borrowings under this Agreement. As soon as practicable upon receipt of
a Borrowing Subsidiary Agreement, the Administrative Agent shall send a copy thereof to each Lender. 

ARTICLE III  

 Representations and Warranties  

        The Company and each other Borrower represents and warrants as follows: 

        SECTION
3.01.    Corporate Existence and Standing.    The Company and each Material Subsidiary is duly organized,
validly existing and in good standing under the laws of its jurisdiction of incorporation and has all requisite authority to conduct its business in each jurisdiction in which the failure so to
qualify would have a material adverse effect on the business, properties, assets, operations or condition (financial or otherwise) of the Company. 

        SECTION
3.02.    Authorization; No Violation.    The Transactions are within each Loan Party's corporate or
partnership powers, have been duly authorized by all necessary corporate or partnership action, and do not contravene (i) any Loan Party's charter, by-laws or other constitutive
documents or (ii) any law or any contractual restriction binding on or affecting any Loan Party. 

        SECTION
3.03.    Governmental Consents.    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, delivery and performance by the Loan Parties of this Agreement or the other Loan Documents. 

37

   
        SECTION 3.04.    Validity.    This Agreement is, and the other Loan Documents when delivered will be, the legal,
valid
and binding obligations of the Loan Parties party thereto, enforceable against such Loan Parties in accordance with their respective terms, subject to the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar law affecting creditors' rights generally and to the effect of general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law). 

        SECTION
3.05.    Litigation.    There is no pending or, to the best of the knowledge of the Borrowers, threatened
action or proceeding affecting the Company or any of its Subsidiaries before any court, governmental agency or arbitrator, which could reasonably be expected to have a material adverse effect on the
financial condition or operations of the Company and the Subsidiaries, taken as a whole, or which purports to affect the legality, validity or enforceability of this Agreement or any other Loan
Document. 

        SECTION
3.06.    Financial Statements; No Material Adverse Change.    (a)    The consolidated balance sheets
of the Company and its consolidated Subsidiaries at December 31, 2003, and March 31, 2004, and the related consolidated statements of income and stockholder's equity for the fiscal year
and the fiscal quarter, respectively, then ended, copies of which have been furnished to each Lender, present fairly the financial position of the Company and its consolidated Subsidiaries at
December 31, 2003, and March 31, 2004, and the results of the operations and changes in financial position of the Company and its consolidated Subsidiaries for the fiscal year and the
fiscal quarter, respectively, then ended, in conformity with GAAP consistently applied, subject, in the case of such quarterly financial statements, to normal year-end audit adjustments
and to the absence of notes. 

        (b)   As
of the date hereof there has been, since December 31, 2003, no material adverse change in the business, operations or financial condition of the Company and
the Subsidiaries, taken as a whole. 

        SECTION
3.07.    Investment Company Act.    The Company is not (i) an "investment company," (ii) a
company "controlled" by an "investment company" which is registered under the Investment Company Act of 1940, as amended, or (iii) to the best knowledge of the Company, a company "controlled"
by any other "investment company" within the meaning of the Investment Company Act of 1940, as amended. 

        SECTION
3.08.    Regulation U.    Neither the Company nor any of the Subsidiaries is engaged in the business of
purchasing or carrying Margin Stock. The value of the Margin Stock owned directly or indirectly by the Company or any Subsidiary which is subject to any arrangement hereunder is less than an amount
equal to 25% of the value of all assets of the Company and/or such Subsidiary subject to such
arrangement (as described in the definition of "Indirectly Secured" in Section 221.2 of Regulation U issued by the Board of Governors of the Federal Reserve System). 

        SECTION
3.09.    Environmental Matters.    The operations of the Company and each Material Subsidiary comply in all
material respects with all Environmental Laws, the noncompliance with which would materially adversely affect the business of the Company or the ability of the Company to obtain credit on commercially
reasonable terms. 

        SECTION
3.10.    Disclosure.    None of the Confidential Information Memorandum (including the Reports of the Company
to the Securities and Exchange Commission included therein) or any other written information prepared and furnished by or on behalf of the Loan Parties to any Agent or Lender in connection with the
negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains as of the date thereof (or, in the case of any such information that is
not dated, the earliest date on which such information is furnished to the Administrative Agent or any Lender) any material misstatement of fact or omits to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial
information, the Company 

38

 

represents
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 

        SECTION
3.11.    Subsidiary Guarantors.    The Subsidiary Guarantors include all the Material Subsidiaries, other than
Foreign Subsidiaries. 

        SECTION
3.12.    Solvency.    As of the Initial Borrowing Date, after giving effect to the Borrowings hereunder on
such date, (a) the fair value of the assets of the Company and the Subsidiaries, at a fair valuation, will exceed their debts and liabilities, subordinated, contingent or otherwise;
(b) the present fair saleable value of the property of the Company and the Subsidiaries will be greater than the amount that will be required to pay the probable liability in respect of their
debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Company and the Subsidiaries will be able to pay
their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) the Company and the Subsidiaries will not have
unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted. 

        SECTION
3.13.    Limitation of Debt from Lenders that are not Qualifying Banks.    Each Swiss Borrower has Debt owing
to no more than twenty (20) Lenders that are not Qualifying Banks, including for the purpose of this Section 3.13 any such Debt owing to Affiliates of such Swiss Borrower. 

ARTICLE IV  

 Conditions  

        SECTION
4.01.    Effective Date.    The obligations of the Lenders to make Loans and of the Issuing Bank to issue
Letters of Credit hereunder shall not become effective until the date on which each of the following conditions has been satisfied (or waived in accordance with Section 11.02): 

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

        (b)   The
Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of
(i) Sidley Austin Brown & Wood LLP, special counsel for the Company, substantially in the form of Exhibit E-1, and (ii) the Associate General Counsel of the
Company, substantially in the form of Exhibit E-2. Each Loan Party hereby requests such counsel to deliver such opinions. 

        (c)   The
Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the formation,
existence and good standing of the Loan Parties and the authorization of the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel. 

        (d)   The
Administrative Agent shall have received (i) a certificate, dated the Effective Date and signed by the chief financial officer of the Company, confirming that
all the conditions set forth in this Section 4.01 and in paragraphs (a) and (b) of Section 4.02 have been satisfied. 

        (e)   The
Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent an invoice with
respect thereto shall have been received by the Company not fewer than five Business Days (or such lesser number of days as the Company shall agree) prior to the Effective Date, reimbursement or
payment of all 

39

 

out-of-pocket
expenses required to be reimbursed or paid by the Company hereunder or under any other Loan Document. 

        (f)    The
Guarantee Requirement shall be satisfied. 

        (g)   Concurrently
with the Effective Date, the commitments under the Company's Five Year Credit Agreement dated as of March 30, 2000, as amended, shall be terminated,
the principal of and interest accrued on all loans and letter of credit disbursements thereunder and all fees and other amounts accrued or owing thereunder shall be paid, and all letters of credit
issued thereunder shall be terminated or shall have expired. 

The
Administrative Agent shall notify the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders
to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 11.02)
on or prior to June 30, 2004. 

        SECTION
4.02.    Each Credit Event.    The obligation of each Lender to make a Loan on the occasion of each Borrowing,
and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 

        (a)   The
representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct on and as of the date of such Borrowing or the date of
issuance, amendment, renewal or extension of such Letter of Credit, as applicable, other than representations which are given as of a particular date, in which case the representation shall be true
and correct as of that date. 

        (b)   At
the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, and the
application of the proceeds thereof, no Default shall have occurred and be continuing. 

Each
Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the
matters specified in paragraphs (a) and (b) of this Section. 

        SECTION
4.03.    Initial Credit Event for each Swiss Borrower and Japanese Borrower.    The obligation of each Lender
to make Loans to any Swiss Borrower or Japanese Borrower is subject to the satisfaction of the following conditions: 

        (a)   The
Administrative Agent (or its counsel) shall have received such Borrower's Borrowing Subsidiary Agreement duly executed by all parties thereto. 

        (b)   The
Administrative Agent shall have received such documents and certificates (including such legal opinions) as the Administrative Agent or its counsel may reasonably
request relating to the formation, existence and good standing of such Borrower, the authorization of the Transactions insofar as they relate to such Borrower and any other legal matters relating to
such Borrower, its Borrowing Subsidiary Agreement or such Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel. 

ARTICLE V  

 Affirmative Covenants  

        Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full
and all Letters of Credit shall have 

40

 

expired
or terminated and all LC Disbursements shall have been reimbursed, each Borrower covenants and agrees with the Lenders that it will: 

        SECTION
5.01.    Payment of Taxes, Etc.    Pay and discharge, and cause each Material Subsidiary to pay and discharge,
before the same shall become delinquent, (i) all taxes, assessments and governmental charges or levies imposed upon it or upon its income, profit or property, and (ii) all lawful claims
which, if unpaid, might by law become a lien upon its property; provided, however, that neither the
Company nor any Material Subsidiary shall be required to pay or discharge any such tax, assessment, charge or claim which is being contested in good faith and by proper proceedings and with respect to
which the Company shall have established appropriate reserves in accordance with GAAP. 

        SECTION
5.02.    Maintenance of Insurance.    Maintain, and cause each Material Subsidiary to maintain, insurance with
responsible and reputable insurance companies or associations in such amounts and covering such risks as is usually carried by (or, as applicable, self-insure in a manner and to an extent
not inconsistent with conventions observed by) companies engaged in similar businesses and owning similar properties in the same general areas in which the Company or such Material Subsidiary
operates. 

        SECTION
5.03.    Preservation of Existence, Etc.    Preserve and maintain, and cause each Material Subsidiary to
preserve and maintain, its corporate, limited liability company or partnership existence, rights (charter and statutory), and franchises, except as otherwise permitted by Section 6.04. 

        SECTION
5.04.    Compliance with Laws, Etc.    Comply, and cause each Material Subsidiary to comply, with the
requirements of all applicable laws, rules, regulations and orders of any Governmental Authority (including, without limitation, all Environmental Laws), noncompliance with which would materially
adversely affect the business of the Company and the Subsidiaries or the ability of the Company to obtain credit on commercially reasonable terms. 

        SECTION
5.05.    Keeping of Books.    Keep, and cause each Material Subsidiary to keep, proper books of record and
account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Company and each Material Subsidiary in accordance with GAAP consistently
applied. 

        SECTION
5.06.    Inspection.    Permit, and cause each Material Subsidiary to permit, the Administrative Agent, and
its representatives and agents, to inspect any of the properties, corporate books and financial records of the Company and its Material Subsidiaries, to examine and make copies of the books of account
and other financial records of the Company and its Material Subsidiaries, and to discuss the affairs, finances and accounts of the Company and its Material Subsidiaries with, and to be advised as to
the same by, their respective officers or directors, at such reasonable times during normal business hours and intervals as the Administrative Agent may reasonably designate. 

        SECTION
5.07.    Reporting Requirements.    Furnish to the Administrative Agent in sufficient copies for distribution
to each Lender: 

        (a)   As
soon as available and in any event within 55 days after the end of each of the first three quarters of each fiscal year of the Company, a consolidated balance
sheet of the Company and the consolidated Subsidiaries as of the end of such quarter and a consolidated statement of income and changes in financial position (or consolidated statement of cash flow,
as the case may be) of the Company and the consolidated Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, certified by the chief
financial officer of the Company; 

        (b)   As
soon as available and in any event within 100 days after the end of each fiscal year of the Company, a consolidated balance sheet of the Company and the
consolidated Subsidiaries as of the end of such year and a consolidated statement of income and stockholder's equity and 

41

 

changes
in financial position of the Company and the consolidated Subsidiaries for such fiscal year and accompanied by a report of PricewaterhouseCoopers LLC, independent registered public accounting
firm of the Company, or other independent public accountants of nationally recognized standing, on the results of their examination of the consolidated annual financial statements of the Company and
the consolidated Subsidiaries, which report shall be unqualified or shall be otherwise reasonably acceptable to the Required Lenders; provided that such
report may set forth qualifications to the extent such qualifications pertain solely to changes in GAAP from earlier accounting periods, the implementation of which changes (with the concurrence of
such accountants) is reflected in the financial statements accompanying such report; 

        (c)   Promptly
after the sending or filing thereof, copies of all reports which the Company files with the Securities and Exchange Commission under the Securities Exchange Act
of 1934, as amended, including, without limitation, all such reports that disclose material litigation pending against the Company or any Material Subsidiary or any material noncompliance with any
Environmental Law on the part of the Company or any Material Subsidiary; 

        (d)   Together
with the financial statements required pursuant to clauses (a) and (b) above, a certificate signed by the chief financial officer of the Company
(A) stating that no Default exists or, if any does exist, stating the nature and status thereof and describing the action the Company proposes to take with respect thereto and
(B) demonstrating, in reasonable detail, the calculations used by such officer to determine compliance with the financial covenants contained in Sections 6.07 and 6.08; 

        (e)   With
respect to each fiscal year for which the Company shall have an aggregate Unfunded Liability of $10,000,000 or more for all of its single employer pension benefit
plans covered by Title IV of ERISA and all multiemployer pension benefit plans covered by Title IV of ERISA to which the Company has an obligation to contribute, as soon as available, and in any event
within ten months after the end of such fiscal year, a statement of Unfunded Liabilities of each such plan, certified as correct by an actuary enrolled in accordance with regulations under ERISA and a
statement of estimated withdrawal liability as of the most recent plan year end as customarily prepared by the trustees under the multiemployer plans to which the Company has an obligation to
contribute; 

        (f)    As
soon as possible, and in any event within 30 days after the occurrence of each event the Company knows is or may be a reportable event (as defined in
Section 4043 of ERISA, but excluding any reportable event with respect to which the 30 day reporting requirement has been waived) with respect to any plan with an Unfunded Liability in
excess of $10,000,000, a statement signed by the chief financial officer of the Company describing such reportable event and the action which the Company proposes to take with respect thereto; 

        (g)   As
soon as possible, and in any event within five Business Days after the Company shall become aware of the occurrence of each Default, which Default is continuing on
the date of such statement, a statement of the chief financial officer of the Company setting forth details of such Default or event and the action which the Company proposes to take with respect
thereto; and 

        (h)   From
time to time, such other information as to the business and financial condition of the Company and the Subsidiaries and their compliance with the Loan Documents as
any Agent, or any Lender through the Administrative Agent, may reasonably request. 

        SECTION
5.08.    Use of Proceeds and Letters of Credit.    Use the proceeds of Borrowings hereunder and the Letters of
Credit for the purposes referred to in the recitals to this Agreement, and not for any purpose that would entail a violation of any applicable law or regulation (including, without limitation,
Regulations U and X of the Board). With respect to any Borrowing the proceeds of which shall be used to purchase or carry Margin Stock, the applicable Borrower shall include in the 

42

 

Borrowing
Request for such Borrowing such information as shall enable the Lenders and the Borrowers to determine that they are in compliance with such Regulations U and X. 

        SECTION
5.09.    Guarantee Requirement.    Cause the Guarantee Requirement to be satisfied at all times. 

        SECTION
5.10.    Limitation of Debt From Lenders That Are Not Qualifying Banks.    Each Swiss Borrower shall have Debt
owing to no more than twenty (20) lenders that are not Qualifying Banks, including for the purposes of this Section 5.10 any such Debt owing to Affiliates of such Swiss Borrower. 

ARTICLE VI  

 Negative Covenants  

        Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all
Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed, each Borrower covenants and agrees with the Lenders that it will not: 

        SECTION
6.01.    Subsidiary Debt.    Permit any Material Subsidiary that is not a Subsidiary Guarantor to create,
incur, assume or permit to exist any Debt, except: 

        (a)   Debt
created hereunder; 

        (b)   Debt
existing on the date hereof and set forth in Schedule 6.01 and extensions, renewals and replacements of any such Debt that do not increase the outstanding
principal amount thereof; 

        (c)   Debt
to the Company or any other Subsidiary; and 

        (d)   other
Debt; provided that the Designated Amount does not at any time exceed 15% of Consolidated Net Tangible Assets. 

        SECTION
6.02.    Liens, Etc.    Suffer to exist, create, assume or incur, or permit any Material Subsidiary to suffer
to exist, create, assume or incur, any Security Interest, or assign, or permit any Material Subsidiary to assign, any right to receive income, in each case to secure Debt or any other obligation or
liability, other than: 

        (a)   any
Security Interest to secure Debt or any other obligation or liability of any Material Subsidiary to the Company; 

        (b)   mechanics',
materialmen's, carriers' or other like liens arising in the ordinary course of business (including construction of facilities) in respect of obligations
which are not due or which are being contested in good faith and for which reasonable reserves have been established; 

        (c)   any
Security Interest arising by reason of deposits with, or the giving of any form of security to, any governmental agency or any body created or approved by law or
governmental regulation which is required by law or governmental regulation as a condition to the transaction of any business, or the exercise of any privilege, franchise or license; 

        (d)   Security
Interests for taxes, assessments or governmental charges or levies not yet delinquent or Security Interests for taxes, assessments or governmental charges or
levies already delinquent but the validity of which is being contested in good faith and for which reasonable reserves have been established; 

        (e)   Security
Interests (including judgment liens) arising in connection with legal proceedings so long as such proceedings are being contested in good faith and, in the case
of judgment liens, execution thereon is stayed; 

43

 

        (f)    landlords'
liens on fixtures located on premises leased by the Company or a Material Subsidiary in the ordinary course of business; 

        (g)   Security
Interests arising in connection with contracts and subcontracts with or made at the request of the United States of America, any state thereof, or any
department, agency or instrumentality of the United States of America or any state thereof for obligations not yet delinquent; 

        (h)   any
Security Interest arising by reason of deposits to qualify the Company or a Material Subsidiary to conduct business, to maintain self-insurance, or to
obtain the benefit of, or comply with, laws; 

        (i)    any
purchase money Security Interest claimed by sellers of goods on ordinary trade terms provided that no financing statement has been filed to perfect such Security
Interest; 

        (j)    any
Security Interest existing as of the date hereof and set forth on Schedule 6.02, and the extension thereof to additions, extensions, or improvements to the
property subject to the Security Interest which does not arise as a result of borrowing money or the securing of Debt or other obligation or liability created, assumed or incurred after such date; 

        (k)   Security
Interests on (i) property of a corporation or firm existing at the time such corporation is merged or consolidated with the Company or any Subsidiary or
at the time of a sale, lease or other disposition of the properties of a corporation or a firm as an entirety (or the properties of a corporation or firm comprising a product line or line of business,
as an entirety) or substantially as an entirety to the Company or a Subsidiary; or (ii) property comprising machinery, equipment or real property acquired by the Company or any of its Material
Subsidiaries, which Security Interests shall have existed at the time of such acquisition and secure obligations assumed by the Company or such Material Subsidiary in connection with such acquisition;  provided that the Debt or other obligations or liabilities secured by Security Interests of the type described in this paragraph (k) shall not
either (i) have been created in anticipation of such merger, consolidation, sale, lease or other disposition or in contemplation of such acquisition or (ii) at any time exceed an
aggregate amount equal to $30,000,000; 

        (l)    Security
Interests arising in connection with the sale, assignment or other transfer by the Company or any Material Subsidiary of accounts receivable, lease receivables
or other payment obligations (any of the foregoing being a "Receivable") owing to the Company or such Material Subsidiary or any interest in any of the
foregoing (together in each case with any collections and other proceeds thereof and any collateral, guarantees or other property or claims in favor of the Company or such Material Subsidiary
supporting or securing payment by the obligor thereon of any such Receivables), in each case whether such sale, assignment or other transfer constitutes a "true sale" or a secured financing for
accounting, tax or any other purpose; provided that either (i) such sale, assignment or other transfer shall have been made as part of a sale of
the business out of which the applicable Receivables arose, (ii) such sale, assignment or other transfer is made in the ordinary course of business and is for the purpose of collection only,
(iii) such sale, assignment or other transfer is made in connection with an agreement on the part of the assignee thereof to render performance under the contract that has given rise to such
Receivable, or (iv) in the case of any other sale, assignment or transfer, the Designated Amount does not at any time exceed 15% of Consolidated Total Assets; 

        (m)  Security
Interests securing non-recourse obligations in connection with leveraged or single-investor lease transactions; 

        (n)   Security
Interests securing the performance of any contract or undertaking made in the ordinary course of business (as such business is currently conducted) other than
for the payment of Debt; 

44

  

        (o)   any
Security Interest granted by any Material Subsidiary; provided, that (i) the principal business and assets of
such Material Subsidiary are located in Puerto Rico or are located outside of the United States, its other territories and possessions, (ii) the property of such Material Subsidiary which is
subject to such Security Interest is a parcel of real property, a manufacturing plant, manufacturing equipment, a warehouse, or an office building hereafter acquired, constructed, developed or
improved by such Material Subsidiary, and (iii) such Security Interest is created prior to or contemporaneously with, or within 120 days after (x) in the case of acquisition of
such property, the completion of such acquisition and (y) in the case of the construction, development or improvement of such property, the later to occur of the completion of such
construction, development or improvement or the commencement of operations, use or commercial production (exclusive of test and start-up periods) of such property, and such Security
Interest secures or provides for the payment of all or any part of the acquisition cost of such property or the cost of construction, development or improvement thereof, as the case may be; 

        (p)   any
Security Interest in deposits or cash equivalent investments pledged with a financial institution for the sole purpose of implementing a hedging or financing
arrangement commonly known as a "back-to-back" loan arrangement, provided in each case that neither the assets subject to such Security Interest nor the Debt incurred in
connection therewith are reflected on the consolidated balance sheet of the Company; or 

        (q)   any
extension, renewal or refunding (or successive extensions, renewals or refundings) in whole or in part of any Debt or any other obligation or liability secured by
any Security Interest referred to in the foregoing paragraphs (a) through (p), provided that the principal amount of Debt or any other obligation
or liability secured by such Security Interest shall not exceed the principal amount outstanding immediately prior to such extension, renewal or refunding, and that the Security Interest securing such
Debt or other obligation or liability shall be limited to the property which, immediately prior to such extension, renewal or refunding secured such Debt or other obligation or liability and additions
to such property; and provided further that the principal amount of Debt or any other obligation or liability secured by such Security Interest shall
continue to be taken into account for purposes of computing the amount of Debt or any other obligation or liability that may be secured under any applicable basket provided for in the foregoing
paragraphs (a) through (p). 

        Notwithstanding
the foregoing provisions of this Section, the Company and the Material Subsidiaries may, at any time, suffer to exist, issue, incur, assume and guarantee Secured Debt (in
addition to Secured Debt permitted to be secured under the foregoing paragraphs (a) through (k) and (m) through (q)); provided that
the Designated Amount does not at any time exceed 15% of Consolidated Net Tangible Assets. 

        SECTION
6.03.    Sale and Leaseback Transactions.    Enter into or be party to, or permit any Material Subsidiary to
enter into or be party to, any Sale and Leaseback Transaction unless after giving effect thereto the Designated Amount does not exceed 15% of Consolidated Net Tangible Assets. 

        SECTION
6.04.    Merger, Etc.    (a)    Permit the Company to merge or consolidate with or into, or Transfer
Assets to, any Person, except that the Company may (i) merge or consolidate with any US Corporation, including any Subsidiary that is a US Corporation, and (ii) Transfer Assets to any
Subsidiary which is a US Corporation; provided, in each case described in clause (i) and (ii) above, that (A) immediately after
giving effect to such transaction, no Default shall have occurred and be continuing and (B) in the case of any merger or consolidation to which the Company shall be a party, the survivor of
such merger or consolidation shall be the Company. 

        (b)   Permit
any Material Subsidiary to merge or consolidate with or into, or Transfer Assets to, any Person unless (i) immediately after giving effect to such
transaction, no Default shall have occurred and be continuing and (ii) if either constituent corporation in such merger or consolidation, or the 

45

 

transferor
of such assets, is a Subsidiary Guarantor, the surviving or resulting corporation or the transferee of such assets, as the case may be, shall be a Subsidiary Guarantor. 

        (c)   Notwithstanding
the foregoing provisions of this Section 6.04 (other than the restrictions of paragraph (a) above on the ability of the Company to Transfer
Assets), the Company may sell, transfer or otherwise dispose of all or substantially all of the capital stock or other equity interests, or the assets of, any Material Subsidiary (other than any
Borrower, Edwards Lifesciences LLC, or Edwards Lifesciences World Trade Corporation), and any such Material Subsidiary may merge or consolidate with or into, or Transfer Assets to, any Person;  provided,
that, in each case (i) both before and immediately after giving effect to such transaction, no Default shall have occurred and be
continuing and (ii) such transaction shall be at fair value on an arm's-length basis. 

        SECTION
6.05.    Change in Business.    Permit the Company or any Material Subsidiary to engage to any material extent
in any business other than the medical devices, supplies and services businesses (but excluding the management of institutional health care providers such as hospitals, nursing homes, and
long-term care facilities). 

        SECTION
6.06.    Certain Restrictive Agreements.    Permit the Company or any Material Subsidiary to enter into any
contract or other agreement that would limit the ability of any Material Subsidiary to pay dividends or make loans or advances to, or to repay loans or advances from, the Company or any other
Subsidiary; provided that nothing in this section shall prohibit (a) covenants or agreements entered into in connection with the incurrence of
secured Debt permitted hereunder that restrict the transfer of collateral securing such Debt or (b) agreements entered into in connection with sales of Receivables that govern the application
of proceeds of sold Receivables. 

        SECTION
6.07.    Leverage Ratio.    Permit the Leverage Ratio at any time to exceed 3.00:1.00. 

        SECTION
6.08.    Interest Coverage Ratio.    Permit the Interest Coverage Ratio for any period of four consecutive
fiscal quarters ending during any period set forth below to be less than 4.00:1.00. 

ARTICLE VII  

 Events of Default  

        If any of the following events ("Events of Default") shall occur and be continuing: 

        (a)   Any
Borrower shall fail to (i) pay any interest or fee due hereunder and such default continues for five days, or (ii) pay any amount of principal of any
Loan or any reimbursement obligation in respect of any LC Disbursement when due hereunder; or 

        (b)   Any
representation or warranty made or deemed made by the Company or any other Loan Party (or any of their respective officers) in connection with this Agreement or any
other Loan Document shall prove to have been incorrect in any material respect when made or deemed made; or 

        (c)   The
Company or any Material Subsidiary shall fail to maintain its corporate, limited liability company or partnership existence as required by Section 5.03, or
the Company or any Material Subsidiary shall fail to perform or observe any term, covenant or agreement contained in Article VI (other than Section 6.02 insofar as such failure results
from a nonconsensual Security Interest) of this Agreement on its part to be performed or observed; or 

        (d)   The
Company or any Subsidiary shall (i) fail to perform or observe any other term, covenant or agreement contained in this Agreement or any other Loan Document on
its part to be performed or observed (other than those failures or breaches referred to in paragraphs (a), (b) and (c) above) and any such failure shall remain unremedied for
30 days after written notice 

46

 

thereof
has been given to the Company by the Administrative Agent at the request of any Lender; or 

        (e)   Either
(i) the Company or any Material Subsidiary shall fail to pay any amount of principal of, interest on or premium with respect to, any Debt (other than the
Loans) of the Company or such Subsidiary outstanding under one or more instruments or agreements when due (whether at scheduled maturity or by required prepayment, acceleration, demand or otherwise)
and (A) such Debt shall be in an aggregate principal amount not less than $10,000,000 and such failure shall continue beyond the greater of 15 days and the applicable grace period, if
any, specified in the agreement or instrument relating to such Debt or (B) such Debt shall be in an aggregate principal amount not less than $20,000,000 and such failure shall continue beyond
the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or (ii) any other event shall occur or condition shall exist with respect to any Debt (other
than the Loans) of the Company or such Subsidiary outstanding under one or more instruments or agreements if the effect of such event or condition is (or will after the lapse of any grace period be)
to cause, or to permit the holder or holders of such debt (or any trustee or agent on their behalf) to cause, such Debt to become due, or to require such Debt to be prepaid (other than by a scheduled
prepayment), prior to the stated maturity thereof and (A) such Debt shall be in an aggregate principal amount not less than $10,000,000 and such failure shall continue beyond the greater of
15 days and the applicable grace period, if any, specified in the agreement or instrument relating to such Debt or (B) such Debt shall be in an aggregate principal amount not less than
$20,000,000 and such failure shall continue beyond the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or 

        (f)    The
Company or any Material Subsidiary shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally; or 

        (g)   The
Company or any Material Subsidiary shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Company or
such Material Subsidiary seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its
debt under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar
official for it or for any substantial part of its property; or the Company or any such Material Subsidiary shall take corporate action to authorize any of the actions set forth above in this
paragraph (f); provided that, in the case of any such proceeding filed or commenced against the Company or any Material Subsidiary, such event
shall not constitute an "Event of Default" hereunder unless either (i) the same shall have remained undismissed or unstayed for a period of 60 days, (ii) an order for relief shall
have been entered against the Company or such Material Subsidiary under the federal bankruptcy laws as now or hereafter in effect or (iii) the Company or such Material Subsidiary shall have
taken corporate action consenting to, approving or acquiescing in the commencement or maintenance of such proceeding; or 

        (h)   Any
judgment or order for the payment of money shall be rendered against the Company or any Material Subsidiary and (i) either (A) enforcement proceedings
shall have been commenced by any creditor upon such judgment or order or (B) there shall be any period of 10 consecutive days, in the case of a judgment or order rendered or entered by a court
located in the United States, its territories and Puerto Rico, or 30 consecutive days, in the case of any other court, during which a stay of enforcement of such judgment or order, by reason of a
pending appeal or otherwise, shall not be in effect, and (ii) the amount of such judgment or order, when aggregated with the amount of all other such judgments and orders described in this
subsection (h), shall exceed $20,000,000; 

47

 

        (i)    Either
(i) the Pension Benefit Guaranty Corporation shall terminate any single-employer plan (as defined in Section 4001(b)(2) of ERISA) that provides
benefits for employees of the Company or any Material Subsidiary and such plan shall have an Unfunded Liability in an amount in excess of $5,000,000 at such time or (ii) withdrawal liability
shall be assessed against the Company or any Material Subsidiary in connection with any multiemployer plan (whether under Section 4203 or Section 4205 of ERISA) and such withdrawal
liability shall be an amount in excess of $5,000,000; or 

        (j)    the
guarantee of any Subsidiary Guarantor that is a Material Subsidiary under the Subsidiary Guarantee Agreement or the Company's guarantee under Article X shall
not be (or shall be asserted by the Company or any Subsidiary Guarantor not to be) valid or in full force and effect; or 

        (k)   a
Change of Control shall have occurred. 

then,
in any such event but subject to the next sentence, the Administrative Agent shall at the request, or may with the consent, of the Required Lenders, by notice to the Company, (i) declare
the obligation of each Lender to make Loans hereunder to be terminated, whereupon the same shall forthwith terminate and/or (ii) declare the entire unpaid principal amount of the Loans, all
interest accrued and unpaid thereon and all other amounts payable under this Agreement to be forthwith due and payable, whereupon the Loans, all such accrued interest and all such amounts shall become
and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrowers;  provided, that in the case of any
Competitive Bid Note, the unpaid principal amount thereof, and all interest accrued and unpaid thereon, shall not be
declared to be due and payable pursuant to the foregoing clause (ii) without the consent of the holder of such Competitive Bid Note. In the event of the occurrence of an Event of Default under
clause (f) or (g) of this Article VII, (A) the obligation of each Lender to make Loans shall automatically be terminated and (B) the Loans, all such interest and all
such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by each Borrower. 

ARTICLE VIII  

 The Agents  

        In order to expedite the transactions contemplated by this Agreement, the Persons named in the heading of this Agreement are hereby appointed to act as
Administrative Agent, London Agent and Tokyo Agent on behalf of the Lenders and the Issuing Bank. Each of the Lenders, each assignee of any Lender and the Issuing Bank hereby irrevocably authorizes
the Agents to take such actions on behalf of such Lender or assignee or the Issuing Bank and to exercise such powers as are delegated to the Agents by the terms of the Loan Documents, together with
such actions and powers as are reasonably incidental thereto. The Administrative Agent and, to the extent expressly provided herein, the other Agents are hereby expressly authorized by the Lenders and
the Issuing Bank, without hereby limiting any implied authority, (a) to receive on behalf of the Lenders and the Issuing Bank all payments of principal of and interest on the Loans and all
other amounts due to the Lenders hereunder, and promptly to distribute to each Lender or the Issuing Bank its proper share of each payment so received; (b) to give notice on behalf of each of
the Lenders to the Company of any Event of Default specified in this Agreement of which the Administrative Agent has actual knowledge acquired in connection with its agency hereunder; and
(c) to distribute to each Lender copies of all notices, financial statements and other materials delivered by the Company or any other Loan Party pursuant to this Agreement or the other Loan
Documents as received by the Administrative Agent. Without limiting the generality of the foregoing, the Administrative Agent is hereby expressly authorized to release any Subsidiary Guarantor from
its obligations under the Subsidiary Guarantee Agreement in 

48

 

the
event that all the capital stock of such Guarantor shall be sold, transferred or otherwise disposed of to a Person other than the Company or an Affiliate of the Company in a transaction permitted
by Section 6.04. 

        With
respect to the Loans made by it hereunder, each Agent in its individual capacity and not as Agent shall have the same rights and powers as any other Lender and may exercise the same
as though it were not an Agent, and the Agents and their Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Company or any Subsidiary or other
Affiliate thereof as if it were not an Agent. 

        The
Agents shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) no Agent shall be
subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) no Agent shall have any duty to take any discretionary action or exercise
any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that such Agent is required to exercise upon receipt of notice in writing by the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 11.02), and (c) except as expressly set forth in the Loan
Documents, no Agent shall have any duty to disclose, and no Agent shall be liable for the failure to disclose, any information relating to the
Company or any of its Subsidiaries that is communicated to or obtained by the institution serving as Agent or any of its Affiliates in any capacity. No Agent shall be liable for any action taken or
not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 11.02) or in the absence of its own gross negligence or wilful misconduct. No Agent shall be deemed to have knowledge of any Default unless and until written notice thereof is given to
such Agent by a Borrower (in which case such Agent shall give written notice to each other Lender), and no Agent shall be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in
connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein, (iv) the validity,
enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or
elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to such Agent. 

        Each
Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the
proper Person, and shall not incur any liability for relying thereon. Each Agent may consult with legal counsel (who may be counsel for any Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

        Each
Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by such Agent. Each Agent and any such
sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply
to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the
credit facilities provided for herein as well as activities as Agent. 

49

   
        Subject to the appointment and acceptance of a successor Agent as provided in this paragraph, any Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Company.
Upon any such resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and
shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf of the Lenders and the Issuing Bank, appoint
a successor Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Agent hereunder by a successor, such successor
shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. After
the Agent's resignation hereunder, the provisions of this Article and Section 11.03 shall continue in effect for the benefit of such retiring Agent, its sub-agents and their
respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Agent. 

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

        Each
Lender hereby acknowledges that the Syndication Agent and each Documentation Agent has no rights, duties or liability hereunder other than in its capacity as a Lender. 

ARTICLE IX  

 Collection Allocation Mechanism  

        On the CAM Exchange Date, (i) the Commitments shall automatically and without further act be terminated as provided in Article VII and
(ii) the Lenders shall automatically and without further act be deemed to have exchanged interests in the Specified Obligations under the Tranches (and participations in the undrawn amounts of
Letters of Credit) such that, in lieu of the interest of each Lender in the Specified Obligations under each Tranche in which it shall participate as of such date (including the principal,
reimbursement, interest and fee obligations of each Credit Party in respect of each such Tranche) and, if such Lender shall be a US Tranche Lender, such Lender's participation in undrawn Letters of
Credit, such Lender shall own an interest equal to such Lender's CAM Percentage in the Specified Obligations under each of the Tranches (including the principal, reimbursement, interest and fee
obligations of each Credit Party in respect of each such Tranche) and hold a participation in the undrawn amount of each outstanding Letter of Credit equal to its CAM Percentage thereof. Each Lender,
each person acquiring a participation from any Lender as contemplated by Section 11.02 and each Borrower hereby consents and agrees to the CAM Exchange. Each Borrower and each Lender agrees
from time to time to execute and deliver to the Administrative Agent all such promissory notes and other instruments and documents as the Administrative Agent shall reasonably request to evidence and
confirm the respective interests and obligations of the Lenders after giving effect to the CAM Exchange, and each Lender agrees to surrender any promissory notes originally received by it in
connection with its Loans hereunder to the Administrative Agent against delivery of any promissory notes so executed and delivered; provided,  however, that
the failure of any Borrower to execute or deliver or of any Lender to accept any such promissory note, instrument or document shall not
affect the validity or effectiveness of the CAM Exchange. On the CAM Exchange Date, each Lender whose funded Exposures after giving effect to the CAM Exchange shall exceed its funded Exposures before
giving effect thereto shall pay to the Administrative Agent the amount of such excess in the applicable currency or currencies, and the Administrative Agent shall pay to each of the other 

50

 

Lenders,
out of the amount so received by it, the amount by which such Lender's funded Exposures before giving effect to the CAM Exchange exceeds such funded Exposures after giving effect thereto. 

ARTICLE X  

 Guarantee  

        In order to induce the Lenders to extend credit to the other Borrowers hereunder, the Company hereby irrevocably and unconditionally guarantees, as a primary
obligor and not merely as a surety, the payment when and as due of the Obligations of such other Borrowers. The Company further agrees that the due and punctual payment of such Obligations may be
extended or renewed, in whole or in
part, without notice to or further assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding any such extension or renewal of any such Obligation. 

        The
Company waives presentment to, demand of payment from and protest to any Borrower of any of the Obligations, and also waives notice of acceptance of its obligations and notice of
protest for nonpayment. The obligations of the Company hereunder shall not be affected by (a) the failure of any Agent or Lender to assert any claim or demand or to enforce any right or remedy
against any Loan Party under the provisions of this Agreement, any other Loan Document or otherwise; (b) any extension or renewal of any of the Obligations; (c) any rescission, waiver,
amendment or modification of, or release from, any of the terms or provisions of this Agreement, or any other Loan Document or agreement; (d) any default, failure or delay, wilful or otherwise,
in the performance of any of the Obligations; or (e) any other act, omission or delay to do any other act which may or might in any manner or to any extent vary the risk of the Company or
otherwise operate as a discharge of a guarantor as a matter of law or equity or which would impair or eliminate any right of the Company to subrogation. 

        The
Company further agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual or
collection of any of the Obligations or operated as a discharge thereof) and not merely of collection, and waives any right to require that any resort be had by any Agent or Lender to any balance of
any deposit account or credit on the books of any Agent or Lender in favor of any Borrower or any other Person. 

        The
obligations of the Company hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, and shall not be subject to any defense or
set-off, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality or unenforceability of any of the Obligations, any impossibility in the performance of
any of the Obligations or otherwise. 

        The
Company further agrees that its obligations hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any
Obligation is rescinded or must otherwise be restored by any Agent or Lender upon the bankruptcy or reorganization of any Borrower or otherwise. 

        In
furtherance of the foregoing and not in limitation of any other right which any Agent or Lender may have at law or in equity against the Company by virtue hereof, upon the failure of
any other Borrower to pay any Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, the Company hereby promises to and will,
upon receipt of written demand by any Agent or Lender, forthwith pay, or cause to be paid, to the applicable Agent or Lender in cash an amount equal to the unpaid principal amount of such Obligations
then due, together with accrued and unpaid interest thereon. The Company further agrees that if payment in respect of any Obligation shall be due in a currency other than US Dollars and/or at a place
of payment other than New York and if, by reason of any Change in Law, disruption of currency or 

51

 

foreign
exchange markets, war or civil disturbance or other event, payment of such Obligation in such currency or at such place of payment shall be impossible or, in the reasonable judgment of any
Agent or Lender, not consistent with the protection of its rights or interests, then, at the election of the Administrative Agent, the Company shall make payment of such Obligation in US Dollars
(based upon the applicable Exchange Rate in effect on the date of payment) and/or in New York, and shall indemnify each Agent and Lender against any losses or reasonable
out-of-pocket expenses that it shall sustain as a result of such alternative payment. 

        Upon
payment by the Company of any sums as provided above, all rights of the Company against any Borrower arising as a result thereof by way of right of subrogation or otherwise shall in
all respects be subordinated and junior in right of payment to the prior indefeasible payment in full of all the Obligations owed by such Borrower to the Agents and the Lenders. 

        Nothing
shall discharge or satisfy the liability of the Company hereunder except the full performance and payment of the Obligations. 

ARTICLE XI  

 Miscellaneous  

        SECTION
11.01.    Notices.    Except in the case of notices and other communications expressly permitted to be given
by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent
by telecopy, as follows: 

        (a)   if
to any Borrower, to One Edwards Way, Irvine, California 92614, Attention of Daniel M. Gallagher (Telecopy No. (949) 250-2275); 

        (b)   if
to the Administrative Agent, to JPMorgan Chase Bank, Loan and Agency Services Group, 1111 Fannin, 10th Floor, Houston, TX 77002, Attention of Jennifer
Anyigbo (Telecopy No. (713) 750-2782), with a copy to JPMorgan Chase Bank, 270 Park Avenue, New York, NY 10017, Attention of Laura Cumming (Telecopy No.
(212) 270-5100); 

        (c)   if
to the London Agent, to it at J.P. Morgan Europe Limited, 125 London Wall, London, England EC2Y 5AJ, Attention of Caroline Walsh (Telecopy
No. 011-44-207-777-2360); with a copy to the Administrative Agent as provided in paragraph (b) above; 

        (d)   if
to the Tokyo Agent, to it at Mizuho Corporate Bank, Limited, Syndicated Finance Administration Division, 1-3-3, Marunouchi,
Chiyoda-ku, Tokyo, Japan, Attention of Masaaki Shimada, (Telecopy No. 011-81-3-3201-0704); with a copy to the Administrative Agent as
provided in paragraph (b) above 

        (e)   if
to the Issuing Bank, to it at JPMorgan Chase Bank, 1111 Fannin, 10th Floor, Houston, TX 77002, Attention of Jennifer Anyigbo (Telecopy No.
(713) 750-2782); and 

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

Any
party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party
hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

        SECTION
11.02.    Waivers; Amendments.    (a)    No failure or delay by any Agent, the Issuing Bank or any
Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or 

52

 

further
exercise thereof or the exercise of any other right or power. The rights and remedies of the Agents, the Issuing Bank and the Lenders hereunder and under the other Loan Documents are
cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall
in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the
purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of
whether any Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. 

        (b)   Neither
this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except pursuant to an agreement or agreements
in writing entered into by the Company and the Required Lenders or by the Company and the Administrative Agent with the consent of the Required Lenders or, in the case of any other Loan Document,
pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, in each case with the consent of the Required
Lenders; provided that no such agreement shall (i) increase any Commitment of any Lender without the written consent of such Lender,
(ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender
adversely affected thereby, (iii) postpone the date of any scheduled payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or
reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change
Section 2.18(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender (it being understood that the addition of
new tranches of loans or commitments that may be extended under this Agreement shall not be deemed to alter such pro rata sharing of payments), (v) change any of the provisions of this Section
or the definition of "Required Lenders" or any other provision of any Loan Document specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any
rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender (or each Lender of such Class, as the case may be) (except, in each case, to
provide for new tranches of loans or commitments that may be extended under this Agreement), (vi) release the Company or all or substantially all the Subsidiary Guarantors from, or limit or
condition, its or their obligations under Article X or the Subsidiary Guarantee Agreement, without the written consent of each Lender, (vii) change any provisions of Article IX
without the written consent of each Lender, or (viii) change any provisions of any Loan Document in a manner that by its terms adversely affects the rights in respect of payments due to Lenders
holding Loans of any Class differently than those of Lenders holding Loans of any other Class without the written consent of Lenders holding a majority in interest of the outstanding Loans and unused
Commitments of each adversely affected Class; provided further that (A) no such agreement shall amend, modify or otherwise affect the rights or
duties of any Agent or the Issuing Bank hereunder or under any other Loan Document without the prior written consent of such Agent or the Issuing Bank, as the case may be, and (B) any waiver,
amendment or modification of this Agreement that by its terms affects the rights or duties under this Agreement of the US Tranche Lenders (but not the Swiss Tranche Lenders or the Japanese Tranche
Lenders), the Swiss Tranche Lenders (but not the Japanese Tranche Lenders or the US Tranche Lenders), or the Japanese Tranche Lenders (but not the US Tranche Lenders or the Swiss Tranche Lenders) may
be effected by an agreement or agreements in writing entered into by the Company and requisite percentage in interest of the affected Class of Lenders. 

        SECTION
11.03.    Expenses; Indemnity; Damage Waiver.    (a)    The Company shall pay (i) all
reasonable out-of-pocket expenses incurred by the Agents and their Affiliates, including the reasonable fees, charges and disbursements of counsel for the Agents, in connection
with the syndication of the 

53

 

credit
facilities provided for herein, the preparation and administration of this Agreement or the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated, (ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in
connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable out-of-pocket
expenses incurred by any Agent, the Issuing Bank or any Lender, including the reasonable fees, charges and disbursements of any counsel, for any Agent, the Issuing Bank or any Lender, in connection
with the enforcement or protection of its rights in connection with any Loan Document, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued
hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

        (b)   The
Company shall indemnify each Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an
"Indemnitee") against, and hold each Indemnitee harmless from, any and all losses, liabilities, reasonable out-of-pocket costs
or expenses, including the reasonable fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a
result of (i) any transaction or proposed transaction (whether or not consummated) in which any proceeds of any borrowing hereunder are applied or proposed to be applied, directly or
indirectly, by the Company or any Subsidiary, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment
under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit, or (iii) the execution, delivery or
performance by the Company and the Subsidiaries of the Loan Documents, or any actions or omissions of the Company or any Subsidiary in connection therewith;  provided that such indemnity shall not, as to
any Indemnitee, be available to the extent that such losses, liabilities, costs or expenses shall have
resulted from the gross negligence or wilful misconduct of such Indemnitee or the violation by such Indemnitee of any law or court order applicable to it. 

        (c)   To
the extent that the Company fails to pay any amount required to be paid by it to any Agent or the Issuing Bank under paragraph (a) or (b) of this
Section, each Lender severally agrees to pay to such Agent or the Issuing Bank, as the case may be, such Lender's pro rata share (determined as of the time that the applicable unreimbursed expense or
indemnity payment is sought) of such unpaid amount; provided that the unreimbursed loss, liability, cost or expense, as the case may be, was incurred by
or asserted against such Agent or the Issuing Bank in its capacity as such. For purposes hereof, a Lender's "pro rata share" shall be determined based upon its share of the sum (without duplication)
of the total Exposures and unused Commitments at the time. 

        (d)   To
the extent permitted by applicable law, no Borrower shall assert, and each Borrower hereby waives, any claim against any Indemnitee, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Agreement or any
agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

        (e)   All
amounts due under this Section shall be payable within 15 Business Days after receipt by the Company of a reasonably detailed invoice therefor. 

        SECTION
11.04.    Successors and Assigns.    (a)    The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto, each other Indemnitee and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter
of Credit), except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment 

54

 

or
transfer by any Borrower without such consent shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), the Related
Parties of each of the Agents, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

        (b)   Any
Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the
Loans or other amounts at the time owing to it); provided that (i) the Administrative Agent and, except in the case of an assignment to a
Lender, an Affiliate of a Lender or a Related Fund of any Lender, the Company (and in the case of an assignment of all or a portion of a US Tranche Commitment or any Lender's obligations in respect of
its LC Exposure, the Issuing Bank) must give their prior written consent to such assignment (which consent shall not be unreasonably withheld), (ii) except in the case of an assignment to a
Lender, an Affiliate of a Lender or a Related Fund of any Lender or an assignment of the entire remaining amount of the assigning Lender's Commitments and outstanding Loans, the amount of the
Commitments and outstanding Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the
Administrative Agent) shall not be less than $10,000,000 unless each of the Company and the Administrative Agent otherwise consent, (iii) the parties to each assignment shall execute and
deliver to the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500 (provided, that if such assignment is an assignment of commitments or Loans
under the Japanese Tranche, the processing and recordation fee shall be paid to the Tokyo Agent), and (iv) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent
an Administrative Questionnaire, and (v) with respect to any assignment of Swiss Tranche Commitments or Swiss Tranche Revolving Loans, the parties to the assignment shall advise the Company as
to whether the assignee is a Qualifying Bank, and if the assignee is not a Qualifying Bank and after giving effect to such assignment there would be more than ten Swiss Tranche Lenders that were not
Qualifying Banks, the assignment shall not be permitted; and provided further that any consent of the Company otherwise required under this paragraph
shall not be required if an Event of Default referred to in clause (f) or (g) of Article VII has occurred and is continuing. Subject to acceptance and recording thereof pursuant
to paragraph (d) of this Section, from and after the effective date specified in each Assignment and Acceptance the assignee thereunder shall be a party hereto and, to the extent of the
interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned
by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender's rights and obligations
under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 11.03). Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with paragraph (e) of this Section. 

        (c)   The
Administrative Agent, acting for this purpose as an agent of each Borrower, shall maintain at one of its offices in The City of New York a copy of each Assignment
and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans and LC Disbursements owing to,
each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive, and the Borrowers, the
Administrative Agent, the Issuing Bank and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register 

55

 

shall
be available for inspection by the Company, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

        (d)   Upon
its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire
(unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by
paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment shall be
effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

        (e)   Any
Lender may, without the consent of any Borrower or the Administrative Agent or the Issuing Bank, sell participations to one or more banks or other entities (a
"Participant") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitment and the
Loans owing to it); provided that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain
solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent, the Issuing Bank and the other Lenders shall continue
to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;  provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in clause (i), (ii), (iii) or (vi) of the first proviso to Section 11.02(b) that affects such Participant. Subject to paragraph (f)
of this Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to paragraph (b) of this Section. 

        (f)    A
Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.17 than the applicable Lender would have been entitled to receive with
respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Company's prior written consent. A Participant shall not be entitled to
the benefits of Section 2.17 unless the Company is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with
Section 2.17(e) as though it were a Lender. 

        (g)   Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including
any pledge or assignment to secure obligations to a Federal Reserve Bank or, in the case of a Lender that is an investment fund, to the trustee under the indenture to which such fund is a party, and
this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest
shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

56

   
        SECTION 11.05.    Survival.    All covenants, agreements, representations and warranties made by the Loan Parties
herein or in any other Loan Document or in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been
relied upon by the other parties hereto or thereto and shall survive the execution and delivery of this Agreement and any other Loan Document and the making of any Loans and issuance of any Letters of
Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that any Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default
or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any
fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or
terminated. The provisions of Sections 2.15, 2.16, 2.17, 11.03 and 11.12 (but, in the case of Section 11.12, only for a period of two years following termination of this Agreement) and
Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination
of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. 

        SECTION
11.06.    Counterparts; Integration; Effectiveness.    This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan
Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and
supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the
other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 

        SECTION
11.07.    Severability.    Any provision of this Agreement held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the
remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

        SECTION
11.08.    Right of Setoff.    If an Event of Default shall have occurred and be continuing, each Lender and
each of its Affiliates is hereby authorized at any time and from time to time, to the fullest
extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final and in whatever currency denominated) at any time held and other
obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Borrower against any of and all the obligations of such Borrower now or hereafter existing under
this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender
under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

        SECTION
11.09.    Governing Law; Jurisdiction; Consent to Service of Process.    (a)    This Agreement shall
be construed in accordance with and governed by the law of the State of New York. 

57

 

        (b)   Each
Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York
sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document
shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against any Borrower or its
properties in the courts of any jurisdiction. 

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

        (d)   Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 11.01. Nothing in this Agreement or any
other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

        SECTION
11.10.    WAIVER OF JURY TRIAL.    EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

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

        SECTION
11.12.    Confidentiality.    Each Agent, the Issuing Bank and each Lender agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates' directors, officers, employees and agents, including accountants,
legal counsel and other advisors, to Related Funds' directors and officers and to any direct or indirect contractual counterparty in swap agreements (it being understood that each Person to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory
authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) to the extent
required or advisable in the judgment of counsel in connection with any suit, action or proceeding relating to the enforcement of rights of the Agents or the Lenders against the Borrowers under this
Agreement or any other Loan Document, (f) subject to 

58

 

an
agreement containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or
obligations under this Agreement, (g) with the consent of the Company or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of
this Section of which such Agent or Lender is aware or (ii) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other than the
Company other than as a result of a breach of this Section of which such Agent or Lender is aware. For the purposes of this Section, "Information" means
all information received from the Company relating to the Company or its business, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a
nonconfidential basis prior to disclosure by the Company other than as a result of a breach of this Section of which such Agent or Lender is aware. Any Person required to maintain the confidentiality
of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of
such Information as such Person would accord to its own confidential information. 

        SECTION
11.13.    Conversion of Currencies.    (a)    If, for the purpose of obtaining judgment in any
court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange
used shall be that at
which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding the day on
which final judgment is given. 

        (b)   The
obligations of each Borrower in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the "Applicable
Creditor") shall, notwithstanding any judgment in a currency (the "Judgment Currency") other than the currency in which such sum
is stated to be due hereunder (the "Agreement Currency"), be discharged only to the extent that, on the Business Day following receipt by the Applicable
Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement
Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, such Borrower
agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrowers contained in this Section 11.13
shall survive the termination of this Agreement and the payment of all other amounts owing hereunder. 

        SECTION
11.14.    Termination of Covenants.    Notwithstanding any other provision in this Agreement, at any time when
the Commitments shall have terminated and no Loans shall be outstanding but Letters of Credit are still outstanding, if the Borrowers shall post cash collateral in an amount equal to the LC Exposure,
the Borrowers shall no longer be required to comply with the covenants set forth in Article V or Article VI of this Agreement. 

        SECTION
11.15.    Release of Guarantors.    A Subsidiary Guarantor shall be released from each of the Guarantee
Agreement and the Indemnity, Subrogation and Contribution Agreement with respect to such Subsidiary Guarantor if (i) all of the capital stock of such Subsidiary Guarantor owned by the Company
or any Subsidiary shall be sold in a transaction permitted under the terms of this Agreement and (ii) at the time of such sale no Default has occurred and is continuing. The Administrative
Agent shall promptly (and the Lenders hereby authorize and instruct the Administrative Agent to) take such action and execute any such documents as may be reasonably requested by the Borrower and to
provide written evidence of the release of any Subsidiary Guarantor pursuant to this Section. 

        SECTION
11.16.    USA PATRIOT Act.    Each Lender hereby notifies the Borrower that pursuant to the requirements of
the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "Act"), it is required to obtain, verify
and record information that identifies the Borrower, 

59

 

which
information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 

        SECTION
11.17.    Qualifying Bank Representation and Warranty.    Each Swiss Tranche Lender on the date of this
Agreement hereby represents and warrants to the Swiss Borrower that such Lender is a Qualifying Bank. If, at any time prior to the expiration or termination of the Swiss Tranche Commitments and the
repayment in full of the principal of and interest on each Swiss Tranche Revolving Loan, any Swiss Tranche Lender that shall have been a Qualifying Bank at the time it became a party hereto shall
cease to be a Qualifying Bank, and at such time there are more than ten Swiss Tranche Lenders (including such Swiss Tranche Lender) that are not Qualifying Banks, then such Swiss Tranche Lender shall
promptly transfer any Swiss Tranche Commitment and any Swiss Tranche Revolving Loan to a Qualifying Bank in accordance with Section 11.04(b). 

60

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

	 	 	EDWARDS LIFESCIENCES CORP.,
	

 	
 	

 	
 	

by	

/s/ Corinne H. Lyle
 Name: Corinne H. Lyle

Title: Corporate Vice President,

Chief Financial Officer and Treasurer
	

 	
 	

EDWARDS LIFESCIENCES WORLD TRADE CORPORATION,
	

 	
 	

 	
 	

by	

/s/ Corinne H. Lyle
 Name: Corinne H. Lyle

Title: Corporate Vice President,

Chief Financial Officer and Treasurer
	

 	
 	

EDWARDS LIFESCIENCES LLC,
	

 	
 	

 	
 	

by	

/s/ Corinne H. Lyle
 Name: Corinne H. Lyle

Title: Corporate Vice President,

Chief Financial Officer and Treasurer
	

 	
 	

EDWARDS LIFESCIENCES (U.S.) INC.,
	

 	
 	

 	
 	

by	

/s/ Corinne H. Lyle
 Name: Corinne H. Lyle

Title: Corporate Vice President,

Chief Financial Officer and Treasurer

61

 

	 	 	EDWARDS LIFESCIENCES (JAPAN) LIMITED,
	

 	
 	

 	
 	

by	

/s/ Corinne H. Lyle
 Name: Corinne H. Lyle

Title: Director
	

 	
 	

EDWARDS LIFESCIENCES AG,
	

 	
 	

 	
 	

by	

/s/ Todd George
 Name: Todd George

Title: Member of the Board

62

 

	 	 	JPMORGAN CHASE BANK, individually and as Administrative Agent and Issuing Bank,
	

 	
 	

 	
 	

by	

/s/ Laura J. Cumming
 Name: Laura J. Cumming

Title: Vice President

63

 

	 	 	The Bank of Tokyo-Mitsubishi, Ltd.,

Chicago Branch
	

 	
 	

 	
 	

 	

/s/ Shinichiro Munechika
 Shinichiro Munechika

Deputy General Manager

64

 

	 	 	THE BANK OF TOKYO-MITSUBISHI,LTD.,

KOJIMACHI BRANCH
	

 	
 	

 	
 	

By:	

/s/ Mikihiko Yanagisawa

	 	 	 	 	Name:	Mikihiko Yanagisawa
	 	 	 	 	Title:	General Manager, Kojimachi Branch

65

 
SIGNATURE PAGE TO

EDWARDS LIFESCIENCES CORPORATION

FIVE YEAR CREDIT AGREEMENT

DATED AS OF JUNE 28, 2004 

	

Name of Institution:	

 
	

Allied Irish Banks, P.L.C.
	

 
	

by:	
 	

/s/ Diarmuid O'Neill
	

 
	 	 	Name:	 	Diarmuid O'Neill	 
	 	 	Title:	 	Vice President	 

66

 
SIGNATURE PAGE TO

EDWARDS LIFESCIENCES CORPORATION

FIVE YEAR CREDIT AGREEMENT

DATED AS OF JUNE 28, 2004 

	Name of Institution: Banco Bilbao Vizcaya Argentaria, S.A.	 
	

	

 
	

by:	
 	

/s/ Giampaolo Consigliere	
 	

/s/ Santiago Hernadez	

 
	 	 	
	 
	 	 	Name:	 	Giampaolo Consigliere	 	Santiago Hernazez	 
	 	 	Title:	 	Vice President	 	Vice President	 

67

 
SIGNATURE PAGE TO

EDWARDS LIFESCIENCES CORPORATION

FIVE YEAR CREDIT AGREEMENT

DATED AS OF JUNE 28, 2004 

	Name of Institution:	 
	

Bank of America N.A.
	

 
	

by:	
 	

/s/ Peter D. Griffith
	

 
	 	 	Name:	 	Peter D. Griffith	 
	 	 	Title:	 	Managing Director	 

68

 
SIGNATURE PAGE TO

EDWARDS LIFESCIENCES CORPORATION

FIVE YEAR CREDIT AGREEMENT

DATED AS OF JUNE 28, 2004 

	Name of Institution: The Bank of Nova Scotia
	

by:	
 	

/s/ M. D. Smith
	

 
	 	 	Name:	 	M. D. Smith	 
	 	 	Title:	 	Agent Operations	 

69

 
SIGNATURE PAGE TO

EDWARDS LIFESCIENCES CORPORATION 

	The Governor and Company of the Bank of Ireland,

as a Lender
	

By:	
 	

/s/ Martina Maher
	

 
	 	 	Name:	 	Martina Maher	 
	 	 	Title:	 	Authorised Signatory	 
	

By:	
 	

/s/ Maurice FitzGerald
	

 
	 	 	Name:	 	Maurice FitzGerald	 
	 	 	Title:	 	Authorised Signatory	 

70

 
SIGNATURE PAGE TO

EDWARDS LIFESCIENCES CORPORATION

FIVE YEAR CREDIT AGREEMENT

DATED AS OF JUNE 28, 2004 

	Name of Institution:	 
	

KeyBank National Association
	

 
	

by:	
 	

/s/ Christopher A. Swindell
	

 
	 	 	Name:	 	CHRISTOPHER A. SWINDELL	 
	 	 	Title:	 	Portfolio Manager	 

71

 
SIGNATURE PAGE TO

EDWARDS LIFESCIENCES CORPORATION

FIVE YEAR CREDIT AGREEMENT

DATED AS OF JUNE 28, 2004 

	Mizuho Corporate Bank, Ltd. as Tokyo Agent
	

by	
 	

 	
 	

 	

 
	

/s/ Masanori Murakami
	

 
	 	 	Name:	 	Masanori Murakami	 
	 	 	Title:	 	General Manager

Syndicated Finance Administration Division	 

72

 
SIGNATURE PAGE TO

EDWARDS LIFESCIENCES CORPORATION

FIVE YEAR CREDIT AGREEMENT

DATED AS OF JUNE 28, 2004 

	Name of Institution:	 
	

Morgan Stanley Bank
	

 
	

by:	
 	

/s/ Daniel Twenge
	

 
	 	 	Name:	 	Peter D. Griffith	 
	 	 	Title: Vice President Morgan Stanley Bank	 

73

 
SIGNATURE PAGE TO

EDWARDS LIFESCIENCES CORPORATION

FIVE YEAR CREDIT AGREEMENT

DATED AS OF JUNE 28, 2004 

	Name of Institution:	 
	

SunTrust Bank
	

 
	

by:	
 	

/s/ John W. Barton
	

 
	 	 	Name:	 	John W. Barton	 
	 	 	Title:	 	Managing Director	 

74

 
SIGNATURE PAGE TO

EDWARDS LIFESCIENCES CORPORATION

FIVE YEAR CREDIT AGREEMENT

DATED AS OF JUNE 28, 2004 

	Name of Institution:	 
	

Wachovia
	

 
	

by:	
 	

/s/ ???????
	

 
	 	 	Name:	 	 	 
	 	 	Title:	 	Director	 

75

 
SIGNATURE PAGE TO

EDWARDS LIFESCIENCES CORPORATION

FIVE YEAR CREDIT AGREEMENT

DATED AS OF JUNE 28, 2004 

	Name of Institution:	 
	

Wells Fargo Bank, N.A.
	

 
	

by:	
 	

/s/ Lucy Nixon
	

 
	 	 	Name:	 	Lucy Nixon	 
	 	 	Title:	 	Senior Vice President	 

76

EXHIBIT A-1 

        [FORM
OF] 

        BORROWING
SUBSIDIARY AGREEMENT dated as of [            ], among EDWARDS LIFESCIENCES CORPORATION, a Delaware corporation (the "Company"), [Name of
Borrowing Subsidiary], a [            ] corporation (the "New Borrowing Subsidiary"), and JPMorgan Chase Bank, as Administrative Agent (the "Administrative
Agent"). 

        Reference
is hereby made to the Five Year Credit Agreement dated as of June [    ], 2004 (as amended, supplemented or otherwise modified from time to
time, the "Five Year Credit Agreement"), among the Company, the US Borrowers, the Swiss Borrowers, the Japanese Borrowers, the Lenders from time to time party thereto, JPMorgan Chase Bank, as
Administrative Agent and Issuing Bank, J.P. Morgan Europe Limited, as London Agent, Mizuho Corporate Bank, Limited, as Tokyo Agent, Bank of America, N.A., as Syndication Agent and Bank of
Tokyo—Mitsubishi, Limited, Mizuho Corporate Bank, Limited, Suntrust Bank and Wachovia Bank, N.A., each as Documentation Agent. Capitalized terms used herein but not otherwise defined
herein shall have the meanings assigned to such terms in the Five Year Credit Agreement. Under the Five Year Credit Agreement, the Lenders have agreed, upon the terms and subject to the conditions
therein set forth, to make Loans to the US Borrowers, the Swiss Borrowers and the Japanese Borrowers (collectively with the Company, the "Borrowers"), and the Company and the New Borrowing Subsidiary
desire that the New Borrowing Subsidiary become a [US] [Swiss] [Japanese] Borrower. The Company represents that the New
Borrowing Subsidiary is a Wholly Owned Subsidiary organized in [the United States] [Switzerland] [Japan]. Each of the Company
and the New Borrowing Subsidiary represent and warrant that the representations and warranties of the Company in the Five Year Credit Agreement relating to the New Borrowing Subsidiary and this
Agreement are true and correct on and as of the date hereof, other than representations given as of a particular date, in which case they shall be true and correct as of that date. The Company agrees
that the Guarantee of the Company contained in the Five Year Credit Agreement will apply to the Obligations of the New Borrowing Subsidiary. Upon execution of this Agreement by each of the Company,
the New Borrowing Subsidiary and the Administrative Agent the New Borrowing Subsidiary shall be a party to the Five Year Credit Agreement and shall constitute a "[US]
[Swiss] [Japanese] Borrower" for all purposes thereof, and the New Borrowing Subsidiary hereby agrees to be bound by all provisions of the Five Year
Credit Agreement. 

        This
Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their authorized officers as of the date first appearing above. 

	 	 	EDWARDS LIFESCIENCES CORPORATION,
	

 	
 	
by	

 	

 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	Title:	 
	

 	
 	
[NAME OF NEW BORROWING SUBSIDIARY]
	

 	
 	
by	

 	

 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	Title:	 
	

 	
 	
JPMORGAN CHASE BANK, as Administrative Agent and Issuing Bank,
	

 	
 	

by	

 	

 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	Title:	 

2

EXHIBIT A-2 

[FORM OF] 

BORROWING
SUBSIDIARY TERMINATION 

JPMorgan
Chase Bank,

as Administrative Agent

for the Lenders referred to below

c/o JPMorgan Chase Bank,

as Administrative Agent

270 Park Avenue

New York, NY 10017 

[Date]

Ladies
and Gentlemen: 

        The
undersigned, Edwards Lifesciences Corporation (the "Company"), refers to the Five Year Credit Agreement dated as of June [    ], 2004 (as amended,
supplemented or otherwise modified from time to time, the "Five Year Credit Agreement"), among the Company, the US Borrowers, the Swiss Borrowers, the Japanese Borrowers, the Lenders from time to time
party thereto, JPMorgan Chase Bank, as Administrative Agent and Issuing Bank, J.P. Morgan Europe Limited, as London Agent, Mizuho Corporate Bank, Limited, as Tokyo Agent, Bank of America, N.A., as
Syndication Agent and Bank of Tokyo—Mitsubishi, Limited, Mizuho Corporate Bank, Limited, Suntrust Bank and Wachovia Bank, N.A., each as Documentation Agent. Capitalized terms used and not
otherwise defined herein shall have the meanings assigned to such terms in the Five Year Credit Agreement. 

        The
Company hereby terminates the status of [    ] (the "Terminated Borrowing Subsidiary") as a [US]
[Swiss] [Japanese] Borrower under the Five Year Credit Agreement. [The Company represents and warrants that no Loans made to the Terminated
Borrowing Subsidiary are outstanding as of the date hereof and that all amounts payable by the Terminated Borrowing Subsidiary in respect of interest and/or fees (and, to the extent notified by the
Administrative Agent or any Lender, any other amounts payable under the Five Year Credit Agreement) pursuant to the Five Year Credit Agreement have been paid in full on or prior to the date
hereof.] [The Company acknowledges that the Terminated Borrowing Subsidiary shall continue to be a Borrower until such time as all Loans made to the Terminated Borrowing
Subsidiary shall have been prepaid and all amounts payable by the Terminated Borrowing Subsidiary in respect of interest and/or fees (and, to the extent notified by the Administrative Agent or any
Lender, any other amounts payable under the Five Year Credit Agreement) pursuant to the Five Year Credit Agreement shall have been paid in full,  provided that the Terminated Borrowing Subsidiary shall
not have the right to make further Borrowings, under the Five Year Credit
Agreement.] 

        This
instrument shall be construed in accordance with and governed by the laws of the State of New York. 

	 	 	Very truly yours,
	

 	
 	
EDWARDS LIFESCIENCES CORPORATION,
	

 	
 	
by	

 	

 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	Title:	 

EXHIBIT B 

[FORM OF] 

ASSIGNMENT
AND ACCEPTANCE 

        Reference
is made to the Five Year Credit Agreement dated as of June [    ], 2004 (as amended, modified, supplemented or waived, the "Five Year Credit
Agreement"), among Edwards Lifesciences Corporation, the US Borrowers, the Swiss Borrowers, the Japanese Borrowers, the Lenders from time to time party thereto, JPMorgan Chase Bank, as Administrative
Agent and Issuing Bank, J.P. Morgan Europe Limited, as London Agent, Mizuho Corporate Bank, Limited, as Tokyo Agent, Bank of America, N.A., as Syndication Agent and Bank of
Tokyo—Mitsubishi, Limited, Mizuho Corporate Bank, Limited, Suntrust Bank and Wachovia Bank, N.A., each as Documentation Agent. Capitalized terms used but not defined herein shall have the
meanings specified in the Five Year Credit Agreement. 

        1.     The
Assignor named below hereby sells and assigns, without recourse to the Assignor, to the Assignee named below and the Assignee hereby purchases and assumes, without
recourse to the Assignor, from the Assignor, effective as of the Assignment Date set forth below, the interests set forth below (the "Assigned Interest") in the Assignor's rights and obligations under
the Five Year Credit Agreement, including, without limitation, the interests set forth below in the Commitments of the Assignor on the Assignment Date and the Loans owing to the Assignor which are
outstanding on the Assignment Date. The Assignor represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and
clear of any Lien. The Assignee hereby acknowledges receipt of a copy of the Five Year Credit Agreement. From and after the Assignment Date (i) the Assignee shall be a party to and be bound by
the provisions of the Five Year Credit Agreement and, to the extent of the interests assigned by this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and
(ii) the Assignor shall, to the extent of the interests assigned by this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Five Year Credit
Agreement. 

        2.     This
Assignment and Acceptance is being delivered to the Administrative Agent together with (i) to the extent required, any documentation required to be delivered
by the Assignee pursuant to Section 2.16 of the Five Year Credit Agreement, (ii) if the Assignee is not already a Lender under the Agreement, an Administrative Questionnaire in the form
provided by the Administrative Agent and (iii) a processing and recordation fee in the amount of $3,500. 

        3.     This
Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of New York. 

 

        Date
of Assignment: 

        Legal
Name of Assignor: 

        Legal
Name of Assignee: 

        Assignee's
Address for Notices: 

        Effective
Date of Assignment ("Assignment Date"): 

	Facility
 
	 	Principal Amount

Assigned
	 	Percentage Assigned of

Commitment

(set forth, to at least 8

decimals, as a percentage of

the facility and the aggregate

Commitments of all Lenders

thereunder)
	 
	US Tranche Commitment	 	$	 	 	 	%
	Assigned:	 	 	 	 	 	 
	

Swiss Tranche Commitment	
 	
$	

 	
 	

 	
%
	Assigned:	 	 	 	 	 	 
	

Japanese Tranche Commitment	
 	
$	

 	
 	

 	
%
	Assigned:	 	 	 	 	 	 
	US Tranche Revolving Loans:	 	$	 	 	 	%
	Swiss Tranche Revolving Loans:	 	$	 	 	 	%
	Japanese Tranche Revolving Loans:	 	$	 	 	 	%

        The
terms set forth herein are hereby agreed to: 

	 	 	Consented (if required):
	

 	
 	

 	

 	
 	

, as
	 	 	
	 	 
	 	 	Assignor,	 	 
	

 	
 	

by	

 	
 	

 
	 	 	 	
 Name:

Title:
	 	 	 	 	 	 

2

 

	

 	
 	
EDWARDS LIFESCIENCES CORPORATION,
	

 	
 	
by	

 	
 	

 
	 	 	 	
 Name:

Title:
	

 	
 	

	
 	

, as Assignee,
	

 	
 	

by	

 	
 	

 
	 	 	 	
 Name:

Title:
	

 	
 	

Consented (if required):
	

 	
 	
JPMORGAN CHASE BANK, as Administrative Agent,
	

 	
 	

by	

 	
 	

 
	 	 	 	
 Name:

Title:
	

 	
 	
JPMORGAN CHASE BANK, as Issuing Bank,
	

 	
 	

by	

 	
 	

 
	 	 	 	
 Name:

Title:

3

EXHIBIT C 

        FIVE
YEAR SUBSIDIARY GUARANTEE AGREEMENT dated as of June [    ], 2004, among each of the subsidiaries of EDWARDS LIFESCIENCES CORPORATION, a Delaware
corporation (the "Company"), listed on Schedule I hereto or becoming a party hereto as provided in Section 15 (the
"Subsidiary Guarantors"), and JPMORGAN CHASE BANK, as administrative agent (the "Administrative Agent")
for the Lenders (as defined in the Credit Agreement referred to below). 

        Reference
is made to the Five Year Credit Agreement dated as of June [    ], 2004 (as amended, supplemented or otherwise modified from time to time, the
"Credit Agreement"), among the Company, the other Borrowers party thereto, the lenders from time to time party thereto (the
"Lenders"), JPMorgan Chase Bank, as Administrative Agent, J.P. Morgan Europe Limited, as London Agent, Mizuho Corporate Bank, Limited, as Tokyo Agent,
Bank of America, N.A., as Syndication Agent and Bank of Tokyo—Mitsubishi, Limited, Mizuho Corporate Bank, Limited, Suntrust Bank and Wachovia Bank, N.A., each as Documentation Agent.
Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

        The
Lenders have agreed to make Loans to the Borrowers pursuant to, and upon the terms and subject to the conditions specified in, the Credit Agreement. Each of the Subsidiary Guarantors
acknowledges that it will derive substantial benefit from the making of the Loans by the Lenders. The obligations of the Lenders to make Loans are conditioned on, among other things, the execution and
delivery by the Subsidiary Guarantors of this Subsidiary Guarantee Agreement. In order to induce the Lenders to make Loans, the Subsidiary Guarantors are willing to execute this Agreement. 

        Accordingly,
the parties hereto agree as follows: 

        SECTION
1.    Guarantee.    Each Subsidiary Guarantor unconditionally guarantees, jointly with the other Subsidiary
Guarantors and severally, as a primary obligor and not merely as a surety, (a) the due and punctual payment of (i) the principal of and premium, if any, and interest (including interest
accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans made to any Borrower,
when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations, including fees, costs, expenses and
indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other
similar proceeding, regardless of whether
allowed or allowable in such proceeding), of the Loan Parties under the Credit Agreement and the other Loan Documents, and (b) unless otherwise agreed upon in writing by the applicable Lender
party thereto, the due and punctual payment and performance of all obligations of the Company or any Subsidiary, monetary or otherwise, under each interest rate hedging Agreement relating to
Obligations referred to in the preceding clause (a) entered into with any counterparty that was a Lender (or an Affiliate thereof) at the time such hedging agreement was entered into (all the
obligations referred to in the preceding clauses (a) and (b) being collectively called the "Obligations"). Each Subsidiary Guarantor
agrees that the Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension
or renewal of any Obligation. 

        Each
Subsidiary Guarantor further agrees that the due and punctual payment of such Obligations may be extended or renewed, in whole or in part, without notice to or further assent from
it, and that it will remain bound upon its guarantee hereunder notwithstanding any such extension or renewal of any such Obligation. 

        Each
Subsidiary Guarantor waives presentment to, demand of payment from and protest to any Borrower of any of the Obligations, and also waives notice of acceptance of its obligations and
notice of protest for nonpayment. The obligations of the Subsidiary Guarantors hereunder shall not be affected by (a) the failure of any Agent or Lender to assert any claim or demand or to
enforce any right or remedy against any Loan Party under the provisions of the Credit Agreement, any other Loan Document or otherwise; (b) any extension or renewal of any of the Obligations;
(c) any rescission, 

 

waiver,
amendment or modification of, or release from, any of the terms or provisions of the Credit Agreement, or any other Loan Document or agreement; (d) any default, failure or delay, wilful
or otherwise, in the performance of any of the Obligations; or (e) any other act, omission or delay to do any other act which may or might in any manner or to any extent vary the risk of any
Subsidiary Guarantor or otherwise operate as a discharge of a guarantor as a matter of law or equity or which would impair or eliminate any right of any Subsidiary Guarantor to subrogation. 

        Each
Subsidiary Guarantor further agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed
the accrual or collection of any of the Obligations or operated as a discharge thereof) and not merely of collection, and waives any right to require that any resort be had by any Agent or Lender to
any balance of any deposit account or credit on the books of any Agent or Lender in favor of any Borrower or any other Person. 

        The
obligations of the Subsidiary Guarantors hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver,
release, surrender, alteration or compromise of any of the Obligations, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever, by reason of the
invalidity, illegality or unenforceability of any of the Obligations (including lack of due authorization or execution of the Credit Agreement, any Loan Document or any other instrument or agreement),
any impossibility in the performance of any of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor hereunder shall not be
discharged or impaired or otherwise affected by the failure of the Administrative Agent, the Issuing Bank or any Lender to assert any claim or demand or to enforce any remedy under the Credit
Agreement, any other Loan Document or any other instrument or agreement, by any waiver or modification of any provision of any thereof, by any default, failure or delay, wilful or otherwise, in the
performance of the Obligations, or by any other act or omission that may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or that would otherwise operate as a
discharge of each Subsidiary Guarantor as a matter of law or equity (other than the payment in full in cash of all the Obligations). 

        Each
Subsidiary Guarantor further agrees that its obligations hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof,
of any Obligation is rescinded or must otherwise be restored by any Agent or Lender upon the bankruptcy or reorganization of any Borrower or otherwise. 

        In
furtherance of the foregoing and not in limitation of any other right which any Agent or Lender may have at law or in equity against any Subsidiary Guarantor by virtue hereof, upon
the failure of any other Borrower to pay any Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Subsidiary Guarantor
hereby promises to and will, upon receipt of written demand by any Agent or Lender, forthwith pay, or cause to be paid, to the applicable Agent or Lender in cash an amount equal to the unpaid
principal amount of such Obligations then due, together with accrued and unpaid interest thereon. Each Subsidiary Guarantor further agrees that if payment in respect of any Obligation shall be due in
a currency other than US Dollars and/or at a place of payment other than New York and if, by reason of any Change in Law, disruption of currency or foreign exchange markets, war or civil disturbance
or other event, payment of such Obligation in such currency or at such place of payment shall be impossible or, in the reasonable judgment of any Agent or Lender, not consistent with the protection of
its rights or interests, then, at the election of the Administrative Agent, such Subsidiary Guarantor shall make payment of such Obligation in US Dollars (based upon the applicable Exchange Rate in
effect on the date of payment) and/or in New York, and shall indemnify each Agent and Lender against any losses or reasonable out-of-pocket expenses that it shall sustain as a
result of such alternative payment. 

2

 

        Upon
payment by any Subsidiary Guarantor of any sums as provided above, all rights of such Subsidiary Guarantor against any Borrower arising as a result thereof by way of right of
subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment in full of all the Obligations owed by such Borrower to the Agents and
the Lenders. 

        Each
Subsidiary Guarantor hereby consents and agrees to the CAM Exchange referred to in the Credit Agreement. 

        Nothing
shall discharge or satisfy the liability of any Subsidiary Guarantor hereunder except the full performance and payment of the Obligations. 

        SECTION
2.    Defenses of Company Waived.    To the fullest extent permitted by applicable law, each of the Subsidiary
Guarantors waives any defense based on or arising out of any defense of the Company or any other Subsidiary Guarantor or the unenforceability of the Obligations or any part thereof from any cause, or
the cessation from any cause of the liability of the Company or any other Subsidiary Guarantor, other than the final and payment in full in cash of the Obligations. The Administrative Agent, the
Issuing Bank and the Lenders may, at their election, foreclose on any security held by one or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such security in
lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with the Company, any Subsidiary Guarantor or any other guarantor or exercise any other right or
remedy available to them against the Company, any Subsidiary Guarantor or any other guarantor, without affecting or impairing in any way the liability of any Subsidiary Guarantor hereunder except to
the extent the Obligations have been fully, finally and indefeasibly paid in cash. Pursuant to applicable law, each of the Subsidiary Guarantors waives any defense arising out of any such election
even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Subsidiary Guarantor against the
Company or any other Subsidiary Guarantor or guarantor, as the case may be, or any security. 

        SECTION
3.    Information.    Each of the Subsidiary Guarantors assumes all responsibility for being and keeping
itself informed of the Borrowers' and the other Subsidiary Guarantors' financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the
nature, scope and extent of the risks that such Subsidiary Guarantor assumes and incurs hereunder, and agrees that none of the Administrative Agent or the Lenders will have any duty to advise any of
the Subsidiary Guarantors of information known to it or any of them regarding such circumstances or risks. 

        SECTION
4.    Representations and Warranties; Agreements.    Each of the Subsidiary Guarantors represents and warrants
as to itself that all representations and warranties relating to it contained in any Loan Document to which it is a party are true and correct in all material respects. Each of the Subsidiary
Guarantors agrees that the provisions of Section 2.16 of the Credit Agreement shall apply equally to each Guarantor with respect to payments made by it hereunder. 

        SECTION
5.    Termination.    The Guarantees made hereunder (a) shall, subject to clause (b) below,
terminate when all the Obligations have been paid in full and the Lenders have no further commitment to lend under the Credit Agreement and (b) shall continue to be effective or be reinstated,
as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by the Administrative Agent or any Lender or any Subsidiary Guarantor upon
the bankruptcy or reorganization of any Borrower, any Subsidiary Guarantor or otherwise. The Guarantee of any Subsidiary Guarantor shall be automatically released if (i) all the capital stock
of such Subsidiary Guarantor owned by the Company or any Subsidiary shall be sold in a transaction permitted under the terms of the Credit Agreement and (ii) at the time of such sale, no
Default has occurred and is continuing. 

3

 

        SECTION
6.    Binding Agreement; Assignments.    Whenever in this Agreement any of the parties hereto is referred to,
such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Subsidiary Guarantors that are contained in this
Agreement shall bind and inure to the benefit of each party hereto and their respective successors and assigns. This Agreement shall become effective as to any Subsidiary Guarantor when a counterpart
hereof executed on behalf of such Subsidiary Guarantor shall have been delivered to the Administrative Agent, and a counterpart hereof shall have been executed on behalf of the Administrative Agent,
and thereafter shall be binding upon such Subsidiary Guarantor and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of such Subsidiary Guarantor,
the Administrative Agent and the Lenders, and their respective successors and assigns, except that no Subsidiary Guarantor shall have the right to assign its rights or obligations hereunder or any
interest herein, and any such attempted assignment shall be void. This Agreement shall be construed as a separate agreement with respect to each Subsidiary Guarantor and may be amended, modified,
supplemented, waived or released with respect to any Subsidiary Guarantor without the approval of any other Subsidiary Guarantor and without affecting the obligations of any other Subsidiary Guarantor
hereunder. 

        SECTION
7.    Waivers; Amendment.    (a)    No failure or delay of the Administrative Agent or any Lender in
exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce
such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent or any Lender hereunder or under
the Credit Agreement or any other Loan Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other
Loan Document or consent to any departure by any Subsidiary Guarantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver
or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor to
any other or further notice or demand in similar or other circumstances. 

        (b)   Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to a written agreement entered into between the Subsidiary Guarantors
to which such waiver, amendment or modification relates and the Administrative Agent (with the prior written consent of the Lenders or the Required Lenders if required under the Credit Agreement). 

        SECTION 8.    GOVERNING LAW.    THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

        SECTION
9.    Notices.    All communications and notices hereunder shall be in writing and given as provided in
Section 11.01 of the Credit Agreement. All communications and notices hereunder to each Subsidiary Guarantor shall be given to it in care of the Company. 

        SECTION
10.    Survival of Agreement; Severability.    (a)    All covenants, agreements, representations and
warranties made by the Subsidiary Guarantors herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement shall be considered to have been
relied upon by the Administrative Agent and the Lenders and shall survive the making by the Lenders of the Loans, regardless of any investigation made by any of them or on their behalf, and shall
continue in full force and effect as long as the principal of or any accrued interest on any Loan or any other fee or amount payable under this Agreement or any other Loan Document is outstanding and
unpaid and as long as the Commitments have not been terminated. 

        (b)   In
the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood 

4

 

that
the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid,
illegal or unenforceable provisions. 

        SECTION
11.    Counterparts.    This Agreement may be executed in counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute a single contract, and shall become effective as provided in Section 6. Delivery of an executed signature page to this Agreement
by facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Agreement. 

        SECTION
12.    Rules of Interpretation.    The rules of interpretation specified in Sections 1.03, 1.04 and 1.05 of
the Credit Agreement shall be applicable to this Agreement. 

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

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

        (c)   Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9. Nothing in this Agreement will affect the
right of any party to this Agreement to serve process in any other manner permitted by law. 

        SECTION 14.    WAIVER OF JURY TRIAL.    EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

        SECTION
15.    Additional Subsidiary Guarantors.    Pursuant to Section 5.09 of the Credit Agreement, certain
additional Subsidiaries may be required under the terms of the Credit Agreement from time to time to enter into this Agreement as Subsidiary Guarantors. Upon execution and delivery by the
Administrative Agent and a Subsidiary of an instrument in the form of Annex 1, such Subsidiary 

5

 

shall
become a Subsidiary Guarantor hereunder with the same force and effect as if originally named as a Subsidiary Guarantor herein. The execution and delivery of such instrument shall not require
the consent of any Subsidiary Guarantor hereunder. The rights and obligations of each Subsidiary Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new
Subsidiary Guarantor as a party to this Agreement. 

        SECTION
16.    Right of Setoff.    If an Event of Default shall have occurred and be continuing, each of the
Administrative Agent and the Lenders is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time
or demand, provisional or final) at any time held and other Indebtedness at any time owing by such Person to or for the credit or the account of any Subsidiary Guarantor against any or all the
obligations of such Subsidiary Guarantor now or hereafter existing under this Agreement held by such Person, irrespective of whether or not such Person shall have made any demand under this Agreement
and although such obligations may be unmatured. The rights of each Person under this Section are in addition to other rights and remedies (including other rights of setoff) which such Person may have. 

        SECTION
17.    Conversion of Currencies.    (a)    If, for the purpose of obtaining judgment in any court,
it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used
shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately
preceding the day on which final judgment is given. 

        (b)   The
obligations of each Subsidiary Guarantor in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the
"Applicable Creditor") shall, notwithstanding any judgment in a currency (the "Judgment Currency") other
than the currency in which such sum is stated to be due hereunder (the "Agreement Currency"), be discharged only to the extent that, on the Business Day
following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant
jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the
Agreement Currency, such Subsidiary Guarantor agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the
Subsidiary Guarantors contained in this Section 17 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder. 

        IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written. 

	 	 	[SUBSIDIARY GUARANTORS],
	

 	
 	

by	

 
	 	 	 	
 Name:

Title:
	

 	
 	

JPMORGAN CHASE BANK,

as Administrative Agent,
	

 	
 	

by	

 
	 	 	 	
 Name:

Title:

6

SCHEDULE I TO THE

SUBSIDIARY GUARANTEE AGREEMENT 

Subsidiary Guarantors  

ANNEX 1 to the

Guarantee Agreement 

        SUPPLEMENT
NO. dated as of                        , to the FIVE YEAR SUBSIDIARY GUARANTEE AGREEMENT dated as of June
[    ], 2004, among each of the
subsidiaries of EDWARDS LIFESCIENCES CORPORATION, a Delaware corporation (the "Company"), listed on Schedule I hereto or becoming a party hereto
as provided in Section 15 (the "Subsidiary Guarantors"), and JPMORGAN CHASE BANK, as administrative agent (the
"Administrative Agent") for the Lenders (as defined in the Credit Agreement referred to below). 

        A.    Reference
is made to the Five Year Credit Agreement dated as of June [    ], 2004 (as amended, supplemented or otherwise modified from
time to time, the "Credit Agreement"), among the Company, the other Borrowers party thereto, the lenders from time to time party thereto (the
"Lenders"), JPMorgan Chase Bank, as Administrative Agent, J.P. Morgan Europe Limited, as London Agent, Mizuho Corporate Bank, Limited, as Tokyo Agent,
Bank of America, N.A., as Syndication Agent and Bank of Tokyo—Mitsubishi, Limited, Mizuho Corporate Bank, Limited, Suntrust Bank and Wachovia Bank, N.A., each as Documentation Agent. 

        B.    Capitalized
terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Guarantee Agreement and the Credit Agreement. 

        C.    The
Subsidiary Guarantors have entered into the Guarantee Agreement in order to induce the Lenders to make Loans. The undersigned Subsidiary of the Company (the
"New Subsidiary Guarantor") is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Subsidiary Guarantor
under the Guarantee Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made. 

        Accordingly,
the Administrative Agent and the New Subsidiary Guarantor agree as follows: 

        SECTION
1. In accordance with Section 15 of the Guarantee Agreement, the New Subsidiary Guarantor by its signature below becomes a Subsidiary Guarantor under the Guarantee
Agreement with the same force and effect as if originally named therein as a Subsidiary Guarantor and the New Subsidiary Guarantor hereby (a) agrees to all the terms and provisions of the
Guarantee Agreement applicable to it as a Subsidiary Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Subsidiary Guarantor thereunder
are true and correct
on and as of the date hereof, other than representations given as of a particular date, in which case such representation shall be true and correct as of such date. Each reference to a "Subsidiary
Guarantor" in the Guarantee Agreement shall be deemed to include the New Subsidiary Guarantor. The Guarantee Agreement is hereby incorporated herein by reference. 

        SECTION
2. The New Subsidiary Guarantor represents and warrants to the Administrative Agent and the Lenders that this Supplement has been duly authorized, executed and delivered by it
and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

        SECTION
3. This Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This
Supplement shall become effective when the Administrative Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of the New Subsidiary Guarantor and
the Administrative Agent. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Supplement. 

        SECTION
4. Except as expressly supplemented hereby, the Guarantee Agreement shall remain in full force and effect. 

 

        SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

        SECTION
6. In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein and in the Guarantee Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular
provision hereof in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions. 

        SECTION
7. All communications and notices hereunder shall be in writing and given as provided in Section 9 of the Guarantee Agreement. 

        SECTION
8. The New Subsidiary Guarantor agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Supplement,
including the reasonable fees, disbursements and other charges of counsel for the Administrative Agent. 

        IN
WITNESS WHEREOF, the New Subsidiary Guarantor and the Administrative Agent have duly executed this Supplement to the Guarantee Agreement as of the day and year first above written. 

	 	 	[Name of New Subsidiary Guarantor],
	

 	
 	

by	

 
	 	 	 	
 Name:

Title:

Address:
	

 	
 	
JPMORGAN CHASE BANK, as Administrative Agent,
	

 	
 	

by	

 
	 	 	 	
 Name:

Title:

2

EXHIBIT D 

        INDEMNITY,
SUBROGATION and CONTRIBUTION AGREEMENT dated as of June [    ], 2004, among EDWARDS LIFESCIENCES CORPORATION, a Delaware corporation
(the "Company"), each Subsidiary of the Company listed on Schedule I hereto or becoming a party hereto as provided in Section 12 hereto
(the "Subsidiary Guarantors") and JPMORGAN CHASE BANK, as administrative agent (in such capacity, the "Administrative
Agent") for the Lenders (as defined in the Five Year Credit Agreement referred to below). 

        Reference
is made to (a) the Five Year Credit Agreement dated as of June [    ], 2004 (as amended, supplemented or otherwise modified from
time to time, the "Five Year Credit Agreement"), among the Company, the US Borrowers, the Swiss Borrowers, the Japanese Borrowers, the lenders from time
to time party thereto (the "Lenders"), JPMorgan Chase Bank, as Administrative Agent and Issuing Bank, J.P. Morgan Europe Limited, as London Agent,
Mizuho Corporate Bank, Limited, as Tokyo Agent, Bank of America, N.A., as Syndication Agent and Bank of Tokyo—Mitsubishi, Limited, Mizuho Corporate Bank, Limited, Suntrust Bank and
Wachovia Bank, N.A., each as Documentation Agent, and (b) the Subsidiary Guarantee Agreement dated as of June [    ], 2004, among the Subsidiary
Guarantors and the Administrative Agent (as amended, supplemented or otherwise modified from time to time, the "Subsidiary Guarantee Agreement").
Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Five Year Credit Agreement. 

        The
Lenders have agreed to make Loans to the Borrowers and the Issuing Bank has agreed to issue Letters of Credit pursuant to, and upon the terms and subject to the conditions specified
in, the Five Year Credit Agreement. The Subsidiary Guarantors have guaranteed the Loans made to the Borrowers and the other Obligations (as defined in the Subsidiary Guarantee Agreement) under the
Five Year Credit Agreement or any other Loan Document pursuant to the Subsidiary Guarantee Agreement. The obligations of the Lenders to make Loans are conditioned on, among other things, the execution
and delivery by the Borrowers and the Subsidiary Guarantors of an agreement in the form hereof. 

        Accordingly,
each Borrower, each Subsidiary Guarantor and the Administrative Agent agree as follows: 

        SECTION
1.    Indemnity and Subrogation.    (a)    In addition to all such rights of indemnity and
subrogation as the Subsidiary Guarantors may have under applicable law (but subject to Section 3), the Company agrees that in the event a payment shall be made by any Subsidiary Guarantor under
the Subsidiary Guarantee Agreement, the Company shall indemnify such Subsidiary Guarantor for the full amount of such payment, and the Company shall be subrogated to the rights of the Subsidiary
Guarantor to whom such payment shall have been made to the extent of such payment. 

        (b)   In
addition to all such rights of indemnity and subrogation as the Subsidiary Guarantors may have under applicable law (but subject to Section 3), each US
Borrower, Swiss Borrower and Japanese Borrower agrees that in the event a payment shall be made by any Subsidiary Guarantor under the Subsidiary Guarantee Agreement with respect to an Obligation of
such Borrower, such Borrower shall indemnify such Subsidiary Guarantor for the full amount of such payment, and such Subsidiary Guarantor shall be subrogated to the rights of the Person to whom such
payment shall have been made to the extent of such payment. 

        SECTION
2.    Contribution and Subrogation.    Each Subsidiary Guarantor (a "Contributing
Subsidiary Guarantor") agrees (subject to Section 3) that, in the event a payment shall be made by any other Subsidiary Guarantor under the Subsidiary Guarantee
Agreement and such other Subsidiary Guarantor (the "Claiming Subsidiary Guarantor") shall not have been fully indemnified by the Borrowers as provided
in Section 1, each Contributing Subsidiary Guarantor shall indemnify the Claiming Subsidiary Guarantor in an amount equal to the amount of such payment multiplied by a fraction of which the
numerator shall be the net worth of the Contributing Subsidiary Guarantor on the date hereof or on the date on which enforcement is being sought, whichever is greater, and the denominator shall be the
aggregate of the respective net worths of all the Subsidiary Guarantors on the 

 

date
hereof (or, in the case of any Subsidiary Guarantor becoming a party hereto pursuant to Section 12, the date of the Supplement hereto executed and delivered by such Subsidiary Guarantor)
or the date on which enforcement is being sought, whichever is greater. Any Contributing Subsidiary Guarantor making any payment to a Claiming Subsidiary Guarantor pursuant to this Section 2
shall be subrogated to the rights of such Claiming Subsidiary Guarantor under Section 1 to the extent of such payment. 

        SECTION
3.    Subordination.    Notwithstanding any provision of this Agreement to the contrary, all rights of the
Subsidiary Guarantors under Sections 1 and 2 and all other rights of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible payment in
full in cash of the Obligations. No failure on the part of any Borrower or any Subsidiary Guarantor to make the payments required by Sections 1 and 2 (or any other payments required under applicable
law or otherwise) shall in any respect limit the obligations and liabilities of any Subsidiary Guarantor with respect to its obligations hereunder, and each Subsidiary Guarantor shall remain liable
for the full amount of the obligations of such Subsidiary Guarantor hereunder. The subordination effected by this Section 3 shall prohibit (i) any exercise of a set-off in
respect of the subordinated obligations, (ii) the commencement of any action seeking to enforce the subordinated obligations and (iii) the assignment of subordinated obligations. Any
Subsidiary Guarantor receiving any payment in respect of a subordinated obligation in violation of this Section 3 shall be deemed to have received such payment in trust for the benefit of the
Administrative Agent and immediately turn over such amount to the Administrative Agent for application in respect of the Obligations. 

        SECTION
4.    Termination.    This Agreement shall survive and be in full force and effect so long as any Obligation
is outstanding and has not been indefeasibly paid in full in cash or the Commitments under the Five Year Credit Agreement have not been terminated, and shall continue to be effective or be reinstated,
as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by the Administrative Agent, the Issuing Bank or any Lender or any
Subsidiary Guarantor upon the bankruptcy or reorganization of any Borrower, any Subsidiary Guarantor or otherwise. 

        SECTION 5.    GOVERNING LAW.    THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

        SECTION
6.    No Waiver; Amendment.    (a)    No failure on the part of the Administrative Agent, the
Issuing Bank or any Subsidiary Guarantor 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 of
any such right, power or remedy by the Administrative Agent, the Issuing Bank or any Subsidiary Guarantor preclude any other or further exercise thereof or the exercise of any other right, power or
remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. None of the Administrative Agent, the Issuing Bank and the Subsidiary Guarantors shall be
deemed to have waived any rights hereunder unless such waiver shall be in writing and signed by such parties. 

        (b)   Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to a written agreement entered into between the Borrowers, the
Subsidiary Guarantors and the Administrative Agent (with the prior written consent of the Lenders or the Required Lenders if required under the Five Year Credit Agreement). 

        SECTION
7.    Notices.    All communications and notices hereunder shall be in writing and given as provided in the
Subsidiary Guarantee Agreement and addressed as specified therein. 

        SECTION
8.    Binding Agreement; Assignments.    Whenever in this Agreement any of the parties hereto is referred to,
such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the parties that are contained in 

2

 

this
Agreement shall bind and inure to the benefit of their respective successors and assigns. Neither any Borrower nor any Subsidiary Guarantor may assign or transfer any of its rights or obligations
hereunder (and any such attempted assignment or transfer shall be void) without the prior written consent of the Required Lenders, except in connection with any transaction permitted by
Section 6.04 of the Five Year Credit Agreement. Notwithstanding the foregoing, at the time any Subsidiary Guarantor is released from its obligations under the Subsidiary Guarantee Agreement in
accordance with such Subsidiary Guarantee Agreement and the Five Year Credit Agreement, such Subsidiary Guarantor will cease to have any rights or obligations under this Agreement. 

        SECTION
9.    Survival of Agreement; Severability.    (a)    All covenants and agreements made by each
Borrower and Subsidiary Guarantor herein and in the certificates or other instruments prepared or delivered in connection with this Agreement shall be considered to have been relied upon by the
Administrative Agent, the Issuing Bank, the Lenders and each other Subsidiary Guarantor and shall survive the making by the Lenders of the Loans and the issuance of Letters of Credit by the Issuing
Bank and shall continue in full force and effect as long as the principal of or any accrued interest on any Loans or any other fee or amount payable under the Five Year Credit Agreement, this
Agreement or any other Loan Document is outstanding and unpaid and as long as the Commitments have not been terminated. 

        (b)   In
the event that any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular
jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

        SECTION
10.    Counterparts.    This Agreement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall be effective with respect to any
Subsidiary Guarantor when a counterpart bearing the signature of such Subsidiary Guarantor shall have been delivered to the Administrative Agent. Delivery of an executed signature page to this
Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

        SECTION
11.    Rules of Interpretation.    The rules of interpretation specified in Sections 1.03, 1.04 and 1.05 of
the Five Year Credit Agreement shall be applicable to this Agreement. 

        SECTION
12.    Additional Subsidiary Guarantors.    Pursuant to Section 5.09 of the Five Year Credit Agreement,
each applicable Subsidiary of the Company that was not in existence or not such a Subsidiary on the date of the Five Year Credit Agreement is required to enter into this Agreement as a Subsidiary
Guarantor upon becoming such a Subsidiary. Upon execution and delivery, after the date hereof, by the Administrative Agent and such a Subsidiary of an instrument in the form of Annex 1 hereto, such
Subsidiary shall become a Subsidiary Guarantor hereunder with the same force and effect as if originally named as a Subsidiary Guarantor hereunder. The execution and delivery of any instrument adding
an additional Subsidiary Guarantor as a party to this Agreement shall not require the consent of any Subsidiary Guarantor hereunder. The rights and obligations of each Subsidiary Guarantor hereunder
shall remain in full force and effect notwithstanding the addition of any new Subsidiary Guarantor as a party to this Agreement. 

        SECTION
13.    Jurisdiction; Consent to Service of Process.    (a)    Each Subsidiary Guarantor hereby
irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York
City, 

3

 

and
any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto
hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such
Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement against any Subsidiary Guarantor or its properties in the courts of any jurisdiction. 

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

        (c)   Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 7. Nothing in this Agreement will affect the
right of any party to this Agreement to serve process in any other manner permitted by law. 

        SECTION 14.    Waiver of Jury Trial.    EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

4

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the date first appearing above. 

	

 	
 	

EDWARDS LIFESCIENCES CORPORATION,
	 	 	 	 
	 	 	 	 
	 	 	by	 
	 	 	 	
 Name:

Title:
	 	 	 	 
	 	 	[US, Swiss and Japanese Borrowers]
	 	 	 	 
	 	 	 	 
	 	 	[SUBSIDIARY GUARANTORS]
	 	 	 	 
	 	 	by	 
	 	 	 	
 Name:

Title:
	 	 	 	 
	 	 	JPMORGAN CHASE BANK, as Administrative Agent and Issuing Bank,
	 	 	 	 
	 	 	by	 
	 	 	 	
 Name:

Title:

5

SCHEDULE I

to the Indemnity, Subrogation

and Contribution Agreement 

SUBSIDIARY GUARANTORS 

ANNEX 1 to

the Indemnity, Subrogation and

Contribution Agreement 

        SUPPLEMENT
NO. [    ] dated as of [    ], to the Indemnity, Subrogation and Contribution Agreement dated as of June
[    ], 2004 (as the same may be amended, supplemented or otherwise modified from time to time, the "Indemnity, Subrogation and Contribution
Agreement"), among EDWARDS LIFESCIENCES CORPORATION, a Delaware corporation (the "Company"), each Subsidiary of the Company
listed on Schedule I thereto (the "Subsidiary Guarantors"), and JPMORGAN CHASE BANK, as administrative agent (the
"Administrative Agent") for the Lenders (as defined in the Five Year Credit Agreement referred to below). 

        A.    Reference
is made to (a) the Five Year Credit Agreement dated as of June [    ], 2004 (as amended, supplemented or otherwise
modified from time to time, the "Five Year Credit Agreement"), among the Company, the Swiss Borrowers, the Japanese Borrowers, the lenders from time to
time party thereto (the "Lenders"), JPMorgan Chase Bank, as Administrative Agent and Issuing Bank, J.P. Morgan Europe Limited, as London Agent, Mizuho
Corporate Bank, Limited, as Tokyo Agent, Bank of America, N.A., as Syndication Agent and Bank of Tokyo—Mitsubishi, Limited, Mizuho Corporate Bank, Limited, Suntrust Bank and Wachovia Bank,
N.A., each as Documentation Agent, and (b) the Subsidiary Guarantee Agreement dated as of June [    ], 2004, among the Subsidiary Guarantors and the
Administrative Agent (as amended, supplemented or otherwise modified from time to time, the "Subsidiary Guarantee Agreement"). 

        B.    Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Indemnity, Subrogation and Contribution Agreement and
the Five Year Credit Agreement. 

        C.    The
Borrowers, the Subsidiary Guarantors and the Administrative Agent have entered into the Indemnity, Subrogation and Contribution Agreement in order to induce the
Lenders to make Loans and the Issuing Bank to issue Letters of Credit. Pursuant to Section 5.09 of the Five Year Credit Agreement, each Material Subsidiary of the Company that is not a Foreign
Subsidiary and that was not in existence or not such a Subsidiary on the date of the Five Year Credit Agreement is required to enter into the Indemnity, Subrogation and Contribution Agreement as a
Subsidiary Guarantor upon becoming a Material Subsidiary. Section 12 of the Indemnity, Subrogation and Contribution Agreement provides that additional Subsidiaries of the Company may become
Subsidiary Guarantors under the Indemnity, Subrogation and Contribution Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary of the Company
(the "New Subsidiary Guarantor") is executing this Supplement in accordance with the requirements of the Five Year Credit Agreement to become a
Subsidiary Guarantor under the Indemnity, Subrogation and Contribution Agreement in order to induce the Lenders to make additional Loans and the Issuing Bank to issue Letters of Credit and as
consideration for Loans previously made and Letters of Credit previously issued. 

        Accordingly,
the Administrative Agent and the New Subsidiary Guarantor agree as follows: 

        SECTION
1. In accordance with Section 12 of the Indemnity, Subrogation and Contribution Agreement, the New Subsidiary Guarantor by its signature below becomes a Subsidiary
Guarantor under the Indemnity, Subrogation and Contribution Agreement with the same force and effect as if originally named therein as a Subsidiary Guarantor and the New Subsidiary Guarantor hereby
agrees to all the terms and provisions of the Indemnity, Subrogation and Contribution Agreement applicable to it as a Subsidiary Guarantor thereunder. Each reference to a "Subsidiary Guarantor" in the
Indemnity, Subrogation and Contribution Agreement shall be deemed to include the New Subsidiary Guarantor. The Indemnity, Subrogation and Contribution Agreement is hereby incorporated herein by
reference. 

        SECTION
2. The New Subsidiary Guarantor represents and warrants to the Administrative Agent, the Issuing Bank and the Lenders that this Supplement has been duly authorized, executed and
delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in 

 

accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law. 

        SECTION
3. This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when
taken together
shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have received counterparts of this Supplement that, when taken together, bear the
signatures of the New Subsidiary Guarantor and the Administrative Agent. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a
manually signed counterpart of this Supplement. 

        SECTION
4. Except as expressly supplemented hereby, the Indemnity, Subrogation and Contribution Agreement shall remain in full force and effect. 

        SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

        SECTION
6. In the event that any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein and in the Indemnity, Subrogation and Contribution Agreement shall not in any way be affected or impaired thereby (it being understood that
the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in
goodfaith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or
unenforceable provisions. 

        SECTION
7. All communications and notices hereunder shall be in writing and given as provided in Section 7 of the Indemnity, Subrogation and Contribution Agreement. All
communications and notices hereunder to the New Subsidiary Guarantor shall be given to it at the address set forth under its signature. 

        SECTION
8. The New Subsidiary Guarantor agrees to reimburse the Administrative Agent for its out-of-pocket expenses in connection with this Supplement, including
the reasonable fees, other charges and disbursements of counsel for the Administrative Agent. 

2

 

        IN
WITNESS WHEREOF, the New Subsidiary Guarantor and the Administrative Agent have duly executed this Supplement to the Indemnity, Subrogation and Contribution Agreement as of the day
and year first above written. 

	 	 	[Name Of New Subsidiary Guarantor],
	

 	
 	

by	

 	

 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	Address:	 
	

 	
 	
JPMORGAN CHASE BANK, as Administrative Agent and Issuing Bank,
	

 	
 	

by	

 	

 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	Title:	 

3

SCHEDULE I

to Supplement No.    to the Indemnity,

Subrogation and Contribution Agreement 

SUBSIDIARY GUARANTORS 

	Name
 
	 	Address

	    	 	 
	    	 	 
	    	 	 

EXHIBIT E-1 

FORM OF

OPINION OF SIDLEY AUSTIN BROWN & WOOD LLP OPINION 

FIVE
YEAR CREDIT AGREEMENT 

June
[    ], 2004 

To
each Agent and each Lender

party to the Credit Agreement

(each as described below) on the date hereof 

	Re:
	Five
Year Credit Agreement dated as of the date hereof 

Ladies
and Gentlemen: 

        We
have acted as special counsel to Edwards Lifesciences Corporation, a Delaware corporation ("ELC"), Edwards Lifesciences (U.S.) Inc., a Delaware corporation ("ELUS"), Edwards
Lifesciences LLC, a Delaware limited liability company ("Edwards LLC"), Edwards Lifesciences World Trade Corporation, a Delaware corporation ("ELWT"), Edwards Lifesciences AG, a Swiss company
("ELAG"), Edwards Lifesciences (Japan) Limited, a Japanese company ("ELJ," and, together with ELC, ELUS, Edwards LLC, ELWT and ELAG, the "Borrowers"), Edwards Lifesciences Research
Medical, Inc., a Utah corporation, Edwards Lifesciences Corporation of Puerto Rico, a Delaware corporation, and Edwards Lifesciences Sales Corporation, a Delaware corporation, (collectively,
excluding ELC, ELAG and ELJ, the "Subsidiary Guarantors," and, together with ELC, ELAG and
ELJ, the "Companies") in connection with the preparation, execution and delivery of the Five Year Credit Agreement dated as of the date hereof (the "Credit Agreement") by and among the Borrowers, the
lenders parties thereto (the "Lenders"), JPMorgan Chase Bank, as Administrative Agent (the "Administrative Agent"), J.P. Morgan Europe Limited, as London Agent (the "London Agent"), Mizuho Corporate
Bank, Limited, as the Tokyo Agent (the "Tokyo Agent"), Bank of America, N.A., as Syndication Agent ("Syndication Agent"), and [            ], as Documentation Agent (the
"Documentation Agent," and, together with the Administrative Agent, the London Agent, the Tokyo Agent and the Syndication Agent, the "Agents"). All capitalized terms used in this opinion shall have
the meanings attributed to them in the Credit Agreement. 

        In
that connection we have examined the following documents (each of which is dated as of the date hereof): 

          (i)  Counterparts
of the Credit Agreement, executed by each party thereto; 

         (ii)  Counterparts
of the Indemnity, Subrogation and Contribution Agreement, executed by ELC and each Subsidiary Guarantor; 

        (iii)  Counterparts
of the Subsidiary Guarantee, executed by each Subsidiary Guarantor; 

        (iv)  The
opinion of Jay P. Wertheim, Vice President and Associate General Counsel of ELC; and 

         (v)  The
officer's certificates attached hereto as Exhibit A. 

        The
documents described in items (i) through (iii) above are collectively referred to herein as the "Loan Documents". 

 

        For
purposes of this opinion, we have made, with your consent, and without further inquiry as to their accuracy or completeness, the following assumptions: 

        A.    We
have assumed that the Loan Documents were duly and properly authorized, executed and delivered by the parties thereto. 

        B.    We
have assumed the genuineness of all signatures, the legal capacity of all natural persons executing documents, the authenticity of all documents submitted to us as
originals and the conformity with the authentic originals of all documents submitted to us as copies, including, without limitation, the contents of exhibits and schedules to such documents. 

        C.    We
have assumed that the Loan Documents (i) constitute the entire agreement of the parties as to the subject matter thereof, (ii) have not been amended,
modified, terminated or revoked in any respect, and (iii) remain in full force and effect as of the date hereof. 

        D.    We
have assumed that all of the parties to the Loan Documents are duly organized, validly existing and in good standing under the laws of their respective jurisdictions
of organization and have the requisite power to enter into the Loan Documents. 

        E.    We
have assumed that the execution, delivery and performance of the Loan Documents by each party thereto do not and will not conflict with, result in a breach of, or
constitute a default under, any of the terms, conditions, or provisions of: (a) any present statute, rule, or regulation applicable to such Person; (b) the charter, code of regulations,
operating agreement, or bylaws (or similar documents) of such Person; (c) any term of any agreement, contract, undertaking, indenture, or instrument by which such Person or the properties or
assets of such Person is bound; or (d) any order, judgment, or decree of any court or other agency of government that is binding on such Person. 

        F.     We
have assumed that each Lender and each Agent have the requisite power and authority, have obtained all necessary consents, licenses and permits, taken all necessary
action and complied with any and all applicable laws with which each is required to comply, in each case relating to or affecting the matters and actions contemplated by the Loan Documents. 

        To
the extent that our opinions expressed below involve conclusions as to the matters set forth in the opinion of counsel referred to in item (iv) above, we have assumed without
independent investigation the correctness of the opinions set forth therein. 

        Based
upon the foregoing examination of documents and the assumptions set forth herein and upon such investigation as we have deemed necessary, we are of the opinion that: 

        1.     Each
Loan Document is the legal, valid and binding obligation of each Company that is a party thereto, enforceable against it in accordance with its respective terms. 

        2.     None
of the Companies is an "investment company" within the meaning of and required to be registered under the Investment Company Act of 1940, as amended. 

        3.     The
making of the Loans and the other extensions of credit to the Borrowers under the Credit Agreement and, to our knowledge, the application of the proceeds of the Loans
thereunder in accordance with the terms thereof do not violate Regulations T, U, or X of the Board of Governors of the Federal Reserve System. 

        This
opinion is further subject to the following limitations, qualifications and exceptions: 

        A.    This
opinion is limited solely to matters of law of the State of New York and the federal laws of the United States, as those laws are in effect as of the date hereof,
and we express no opinion as to the laws of any other jurisdiction, including but not limited to, ordinances, regulations or practices of any county, city or other government agency or body within any
state. 

2

 

        B.    This
opinion is subject to the following qualifications: 

        1.     The
effect of applicable bankruptcy, reorganization, insolvency, receivership, moratorium, fraudulent conveyance, fraudulent transfer and similar laws relating to or
affecting the rights and remedies of creditors or secured parties; 

        2.     Limitations
which may arise under general principles of equity including concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether
considered in a proceeding at law or in equity); and 

        3.     Limitations
upon the availability of any one or more specific remedies (such as injunctive relief or the remedy of specific performance) which may arise under general
principles of equity. 

        This
opinion is limited to the matters expressly set forth herein, and no opinion is implied or may be inferred beyond the matters expressly set forth herein. The opinions expressed
herein are being delivered to you as of the date hereof in connection with the transactions described hereinabove and are solely for your benefit in connection with the transactions described
hereinabove and may not be relied on in any manner or for any purpose by any other person, nor any copies published, communicated or otherwise made available in whole or in part to any other person or
entity without our specific prior written consent, except that you may furnish copies thereof (i) to any of your permitted successors and assigns in respect of the Loan Documents, although any
such assignee may rely on this opinion only to the extent it would have been able to rely hereon if it were a party to such Loan Documents on the date hereof, (ii) to your independent auditors
and attorneys, (iii) upon the request of any state or federal authority or official having regulatory jurisdiction over you, and (iv) pursuant to order or legal process of any court or
governmental agency. 

        This
opinion speaks solely as of the date hereof and we disclaim any obligation or undertaking to advise you of any changes which may occur after the date hereof. 

	 	 	Very truly yours,

3

 
EXHIBIT A  

 OFFICER'S CERTIFICATES  

See
attached. 

4

EXHIBIT E-2 

FORM OF

OPINION OF ASSOCIATE GENERAL COUNSEL 

FIVE
YEAR CREDIT AGREEMENT 

June     ,
2004 

To
each Agent and each Lender

party to the Credit Agreement

(each as described below) on the date hereof 

	Re:
	Five
Year Credit Agreement dated as of the date hereof 

Ladies
and Gentlemen: 

        This
opinion is furnished in connection with Section 4.01(b)(ii) of the Five Year Credit Agreement dated as of the date hereof (the "Credit Agreement") by and among Edwards
Lifesciences Corporation, a Delaware corporation ("ELC"), Edwards Lifesciences (U.S.) Inc., a Delaware corporation ("ELUS"), Edwards Lifesciences LLC, a Delaware limited liability company
("Edwards LLC"), Edwards Lifesciences World Trade Corporation, a Delaware corporation ("ELWT"), Edwards Lifesciences AG, a Swiss company ("ELAG"), Edwards Lifesciences (Japan) Limited, a Japanese
company ("ELJ" and, together with ELC, ELUS, Edwards LLC, ELWT and ELAG, the "Borrowers"), the lenders parties thereto (the "Lenders"), JPMorgan Chase Bank, as Administrative Agent (the
"Administrative Agent"), J.P. Morgan Europe Limited, as London Agent (the "London Agent"), Mizuho Corporate Bank,
Limited, as the Tokyo Agent (the "Tokyo Agent"), Bank of America, N.A., as Syndication Agent ("Syndication Agent"), and Bank of Tokyo—Mitsubishi, Limited, Mizuho Corporate Bank, Limited,
SunTrust Bank, and Wachovia Bank, N.A., as Documentation Agents (the "Documentation Agents," and, together with the Administrative Agent, the London Agent, the Tokyo Agent and the Syndication Agent,
the "Agents"). All capitalized terms used in this opinion shall have the meanings attributed to them in the Credit Agreement. 

        I
am Vice President, Associate General Counsel and Assistant Secretary of ELC, which is the direct or indirect parent of the following subsidiaries: ELUS; Edwards LLC; ELWT; Edwards
Lifesciences Research Medical, Inc., a Utah corporation; Edwards Lifesciences Corporation of Puerto Rico, a Delaware corporation, and Edwards Lifesciences Sales Corporation, a Delaware
corporation (collectively, excluding ELC, the "Subsidiary Guarantors," and, together with ELC, the "Companies"). I have acted as counsel for the Companies in connection with the preparation, execution
and delivery of the Credit Agreement and the other Loan Documents (as defined below). 

        In
that connection I have examined: 

          (i)  The
Credit Agreement, executed by each party thereto; 

         (ii)  The
Indemnity, Subrogation and Contribution Agreement, dated as of the date hereof, executed by the Companies; 

        (iii)  The
Subsidiary Guarantee, dated as of the date hereof, executed by the Subsidiary Guarantors; 

        (iv)  The
Certificates of Incorporation of ELC and (with the exception of Edwards LLC) each Subsidiary Guarantor, and all amendments thereto and restatements thereof in
effect on the date hereof (the "Charters"); 

         (v)  The
bylaws of ELC and (with the exception of Edwards LLC) each Subsidiary Guarantor, and all amendments thereto and restatements thereof in effect on the date hereof
(the "Bylaws"); 

        (vi)  The
Certificate of Formation of Edwards LLC; 

 

       (vii)  The
Restated Operating Agreement of Edwards LLC; 

      (viii)  The
Certificates of Status and Good Standing Letters for the Companies, as described on Exhibit A attached
hereto and made a part hereof; and 

        (ix)  All
of the other documents furnished by the Companies pursuant to Section 4.01 of the Credit Agreement. 

        The
documents described in items (i) through (iii) above are collectively referred to herein as the "Loan Documents." I am also relying on certificates of the chief
financial officers of the Companies, dated the date hereof and attached hereto as Exhibit B. In addition, I have examined the originals, or
copies certified to my satisfaction, of such other corporate records of the Companies, certificates of public officials and of other officers of the Companies, and agreements, instruments and
documents, as I have deemed necessary as a basis for the opinions hereinafter expressed. As to questions of fact material to such opinions, I have, when relevant facts were not independently
established by me, relied upon certificates of other officers of the Companies or of public officials. 

        For
purposes of this opinion, I have made, with your consent, and without further inquiry as to their accuracy or completeness, the following assumptions: 

        A.    I
have assumed that, except with respect to the Companies, where required, the Loan Documents were duly and properly authorized, executed and delivered by the parties
thereto. 

        B.    I
have assumed the genuineness of all signatures, other than signatures of officers of the Companies, the legal capacity of all natural persons executing documents, the
authenticity of all documents submitted to me as originals and the conformity with the authentic originals of all documents submitted to me as copies, including, without limitation, the contents of
exhibits and schedules to such documents. 

        C.    I
have assumed that the Loan Documents (i) constitute the entire agreement of the parties as to the subject matter thereof, (ii) have not been amended,
modified, terminated or revoked in any respect, and (iii) remain in full force and effect as of the date hereof. 

        D.    I
have assumed that, except with respect to the Companies, all of the parties to the Loan Documents are duly organized, validly existing and in good standing under the
laws of their respective jurisdictions of organization and have the requisite corporate power to enter into the Loan Documents. 

        E.    I
have assumed that, except with respect to the Companies, the execution, delivery and performance of the Loan Documents by each party thereto do not and will not
conflict with, result in a breach of, or constitute a default under, any of the terms, conditions, or provisions of: (a) any present statute, rule, or regulation applicable to such Person;
(b) the charter, code of regulations, operating agreement, or bylaws (or similar documents) of such Person; (c) any term of any agreement, contract, undertaking, indenture, or instrument
by which such Person or the properties or assets of such Person is bound; or (d) any order, judgment, or decree of any court or other agency of government that is binding on any Person. 

        F.     I
have assumed that each Lender and each Agent have the requisite power and authority, have obtained all necessary consents, licenses and permits, taken all necessary
action and complied with any and all applicable laws with which each is required to comply, in each case relating to or affecting the matters and actions contemplated by the Loan Documents. 

        Based
upon the foregoing, I am of the opinion that: 

        1.     Each
of the Companies (other than Edwards LLC) is a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of
incorporation and has all requisite authority to conduct its business in each jurisdiction in which the failure so to qualify 

2

 

would
have a material adverse effect on the business, properties, assets, operations or condition (financial or otherwise) of such Company. Edwards LLC is a limited liability company duly formed,
validly existing and in good standing under the laws of Delaware and has all requisite authority to conduct its business in each jurisdiction in which the failure so to qualify would have a material
adverse effect on the business, properties, assets, operations or condition (financial or otherwise) of such Company 

        2.     The
execution, delivery and performance as of the date hereof by each of the Companies of the Loan Documents to which it is a party, and the performance as of the date
hereof of the transactions contemplated by the Loan Documents to which it is a party: (i) are within its corporate or limited liability company (as applicable) powers; (ii) have been
duly authorized by all necessary corporate or limited liability company (as applicable) action; (iii) do not, as of the date hereof, contravene (a) with respect to all the Companies
other than Edwards LLC, the Charter or the Bylaws of such Company, (b) with respect to Edwards LLC, the Restated Operating Agreement or the Certificate of Formation, or (c) any law, rule
or regulation applicable to any Company; (iv) do not, as of the date hereof, violate
any material contractual or legal restriction binding on or affecting any Company contained in any document, order, writ, judgment, award, injunction or decree applicable to such Company. The Loan
Documents have been duly executed and delivered on behalf of each Company that is a party thereto. 

        3.     No
authorization, approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body is required for the due execution, delivery
and performance by any Company of any Loan Document to which it is a party. 

        4.     There
is no pending or, to the best of my knowledge, threatened action or proceeding against any Company before any court, governmental agency or arbitrator which is
likely to have a materially adverse effect upon the financial condition or operations of ELC and the other Subsidiaries, taken as whole, or that purports to affect the legality, validity or
enforceability of any Loan Document. 

        This
opinion is limited solely to matters of law of the Delaware Limited Liability Company Act, the General Corporation Law of the State of Delaware and the General Corporation Law of
the State of Utah, as those laws are in effect as of the date hereof, and I express no opinion as to the laws of any other jurisdiction, including but not limited to, ordinances, regulations or
practices of any county, city or other government agency or body within any state. 

        I
am aware that Sidley Austin Brown & Wood LLP will rely upon the statements in paragraphs 1, 2, 3 and 4 of this opinion in rendering their opinion furnished pursuant to
Section 4.01(b)(i) of the Credit Agreement. 

        This
opinion is limited to the matters expressly set forth herein, and no opinion is implied or may be inferred beyond the matters expressly set forth herein. The opinions expressed
herein are being delivered to you as of the date hereof in connection with the transactions described hereinabove and are solely for your benefit in connection with the transactions described
hereinabove and may not be relied on in any manner or for any purpose by any other person, nor any copies published, communicated or otherwise made available in whole or in part to any other person or
entity without my specific prior written consent, except that you may furnish copies thereof (i) to any of your permitted successors and assigns in respect of the Loan Documents, although any
such assignee may rely on this opinion only to the extent it would have been able to rely hereon if it were a party to such Loan Documents on the date hereof, (ii) to your independent auditors
and attorneys, (iii) upon the request of any state or federal authority or official having regulatory jurisdiction over you, and (iv) pursuant to order or legal process of any court or
governmental agency. 

3

 

        This
opinion speaks solely as of the date hereof and I disclaim any obligation or undertaking to advise you of any changes which may occur after the date hereof. 

	 	 	Very truly yours,
	 	 	 
	 	 	 
	 	 	 
	 	 	Jay P. Wertheim

Vice President, Associate

General Counsel and Assistant Secretary

4

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