Document:

<PAGE>

                                  Exhibit 10 N

                       OXFORD INDUSTRIES, INC., as Issuer,

                        LIONSHEAD CLOTHING COMPANY, INC.
                             MERONA INDUSTRIES, INC.
                             OXFORD CARIBBEAN, INC.
                              OXFORD GARMENT, INC.
                    OXFORD PRIVATE LIMITED OF DELAWARE, INC.
                           OXFORD RECEIVABLES COMPANY
                                 OXFORD CLOTHING
                           OXFORD INTERNATIONAL, INC.
                            OXFORD OF SOUTH CAROLINA
                          PIEDMONT APPAREL CORPORATION,

                                 as Guarantors,

                                       and

                            SunTrust Bank, as Trustee

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

                                    INDENTURE

                            Dated as of May 16, 2003

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

                                  $200,000,000

                          8 7/8% Senior Notes due 2011

<PAGE>

           Reconciliation and tie between Trust Indenture Act of 1939,
               as amended, and Indenture, dated as of May 16, 2003

<TABLE>
<CAPTION>
Trust Indenture                                                                                       Indenture
  Act Section                                                                                          Section
---------------                                                                                       ---------
<S>               <C>                                                                              <C>
Section 310       (a)(1).........................................................................  609
                  (a)(2).........................................................................  609
                  (a)(3).........................................................................  N/A
                  (a)(4).........................................................................  N/A
                  (b)............................................................................  608, 610
Section 311       (a)............................................................................  613
                  (c)............................................................................  Not Applicable
Section 312       (a)............................................................................  701
                  (b)............................................................................  702
                  (c)............................................................................  702
Section 313       (a)............................................................................  703
                  (b)............................................................................  N/A
                  (c)............................................................................  106
Section 314       (a)............................................................................  704
                  (a)(4).........................................................................  1019
                  (b)............................................................................  Not Applicable
                  (c)............................................................................  103, 104, 404, 1201
                  (d)............................................................................  Not Applicable
                  (e)............................................................................  103
Section 315       (a)............................................................................  601(b)
                  (b)............................................................................  602
                  (c)............................................................................  601(a)
                  (d)............................................................................  601(c), 603
                  (e)............................................................................  514
Section 316       (a)(last sentence).............................................................  101 ("Outstanding")
                  (a)(1)(A)......................................................................  502, 512
                  (a)(1)(B)......................................................................  513
                  (a)(2).........................................................................  Not Applicable
                  (b)............................................................................  508
                  (c)............................................................................  105
Section 317       (a)(1).........................................................................  503
                  (a)(2).........................................................................  504
                  (b)............................................................................  1003
Section 318       (a)............................................................................  108
</TABLE>

-------------
Note:    This reconciliation and tie shall not, for any purpose, be deemed to be
         a part of this Indenture.

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                     Page
                                                                                                                     ----
<S>                                                                                                                  <C>
                                                     ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
Section 101.         Definitions..................................................................................     1
       Acquired Indebtedness......................................................................................     2
       Acquisition................................................................................................     2
       Acquisition Agreements.....................................................................................     2
       Additional Securities......................................................................................     2
       Adjusted Treasury Rate.....................................................................................     2
       Affiliate..................................................................................................     3
       Applicable Procedures......................................................................................     3
       Acquisition................................................................................................     3
       Asset Sale.................................................................................................     3
       Attributable Debt..........................................................................................     4
       Average Life to Stated Maturity............................................................................     4
       Bankruptcy Law.............................................................................................     4
       Board of Directors.........................................................................................     4
       Board Resolution...........................................................................................     4
       Book-Entry Security........................................................................................     4
       Business Day...............................................................................................     5
       Capital Lease Obligation...................................................................................     5
       Capital Stock..............................................................................................     5
       Cash Equivalents...........................................................................................     5
       Change of Control..........................................................................................     5
       Clearstream................................................................................................     6
       Collateral.................................................................................................     6
       Commission.................................................................................................     6
       Commodity Price Protection Agreement.......................................................................     7
       Company....................................................................................................     7
       Company Request............................................................................................     7
       Comparable Treasury Issue..................................................................................     7
       Comparable Treasury Price..................................................................................     7
       Consolidated Fixed Charge Coverage Ratio...................................................................     7
       Consolidated Income Tax Expense............................................................................     8
       Consolidated Interest Expense..............................................................................     8
       Consolidated Net Income (Loss).............................................................................     9
       Consolidated Net Tangible Assets..........................................................................     10
       Consolidated Non-cash Charges.............................................................................     10
       Consolidation.............................................................................................     10
       Corporate Trust Office....................................................................................     10
       Credit Agreement..........................................................................................     10
</TABLE>

                                      - i -

<PAGE>

<TABLE>
<S>                                                                                                                  <C>
       Credit Facility...........................................................................................     10
       Cumulative Additional Earn-Out Payment....................................................................     11
       Custodian.................................................................................................     11
       Currency Hedging Agreements...............................................................................     11
       Deadline..................................................................................................     11
       Default...................................................................................................     11
       Depositary................................................................................................     11
       Designated Non-cash Consideration.........................................................................     11
       Disinterested Director....................................................................................     11
       Earn-Out Agreement........................................................................................     11
       Earn-Out Year.............................................................................................     11
       Equity Offering...........................................................................................     12
       Escrow Agreement..........................................................................................     12
       Escrowed Property.........................................................................................     12
       Euroclear.................................................................................................     12
       Event of Default..........................................................................................     12
       Exchange Act..............................................................................................     12
       Exchange Offer............................................................................................     12
       Exchange Offer Registration Statement.....................................................................     12
       Exchange Securities.......................................................................................     12
       Fair Market Value.........................................................................................     12
       Foreign Subsidiary........................................................................................     12
       Generally Accepted Accounting Principles..................................................................     12
       Global Securities.........................................................................................     12
       Guarantee.................................................................................................     13
       Guaranteed Debt...........................................................................................     13
       Guarantor.................................................................................................     13
       Holder....................................................................................................     13
       IAI Global Securities.....................................................................................     13
       Indebtedness..............................................................................................     13
       Indenture.................................................................................................     14
       Indenture Obligations.....................................................................................     14
       Independent Investment Banker.............................................................................     15
       Initial Purchasers........................................................................................     15
       Initial Securities........................................................................................     15
       Institutional Accredited Investor.........................................................................     15
       Interest Payment Date.....................................................................................     15
       Interest Rate Agreements..................................................................................     15
       Investment................................................................................................     15
       Issue Date................................................................................................     15
       Lien......................................................................................................     15
       Material Indebtedness.....................................................................................     16
       Maturity..................................................................................................     16
       Moody's...................................................................................................     16
       Net Cash Proceeds.........................................................................................     16
       Non-recourse Indebtedness.................................................................................     17
       Non-U.S. Person...........................................................................................     17
       Officers' Certificate.....................................................................................     17
       Opinion of Counsel........................................................................................     17
</TABLE>

                                      - ii -

<PAGE>

<TABLE>
<S>                                                                                                                  <C>
       Opinion of Independent Counsel............................................................................     17
       Outstanding...............................................................................................     17
       Pari Passu Indebtedness...................................................................................     18
       Paying Agent..............................................................................................     18
       Permitted Business........................................................................................     18
       Permitted Investment......................................................................................     18
       Permitted Lien............................................................................................     19
       Person....................................................................................................     22
       Predecessor Security......................................................................................     22
       Preferred Stock...........................................................................................     22
       Purchase Money Obligation.................................................................................     22
       Qualified Capital Stock...................................................................................     22
       Qualified Securitization Transaction......................................................................     22
       Receivables and Related Assets............................................................................     22
       Redeemable Capital Stock..................................................................................     23
       Redemption Date...........................................................................................     23
       Redemption Price..........................................................................................     23
       Reference Treasury Dealer.................................................................................     23
       Reference Treasury Dealer Quotations......................................................................     23
       Registration Rights Agreement.............................................................................     23
       Registration Statement....................................................................................     23
       Regular Record Date.......................................................................................     23
       Regulation S..............................................................................................     23
       Regulation S Global Securities............................................................................     23
       Related Business Entity...................................................................................     23
       Release...................................................................................................     24
       Replacement Assets........................................................................................     24
       Responsible Officer.......................................................................................     24
       Restricted Subsidiary.....................................................................................     24
       Rule 144A.................................................................................................     24
       Rule 144A Global Securities...............................................................................     24
       S&P.......................................................................................................     24
       Securities................................................................................................     24
       Securities Act............................................................................................     24
       Securities Control Agreement..............................................................................     24
       Securities Intermediary...................................................................................     24
       Security Documents........................................................................................     24
       Securitization Entity.....................................................................................     25
       Shelf Registration Statement..............................................................................     25
       Significant Subsidiary....................................................................................     25
       Special Mandatory Redemption..............................................................................     25
       Special Mandatory Redemption Date.........................................................................     26
       Special Mandatory Redemption Price........................................................................     26
       Special Record Date.......................................................................................     26
       Standard Securitization Undertakings......................................................................     26
       Stated Maturity...........................................................................................     26
       Stock Purchase Agreement..................................................................................     26
       Subordinated Indebtedness.................................................................................     26
       Subsidiary................................................................................................     26
</TABLE>

                                     - iii -

<PAGE>

<TABLE>
<S>                                                                                                                  <C>
       Successor Security........................................................................................     26
       Trust Indenture Act.......................................................................................     26
       Trustee...................................................................................................     26
       Unrestricted Global Securities............................................................................     27
       Unrestricted Subsidiary...................................................................................     27
       Viewpoint.................................................................................................     27
       Voting Stock..............................................................................................     27
       Wholly Owned Restricted Subsidiary........................................................................     27
Section 102.         Other Definitions...........................................................................     27
Section 103.         Compliance Certificates and Opinions........................................................     28
Section 104.         Form of Documents Delivered to Trustee......................................................     29
Section 105.         Acts of Holders.............................................................................     29
Section 106.         Notices, etc., to the Trustee, the Company and any Guarantor................................     31
Section 107.         Notice to Holders; Waiver...................................................................     31
Section 108.         Conflict with Trust Indenture Act...........................................................     31
Section 109.         Effect of Headings and Table of Contents....................................................     32
Section 110.         Successors and Assigns......................................................................     32
Section 111.         Separability Clause.........................................................................     32
Section 112.         Benefits of Indenture.......................................................................     32
Section 113.         Governing Law...............................................................................     32
Section 114.         Legal Holidays..............................................................................     32
Section 115.         Schedules and Exhibits......................................................................     32
Section 116.         Counterparts................................................................................     32
Section 117.         No Personal Liability of Directors, Officers, Employees or Stockholders.....................     33

                                                      ARTICLE TWO

                                                     SECURITY FORMS

Section 201.         Forms Generally.............................................................................     33
Section 202.         Form of Face of Security....................................................................     34
Section 203.         Form of Reverse of Securities...............................................................     49
Section 204.         Form of Guarantee...........................................................................     57

                                                     ARTICLE THREE

                                                    THE SECURITIES

Section 301.         Title and Terms.............................................................................     58
Section 302.         Denominations...............................................................................     59
Section 303.         Execution, Authentication, Delivery and Dating..............................................     59
Section 304.         Temporary Securities........................................................................     60
Section 305.         Registration, Registration of Transfer and Exchange.........................................     60
Section 306.         Book Entry Provisions for Global Securities.................................................     62
Section 307.         Special Transfer and Exchange Provisions....................................................     63
Section 308.         Mutilated, Destroyed, Lost and Stolen Securities............................................     66
Section 309.         Payment of Interest; Interest Rights Preserved..............................................     67
Section 310.         CUSIP Numbers...............................................................................     68
Section 311.         Persons Deemed Owners.......................................................................     68
</TABLE>

                                      - iv -

<PAGE>

<TABLE>
<S>                                                                                                                  <C>
Section 312.         Cancellation................................................................................     69
Section 313.         Computation of Interest.....................................................................     69

                                                ARTICLE FOUR

                                    DEFEASANCE AND COVENANT DEFEASANCE

Section 401.         Company's Option to Effect Defeasance or Covenant Defeasance................................     69
Section 402.         Defeasance and Discharge....................................................................     69
Section 403.         Covenant Defeasance.........................................................................     70
Section 404.         Conditions to Defeasance or Covenant Defeasance.............................................     70
Section 405.         Deposited Money and U.S. Government Obligations to Be Held in
                      Trust; Other Miscellaneous Provisions......................................................     72
Section 406.         Reinstatement...............................................................................     72

                                                ARTICLE FIVE

                                                  REMEDIES

Section 501.         Events of Default...........................................................................     73
Section 502.         Acceleration of Maturity; Rescission and Annulment..........................................     74
Section 503.         Collection of Indebtedness and Suits for Enforcement by Trustee.............................     76
Section 504.         Trustee May File Proofs of Claim............................................................     76
Section 505.         Trustee May Enforce Claims without Possession of Securities.................................     77
Section 506.         Application of Money Collected..............................................................     77
Section 507.         Limitation on Suits.........................................................................     78
Section 508.         Unconditional Right of Holders to Receive Principal, Premium and Interest...................     78
Section 509.         Restoration of Rights and Remedies..........................................................     78
Section 510.         Rights and Remedies Cumulative..............................................................     79
Section 511.         Delay or Omission Not Waiver................................................................     79
Section 512.         Control by Holders..........................................................................     79
Section 513.         Waiver of Past Defaults.....................................................................     79
Section 514.         Undertaking for Costs.......................................................................     80
Section 515.         Waiver of Stay, Extension or Usury Laws.....................................................     80
Section 516.         Remedies Subject to Applicable Law..........................................................     80

                                                ARTICLE SIX

                                                THE TRUSTEE

Section 601.         Duties of Trustee...........................................................................     80
Section 602.         Notice of Defaults..........................................................................     81
Section 603.         Certain Rights of Trustee...................................................................     82
Section 604.         Trustee Not Responsible for Recitals, Dispositions of Securities or
                       Application of Proceeds Thereof...........................................................     83
Section 605.         Trustee and Agents May Hold Securities; Collections; etc....................................     83
Section 606.         Money Held in Trust.........................................................................     83
Section 607.         Compensation and Indemnification of Trustee and Its Prior Claim.............................     83
Section 608.         Conflicting Interests.......................................................................     85
Section 609.         Trustee Eligibility.........................................................................     85
</TABLE>

                                      - v -

<PAGE>

<TABLE>
<S>                                                                                                                  <C>
Section 610.         Resignation and Removal; Appointment of Successor Trustee...................................     85
Section 611.         Acceptance of Appointment by Successor......................................................     86
Section 612.         Merger, Conversion, Consolidation or Succession to Business.................................     87
Section 613.         Preferential Collection of Claims Against Company...........................................     87

                                                ARTICLE SEVEN

                              HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 701.         Company to Furnish Trustee Names and Addresses of Holders...................................     88
Section 702.         Disclosure of Names and Addresses of Holders................................................     88
Section 703.         Reports by Trustee..........................................................................     88
Section 704.         Reports by Company and Guarantors...........................................................     88

                                                ARTICLE EIGHT

                                    CONSOLIDATION, MERGER, SALE OF ASSETS

Section 801.         Company and Guarantors May Consolidate, etc., Only on Certain Terms.........................     89
Section 802.         Successor Substituted.......................................................................     91

                                                ARTICLE NINE

                                          SUPPLEMENTAL INDENTURES

Section 901.         Supplemental Indentures and Agreements without Consent of Holders...........................     91
Section 902.         Supplemental Indentures and Agreements with Consent of Holders..............................     92
Section 903.         Execution of Supplemental Indentures and Agreements.........................................     93
Section 904.         Effect of Supplemental Indentures...........................................................     93
Section 905.         Conformity with Trust Indenture Act.........................................................     93
Section 906.         Reference in Securities to Supplemental Indentures..........................................     94
Section 907.         Notice of Supplemental Indentures...........................................................     94
Section 908.         Revocation and Effects of Consents..........................................................     94

                                                ARTICLE TEN

                                                 COVENANTS

Section 1001.        Payment of Principal, Premium and Interest..................................................     94
Section 1002.        Maintenance of Office or Agency.............................................................     94
Section 1003.        Money for Security Payments to Be Held in Trust.............................................     95
Section 1004.        Corporate Existence.........................................................................     96
Section 1005.        Payment of Taxes and Other Claims...........................................................     96
Section 1006.        Maintenance of Properties...................................................................     97
Section 1007.        Waiver of Certain Covenants.................................................................     97
Section 1008.        Limitation on Indebtedness..................................................................     97
Section 1009.        Limitation on Restricted Payments..........................................................     101
Section 1010.        Limitation on Transactions with Affiliates.................................................     105
Section 1011.        Limitation on Liens........................................................................     106
</TABLE>

                                      - vi -

<PAGE>

<TABLE>
<S>                                                                                                                  <C>
Section 1012.        Limitation on Sale of Assets...............................................................     106
Section 1013.        Limitation on Issuances of Guarantees of Indebtedness......................................     111
Section 1014.        Purchase of Securities upon a Change of Control............................................     111
Section 1015.        Limitation on Subsidiary Preferred Stock...................................................     114
Section 1016.        Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries...............     115
Section 1017.        Limitations on Unrestricted Subsidiaries...................................................     116
Section 1018.        Provision of Financial Statements..........................................................     118
Section 1019.        Statement by Officers as to Default........................................................     118

                                                ARTICLE ELEVEN

                                           REDEMPTION OF SECURITIES

Section 1101.        Rights of Redemption.......................................................................     119
Section 1102.        Applicability of Article...................................................................     119
Section 1103.        Election to Redeem; Notice to Trustee......................................................     120
Section 1104.        Selection by Trustee of Securities to Be Redeemed..........................................     120
Section 1105.        Notice of Redemption.......................................................................     120
Section 1106.        Deposit of Redemption Price................................................................     121
Section 1107.        Securities Payable on Redemption Date......................................................     121
Section 1108.        Securities Redeemed or Purchased in Part...................................................     122
Section 1109.        Special Mandatory Redemption; Notices to Trustee and Securities Intermediary...............     122
Section 1110.        Notice of Special Mandatory Redemption to Holders..........................................     122
Section 1111.        Effect of Notice of Special Mandatory Redemption...........................................     123
Section 1112.        Deposit of Special Mandatory Redemption Price..............................................     123
Section 1113.        No Other Mandatory Redemptions.............................................................     123

                                                ARTICLE TWELVE

                                          SATISFACTION AND DISCHARGE

Section 1201.        Satisfaction and Discharge of Indenture....................................................     123
Section 1202.        Application of Trust Money.................................................................     124

                                              ARTICLE THIRTEEN

                                                 GUARANTEES

Section 1301.        Guarantors' Guarantee......................................................................     125
Section 1302.        Continuing Guarantee; No Right of Set-Off; Independent Obligation..........................     125
Section 1303.        Guarantee Absolute.........................................................................     126
Section 1304.        Right to Demand Full Performance...........................................................     128
Section 1305.        Waivers....................................................................................     128
Section 1306.        The Guarantors Remain Obligated in Event the Company Is No Longer
                       Obligated to Discharge Indenture Obligations.............................................     129
Section 1307.        Fraudulent Conveyance; Contribution; Subrogation...........................................     129
Section 1308.        Guarantee Is in Addition to Other Security.................................................     129
Section 1309.        Release of Security Interests..............................................................     130
Section 1310.        No Bar to Further Actions..................................................................     130
</TABLE>

                                     - vii -

<PAGE>

<TABLE>
<S>                                                                                                                  <C>
Section 1311.        Failure to Exercise Rights Shall Not Operate as a Waiver; No Suspension of Remedies........     130
Section 1312.        Trustee's Duties; Notice to Trustee........................................................     130
Section 1313.        Successors and Assigns.....................................................................     130
Section 1314.        Release of Guarantee.......................................................................     131
Section 1315.        Execution of Guarantee.....................................................................     131

                                                ARTICLE FOURTEEN

                                               SECURITY DOCUMENTS

Section 1401.        Security Documents.........................................................................     132
Section 1402.        Release of Collateral......................................................................     132
Section 1403.        Certificates of the Company................................................................     132
Section 1404.        Certificates of the Trustee................................................................     132
Section 1405.        Authorization of Actions To Be Taken by the Trustee Under the Security Documents...........     133
Section 1406.        Documents..................................................................................     133
Section 1407.        Termination of Security Interest...........................................................     133
</TABLE>

TESTIMONIUM

SIGNATURE AND SEALS

ACKNOWLEDGMENTS

EXHIBIT A         Regulation S Certificate

EXHIBIT B         Restricted Securities Certificate

EXHIBIT C         Institutional Accredited Investor Certificate

EXHIBIT D         Unrestricted Security Certificate

EXHIBIT E         Form of Supplemental Indenture

                                    - viii -

<PAGE>

                  INDENTURE, dated as of May 16, 2003, among Oxford Industries,
Inc., a Georgia corporation (the "Company"), and Lionshead Clothing Company,
Inc., a Delaware corporation, Merona Industries Inc., a Delaware corporation,
Oxford Caribbean, Inc., a Delaware corporation, Oxford Garment, Inc., a Delaware
corporation, Oxford Private Limited of Delaware, Inc., a Delaware corporation,
Oxford Receivables Company, a Delaware corporation, Oxford Clothing, a Georgia
corporation, Oxford International, Inc., a Georgia corporation, Oxford of South
Carolina, a South Carolina corporation and Piedmont Apparel Corporation, a
Delaware corporation, as Guarantors (the "Guarantors"), and SunTrust Bank, as
trustee (the "Trustee").

                   RECITALS OF THE COMPANY AND THE GUARANTORS

                  The Company has duly authorized the creation of an issue of 8
7/8% Senior Notes due 2011 (the "Initial Securities"), and, when and if issued
in an Exchange Offer, an issue of 8 7/8% Senior Notes due 2011 (the "Exchange
Securities" and, together with the Initial Securities, the "Securities"), of
substantially the tenor and amount hereinafter set forth (subject to the ability
of the Company to issue additional Securities hereunder as described herein),
and to provide therefor the Company has duly authorized the execution and
delivery of this Indenture and the Securities;

                  Each Guarantor has duly authorized the issuance of a Guarantee
of the Securities, of substantially the tenor hereinafter set forth, and to
provide therefor, each Guarantor has duly authorized the execution and delivery
of this Indenture and its Guarantee;

                  Upon the issuance of the Exchange Securities, this Indenture
is subject to, and shall be governed by, the provisions of the Trust Indenture
Act that are required to be part of and to govern indentures qualified under the
Trust Indenture Act;

                  All things necessary have been done to make (i) the
Securities, when duly issued and executed by the acts and Company and
authenticated and delivered hereunder, the valid obligations of the Company,
(ii) the Guarantees, when executed by each of the Guarantors and delivered
hereunder, the valid obligation of each of the Guarantors and (iii) this
Indenture a valid agreement of the Company and each of the Guarantors in
accordance with the terms of this Indenture;

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

                  For and in consideration of the premises and the purchase of
the Securities by the Holders thereof, it is mutually covenanted and agreed, for
the equal and proportionate benefit of all Holders of the Securities, as
follows:

                                  ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

         SECTION 101. DEFINITIONS.

                  For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires:

                  (a)      the terms defined in this Article have the meanings
assigned to them in this Article, and include the plural as well as the
singular;

<PAGE>

                  (b)      all other terms used herein which are defined in the
Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;

                  (c)      all accounting terms not otherwise defined herein
have the meanings assigned to them in accordance with GAAP;

                  (d)      the words "herein", "hereof" and "hereunder" and
other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision;

                  (e)      all references to $, US$, dollars or United States
dollars shall refer to the lawful currency of the United States of America; and

                  (f)      all references herein to particular Sections or
Articles refer to this Indenture unless otherwise so indicated.

                  Certain terms used principally in Article Four are defined in
Article Four.

                  "Acquired Indebtedness" means, with respect to any specified
Person, Indebtedness of any other Person (1) existing at the time such other
Person is consolidated or merged with or into, or became a Subsidiary of, such
specified Person, whether or not such Indebtedness is incurred in connection
with, or in contemplation of, such other Person consolidating or merging with or
into, or becoming a Subsidiary of, such specified Person, or (2) assumed in
connection with the acquisition of assets from such other Person, in each case,
other than Indebtedness incurred in connection with, or in contemplation of such
acquisition, as the case may be. Notwithstanding the foregoing, Acquired
Indebtedness shall not include Indebtedness of such other Person that is
extinguished, retired or repaid concurrently with such other Person becoming a
Restricted Subsidiary of, or at the time it is consolidated or merged with or
into, such specified Person.

                  "Acquisition" means the consummation of the acquisition by the
Company of all of the outstanding capital stock of Viewpoint.

                  "Acquisition Agreements" means the Stock Purchase Agreement,
Earn-Out Agreement, Escrow Agreement and Employment Agreements (each as defined
in the Stock Purchase Agreement) and any other agreements entered into in
connection with the transactions contemplated by the Stock Purchase Agreement.

                  "Additional Securities" means further Securities (other than
the Initial Securities) issued under this Indenture in accordance with the terms
of this Indenture including, Sections 303 and 1108 hereof, as part of the same
series as the Initial Securities, ranking equally with the Initial Securities in
all respects (other than the issuance dates and at the option of the Company the
date from which interest will accrue), subject to compliance with Section 1008
herein. The Initial Securities and any Additional Securities subsequently issued
under this Indenture shall be treated as a single class for all purposes under
this Indenture, including, without limitation, waivers, amendments, redemptions,
and offers to purchase.

                  "Adjusted Treasury Rate" means the rate per annum equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of
the principal amount) equal to the Comparable Treasury Price for the Redemption
Date, calculated in accordance with standard market practice.

                                     - 2 -

<PAGE>

                  "Affiliate" means, with respect to any specified Person: (1)
any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person; (2) any other
Person that owns, directly or indirectly, 10% or more of any class or series of
such specified Person's (or any of such Person's direct or indirect parent's)
Capital Stock or any officer or director of any such specified Person or other
Person or, with respect to any natural Person, any Person having a relationship
with such Person by blood, marriage or adoption not more remote than first
cousin; or (3) any other Person 10% or more of the Voting Stock of which is
beneficially owned or held directly or indirectly by such specified Person. For
the purposes of this definition, "control" when used with respect to any
specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through ownership of voting securities,
by contract or otherwise; and the terms "controlling" and "controlled" have
meanings correlative to the foregoing.

                  "Applicable Procedures" means, with respect to any transfer or
transaction involving a Global Security or beneficial interest therein, the
rules and procedures of the Depositary for such Security, Euroclear and
Clearstream, in each case to the extent applicable to such transaction and as in
effect at the time of such transfer or transaction.

                  "Acquisition" means the acquisition by the Company of the
Capital Stock of Viewpoint International, Inc.

                  "Asset Sale" means any sale, issuance, conveyance, transfer,
lease or other disposition (including, without limitation, by way of merger,
consolidation or sale and leaseback transaction) (collectively, a "transfer"),
directly or indirectly, in one or a series of related transactions, of:

                           (1)      any Capital Stock of any Restricted
         Subsidiary;

                           (2)      all or substantially all of the properties
         and assets of any division or line of business of the Company or any
         Restricted Subsidiary; or

                           (3)      any other properties or assets of the
         Company or any Restricted Subsidiary other than in the ordinary course
         of business.

                  For the purposes of this definition, the term "Asset Sale"
shall not include any transfer of properties and assets

                           (A)      that is governed by the provisions described
under Article Eight hereof,

                           (B)      that is by the Company to any Restricted
Subsidiary or by any Restricted Subsidiary to the Company or any Restricted
Subsidiary in accordance with the terms of this Indenture,

                           (C)      that would be within the definition of a
"Restricted Payment" under Section 1009 herein and would be permitted to be made
as a Restricted Payment under such covenant,

                           (D)      that is a disposition of Receivables and
Related Assets in a Qualified Securitization Transaction for the Fair Market
Value thereof including cash or Cash Equivalents in an amount at least equal to
75% of the Fair Market Value thereof,

                           (E)      that are obsolete, damaged or worn out
equipment or otherwise unsuitable for use in the ordinary course of business,

                                     - 3 -

<PAGE>

                           (F)      that is the disposition of Capital Stock of
an Unrestricted Subsidiary,

                           (G)      that is the sale or other disposition of
cash or Cash Equivalents,

                           (H)      that is the issuance of Capital Stock by a
Restricted Subsidiary to the Company or to another Restricted Subsidiary (other
than a Securitization Entity),

                           (I)      that is the sale or disposition deemed to
occur in connection with creating or granting any Liens pursuant to the
provisions described in Section 1011,

                           (J)      that is the transfer of assets in connection
with the Investment in a Related Business Entity permitted by clause (8) of the
definition of Permitted Investment, or

                           (K)      the Fair Market Value of which in the
aggregate does not exceed $1.5 million in any transaction or series of related
transactions.

                  "Attributable Debt" means, as to any lease under which any
Person is at the time liable, and at any date as of which the amount thereof is
to be determined, the total net amount of rent required to be paid by such
Person under such lease during the remaining term thereof as determined in
accordance with GAAP, discounted from the last date of such term to the date of
determination at a rate per annum equal to the discount rate that would be
applicable to a Capital Lease Obligation with like term in accordance with GAAP.
The net amount of rent required to be paid under any such lease for any such
period will be the aggregate amount of rent payable by the lessee with respect
to such period after excluding amounts required to be paid on account of
insurance, taxes, assessments, utility, operating and labor costs and similar
charges.

                  "Average Life to Stated Maturity" means, as of the date of
determination with respect to any Indebtedness, the quotient obtained by
dividing (1) the sum of the product of (a) the number of years from the date of
determination to the date or dates of each successive scheduled principal
payment of such Indebtedness and (b) the amount of each such principal payment
by (2) the sum of all such principal payments.

                  "Bankruptcy Law" means Title 11, United States Bankruptcy Code
of 1978, as amended, or any similar United States federal or state law or
foreign law relating to the bankruptcy, insolvency, receivership, winding up,
liquidation, reorganization or relief of debtors or any amendment to, succession
to or change in any such law.

                  "Board of Directors" means the board of directors of the
Company or any Guarantor, as the case may be, or any duly authorized committee
of such board.

                  "Board Resolution" means a copy of a resolution certified by
the Secretary or an Assistant Secretary of the Company or any Guarantor, as the
case may be, to have been duly adopted by the Board of Directors and to be in
full force and effect on the date of such certification, and delivered to the
Trustee.

                  "Book-Entry Security" means any Global Securities bearing the
legend specified in Section 202 evidencing all or part of a series of
Securities, authenticated and delivered to the Depositary for such series or its
nominee, and registered in the name of such Depositary or nominee.

                                     - 4 -

<PAGE>

                  "Business Day" means each Monday, Tuesday, Wednesday, Thursday
and Friday which is not a day on which banking institutions or trust companies
in The City of New York or the city in which the Corporate Trust Office of the
Trustee is located are authorized or obligated by law, regulation or executive
order to close.

                  "Capital Lease Obligation" of any Person means any obligation
of such Person and its Restricted Subsidiaries on a Consolidated basis under any
capital lease of (or other agreement conveying the right to use) real or
personal property which, in accordance with GAAP, is required to be recorded as
a capitalized lease obligation.

                  "Capital Stock" of any Person means any and all shares,
interests, participations, rights in or other equivalents (however designated)
of such Person's capital stock, other equity interests whether now outstanding
or issued after the date of this Indenture, partnership interests (whether
general or limited), limited liability company interests, any other interest or
participation that confers on a Person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing Person,
including any Preferred Stock, and any rights (other than debt securities
convertible into Capital Stock), warrants or options exchangeable for or
convertible into such Capital Stock.

                  "Cash Equivalents" means

                           (1)      any evidence of Indebtedness issued or
         directly and fully guaranteed or insured by the United States or any
         agency or instrumentality thereof,

                           (2)      deposits, certificates of deposit or
         acceptances of any financial institution that is a member of the
         Federal Reserve System and whose senior unsecured debt is rated at
         least "A-1" by S&P, or at least "P-1" by Moody's,

                           (3)      commercial paper with a maturity of 365 days
         or less issued by a corporation (other than an Affiliate of the
         Company) organized and existing under the laws of the United States of
         America, any state thereof or the District of Columbia and rated at
         least "A-1" by S&P and at least "P-1" by Moody's,

                           (4)      repurchase agreements and reverse repurchase
         agreements relating to marketable direct obligations issued or
         unconditionally guaranteed by the United States or issued by any agency
         thereof and backed by the full faith and credit of the United States
         maturing within 365 days from the date of acquisition,

                           (5)      demand and time deposits with a domestic
         commercial bank that is a member of the Federal Reserve System that are
         FDIC insured, and

                           (6)      money market funds which invest
         substantially all of their assets in securities described in the
         preceding clauses (1) through (5).

                  "Change of Control" means the occurrence of any of the
following events:

                           (1)      any "person" or "group" (as such terms are
         used in Sections 13(d) and 14(d) of the Exchange Act), is or becomes
         the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the
         Exchange Act, except that a Person shall be deemed to have beneficial
         ownership of all shares that such Person has the right to acquire,
         whether such right is

                                     - 5 -

<PAGE>

         exercisable immediately or only after the passage of time), directly or
         indirectly, of more than 50% of the total outstanding Voting Stock of
         the Company;

                           (2)      during any period of two consecutive years,
         individuals who at the beginning of such period constituted the Board
         of Directors of the Company (together with any new directors whose
         election to such board or whose nomination for election by the
         stockholders of the Company was approved by a vote of a majority of the
         directors then still in office who were either directors at the
         beginning of such period or whose election or nomination for election
         was previously so approved), cease for any reason to constitute a
         majority of such Board of Directors then in office;

                           (3)      the Company consolidates with or merges with
         or into any Person or sells, assigns, conveys, transfers, leases or
         otherwise disposes of all or substantially all of its and its
         Restricted Subsidiaries' assets to any Person, or any Person
         consolidates with or merges into or with the Company, in any such event
         pursuant to a transaction in which the outstanding Voting Stock of the
         Company is converted into or exchanged for cash, securities or other
         property, other than any such transaction where

                           (A)      the outstanding Voting Stock of the Company
is converted into or exchanged for (1) Voting Stock of the surviving corporation
which is not Redeemable Capital Stock or (2) cash, securities and other property
(other than Capital Stock of the surviving corporation) in an amount which could
be paid by the Company as a Restricted Payment as described in Section 1009
hereof (and such amount shall be treated as a Restricted Payment subject to the
provisions of Section 1009 hereof) and

                           (B)      immediately after such transaction, no
"person" or "group," is the beneficial owner (as defined in Rules 13d-3 and
13d-5 under the Exchange Act, except that a person shall be deemed to have
beneficial ownership of all securities that such person has the right to
acquire, whether such right is exercisable immediately or only after the passage
of time), directly or indirectly, of more than 50% of the total outstanding
Voting Stock of the surviving corporation; or

                           (4)      the Company is liquidated or dissolved or
         adopts a plan of liquidation or dissolution other than in a transaction
         which complies with the provisions described under Article Eight
         hereof.

For purposes of this definition, any transfer of an equity interest of an entity
that was formed for the purpose of acquiring voting stock of the Company will be
deemed to be a transfer of such portion of such voting stock as corresponds to
the portion of the equity of such entity that has been so transferred.

                  "Clearstream" means Clearstream Banking, societe anonyme (or
any successor securities clearing agency).

                  "Collateral" has the meaning set forth in Section 6(a) of the
Escrow Agent.

                  "Commission" means the Securities and Exchange Commission, as
from time to time constituted, created under the Exchange Act, or if at any time
after the execution of this Indenture such Commission is not existing and
performing the duties now assigned to it under the Securities Act, Exchange Act
and Trust Indenture Act then the body performing such duties at such time.

                                     - 6 -

<PAGE>

                  "Commodity Price Protection Agreement" means any forward
contract, commodity swap, commodity option or other similar agreement or
arrangement relating to, or the value of which is dependent upon, fluctuations
in commodity prices and which do not increase the amount of Indebtedness or
other obligations of the Company or any Restricted Subsidiary outstanding other
than as a result of fluctuations in commodity prices or by reason of fees,
indemnities and compensation payable thereunder.

                  "Company" means Oxford Industries, Inc., a corporation
incorporated under the laws of the State of Georgia, until a successor Person
shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter "Company" shall mean such successor Person.

                  "Company Request" or "Company Order" means a written request
or order signed in the name of the Company (i) by any one of its Chairman of the
Board, its President, its Chief Executive Officer, its Chief Financial Officer,
any Vice President (regardless of Vice Presidential designation), its Treasurer,
an Assistant Treasurer, its Secretary or an Assistant Secretary or (ii) by an
authorized signatory (by virtue of a power of attorney or other similar
instrument), and delivered to the Trustee.

                  "Comparable Treasury Issue" means the U.S. treasury security
selected by an Independent Investment Banker that would be used, at the time of
selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term
of the Securities (assuming the Securities matured on June 1, 2007).

                  "Comparable Treasury Price" means either (1) the average of
the Reference Treasury Dealer Quotations for the Redemption Date, after
excluding the highest and lowest of such Reference Treasury Dealer Quotations or
(2) if the Trustee obtains fewer than three such Reference Treasury Dealer
Quotations, the average of all quotations obtained.

                  "Consolidated Fixed Charge Coverage Ratio" of any Person
means, for any period, the ratio of

                  (a)      the sum of Consolidated Net Income (Loss), and in
each case to the extent deducted in computing Consolidated Net Income (Loss) for
such period, Consolidated Interest Expense, Consolidated Income Tax Expense and
Consolidated Non-cash Charges for such period, of such Person all determined in
accordance with GAAP, less all non-cash items increasing Consolidated Net Income
for such period and less all cash payments during such period relating to
non-cash charges that were added back to Consolidated Net Income in determining
the Consolidated Fixed Charge Coverage Ratio in any prior period to

                  (b)      the sum of Consolidated Interest Expense for such
period after giving pro forma effect to

                           (1)      the incurrence of the Indebtedness giving
         rise to the need to make such calculation and (if applicable) the
         application of the net proceeds therefrom, including to refinance other
         Indebtedness, as if such Indebtedness was incurred, and the application
         of such proceeds occurred, on the first day of such period;

                           (2)      the incurrence, repayment or retirement of
         any other Indebtedness by the Company and its Restricted Subsidiaries
         since the first day of such period as if such Indebtedness was
         incurred, repaid or retired at the beginning of such period (except
         that, in

                                     - 7 -

<PAGE>

         making such computation, the amount of Indebtedness under any revolving
         credit facility shall be computed based upon the average daily balance
         of such Indebtedness during such period);

                           (3)      in the case of Acquired Indebtedness or any
         acquisition occurring at the time of the incurrence of such
         Indebtedness, the related acquisition, assuming such acquisition had
         been consummated on the first day of such period; and

                           (4)      any acquisition or disposition by the
         Company and its Restricted Subsidiaries of any company or any business
         or any assets out of the ordinary course of business, whether by
         merger, stock purchase or sale or asset purchase or sale, or any
         related repayment of Indebtedness, in each case since the first day of
         such period, assuming such acquisition or disposition had been
         consummated on the first day of such period;

provided that

                           (1)      in making such computation, the Consolidated
         Interest Expense attributable to interest on any Indebtedness computed
         on a pro forma basis and (A) bearing a floating interest rate shall be
         computed as if the rate in effect on the date of computation had been
         the applicable rate for the entire period and (B) which was not
         outstanding during the period for which the computation is being made
         but which bears, at the option of such Person, a fixed or floating rate
         of interest, shall be computed by applying at the option of such Person
         either the fixed or floating rate;

                           (2)      in making such computation, the Consolidated
         Interest Expense of such Person attributable to interest on any
         Indebtedness under a revolving credit facility computed on a pro forma
         basis shall be computed based upon the average daily balance of such
         Indebtedness during the applicable period; and

                           (3)      whenever pro forma effect is to be given to
         an acquisition or disposition, such pro forma calculation will be
         determined in accordance with Article 11 of Regulation S-X under the
         Securities Act or any successor provision.

                  "Consolidated Income Tax Expense" of any Person means, for any
period, the provision for federal, state, local and foreign income taxes of such
Person and its Consolidated Restricted Subsidiaries for such period as
determined in accordance with GAAP.

                  "Consolidated Interest Expense" of any Person means, without
duplication, for any period, the sum of

                  (a)      the interest expense of such Person and its
Restricted Subsidiaries for such period, on a Consolidated basis, including,
without limitation,

                           (1)      amortization of debt discount,

                           (2)      the net cost (benefit) associated with
         Interest Rate Agreements (including amortization of discounts),

                           (3)      the interest portion of any deferred payment
         obligation,

                                     - 8 -

<PAGE>

                           (4)      all commissions, discounts and other fees
         and charges owed with respect to letters of credit and bankers
         acceptance financing and

                           (5)      accrued interest, plus

                  (b)      (1)      the interest component of the Capital Lease
Obligations paid, accrued and/or scheduled to be paid or accrued by such Person
and its Restricted Subsidiaries during such period and

                           (2)      all capitalized interest of such Person and
         its Restricted Subsidiaries plus

                  (c)      the interest expense under any Guaranteed Debt of
such Person and any Restricted Subsidiary to the extent not included under
clause (a)(4) above, whether or not paid by such Person or its Restricted
Subsidiaries, plus

                  (d)      dividend requirements of the Company with respect to
Redeemable Capital Stock and of any Restricted Subsidiary with respect to
Preferred Stock (except, in either case, dividends payable solely in shares of
Qualified Capital Stock of the Company or such Restricted Subsidiary, as the
case may be).

                  "Consolidated Net Income (Loss)" of any Person means, for any
period, the Consolidated net income (or loss) of such Person and its Restricted
Subsidiaries for such period on a Consolidated basis as determined in accordance
with GAAP, adjusted, to the extent included in calculating such net income (or
loss), by excluding, without duplication,

                           (1)      all extraordinary gains or losses net of
         taxes (less all fees and expenses relating thereto),

                           (2)      the portion of net income (or loss) of such
         Person and its Restricted Subsidiaries on a Consolidated basis
         allocable to minority interests in unconsolidated Persons or
         Unrestricted Subsidiaries to the extent that cash dividends or
         distributions have not actually been received by such Person or one of
         its Consolidated Restricted Subsidiaries,

                           (3)      any gain or loss, net of taxes, realized
         upon the termination of any employee pension benefit plan,

                           (4)      gains or losses, net of taxes (less all fees
         and expenses relating thereto), in respect of dispositions of assets
         other than in the ordinary course of business,

                           (5)      the net income of any Restricted Subsidiary
         to the extent that the declaration of dividends or similar
         distributions by that Restricted Subsidiary of that income is not at
         the time permitted, directly or indirectly, by operation of the terms
         of its charter, any agreement, or applicable law, except to the extent
         of the amount of dividends or other distributions actually paid to the
         Company or any Restricted Subsidiary,

                           (6)      any net gain or loss arising from the
         acquisition of any securities or extinguishment, under GAAP, of any
         Indebtedness of such Person,

                           (7)      any non-cash goodwill impairment charges
         incurred subsequent to the date of this Indenture resulting from the
         application of SFAS No. 142,

                                     - 9 -

<PAGE>

                           (8)      any non-cash charges incurred subsequent to
         the date of this Indenture relating to the underfunded portion of any
         pension plan,

                           (9)      any non-cash charges incurred subsequent to
         the date of this Indenture resulting from the application of SFAS No.
         123,

                           (10)     all deferred financing costs written off,
         and premiums paid, in connection with any early extinguishment of
         Indebtedness, or

                           (11)     any non-cash compensation charges or other
         non-cash expenses or charges arising from the grant of or issuance or
         repricing of stock, stock options or other equity-based awards or any
         amendment, modification, substitution or change of any such stock,
         stock options or other equity-based awards.

                  "Consolidated Net Tangible Assets" of any Person means, for
any period, the total amount of assets (less applicable reserves and other
properly deductible items) after deducting (1) all current liabilities and (2)
all goodwill, trade names, trademarks, patents, unamortized debt discount and
expense and other intangibles, all as set forth on the Company's most recent
consolidated balance sheet and computed in accordance with GAAP.

                  "Consolidated Non-cash Charges" of any Person means, for any
period, the aggregate depreciation, amortization and other non-cash charges of
such Person and its Restricted Subsidiaries on a Consolidated basis for such
period, as determined in accordance with GAAP (excluding any non-cash charge
which requires an accrual or reserve for cash charges for any future period).

                  "Consolidation" means, with respect to any Person, the
consolidation of the accounts of such Person and each of its subsidiaries if and
to the extent the accounts of such Person and each of its Subsidiaries would
normally be consolidated with those of such Person, all in accordance with GAAP.
The term "Consolidated" shall have a similar meaning.

                  "Corporate Trust Office" means the office of the Trustee or an
affiliate or agent thereof at which at any particular time the corporate trust
business for the purposes of this Indenture shall be principally administered,
which office at the date of execution of this Indenture is located at 25 Park
Place, 24th Floor, Atlanta, Georgia 30303.

                  "Credit Agreement" means the Credit Agreement to be dated the
date of the Acquisition, as amended, among the Company and certain of its
Subsidiaries, as borrowers thereunder, the Company's subsidiaries which are
guarantors thereof, certain lenders party thereto, and certain agents party
thereto, together with the related documents, instruments and agreements
executed in connection therewith (including, without limitation, any guarantees,
notes and security documents), as such agreement, in whole or in part, in one or
more instances, may be amended, renewed, extended, substituted, refinanced,
restructured, replaced, supplemented or otherwise modified from time to time
(including increasing the amount available for borrowing thereunder and
including refinancings with the same or different lenders or agents or any
agreement extending the maturity of, or increasing the commitments to extend,
Indebtedness or any commitment to extend such Indebtedness, and any successor or
replacement agreements and whether by the same or any other agent, lender or
group of lenders).

                  "Credit Facility" means, one or more debt facilities
(including, without limitation, the Credit Agreement), commercial paper
facilities or other debt instruments, indentures or agreements,

                                     - 10 -
<PAGE>

providing for revolving credit loans, term loans, letters of credit or other
debt obligations, in each case, as amended, restated, modified, renewed,
refunded, restructured, supplemented, replaced or refinanced in whole or in part
from time to time, including without limitation any amendment increasing the
amount of Indebtedness incurred or available to be borrowed thereunder,
extending the maturity of any Indebtedness incurred thereunder or contemplated
thereby or deleting, adding or substituting one or more parties thereto (whether
or not such added or substituted parties are banks or other institutional
lenders).

                  "Cumulative Additional Earn-Out Payment" means up to $25
million that may be paid following the fourth Earn-Out Year in respect of
cumulative performance during the four Earn-Out Years pursuant to the Earn-Out
Agreement.

                  "Custodian" means any receiver, trustee, assignee, liquidator,
sequestrator or similar official under any Bankruptcy Law.

                  "Currency Hedging Agreements" means foreign exchange
contracts, currency swap agreements or other similar agreements or arrangements
designed to protect against the fluctuations in currency values and that relate
to (1) Indebtedness of the Company or any Restricted Subsidiary and/or (2)
obligations to purchase or sell assets or properties; provided, however, that
such Currency Hedging Agreements do not increase the Indebtedness or other
obligations of the Company or any Restricted Subsidiary outstanding other than
as a result of fluctuations in foreign currency exchange rates or by reason of
fees, indemnities and compensation payable thereunder.

                  "Deadline" means June 15, 2003, which date may be extended
pursuant to Section 3(h) of the Escrow Agreement.

                  "Default" means any event which is, or after notice or passage
of time or both would be, an Event of Default.

                  "Depositary" means, with respect to the Securities issued in
the form of one or more Book-Entry Securities, The Depository Trust Company
("DTC"), its nominees and successors, or another Person designated as Depositary
by the Company, which must be a clearing agency registered under the Exchange
Act.

                  "Designated Non-cash Consideration" means the Fair Market
Value, as set forth in an Officer's Certificate, of non-cash consideration
received by the Company or any of its Restricted Subsidiaries in connection with
an Asset Sale.

                  "Disinterested Director" means, with respect to any
transaction or series of related transactions, a member of the Board of
Directors of the Company who does not have any material direct or indirect
financial interest in or with respect to such transaction or series of related
transactions.

                  "Earn-Out Agreement" means the Earn-Out Agreement to be
entered into in connection with the Stock Purchase Agreement.

                  "Earn-Out Year" means each of the Company's fiscal years
ending May 28, 2004, June 3, 2005, June 2, 2006 and June 1, 2007.

                                     - 11 -

<PAGE>

                  "Equity Offering" means any public offering or private sale
for cash of common stock (other than Redeemable Capital Stock) of the Company
(other than public offerings with respect to a registration statement on Form
S-4 (or any successor form covering substantially the same transactions), Form
S-8 (or any successor form covering substantially the same transactions) or
otherwise relating to equity securities issuable under any employee benefit plan
of the Company).

                  "Escrow Agreement" means the escrow agreement dated the Issue
Date among the Securities Intermediary, the Trustee and the Company.

                  "Escrowed Property" means the funds to be held in escrow
pursuant to the Escrow Agreement.

                  "Euroclear" means Euroclear Bank S.A./N.V., as operator of the
Euroclear Clearance System (or any successor securities clearing agency).

                  "Event of Default" has the meaning specified in Section 501.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any successor statute, and the rules and regulations promulgated by
the Commission thereunder.

                  "Exchange Offer" has the meaning set forth in the Registration
Rights Agreement.

                  "Exchange Offer Registration Statement" has the meaning set
forth in the Registration Rights Agreement.

                  "Exchange Securities" has the meaning set forth in the first
recital of this Indenture.

                  "Fair Market Value" means, with respect to any asset or
property, the sale value that would be obtained in an arm's-length transaction
between an informed and willing seller under no compulsion to sell and an
informed and willing buyer under no compulsion to buy. Fair Market Value shall
be determined by the Board of Directors of the Company acting in good faith.

                  "Foreign Subsidiary" means any Restricted Subsidiary of the
Company that (x) is not organized under the laws of the United States of America
or any State thereof or the District of Columbia, or (y) was organized under the
laws of the United States of America or any State thereof or the District of
Columbia that has no material assets other than Capital Stock of one or more
foreign entities of the type described in clause (x) above and is not a
guarantor of Indebtedness under the Credit Agreement.

                  "Generally Accepted Accounting Principles" or "GAAP" means
generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as
have been approved by a significant segment of the accounting profession, which
are in effect on the date of this Indenture.

                  "Global Securities" means the Rule 144A Global Securities, the
Regulation S Global Securities, the IAI Global Securities and the Unrestricted
Global Securities to be issued as Book-Entry Securities issued to the Depositary
in accordance with Section 306.

                                     - 12 -

<PAGE>

                  "Guarantee" means the guarantee by any Guarantor of the
Company's Indenture Obligations.

                  "Guaranteed Debt" of any Person means, without duplication,
all Indebtedness of any other Person referred to in the definition of
Indebtedness guaranteed directly or indirectly in any manner by such Person, or
in effect guaranteed directly or indirectly by such Person through an agreement

                           (1)      to pay or purchase such Indebtedness or to
         advance or supply funds for the payment or purchase of such
         Indebtedness,

                           (2)      to purchase, sell or lease (as lessee or
         lessor) property, or to purchase or sell services, primarily for the
         purpose of enabling the debtor to make payment of such Indebtedness or
         to assure the holder of such Indebtedness against loss,

                           (3)      to supply funds to, or in any other manner
         invest in, the debtor (including any agreement to pay for property or
         services without requiring that such property be received or such
         services be rendered),

                           (4)      to maintain working capital or equity
         capital of the debtor, or otherwise to maintain the net worth, solvency
         or other financial condition of the debtor or to cause such debtor to
         achieve certain levels of financial performance or

                           (5)      otherwise to assure a creditor against loss;

provided that the term "guarantee" shall not include endorsements for collection
or deposit, in either case in the ordinary course of business.

                  "Guarantor" means any Subsidiary which is a guarantor of the
Securities, including any Person that is required after the date of this
Indenture to execute a guarantee of the Securities pursuant to Section 1011 or
Section 1013 until a successor replaces such party pursuant to the applicable
provisions of this Indenture and, thereafter, shall mean such successor.

                  "Holder" means a Person in whose name a Security is registered
in the Security Register.

                  "IAI Global Securities" means one or more permanent Global
Securities in registered form representing the aggregate principal amount of
Securities sold to Institutional Accredited Investors.

                  "Indebtedness" means, with respect to any Person, without
duplication,

                           (1)      all indebtedness of such Person for borrowed
         money or for the deferred purchase price of property or services,
         excluding any trade payables and other accrued current liabilities
         arising in the ordinary course of business, but including, without
         limitation, all obligations, contingent or otherwise, of such Person in
         connection with any letters of credit issued under letter of credit
         facilities, acceptance facilities or other similar facilities,

                           (2)      all obligations of such Person evidenced by
         bonds, notes, debentures or other similar instruments,

                                     - 13 -

<PAGE>

                           (3)      all indebtedness created or arising under
         any conditional sale or other title retention agreement with respect to
         property acquired by such Person (even if the rights and remedies of
         the seller or lender under such agreement in the event of default are
         limited to repossession or sale of such property), but excluding trade
         payables arising in the ordinary course of business,

                           (4)      all obligations under Interest Rate
         Agreements, Currency Hedging Agreements or Commodity Price Protection
         Agreements of such Person (the amount of any such obligations to be
         equal at any time to the termination value of such agreement or
         arrangement giving rise to such obligation that would be payable by
         such Person at such time),

                           (5)      all Capital Lease Obligations of such
         Person,

                           (6)      all Indebtedness referred to in clauses (1)
         through (5) above of other Persons, the payment of which is secured by
         (or for which the holder of such Indebtedness has an existing right,
         contingent or otherwise, to be secured by) any Lien, upon or with
         respect to property (including, without limitation, accounts and
         contract rights) owned by such Person, even though such Person has not
         assumed or become liable for the payment of such Indebtedness,

                           (7)      all Guaranteed Debt of such Person,

                           (8)      all Redeemable Capital Stock issued by such
         Person valued at the greater of its voluntary or involuntary maximum
         fixed repurchase price plus accrued and unpaid dividends,

                           (9)      all amounts outstanding and other
         obligations of such Person in respect of a Qualified Securitization
         Transaction, and

                           (10)     Attributable Debt with respect to sale and
         leaseback transactions.

                  For purposes of this Indenture, the "maximum fixed repurchase
price" of any Redeemable Capital Stock which does not have a fixed repurchase
price shall be calculated in accordance with the terms of such Redeemable
Capital Stock as if such Redeemable Capital Stock were purchased on any date on
which Indebtedness shall be required to be determined pursuant to this
Indenture, and if such price is based upon, or measured by, the Fair Market
Value of such Redeemable Capital Stock, such Fair Market Value to be determined
in good faith by the board of directors of the issuer of such Redeemable Capital
Stock.

                  "Indenture" means this instrument as originally executed
(including all exhibits and schedules thereto) and as it may from time to time
be supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof.

                  "Indenture Obligations" means the obligations of the Company
and any other obligor under this Indenture or under the Securities, including
any Guarantor, to pay principal of, premium, if any, and interest when due and
payable, and all other amounts due or to become due under or in connection with
this Indenture, the Securities and the performance of all other obligations to
the Trustee and the Holders under this Indenture and the Securities, according
to the respective terms thereof.

                                     - 14 -

<PAGE>

                  "Independent Investment Banker" means one of the Reference
Treasury Dealers that the Company appoints.

                  "Initial Purchasers" means Merrill Lynch, Pierce,
Fenner & Smith Incorporated and SunTrust Capital Markets (or the initial
purchasers with respect to Additional Securities issued after the date hereof).

                  "Initial Securities" has the meaning set forth in the first
recital of this Indenture.

                  "Institutional Accredited Investor" means an institution that
is an "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under
the Securities Act.

                  "Interest Payment Date", when used with respect to any
Security, means each semiannual interest payment date on June 1 and December 1
of each year.

                  "Interest Rate Agreements" means interest rate protection
agreements (including, without limitation, interest rate swaps, caps, floors,
collars and similar agreements) and/or other types of interest rate hedging
agreements or arrangements designed to protect against or manage exposure to
fluctuations in interest rates in respect of Indebtedness of the Company or any
Restricted Subsidiary.

                  "Investment" means, with respect to any Person, directly or
indirectly, any advance, loan (including guarantees), or other extension of
credit or capital contribution to (by means of any transfer of cash or other
property to others or any payment for property or services for the account or
use of others), or any purchase, acquisition or ownership by such Person of any
Capital Stock, bonds, notes, debentures or other securities issued or owned by
any other Person and all other items that would be classified as investments on
a balance sheet prepared in accordance with GAAP. "Investment" shall exclude
direct or indirect advances to customers or suppliers in the ordinary course of
business that are, in conformity with GAAP, recorded as accounts receivable,
prepaid expenses or deposits on the Company's or any Restricted Subsidiary's
balance sheet, endorsements for collection or deposit arising in the ordinary
course of business and extensions of trade credit on commercially reasonable
terms in accordance with normal trade practices. If the Company or any
Restricted Subsidiary of the Company sells or otherwise disposes of any Capital
Stock of any direct or indirect Subsidiary of the Company such that, after
giving effect to any such sale or disposition, such Person is no longer a
Subsidiary of the Company (other than the sale of all of the outstanding Capital
Stock of such Subsidiary), the Company will be deemed to have made an Investment
on the date of such sale or disposition equal to the Fair Market Value of the
Company's Investments in such Subsidiary that were not sold or disposed of in an
amount determined as provided in Section 1009 hereof.

                  "Issue Date" means the original issue date of the Securities
under this Indenture.

                  "Lien" means any mortgage or deed of trust, charge, pledge,
lien (statutory or otherwise), privilege, security interest, assignment,
deposit, arrangement, easement, hypothecation, claim, preference, priority or
other encumbrance upon or with respect to any property of any kind (including
any conditional sale, capital lease or other title retention agreement, any
leases in the nature thereof, and any agreement to give any security interest),
real or personal, movable or immovable, now owned or hereafter acquired. A
Person will be deemed to own subject to a Lien any property which it has
acquired or holds subject to the interest of a vendor or lessor under any
conditional sale agreement, Capital Lease Obligation or other title retention
agreement.

                                     - 15 -

<PAGE>

                  "Material Indebtedness" means any of the agreements,
indentures or instruments under which the Company, any Guarantor or any
Restricted Subsidiary then has outstanding Indebtedness in excess of $15
million.

                  "Maturity" means, when used with respect to the Securities,
the date on which the principal of the Securities becomes due and payable as
therein provided or as provided in this Indenture, whether at Stated Maturity,
the Offer Date or the Redemption Date and whether by declaration of
acceleration, Offer in respect of Excess Proceeds, Change of Control Offer in
respect of a Change of Control, call for redemption or otherwise.

                  "Moody's" means Moody's Investors Service, Inc. and its
successors.

                  "Net Cash Proceeds" means

                  (a)      with respect to any Asset Sale by any Person, the
proceeds thereof (without duplication in respect of all Asset Sales) in the form
of cash or Cash Equivalents including payments in respect of deferred payment
obligations when received in the form of, or stock or other assets when disposed
of for, cash or Cash Equivalents (except to the extent that such obligations are
financed or sold with recourse to the Company or any Restricted Subsidiary) net
of

                           (1)      brokerage commissions and other reasonable
         fees and expenses (including fees and expenses of counsel and
         investment bankers) related to such Asset Sale,

                           (2)      provisions for all taxes payable as a result
         of such Asset Sale,

                           (3)      payments made to retire Indebtedness where
         payment of such Indebtedness is secured by the assets or properties the
         subject of such Asset Sale,

                           (4)      amounts required to be paid to any Person
         (other than the Company or any Restricted Subsidiary) owning a
         beneficial interest in the assets subject to the Asset Sale,

                           (5)      all distributions and other payments
         required to be made to non-majority interest holders in Subsidiaries as
         a result of such Asset Sale, and

                           (6)      appropriate amounts to be provided by the
         Company or any Restricted Subsidiary, as the case may be, as a reserve,
         in accordance with GAAP, against any liabilities associated with such
         Asset Sale and retained by the Company or any Restricted Subsidiary, as
         the case may be, after such Asset Sale, including, without limitation,
         pension and other post-employment benefit liabilities, liabilities
         related to environmental matters and liabilities under any
         indemnification obligations associated with such Asset Sale, all as
         reflected in an Officers' Certificate delivered to the Trustee and

                  (b)      with respect to any issuance or sale of Capital Stock
or options, warrants or rights to purchase Capital Stock, or debt securities or
Capital Stock that have been converted into or exchanged for Capital Stock as
referred to under Section 1009 hereof, the proceeds of such issuance or sale in
the form of cash or Cash Equivalents including payments in respect of deferred
payment obligations when received in the form of, or stock or other assets when
disposed of for, cash or Cash Equivalents (except to the extent that such
obligations are financed or sold with recourse to the Company or any Restricted
Subsidiary), net of attorney's fees, accountant's fees and brokerage,

                                     - 16 -

<PAGE>

consultation, underwriting and other fees and expenses actually incurred in
connection with such issuance or sale and net of taxes paid or payable as a
result thereof.

                  "Non-recourse Indebtedness" means, with respect to any Person,
Indebtedness of such Person as to which the Company and any Restricted
Subsidiary may not be directly or indirectly liable (by virtue of the Company or
any such Restricted Subsidiary being the primary obligor on, guarantor of, or
otherwise liable in any respect to, such Indebtedness), and which, upon the
occurrence of a default with respect to such Indebtedness, does not result in,
or permit any holder of any Indebtedness of the Company or any Restricted
Subsidiary to declare, a default on such Indebtedness of the Company or any
Restricted Subsidiary or cause the payment of Indebtedness of the Company or any
Restricted Subsidiary to be accelerated or payable prior to its Stated Maturity.

                  "Non-U.S. Person" means a Person that is not a "U.S. person"
as defined in Regulation S under the Securities Act.

                  "Officers' Certificate" means a certificate signed by the
Chairman of the Board, the President, the Chief Executive Officer, the Chief
Financial Officer or a Vice President (regardless of Vice Presidential
designation), and by the Treasurer, an Assistant Treasurer, the Secretary or an
Assistant Secretary, of the Company or any Guarantor, as the case may be, and in
form and substance reasonably satisfactory to, and delivered to, the Trustee.

                  "Opinion of Counsel" means a written opinion of counsel, who
may be an employee or counsel for the Company, any Guarantor or the Trustee, and
who shall be reasonably acceptable to the Trustee, and which opinion shall be in
form and substance reasonably satisfactory to the Trustee.

                  "Opinion of Independent Counsel" means a written opinion of
counsel which is issued by a Person who is not an employee, director or
consultant (other than non-employee legal counsel) of the Company or any
Guarantor and who shall be reasonably acceptable to the Trustee, and which
opinion shall be in form and substance reasonably satisfactory to the Trustee.

                  "Outstanding" when used with respect to Securities means, as
of the date of determination, all Securities theretofore authenticated and
delivered under this Indenture, except:

                  (a)      Securities theretofore canceled by the Trustee or
delivered to the Trustee for cancellation;

                  (b)      Securities, or portions thereof, for whose payment or
redemption money in the necessary amount has been theretofore deposited with the
Trustee or any Paying Agent (other than the Company or any Affiliate thereof) in
trust or set aside and segregated in trust by the Company or any Affiliate
thereof (if the Company or any Affiliate thereof shall act as its own Paying
Agent) for the Holders of such Securities; provided that if such Securities are
to be redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefor reasonably satisfactory to the Trustee has been
made;

                  (c)      Securities, to the extent provided in Sections 402
and 403, with respect to which the Company has effected defeasance or covenant
defeasance as provided in Article Four; and

                  (d)      Securities in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this Indenture,
other than any such Securities in respect of which there shall have been
presented to the Trustee and the Company proof reasonably satisfactory to

                                     - 17 -

<PAGE>

each of them that such Securities are held by a bona fide purchaser in whose
hands the Securities are valid obligations of the Company;

provided, however, that in determining whether the Holders of the requisite
principal amount of Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Securities owned
by the Company, any Guarantor, or any other obligor upon the Securities or any
Affiliate of the Company, any Guarantor or such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which the
Trustee knows to be so owned shall be so disregarded. Securities so owned which
have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the reasonable satisfaction of the Trustee the pledgee's right so
to act with respect to such Securities and that the pledgee is not the Company,
any Guarantor or any other obligor upon the Securities or any Affiliate of the
Company, any Guarantor or such other obligor.

                  "Pari Passu Indebtedness" means (a) any Indebtedness of the
Company that is equal in right of payment to the Securities and (b) with respect
to any Guarantee, Indebtedness which ranks equal in right of payment to such
Guarantee.

                  "Paying Agent" means any Person (including the Company)
authorized by the Company to pay the principal of, premium, if any, or interest
on, any Securities on behalf of the Company.

                  "Permitted Business" means the business conducted by (a) the
Company and its Restricted Subsidiaries on the date of this Indenture and (b)
Viewpoint and its Subsidiaries on the date of the Acquisition, and, in each
case, the business reasonably related, complementary or ancillary thereto,
including reasonably related extensions or expansions thereof.

                  "Permitted Investment" means

                           (1)      Investments in the Company or any Restricted
         Subsidiary (other than a Securitization Entity) or any Person which, as
         a result of such Investment, (a) becomes a Restricted Subsidiary (other
         than a Securitization Entity) or (b) is merged or consolidated with or
         into, or transfers or conveys substantially all of its assets to, or is
         liquidated into, the Company or any Restricted Subsidiary (other than a
         Securitization Entity);

                           (2)      Indebtedness of the Company or a Restricted
         Subsidiary described under clauses (iv), (v), (vi), (vii) and (viii) of
         the definition of "Permitted Indebtedness";

                           (3)      Investments in any of the Securities;

                           (4)      Investments in Cash Equivalents;

                           (5)      Investments acquired by the Company or any
         Restricted Subsidiary in connection with an Asset Sale permitted under
         Section 1012 herein to the extent such Investments are non-cash
         proceeds as permitted under such covenant;

                           (6)      Investments by the Company or a Restricted
         Subsidiary in a Securitization Entity in connection with a Qualified
         Securitization Transaction, which Investment consists of a retained
         interest in transferred Receivables and Related Assets;

                                     - 18 -

<PAGE>

                           (7)      (x) Investments in existence on the date of
         this Indenture or acquired in connection with the Acquisition and (y)
         an Investment in any Person to the extent such Investment replaces or
         refinances an Investment covered by clause (x) above or this clause (y)
         in an amount not exceeding the amount of the Investment being replaced
         or refinanced; provided, however, that the Investment under clause (y)
         is on terms and conditions no less favorable to the Company and its
         Restricted Subsidiaries taken as a whole than the Investment being
         replaced or refinanced;

                           (8)      Investments in a Related Business Entity in
         the aggregate amount outstanding at any one time of up to 2.5% of the
         Company's Consolidated Net Tangible Assets;

                           (9)      Investments in a Person whose primary
         business is a Permitted Business acquired in exchange for the issuance
         of Capital Stock (other than Redeemable Capital Stock of the Company or
         a Restricted Subsidiary or Preferred Stock of a Restricted Subsidiary)
         or acquired with the net cash proceeds received by the Company after
         the date of this Indenture from the issuance and sale of Capital Stock
         (other than Redeemable Stock of the Company or a Restricted Subsidiary
         or Preferred Stock of a Restricted Subsidiary); provided that such Net
         Cash Proceeds are used to make such Investment within 30 days of the
         receipt thereof and the amount of all such Net Cash Proceeds will be
         excluded from clause (3)(B) of the first paragraph of the covenant
         described under Section 1009(a) hereof;

                           (10)     Investments in prepaid expenses, negotiable
         instruments held for collection and lease, utility and worker's
         compensation, performance and other similar deposits provided to third
         parties in the ordinary course of business;

                           (11)     loans or advances to employees of the
         Company in the ordinary course of business for bona fide business
         purposes of the Company and its Restricted Subsidiaries (including
         travel, entertainment and moving expenses) made in compliance with
         applicable law;

                           (12)     any Investments received in good faith in
         settlement or compromise of obligations of trade creditors or customers
         that were incurred in the ordinary course of business, including
         pursuant to any plan of reorganization or similar arrangement upon the
         bankruptcy or insolvency of any trade creditor or customer; and

                           (13)     other Investments in the aggregate amount
         outstanding at any one time of up to $10 million.

                  In connection with any assets or property contributed or
transferred to any Person as an Investment, such property and assets shall be
equal to the Fair Market Value (as determined by the Company's Board of
Directors) at the time of Investment.

                  "Permitted Lien" means

                  (a)      any Lien existing as of the date of this Indenture on
Indebtedness existing on the date of this Indenture;

                  (b)      any Lien with respect to the Credit Agreement or any
successor Credit Facility so long as the aggregate principal amount outstanding
under the Credit Agreement or any successor Credit Facility does not exceed the
principal amount which could be borrowed under clause (i) of the

                                     - 19 -

<PAGE>

definition of Permitted Indebtedness; provided, however, that any Lien created
in connection with any registered offering of securities under the Securities
Act or a private placement of securities (including under Rule 144A) pursuant to
an exemption from the registration requirements of the Securities Act shall be
excluded from this clause (b);

                  (c)      any Lien arising by reason of

                           (1)      any judgment, decree or order of any court,
         so long as such Lien is adequately bonded and any appropriate legal
         proceedings which may have been duly initiated for the review of such
         judgment, decree or order shall not have been finally terminated or the
         period within which such proceedings may be initiated shall not have
         expired;

                           (2)      taxes not yet delinquent or which are being
         contested in good faith;

                           (3)      security for payment of workers'
         compensation or other insurance;

                           (4)      good faith deposits in connection with
         tenders, leases, contracts (other than contracts for the payment of
         money);

                           (5)      zoning restrictions, easements, licenses,
         reservations, title defects, rights of others for rights of way,
         utilities, sewers, electric lines, telephone or telegraph lines, and
         other similar purposes, provisions, covenants, conditions, waivers,
         restrictions on the use of property or minor irregularities of title
         (and with respect to leasehold interests, mortgages, obligations, liens
         and other encumbrances incurred, created, assumed or permitted to exist
         and arising by, through or under a landlord or owner of the leased
         property, with or without consent of the lessee), none of which
         materially impairs the use of any parcel of property material to the
         operation of the business of the Company or any Subsidiary or the value
         of such property for the purpose of such business;

                           (6)      deposits to secure public or statutory
         obligations, or in lieu of surety or appeal bonds; or

                           (7)      operation of law in favor of mechanics,
         carriers, warehousemen, landlords, materialmen, laborers, employees or
         suppliers, incurred in the ordinary course of business for sums which
         are not yet delinquent or are being contested in good faith by
         negotiations or by appropriate proceedings which suspend the collection
         thereof;

                  (d)      any Lien securing Acquired Indebtedness created prior
to (and not created in connection with, or in contemplation of) the incurrence
of such Indebtedness by the Company or any Subsidiary;

                  (e)      any Lien to secure the performance bids, trade
contracts, leases (including, without limitation, statutory and common law
landlord's liens), statutory obligations, surety and appeal bonds, letters of
credit and other obligations of a like nature and incurred in the ordinary
course of business of the Company or any Subsidiary;

                  (f)      any Lien securing Indebtedness permitted to be
incurred under Interest Rate Agreements or otherwise incurred to hedge interest
rate risk;

                                     - 20 -

<PAGE>

                  (g)      any Lien securing Capital Lease Obligations or
Purchase Money Obligations incurred in accordance with this Indenture (including
clause (ix) of the definition of Permitted Indebtedness);

                  (h)      leases and subleases of real property which do not
materially interfere with the ordinary conduct of the business of the Company or
any of its Restricted Subsidiaries;

                  (i)      banker's Liens, rights of set-off or similar rights
and remedies as to deposit accounts or other funds maintained with a depositary
institution; provided that:

                           (1)      such deposit account is not a dedicated cash
         collateral account and is not subject to restrictions against access by
         the Company in excess of those set forth by regulations promulgated by
         the Federal Reserve Board or other applicable law; and

                           (2)      such deposit account is not intended by the
         Company or any Restricted Subsidiary to provide collateral to the
         depository institution;

                  (j)      Liens on property, assets or shares of stock of a
Person at the time such Person becomes a Restricted Subsidiary; provided,
however, that such Liens are not created, incurred or assumed in connection
with, or in contemplation of, such other Person becoming a Restricted
Subsidiary; provided further, that any such Lien may not extend to any other
property owned by the Company or any Restricted Subsidiary and assets fixed or
appurtenant thereto;

                  (k)      Liens securing Indebtedness or other obligations of a
Restricted Subsidiary owing to the Company or another Restricted Subsidiary
(other than a Securitization Entity);

                  (l)      Liens securing the Securities and the Guarantees;

                  (m)      Liens on assets transferred to a Securitization
Entity or on assets of a Securitization Entity, in either case incurred in
connection with a Qualified Securitization Transaction;

                  (n)      Liens on property of any Foreign Subsidiary securing
Indebtedness of such Foreign Subsidiary permitted to be incurred under clause
(xii) of the definition of Permitted Indebtedness;

                  (o)      Liens incurred pursuant to the Acquisition
Agreements;

                  (p)      Liens pursuant to the Escrow Agreement for the
benefit of the Holders of the Securities in connection with the Acquisition;

                  (q)      any extension, renewal, refinancing or replacement,
in whole or in part, of any Lien described in the foregoing clauses (a) through
(n) so long as no additional collateral is granted as security thereby; and

                  (r)      in addition to the items referred to in clauses (a)
through (q) above, Liens of the Company and its Restricted Subsidiaries on
Indebtedness in an aggregate amount which, when take together with the aggregate
amount of all other Liens on Indebtedness incurred pursuant to this clause (r)
and then outstanding will not exceed 5% of the Company's Consolidated Net
Tangible Assets at any one time outstanding.

                                     - 21 -

<PAGE>

                  "Person" means any individual, corporation, limited liability
company, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

                  "Predecessor Security" of any particular Security
means every previous Security evidencing all or a portion of the same debt as
that evidenced by such particular Security; and, for the purposes of this
definition, any Security authenticated and delivered under Section 308 in
exchange for a mutilated Security or in lieu of a lost, destroyed or stolen
Security shall be deemed to evidence the same debt as the mutilated, lost,
destroyed or stolen Security.

                  "Preferred Stock" means, with respect to any Person, any
Capital Stock of any class or classes (however designated) which is preferred as
to the payment of dividends or distributions, or as to the distribution of
assets upon any voluntary or involuntary liquidation or dissolution of such
Person, over the Capital Stock of any other class in such Person.

                  "Purchase Money Obligation" means any Indebtedness secured by
a Lien on assets related to the business of the Company and any additions and
accessions thereto, which are purchased or constructed by the Company at any
time after the Securities are issued; provided that

                           (1)      the security agreement or conditional sales
         or other title retention contract pursuant to which the Lien on such
         assets is created (collectively a "Purchase Money Security Agreement")
         shall be entered into within 360 days after the purchase or substantial
         completion of the construction of such assets and shall at all times be
         confined solely to the assets so purchased or acquired, any additions
         and accessions thereto and any proceeds therefrom,

                           (2)      at no time shall the aggregate principal
         amount of the outstanding Indebtedness secured thereby be increased,
         except in connection with the purchase of additions and accessions
         thereto and except in respect of fees and other obligations in respect
         of such Indebtedness and

                           (3)      (A) the aggregate outstanding principal
         amount of Indebtedness secured thereby (determined on a per asset basis
         in the case of any additions and accessions) shall not at the time such
         Purchase Money Security Agreement is entered into exceed 100% of the
         purchase price to the Company of the assets subject thereto or (B) the
         Indebtedness secured thereby shall be with recourse solely to the
         assets so purchased or acquired, any additions and accessions thereto
         and any proceeds therefrom.

                  "Qualified Capital Stock" of any Person means any and all
Capital Stock of such Person other than Redeemable Capital Stock.

                  "Qualified Securitization Transaction" means any transaction
or series of transactions that may be entered into by the Company or any
Restricted Subsidiary pursuant to which (a) the Company or any Restricted
Subsidiary may sell, convey or otherwise transfer to a Securitization Entity its
interests in Receivables and Related Assets and (b) such Securitization Entity
transfers to any other Person, or grants a security interest in, such
Receivables and Related Assets, pursuant to a transaction customary in the
industry which is used to achieve a transfer of financial assets under GAAP.

                  "Receivables and Related Assets" means any account receivable
(whether now existing or arising thereafter) of the Company or any Restricted
Subsidiary, and any assets related thereto

                                     - 22 -

<PAGE>

including all collateral securing such accounts receivable, all contracts and
contract rights and all Guarantees or other obligations in respect of such
accounts receivable, proceeds of such accounts receivable and other assets which
are customarily transferred or in respect of which security interest are
customarily granted in connection with asset securitization transaction
involving accounts receivable.

                  "Redeemable Capital Stock" means any Capital Stock
that, either by its terms or by the terms of any security into which it is
convertible or exchangeable (at the option of the holders thereof), is or upon
the happening of an event or passage of time would be, required to be redeemed
(at the option of the holders thereof) prior to the final Stated Maturity of the
principal of the Securities (other than upon a change of control of or sale of
assets by the Company in circumstances where the holders of the Securities would
have similar rights), or is convertible into or exchangeable for debt securities
at any time prior to such final Stated Maturity at the option of the holder
thereof.

                  "Redemption Date" when used with respect to any Security to be
redeemed pursuant to any provision in this Indenture means the date fixed for
such redemption by or pursuant to this Indenture.

                  "Redemption Price" when used with respect to any Security to
be redeemed pursuant to any provision in this Indenture means the price at which
it is to be redeemed pursuant to this Indenture.

                  "Reference Treasury Dealer" means each of Merrill Lynch,
Pierce, Fenner & Smith Incorporated (and its successors) and any other
nationally recognized investment banking firm that is a primary U.S. government
securities dealer specified from time to time by the Company.

                  "Reference Treasury Dealer Quotations" means, with respect to
each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer as of 3:30
p.m., New York time, on the third Business Day preceding the Redemption Date.

                  "Registration Rights Agreement" means (1) the Registration
Rights Agreement, dated as of May 16, 2003 among the Company, the Guarantors and
the Initial Purchasers and (2) with respect to any Additional Securities issued
subsequent to May 16, 2003, the registration rights agreement entered into for
the benefit of the holders of such Additional Securities, if any.

                  "Registration Statement" has the meaning set forth in the
Registration Rights Agreement.

                  "Regular Record Date" for the interest payable on any Interest
Payment Date means the May 15 or November 15 (whether or not a Business Day)
next preceding such Interest Payment Date.

                  "Regulation S" means Regulation S under the Securities Act, as
amended from time to time.

                  "Regulation S Global Securities" means one or more permanent
global Securities in registered form representing the aggregate principal amount
of Securities sold in reliance on Regulation S under the Securities Act.

                  "Related Business Entity" means

                                     - 23 -

<PAGE>

                           (1)      any corporation at least 35% of the
         outstanding voting power of the Voting Stock of which is owned or
         controlled, directly or indirectly, by the Company, or

                           (2)      any other Person in which the Company,
         directly or indirectly, has at least 35% of the outstanding
         partnership, equity or other similar interests,

which, in the case of (1) or (2) above, conducts its principal business in a
Permitted Business.

                  "Release" means the release of the Escrowed Property pursuant
to the Escrow Agreement.

                  "Replacement Assets" means properties or assets to replace the
properties or assets that were the subject of an Asset Sale or in properties and
assets that will be used in businesses of the Company or its Restricted
Subsidiaries, as the case may be, existing at the time such assets are sold or
in Capital Stock of a Person, the principal portion of whose assets consist of
such property or assets.

                  "Responsible Officer" when used with respect to the Trustee
means any officer or employee assigned to the Corporate Trust Office or any
agent of the Trustee appointed hereunder, including any vice president,
assistant vice president, secretary, assistant secretary, or any other officer
or assistant officer of the Trustee or any agent of the Trustee appointed
hereunder to whom any corporate trust matter is referred because of his or her
knowledge of and familiarity with the particular subject.

                  "Restricted Subsidiary" means any Subsidiary of the Company
that has not been designated by the Board of Directors of the Company by a Board
Resolution delivered to the Trustee as an Unrestricted Subsidiary pursuant to
and in compliance with Section 1017 hereof.

                  "Rule 144A" means Rule 144A under the Securities Act, as
amended from time to time.

                  "Rule 144A Global Securities" means one or more permanent
Global Securities in registered form representing the aggregate principal amount
of Securities sold in reliance on Rule 144A under the Securities Act.

                  "S&P" means Standard & Poor's Rating Services, a division of
The McGraw-Hill Companies, Inc., and any successor thereto.

                  "Securities" shall have the meaning set forth in the Recitals.

                  "Securities Act" means the Securities Act of 1933, as amended,
or any successor statute, and the rules and regulations promulgated by the
Commission thereunder.

                  "Securities Control Agreement" means the securities account
control agreement dated the Issue Date among the Company, the Trustee and the
Securities Intermediary.

                  "Securities Intermediary" has the meaning assigned to such
term in the Escrow Agreement.

                  "Security Documents" means prior to the Release, the Escrow
Agreement and the Securities Control Agreement.

                                     - 24 -

<PAGE>

                  "Securitization Entity" means a Wholly Owned Restricted
Subsidiary (or another Person in which the Company or any Subsidiary of the
Company makes an Investment and to which the Company or any Subsidiary of the
Company transfers Receivables and Related Assets) that, in the case of a Wholly
Owned Restricted Subsidiary, engages in no activities other than in connection
with the financing of Receivables and Related Assets and that is designated by
the Board of Directors of the Company (as provided below) as a Securitization
Entity and:

                  (a)      no portion of the Indebtedness or any other
obligations (contingent or otherwise) of which:

                           (1)      is guaranteed by the Company or any
         Restricted Subsidiary (excluding Guarantees (other than the principal
         of, and interest on, Indebtedness) pursuant to Standard Securitization
         Undertakings);

                           (2)      is recourse to or obligates the Company or
         any Restricted Subsidiary (other than such Securitization Entity) in
         any way other than pursuant to Standard Securitization Undertakings; or

                           (3)      subjects any property or asset of the
         Company or any Restricted Subsidiary (other than such Securitization
         Entity), directly or indirectly, contingently or otherwise, to the
         satisfaction thereof, other than pursuant to Standard Securitization
         Undertakings;

                  (b)      with which neither the Company nor any Restricted
Subsidiary (other than such Securitization Entity) has any material contract,
agreement, arrangement or understanding other than on terms no less favorable to
the Company or such Restricted Subsidiary than those that might be obtained at
the time from Persons that are not Affiliates of the Company, other than fees
payable in the ordinary course of business in connection with servicing accounts
receivable of such entity;

                  (c)      to which neither the Company nor any Restricted
Subsidiary (other than such Securitization Entity) has any obligation to
maintain or preserve such entity's financial condition or cause such entity to
achieve certain levels of operating results; and

                  (d)      such entity is a Qualified Special Purpose Entity in
accordance with GAAP.

                  Any designation of a Subsidiary as a Securitization Entity
shall be evidenced to the Trustee by filing with the Trustee a certified copy of
the resolution of the Board of Directors of the Company giving effect to the
designation and an Officers' Certificate certifying that the designation
complied with the preceding conditions and was permitted by this Indenture. On
the date of this Indenture, Oxford Receivables Company is the only
Securitization Entity.

                  "Shelf Registration Statement" has the meaning set forth in
the Registration Rights Agreement.

                  "Significant Subsidiary" means, at any time, any
Restricted Subsidiary that qualifies at such time as a "significant subsidiary"
within the meaning of Regulation S-X promulgated by the Commission (as in effect
on the date of this Indenture).

                  "Special Mandatory Redemption" has the meaning set forth in
Section 1109.

                                     - 25 -

<PAGE>

                  "Special Mandatory Redemption Date" has the meaning set forth
in Section 1109.

                  "Special Mandatory Redemption Price" means (a) $202,000,000
(which amount is equal to 101% of the original issue amount of the Senior Notes
($200,000,000)) plus (b) the accrued and unpaid interest on the Securities to
the Special Mandatory Redemption Date.

                  "Special Record Date" for the payment of any Defaulted
Interest means a date fixed by the Trustee pursuant to Section 309.

                  "Standard Securitization Undertakings" means representations,
warranties, covenants and indemnities entered into by the Company or any
Restricted Subsidiary that are reasonably customary in an accounts receivable
securitization transaction.

                  "Stated Maturity" means, when used with respect to any
Indebtedness or any installment of interest thereon, the dates specified in such
Indebtedness as the fixed date on which the principal of such Indebtedness or
such installment of interest, as the case may be, is due and payable.

                  "Stock Purchase Agreement" means the stock purchase agreement
among Viewpoint, the stockholders of Viewpoint and the Company entered into in
connection with the Acquisition.

                  "Subordinated Indebtedness" means Indebtedness of the Company
or a Guarantor subordinated in right of payment to the Securities or a
Guarantee, as the case may be.

                  "Subsidiary" of a Person means

                           (1)      any corporation more than 50% of the
         outstanding voting power of the Voting Stock of which is owned or
         controlled, directly or indirectly, by such Person or by one or more
         other Subsidiaries of such Person, or by such Person and one or more
         other Subsidiaries thereof, or

                           (2)      any limited partnership of which such Person
         or any Subsidiary of such Person is a general partner, or

                           (3)      any other Person in which such Person, or
         one or more other Subsidiaries of such Person, or such Person and one
         or more other Subsidiaries, directly or indirectly, has more than 50%
         of the outstanding partnership or similar interests or has the power,
         by contract or otherwise, to direct or cause the direction of the
         policies, management and affairs thereof.

                  "Successor Security" of any particular Security means every
Security issued after, and evidencing all or a portion of the same debt as that
evidenced by, such particular Security; and, for the purposes of this
definition, any Security authenticated and delivered under Section 308 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall
be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen
Security.

                  "Trust Indenture Act" means the Trust Indenture Act of 1939,
as amended, or any successor statute.

                  "Trustee" means the Person named as the "Trustee" in the first
paragraph of this Indenture, until a successor trustee shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
"Trustee" shall mean such successor trustee.

                                     - 26 -

<PAGE>

                  "Unrestricted Global Securities" means one or more permanent
Global Securities in registered form representing the aggregate principal amount
of Exchange Securities exchanged for Initial Securities pursuant to the Exchange
Offer.

                  "Unrestricted Subsidiary" means any Subsidiary of the Company
(other than a Guarantor) designated as such pursuant to and in compliance with
Section 1017 hereof.

                  "Viewpoint" means Viewpoint International, Inc.

                  "Voting Stock" of a Person means Capital Stock of such Person
of the class or classes pursuant to which the holders thereof have the general
voting power under ordinary circumstances to elect at least a majority of the
board of directors, managers or trustees of such Person (irrespective of whether
or not at the time Capital Stock of any other class or classes shall have or
might have voting power by reason of the happening of any contingency).

                  "Wholly Owned Restricted Subsidiary" means a Restricted
Subsidiary all the Capital Stock of which is owned by the Company or another
Wholly Owned Restricted Subsidiary (other than directors' qualifying shares).

         SECTION 102. OTHER DEFINITIONS.

<TABLE>
<CAPTION>
Term                                                                    Defined in Section
----                                                                    ------------------
<S>                                                                     <C>
"Act"                                                                   105
"Agent Members"                                                         306
"Change of Control Offer"                                               1014
"Change of Control Purchase Date"                                       1014
"Change of Control Purchase Notice"                                     1014
"Change of Control Purchase Price"                                      1014
"control"                                                               101 ("Affiliate")
"covenant defeasance"                                                   403
"CUSIP"                                                                 310
"Defaulted Interest"                                                    309
"defeasance"                                                            402
"Defeasance Redemption Date"                                            404
"Defeased Securities"                                                   401
"Designation"                                                           1017
"Designation Amount"                                                    1017
"DTC"                                                                   101 ("Depositary")
"Excess Proceeds"                                                       1012
"Exchange Securities"                                                   Recitals
"incur"                                                                 1008
"Initial Securities"                                                    Recitals
"maximum fixed repurchase price"                                        101 ("Indebtedness")
"Offer"                                                                 1012
"Offer Date"                                                            1012
"Offered Price"                                                         1012
"Offshore Transaction"                                                  202
"Pari Passu Debt Amount"                                                1012
"Pari Passu Offer"                                                      1012
</TABLE>

                                     - 27 -

<PAGE>

<TABLE>
<S>                                                                     <C>
"Permitted Indebtedness"                                                1008
"Permitted Payment"                                                     1009
"Private Placement Legend"                                              202
"Purchase Money Security Agreement"                                     101 ("Purchase Money
                                                                              Obligation")
"Qualified Institutional Buyer"                                         202
"refinancing"                                                           1008
"Registration Default"                                                  202
"Required Filing Date"                                                  1018
"Restricted Payment"                                                    1009
"Restricted Period"                                                     201
"restricted security"                                                   307
"Revocation"                                                            1017
"Security Amount"                                                       1012
"Security Register"                                                     305
"Security Registrar"                                                    305
"Special Payment Date"                                                  309
"Surviving Entity"                                                      801
"Surviving Guarantor Entity"                                            801
"transfer"                                                              101 ("Asset Sale")
"U.S. Government Obligations"                                           404
"U.S. Person"                                                           202
</TABLE>

         SECTION 103. COMPLIANCE CERTIFICATES AND OPINIONS.

                  Upon any application or request by the Company to the Trustee
to take any action under any provision of this Indenture, the Company and any
Guarantor (if applicable) and any other obligor on the Securities (if
applicable) shall, in each case at the request of the Trustee, furnish to the
Trustee an Officers' Certificate in a form and substance reasonably acceptable
to the Trustee stating that all conditions precedent, if any, provided for in
this Indenture (including any covenant compliance with which constitutes a
condition precedent) relating to the proposed action have been complied with,
and an Opinion of Counsel in a form and substance reasonably acceptable to the
Trustee stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with, except that, in the case of any such
application or request as to which the furnishing of such certificates or
opinions is specifically required by any provision of this Indenture relating to
such particular application or request, no additional certificate or opinion
need be furnished.

                  Every certificate or Opinion of Counsel with respect to
compliance with a condition or covenant provided for in this Indenture (other
than pursuant to Section 1019) shall include:

                  (a)      a statement that each individual signing such
certificate or individual or firm signing such opinion has read and understands
such covenant or condition and the definitions herein relating thereto;

                  (b)      a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based;

                                     - 28 -

<PAGE>

                  (c)      a statement that, in the opinion of each such
individual or such firm, he or it has made such examination or investigation as
is necessary to enable him or it to express an informed opinion as to whether or
not such covenant or condition has been complied with; and

                  (d)      a statement as to whether, in the opinion of each
such individual or such firm, such condition or covenant has been complied with.

         SECTION 104. FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

                  In any case where several matters are required to be certified
by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

                  Any certificate of an officer of the Company, any Guarantor or
other obligor on the Securities may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to the matters
upon which his or her certificate or opinion is based are erroneous. Any such
certificate or opinion may be based, insofar as it relates to factual matters,
upon a certificate or opinion of, or representations by, an officer or officers
of the Company, any Guarantor or other obligor on the Securities stating that
the information with respect to such factual matters is in the possession of the
Company, any Guarantor or other obligor on the Securities, unless such officer
or counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters are
erroneous. Opinions of Counsel required to be delivered to the Trustee may have
qualifications customary for opinions of the type required and counsel
delivering such Opinions of Counsel may rely on certificates of the Company or
government or other officials customary for opinions of the type required,
including certificates certifying as to matters of fact, including that various
financial covenants have been complied with.

                  Any certificate or opinion of an officer of the Company, any
Guarantor or other obligor on the Securities may be based, insofar as it relates
to accounting matters, upon a certificate or opinion of, or representations by,
an accountant or firm of accountants in the employ of the Company, unless such
officer knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to the accounting matters
upon which his certificate or opinion may be based are erroneous. Any
certificate or opinion of any independent firm of public accountants filed with
the Trustee shall contain a statement that such firm is independent with respect
to the Company.

                  Where any Person is required to make, give or execute two or
more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated
and form one instrument.

         SECTION 105. ACTS OF HOLDERS.

                  (a)      Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given
or taken by Holders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall

                                     - 29 -

<PAGE>

become effective when such instrument or instruments are delivered to the
Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and conclusive in favor of the Trustee and the Company, if made in the
manner provided in this Section 105.

                  (b)      The ownership of Securities shall be proved by the
Security Register.

                  (c)      Any request, demand, authorization, direction,
notice, consent, waiver or other Act by the Holder of any Security shall bind
every future Holder of the same Security or the Holder of every Security issued
upon the transfer thereof or in exchange therefor or in lieu thereof, in respect
of anything done, suffered or omitted to be done by the Trustee, any Paying
Agent or the Company, any Guarantor or any other obligor of the Securities in
reliance thereon, whether or not notation of such action is made upon such
Security.

                  (d)      The fact and date of the execution by any Person of
any such instrument or writing may be proved by the affidavit of a witness of
such execution or by a certificate of a notary public or other officer
authorized by law to take acknowledgments of deeds, certifying that the
individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by a signer acting in a capacity other than his
individual capacity, such certificate or affidavit shall also constitute
sufficient proof of his authority. The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same,
may also be proved in any other manner which the Trustee deems sufficient.

                  (e)      If the Company shall solicit from the Holders any
request, demand, authorization, direction, notice, consent, waiver or other Act,
the Company may, at its option, by or pursuant to a Board Resolution, fix in
advance a record date for the determination of such Holders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other
Act, but the Company shall have no obligation to do so. Notwithstanding Trust
Indenture Act Section 316(c), any such record date shall be the record date
specified in or pursuant to such Board Resolution, which shall be a date not
more than 30 days prior to the first solicitation of Holders generally in
connection therewith and no later than the date such first solicitation is
completed.

                  If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other Act may be given
before or after such record date, but only the Holders of record at the close of
business on such record date shall be deemed to be Holders for purposes of
determining whether Holders of the requisite proportion of Securities then
Outstanding have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for this
purpose the Securities then Outstanding shall be computed as of such record
date; provided that no such request, demand, authorization, direction, notice,
consent, waiver or other Act by the Holders on such record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this
Indenture not later than six months after such record date.

                  (f)      For purposes of this Indenture, any action by the
Holders which may be taken in writing may be taken by electronic means or as
otherwise reasonably acceptable to the Trustee.

                                     - 30 -
<PAGE>

         SECTION 106.      NOTICES, ETC., TO THE TRUSTEE, THE COMPANY AND ANY
GUARANTOR.

                  Any request, demand, authorization, direction, notice,
consent, waiver or Act of Holders or other document provided or permitted by
this Indenture to be made upon, given or furnished to, or filed with:

         (a)      the Trustee by any Holder or by the Company or any Guarantor
or any other obligor on the Securities shall be sufficient for every purpose
(except as provided in Section 501(c)) hereunder if in writing and mailed,
first-class postage prepaid, or delivered by recognized overnight courier, to or
with the Trustee at its Corporate Trust Office, Attention: Corporate Trust
Department, or at any other address previously furnished in writing to the
Holders or the Company, any Guarantor or any other obligor on the Securities by
the Trustee; or

         (b)      the Company or any Guarantor by the Trustee or any Holder
shall be sufficient for every purpose (except as provided in Section 501(c))
hereunder if in writing and mailed, first-class postage prepaid, or delivered by
recognized overnight courier, to the Company or such Guarantor addressed to it
c/o Oxford Industries, Inc., 222 Piedmont Avenue, N.E., Atlanta, Georgia 30308,
Attention: General Counsel, or at any other address previously furnished in
writing to the Trustee by the Company or such Guarantor.

         SECTION 107.      NOTICE TO HOLDERS; WAIVER.

                  Where this Indenture provides for notice to Holders of any
event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, or
delivered by recognized overnight courier, to each Holder affected by such
event, at its address as it appears in the Security Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Holders is given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders. Any notice when mailed to a Holder in the aforesaid manner shall
be conclusively deemed to have been received by such Holder whether or not
actually received by such Holder. Where this Indenture provides for notice in
any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with
the Trustee, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver.

                  In case by reason of the suspension of regular mail service or
by reason of any other cause, it shall be impracticable to mail notice of any
event as required by any provision of this Indenture, then any method of giving
such notice as shall be reasonably satisfactory to the Trustee shall be deemed
to be a sufficient giving of such notice.

         SECTION 108.      CONFLICT WITH TRUST INDENTURE ACT.

                  If any provision hereof limits, qualifies or conflicts with
any provision of the Trust Indenture Act or another provision which is required
or deemed to be included in this Indenture by any of the provisions of the Trust
Indenture Act, the provision or requirement of the Trust Indenture Act shall
control. If any provision of this Indenture modifies or excludes any provision
of the Trust Indenture Act that may be so modified or excluded, the latter
provision shall be deemed to apply to this Indenture as so modified or to be
excluded, as the case may be.

                                     - 31 -

<PAGE>

         SECTION 109.      EFFECT OF HEADINGS AND TABLE OF CONTENTS.

                  The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof.

         SECTION 110.      SUCCESSORS AND ASSIGNS.

                  All covenants and agreements in this Indenture by the Company
and the Guarantors shall bind their respective successors and assigns, whether
so expressed or not.

         SECTION 111.      SEPARABILITY CLAUSE.

                  In case any provision in this Indenture or in the Securities
or Guarantees shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

         SECTION 112.      BENEFITS OF INDENTURE.

                  Nothing in this Indenture or in the Securities or Guarantees,
express or implied, shall give to any Person (other than the parties hereto and
their successors hereunder, any Paying Agent and the Holders) any benefit or any
legal or equitable right, remedy or claim under this Indenture.

         SECTION 113.      GOVERNING LAW.

                  THIS INDENTURE, THE SECURITIES AND THE GUARANTEES SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF.

         SECTION 114.      LEGAL HOLIDAYS.

                  In any case where any Interest Payment Date, Redemption Date,
Maturity or Stated Maturity of any Security shall not be a Business Day, then
(notwithstanding any other provision of this Indenture or of the Securities)
payment of interest or principal or premium, if any, need not be made on such
date, but may be made on the next succeeding Business Day with the same force
and effect as if made on such Interest Payment Date or Redemption Date, or at
the Maturity or Stated Maturity and no interest shall accrue with respect to
such payment for the period from and after such Interest Payment Date,
Redemption Date, Maturity or Stated Maturity, as the case may be, to the next
succeeding Business Day.

         SECTION 115.      SCHEDULES AND EXHIBITS.

                  All schedules and exhibits attached hereto are by this
reference made a part hereof with the same effect as if herein set forth in
full.

         SECTION 116.      COUNTERPARTS.

                  This Indenture may be executed in any number of counterparts,
each of which shall be deemed an original; but all such counterparts shall
together constitute but one and the same instrument.

                                     - 32 -

<PAGE>

         SECTION 117.      NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS,
EMPLOYEES OR STOCKHOLDERS.

                  No director, officer, employee, member or stockholder of the
Company or any Guarantor, as such, will have any liability for any obligations
of the Company or the Guarantors under the Securities, this Indenture, the
Guarantees, or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder of Securities by accepting a Security
waives and releases the Company and each Guarantor from all such liability. The
waiver and release are part of the consideration for issuance of the Securities.

                                   ARTICLE TWO

                                 SECURITY FORMS

         SECTION 201.      FORMS GENERALLY.

                  The Securities, the Guarantees and the Trustee's certificate
of authentication thereon shall be in substantially the forms set forth in this
Article Two, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted hereby and may have such letters,
numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange,
any organizational document or governing instrument or applicable law or as may,
consistently herewith, be determined by the officers executing such Securities
and Guarantees, as evidenced by their execution of the Securities and
Guarantees. Any portion of the text of any Security may be set forth on the
reverse thereof, with an appropriate reference thereto on the face of the
Security.

                  The definitive Securities shall be printed, lithographed or
engraved or produced by any combination of these methods or may be produced in
any other manner permitted by the rules of any securities exchange on which the
Securities may be listed, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.

                  Securities offered and sold in reliance on Rule 144A shall be
issued initially in the form of one or more Rule 144A Global Securities,
substantially in the form set forth in Section 202, deposited upon issuance with
the Trustee, as custodian for the Depositary, registered in the name of the
Depositary or its nominee, in each case for credit to an account of a direct or
indirect participant of the Depositary, duly executed by the Company and
authenticated by the Trustee as hereinafter provided. The aggregate principal
amount of the Rule 144A Global Securities may from time to time be increased or
decreased by adjustments made on the records of the Trustee, as custodian for
the Depositary or its nominee, as hereinafter provided.

                  Securities offered and sold in reliance on Regulation S shall
be issued in the form of one or more Regulation S Global Securities,
substantially in the form set forth in Section 202, deposited upon issuance with
the Trustee, as custodian for the Depositary, registered in the name of the
Depositary or its nominee, in each case for credit by the Depositary to an
account of a direct or indirect participant of the Depositary, duly executed by
the Company and authenticated by the Trustee as hereinafter provided; provided,
however, that upon such deposit through and including the 40th day after the
later of the commencement of the offering of such Securities and the original
issue date of such Securities (such period through and including such 40th day,
the "Restricted Period"), all such Securities shall be credited to or through
accounts maintained at the Depositary by or on behalf of Euroclear or
Clearstream unless exchanged for interests in the Rule 144A Global Securities in

                                     - 33 -

<PAGE>

accordance with the transfer and certification requirements described below. The
aggregate principal amount of the Regulation S Global Securities may from time
to time be increased or decreased by adjustments made on the records of the
Trustee, as custodian for the Depositary or its nominee, as hereinafter
provided.

                  Exchange Securities exchanged for Initial Securities shall be
issued initially in the form of one or more Unrestricted Global Securities,
substantially in the form set forth in Section 202, deposited upon issuance with
the Trustee, as custodian for the Depositary, registered in the name of the
Depositary or its nominee, in each case for credit to an account of a direct or
indirect participant of the Depositary, duly executed by the Company and
authenticated by the Trustee as hereinafter provided. The aggregate principal
amount of the Exchange Global Securities may from time to time be increased or
decreased by adjustments made on the records of the Trustee, as custodian for
the Depositary or its nominee, as hereinafter provided.

                  With respect to any Additional Securities issued subsequent to
the date of this Indenture, (1) all references in Section 202 herein and
elsewhere in this Indenture to a Registration Rights Agreement shall be to the
registration rights agreement entered into with respect to such Additional
Securities, (2) any references in Section 202 and elsewhere in this Indenture to
the Exchange Offer, Exchange Offer Registration Statement, Shelf Registration
Statement, Initial Purchasers, Registration Default, and any other term related
thereto shall be to such terms as they are defined in such registration rights
agreement entered into with respect to such Additional Securities, (3) all time
periods described in the Securities with respect to the registration of such
Additional Securities shall be as provided in such Registration Rights Agreement
entered into with respect to such Additional Securities and (4) all provisions
of this Indenture shall be construed and interpreted to permit the issuance of
such Additional Securities and to allow such Additional Securities to become
fungible and interchangeable with the Initial Securities originally issued under
this Indenture.

         SECTION 202.      FORM OF FACE OF SECURITY.

                  (a)      The form of the face of any Initial Securities
authenticated and delivered hereunder shall be substantially as follows:

                  THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
                  OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATE
                  SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR
                  PARTICIPATION HEREIN OR THEREIN MAY BE REOFFERED, SOLD,
                  ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
                  DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, OR UNLESS
                  SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
                  REGISTRATION AS SET FORTH BELOW.

                  BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A)
                  IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE
                  144A UNDER THE SECURITIES ACT ("RULE 144A") OR (B) IT IS NOT A
                  U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
                  TRANSACTION OR (C) AN "INSTITUTIONAL ACCREDITED INVESTOR" (AS
                  DEFINED IN RULE

                                     - 34 -

<PAGE>

                  501(A)(1),(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
                  ACT) AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH
                  SECURITY PRIOR TO THE DATE WHICH IS TWO YEARS AFTER THE LATER
                  OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH
                  THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF
                  THIS SECURITY (OR ANY PREDECESSOR OF THIS SECURITY) ONLY (A)
                  TO THE COMPANY OR ANY SUBSIDIARY OF THE COMPANY, (B) PURSUANT
                  TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE
                  UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
                  ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A INSIDE THE
                  UNITED STATES, TO A PERSON IT REASONABLY BELIEVES IS A
                  "QUALIFIED INSTITUTIONAL BUYER" THAT PURCHASES FOR ITS OWN
                  ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER
                  TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
                  RELIANCE ON RULE 144A, (D) OUTSIDE THE UNITED STATES PURSUANT
                  TO OFFERS AND SALES TO NON-U.S. PERSONS IN AN OFFSHORE
                  TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE
                  SECURITIES ACT, (E) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN
                  A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
                  SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
                  FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
                  SUBJECT TO THE COMPANY'S AND THE TRUSTEE'S RIGHT PRIOR TO ANY
                  SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO CLAUSES (D), (E)
                  OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
                  CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF
                  THEM, AND (II) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT
                  A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER
                  SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE
                  TRANSFEROR TO THE TRUSTEE. AS USED HEREIN, THE TERMS "UNITED
                  STATES," "OFFSHORE TRANSACTION," AND "U.S. PERSON" HAVE THE
                  RESPECTIVE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE
                  SECURITIES ACT.

                  [LEGEND IF SECURITY IS A GLOBAL SECURITY]

                  THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
                  INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE
                  NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A
                  SUCCESSOR DEPOSITARY. TRANSFERS OF THIS GLOBAL SECURITY

                                     - 35 -

<PAGE>

                  SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
                  NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH
                  SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
                  SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
                  THE RESTRICTIONS SET FORTH IN SECTIONS 306 AND 307 OF THE
                  INDENTURE.

                  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
                  REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
                  CORPORATION ("DTC"), TO THE COMPANY OR ITS AGENT FOR
                  REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT AND ANY SUCH
                  CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
                  IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
                  REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
                  OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
                  REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
                  HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
                  INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
                  INTEREST HEREIN.

                  [LEGEND IF SECURITY IS A REGULATION S GLOBAL SECURITY]

                  THIS SECURITY IS A REGULATION S GLOBAL SECURITY WITHIN THE
                  MEANING OF THE INDENTURE REFERRED TO HEREIN. INTERESTS IN THIS
                  REGULATION S GLOBAL SECURITY MAY NOT BE OFFERED OR SOLD TO A
                  U.S. PERSON OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON
                  PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD (AS DEFINED
                  IN THE INDENTURE), AND NO TRANSFER OR EXCHANGE OF AN INTEREST
                  IN THIS REGULATION S GLOBAL SECURITY MAY BE MADE FOR AN
                  INTEREST IN A RULE 144A GLOBAL SECURITY UNTIL AFTER THE
                  TERMINATION OF THE RESTRICTED PERIOD OR AS OTHERWISE PERMITTED
                  BY LAW AND CONTEMPLATED BY THE INDENTURE.

                                     - 36 -

<PAGE>

                             OXFORD INDUSTRIES, INC.

                           8 7/8% SENIOR NOTE DUE 2011

                                                        CUSIP NO. ______________

No. __________    $__________

                  Oxford Industries, Inc., a Georgia corporation (herein called
the "Company," which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede &
Co., or registered assigns, the principal sum of ________ United States dollars
on June 1, 2011, at the office or agency of the Company referred to below, and
to pay interest thereon from May 16, 2003, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semiannually
on June 1 and December 1 in each year, commencing December 1, 2003 at the rate
of 8 7/8% per annum, in United States dollars, until the principal hereof is
paid or duly provided for. Interest shall be computed on the basis of a 360-day
year comprised of twelve 30-day months.

                  The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid
to the Person in whose name this Security (or any Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be May 15 or November 15 (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid, or duly provided for, and interest on such defaulted
interest at the interest rate borne by the Initial Securities, to the extent
lawful, shall forthwith cease to be payable to the Holder on such Regular Record
Date, and may either be paid to the Person in whose name this Security (or any
Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such defaulted interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities not less than 10
days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities may be listed, and upon such notice as may be required
by the Indenture not inconsistent with the requirements of such exchange, all as
more fully provided in the Indenture.

                  Payment of the principal of, premium, if any, and interest on,
this Security, and exchange or transfer of the Security, will be made at the
office or agency of the Company in The City of New York maintained for that
purpose (which initially will be a corporate trust office of an affiliate of the
Trustee, SunTrust Bank, located at SunTrust Bank c/o Computershare Trust Co. of
New York, 88 Pine Street, Wall Street Plaza, 19th Floor, New York, NY 10005), or
at such other office or agency as may be maintained for such purpose, in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts; provided, however, that
payment of interest may be made at the option of the Company by check mailed to
the address of the Person entitled thereto as such address shall appear on the
Security Register.

                  Reference is hereby made to the further provisions of this
Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

                                     - 37 -

<PAGE>

                  This Security is entitled to the benefits of the Guarantees by
the Guarantors of the punctual payment when due and performance of the Indenture
Obligations made in favor of the Trustee for the benefit of the Holders.
Reference is made to Article Thirteen of the Indenture for a statement of the
respective rights, limitations of rights, duties and obligations under the
Guarantees of the Guarantors.

                  Unless the certificate of authentication hereon has been duly
executed by the Trustee referred to on the reverse hereof or by the
authenticating agent appointed as provided in the Indenture by manual signature
of an authorized signer, this Security shall not be entitled to any benefit
under the Indenture, or be valid or obligatory for any purpose.

                                     - 38 -

<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed by the manual or facsimile signature of its authorized officer.

                                                     OXFORD INDUSTRIES, INC.

                                                     By: _______________________
                                                         Name:
                                                         Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                  This is one of the 8 7/8% Senior Notes due 2011 referred to in
the within-mentioned Indenture.

                                                     SUNTRUST BANK, as Trustee

                                                     By: _______________________
                                                         Authorized Signer

Dated:

                                     - 39 -

<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you wish to have this Security purchased by the Company
pursuant to Section 1012 or Section 1014, as applicable, of the Indenture, check
the Box: [ ].

                  If you wish to have a portion of this Security purchased by
the Company pursuant to Section 1012 or Section 1014, as applicable, of the
Indenture, state the amount (in original principal amount):

                              $ _________________.

Date: ___________________                  Your Signature: _____________________

(Sign exactly as your name appears on the other side of this Security)

Signature Guarantee:  __________________________________

[Signature must be guaranteed by an eligible Guarantor Institution (banks, stock
brokers, savings and loan associations and credit unions) with membership in an
approved guarantee medallion program pursuant to Securities and Exchange
Commission Rule 17Ad-15]

                                     - 40 -

<PAGE>

                            [FORM OF TRANSFER NOTICE]

                  FOR VALUE RECEIVED the undersigned registered holder hereby
sell(s), assign(s) and transfer(s) unto

Insert Taxpayer Identification No.
___________________________________
________________________________________________________________________________
________________________________________________________________________________
(Please print or typewrite name and address including zip code of assignee)

________________________________________________________________________________
the within Security and all rights thereunder, hereby irrevocably constituting
and appointing

________________________________________________________________________________
attorney to transfer such Security on the books of the Company with full power
of substitution in the premises.

                  In connection with any transfer of this Security occurring
prior to the date which is the earlier of the date of an effective Registration
Statement or two years after the issuance of the relevant Securities, the
undersigned confirms that without utilizing any general solicitation or general
advertising that:

                                   [Check One]

[ ](a)            this Security is being transferred in compliance with the
                  exemption from registration under the Securities Act of 1933,
                  as amended, provided by Rule 144A thereunder.

                                       or

[ ](b)            this Security is being transferred other than in accordance
                  with (a) above and documents are being furnished which comply
                  with the conditions of transfer set forth in this Security and
                  the Indenture.

If none of the foregoing boxes is checked, the Trustee or other Security
Registrar shall not be obligated to register this Security in the name of any
Person other than the Holder hereof unless and until the conditions to any such
transfer of registration set forth herein and in Section 307 of the Indenture
shall have been satisfied.

Date: _______________________

                                        _______________________________________
                                        NOTICE: The signature to this assignment
                                        must correspond with the name as written
                                        upon the face of the within-mentioned
                                        instrument in every particular, without
                                        alteration or any change whatsoever.

                                     - 41 -

<PAGE>

Signature Guarantee: _____________________________

[Signature must be guaranteed by an eligible Guarantor Institution (banks, stock
brokers, savings and loan associations and credit unions) with membership in an
approved guarantee medallion program pursuant to Securities and Exchange
Commission Rule 17Ad-15]

TO BE COMPLETED BY PURCHASER IF (a) ABOVE IS CHECKED.

                  The undersigned represents and warrants that it is purchasing
this Security for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a
"qualified institutional buyer" within the meaning of Rule 144A under the
Securities Act of 1933, as amended and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Company as the undersigned has requested pursuant to
Rule 144A or has determined not to request such information and that it is aware
that the transferor is relying upon the undersigned's foregoing representations
in order to claim the exemption from registration provided by Rule 144A.

Dated: _________________      ______________________________________
                              NOTICE: To be executed by an authorized signatory

                                     - 42 -

<PAGE>

                  (b)      The form of the face of any Exchange Securities
authenticated and delivered hereunder shall be substantially as follows:

                  [LEGEND IF SECURITY IS A GLOBAL SECURITY]

                  THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
                  INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE
                  NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A
                  SUCCESSOR DEPOSITARY. TRANSFERS OF THIS GLOBAL SECURITY SHALL
                  BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES
                  OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S
                  NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY
                  SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
                  RESTRICTIONS SET FORTH IN SECTIONS 306 AND 307 OF THE
                  INDENTURE.

                  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
                  REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
                  CORPORATION ("DTC"), TO THE COMPANY OR ITS AGENT FOR
                  REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT AND ANY SUCH
                  CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
                  IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
                  REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
                  OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
                  REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
                  HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
                  INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
                  INTEREST HEREIN.

                                     - 43 -

<PAGE>

                             OXFORD INDUSTRIES, INC.

                           8 7/8% SENIOR NOTE DUE 2011

                                                        CUSIP NO. ______________

No. __________    $_______________________

                  Oxford Industries, Inc., a Georgia corporation (herein called
the "Company," which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede &
Co. or registered assigns, the principal sum of _______ United States dollars on
June 1, 2011, at the office or agency of the Company referred to below, and to
pay interest thereon from May 16, 2003, or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semiannually on June
1 and December 1in each year, commencing December 1, 2003 at the rate of 8 7/8%
per annum, in United States dollars, until the principal hereof is paid or duly
provided for; provided that to the extent interest has not been paid or duly
provided for with respect to the Initial Security exchanged for this Exchange
Security, interest on this Exchange Security shall accrue from the most recent
Interest Payment Date to which interest on the Initial Security which was
exchanged for this Exchange Security has been paid or duly provided for.
Interest shall be computed on the basis of a 360-day year comprised of twelve
30-day months.

                  This Exchange Security was issued pursuant to the Exchange
Offer pursuant to which the 8 7/8% Senior Notes due 2011, and related Guarantees
(herein called the "Initial Securities") in like principal amount were exchanged
for the Exchange Securities and related Guarantees. The Exchange Securities rank
pari passu in right of payment with the Initial Securities.

                  The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid
to the Person in whose name this Security (or any Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be May 15 or November 15 (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid, or duly provided for, and interest on such defaulted
interest at the interest rate borne by the Exchange Securities, to the extent
lawful, shall forthwith cease to be payable to the Holder on such Regular Record
Date, and may either be paid to the Person in whose name this Security (or any
Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such defaulted interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities not less than 10
days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities may be listed, and upon such notice as may be required
by the Indenture not inconsistent with the requirements of such exchange, all as
more fully provided in the Indenture.

                  Payment of the principal of, premium, if any, and interest on,
this Security, and exchange or transfer of the Security, will be made at the
office or agency of the Company in The City of New York maintained for such
purpose (which initially will be a corporate trust office of an affiliate of the
Trustee, SunTrust Bank, located at SunTrust Bank c/o Computershare Trust Co. of
New York, 88 Pine Street, Wall Street Plaza, 19th Floor, New York, NY 10005), or
at such other office or agency as may be maintained for such purpose, in such
coin or currency of the United States of America as at

                                     - 44 -

<PAGE>

the time of payment is legal tender for payment of public and private debts;
provided, however, that payment of interest may be made at the option of the
Company by check mailed to the address of the Person entitled thereto as such
address shall appear on the Security Register.

                  Reference is hereby made to the further provisions of this
Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

                  This Security is entitled to the benefits of the Guarantees by
the Guarantors of the punctual payment when due and performance of the Indenture
Obligations made in favor of the Trustee for the benefit of the Holders.
Reference is made to Article Thirteen of the Indenture for a statement of the
respective rights, limitations of rights, duties and obligations under the
Guarantees of the Guarantors.

                  Unless the certificate of authentication hereon has been duly
executed by the Trustee referred to on the reverse hereof or by the
authenticating agent appointed as provided in the Indenture by manual signature
of an authorized signer, this Security shall not be entitled to any benefit
under the Indenture, or be valid or obligatory for any purpose.

                                     - 45 -

<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed by the manual or facsimile signature of its authorized officer.

                                     OXFORD INDUSTRIES, INC.

                                     By: _______________________________________
                                         Name:
                                         Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                  This is one of the 8 7/8% Senior Notes due 2011 referred to in
the within-mentioned Indenture.

                                     SUNTRUST BANK, as Trustee

                                     By: _______________________________________
                                         Authorized Signer

Dated:

                                     - 46 -

<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you wish to have this Security purchased by the Company
pursuant to Section 1012 or Section 1014, as applicable, of the Indenture, check
the Box: [ ].

                  If you wish to have a portion of this Security purchased by
the Company pursuant to Section 1012 or Section 1014 as applicable, of the
Indenture, state the amount (in original principal amount):

                               $________________.

Date:  ___________________    Your Signature:  _____________________

(Sign exactly as your name appears on the other side of this Security)

Signature Guarantee:  __________________________________

[Signature must be guaranteed by an eligible Guarantor Institution (banks, stock
brokers, savings and loan associations and credit unions) with membership in an
approved guarantee medallion program pursuant to Securities and Exchange
Commission Rule 17Ad-15]

                                     - 47 -

<PAGE>

                         FORM OF TRANSFEREE CERTIFICATE

I or we assign and transfer this Security to:

Please insert social security or other identifying number of assignee

_______________________________________________________________________

_______________________________________________________________________

Print or type name, address and zip code of assignee and irrevocably
appoint________________________________________________________________

[Agent], to transfer this Security on the books of the Company. The Agent may
substitute another to act for him.

Dated  ____________________      Signed_____________________________

(Sign exactly as name appears on the other side of this Security)

[Signature must be guaranteed by an eligible Guarantor Institution (banks, stock
brokers, savings and loan associations and credit unions) with membership in an
approved guarantee medallion program pursuant to Securities and Exchange
Commission Rule 17 Ad-15]

                                     - 48 -

<PAGE>

         SECTION 203.      FORM OF REVERSE OF SECURITIES.

                  (a)      The form of the reverse of the Initial Securities
shall be substantially as follows:

                             OXFORD INDUSTRIES, INC.

                           8 7/8% Senior Note due 2011

                  This Security is one of a duly authorized issue of Securities
of the Company designated as its 8 7/8% Senior Notes due 2011, Initial (herein
called the "Initial Securities"), initially limited (except as otherwise
provided in the Indenture referred to below) in aggregate principal amount to
$200,000,000, issued under and subject to the terms of an indenture (herein
called the "Indenture") dated as of May 16, 2003, among the Company, the
Guarantors and SunTrust Bank, as trustee (herein called the "Trustee," which
term includes any successor trustee under the Indenture), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitations of rights, duties, obligations and immunities
thereunder of the Company, the Guarantors, the Trustee and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered.

                  The Company may, from time to time, without notice to or the
consent of the Holders of the Securities, create and issue Additional Securities
under the Indenture ranking equally with the Initial Securities in all respects
(or in all respects other than the payment of interest accruing prior to the
issue date of such Additional Securities or except for the first payment of
interest following the issue date of such Additional Securities), subject to the
limitations described in Section 1008 of the Indenture. Such Additional
Securities will be consolidated and form a single series with the Initial
Securities and have the same terms as to status, redemption or otherwise as the
Initial Securities.

                  The Holder of this Initial Security is entitled to the
benefits of the Registration Rights Agreement among the Company, the Guarantors
and the Initial Purchasers, dated as of May 16, 2003, pursuant to which, subject
to the terms and conditions thereof, the Company and the Guarantors have agreed
to consummate the Exchange Offer pursuant to which the Holder of this Security
(and the related Guarantees) shall have the right to exchange this Security (and
the related Guarantees) for 8 7/8% Senior Notes due 2011, and related guarantees
(herein called the "Exchange Securities") in like principal amount as provided
therein. In addition, the Company and the Guarantors have agreed to register the
Securities for resale under the Securities Act through a Shelf Registration
Statement under certain circumstances. The Initial Securities and the Exchange
Securities are together (including related Guarantees) referred to as the
"Securities." The Initial Securities rank pari passu in right of payment with
the Exchange Securities.

                  In the event that (a) the Exchange Offer is not consummated on
or prior to September 30, 2004, or (b) a Shelf Registration Statement required
to be filed is not declared effective on or prior to the 180th day following the
date a Shelf Registration is required to be filed with the Commission (each such
event referred to in clauses (a) and (b) above, a "Registration Default"),
additional interest will accrue on the principal amount of the Initial
Securities at a rate of 2% per year from and including the date any such event
occurs through the date on which such event is cured, at which point the
additional interest will cease to accrue; provided, however, that, if after any
such additional interest ceases to accrue, a different event specified in clause
(a) or (b) above occurs, additional interest again shall accrue pursuant to the
foregoing provisions. If the Shelf Registration Statement is declared effective
but thereafter shall become unusable for more than 60 days in the aggregate,
then the interest rate borne by

                                     - 49 -

<PAGE>

the Initial Securities will be increased by 0.25% per annum of the principal
amount of the Initial Securities for the first 90-day period (or portion
thereof) beginning on the 61st such date that such Shelf Registration Statement
ceases to be usable, which rate shall be increased by an additional 0.25% per
annum of the principal amount of the Initial Securities at the beginning of each
subsequent 90-day period, provided that the maximum aggregate increase in the
interest rate will in no event exceed one percent (1%) per annum. Upon the Shelf
Registration Statement once again becoming usable, the interest rate borne by
the Initial Securities will be reduced to the original interest rate.

                  The Securities are subject to redemption at any time on or
after June 1, 2007, at the option of the Company, in whole or in part, on not
less than 30 nor more than 60 days' prior notice, in amounts of $1,000 or an
integral multiple thereof, at the following Redemption Prices (expressed as
percentages of the principal amount), if redeemed during the 12-month period
beginning June 1 of the years indicated below:

<TABLE>
<CAPTION>
                                                      Redemption
Year                                                    Price
----                                                  ----------
<S>                                                   <C>
2007                                                   104.438%
2008                                                   102.219%
</TABLE>

and thereafter at 100% of the principal amount, in each case, together with
accrued and unpaid interest, if any, to the Redemption Date (subject to the
rights of Holders of record on relevant record dates to receive interest due on
an Interest Payment Date).

                  In addition, at any time prior to June 1, 2006, the Company,
at its option, may use the net proceeds of one or more Equity Offerings to
redeem up to an aggregate of 35% of the aggregate principal amount of Securities
originally issued under the Indenture at a Redemption Price equal to 108.875% of
the aggregate principal amount thereof, plus accrued and unpaid interest
thereon, if any, to the Redemption Date (subject to the rights of Holders of
record on relevant record dates to receive interest due on an Interest Payment
Date); provided that this redemption provision shall not be applicable with
respect to any transaction that results in a Change of Control; provided,
further that at least 65% of the initial aggregate principal amount of
Securities remains outstanding immediately after the occurrence of such
redemption.

                  In addition, at any time prior to June 1, 2007, the Company
may redeem all or a portion of the Securities in amounts of $1,000 or an
integral multiple thereof, at a price equal to the greater of:

                  (i)      100% of the aggregate principal amount of the
         Securities to be redeemed, together with accrued and unpaid interest,
         if any, to the date of redemption, and

                  (ii)     as determined by an Independent Investment Banker,
         the sum of the present values of 104.438% of the principal of the
         Securities being redeemed plus scheduled payments of interest (not
         including any portion of such payments of interest accrued as of the
         date of redemption) from the date of redemption to June 1, 2007,
         discounted to the Redemption Date on a semiannual basis (assuming a
         360-day year consisting of twelve 30-day months) at the Adjusted
         Treasury Rate plus 50 basis points, together with accrued and unpaid
         interest, if any, to the date of redemption.

                  If less than all of the Securities are to be redeemed, the
Trustee shall select the Securities or portions thereof to be redeemed in
compliance with the requirements of the principal

                                     - 50 -
<PAGE>

national securities exchange, if any, on which the Securities are listed, or if
the Securities are not so listed, pro rata, by lot or by any other method the
Trustee shall deem fair and reasonable. Securities redeemed in part must be
redeemed only in integral multiples of $1,000. Redemption pursuant to the
provisions relating to an Equity Offering must be made on a pro rata basis or on
as nearly a pro rata basis as practicable (subject to the procedures of DTC or
any other depositary).

                  If: (1) the Release has not occurred on or prior to 5:00 p.m.,
New York City time, on the Deadline or (2) the Company has earlier notified the
Securities Intermediary that it will not proceed with the Acquisition then the
Company shall, on a Business Day designated by the Company that is not more than
20 Business Days following the Deadline or such earlier date as permitted by
applicable law (the "Special Mandatory Redemption Date") redeem all of the
Securities (the "Special Mandatory Redemption") at the Special Redemption Price.

                  Upon the occurrence of a Change of Control, each Holder may
require the Company to purchase such Holder's Securities in whole or in part in
integral multiples of $1,000, at a purchase price in cash in an amount equal to
101% of the principal amount thereof, plus accrued and unpaid interest, if any,
to the date of purchase, pursuant to a Change of Control Offer in accordance
with the procedures set forth in the Indenture.

                  Under certain circumstances described in the Indenture, the
Company will be required to apply the proceeds of Asset Sales to the repayment
of the Securities and Pari Passu Indebtedness.

                  In the case of any redemption or repurchase of Securities in
accordance with the Indenture, interest installments whose Stated Maturity is on
or prior to the Redemption Date will be payable to the Holders of such
Securities of record as of the close of business on the relevant Regular Record
Date or Special Record Date referred to on the face hereof. Securities (or
portions thereof) for which redemption and payment provision is made in
accordance with the Indenture shall cease to bear interest from and after the
Redemption Date.

                  In the event of redemption or repurchase of this Security in
accordance with the Indenture in part only, a new Security or Securities for the
unredeemed portion hereof shall be issued in the name of the Holder hereof upon
the cancellation hereof.

                  If an Event of Default shall occur and be continuing, the
principal amount of all the Securities may be declared due and payable in the
manner and with the effect provided in the Indenture.

                  The Indenture contains provisions for defeasance at any time
of (a) the entire Indebtedness on the Securities and (b) certain restrictive
covenants and related Defaults and Events of Default, in each case upon
compliance with certain conditions set forth therein.

                  The Indenture permits, with certain exceptions (including
certain amendments permitted without the consent of any Holders and certain
amendments which require the consent of all the Holders) as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the Guarantors and the rights of the Holders under the Indenture
and the Securities and the Guarantees at any time by the Company and the
Trustee with the consent of the Holders of at least a majority in aggregate
principal amount of the Securities at the time Outstanding. The Indenture also
contains provisions permitting, with certain exceptions (including certain
waivers which require the consent of all of the Holders) as therein provided,
the Holders of at least a majority

                                     - 51 -
<PAGE>

in aggregate principal amount of the Securities at the time Outstanding, on
behalf of the Holders of all the Securities, to waive compliance by the Company
and the Guarantors with certain provisions of the Indenture and the Securities
and the Guarantees and certain past Defaults under the Indenture and the
Securities and the Guarantees and their consequences. Any such consent or
waiver by or on behalf of the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of
any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent or waiver is
made upon this Security.

                  No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the
Company, any Guarantor or any other obligor on the Securities (in the event such
Guarantor or such other obligor is obligated to make payments in respect of the
Securities), which is joint and several, full, absolute and unconditional, to
pay the principal of, premium, if any, and interest on, this Security at the
times, place, and rate, and in the coin or currency, herein prescribed.

                  As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in
the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in the Borough of Manhattan, The
City of New York, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or its attorney duly authorized in writing, and
thereupon one or more new Securities, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or
transferees.

                  Certificated securities shall be transferred to all beneficial
holders in exchange for their beneficial interests in the Rule 144A Global
Securities, the Regulation S Global Securities or the IAI Global Securities if
(i) the Depositary (A) has notified the Company that it is unwilling or unable
to continue as Depositary for such Global Security or (B) has ceased to be a
clearing agency registered as such under the Exchange Act, and in either case
the Company fails to appoint a successor Depositary within 90 days, (ii) the
Company, at its option, notifies the Trustee in writing that it elects to cause
the issuance of the Securities in certificated form or (iii) there shall have
occurred and be continuing an Event of Default or any event which after notice
or lapse of time or both would be an Event of Default with respect to such
Global Security. Upon any such issuance, the Trustee is required to register
such certificated Initial Securities in the name of, and cause the same to be
delivered to, such Person or Persons (or the nominee of any thereof). All such
certificated Initial Securities would be required to include the Private
Placement Legend unless the Legend is not required by applicable law.

                  Initial Securities in certificated form are issuable only in
registered form without coupons in denominations of $1,000 and any integral
multiple thereof. As provided in the Indenture and subject to certain
limitations therein set forth, the Initial Securities are exchangeable for a
like aggregate principal amount of Securities of a differing authorized
denomination, as requested by the Holder surrendering the same.

                  At any time when the Company is not subject to Sections 13 or
15(d) of the Exchange Act, upon the written request of a Holder of a Initial
Security, the Company will promptly furnish or cause to be furnished such
information as is specified pursuant to Rule 144A(d)(4) under the Securities Act
(or any successor provision thereto) to such Holder or to a prospective
purchaser of such Initial Security who such Holder informs the Company is
reasonably believed to be a "Qualified Institutional

                                     - 52 -
<PAGE>

Buyer" within the meaning of Rule 144A under the Securities Act, as the case may
be, in order to permit compliance by such Holder with Rule 144A under the
Securities Act.

                  No service charge shall be made for any registration of
transfer or exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection
therewith.

                  Prior to due presentment of this Security for registration of
transfer, the Company, any Guarantor, the Trustee and any agent of the Company,
any Guarantor or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security is
overdue, and neither the Company, any Guarantor, the Trustee nor any such agent
shall be affected by notice to the contrary.

                  THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES THEREOF.

                  All terms used in this Security which are defined in the
Indenture and not otherwise defined herein shall have the meanings assigned to
them in the Indenture.

                  (b)      The form of the reverse of the Exchange Securities
shall be substantially as follows:

                             OXFORD INDUSTRIES, INC.

                           8 7/8% Senior Note due 2011

                  This Security is one of a duly authorized issue of Securities
of the Company designated as its 8 7/8% Senior Notes due 2011, Exchange (herein
called the "Securities"), initially limited (except as otherwise provided in the
Indenture referred to below) in aggregate principal amount to $200,000,000,
issued under and subject to the terms of an indenture (herein called the
"Indenture") dated as of May 16, 2003, among the Company, the Guarantors and
SunTrust Bank, as trustee (herein called the "Trustee," which term includes any
successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties, obligations and immunities thereunder of
the Company, the Guarantors, the Trustee and the Holders of the Securities, and
of the terms upon which the Securities are, and are to be, authenticated and
delivered.

                  The Company may, from time to time, without notice to or the
consent of the Holders of the Securities, create and issue Additional Securities
under the Indenture ranking equally with the Initial Securities in all respects
(or in all respects other than the payment of interest accruing prior to the
issue date of such Additional Securities or except for the first payment of
interest following the issue date of such Additional Securities), subject to the
limitations described in Section 1008 of the Indenture. Such Additional
Securities will be consolidated and form a single series with the Initial
Securities and have the same terms as to status, redemption or otherwise as the
Initial Securities.

                  For any period in which the Initial Security exchanged for
this Exchange Security was outstanding, in the event that (a) the Exchange Offer
shall not have been consummated on or prior to September 30, 2004 or (b) a Shelf
Registration Statement required to have been filed shall not have been declared
effective on or prior to the 180th day following the date a Shelf Registration
Statement is

                                     - 53 -
<PAGE>

required to be filed with the Commission (each such event referred to in clauses
(a) and (b) above, a "Registration Default"), additional interest will accrue on
the principal amount of the Initial Securities at a rate of 2% per year from and
including the date any such event occurs through the date on which such event is
cured, at which point the additional interest will cease to accrue; provided,
however, that, if after any such additional interest ceases to accrue, a
different event specified in clause (a) or (b) above occurs, additional interest
again shall accrue pursuant to the foregoing provisions. If the Shelf
Registration Statement is declared effective but thereafter shall become
unusable for more than 60 days in the aggregate, then the interest rate borne by
the Initial Securities will be increased by 0.25% per annum of the principal
amount of the Initial Securities for the first 90-day period (or portion
thereof) beginning on the 61st such date that such Shelf Registration Statement
ceases to be usable, which rate shall be increased by an additional 0.25% per
annum of the principal amount of the Initial Securities at the beginning of each
subsequent 90-day period, provided that the maximum aggregate increase in the
interest rate will in no event exceed one percent (1%) per annum. Upon the Shelf
Registration Statement once again becoming usable, the interest rate borne by
the Initial Securities will be reduced to the original interest rate.

                  The Securities are subject to redemption at any time on or
after June 1, 2007, at the option of the Company, in whole or in part, on not
less than 30 nor more than 60 days' prior notice, in amounts of $1,000 or an
integral multiple thereof, at the following Redemption Prices (expressed as
percentages of the principal amount), if redeemed during the 12-month period
beginning June 1 of the years indicated below:

<TABLE>
<CAPTION>
             Redemption
Year           Price
----         ----------
<S>          <C>
2007          104.438%
2008          102.219%
</TABLE>

and thereafter at 100% of the principal amount, in each case, together with
accrued and unpaid interest, if any, to the Redemption Date (subject to the
rights of Holders of record on relevant record dates to receive interest due on
an Interest Payment Date).

         In addition, at any time prior to June 1, 2006, the Company may, at its
option, use the net proceeds of one or more Equity Offerings to redeem up to an
aggregate of 35% of the aggregate principal amount of Securities originally
issued under the Indenture at a Redemption Price equal to 108.875% of the
aggregate principal amount thereof, plus accrued and unpaid interest thereon, if
any, to the Redemption Date (subject to the rights of Holders of record on
relevant record dates to receive interest due on an Interest Payment Date);
provided that this redemption provision shall not be applicable with respect to
any transaction that results in a Change of Control; provided, further that at
least 65% of the initial aggregate principal amount of Securities must remain
outstanding immediately after the occurrence of such redemption.

                  In addition, at any time prior to June 1, 2007, the Company
may redeem all or a portion of the Securities in amounts of $1,000 or an
integral multiple thereof, at a price equal to the greater of:

                  (i)      100% of the aggregate principal amount of the
         Securities to be redeemed, together with accrued and unpaid interest,
         if any, to the date of redemption, and

                                     - 54 -
<PAGE>

                  (ii)     as determined by an Independent Investment Banker,
         the sum of the present values of 104.438% of the principal of the
         Securities being redeemed plus scheduled payments of interest (not
         including any portion of such payments of interest accrued as of the
         date of redemption) from the date of redemption to June 1, 2007,
         discounted to the Redemption Date on a semiannual basis (assuming a
         360-day year consisting of twelve 30-day months) at the Adjusted
         Treasury Rate plus 50 basis points, together with accrued and unpaid
         interest, if any, to the date of redemption.

                  If less than all of the Securities are to be redeemed, the
Trustee shall select the Securities or portions thereof to be redeemed in
compliance with the requirements of the principal national securities exchange,
if any, on which the Securities are listed or, if the Securities are not so
listed, pro rata, by lot or by any other method the Trustee shall deem fair and
reasonable. Securities redeemed in part must be redeemed only in integral
multiples of $1,000. Redemption pursuant to the provisions relating to an Equity
Offering must be made on a pro rata basis or on as nearly a pro rata basis as
practicable (subject to the procedures of DTC or any other depositary).

                  If: (1) the Release has not occurred on or prior to 5:00 p.m.,
New York City time, on the Deadline or (2) the Company has earlier notified the
Securities Intermediary that it will not proceed with the Acquisition then the
Company shall, on a Business Day designated by the Company that is not more than
20 Business Days following the Deadline or such earlier date as permitted by
applicable law (the "Special Mandatory Redemption Date") redeem all of the
Securities (the "Special Mandatory Redemption") at the Special Redemption Price.

                  Upon the occurrence of a Change of Control, each Holder may
require the Company to purchase such Holder's Securities in whole or in part in
integral multiples of $1,000, at a purchase price in cash in an amount equal to
101% of the principal amount thereof, plus accrued and unpaid interest, if any,
to the date of purchase, pursuant to a Change of Control Offer in accordance
with the procedures set forth in the Indenture.

                  Under certain circumstances described in the Indenture, the
Company will be required to apply the proceeds of Asset Sales to the repayment
of the Securities and Pari Passu Indebtedness.

                  In the case of any redemption or repurchase of Securities in
accordance with the Indenture, interest installments whose Stated Maturity is on
or prior to the Redemption Date will be payable to the Holders of such
Securities of record as of the close of business on the relevant Regular Record
Date or Special Record Date referred to on the face hereof. Securities (or
portions thereof) for which redemption and payment provision is made in
accordance with the Indenture shall cease to bear interest from and after the
Redemption Date.

                  In the event of redemption or repurchase of this Security in
accordance with the Indenture in part only, a new Security or Securities for the
unredeemed portion hereof shall be issued in the name of the Holder hereof upon
the cancellation hereof.

                  If an Event of Default shall occur and be continuing, the
principal amount of all the Securities may be declared due and payable in the
manner and with the effect provided in the Indenture.

                                     - 55 -
<PAGE>

                  The Indenture contains provisions for defeasance at any time
of (a) the entire Indebtedness on the Securities and (b) certain restrictive
covenants and related Defaults and Events of Default, in each case upon
compliance with certain conditions set forth therein.

                  The Indenture permits, with certain exceptions (including
certain amendments permitted without the consent of any Holders and certain
amendments which require the consent of all the Holders) as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the Guarantors and the rights of the Holders under the Indenture and
the Securities and the Guarantees at any time by the Company and the Trustee
with the consent of the Holders of at least a majority in aggregate principal
amount of the Securities at the time Outstanding. The Indenture also contains
provisions permitting, with certain exceptions (including certain waivers which
require the consent of all of the Holders) as therein provided, the Holders of
at least a majority in aggregate principal amount of the Securities at the time
Outstanding, on behalf of the Holders of all the Securities, to waive compliance
by the Company and the Guarantors with certain provisions of the Indenture and
the Securities and the Guarantees and certain past Defaults under the Indenture
and the Securities and the Guarantees and their consequences. Any such consent
or waiver by or on behalf of the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof whether or not notation of such consent or waiver is made upon
this Security.

                  No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the
Company, any Guarantor or any other obligor on the Securities (in the event such
Guarantor or such other obligor is obligated to make payments in respect of the
Securities), which is joint and several, full, absolute and unconditional, to
pay the principal of, and premium, if any, and interest on, this Security at the
times, place, and rate, and in the coin or currency, herein prescribed.

                  As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in
the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in the Borough of Manhattan, The
City of New York, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or its attorney duly authorized in writing, and
thereupon one or more new Securities, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or
transferees.

                  Certificated securities shall be transferred to all beneficial
holders in exchange for their beneficial interests in the Exchange Securities if
(i) the Depositary (A) has notified the Company that it is unwilling or unable
to continue as Depositary for such Global Security or (B) has ceased to be a
clearing agency registered as such under the Exchange Act, and in either case
the Company fails to appoint a successor Depositary within 90 days, (ii) the
Company, at its option, notifies the Trustee in writing that it elects to cause
the issuance of the Securities in certificated form or (iii) there shall have
occurred and be continuing an Event of Default or any event which after notice
or lapse of time or both would be an Event of Default with respect to such
Global Security. Upon any such issuance, the Trustee is required to register
such certificated Exchange Securities in the name of, and cause the same to be
delivered to, such Person or Persons (or the nominee of any thereof).

                                     - 56 -
<PAGE>

                  Exchange Securities in certificated form are issuable only in
registered form without coupons in denominations of $1,000 and any integral
multiple thereof. As provided in the Indenture and subject to certain
limitations therein set forth, the Exchange Securities are exchangeable for a
like aggregate principal amount of Securities of a differing authorized
denomination, as requested by the Holder surrendering the same.

                  No service charge shall be made for any registration of
transfer or exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection
therewith.

                  Prior to due presentment of this Security for registration of
transfer, the Company, any Guarantor, the Trustee and any agent of the Company,
any Guarantor or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security is
overdue, and neither the Company, any Guarantor, the Trustee nor any such agent
shall be affected by notice to the contrary.

                  THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES THEREOF.

                  All terms used in this Security which are defined in the
Indenture and not otherwise defined herein shall have the meanings assigned to
them in the Indenture.

         SECTION 204.      FORM OF GUARANTEE.

                  The form of Guarantee shall be set forth on the Securities
(including both Initial Securities and Exchange Securities) substantially as
follows:

                                    GUARANTEE

                  For value received, each of the undersigned hereby absolutely,
fully and unconditionally and irrevocably guarantees, jointly and severally with
each other Guarantor, to the holder of this Security the payment of principal
of, premium, if any, and interest on this Security upon which these Guarantees
are endorsed in the amounts and at the time when due and payable whether by
declaration thereof, or otherwise, and interest on the overdue principal and
interest, if any, of this Security, if lawful, and the payment or performance of
all other obligations of the Company under the Indenture or the Securities, to
the holder of this Security and the Trustee, all in accordance with and subject
to the terms and limitations of this Security and Article Thirteen of the
Indenture. This Guarantee will not become effective until the Trustee duly
executes the certificate of authentication on this Security. These Guarantees
shall be governed by and construed in accordance with the laws of the State of
New York, without regard to conflict of law principles thereof.

Dated:

                                  [GUARANTORS]

                                  By: _________________________________________
                                      Name:

                                     - 57 -
<PAGE>

                                     Title:

                                 ARTICLE THREE

                                 THE SECURITIES

         SECTION 301.      TITLE AND TERMS.

                  The initial aggregate principal amount of Securities which may
be authenticated and delivered under this Indenture is $200,000,000 in principal
amount of Securities, except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities
pursuant to Section 303, 304, 305, 306, 307, 308, 906, 1012, 1014 or 1108.
Notwithstanding the foregoing, the Company may, from time to time, without
notice to or the consent of the Holders of Securities, create and issue
Additional Securities under this Indenture ranking equally with the Initial
Securities in all respects (or in all respects other than the payment of
interest accruing prior to the issue date of such Additional Securities or
except for the first payment of interest following the issue date of such
Additional Securities), subject to the limitations described in Section 1008
hereof. Such Additional Securities will be consolidated and form a single series
with the Initial Securities and have the same terms as to status, redemption or
otherwise as the Initial Securities.

                  The Securities shall be known and designated as the "8 7/8%
Senior Notes due 2011" of the Company. The Stated Maturity of the Securities
shall be May 16, 2011, and the Securities shall each bear interest at the rate
of 8 7/8% per annum, as such interest rate may be adjusted as set forth in the
Securities, from May 16, 2003, or from the most recent Interest Payment Date to
which interest has been paid, payable semiannually on June 1 and December 1 in
each year, commencing December 1, 2003, until the principal thereof is paid or
duly provided for. Interest on any overdue principal, interest (to the extent
lawful) or premium, if any, shall be payable on demand.

                  The principal of, premium, if any, and interest on, the
Securities shall be payable and the Securities shall be exchangeable and
transferable at an office or agency of the Company in The City of New York
maintained for such purposes (which initially will be a corporate trust office
of an affiliate of the Trustee, located at SunTrust Bank c/o Computershare Trust
Co. of New York, 88 Pine Street, Wall Street Plaza, 19th Floor, New York, NY
10005); provided, however, that payment of interest may be made at the option of
the Company by check mailed to addresses of the Persons entitled thereto as
shown on the Security Register.

                  For all purposes hereunder, the Initial Securities and the
Exchange Securities will be treated as one class and are together referred to as
the "Securities." The Initial Securities rank pari passu in right of payment
with the Exchange Securities.

                  The Securities shall be subject to repurchase by the Company
pursuant to an Offer as provided in Section 1012.

                  Holders shall have the right to require the Company to
purchase their Securities, in whole or in part, in the event of a Change of
Control pursuant to Section 1014.

                  The Securities shall be redeemable as provided in Article
Eleven and in the Securities.

                                     - 58 -
<PAGE>

                  The Securities shall be senior Indebtedness of the Company
ranking equal to all other existing and future senior Indebtedness of the
Company and senior to all Subordinated Indebtedness of the Company.

                  At the election of the Company, the entire Indebtedness on the
Securities or certain of the Company's obligations and covenants and certain
Events of Default thereunder may be defeased as provided in Article Four.

         SECTION 302.      DENOMINATIONS.

                  The Securities shall be issuable only in fully registered form
without coupons and only in denominations of $1,000 and any integral multiple
thereof.

         SECTION 303.      EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

                  The Securities shall be executed on behalf of the Company by
one of its Chairman of the Board, its President, its Chief Executive Officer,
its Chief Financial Officer or one of its Vice Presidents. The signatures of any
of these officers on the Securities may be manual or facsimile.

                  Securities bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Company shall bind
the Company, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Securities or
did not hold such offices at the date of such Securities.

                  At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Securities executed by the
Company to the Trustee (with Guarantees endorsed thereon if required pursuant to
the provisions of this Indenture) for authentication, together with a Company
Order for the authentication and delivery of such Securities; and the Trustee in
accordance with such Company Order shall authenticate and deliver such
Securities as provided in this Indenture and not otherwise.

                  Each Security shall be dated the date of its authentication.

                  No Security or Guarantee endorsed thereon shall be entitled to
any benefit under this Indenture or be valid or obligatory for any purpose
unless there appears on such Security a certificate of authentication
substantially in the form provided for herein duly executed by the Trustee by
manual signature of an authorized officer, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder and is entitled to the
benefits of this Indenture.

                  In case the Company or any Guarantor, pursuant to Article
Eight, shall, in a single transaction or through a series of related
transactions, be consolidated or merged with or into any other Person or shall
sell, assign, convey, transfer, lease or otherwise dispose of all or
substantially all of its properties and assets to any Person, and the successor
Person resulting from such consolidation or surviving such merger, or into which
the Company or such Guarantor shall have been merged, or the successor Person
which shall have participated in the sale, assignment, conveyance, transfer,
lease or other disposition as aforesaid, shall have executed an indenture
supplemental hereto with the Trustee pursuant to Article Eight, any of the
Securities authenticated or delivered prior to such consolidation, merger, sale,
assignment, conveyance, transfer, lease or other disposition may, from time to
time, at the request of the successor Person, be exchanged for other Securities
executed in the name of the

                                     - 59 -
<PAGE>

successor Person with such changes in phraseology and form as may be
appropriate, but otherwise in substance of like tenor as the Securities
surrendered for such exchange and of like principal amount; and the Trustee,
upon the written request of the successor Person, shall authenticate and deliver
Securities as specified in such request for the purpose of such exchange. If
Securities shall at any time be authenticated and delivered in any new name of a
successor Person pursuant to this Section 303 in exchange or substitution for or
upon registration of transfer of any Securities, such successor Person, at the
option of the Holders but without expense to them, shall provide for the
exchange of all Securities at the time Outstanding for Securities authenticated
and delivered in such new name.

                  The Trustee may appoint an authenticating agent reasonably
acceptable to the Company to authenticate Securities on behalf of the Trustee.
Unless limited by the terms of such appointment, an authenticating agent may
authenticate Securities whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as any Security Registrar or
Paying Agent to deal with the Company and the Guarantors.

         SECTION 304.      TEMPORARY SECURITIES.

                  Pending the preparation of definitive Securities, the Company
may execute, and upon Company Order the Trustee shall authenticate and deliver,
temporary Securities which are printed, lithographed, typewritten or otherwise
produced, in any authorized denomination, substantially of the tenor of the
definitive Securities in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officers
executing such Securities may determine, as conclusively evidenced by their
execution of such Securities.

                  If temporary Securities are issued, the Company will cause
definitive Securities to be prepared without unreasonable delay. After the
preparation of definitive Securities, the temporary Securities shall be
exchangeable for definitive Securities upon surrender of the temporary
Securities at the office or agency of the Company designated for such purpose
pursuant to Section 1002, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor a like
principal amount of definitive Securities of authorized denominations. Until so
exchanged, the temporary Securities shall in all respects be entitled to the
same benefits under this Indenture as definitive Securities.

         SECTION 305.      REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

                  The Company shall cause the Trustee to keep, so long as it is
the Security Registrar, at the Corporate Trust Office of the Trustee, or such
other office as the Trustee may designate, a register (the register maintained
in such office or in any other office or agency designated pursuant to Section
1002 being herein sometimes referred to as the "Security Register") in which,
subject to such reasonable regulations as the Security Registrar may prescribe,
the Company shall provide for the registration of Securities and of transfers of
Securities. The Trustee shall initially be the "Security Registrar" for the
purpose of registering Securities and transfers of Securities as herein
provided. The Company may change the Security Registrar or appoint one or more
co-Security Registrars without notice.

                  Upon surrender for registration of transfer of any Security at
the office or agency of the Company designated pursuant to Section 1002, the
Company shall execute, and the Trustee shall

                                     - 60 -
<PAGE>

authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Securities of the same series of any authorized
denomination or denominations, of a like aggregate principal amount.

                  Furthermore, any Holder of the Global Security shall, by
acceptance of such Global Security, agree that transfers of beneficial interests
in such Global Security may be effected only through a book-entry system
maintained by the Holder of such Global Security (or its agent), and that
ownership of a beneficial interest in a Security shall be required to be
reflected in a book entry.

                  At the option of the Holder, Securities of any authorized
denomination or denominations may be exchanged for other Securities of a like
aggregate principal amount, upon surrender of the Securities to be exchanged at
such office or agency. Whenever any Securities are so surrendered for exchange,
the Company shall execute, and the Trustee shall authenticate and deliver,
Securities of the same series which the Holder making the exchange is entitled
to receive; provided that no exchange of Initial Securities for Exchange
Securities shall occur until an Exchange Offer Registration Statement shall have
been declared effective by the Commission and the Exchange Offer shall have
expired; and provided, further, however that the Initial Securities exchanged
for the Exchange Securities shall be canceled.

                  All Securities issued upon any registration of transfer or
exchange of Securities shall be the valid obligations of the Company, evidencing
the same Indebtedness, and entitled to the same benefits under this Indenture,
as the Securities surrendered upon such registration of transfer or exchange.

                  Every Security presented or surrendered for registration of
transfer, or for exchange, repurchase or redemption, shall (if so required by
the Company or the Trustee) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar, duly executed by the Holder thereof or his attorney duly authorized
in writing.

                  No service charge shall be made to a Holder for any
registration of transfer, exchange or redemption of Securities, except for any
tax or other governmental charge that may be imposed in connection therewith,
other than exchanges pursuant to Sections 303, 304, 305, 308, 906, 1012, 1014 or
1108 not involving any transfer.

                  The Company shall not be required (a) to issue, register the
transfer of or exchange any Security during a period beginning at the opening of
business 15 days before the selection of Securities to be redeemed under Section
1104 and ending at the close of business on the day of such selection, (b) to
register the transfer of or exchange any Security so selected for redemption in
whole or in part, except the unredeemed portion of Securities being redeemed in
part, (c) to register the transfer of or exchange any Security during a period
beginning 15 days before an Interest Payment Date or (d) to register the
transfer of or exchange any Security that has been tendered in a Change of
Control or an Excess Proceeds Offer.

                  Every Security shall be subject to the restrictions on
transfer provided in the legend required to be set forth on the face of each
Security pursuant to Section 202, and the restrictions set forth in this Section
305, and the Holder of each Security, by such Holder's acceptance thereof (or
interest therein), agrees to be bound by such restrictions on transfer.

                                     - 61 -
<PAGE>

                  Except as provided in Section 306(b) hereof, any Security
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, any Global Security, whether pursuant to this Section 305,
Section 304, 308, 906 or 1108 or otherwise, shall also be a Global Security and
bear the legend specified in Section 202.

         SECTION 306.      BOOK ENTRY PROVISIONS FOR GLOBAL SECURITIES.

                  (a)      Each Global Security initially shall (i) be
registered in the name of the Depositary for such Global Security or the nominee
of such Depositary, (ii) be deposited with, or on behalf of, the Depositary or
with the Trustee as custodian for such Depositary and (iii) bear legends as set
forth in Section 202.

                  Members of, or participants in, the Depositary ("Agent
Members") shall have no rights under this Indenture with respect to any Global
Security held on their behalf by the Depositary, or the Trustee as its
custodian, or under such Global Security, and the Depositary may be treated by
the Company, the Guarantors, the Trustee and any agent of the Company or the
Trustee as the absolute owner of such Global Security for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Guarantors, the Trustee or any agent of the Company or the Trustee
from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or shall impair, as between the Depositary and its
Agent Members, the operation of customary practices governing the exercise of
the rights of a Holder of any Security.

                  (b)      Notwithstanding any other provision in this
Indenture, no Global Security may be exchanged in whole or in part for
Securities registered, and no transfer of a Global Security in whole or in part
may be registered, in the name of any Person other than the Depositary for such
Global Security or a nominee thereof unless (i) such Depositary (A) has notified
the Company that it is unwilling or unable to continue as Depositary for such
Global Security or (B) has ceased to be a clearing agency registered as such
under the Exchange Act, and in either case the Company fails to appoint a
successor Depositary within 90 days, (ii) the Company, at its option, executes
and delivers to the Trustee a Company Order stating that it elects to cause the
issuance of the Securities in certificated form and that all Global Securities
shall be exchanged in whole for Securities that are not Global Securities (in
which case such exchange shall be effected by the Trustee) or (iii) there shall
have occurred and be continuing an Event of Default or any event which after
notice or lapse of time or both would be an Event of Default with respect to
such Global Security.

                  (c)      If any Global Security is to be exchanged for other
Securities or canceled in whole, it shall be surrendered by or on behalf of the
Depositary or its nominee to the Trustee, as Security Registrar, for exchange or
cancellation as provided in this Article Three. If any Global Security is to be
exchanged for other Securities or canceled in part, or if another Security is to
be exchanged in whole or in part for a beneficial interest in any Global
Security, then either (i) such Global Security shall be so surrendered for
exchange or cancellation as provided in this Article Three or (ii) the principal
amount thereof shall be reduced or increased by an amount equal to the portion
thereof to be so exchanged or canceled, or equal to the principal amount of such
other Security to be so exchanged for a beneficial interest therein, as the case
may be, by means of an appropriate adjustment made on the records of the
Trustee, as Security Registrar, whereupon the Trustee, in accordance with the
Applicable Procedures, shall instruct the Depositary or its authorized
representative to make a corresponding adjustment to its records. Upon any such
surrender or adjustment of a Global Security, the Trustee shall, subject to this
Section 306(c) and as otherwise provided in this Article Three, authenticate and
deliver any Securities issuable in exchange for such Global Security (or any
portion

                                     - 62 -
<PAGE>

thereof) to or upon the order of, and registered in such names as may be
directed by, the Depositary or its authorized representative. Upon the request
of the Trustee in connection with the occurrence of any of the events specified
in the preceding paragraph, the Company shall promptly make available to the
Trustee a reasonable supply of Securities that are not in the form of Global
Securities. The Trustee shall be entitled to rely upon any order, direction or
request of the Depositary or its authorized representative which is given or
made pursuant to this Article Three if such order, direction or request is given
or made in accordance with the Applicable Procedures.

                  (d)      Every Security authenticated and delivered upon
registration of transfer of, or in exchange for or in lieu of, a Global Security
or any portion thereof, whether pursuant to this Article Three or otherwise,
shall be authenticated and delivered in the form of, and shall be, a Global
Security, unless such Security is registered in the name of a Person other than
the Depositary for such Global Security or a nominee thereof.

                  (e)      The Depositary or its nominee, as registered owner of
a Global Security, shall be the Holder of such Global Security for all purposes
under this Indenture and the Securities, and owners of beneficial interests in a
Global Security shall hold such interests pursuant to the Applicable Procedures.
Accordingly, any such owner's beneficial interest in a Global Security will be
shown only on, and the transfer of such interest shall be effected only through,
records maintained by the Depositary or its nominee or its Agent Members.

         SECTION 307.      SPECIAL TRANSFER AND EXCHANGE PROVISIONS.

                  (a)      Certain Transfers and Exchanges. Transfers and
exchanges of Securities and beneficial interests in a Global Security of the
kinds specified in this Section 307 shall be made only in accordance with this
Section 307 and subject in each case to the Applicable Procedures.

                  (i)      Rule 144A Global Security to Regulation S Global
         Security. If the owner of a beneficial interest in the Rule 144A Global
         Security wishes at any time to transfer such interest to a Person who
         wishes to acquire the same in the form of a beneficial interest in the
         Regulation S Global Security, such transfer may be effected only in
         accordance with the provisions of this paragraph and paragraph (viii)
         below and subject to the Applicable Procedures. Upon receipt by the
         Trustee, as Security Registrar, of (a) an order given by the Depositary
         or its authorized representative directing that a beneficial interest
         in the Regulation S Global Security in a specified principal amount be
         credited to a specified Agent Member's account and that a beneficial
         interest in the Rule 144A Global Security in an equal principal amount
         be debited from another specified Agent Member's account and (b) a
         Regulation S Certificate in the form of Exhibit A hereto, satisfactory
         to the Trustee and duly executed by the owner of such beneficial
         interest in the Rule 144A Global Security or his attorney duly
         authorized in writing, then the Trustee, as Security Registrar but
         subject to paragraph (viii) below, shall reduce the principal amount of
         the Rule 144A Global Security and increase the principal amount of the
         Regulation S Global Security by such specified principal amount as
         provided in Section 306(c).

                  (ii)     Rule 144A Global Security to IAI Global Security. If
         the owner of a beneficial interest in the Rule 144A Global Security
         wishes at any time to transfer such interest to a Person who wishes to
         acquire the same in the form of a beneficial interest in the IAI Global
         Security, such transfer may be effected only in accordance with the
         provisions of this paragraph and subject to the Applicable Procedures.
         Upon receipt by the Trustee, as Security Registrar,

                                     - 63 -
<PAGE>

         of (a) an order given by the Depositary or its authorized
         representative directing that a beneficial interest in the IAI Global
         Security in a specified principal amount be credited to a specified
         Agent Member's account and that a beneficial interest in the Rule 144A
         Global Security in an equal principal amount be debited from another
         specified Agent Member's account and (b) an Institutional Accredited
         Investor Certificate in the form of Exhibit C hereto, satisfactory to
         the Trustee, then the Trustee, as Security Registrar, shall reduce the
         principal amount of the Rule 144A Global Security and increase the
         principal amount of the IAI Global Security by such specified principal
         amount as provided in Section 306(c).

                  (iii)    Regulation S Global Security to Rule 144A Global
         Security. If the owner of a beneficial interest in the Regulation S
         Global Security wishes at any time to transfer such interest to a
         Person who wishes to acquire the same in the form of a beneficial
         interest in the Rule 144A Global Security, such transfer may be
         effected only in accordance with this paragraph and subject to the
         Applicable Procedures. Upon receipt by the Trustee, as Security
         Registrar, of (a) an order given by the Depositary or its authorized
         representative directing that a beneficial interest in the Rule 144A
         Global Security in a specified principal amount be credited to a
         specified Agent Member's account and that a beneficial interest in the
         Regulation S Global Security in an equal principal amount be debited
         from another specified Agent Member's account and (b) if such transfer
         is to occur during the Restricted Period, a Restricted Securities
         Certificate in the form of Exhibit B hereto, satisfactory to the
         Trustee and duly executed by the owner of such beneficial interest in
         the Regulation S Global Security or his attorney duly authorized in
         writing, then the Trustee, as Security Registrar, shall reduce the
         principal amount of the Regulation S Global Security and increase the
         principal amount of the Rule 144A Global Security by such specified
         principal amount as provided in Section 306(c).

                  (iv)     Regulation S Global Security to IAI Global Security.
         If the owner of a beneficial interest in the Regulation S Global
         Security wishes at any time to transfer such interest to a Person who
         wishes to acquire the same in the form of a beneficial interest in the
         IAI Global Security, such transfer may be effected only in accordance
         with this paragraph and subject to the Applicable Procedures. Upon
         receipt by the Trustee, as Security Registrar, of (a) an order given by
         the Depositary or its authorized representative directing that a
         beneficial interest in the IAI Global Security in a specified principal
         amount be credited to a specified Agent Member's account and that a
         beneficial interest in the Regulation S Global Security in an equal
         principal amount be debited from another specified Agent Member's
         account and (b) if such transfer is to occur during the Restricted
         Period, an Institutional Accredited Investor Certificate in the form of
         Exhibit C hereto, satisfactory to the Trustee, then the Trustee, as
         Security Registrar, shall reduce the principal amount of the Regulation
         S Global Security and increase the principal amount of the IAI Global
         Security by such specified principal amount as provided in Section
         306(c).

                  (v)      IAI Global Security to Regulation S Global Security.
         If the owner of a beneficial interest in the IAI Global Security wishes
         at any time to transfer such interest to a Person who wishes to acquire
         the same in the form of a beneficial interest in the Regulation S
         Global Security, such transfer may be effected only in accordance with
         the provisions of this paragraph and paragraph (viii) below and subject
         to the Applicable Procedures. Upon receipt by the Trustee, as Security
         Registrar, of (a) an order given by the Depositary or its authorized
         representative directing that a beneficial interest in the IAI Global
         Security in a specified principal amount be credited to a specified
         Agent Member's account and that a beneficial interest in the IAI Global
         Security in an equal principal amount be debited from another

                                     - 64 -
<PAGE>

         specified Agent Member's account and (b) a Regulation S Certificate in
         the form of Exhibit A hereto, satisfactory to the Trustee and duly
         executed by the owner of such beneficial interest in the IAI Global
         Security or his attorney duly authorized in writing, then the Trustee,
         as Security Registrar but subject to paragraph (viii) below, shall
         reduce the principal amount of the IAI Global Security and increase the
         principal amount of the Regulation S Global Security by such specified
         principal amount as provided in Section 306(c).

                  (vi)     IAI Global Security to Rule 144A Global Security. If
         the owner of a beneficial interest in the IAI Global Security wishes at
         any time to transfer such interest to a Person who wishes to acquire
         the same in the form of a beneficial interest in the Rule 144A Global
         Security, such transfer may be effected only in accordance with this
         paragraph and subject to the Applicable Procedures. Upon receipt by the
         Trustee, as Security Registrar, of (a) an order given by the Depositary
         or its authorized representative directing that a beneficial interest
         in the Rule 144A Global Security in a specified principal amount be
         credited to a specified Agent Member's account and that a beneficial
         interest in the IAI Global Security in an equal principal amount be
         debited from another specified Agent Member's account and (b) if such
         transfer is to occur during the Restricted Period, a Restricted
         Securities Certificate in the form of Exhibit B hereto, satisfactory to
         the Trustee and duly executed by the owner of such beneficial interest
         in the IAI Global Security or his attorney duly authorized in writing,
         then the Trustee, as Security Registrar, shall reduce the principal
         amount of the IAI Global Security and increase the principal amount of
         the Rule 144A Global Security by such specified principal amount as
         provided in Section 306(c).

                  (vii)    Exchanges between Global Security and Non-Global
         Security. A beneficial interest in a Global Security may be exchanged
         for a Security that is not a Global Security as provided in Section
         307(b), provided that, if such interest is a beneficial interest in the
         Rule 144A Global Security, or if such interest is a beneficial interest
         in the IAI Global Security, or if such interest is a beneficial
         interest in the Regulation S Global Security and such exchange is to
         occur during the Restricted Period, then such interest shall bear the
         Private Placement Legend (subject in each case to Section 307(b)).

                  (viii)   Regulation S Global Security to be Held Through
         Euroclear or Clearstream during Restricted Period. The Company shall
         use its commercially reasonable efforts to cause the Depositary to
         ensure that, until the expiration of the Restricted Period, beneficial
         interests in the Regulation S Global Security may be held only in or
         through accounts maintained at the Depositary by Euroclear or
         Clearstream (or by Agent Members acting for the account thereof), and
         no person shall be entitled to effect any transfer or exchange that
         would result in any such interest being held otherwise than in or
         through such an account; provided that this paragraph (iv) shall not
         prohibit any transfer or exchange of such an interest in accordance
         with paragraph (ii) above.

                  (b)      Private Placement Legends. Rule 144A Global
Securities and their Successor Securities, IAI Global Securities and their
Successor Securities and Regulation S Global Securities and their Successor
Securities shall bear a Private Placement Legend, subject to the following:

                  (i)      subject to the following clauses of this Section
         307(b), a Security or any portion thereof which is exchanged, upon
         transfer or otherwise, for a Global Security or any portion thereof
         shall bear the Private Placement Legend borne by such Global Security
         while represented thereby;

                                     - 65 -
<PAGE>

                  (ii)     subject to the following clauses of this Section
         307(b) herein, a new Security which is not a Global Security and is
         issued in exchange for another Security (including a Global Security)
         or any portion thereof, upon transfer or otherwise, shall bear the
         Private Placement Legend borne by such other Security;

                  (iii)    all Securities sold or otherwise disposed of pursuant
         to an effective registration statement under the Securities Act,
         together with their respective Successor Securities, shall not bear a
         Private Placement Legend;

                  (iv)     at any time after the Securities may be freely
         transferred without registration under the Securities Act or without
         being subject to transfer restrictions pursuant to the Securities Act,
         a new Security which does not bear a Private Placement Legend may be
         issued in exchange for or in lieu of a Security (other than a Global
         Security) or any portion thereof which bears such a legend if the
         Trustee has received an Unrestricted Securities Certificate
         substantially in the form of Exhibit D hereto, satisfactory to the
         Trustee and duly executed by the Holder of such legended Security or
         his attorney duly authorized in writing, and after such date and
         receipt of such certificate, the Trustee shall authenticate and deliver
         such a new Security in exchange for or in lieu of such other Security
         as provided in this Article Three;

                  (v)      a new Security which does not bear a Private
         Placement Legend may be issued in exchange for or in lieu of a Security
         (other than a Global Security) or any portion thereof which bears such
         a legend if, in the Company's judgment, placing such a legend upon such
         new Security is not necessary to ensure compliance with the
         registration requirements of the Securities Act, and the Trustee, at
         the direction of the Company, shall authenticate and deliver such a new
         Security as provided in this Article Three; and

                  (vi)     notwithstanding the foregoing provisions of this
         Section 307(b), a Successor Security of a Security that does not bear a
         particular form of Private Placement Legend shall not bear such form of
         legend unless the Company has reasonable cause to believe that such
         Successor Security is a "restricted security" within the meaning of
         Rule 144, in which case the Trustee, at the direction of the Company,
         shall authenticate and deliver a new Security bearing a Private
         Placement Legend in exchange for such Successor Security as provided in
         this Article Three.

                  By its acceptance of any Security bearing the Private
Placement Legend, each Holder of such a Security acknowledges the restrictions
on transfer of such Security set forth in this Indenture and in the Private
Placement Legend and agrees that it will transfer such Security only as provided
in this Indenture.

                  The Security Registrar shall retain copies of all letters,
notices and other written communications received pursuant to Section 306 or
this Section 307. The Company shall have the right to inspect and make copies of
all such letters, notices or other written communications at any reasonable time
upon the giving of reasonable written notice to the Security Registrar.

         SECTION 308.      MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.

                  If (a) any mutilated Security is surrendered to the Trustee,
or (b) the Company and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Security, and there is delivered to the
Company, any Guarantor and the Trustee, such security or indemnity, in each
case,

                                     - 66 -
<PAGE>

as may be required by them to save each of them harmless, then, in the absence
of notice to the Company, any Guarantor or the Trustee that such Security has
been acquired by a bona fide purchaser, the Company shall execute and upon a
Company Request the Trustee shall authenticate and deliver, in exchange for any
such mutilated Security or in lieu of any such destroyed, lost or stolen
Security, a replacement Security of like tenor and principal amount, bearing a
number not contemporaneously outstanding and each Guarantor shall execute a
replacement Guarantee.

                  In case any such mutilated, destroyed, lost or stolen Security
has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a replacement Security, pay such Security.

                  Upon the issuance of any replacement Securities under this
Section, the Company may require the payment of a sum sufficient to pay all
documentary, stamp or similar issue or transfer taxes or other governmental
charges that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith.

                  Every replacement Security and Guarantee issued pursuant to
this Section in lieu of any destroyed, lost or stolen Security shall constitute
an original additional contractual obligation of the Company and any Guarantor,
whether or not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all benefits of this Indenture
equally and proportionately with any and all other Securities duly issued
hereunder.

                  The provisions of this Section are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities.

         SECTION 309.      PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

                  Interest on any Security which is payable, and is punctually
paid or duly provided for, on the Stated Maturity of such interest shall be paid
to the Person in whose name the Security (or any Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest
payment.

                  Any interest on any Security which is payable, but is not
punctually paid or duly provided for, on an Interest Payment Date, and interest
on such defaulted interest at the then applicable interest rate borne by the
Securities, to the extent lawful (such defaulted interest and interest thereon
herein collectively called "Defaulted Interest"), shall forthwith cease to be
payable to the Holder on the Regular Record Date; and such Defaulted Interest
may be paid by the Company, at its election in each case, as provided in
subsection (a) or (b) below:

                  (a)      The Company may elect to make payment of any
Defaulted Interest to the Persons in whose names the Securities (or any relevant
Predecessor Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in
the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Security and the date
of the proposed payment (the "Special Payment Date"), and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the Special
Payment Date, such money when deposited to be held in trust for the benefit of
the Persons entitled to such Defaulted

                                     - 67 -
<PAGE>

Interest as in this subsection provided. Thereupon the Trustee shall fix a
Special Record Date for the payment of such Defaulted Interest which shall be
not more than 15 days and not less than 10 days prior to the date of the Special
Payment Date and not less than 10 days after the receipt by the Trustee of the
notice of the proposed payment. The Trustee shall promptly notify the Company in
writing of such Special Record Date. In the name and at the expense of the
Company, the Trustee shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be mailed,
first-class postage prepaid, to each Holder at its address as it appears in the
Security Register, not less than 10 days prior to such Special Record Date.
Notice of the proposed payment of such Defaulted Interest and the Special Record
Date and Special Payment Date therefor having been so mailed, such Defaulted
Interest shall be paid to the Persons in whose names the Securities are
registered on such Special Record Date and shall no longer be payable pursuant
to the following subsection (b).

                  (b)      The Company may make payment of any Defaulted
Interest in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Securities may be listed, and upon such
notice as may be required by this Indenture not inconsistent with the
requirements of such exchange, if, after written notice given by the Company to
the Trustee of the proposed payment pursuant to this subsection, such payment
shall be deemed practicable by the Trustee.

                  Subject to the foregoing provisions of this Section 309, each
Security delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Security shall carry the rights to interest
accrued and unpaid, and to accrue, which were carried by such other Security.

         SECTION 310.      CUSIP NUMBERS.

                  The Company in issuing the Securities may use "CUSIP" numbers
(if then generally in use), and the Trustee, on behalf of the Company, shall use
such CUSIP numbers in notices of redemption or exchange as a convenience to
Holders; provided, however, that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of redemption or exchange and
that reliance may be placed only on the other identification numbers printed on
the Securities; and provided further, however, that failure to use CUSIP numbers
in any notice of redemption or exchange shall not affect the validity or
sufficiency of such notice.

         SECTION 311.      PERSONS DEEMED OWNERS.

                  Prior to and at the time of due presentment of a Security for
registration of transfer, the Company, any Guarantor, the Trustee and any agent
of the Company, any Guarantor or the Trustee may treat the Person in whose name
any Security is registered as the owner of such Security for the purpose of
receiving payment of principal of, premium, if any, and (subject to Section 309)
interest on, such Security and for all other purposes whatsoever, whether or not
such Security is overdue, and neither the Company, any Guarantor, the Trustee
nor any agent of the Company, any Guarantor or the Trustee shall be affected by
notice to the contrary. All such payments so made to any such Person shall be
valid and, to the extent of the sum or sums so paid, effectual to satisfy and
discharge the liability for moneys payable upon any Security.

                                     - 68 -
<PAGE>

         SECTION 312. CANCELLATION.

                  All Securities surrendered for payment, purchase, redemption,
registration of transfer or exchange shall be delivered to the Trustee and, if
not already canceled, shall be promptly canceled by it. The Company and any
Guarantor may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company or such
Guarantor may have acquired in any manner whatsoever, and all Securities so
delivered shall be promptly canceled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities canceled as provided
in this Section 312, except as expressly permitted by this Indenture. All
canceled Securities held by the Trustee shall be destroyed and certification of
their destruction delivered to the Company, unless by a Company Order received
by the Trustee prior to such destruction, the Company shall direct that the
canceled Securities be returned to it. The Trustee shall provide the Company a
list of all Securities that have been canceled from time to time as requested by
the Company.

         SECTION 313. COMPUTATION OF INTEREST.

                  Interest on the Securities shall be computed on the basis of a
360-day year comprised of twelve 30-day months.

                                  ARTICLE FOUR

                       DEFEASANCE AND COVENANT DEFEASANCE

         SECTION 401. COMPANY'S OPTION TO EFFECT DEFEASANCE OR COVENANT
DEFEASANCE.

                  The Company may, at its option, at any time, with respect to
the Securities, elect to have either Section 402 or Section 403 be applied to
all of the Outstanding Securities (the "Defeased Securities"), upon compliance
with the conditions set forth below in this Article Four.

         SECTION 402. DEFEASANCE AND DISCHARGE.

                  Upon the Company's exercise under Section 401 of the option
applicable to this Section 402, the Company, each Guarantor and any other
obligor upon the Securities, if any, shall be deemed to have been discharged
from its obligations with respect to the Defeased Securities on the date the
conditions set forth in Section 404 below are satisfied (hereinafter,
"defeasance"). For this purpose, such defeasance means that the Company, each
Guarantor and any other obligor under this Indenture shall be deemed to have
paid and discharged the entire Indebtedness represented by the Defeased
Securities, which shall thereafter be deemed to be "Outstanding" only for the
purposes of Section 405 and the other Sections of this Indenture referred to in
(a) and (b) below, and to have satisfied all its other obligations under such
Securities and this Indenture insofar as such Securities are concerned (and the
Trustee, at the expense of the Company and upon Company Request, shall execute
proper instruments acknowledging the same), except for the following which shall
survive until otherwise terminated or discharged hereunder: (a) the rights of
Holders of Defeased Securities to receive, solely from the trust fund described
in Section 404 and as more fully set forth in such Section, payments in respect
of the principal of, premium, if any, and interest on, such Securities, when
such payments are due, (b) the Company's obligations with respect to such
Defeased Securities under Sections 304, 305, 308, 1002 and 1003, (c) the rights,
powers, trusts, duties and immunities of the Trustee hereunder, including,
without limitation, the Trustee's rights under Section 607, and (d) this Article
Four. Subject

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to compliance with this Article Four, the Company may exercise its option under
this Section 402 notwithstanding the prior exercise of its option under Section
403 with respect to the Securities.

         SECTION 403. COVENANT DEFEASANCE.

                  Upon the Company's exercise under Section 401 of the option
applicable to this Section 403, the Company and each Guarantor shall be released
from its obligations under any covenant or provision contained or referred to in
Sections 1005 through 1018, inclusive, and the provisions of Section 801, with
respect to the Defeased Securities, on and after the date the conditions set
forth in Section 404 below are satisfied (hereinafter, "covenant defeasance"),
and the Defeased Securities shall thereafter be deemed to be not "Outstanding"
for the purposes of any direction, waiver, consent or declaration or Act of
Holders (and the consequences of any thereof) in connection with such covenants,
but shall continue to be deemed "Outstanding" for all other purposes hereunder.
For this purpose, such covenant defeasance means that, with respect to the
Defeased Securities, the Company and each Guarantor may omit to comply with and
shall have no liability in respect of any term, condition or limitation set
forth in any such Section, whether directly or indirectly, by reason of any
reference elsewhere herein to any such Section or by reason of any reference in
any such Section to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under
Section 501(c) or otherwise, and Defaults or Events of Default under Section
501(d), (e) and (f) shall cease to apply, but, except as specified above, the
remainder of this Indenture and such Defeased Securities shall be unaffected
thereby.

         SECTION 404. CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE.

                  The following shall be the conditions to application of
Section 402 and Section 403 to the Defeased Securities unless noted otherwise:

                           (1)      The Company shall irrevocably have deposited
         or caused to be deposited with the Trustee as trust funds in trust for
         the purpose of making the following payments, specifically pledged as
         security for, and dedicated solely to, the benefit of the Holders of
         such Securities, (a) cash in United States dollars, (b) U.S. Government
         Obligations which through the scheduled payment of principal and
         interest in respect thereof in accordance with their terms and with no
         further reinvestment will provide, not later than one day before the
         due date of payment, money in an amount, or (c) a combination thereof,
         in each case, in such amounts as will be sufficient, in the opinion of
         a nationally recognized firm of independent public accountants or a
         nationally recognized investment banking firm expressed in a written
         certification thereof delivered to the Trustee, to pay and discharge,
         and which shall be applied by the Trustee to pay and discharge, the
         principal of, premium, if any, and interest on, the Defeased
         Securities, on the Stated Maturity of such principal or interest (or on
         any date after June 1, 2007 (such date being referred to as the
         "Defeasance Redemption Date") if at or prior to electing to exercise
         either its option applicable to Section 402 or its option applicable to
         Section 403, the Company has delivered to the Trustee an irrevocable
         notice to redeem the Defeased Securities on the Defeasance Redemption
         Date). For this purpose, "U.S. Government Obligations" means securities
         that are (i) direct obligations of the United States of America for the
         timely payment of which its full faith and credit is pledged or (ii)
         obligations of a Person controlled or supervised by and acting as an
         agency or instrumentality of the United States of America the timely
         payment of which is unconditionally guaranteed as a full faith and
         credit obligation by the United States of America, which, in either
         case, are not callable or redeemable at the option of the issuer
         thereof, and shall also include a depository receipt issued

                                      - 70 -

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         by a bank (as defined in Section 3(a)(2) of the Securities Act), as
         custodian with respect to any such U.S. Government Obligation or a
         specific payment of principal of or interest on any such U.S.
         Government Obligation held by such custodian for the account of the
         holder of such depository receipt, provided that (except as required by
         law) such custodian is not authorized to make any deduction from the
         amount payable to the holder of such depository receipt from any amount
         received by the custodian in respect of the U.S. Government Obligation
         or the specific payment of principal of or interest on the U.S.
         Government Obligation evidenced by such depository receipt;

                           (2)      In the case of an election under Section
         402, the Company shall have delivered to the Trustee an Opinion of
         Independent Counsel in the United States stating that (A) the Company
         has received from, or there has been published by, the Internal Revenue
         Service a ruling or (B) since the date hereof, there has been a change
         in the applicable federal income tax law, in either case to the effect
         that, and based thereon such Opinion of Independent Counsel in the
         United States shall confirm that, the Holders of the Outstanding
         Securities will not recognize income, gain or loss for federal income
         tax purposes as a result of such defeasance and will be subject to
         federal income tax on the same amounts, in the same manner and at the
         same times as would have been the case if such defeasance had not
         occurred;

                           (3)      In the case of an election under Section
         403, the Company shall have delivered to the Trustee an Opinion of
         Independent Counsel in the United States to the effect that the Holders
         of the Outstanding Securities will not recognize income, gain or loss
         for federal income tax purposes as a result of such covenant defeasance
         and will be subject to federal income tax on the same amounts, in the
         same manner and at the same times as would have been the case if such
         covenant defeasance had not occurred;

                           (4)      No Default or Event of Default shall have
         occurred and be continuing on the date of such deposit or insofar as
         Section 501(g) or (h) is concerned, at any time during the period
         ending on the 91st day after the date of deposit (it being understood
         that this condition shall not be deemed satisfied until the expiration
         of such period);

                           (5)      Such defeasance or covenant defeasance shall
         not result in a breach or violation of, or constitute a Default under,
         this Indenture or any other material agreement or instrument to which
         the Company, any Guarantor or any Restricted Subsidiary is a party or
         by which it is bound;

                           (6)      The Company will have delivered to the
         Trustee an Opinion of Independent Counsel in the United States to the
         effect that (assuming no Holder of the Securities would be considered
         an insider of the Company or any Guarantor under any applicable
         bankruptcy or insolvency law and assuming no intervening bankruptcy or
         insolvency of the Company or any Guarantor between the date of deposit
         and the 91st day following the deposit) after the 91st day following
         the deposit, the trust funds will not be subject to the effect of any
         applicable bankruptcy, insolvency, reorganization or similar laws
         affecting creditors' rights generally;

                           (7)      No event or condition shall exist that would
         prevent the Company from making payments of the principal of, premium,
         if any, and interest on the Securities on the date of such deposit or
         at any time ending on the 91st day after the date of such deposit; and

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                           (8)      The Company shall have delivered to the
         Trustee an Officers' Certificate and an Opinion of Independent Counsel,
         each stating that all conditions precedent to either the defeasance
         under Section 402 or the covenant defeasance under Section 403 (as the
         case may be) have been complied with.

                  Opinions of Counsel or Opinions of Independent Counsel
required to be delivered under this Section may have qualifications customary
for opinions of the type required and counsel delivering such opinions may rely
on certificates of the Company or government or other officials customary for
opinions of the type required, which certificates shall be limited as to matters
of fact, including that various financial covenants have been complied with.

         SECTION 405. DEPOSITED MONEY AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD
IN TRUST; OTHER MISCELLANEOUS PROVISIONS.

                  Subject to the provisions of the last paragraph of Section
1003, all United States dollars and U.S. Government Obligations (including the
proceeds thereof) deposited with the Trustee pursuant to Section 404 in respect
of the Defeased Securities shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the
payment, either directly or through any Paying Agent (excluding the Company or
any of its Affiliates acting as Paying Agent), as the Trustee may determine, to
the Holders of such Securities of all sums due and to become due thereon in
respect of principal, premium, if any, and interest, but such money need not be
segregated from other funds except to the extent required by law.

                  The Company shall pay and indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 404 or the principal and interest
received in respect thereof other than any such tax, fee or other charge which
by law is imposed, assessed or for the account of the Holders of the Defeased
Securities.

                  Anything in this Article Four to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Company
Request any United States dollars or U.S. Government Obligations held by it as
provided in Section 404 which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then
be required to be deposited to effect defeasance or covenant defeasance under
this Article Four.

         SECTION 406. REINSTATEMENT.

                  If the Trustee or Paying Agent is unable to apply any United
States dollars or U.S. Government Obligations in accordance with Section 402 or
403, as the case may be, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company's obligations under this Indenture and the
Securities and any Guarantor's obligations under any Guarantee shall be revived
and reinstated, with present and prospective effect, as though no deposit had
occurred pursuant to Section 402 or 403, as the case may be, until such time as
the Trustee or Paying Agent is permitted to apply all such United States dollars
or U.S. Government Obligations in accordance with Section 402 or 403, as the
case may be; provided, however, that if the Company makes any payment to the
Trustee or Paying Agent of principal of, premium, if any, or interest on any
Security following the reinstatement of its obligations, the Trustee or Paying
Agent shall promptly pay any such amount to the Holders of the Securities and
the Company

                                      - 72 -

<PAGE>

shall be subrogated to the rights of the Holders of such Securities to receive
such payment from the United States dollars and U.S. Government Obligations held
by the Trustee or Paying Agent.

                                  ARTICLE FIVE

                                    REMEDIES

         SECTION 501. EVENTS OF DEFAULT.

                  "Event of Default," wherever used herein, means any one of the
following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body):

                  (a)      there shall be a default in the payment of any
interest on any Security when it becomes due and payable, and such default shall
continue for a period of 30 days;

                  (b)      there shall be a default in the payment of the
principal of (or premium, if any, on) any Security at its Maturity (upon
acceleration, optional redemption, required repurchase or otherwise);

                  (c)      (i) there shall be a default in the performance, or
breach, of any covenant or agreement of the Company or any Guarantor under this
Indenture or any Guarantee (other than a default in the performance, or breach,
of a covenant or agreement which is specifically dealt with in clause (a), (b)
or in clause (ii), (iii) or (iv) of this clause (c)) and such default or breach
shall continue for a period of 30 days with respect to defaults or breaches of
the items set forth under Article Ten hereof and 60 days in all other cases, in
each case after written notice has been given, by certified mail, (x) to the
Company by the Trustee or (y) to the Company and the Trustee by the Holders of
at least 25% in aggregate principal amount of the Outstanding Securities; (ii)
there shall be a default in the performance or breach of the provisions
described in Article Eight herein; (iii) the Company shall have failed to make
or consummate an Offer in accordance with the provisions of Section 1012 herein;
or (iv) the Company shall have failed to make or consummate a Change of Control
Offer in accordance with the provisions of Section 1014 herein;

                  (d)      (i) any default in the payment of the principal or
premium, if any, on any Indebtedness when due under any Material Indebtedness
and such default shall have continued after giving effect to any applicable
grace period and shall not have been cured or waived and, if not already matured
at its final maturity in accordance with its terms, the holder of such
Indebtedness shall have the right to accelerate such Indebtedness or (ii) an
event of default as defined in any of the agreements, indentures or instruments
described in clause (i) of this clause (d) shall have occurred and the
Indebtedness thereunder, if not already matured at its final maturity in
accordance with its terms, shall have been accelerated;

                  (e)      any Guarantee of any Significant Subsidiary or any
group of Restricted Subsidiaries which collectively (as of the latest audited
consolidated financial statements for the Company) would constitute a
Significant Subsidiary shall for any reason cease to be, or shall for any reason
be asserted in writing by any Guarantor or the Company not to be, in full force
and effect and enforceable in accordance with its terms, except to the extent
contemplated by this Indenture and any such Guarantee;

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                  (f)      one or more final, non-appealable judgments or orders
of any court or regulatory or administrative agency for the payment of money in
excess of $15 million (net of any amounts to the extent that they are covered by
insurance), either individually or in the aggregate, shall be rendered against
the Company, any Guarantor or any Subsidiary which has not been discharged,
fully bonded or stayed for a period of 60 consecutive days;

                  (g)      there shall have been the entry of a decree or order
that remains unstayed and in effect for 60 consecutive days by a court of
competent jurisdiction under any applicable Bankruptcy Law (a) for relief in an
involuntary case or proceeding in respect of the Company, any Significant
Subsidiary or any group of Restricted Subsidiaries which collectively (as of the
latest audited consolidated financial statements for the Company and its
Restricted Subsidiaries) would constitute a Significant Subsidiary or (b)
adjudging the Company, any Significant Subsidiary or any group of Restricted
Subsidiaries which collectively (as of the latest audited consolidated financial
statements for the Company and its Restricted Subsidiaries) would constitute a
Significant Subsidiary bankrupt or insolvent or (c) seeking reorganization,
arrangement, adjustment or composition under any applicable federal or state law
of or in respect of the Company, any Significant Subsidiary or any group of
Restricted Subsidiaries which collectively (as of the latest audited
consolidated financial statements for the Company and its Restricted
Subsidiaries) would constitute a Significant Subsidiary or (d) appointing a
Custodian of the Company, any Significant Subsidiary or any group of Restricted
Subsidiaries which collectively (as of the latest audited consolidated financial
statements for the Company and its Restricted Subsidiaries) would constitute a
Significant Subsidiary or of substantially all of the assets of the Company or
such Significant Subsidiary, or ordering the winding up or liquidation of their
affairs; or

                  (h)      the Company, any Significant Subsidiary or any group
of Restricted Subsidiaries which collectively (as of the latest audited
consolidated financial statements for the Company and its Restricted
Subsidiaries) would constitute a Significant Subsidiary (i) commences a
voluntary case or proceeding under any applicable Bankruptcy Law or any other
case or proceeding to be adjudicated bankrupt or insolvent, (ii) consents to the
entry of a decree or order for relief in respect of the Company, such
Significant Subsidiary or such group of Restricted Subsidiaries in an
involuntary case or proceeding under any applicable Bankruptcy Law or to the
commencement of any bankruptcy or insolvency case or proceeding against it,
(iii) files a petition or answer or consent seeking reorganization or relief
under any applicable federal or state law, (iv) consents to the filing of such
petition or the appointment of, or taking possession by, a Custodian of the
Company, such Significant Subsidiary or such group of Restricted Subsidiaries or
of substantially all of the assets of the Company or such Significant
Subsidiary, (v) makes an assignment for the benefit of creditors, (vi) admits in
writing its inability to pay its debts generally as they become due or (vii)
takes any corporate action to authorize any such actions in this paragraph (h).

         SECTION 502. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

                  If an Event of Default (other than an Event of Default
specified in Section 501(g) and (h) within) shall occur and be continuing with
respect to this Indenture, the Trustee or the Holders of not less than 25% in
aggregate principal amount of the Securities then Outstanding may, and the
Trustee at the request of such Holders shall, declare all unpaid principal of,
premium, if any, and accrued interest on all Securities to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by the Holders of the Securities) and upon any such declaration, such principal,
premium, if any, and interest shall become due and payable immediately. If an
Event of Default specified in clause (g) or (h) of Section 501 occurs and is
continuing, then all the Securities

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shall automatically become and be due and payable immediately in an amount equal
to the principal amount of the Securities, together with accrued and unpaid
interest, if any, to the date the Securities become due and payable, without any
declaration or other act on the part of the Trustee or any Holder. Thereupon,
the Trustee may, at its discretion, proceed to protect and enforce the rights of
the Holders of the Securities by appropriate judicial proceedings.

                  After a declaration of acceleration with respect to the
Securities, but before a judgment or decree for payment of the money due has
been obtained by the Trustee as hereinafter in this Article provided, the
Holders of a majority in aggregate principal amount of the Securities
Outstanding, by written notice to the Company and the Trustee, may rescind and
annul such declaration and its consequences if:

                  (a)      the Company has paid or deposited with the Trustee a
sum sufficient to pay (i) all sums paid or advanced by the Trustee under this
Indenture and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, (ii) all overdue interest on all
Outstanding Securities, (iii) the principal of and premium, if any, on any
Outstanding Securities which have become due otherwise than by such declaration
of acceleration and interest thereon at the rate borne by the Securities, and
(iv) to the extent that payment of such interest is lawful, interest upon
overdue interest at the rate borne by the Securities; and

                  (b)      all Events of Default, other than the non-payment of
principal of, premium, if any, and interest on the Securities which have become
due solely by such declaration of acceleration, have been cured or waived as
provided in Section 513.

No such rescission shall affect any subsequent Default or impair any right
consequent thereon.

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         SECTION 503. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
TRUSTEE.

                  The Company covenants that if

                  (a)      default is made in the payment of any interest on any
Security when such interest becomes due and payable and such default continues
for a period of 30 days, or

                  (b)      default is made in the payment of the principal of or
premium, if any, on any Security at the Stated Maturity thereof or otherwise,

the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such
Securities for principal and premium, if any, and interest, with interest upon
the overdue principal and premium, if any, and, to the extent that payment of
such interest shall be legally enforceable, upon overdue installments of
interest, at the rate borne by the Securities; and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

                  If the Company fails to pay such amounts forthwith upon such
demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid
and may prosecute such proceeding to judgment or final decree, and may enforce
the same against the Company or any Guarantor (in accordance with the applicable
Guarantee) or any other obligor upon the Securities and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the
property of the Company, any Guarantor or any other obligor upon the Securities,
wherever situated.

                  If an Event of Default occurs and is continuing, the Trustee
may in its discretion proceed to protect and enforce its rights and the rights
of the Holders under this Indenture or any Guarantee by such appropriate private
or judicial proceedings as the Trustee shall deem most effectual to protect and
enforce such rights, including seeking recourse against any Guarantor pursuant
to the terms of any Guarantee, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein or therein, or to enforce any other proper remedy, including,
without limitation, seeking recourse against any Guarantor pursuant to the terms
of a Guarantee, or to enforce any other proper remedy, subject however to
Section 512. No recovery of any such judgment upon any property of the Company
or any Guarantor shall affect or impair any rights, powers or remedies of the
Trustee or the Holders.

         SECTION 504. TRUSTEE MAY FILE PROOFS OF CLAIM.

                  In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor,
including any Guarantor, upon the Securities or the property of the Company or
of such other obligor or their creditors, the Trustee (irrespective of whether
the principal of the Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand on the Company for the payment of overdue principal
or interest) shall be entitled and empowered, by intervention in such proceeding
or otherwise,

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                  (a)      to file and prove a claim for the whole amount of
principal, and premium, if any, and interest owing and unpaid in respect of the
Securities and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding, and

                  (b)      to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay the
Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 607.

                  Nothing herein contained shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the
Securities or the rights of any Holder thereof, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding.

         SECTION 505. TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
SECURITIES.

                  All rights of action and claims under this Indenture, the
Securities or the Guarantees may be prosecuted and enforced by the Trustee
without the possession of any of the Securities or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name and as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, be for the ratable benefit of the Holders of the Securities in
respect of which such judgment has been recovered.

         SECTION 506. APPLICATION OF MONEY COLLECTED.

                  Any money collected by the Trustee pursuant to this Article or
otherwise on behalf of the Holders or the Trustee pursuant to this Article or
through any proceeding or any arrangement or restructuring in anticipation or in
lieu of any proceeding contemplated by this Article shall be applied, subject to
applicable law, in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of principal,
premium, if any, or interest, upon presentation of the Securities and the
notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

                  FIRST: To the payment of all amounts due the Trustee under
Section 607;

                  SECOND: To the payment of the amounts then due and unpaid upon
the Securities for principal, premium, if any, and interest, in respect of which
or for the benefit of which such money has been collected, ratably, without
preference or priority of any kind, according to the amounts due and payable on
such Securities for principal, premium, if any, and interest; and

                  THIRD: The balance, if any, to the Person or Persons entitled
thereto, including the Company, provided that all sums due and owing to the
Holders and the Trustee have been paid in full as required by this Indenture.

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         SECTION 507. LIMITATION ON SUITS.

                  No Holder of any Securities shall have any right to institute
any proceeding, judicial or otherwise, with respect to this Indenture or the
Securities, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless

                  (a)      such Holder has previously given written notice to
the Trustee of a continuing Event of Default;

                  (b)      the Holders of not less than 25% in aggregate
principal amount of the Outstanding Securities shall have made written request
to the Trustee to institute proceedings in respect of such Event of Default in
its own name as trustee hereunder and under the Securities;

                  (c)      such Holder or Holders have offered to the Trustee a
reasonable indemnity against the costs, expenses and liabilities to be incurred
in compliance with such request;

                  (d)      the Trustee for 15 days after its receipt of such
notice, request and offer (and if requested, provision) of indemnity has failed
to institute any such proceeding; and

                  (e)      no direction inconsistent with such written request
has been given to the Trustee during such 15-day period by the Holders of a
majority in aggregate principal amount of the Outstanding Securities;

it being understood and intended that no one or more Holders shall have any
right in any manner whatever by virtue of, or by availing of, any provision of
this Indenture, any Security or any Guarantee to affect, disturb or prejudice
the rights of any other Holders, or to obtain or to seek to obtain priority or
preference over any other Holders or to enforce any right under this Indenture,
any Security or any Guarantee, except in the manner provided in this Indenture
and for the equal and ratable benefit of all the Holders.

         SECTION 508. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL,
PREMIUM AND INTEREST.

                  Notwithstanding any other provision in this Indenture,
including Section 507 without limitation, the Holder of any Security shall have
the right based on the terms stated herein, which is absolute and unconditional,
to receive payment of the principal of, premium, if any, and (subject to Section
309) interest on such Security on the respective Stated Maturities expressed in
such Security (or, in the case of redemption or repurchase, on the Redemption
Date or the repurchase date) and to institute suit for the enforcement of any
such payment, and such rights shall not be impaired without the consent of such
Holder.

         SECTION 509. RESTORATION OF RIGHTS AND REMEDIES.

                  If the Trustee or any Holder has instituted any proceeding to
enforce any right or remedy under this Indenture or any Guarantee and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such
case the Company, any Guarantor, any other obligor on the Securities, the
Trustee and the Holders shall, subject to any determination in such proceeding,
be restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Trustee and the Holders shall continue
as though no such proceeding had been instituted.

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         SECTION 510. RIGHTS AND REMEDIES CUMULATIVE.

                  No right or remedy herein conferred upon or reserved to the
Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

         SECTION 511. DELAY OR OMISSION NOT WAIVER.

                  No delay or omission of the Trustee or of any Holder of any
Security to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event
of Default or an acquiescence therein. Every right and remedy given by this
Article or by law to the Trustee or to the Holders may be exercised from time to
time, and as often as may be deemed expedient, by the Trustee or by the Holders,
as the case may be.

         SECTION 512. CONTROL BY HOLDERS.

                  The Holders of not less than a majority in aggregate principal
amount of the Outstanding Securities shall have the right to direct the time,
method and place of conducting any proceeding for exercising any remedy
available to the Trustee, or exercising any trust or power conferred on the
Trustee, provided that

                  (a)      such direction shall not be in conflict with any rule
of law or with this Indenture (including, without limitation, Section 507) or
any Guarantee, expose the Trustee to personal liability, or be unduly
prejudicial to Holders not joining therein; and

                  (b)      subject to the provisions of Section 315 of the Trust
Indenture Act, the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction.

         SECTION 513. WAIVER OF PAST DEFAULTS.

                  The Holders of not less than a majority in aggregate principal
amount of the Outstanding Securities may on behalf of the Holders of all
Outstanding Securities waive any past Default hereunder and its consequences,
except:

                  (a)      a Default in the payment of the principal of,
premium, if any, or interest on any Security (which may only be waived with the
consent of each Holder of Securities effected); or

                  (b)      a Default in respect of a covenant or a provision
hereof which under this Indenture cannot be modified or amended without the
consent of the Holder of each Security Outstanding affected by such modification
or amendment.

                  Upon any such waiver, such Default shall cease to exist, and
any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon.

                                      - 79 -

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         SECTION 514. UNDERTAKING FOR COSTS.

                  All parties to this Indenture agree, and each Holder of any
Security by his acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any
right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by such party litigant,
but the provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Holders, holding in
the aggregate more than 10% in principal amount of the Outstanding Securities,
or to any suit instituted by any Holder for the enforcement of the payment of
the principal of, premium, if any, or interest on, any Security on or after the
respective Stated Maturities expressed in such Security (or, in the case of
redemption, on or after the Redemption Date).

         SECTION 515. WAIVER OF STAY, EXTENSION OR USURY LAWS.

                  Each of the Company and the Guarantors covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or
plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law or any usury or other law wherever enacted, now or at
any time hereafter in force, which would prohibit or forgive the Company or any
Guarantor from paying all or any portion of the principal of, premium, if any,
or interest on the Securities contemplated herein or in the Securities or which
may affect the covenants or the performance of this Indenture; and each of the
Company and the Guarantors (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it
will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

         SECTION 516. REMEDIES SUBJECT TO APPLICABLE LAW.

                  All rights, remedies and powers provided by this Article Five
may be exercised only to the extent that the exercise thereof does not violate
any applicable provision of law in the premises, and all the provisions of this
Indenture are intended to be subject to all applicable mandatory provisions of
law which may be controlling in the premises and to be limited to the extent
necessary so that they will not render this Indenture invalid, unenforceable or
not entitled to be recorded, registered or filed under the provisions of any
applicable law.

                                   ARTICLE SIX

                                   THE TRUSTEE

         SECTION 601. DUTIES OF TRUSTEE.

                  Subject to the provisions of Trust Indenture Act Sections
315(a) through 315(d):

                  (a)      if a Default or an Event of Default has occurred and
is continuing, the Trustee shall exercise such of the rights and powers vested
in it by this Indenture and use the same degree of care and skill in its
exercise thereof as a prudent person would exercise or use under the
circumstances in the conduct of his own affairs;

                                      - 80 -

<PAGE>

                  (b)      the Trustee need perform only those duties as are
specifically set forth in this Indenture and no covenants or obligations shall
be implied in this Indenture against the Trustee; and

                  (c)      in the absence of bad faith or willful misconduct on
its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or
opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, the Trustee shall examine the certificates and opinions to
determine whether or not they conform to the requirements of this Indenture;

                  (d)      the Trustee may not be relieved from liability for
its own grossly negligent action, its own grossly negligent failure to act, or
its own willful misconduct, except that:

                           (1)      this subsection (c) does not limit the
         effect of subsection (b) of this Section 601;

                           (2)      the Trustee shall not be liable for any
         error of judgment made in good faith by a Responsible Officer, unless
         it is proved that the Trustee was grossly negligent in ascertaining the
         pertinent facts; and

                           (3)      the Trustee shall not be liable with respect
         to any action it takes or omits to take in good faith, in accordance
         with a direction of the Holders of a majority in principal amount of
         Outstanding Securities relating to the time, method and place of
         conducting any proceeding for any remedy available to the Trustee, or
         exercising any trust or power confirmed upon the Trustee under this
         Indenture;

                  (e)      no provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise
of any of its rights or powers if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it;

                  (f)      whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to
subsections (a), (b), (c) and (d) of this Section 601; and

                  (g)      the Trustee shall not be liable for interest on any
money or assets received by it. Assets held in trust by the Trustee need not be
segregated from other assets except to the extent required by law.

         SECTION 602. NOTICE OF DEFAULTS.

                  Subject to the provisions of Section 603(h) hereof, within 30
days after a Responsible Officer of the Trustee receives notice of the
occurrence of any Default, the Trustee shall transmit by mail to all Holders and
any other Persons entitled to receive reports pursuant to Section 313(c) of the
Trust Indenture Act, as their names and addresses appear in the Security
Register, notice of such Default hereunder known to the Trustee, unless such
Default shall have been cured or waived; provided, however, that, except in the
case of a Default in the payment of the principal of, premium, if any, or
interest on any Security, the Trustee shall be protected in withholding such
notice if and so long as a trust committee of Responsible Officers of the
Trustee in good faith determines that the withholding of such notice is in the
interest of the Holders.

                                      - 81 -

<PAGE>

         SECTION 603. CERTAIN RIGHTS OF TRUSTEE.

                  Subject to the provisions of Section 601 hereof and Trust
Indenture Act Sections 315(a) through 315(d):

                  (a)      the Trustee may rely and shall be protected in acting
or refraining from acting upon receipt by it of any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of Indebtedness or other paper or
document believed by it to be genuine and to have been signed or presented by
the proper party or parties;

                  (b)      any request or direction of the Company mentioned
herein shall be sufficiently evidenced by a Company Request or Company Order and
any resolution of the Board of Directors may be sufficiently evidenced by a
Board Resolution;

                  (c)      the Trustee may consult with counsel of its selection
and any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon in accordance with such Opinion of
Counsel;

                  (d)      the Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders
shall have offered to the Trustee security or indemnity satisfactory to the
Trustee against the costs, expenses and liabilities which might be incurred
therein or thereby in compliance with such request or direction;

                  (e)      the Trustee shall not be liable for any action taken
or omitted by it in good faith and believed by it to be authorized or within the
discretion, rights or powers conferred upon it by this Indenture other than any
liabilities arising out of the gross negligence, bad faith or willful misconduct
of the Trustee;

                  (f)      the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, approval, appraisal, bond, debenture, note, coupon, security or other
paper or document unless requested in writing to do so by the Holders of not
less than a majority in aggregate principal amount of the Securities then
Outstanding; provided that, if the payment within a reasonable time to the
Trustee of the costs, expenses or liabilities likely to be incurred by it in the
making of such investigation is, in the opinion of the Trustee, not reasonably
assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such expenses or
liabilities as a condition to proceeding; the reasonable expenses of every such
investigation so requested by the Holders of not less than a majority in
aggregate principal amount of the Securities Outstanding shall be paid by the
Company or, if paid by the Trustee or any predecessor Trustee, shall be repaid
by the Company upon demand; provided, further, the Trustee in its discretion may
make such further inquiry or investigation into such facts or matters as it may
deem fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney;

                  (g)      the Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be

                                      - 82 -

<PAGE>

responsible for any misconduct or gross negligence on the part of any agent or
attorney appointed with due care by it hereunder; and

                  (h)      the Trustee shall not be deemed to have knowledge of
any Default or Event of Default unless a responsible officer (with direct
responsibility for the administration of this Indenture) of the Trustee has
actual knowledge thereof or unless written notice of any event which is in fact
a Default is received by the Trustee at the Corporate Trust Office of the
Trustee, and such notice references the Securities and this Indenture.

         SECTION 604. TRUSTEE NOT RESPONSIBLE FOR RECITALS, DISPOSITIONS OF
SECURITIES OR APPLICATION OF PROCEEDS THEREOF.

                  The recitals contained herein and in the Securities, except
the Trustee's certificates of authentication, shall be taken as the statements
of the Company and the Guarantors, and the Trustee assumes no responsibility for
their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities, except that the Trustee
represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Securities and perform its obligations hereunder and that the
statements made by it in any Statement of Eligibility and Qualification on Form
T-1 to be supplied to the Company will be true and accurate subject to the
qualifications set forth therein. The Trustee shall not be accountable for the
use or application by the Company of Securities or the proceeds thereof.

         SECTION 605. TRUSTEE AND AGENTS MAY HOLD SECURITIES; COLLECTIONS; ETC.

                  The Trustee, any Paying Agent, Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Securities, with the same rights it would have if it were
not the Trustee, Paying Agent, Security Registrar or such other agent and,
subject to Trust Indenture Act Sections 310 and 311, may otherwise deal with the
Company and receive, collect, hold and retain collections from the Company with
the same rights it would have if it were not the Trustee, Paying Agent, Security
Registrar or such other agent.

         SECTION 606. MONEY HELD IN TRUST.

                  All moneys received by the Trustee shall, until used or
applied as herein provided, be held in trust for the purposes for which they
were received, but need not be segregated from other funds except to the extent
required by mandatory provisions of law. Except for funds or securities
deposited with the Trustee pursuant to Article Four, the Trustee shall be
required to invest all moneys received by the Trustee, until used or applied as
herein provided, in Cash Equivalents in accordance with the written directions
of the Company.

         SECTION 607. COMPENSATION AND INDEMNIFICATION OF TRUSTEE AND ITS PRIOR
CLAIM.

                  The Company covenants and agrees to pay to the Trustee from
time to time, and the Trustee shall be entitled to, reasonable compensation for
all services rendered by it hereunder (which compensation shall not be limited
by any provision of law in regard to the compensation of a trustee of an express
trust) and the Company covenants and agrees to pay or reimburse the Trustee and
each predecessor Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by or on behalf of the Trustee in
accordance with any of the provisions of this Indenture (including the
reasonable compensation and the expenses and disbursements of its counsel and of
all

                                      - 83 -

<PAGE>

agents and other persons not regularly in its employ) except any such expense,
disbursement or advance as may arise from its gross negligence, bad faith or
willful misconduct. The Company also covenants and agrees to indemnify the
Trustee and each predecessor Trustee for, and to hold it harmless against, any
claim, loss, liability, tax, assessment, governmental charge (other than taxes
applicable to the Trustee's compensation hereunder) or expense incurred without
gross negligence, bad faith or willful misconduct on its part, arising out of or
in connection with the acceptance or administration of this Indenture or the
trusts hereunder and its duties hereunder, including the costs of enforcement of
this Section 607 and the costs and expenses of defending itself against or
investigating any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder (including the reasonable
fees and expenses of its counsel). The obligations of the Company under this
Section 607 to compensate and indemnify the Trustee and each predecessor Trustee
and to pay or reimburse the Trustee and each predecessor Trustee for reasonable
expenses, disbursements and advances shall constitute an additional obligation
hereunder and shall survive the satisfaction and discharge of this Indenture and
the resignation or removal of the Trustee and each predecessor Trustee.

                                      - 84 -

<PAGE>

         SECTION 608. CONFLICTING INTERESTS.

                  The Trustee shall comply with the provisions of Section 310(b)
of the Trust Indenture Act.

         SECTION 609. TRUSTEE ELIGIBILITY.

                  There shall at all times be a Trustee hereunder which shall be
eligible to act as trustee under Trust Indenture Act Section 310(a) and which
shall have a combined capital and surplus of at least $100,000,000, to the
extent there is an institution eligible and willing to serve. If the Trustee
does not have a Corporate Trust Office in The City of New York, the Trustee may
appoint an agent in The City of New York reasonably acceptable to the Company to
conduct any activities which the Trustee may be required under this Indenture to
conduct in The City of New York. If such Trustee publishes reports of condition
at least annually, pursuant to law or to the requirements of federal, state,
territorial or District of Columbia supervising or examining authority, then for
the purposes of this Section 609, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section
609, the Trustee shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

         SECTION 610. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR TRUSTEE.

                  (a)      No resignation or removal of the Trustee and no
appointment of a successor trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor trustee under
Section 611.

                  (b)      The Trustee, or any trustee or trustees hereafter
appointed, may at any time resign by giving written notice thereof to the
Company no later than 20 Business Days prior to the proposed date of
resignation. Upon receiving such notice of resignation, the Company shall
promptly appoint a successor trustee by written instrument executed by authority
of the Board of Directors of the Company, a copy of which shall be delivered to
the resigning Trustee and a copy to the successor trustee. If an instrument of
acceptance by a successor trustee shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning
Trustee may, or any Holder who has been a bona fide Holder of a Security for at
least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor
trustee. Such court may thereupon, after such notice, if any, as it may deem
proper, appoint and prescribe a successor trustee.

                  (c)      The Trustee may be removed at any time for any cause
or for no cause by an Act of the Holders of not less than a majority in
aggregate principal amount of the Outstanding Securities, delivered to the
Trustee and to the Company.

                  (d)      If at any time:

                           (1)      the Trustee shall fail to comply with the
         provisions of Trust Indenture Act Section 310(b) after written request
         therefor by the Company or by any Holder who has been a bona fide
         Holder of a Security for at least six months,

                                      -85-

<PAGE>

                           (2)      the Trustee shall cease to be eligible under
         Section 609 and shall fail to resign after written request therefor by
         the Company or by any Holder who has been a bona fide Holder of a
         Security for at least six months, or

                           (3)      the Trustee shall become incapable of acting
         or shall be adjudged a bankrupt or insolvent, or a receiver of the
         Trustee or of its property shall be appointed or any public officer
         shall take charge or control of the Trustee or of its property or
         affairs for the purpose of rehabilitation, conservation or liquidation,

then, in any case, (i) the Company by a Board Resolution may remove the Trustee,
or (ii) subject to Section 514, the Holder of any Security who has been a bona
fide Holder of a Security for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor trustee. Such
court may thereupon, after such notice, if any, as it may deem proper and
prescribe, remove the Trustee and appoint a successor trustee.

                  (e)      If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause, the Company, by a Board Resolution, shall promptly appoint a
successor trustee and shall comply with the applicable requirements of Section
611. If, within 60 days after such resignation, removal or incapability, or the
occurrence of such vacancy, the Company has not appointed a successor Trustee, a
successor trustee shall be appointed by the Act of the Holders of a majority in
principal amount of the Outstanding Securities delivered to the Company and the
retiring Trustee. Such successor trustee so appointed shall forthwith upon its
acceptance of such appointment become the successor trustee and supersede the
successor trustee appointed by the Company. If no successor trustee shall have
been so appointed by the Company or the Holders of the Securities and accepted
appointment in the manner hereinafter provided, the Trustee or the Holder of any
Security who has been a bona fide Holder for at least six months may, subject to
Section 514, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor trustee.

                  (f)      The Company shall give notice of each resignation and
each removal of the Trustee and each appointment of a successor trustee by
mailing written notice of such event by first-class mail, postage prepaid, to
the Holders of Securities as their names and addresses appear in the Security
Register. Each notice shall include the name of the successor trustee and the
address of its Corporate Trust Office or agent hereunder.

         SECTION 611. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

                  Every successor trustee appointed hereunder shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the
retiring Trustee shall become effective and such successor trustee, without any
further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee as if originally named as
Trustee hereunder; but, nevertheless, on the written request of the Company or
the successor trustee, upon payment of its charges pursuant to Section 607 then
unpaid, such retiring Trustee shall pay over to the successor trustee all moneys
at the time held by it hereunder and shall execute and deliver an instrument
transferring to such successor trustee all such rights, powers, duties and
obligations. Upon request of any such successor trustee, the Company shall
execute any and all instruments for more fully and certainly vesting in and
confirming to such successor trustee all such rights and powers.

                                      -86-

<PAGE>

                  No successor trustee with respect to the Securities shall
accept appointment as provided in this Section 611 unless at the time of such
acceptance such successor trustee shall be eligible to act as trustee under the
provisions of Trust Indenture Act Section 310(a) and this Article Six and shall
have a combined capital and surplus of at least $100,000,000 and have a
Corporate Trust Office or an agent selected in accordance with Section 609.

                  Upon acceptance of appointment by any successor trustee as
provided in this Section 611, the Company shall give notice thereof to the
Holders of the Securities, by mailing such notice to such Holders at their
addresses as they shall appear on the Security Register. If the acceptance of
appointment is substantially contemporaneous with the appointment, then the
notice called for by the preceding sentence may be combined with the notice
called for by Section 610. If the Company fails to give such notice within 10
days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be given at the expense of the Company.

         SECTION 612. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
BUSINESS.

                  Any corporation into which the Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee (including the trust created by this
Indenture) shall be the successor of the Trustee hereunder, provided that such
corporation shall be eligible under Trust Indenture Act Section 310(a) and this
Article Six and shall have a combined capital and surplus of at least
$100,000,000 and have a Corporate Trust Office or an agent selected in
accordance with Section 609, without the execution or filing of any paper or any
further act on the part of any of the parties hereto.

                  In case at the time such successor to the Trustee shall
succeed to the trusts created by this Indenture any of the Securities shall have
been authenticated but not delivered, any such successor to the Trustee may
adopt the certificate of authentication of any predecessor Trustee and deliver
such Securities so authenticated; and, in case at that time any of the
Securities shall not have been authenticated, any successor to the Trustee may
authenticate such Securities either in the name of any predecessor hereunder or
in the name of the successor trustee; and in all such cases such certificate
shall have the full force which it is anywhere in the Securities or in this
Indenture provided that the certificate of the Trustee shall have; provided that
the right to adopt the certificate of authentication of any predecessor Trustee
or to authenticate Securities in the name of any predecessor Trustee shall apply
only to its successor or successors by merger, conversion or consolidation.

         SECTION 613. PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

                  If and when the Trustee shall be or become a creditor of the
Company (or other obligor under the Securities), the Trustee shall be subject to
the provisions of the Trust Indenture Act regarding the collection of claims
against the Company (or any such other obligor). A Trustee who has resigned or
been removed shall be subject to Trust Indenture Act Section 311(a) to the
extent indicated therein.

                                      -87-

<PAGE>

                                 ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

         SECTION 701. COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.

                  The Company will furnish or cause to be furnished to the
Trustee

                  (a)      semiannually, not more than 10 days after each
Regular Record Date, a list, in such form as the Trustee may reasonably require,
of the names and addresses of the Holders as of such Regular Record Date; and

                  (b)      at such other times as the Trustee may reasonably
request in writing, within 30 days after receipt by the Company of any such
request, a list of similar form and content to that in subsection (a) hereof as
of a date not more than 15 days prior to the time such list is furnished;

provided, however, that if and so long as the Trustee shall be the Security
Registrar, no such list need be furnished.

         SECTION 702. DISCLOSURE OF NAMES AND ADDRESSES OF HOLDERS.

                  Holders may communicate pursuant to Trust Indenture Act
Section 312(b) with other Holders with respect to their rights under this
Indenture or the Securities, and the Trustee shall comply with Trust Indenture
Act Section 312(b). The Company, the Guarantors, the Trustee, the Security
Registrar and any other Person shall have the protection of Trust Indenture Act
Section 312(c). Further, every Holder of Securities, by receiving and holding
the same, agrees with the Company and the Trustee that none of the Company, the
Guarantors, the Trustee or any agent of any of them shall be held accountable by
reason of the disclosure of any information as to the names and addresses of the
Holders in accordance with Trust Indenture Act Section 312, regardless of the
source from which such information was derived, and that the Trustee shall not
be held accountable by reason of mailing any material pursuant to a request made
under Trust Indenture Act Section 312.

         SECTION 703. REPORTS BY TRUSTEE.

                  Within 60 days after May 15 of each year commencing with the
first May 15 after the issuance of Securities, the Trustee, if so required under
the Trust Indenture Act, shall transmit by mail to all Holders, in the manner
and to the extent provided in Trust Indenture Act Section 313(c), a brief report
dated as of such May 15 in accordance with and with respect to the matters
required by Trust Indenture Act Section 313(a). The Trustee shall also transmit
by mail to all Holders, in the manner and to the extent provided in Trust
Indenture Act Section 313(c), a brief report in accordance with and with respect
to the matters required by Trust Indenture Act Section 313(b)(2).

         SECTION 704. REPORTS BY COMPANY AND GUARANTORS.

                  The Company, and each Guarantor, as the case may be, shall

                  (a)      file with the Trustee any information required by the
Trust Indenture Act; and

                  (b)      within 15 day after the filing thereof with the
Trustee, transmit by mail to all Holders in the manner and to the extent
provided in Trust Indenture Act Section 313(c), such

                                      -88-

<PAGE>

summaries of any information, documents and reports required to be filed by the
Company or any Guarantor, as the case may be, pursuant to Section 1018 hereunder
and subsection (a) of this Section as are required by rules and regulations
prescribed from time to time by the Commission.

                                 ARTICLE EIGHT

                      CONSOLIDATION, MERGER, SALE OF ASSETS

         SECTION 801. COMPANY AND GUARANTORS MAY CONSOLIDATE, ETC., ONLY ON
CERTAIN TERMS.

                  (a)      The Company will not, in a single transaction or
through a series of related transactions, consolidate with or merge with or into
any other Person or sell, assign, convey, transfer, lease or otherwise dispose
of all or substantially all of its properties and assets to any Person or group
of Persons, or permit any of its Restricted Subsidiaries to enter into any such
transaction or series of transactions, if such transaction or series of
transactions, in the aggregate, would result in a sale, assignment, conveyance,
transfer, lease or disposition of all or substantially all of the properties and
assets of the Company and its Restricted Subsidiaries on a Consolidated basis to
any other Person or group of Persons (other than the Company or a Guarantor),
unless at the time and after giving effect thereto:

                           (1)      either (a) the Company will be the
         continuing corporation or (b) the Person (if other than the Company)
         formed by or surviving such consolidation or merger or the Person which
         acquires by sale, assignment, conveyance, transfer, lease or
         disposition all or substantially all of the properties and assets of
         the Company and its Restricted Subsidiaries on a Consolidated basis
         (the "Surviving Entity") will be a corporation duly organized and
         validly existing under the laws of the United States of America, any
         state thereof or the District of Columbia and such Person expressly
         assumes, by a supplemental indenture, in a form reasonably satisfactory
         to the Trustee, all the obligations of the Company under the Securities
         and this Indenture and the Registration Rights Agreement (to the extent
         any obligations remain under the Registration Rights Agreement), as the
         case may be, and the Securities and this Indenture and the Registration
         Rights Agreement will remain in full force and effect as so
         supplemented (and any Guarantees will be confirmed as applying to such
         Surviving Entity's obligations);

                           (2)      after giving effect to such transaction, no
         Default or Event of Default exists;

                           (3)      after giving effect to such transaction, the
         Company (or the Surviving Entity if the Company is not the continuing
         obligor under this Indenture) could incur $1.00 of additional
         Indebtedness (other than Permitted Indebtedness) under Section 1008
         hereof;

                           (4)      at the time of the transaction, each
         Guarantor, if any, unless it is the other party to the transactions
         described above, will have by supplemental indenture confirmed that its
         Guarantee shall apply to such Person's obligations under this Indenture
         and the Securities; and

                           (5)      at the time of the transaction, the Company
         or the Surviving Entity will have delivered, or caused to be delivered,
         to the Trustee, in form and substance reasonably satisfactory to the
         Trustee, an Officers' Certificate and an Opinion of Counsel, each to
         the

                                      -89-

<PAGE>

         effect that such consolidation, merger, transfer, sale, assignment,
         conveyance, transfer, lease or other transaction and the supplemental
         indenture in respect thereof comply with this Indenture and that all
         conditions precedent therein provided for relating to such transaction
         have been complied with.

                  Notwithstanding the foregoing, (1) any Restricted Subsidiary
may consolidate with, merge into or transfer all or part of its properties and
assets to another Restricted Subsidiary and (2) the Company may merge with an
Affiliate that has no significant assets or liabilities and was formed solely
for the purpose of changing the Company's jurisdiction of organization to
another state of the United States, provided that the surviving entity assumes,
by supplemental indenture in form reasonably satisfactory to the Trustee, the
Company's obligation under this Indenture and the Registration Rights Agreement
(to the extent any obligations remain under the Registration Rights Agreement).

                  (b)      Each Guarantor will not, and the Company will not
permit a Guarantor to, in a single transaction or through a series of related
transactions, consolidate with or merge with or into any other Person (other
than the Company or any Guarantor) or sell, assign, convey, transfer, lease or
otherwise dispose of all or substantially all of its properties and assets to
any Person or group of Persons (other than the Company or any Guarantor) or
permit any of its Restricted Subsidiaries to enter into any such transaction or
series of transactions if such transaction or series of transactions, in the
aggregate, would result in a sale, assignment, conveyance, transfer, lease or
disposition of all or substantially all of the properties and assets of the
Guarantor and its Restricted Subsidiaries on a Consolidated basis to any other
Person or group of Persons (other than the Company or any Guarantor), unless at
the time and after giving effect thereto:

                           (1)      either (a) the Guarantor will be the
         continuing corporation in the case of a consolidation or merger
         involving the Guarantor or (b) the Person (if other than the Guarantor)
         formed by or surviving such consolidation or merger or the Person which
         acquires by sale, assignment, conveyance, transfer, lease or
         disposition all or substantially all of the properties and assets of
         the Guarantor and its Restricted Subsidiaries on a Consolidated basis
         (the "Surviving Guarantor Entity") will be a corporation, limited
         liability company, limited liability partnership, partnership or trust
         duly organized and validly existing under the laws of the United States
         of America, any state thereof or the District of Columbia and such
         Person expressly assumes, by a supplemental indenture, in a form
         reasonably satisfactory to the Trustee, all the obligations of such
         Guarantor under its Guarantee of the Securities and this Indenture and
         the Registration Rights Agreement (to the extent any obligations remain
         under the Registration Rights Agreement) and such Guarantee, Indenture
         and Registration Rights Agreement will remain in full force and effect;

                           (2)      after giving effect to such transaction, no
         Default or Event of Default exists; and

                           (3)      at the time of the transaction such
         Guarantor or the Surviving Guarantor Entity will have delivered, or
         caused to be delivered, to the Trustee, in form and substance
         reasonably satisfactory to the Trustee, an Officers' Certificate and an
         Opinion of Counsel, each to the effect that such consolidation, merger,
         transfer, sale, assignment, conveyance, lease or other transaction and
         the supplemental indenture in respect thereof comply with this
         Indenture and that all conditions precedent therein provided for
         relating to such transaction have been complied with.

                                      -90-

<PAGE>

                  (c)      Notwithstanding the foregoing, the provisions of
paragraph (b) of this Section 801 shall not apply to any Guarantor whose
Guarantee of the Securities is unconditionally released and discharged in
accordance with paragraph (b) of Section 1013 herein.

         SECTION 802. SUCCESSOR SUBSTITUTED.

                  Upon any consolidation or merger, or any sale, assignment,
conveyance, transfer, lease or disposition of all or substantially all of the
properties and assets of the Company or any Guarantor, if any, in accordance
with Section 801, the successor Person formed by such consolidation or into
which the Company or such Guarantor, as the case may be, is merged, or the
successor Person to which such sale, assignment, conveyance, transfer, lease or
disposition is made, shall succeed to, and be substituted for, and may exercise
every right and power of, the Company or such Guarantor, as the case may be,
under this Indenture, the Securities and/or the related Guarantee, as the case
may be, and the Registration Rights Agreement, with the same effect as if such
successor had been named as the Company or such Guarantor, as the case may be,
herein, in the Securities and/or in the Guarantee, as the case may be, and the
Registration Rights Agreement, and the Company and such Guarantor, as the case
may be, would be discharged from all obligations and covenants under this
Indenture and the Securities or its Guarantee, as the case may be, and the
Registration Rights Agreement; provided that in the case of a transfer by lease,
the predecessor shall not be released from the payment of principal and interest
on the Securities or its Guarantee, as the case may be.

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

         SECTION 901. SUPPLEMENTAL INDENTURES AND AGREEMENTS WITHOUT CONSENT OF
HOLDERS.

                  Without the consent of any Holders, the Company, the
Guarantors, if any, and any other obligor under the Securities when authorized
by or pursuant to a Board Resolution, and the Trustee, at any time and from time
to time, may enter into one or more indentures supplemental hereto or agreements
or other instruments with respect to this Indenture, the Securities or any
Guarantee, in form and substance satisfactory to the Trustee, for any of the
following purposes:

                  (a)      to evidence the succession of another Person to the
Company or a Guarantor or any other obligor upon the Securities, and the
assumption by any such successor of the covenants of the Company or such
Guarantor or obligor herein and in the Securities and in any Guarantee in
accordance with Article Eight;

                  (b)      to add to the covenants of the Company, any Guarantor
or any other obligor upon the Securities for the benefit of the Holders, or to
surrender any right or power conferred upon the Company or any Guarantor or any
other obligor upon the Securities, as applicable, herein, in the Securities or
in any Guarantee;

                  (c)      to cure any ambiguity, or to correct or supplement
any provision herein or in any supplemental indenture, the Securities or any
Guarantee which may be defective or inconsistent with any other provision
herein, in the Securities or any Guarantee or to make any other changes herein,
to the Securities or the Guarantees; provided that, in each case, such changes
shall not adversely affect the interest of the Holders in any material respect;

                                      -91-

<PAGE>

                  (d)      to comply with the requirements of the Commission in
order to effect or maintain the qualification of this Indenture under the Trust
Indenture Act, as contemplated by Section 905 or otherwise;

                  (e)      to add a Guarantor pursuant to the requirements of
Section 1013 hereof or otherwise;

                  (f)      to evidence and provide the acceptance of the
appointment of a successor trustee hereunder; or

                  (g)      to mortgage, pledge, hypothecate or grant a security
interest in favor of the Trustee for the benefit of the Holders as security for
the payment and performance of the Company's and any Guarantor's Indenture
Obligations, in any property, or assets, including any of which are required to
be mortgaged, pledged or hypothecated, or in which a security interest is
required to be granted to the Trustee pursuant to this Indenture or otherwise.

         SECTION 902. SUPPLEMENTAL INDENTURES AND AGREEMENTS WITH CONSENT OF
HOLDERS.

                  Except as permitted by Section 901, with the consent of the
Holders of at least a majority in aggregate principal amount of the Outstanding
Securities (including consents obtained in connection with a tender offer or
exchange offer for Securities), by Act of said Holders delivered to the Company,
each Guarantor, if any, and the Trustee, the Company and each Guarantor (if a
party thereto) when authorized by or pursuant to Board Resolutions, and the
Trustee may (i) enter into an indenture or indentures supplemental hereto or
agreements or other instruments with respect to any Guarantee in form and
substance satisfactory to the Trustee, for the purpose of adding any provisions
to or amending, modifying or changing in any manner or eliminating any of the
provisions of this Indenture, the Securities or any Guarantee (including but not
limited to, for the purpose of modifying in any manner the rights of the Holders
under this Indenture, the Securities or any Guarantee) or (ii) waive compliance
with any provision in this Indenture, the Securities or any Guarantee (other
than waivers of past Defaults which are covered by Section 513 and waivers of
covenants which are covered by Section 1007); provided, however, that no such
supplemental indenture, agreement or instrument shall, without the consent of
the Holder of each Outstanding Security affected thereby:

                  (a)      change the Stated Maturity of the principal of, or
any installment of interest on, or change to an earlier date any Redemption Date
of, or waive a default in the payment of the principal of, premium, if any, or
interest on, any such Security or reduce the principal amount thereof or the
rate of interest thereon or any premium payable upon the redemption thereof, or
change the coin or currency in which the principal of any such Security or any
premium or the interest thereon is payable, or impair the right to institute
suit for the enforcement of any such payment after the Stated Maturity thereof
(or, in the case of redemption, on or after the Redemption Date);

                  (b)      amend, change or modify the obligation of the Company
to make and consummate a Change of Control Offer in the event of a Change of
Control in accordance with Section 1014 hereof, including, in each case,
amending, changing or modifying any definitions related thereto;

                  (c)      reduce the percentage in principal amount of such
Outstanding Securities, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any
waiver or compliance with certain provisions of this Indenture;

                                      -92-

<PAGE>

                  (d)      modify any of the provisions of this Section 902 or
Section 513 or 1007, except to increase the percentage of such Outstanding
Securities required for such actions or to provide that certain other provisions
of this Indenture cannot be modified or waived without the consent of the Holder
of each such Security affected thereby;

                  (e)      amend or modify any of the provisions of this
Indenture in any manner which subordinates the Securities issued thereunder in
right of payment to any other Indebtedness of the Company or which subordinates
any Guarantee in right of payment to any other Indebtedness of the Guarantor
issuing any such Guarantee;

                  (f)      release any Guarantee except in compliance with the
terms of this Indenture; or

                  (g)      amend or modify any of the provisions of this
Indenture or any Guarantee in any manner adverse to the Holders of the
Securities except for release in compliance with the terms of this Indenture.

                  Upon the written request of the Company and each Guarantor, if
any, accompanied by a copy of Board Resolutions authorizing the execution of any
such supplemental indenture or Guarantee, and upon the filing with the Trustee
of evidence of the consent of Holders as aforesaid, the Trustee shall join with
the Company and each Guarantor in the execution of such supplemental indenture
or Guarantee.

                  It shall not be necessary for any Act of Holders under this
Section 902 to approve the particular form of any proposed supplemental
indenture or Guarantee or agreement or instrument relating to any Guarantee, but
it shall be sufficient if such Act shall approve the substance thereof.

         SECTION 903. EXECUTION OF SUPPLEMENTAL INDENTURES AND AGREEMENTS.

                  In executing, or accepting the additional trusts created by,
any supplemental indenture, agreement, instrument or waiver permitted by this
Article Nine or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Trust
Indenture Act Sections 315(a) through 315(d) and Section 602 hereof) shall be
fully protected in relying upon, an Opinion of Counsel and an Officers'
Certificate stating that the execution of such supplemental indenture, agreement
or instrument (a) is authorized or permitted by this Indenture and (b) does not
violate the provisions of any agreement or instrument evidencing any other
Indebtedness of the Company, any Guarantor or any other Restricted Subsidiary.
The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture, agreement or instrument which affects the Trustee's own rights,
duties or immunities under this Indenture, any Guarantee or otherwise.

         SECTION 904. EFFECT OF SUPPLEMENTAL INDENTURES.

                  Upon the execution of any supplemental indenture under this
Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and
every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.

         SECTION 905. CONFORMITY WITH TRUST INDENTURE ACT.

                  Every supplemental indenture executed pursuant to this Article
Nine shall conform to the requirements of the Trust Indenture Act as then in
effect.

                                      -93-

<PAGE>

         SECTION 906. REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.

                  Securities authenticated and delivered after the execution of
any supplemental indenture pursuant to this Article Nine may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to
any matter provided for in such supplemental indenture. If the Company shall so
determine, new Securities so modified as to conform, in the opinion of the
Trustee and the Board of Directors, to any such supplemental indenture may be
prepared and executed by the Company and each Guarantor and authenticated and
delivered by the Trustee in exchange for Outstanding Securities.

         SECTION 907. NOTICE OF SUPPLEMENTAL INDENTURES.

                  Promptly after the execution by the Company, any Guarantor and
the Trustee of any supplemental indenture pursuant to the provisions of Section
902, the Company shall give notice thereof to the Holders of each Outstanding
Security affected, in the manner provided for in Section 106, setting forth in
general terms the substance of such supplemental indenture. Any failure of the
Company to mail such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental indenture.

         SECTION 908. REVOCATION AND EFFECTS OF CONSENTS.

                  Until an amendment or waiver becomes effective, a consent to
it by a Holder of a Security is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the same
Indebtedness as the consenting Holder's Security, even if a notation of the
consent is not made on any Security. An amendment or waiver shall become
effective in accordance with its terms and thereafter bind every Holder.

                                  ARTICLE TEN

                                   COVENANTS

         SECTION 1001. PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.

                  The Company shall duly and punctually pay the principal of,
premium, if any, and interest on the Securities in accordance with the terms of
the Securities and this Indenture.

         SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY.

                  The Company shall maintain an office or agency where
Securities may be presented or surrendered for payment. The Company also will
maintain in The City of New York an office or agency where Securities may be
surrendered for registration of transfer, redemption or exchange and where
notices and demands to or upon the Company in respect of the Securities and this
Indenture may be served. The office of an affiliate of the Trustee, SunTrust
Bank, at its corporate trust office initially located at SunTrust Bank c/o
Computershare Trust Co. of New York, 88 Pine Street, Wall Street Plaza, 19th
Floor, New York, New York 10005, will be such office or agency of the Company,
unless the Company shall designate and maintain some other office or agency for
one or more of such purposes. The Company will give prompt written notice to the
Trustee of the location and any change in the location of any such offices or
agencies. If at any time the Company shall fail to maintain any such required
offices or agencies or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the office of the Trustee and

                                      -94-

<PAGE>

the Company hereby appoints the Trustee such agent as its agent to receive all
such presentations, surrenders, notices and demands.

                  The Company may from time to time designate one or more other
offices or agencies (in or outside of The City of New York) where the Securities
may be presented or surrendered for any or all such purposes, and may from time
to time rescind such designation. The Company will give prompt written notice to
the Trustee of any such designation or rescission and any change in the location
of any such office or agency.

                  The Trustee shall initially act as Paying Agent for the
Securities.

         SECTION 1003. MONEY FOR SECURITY PAYMENTS TO BE HELD IN TRUST.

                  If the Company shall at any time act as Paying Agent, it will,
on or before each due date of the principal of, premium, if any, or interest on
any of the Securities, segregate and hold in trust for the benefit of the
Holders entitled thereto a sum sufficient to pay the principal, premium, if any,
or interest so becoming due until such sums shall be paid to such Persons or
otherwise disposed of as herein provided, and will promptly notify the Trustee
of its action or failure so to act.

                  If the Company is not acting as Paying Agent, the Company
will, on or before each due date of the principal of, premium, if any, or
interest on any of the Securities, deposit with a Paying Agent a sum in same day
funds sufficient to pay the principal, premium, if any, or interest so becoming
due, such sum to be held in trust for the benefit of the Persons entitled to
such principal, premium or interest, and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of such action or any
failure so to act.

                  If the Company is not acting as Paying Agent, the Company will
cause each Paying Agent other than the Trustee to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee,
subject to the provisions of this Section, that such Paying Agent will:

                  (a)      hold all sums held by it for the payment of the
principal of, premium, if any, or interest on the Securities in trust for the
benefit of the Persons entitled thereto until such sums shall be paid to such
Persons or otherwise disposed of as herein provided;

                  (b)      give the Trustee notice of any Default by the Company
or any Guarantor (or any other obligor upon the Securities) in the making of any
payment of principal, premium, if any, or interest on the Securities;

                  (c)      at any time during the continuance of any such
Default, upon the written request of the Trustee, forthwith pay to the Trustee
all sums so held in trust by such Paying Agent; and

                  (d)      acknowledge, accept and agree to comply in all
aspects with the provisions of this Indenture relating to the duties, rights and
liabilities of such Paying Agent.

                  The Company may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct any Paying Agent to pay, to the Trustee all sums held in
trust by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Company

                                      -95-

<PAGE>

or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee,
such Paying Agent shall be released from all further liability with respect to
such money.

                  Any money deposited with the Trustee or any Paying Agent, or
then held by the Company, in trust for the payment of the principal of, premium,
if any, or interest on any Security and remaining unclaimed for two years after
such principal and premium, if any, or interest has become due and payable shall
promptly be paid to the Company on Company Request, or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security
shall thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York, notice that such
money remains unclaimed and that, after a date specified therein, which shall
not be less than 30 days from the date of such notification, publication and
mailing, any unclaimed balance of such money then remaining will promptly be
repaid to the Company.

         SECTION 1004. CORPORATE EXISTENCE.

                  Subject to Article Eight, the Company shall do or cause to be
done all things necessary to preserve and keep in full force and effect the
corporate existence and related rights and franchises (charter and statutory) of
the Company and each Restricted Subsidiary; provided, however, that the Company
shall not be required to preserve any such right or franchise or the corporate
existence of any such Restricted Subsidiary if the Board of Directors of the
Company shall determine that the preservation thereof is no longer necessary or
desirable in the conduct of the business of the Company and its Restricted
Subsidiaries as a whole and that the loss thereof could not reasonably be
expected to have a material adverse effect on the ability of the Company to
perform its obligations hereunder; and provided, further, however, that the
foregoing shall not prohibit a sale, transfer or conveyance of a Restricted
Subsidiary or any of its assets in compliance with the terms of this Indenture.

         SECTION 1005. PAYMENT OF TAXES AND OTHER CLAIMS.

                  The Company shall pay or discharge or cause to be paid or
discharged, on or before the date the same shall become due and payable, (a) all
taxes, assessments and governmental charges levied or imposed upon the Company
or any of its Restricted Subsidiaries shown to be due on any return of the
Company or any of its Restricted Subsidiaries or otherwise assessed or upon the
income, profits or property of the Company or any of its Restricted Subsidiaries
if failure to pay or discharge the same could reasonably be expected to have a
material adverse effect on the ability of the Company or any Guarantor to
perform its obligations hereunder and (b) all lawful claims for labor, materials
and supplies, which, if unpaid, would by law become a Lien upon the property of
the Company or any of its Restricted Subsidiaries, except for any Lien permitted
to be incurred under Section 1011, if failure to pay or discharge the same could
reasonably be expected to have a material adverse effect on the ability of the
Company or any Guarantor to perform its obligations hereunder; provided,
however, that the Company shall not be required to pay or discharge or cause to
be paid or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate
proceedings properly instituted and diligently conducted and in respect of which
appropriate reserves (in the good faith judgment of management of the Company)
are being maintained in accordance with GAAP.

                                      -96-

<PAGE>

         SECTION 1006. MAINTENANCE OF PROPERTIES.

                  The Company shall cause all material properties owned by the
Company and its Restricted Subsidiaries or used or held for use in the conduct
of its business or the business of any of its Restricted Subsidiaries to be
maintained and kept in good condition, repair and working order (ordinary wear
and tear excepted) and supplied with all necessary equipment and will cause to
be made all necessary repairs, renewals, replacements, betterments and
improvements thereof, all as in the reasonable judgment of the Company may be
necessary so that the business carried on in connection therewith may be
properly conducted at all times; provided, however, that nothing in this Section
shall prevent the Company from discontinuing the maintenance of any of such
properties if such discontinuance is in the ordinary course of business or, in
the reasonable judgment of the Company, desirable in the conduct of its business
or the business of any of its Restricted Subsidiaries and not reasonably
expected to have a material adverse effect on the ability of the Company to
perform its obligations hereunder; and provided, further, however, that the
foregoing shall not prohibit a sale, transfer or conveyance of a Restricted
Subsidiary or any of its properties or assets in compliance with the terms of
this Indenture.

         SECTION 1007. WAIVER OF CERTAIN COVENANTS.

                  The Company and the Guarantors may omit in any particular
instance to comply with any covenant or condition set forth in Sections 1006
through 1012 and 1015 through 1019, if, before or after the time for such
compliance, the Holders of not less than a majority in aggregate principal
amount of the Securities at the time Outstanding shall, by Act of such Holders,
waive such compliance in such instance with such covenant or provision, but no
such waiver shall extend to or affect such covenant or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustee in respect of any such
covenant or condition shall remain in full force and effect.

         SECTION 1008. LIMITATION ON INDEBTEDNESS.

                  (a)      The Company will not, and will not cause or permit
any of its Restricted Subsidiaries to, create, issue, incur, assume, guarantee
or otherwise in any manner become directly or indirectly liable for,
contingently or otherwise (collectively, "incur"), any Indebtedness (including
any Acquired Indebtedness), unless such Indebtedness is incurred by the Company
or any Guarantor or constitutes Acquired Indebtedness of the Company or a
Restricted Subsidiary and, in each case, the Company's Consolidated Fixed Charge
Coverage Ratio for the most recent four full fiscal quarters for which
consolidated financial statements are available immediately preceding the
incurrence of such Indebtedness taken as one period is at least equal to or
greater than 2.25:1.

                  (b)      Notwithstanding the foregoing, the Company and, to
the extent specifically set forth below, the Restricted Subsidiaries may incur
the following (collectively, the "Permitted Indebtedness"):

                  (i)      Indebtedness of the Company (and guarantees by
         Restricted Subsidiaries of such Indebtedness) under a Credit Facility
         in an aggregate principal amount at any one time outstanding not to
         exceed the greater of:

                                      -97-

<PAGE>

                           (A)      $275 million, less, without duplication, any
permanent repayment thereof or permanent reduction in commitments thereunder
from the proceeds of one or more Asset Sales which are used to repay a Credit
Facility pursuant to clause (b)(i) of Section 1012; or

                           (B)      (1) 85% of accounts receivable of the
Company and its Restricted Subsidiaries (excluding any Receivables and Related
Assets sold, conveyed or otherwise transferred to a Securitization Entity in
connection with a Qualified Securitization Transaction) as of the end of the
most recently ended fiscal quarter for which consolidated financial statements
are available, plus (2) 60% of inventory of the Company and its Restricted
Subsidiaries as of the end of the most recently ended fiscal quarter for which
consolidated financial statements are available;

                  (ii)     Indebtedness pursuant to (A) the Securities
         (excluding any Additional Securities) and any Guarantee of the
         Securities, and (B) any Securities issued in exchange for the
         Securities pursuant to the Registration Rights Agreement and any
         Guarantee thereof;

                  (iii)    Indebtedness under any of the Acquisition Agreements
         and Indebtedness of Viewpoint and its Subsidiaries existing on the date
         of the Acquisition after giving effect to the Acquisition (including
         any Indebtedness assumed by the Company or any of its Restricted
         Subsidiaries pursuant to the Acquisition Agreements);

                  (iv)     Indebtedness of the Company or any Restricted
         Subsidiary outstanding on the date of this Indenture other than
         Indebtedness referred to in clause (i) or (ii) of this definition of
         "Permitted Indebtedness;"

                  (v)      Indebtedness of the Company owing to a Restricted
         Subsidiary; provided that any Indebtedness of the Company owing to a
         Restricted Subsidiary that is not a Guarantor incurred after the Issue
         Date is unsecured and is subordinated in right of payment to the
         Securities; provided, further, that any disposition or transfer of any
         such Indebtedness to a Person (other than to a Restricted Subsidiary)
         shall be deemed to be an incurrence of such Indebtedness by the Company
         or other obligor not permitted by this clause (v);

                  (vi)     Indebtedness of a Restricted Subsidiary owing to the
         Company or another Restricted Subsidiary; provided, that any
         disposition or transfer of any such Indebtedness to a Person (other
         than a disposition or transfer to the Company or a Restricted
         Subsidiary or a Person that becomes a Restricted Subsidiary) shall be
         deemed to be an incurrence of such Indebtedness by the obligor not
         permitted by this clause (vi);

                  (vii)    guarantees of any Restricted Subsidiary of
         Indebtedness of the Company or any of its Restricted Subsidiaries which
         are permitted to be incurred under this Indenture; provided that such
         guarantees are made in accordance with the provisions of Section 1013;

                  (viii)   Indebtedness of the Company or any Restricted
         Subsidiary pursuant to any:

                           (A)      Interest Rate Agreements,

                           (B)      Currency Hedging Agreements, and

                           (C)      Commodity Price Protection Agreements;

                                      -98-

<PAGE>

                  (ix)     Indebtedness of the Company or any Restricted
         Subsidiary represented by Capital Lease Obligations or Purchase Money
         Obligations or other Indebtedness in connection with the acquisition or
         development of real or personal, movable or immovable, property, in
         each case incurred or assumed for the purpose of financing or
         refinancing all or any part of the purchase price or cost of
         construction or improvement of property used in the business of the
         Company or such Restricted Subsidiary, in an aggregate principal amount
         not to exceed $10 million outstanding at any one time;

                  (x)      Indebtedness incurred by a Securitization Entity in
         connection with a Qualified Securitization Transaction that is
         Non-recourse Indebtedness with respect to the Company and its
         Restricted Subsidiaries; provided, however, that in the event such
         Securitization Entity ceases to qualify as a Securitization Entity or
         such Indebtedness ceases to constitute such Non-recourse Indebtedness,
         such Indebtedness will be deemed, in each case, to be incurred at such
         time;

                  (xi)     Indebtedness of the Company or any of its Restricted
         Subsidiaries in connection with surety, performance, appeal or similar
         bonds, completion guarantees or similar instruments entered into in the
         ordinary course of business or from letters of credit or other
         obligations in respect of self-insurance and workers' compensation
         obligations or similar arrangements; provided that, in each case
         contemplated by this clause (xi), upon the drawing of such instrument,
         such obligations are reimbursed within 30 days following such drawing;

                  (xii)    Indebtedness of Foreign Subsidiaries in the aggregate
         principal amount of $10 million outstanding at any one time;

                  (xiii)   Indebtedness arising under the Earn-Out Agreement and
         Indebtedness incurred to finance payments due or becoming due
         thereunder in an amount not to exceed (a) up to $6.25 million per year
         in respect of each Earn-Out Year and (b) the Cumulative Additional
         Earn-Out Payment, less, in each case, the amount of cash paid in
         respect of each Earn-Out Year (excluding cash received upon the
         incurrence of Indebtedness pursuant to this clause (xiii) in respect of
         such year);

                  (xiv)    Indebtedness of the Company or any of its Restricted
         Subsidiaries arising from the honoring by a bank or other financial
         institution of a check, draft or similar instrument inadvertently
         (except in the case of daylight overdrafts such amount need not be
         inadvertent) drawn against insufficient funds in the ordinary course of
         business; provided however, that such Indebtedness is extinguished
         within three business days of receipt by the Company or any Restricted
         Subsidiary of notice of such insufficient funds;

                  (xv)     Indebtedness of the Company or any Restricted
         Subsidiary to the extent the net proceeds thereof are promptly
         deposited to defease the Securities as described under Article Four;

                  (xvi)    Indebtedness of the Company or any Restricted
         Subsidiary arising from agreements for indemnification or purchase
         price adjustment obligations or similar obligations, or from guarantees
         or letters of credit, surety bonds or performance bonds securing any
         obligation of the Company or a Restricted Subsidiary pursuant to such
         an agreement, in each case, incurred or assumed in connection with the
         acquisition or disposition of any business, assets or properties;

                                      -99-

<PAGE>

                  (xvii)   any renewals, extensions, substitutions, refundings,
         refinancings or replacements (collectively, a "refinancing") of any
         Indebtedness incurred pursuant to paragraph (a) of this Section 1008
         and clauses (ii), (iii), (iv) and (xiii) of this paragraph (b),
         including any successive refinancings so long as Indebtedness of the
         Company or a Guarantor may only be refinanced with Indebtedness of the
         Company or a Guarantor and the aggregate principal amount of
         Indebtedness refinanced is not increased by such refinancing except by
         an amount equal to the lesser of (A) the stated amount of any premium
         or other payment contractually required to be paid in connection with
         such a refinancing pursuant to the terms of the Indebtedness being
         refinanced or (B) the amount of premium or other payment actually paid
         at such time to refinance the Indebtedness, plus, in either case, the
         amount of expenses of the Company incurred in connection with such
         refinancing and (1) in the case of any refinancing of Indebtedness that
         is Subordinated Indebtedness, such new Indebtedness is made
         subordinated to the Securities at least to the same extent as the
         Indebtedness being refinanced and (2) in the case of Pari Passu
         Indebtedness or Subordinated Indebtedness, as the case may be, such
         refinancing does not reduce the Average Life to Stated Maturity or the
         Stated Maturity of such Indebtedness; and

                  (xviii)  Indebtedness of the Company or any Restricted
         Subsidiary in addition to that described in clauses (i) through (xvii)
         above, and any refinancings of such Indebtedness, so long as the
         aggregate principal amount of all such Indebtedness shall not exceed
         $10 million outstanding at any one time.

                  (c)      For purposes of determining compliance with this
Section 1008, in the event that an item of Indebtedness meets the criteria of
more than one of the categories of Permitted Indebtedness, or is permitted to be
incurred pursuant to clause (a) of this Section 1008, the Company will be
permitted to classify such item of Indebtedness on the date of its incurrence,
or subject to the remainder of this sentence, later reclassify all or a portion
of such item of Indebtedness, in any manner that complies with this Section
1008; and Indebtedness under the Credit Agreement which is in existence or
available on or prior to the date of the consummation of the Acquisition, and
any renewals, extensions, substitutions, refundings, refinancings or
replacements thereof, will be deemed to have been incurred on such date under
clause (i) of the definition of "Permitted Indebtedness," and the Company will
not be permitted to reclassify any portion of such Indebtedness thereafter.

                  (d)      Indebtedness permitted by this Section 1008 need not
be permitted solely by reference to one provision permitting such Indebtedness
but may be permitted in part by one such provision and in part by one or more
other provisions of this Section 1008 permitting such Indebtedness.

                  (e)      Accrual of interest, accretion or amortization of
original issue discount and the payment of interest on any Indebtedness in the
form of additional Indebtedness with the same terms, and the payment of
dividends on any Redeemable Capital Stock or Preferred Stock in the form of
additional shares of the same class of Redeemable Capital Stock or Preferred
Stock will not be deemed to be an incurrence of Indebtedness for purposes of
this Section 1008; provided, in each such case, that the amount thereof as
accrued is included in Consolidated Fixed Charge Coverage Ratio of the Company.

                  (f)      For purposes of determining compliance with any
dollar-denominated restriction on the incurrence of Indebtedness denominated in
a foreign currency, the dollar-equivalent principal

                                     -100-

<PAGE>

amount of such Indebtedness incurred pursuant thereto shall be calculated based
on the relevant currency exchange rate in effect on the date that such
Indebtedness was incurred.

                  (g)      For purposes of determining compliance with this
Section 1008, the outstanding principal amount of any particular Indebtedness
shall be counted only once and any obligations arising under any guarantee,
Lien, letter of credit or similar instrument supporting such Indebtedness shall
not be double counted.

                  (h)      The amount of Indebtedness issued at a price less
than the amount of the liability thereof shall be determined in accordance with
GAAP.

         SECTION 1009. LIMITATION ON RESTRICTED PAYMENTS.

                  (a)      The Company will not, and will not cause or permit
any Restricted Subsidiary to, directly or indirectly (each a "Restricted
Payment"):

                  (i)      declare or pay any dividend on, or make any
         distribution to holders of, any shares of the Company's Capital Stock
         (other than dividends or distributions payable solely in shares of its
         Qualified Capital Stock or in options, warrants or other rights to
         acquire shares of such Qualified Capital Stock);

                  (ii)     purchase, redeem, defease or otherwise acquire or
         retire for value, directly or indirectly, shares of the Company's
         Capital Stock or any Capital Stock of any Subsidiary of the Company
         (other than Capital Stock of any Restricted Subsidiary of the Company);

                  (iii)    make any principal payment on, or repurchase, redeem,
         defease, retire or otherwise acquire for value, prior to any scheduled
         principal payment, sinking fund payment or maturity, any Subordinated
         Indebtedness (other than (A) Indebtedness permitted under clause (v) or
         (vi) of the definition of "Permitted Indebtedness" in paragraph (b) of
         Section 1008 or (B) the purchase, repurchase or other acquisition of
         such Subordinated Indebtedness purchased in anticipation of satisfying
         a sinking fund obligation, principal installment or final maturity, in
         each case due within one year of the date of purchase, repurchase or
         acquisition), or make any cash payment pursuant to the Earn-Out
         Agreement;

                  (iv)     declare or pay any dividend or distribution on any
         Capital Stock of any Restricted Subsidiary to any Person (other than
         (a) dividends or distributions payable solely in shares of Capital
         Stock of such Restricted Subsidiary or in options, warrants or other
         rights to acquire shares of such Capital Stock, (b) to the Company or
         any of its Restricted Subsidiaries or (c) dividends or distributions
         made by a Restricted Subsidiary on a pro rata basis to all stockholders
         of such Restricted Subsidiary); or

                  (v)      make any Investment (other than any Permitted
         Investments);

(the amount of any such Restricted Payment, if other than cash, shall be the
Fair Market Value of the assets proposed to be transferred), unless

                           (1)      at the time of and after giving effect to
         such proposed Restricted Payment, no Default or Event of Default shall
         have occurred and be continuing;

                                     -101-

<PAGE>

                           (2)      at the time of and after giving effect to
         such Restricted Payment, the Company could incur $1.00 of additional
         Indebtedness (other than Permitted Indebtedness) under the provisions
         described under paragraph (a) of Section 1008; and

                           (3)      after giving effect to the proposed
         Restricted Payment, the aggregate amount of all such Restricted
         Payments (other than any Permitted Payment except for (i) Permitted
         Payments pursuant to clause (viii)(B) of paragraph (b) of this Section
         1009) and (ii) Permitted Payments in respect of the Cumulative
         Additional Earn-Out Payment in excess of 50% of the maximum amount that
         could be paid in respect of the Cumulative Additional Earn-Out Payment
         pursuant to clause (viii)(A) of paragraph (b) of this covenant)
         declared (with respect to dividends) or made after the date of this
         Indenture and all Designation Amounts does not exceed the sum of:

                           (A)      50% of the aggregate Consolidated Net Income
(Loss) of the Company accrued on a cumulative basis during the period beginning
on the first day of the Company's fiscal quarter in which the Securities are
originally issued and ending on the last day of the Company's last fiscal
quarter ending prior to the date of the Restricted Payment (or, if such
aggregate cumulative Consolidated Net Income (Loss) shall be a loss, minus 100%
of such loss);

                           (B)      100% of the aggregate Net Cash Proceeds
received after the date of this Indenture by the Company either (1) as capital
contributions in the form of nonredeemable equity to the Company or (2) from the
issuance or sale (other than to any of its Subsidiaries) of Qualified Capital
Stock of the Company or any options, warrants or rights to purchase such
Qualified Capital Stock of the Company, plus 100% of the Fair Market Value as of
the date of issuance of any Qualified Capital Stock issued by the Company as
consideration for the purchase by the Company or any of its Restricted
Subsidiaries (including by means of a merger, consolidation or other business
combination permitted under this Indenture) of any assets or properties of, or a
majority of the Voting Stock of, any Person whose primary business is a
Permitted Business (except, in each case, to the extent such proceeds are used
to purchase, redeem or otherwise retire Capital Stock or Subordinated
Indebtedness as set forth below in clause (ii) or (iii) of paragraph (b) below)
(excluding the Net Cash Proceeds from the issuance of Qualified Capital Stock
financed, directly or indirectly, using funds borrowed from the Company or any
Subsidiary until and to the extent such borrowing is repaid);

                           (C)      100% of the aggregate Net Cash Proceeds
received after the date of this Indenture by the Company (other than from any of
its Subsidiaries) upon the exercise of any options, warrants or rights to
purchase Qualified Capital Stock of the Company (excluding the Net Cash Proceeds
from the exercise of any options, warrants or rights to purchase Qualified
Capital Stock financed, directly or indirectly, using funds borrowed from the
Company or any Subsidiary until and to the extent such borrowing is repaid);

                           (D)      100% of the aggregate Net Cash Proceeds
received after the date of this Indenture by the Company from the conversion or
exchange, if any, of debt securities or Redeemable Capital Stock of the Company
or its Restricted Subsidiaries into or for Qualified Capital Stock of the
Company plus, to the extent such debt securities or Redeemable Capital Stock so
converted or exchanged were issued after the date of this Indenture, the
aggregate of Net Cash Proceeds from their original issuance (excluding the Net
Cash Proceeds from the conversion or exchange of debt securities or Redeemable
Capital Stock financed, directly or indirectly, using funds borrowed from the
Company or any Subsidiary until and to the extent such borrowing is repaid);

                                     -102-

<PAGE>

                           (E)      (a)      in the case of the disposition or
repayment of any Investment constituting a Restricted Payment made after the
date of this Indenture, an amount (to the extent not included in Consolidated
Net Income (Loss)) equal to the lesser of the return of capital with respect to
such Investment and the initial amount of such Investment, in either case, less
the cost of the disposition of such Investment and net of taxes, and

                                    (b)      in the case of the designation of
                  an Unrestricted Subsidiary as a Restricted Subsidiary (as long
                  as the designation of such Subsidiary as an Unrestricted
                  Subsidiary was deemed a Restricted Payment), the Fair Market
                  Value of the Company's interest in such Subsidiary as of the
                  date of such designation; provided that such amount shall not
                  in any case exceed the amount of the Restricted Payment deemed
                  made at the time the Subsidiary was designated as an
                  Unrestricted Subsidiary;

                           (F)      any amount which previously qualified as a
Restricted Payment on account of any Guarantee entered into by the Company or
any Restricted Subsidiary; provided that such Guarantee has not been called upon
and the obligation arising under such Guarantee no longer exists; and

                           (G)      $5 million.

                  (b)      The foregoing provisions shall not prohibit the
following Restricted Payments (each a "Permitted Payment"):

                  (i)      the payment of any dividend or redemption of any
         Capital Stock within 60 days after the date of declaration thereof or
         call for redemption, if at such date of declaration or call for
         redemption such payment or redemption was permitted by the provisions
         of paragraph (a) of this Section 1009 (the declaration of such payment
         will be deemed a Restricted Payment under paragraph (a) of this Section
         1009 as of the date of declaration, and the payment itself will be
         deemed to have been paid on such date of declaration and will not also
         be deemed a Restricted Payment under paragraph (a) of this Section
         1009);

                  (ii)     the repurchase, redemption, or other acquisition or
         retirement for value of any shares of any class of Capital Stock of the
         Company in exchange for (including any such exchange pursuant to the
         exercise of a conversion right or privilege in connection with which
         cash is paid in lieu of the issuance of fractional shares or scrip), or
         out of the Net Cash Proceeds of a substantially concurrent issuance and
         sale for cash (other than to a Subsidiary) of, Qualified Capital Stock
         of the Company; provided that the Net Cash Proceeds from the issuance
         of such shares of Qualified Capital Stock are excluded from clause
         (3)(B) of paragraph (a) of this Section 1009;

                  (iii)    the repurchase, redemption, defeasance, retirement or
         acquisition for value or payment of principal of any Subordinated
         Indebtedness in exchange for, or out of the Net Cash Proceeds of, a
         substantially concurrent issuance and sale for cash (other than to any
         Subsidiary) of any Qualified Capital Stock of the Company, provided
         that the Net Cash Proceeds from the issuance of such shares of
         Qualified Capital Stock are excluded from clause (3)(B) of paragraph
         (a) of this Section 1009;

                  (iv)     the repurchase, redemption, defeasance, retirement,
         or acquisition for value of any Subordinated Indebtedness (other than
         Redeemable Capital Stock) (a "refinancing") in

                                     -103-

<PAGE>

         exchange for, or out of the Net Cash Proceeds of, the substantially
         concurrent issuance of new Subordinated Indebtedness of the Company,
         provided that any such new Subordinated Indebtedness

                                    (A)      shall be in a principal amount that
                  does not exceed the principal amount so refinanced, plus the
                  amount of premium or other payment reasonably determined as
                  necessary to refinance the Indebtedness, plus the amount of
                  expenses of the Company incurred in connection with such
                  refinancing;

                                    (B)      has an Average Life to Stated
                  Maturity equal to or greater than the remaining Average Life
                  to Stated Maturity of the Subordinated Indebtedness being
                  refinanced;

                                    (C)      has a Stated Maturity for its final
                  scheduled principal payment later than the Stated Maturity for
                  the final scheduled principal payment of the Subordinated
                  Indebtedness being refinanced; and

                                    (D)      is expressly subordinated in right
                  of payment to the Securities at least to the same extent as
                  the Subordinated Indebtedness to be refinanced;

                  (v)      the repurchase of Capital Stock deemed to occur upon
         (A) exercise of stock options to the extent that shares of such Capital
         Stock represent a portion of the exercise price of such options and (B)
         the withholding of a portion of the Capital Stock granted or awarded to
         an employee to pay taxes associated therewith;

                  (vi)     the payment of cash in lieu of the issuance of
         fractional shares in connection with the exercise of warrants, options
         or other securities convertible into or exercisable for Capital Stock
         of the Company;

                  (vii)    the repurchase, redemption, or other acquisition or
         retirement for value of Redeemable Capital Stock of the Company made by
         exchange for, or out of the proceeds of the sale of, Redeemable Capital
         Stock;

                  (viii)   so long as no Default or Event of Default exists or
         would occur, cash payments made pursuant to the Earn-Out Agreement in
         an amount (A)(1) up to $6.25 million per year in respect of each
         Earn-Out Year and (2) the Cumulative Additional Earn-Out Payment, plus
         (B) up to $6.25 million per year in respect of each Earn-Out Year, if
         on the date of such payment pursuant to this clause (B) the Company's
         Consolidated Fixed Charge Coverage Ratio for the most recent four full
         fiscal quarters for which consolidated financial statements are
         available immediately preceding such Earn-Out Agreement payment taken
         as one period is at least equal to or greater than 3:1 (to the extent
         any portion of any payment made pursuant to the Earn-Out Agreement in
         respect of any Earn-Out Year is paid in cash, such amount so paid in
         cash shall be deemed to be paid first pursuant to clause (A) up to the
         amounts permitted thereby and then pursuant to clause (B));

                  (ix)     so long as no Default or Event of Default exists or
         would occur, the repurchase, redemption, or other acquisition or
         retirement for value of any shares of Capital Stock of the Company from
         employees, former employees, directors or former directors of the
         Company or any Restricted Subsidiary or their authorized
         representatives upon the death, disability or

                                     -104-

<PAGE>

         termination of employment of such employees, former employees,
         directors or former directors, in an amount of up to $5 million in the
         aggregate during the term of the Securities; and

                  (x)      so long as no Default or Event of Default exists or
         would occur, payments or distributions to stockholders pursuant to
         appraisal rights required under applicable law in connection with any
         consolidation, merger or transfer of assets, including the Acquisition,
         that complies with Article Eight hereof.

                  For clarity purposes, (1) any cash Earn-Out Agreement payments
made pursuant to clause (viii)(B) of paragraph (b) of this Section 1009 shall be
Restricted Payments and shall reduce the amount that would otherwise be
available for Restricted Payments under paragraph (a) of this Section 1009, and
(2) all payments made pursuant to clauses (i) through (viii)(A), (ix) and (x) of
paragraph (b) of this Section 1009 shall not reduce the amount that would
otherwise be available for Restricted Payments under paragraph (a) of this
Section 1009.

         SECTION 1010. LIMITATION ON TRANSACTIONS WITH AFFILIATES.

                  The Company will not, and will not cause or permit any of its
Restricted Subsidiaries to, directly or indirectly, enter into any transaction
or series of related transactions (including, without limitation, the sale,
purchase, exchange or lease of assets, property or services) with or for the
benefit of any Affiliate of the Company (other than the Company or a Restricted
Subsidiary), including any Person that becomes a Restricted Subsidiary as a
result of such transaction) unless:

                  (1)      such transaction or series of related transactions is
on terms that are no less favorable to the Company or such Restricted
Subsidiary, as the case may be, than those that would be available in a
comparable transaction in arm's-length dealings with an unrelated third party,

                  (2)      with respect to any transaction or series of related
transactions involving aggregate value in excess of $2.5 million, the Company
delivers an Officers' Certificate to the Trustee certifying that such
transaction or series of related transactions complies with clause (1) above,
and

                  (3)      with respect to any transaction or series of related
transactions involving aggregate value in excess of $10 million, either

                  (a)      such transaction or series of related transactions
has been approved by a majority of the Disinterested Directors of the Board of
Directors of the Company, or in the event there is only one Disinterested
Director, by such Disinterested Director, or

                  (b)      the Company delivers to the Trustee a written opinion
of an investment banking firm of national standing or other recognized
independent expert stating that the transaction or series of related
transactions is fair to the Company or such Restricted Subsidiary from a
financial point of view; provided, however, that this provision shall not apply
to:

                  (i)      directors' fees, consulting fees, employee salaries,
         bonuses or employment agreements, incentive arrangements, compensation
         or employee benefit arrangements with any officer, director or employee
         of the Company or a Subsidiary of the Company, including under any
         stock option or stock incentive plans, customary indemnification
         arrangements with officers, directors or employees of the Company or a
         Subsidiary of the Company, in each case entered into in the ordinary
         course of business;

                                     -105-

<PAGE>

                  (ii)     any Restricted Payments or Permitted Payments made in
         compliance with Section 1009;

                  (iii)    any Qualified Securitization Transaction;

                  (iv)     any issuance or sale of Qualified Capital Stock of
         the Company to Affiliates;

                  (v)      transactions among the Company and/or any Restricted
         Subsidiary (other than a Securitization Entity) and/or any Related
         Business Entity;

                  (vi)     loans or advances to employees or consultants of the
         Company in the ordinary course of business for bona fide business
         purposes of the Company and its Restricted Subsidiaries (including
         travel, entertainment and moving expenses) made in compliance with
         applicable law;

                  (vii)    transactions pursuant to any of the Acquisition
         Agreements or agreements of Viewpoint and its Subsidiaries in effect on
         the date the Acquisition is consummated; and

                  (viii)   any transactions undertaken pursuant to any
         agreements in existence on the Issue Date or the date the Acquisition
         is consummated in the case of Viewpoint and its Subsidiaries (as in
         effect on the Issue Date or the date the Acquisition is consummated in
         the case of Viewpoint and its Subsidiaries) and any renewals,
         replacements or modifications of such contracts (pursuant to new
         transactions or otherwise) on terms no less favorable in any material
         respect to the Holders of the Securities than those in effect on the
         Issue Date or the date the Acquisition is consummated in the case of
         Viewpoint and its Subsidiaries;

         SECTION 1011. LIMITATION ON LIENS.

                  (a)      The Company will not, and will not cause or permit
any Restricted Subsidiary to, directly or indirectly, create or incur any Lien
of any kind (other than Permitted Liens) securing Indebtedness of the Company or
any Restricted Subsidiary unless the Securities (or a Guarantee in the case of
Liens of a Guarantor) are directly secured equally and ratably with (or, in the
case of Subordinated Indebtedness, prior or senior thereto, with the same
relative priority as the Securities shall have with respect to such Subordinated
Indebtedness) the Indebtedness secured by such Lien.

                  Notwithstanding the foregoing, any Lien securing the
Securities granted pursuant to this Section 1011 shall be automatically and
unconditionally released and discharged upon the release by the holders of the
Indebtedness described above of their Lien on the property or assets of the
Company or any Restricted Subsidiary (including any deemed release upon payment
in full of all obligations under such Indebtedness), securing such Indebtedness,
or upon any sale, exchange or transfer to any Person not an Affiliate of the
Company of the property or assets subject to such Lien, or of all of the Capital
Stock held by the Company or any Restricted Subsidiary in, or all or
substantially all the assets of, any Restricted Subsidiary that owns the
property or assets subject to such Lien.

         SECTION 1012. LIMITATION ON SALE OF ASSETS.

                  (a)      The Company will not, and will not cause or permit
any of its Restricted Subsidiaries to, directly or indirectly, consummate an
Asset Sale unless (1) at least 75% of the consideration from such Asset Sale is
received in cash, Cash Equivalents or Replacement Assets and (2) the Company or
such Restricted Subsidiary receives consideration at the time of such Asset Sale
at

                                     -106-

<PAGE>

least equal to the Fair Market Value of the shares or assets subject to such
Asset Sale. For purposes of Section (a)(1) of this Section 1012, the following
will be deemed to be cash: (A) the amount of any liabilities (other than
Subordinated Indebtedness) of the Company or any Restricted Subsidiary that is
actually assumed by the transferee in such Asset Sale and from which the Company
and the Restricted Subsidiaries are fully and unconditionally released
(excluding any liabilities that are incurred in connection with or in
anticipation of such Asset Sale and contingent liabilities); (B) the amount of
any notes, securities or other similar obligations received by the Company or
any Restricted Subsidiary from such transferee that is converted, sold or
exchanged within 90 days of the related Asset Sale by the Company or the
Restricted Subsidiaries into cash in an amount equal to the net cash proceeds
realized upon such conversion, sale or exchange; and (C) the amount of any
Designated Non-cash Consideration received by the Company or any of its
Restricted Subsidiaries in the Asset Sale; provided that the aggregate of such
Designated Non-cash Consideration received in connection with Asset Sales (and
still held) shall not exceed $5 million at any one time (with the Fair Market
Value in each case being measured at the time received and without giving effect
to subsequent changes in value).

                  (b)      All or a portion of the Net Cash Proceeds of any
Asset Sale may be applied by the Company or a Restricted Subsidiary, to the
extent the Company or such Restricted Subsidiary elects (or is required by the
terms of any Indebtedness under the Credit Agreement or any Credit Facility):

                  (i)      to repay permanently any Indebtedness under the
         Credit Agreement or any other Credit Facility or Indebtedness of any
         non-Guarantor with respect to the proceeds from the sale of assets of
         any non-Guarantor then outstanding as required by the terms thereof
         (and in the case of any such Indebtedness under the Credit Agreement or
         any other Credit Facility, effect a permanent reduction in the
         availability under the Credit Agreement or any other Credit Facility);
         (excluding any Indebtedness created in connection with any registered
         offering of securities under the Securities Act or a private placement
         of securities (including under Rule 144A) pursuant to an exemption from
         the registration requirements of the Securities Act);

                  (ii)     to repay or repurchase any secured Indebtedness;

                  (iii)    to repay or repurchase, within one year of its final
         Stated Maturity, any Indebtedness with a final Stated Maturity that is
         prior to the final Stated Maturity of the Securities;

                  (iv)     to acquire all or substantially all of the assets of,
         or a majority of the Voting Stock of, a Permitted Business;

                  (v)      to make a capital expenditure; or

                  (vi)     to invest the Net Cash Proceeds (or enter into a
         legally binding agreement to invest) in Replacement Assets.

                  Pending the final application of any such Net Cash Proceeds,
the Company may temporarily reduce Indebtedness or otherwise invest such Net
Cash Proceeds in any manner that is not prohibited by this Indenture. If any
such legally binding agreement to invest such Net Cash Proceeds is terminated,
the Company shall, within 90 days of such termination or within 365 days of such
Asset Sale, whichever is later, invest such Net Cash Proceeds as provided in
clauses (i) through (vi) above

                                     -107-

<PAGE>

(without regard to the parenthetical contained in clause (vi)). The amount of
such Net Cash Proceeds not used or invested in accordance with the preceding
clauses (i) through (vi) within 365 days of the Asset Sale constitutes "Excess
Proceeds."

                  (c)      When the aggregate amount of Excess Proceeds exceeds
$15 million or more, the Company will apply the Excess Proceeds to the repayment
of the Securities and at the Company's option, any other Pari Passu Indebtedness
outstanding with similar provisions requiring the Company to make an offer to
purchase such Indebtedness with the proceeds from any Asset Sale as follows:

                           (A)      the Company will make an offer to purchase
(an "Offer") from all holders of the Securities in accordance with the
procedures set forth in this Indenture in the maximum principal amount
(expressed as a multiple of $1,000) of Securities that may be purchased out of
an amount (the "Security Amount") equal to the product of such Excess Proceeds
multiplied by a fraction, the numerator of which is the outstanding principal
amount of the Securities, and the denominator of which is the sum of the
outstanding principal amount (or accreted value in the case of Indebtedness
issued with original issue discount) of the Securities and such Pari Passu
Indebtedness (subject to proration in the event such amount is less than the
aggregate Offered Price (as defined herein) of all Securities tendered) and

                           (B)      to the extent required by such Pari Passu
Indebtedness to permanently reduce the principal amount of such Pari Passu
Indebtedness (or accreted value in the case of Indebtedness issued with original
issue discount), the Company will make an offer to purchase or otherwise
repurchase or redeem Pari Passu Indebtedness (a "Pari Passu Offer") in an amount
(the "Pari Passu Debt Amount") equal to the excess of the Excess Proceeds over
the Security Amount; provided that in no event will the Company be required to
make a Pari Passu Offer in a Pari Passu Debt Amount exceeding the principal
amount (or accreted value) of such Pari Passu Indebtedness plus the amount of
any premium required to be paid to repurchase such Pari Passu Indebtedness.

                  The offer price for the Securities will be payable in cash in
an amount equal to 100% of the principal amount of the Securities plus accrued
and unpaid interest, if any, to the date (the "Offer Date") such Offer is
consummated (the "Offered Price"), in accordance with the procedures set forth
in this Indenture. To the extent that the aggregate Offered Price of the
Securities tendered pursuant to the Offer is less than the Security Amount
relating thereto, or the aggregate amount of Pari Passu Indebtedness that is
purchased in a Pari Passu Offer is less than the Pari Passu Debt Amount, the
Company may use any remaining Excess Proceeds for general corporate purposes,
subject to the other covenants contained in this Indenture. If the aggregate
principal amount of Securities and Pari Passu Indebtedness surrendered by
holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select
the Securities to be purchased on a pro rata basis. Upon the completion of the
Offer and the completion of any Pari Passu Offer, the amount of Excess Proceeds,
if any, shall be reset at zero.

                  (d)      If the Company becomes obligated to make an Offer
pursuant to clause (c) above, the Securities and the Pari Passu Indebtedness
shall be purchased by the Company, at the option of the holders thereof, in
whole or in part in integral multiples of $1,000, on a date that is not earlier
than 30 days and not later than 60 days from the date the notice of the Offer is
given to holders, or such later date as may be necessary for the Company to
comply with the requirements under the Exchange Act.

                                     -108-

<PAGE>

                  (e)      The Company will comply with the applicable tender
offer rules, including Rule 14e-1 under the Exchange Act, and any other
applicable securities laws or regulations in connection with an Offer.

                  (f)      Subject to paragraph (e) above, within 30 days after
the date on which the amount of Excess Proceeds equals or exceeds $15 million,
the Company shall send or cause to be sent by first-class mail, postage prepaid,
to the Trustee and to each Holder, at his address appearing in the Security
Register, a notice stating or including:

                           (1)      that the Holder has the right to require the
         Company to repurchase, subject to proration, such Holder's Securities
         at the Offered Price;

                           (2)      the Offer Date;

                           (3)      the instructions a Holder must follow in
         order to have his Securities purchased in accordance with paragraph (c)
         of this Section;

                           (4)      the Offered Price;

                           (5)      the names and addresses of the Paying Agent
         and the offices or agencies referred to in Section 1002;

                           (6)      that Securities must be surrendered prior to
         the Offer Date to the Paying Agent at the office of the Paying Agent or
         to an office or agency referred to in Section 1002 to collect payment;

                           (7)      that any Securities not tendered will
         continue to accrue interest and that unless the Company defaults in the
         payment of the Offered Price, any Security accepted for payment
         pursuant to the Offer shall cease to accrue interest on and after the
         Offer Date;

                           (8)      the procedures for withdrawing a tender; and

                           (9)      that the Offered Price for any Security
         which has been properly tendered and not withdrawn and which has been
         accepted for payment pursuant to the Offer will be paid promptly
         following the Offered Date.

                  (g)      Holders electing to have Securities purchased
hereunder will be required to surrender such Securities at the address specified
in the notice prior to the Offer Date. Holders will be entitled to withdraw
their election to have their Securities purchased pursuant to this Section 1012
if the Company receives, not later than one Business Day prior to the Offer
Date, a telegram, telex, facsimile transmission or letter setting forth (1) the
name of the Holder, (2) the certificate number of the Security in respect of
which such notice of withdrawal is being submitted, (3) the principal amount of
the Security (which shall be $1,000 or an integral multiple thereof) delivered
for purchase by the Holder as to which his election is to be withdrawn, (4) a
statement that such Holder is withdrawing his election to have such principal
amount of such Security purchased, and (5) the principal amount, if any, of such
Security (which shall be $1,000 or an integral multiple thereof) that remains
subject to the original notice of the Offer and that has been or will be
delivered for purchase by the Company.

                  (h)      The Company shall (i) not later than the Offer Date,
accept for payment Securities or portions thereof tendered pursuant to the
Offer, (ii) not later than 10:00 a.m. (New York

                                     -109-

<PAGE>

time) on the Offer Date, deposit with the Trustee or with a Paying Agent an
amount of money in same day funds sufficient to pay the aggregate Offered Price
of all the Securities or portions thereof which are to be purchased on that date
and (iii) not later than 10:00 a.m. (New York time) on the Offer Date, deliver
to the Paying Agent an Officers' Certificate stating the Securities or portions
thereof accepted for payment by the Company. The Paying Agent shall promptly
mail or deliver to Holders of Securities so accepted payment in an amount equal
to the Offered Price of the Securities purchased from each such Holder, and the
Company shall execute and the Trustee shall promptly authenticate and mail or
deliver to such Holders a new Security equal in principal amount to any
unpurchased portion of the Security surrendered. Any Securities not so accepted
shall be promptly mailed or delivered by the Paying Agent at the Company's
expense to the Holder thereof. For purposes of this Section 1012, the Company
shall choose a Paying Agent which shall not be the Company.

                  Subject to applicable escheat laws, the Trustee and the Paying
Agent shall return to the Company any cash that remains unclaimed, together with
interest, if any, thereon, held by them for the payment of the Offered Price;
provided, however, that (x) to the extent that the aggregate amount of cash
deposited by the Company with the Trustee in respect of an Offer exceeds the
aggregate Offered Price of the Securities or portions thereof to be purchased,
then the Trustee shall hold such excess for the Company and (y) unless otherwise
directed by the Company in writing, promptly after the Business Day following
the Offer Date the Trustee shall return any such excess to the Company together
with interest or dividends, if any, thereon.

                  (i)      Securities to be purchased shall, on the Offer Date,
become due and payable at the Offered Price and from and after such date (unless
the Company shall default in the payment of the Offered Price) such Securities
shall cease to bear interest. Such Offered Price shall be paid to such Holder
promptly following the later of the Offer Date and the time of delivery of such
Security to the relevant Paying Agent at the office of such Paying Agent by the
Holder thereof in the manner required. Upon surrender of any such Security for
purchase in accordance with the foregoing provisions, such Security shall be
paid by the Company at the Offered Price; provided, however, that installments
of interest whose Stated Maturity is on or prior to the Offer Date shall be
payable to the Person in whose name the Securities (or any Predecessor
Securities) is registered as such on the relevant Regular Record Dates according
to the terms and the provisions of Section 309; provided, further, that
Securities to be purchased are subject to proration in the event the Excess
Proceeds are less than the aggregate Offered Price of all Securities tendered
for purchase, with such adjustments as may be appropriate by the Trustee so that
only Securities in denominations of $1,000 or integral multiples thereof, shall
be purchased. If any Security tendered for purchase shall not be so paid upon
surrender thereof by deposit of funds with the Trustee or a Paying Agent in
accordance with paragraph (h) above, the principal thereof (and premium, if any,
thereon) shall, until paid, bear interest from the Offer Date at the rate borne
by such Security. Any Security that is to be purchased only in part shall be
surrendered to a Paying Agent at the office of such Paying Agent (with, if the
Company, the Security Registrar or the Trustee so requires, due endorsement by,
or a written instrument of transfer in form satisfactory to the Company and the
Security Registrar or the Trustee duly executed by, the Holder thereof or such
Holder's attorney duly authorized in writing), and the Company shall execute and
the Trustee shall authenticate and deliver to the Holder of such Security,
without service charge, one or more new Securities of any authorized
denomination as requested by such Holder in an aggregate principal amount equal
to, and in exchange for, the portion of the principal amount of the Security so
surrendered that is not purchased. The Company shall publicly announce the
results of the Offer on or as soon as practicable after the Offer Date.

                                     -110-

<PAGE>

         SECTION 1013. LIMITATION ON ISSUANCES OF GUARANTEES OF INDEBTEDNESS.

                  (a)      The Company will not cause or permit any Restricted
Subsidiary (which is not a Guarantor), directly or indirectly, to guarantee,
assume or in any other manner become liable with respect to any Material
Indebtedness (other than Acquired Indebtedness) of the Company or any other
Restricted Subsidiary (other than any Permitted Indebtedness which may be
incurred by a Restricted Subsidiary which is not a Guarantor) unless such
Restricted Subsidiary simultaneously executes and delivers a supplemental
indenture to this Indenture in the form of Exhibit E hereto or as reasonably
acceptable to the Trustee providing for a Guarantee of the Securities on the
same terms as the guarantee of such Indebtedness except that: (A) such Guarantee
need not be secured unless required pursuant to Section 1011 herein and (B) if
such Indebtedness is by its terms expressly subordinated to the Securities, any
such assumption, guarantee or other liability of such Restricted Subsidiary with
respect to such Indebtedness shall be subordinated to such Restricted
Subsidiary's Guarantee of the Securities at least to the same extent as such
Indebtedness is subordinated to the Securities.

                  (b)      Notwithstanding the foregoing, any Guarantee by a
Restricted Subsidiary of the Securities shall provide by its terms that it (and
all Liens securing the same) shall be automatically and unconditionally released
and discharged upon:

                           (1)      any sale, exchange, transfer or disposition,
         to any Person not a Subsidiary of the Company, of all of the Company's
         Capital Stock in, or all or substantially all the assets of, such
         Restricted Subsidiary (including by way of merger or consolidation), or
         the designation of such Restricted Subsidiary as an Unrestricted
         Subsidiary, which transaction is in compliance with the terms of this
         Indenture,

                           (2)      the merger or dissolution of a Guarantor
         into the Company or another Guarantor or the transfer or sale of all or
         substantially all of the assets of a Guarantor to the Company or
         another Guarantor, or

                           (3)      the release by the holders of the
         Indebtedness of the Company or such other Restricted Subsidiary
         described in clause (a) above of their guarantee by such Restricted
         Subsidiary (including any deemed release upon payment in full of all
         obligations under such Indebtedness), at such time as:

                           (A)      no other Indebtedness of the Company (other
than the Securities) or any other Restricted Subsidiary has been guaranteed by
such Restricted Subsidiary, or

                           (B)      the holders of all such other Indebtedness
which is guaranteed by such Restricted Subsidiary also release their guarantee
by such Restricted Subsidiary (including any deemed release upon payment in full
of all obligations under such Indebtedness).

         SECTION 1014. PURCHASE OF SECURITIES UPON A CHANGE OF CONTROL.

                  (a)      If a Change of Control occurs, each Holder of
Securities will have the right to require that the Company purchase all or any
part (in integral multiples of $1,000) of such Holder's Securities pursuant to a
"Change of Control Offer." In the Change of Control Offer, the Company will
offer to purchase all of the Securities, at a purchase price (the "Change of
Control Purchase Price") in cash in an amount equal to 101% of the principal
amount of such Securities, plus accrued and unpaid

                                     -111-

<PAGE>

interest, if any, to the date of purchase (the "Change of Control Purchase
Date") (subject to the rights of Holders of record on relevant record dates to
receive interest due on an interest payment date).

                  (b)      Within 30 days of any Change of Control or, at the
Company's option, prior to such Change of Control but after it is publicly
announced, the Company must notify the Trustee and give written notice (a
"Change of Control Purchase Notice") of the Change of Control to each Holder of
Securities, by first-class mail, postage prepaid, at his address appearing in
the Security Register. The notice must state, among other things:

                           (1)      that a Change of Control has occurred or
         will occur, the date of such event, and that such Holder has the right
         to require the Company to repurchase such Holder's Securities at the
         Change of Control Purchase Price;

                           (2)      that the Change of Control Offer is being
         made pursuant to this Section 1014 and that all Securities properly
         tendered pursuant to the Change of Control Offer will be accepted for
         payment at the Change of Control Purchase Price;

                           (3)      the Change of Control Purchase Date, which
         shall be fixed by the Company on a Business Day no earlier than 30 days
         nor later than 60 days from the date such notice is mailed, or such
         later date as is necessary to comply with requirements under the
         Exchange Act; provided that the Change of Control Purchase Date may not
         occur prior to the Change of Control;

                           (4)      the Change of Control Purchase Price;

                           (5)      the names and addresses of the Paying Agent
         and the offices or agencies referred to in Section 1002;

                           (6)      that Securities must be surrendered on or
         prior to the Change of Control Purchase Date to the Paying Agent at the
         office of the Paying Agent or to an office or agency referred to in
         Section 1002 to collect payment;

                           (7)      that the Change of Control Purchase Price
         for any Security which has been properly tendered and not withdrawn
         will be paid promptly following the Change of Control Offer Purchase
         Date;

                           (8)      the procedures that a Holder must follow to
         accept a Change of Control Offer or to withdraw such acceptance;

                           (9)      that any Security not tendered will continue
         to accrue interest; and

                           (10)     that, unless the Company defaults in the
         payment of the Change of Control Purchase Price, any Securities
         accepted for payment pursuant to the Change of Control Offer shall
         cease to accrue interest after the Change of Control Purchase Date.

                  (c)      Upon receipt by the Company of the proper tender of
Securities, the Holder of the Security in respect of which such proper tender
was made shall (unless the tender of such Security is properly withdrawn)
thereafter be entitled to receive solely the Change of Control Purchase Price
with respect to such Security. Upon surrender of any such Security for purchase
in accordance with the foregoing provisions, such Security shall be paid by the
Company at the Change of Control

                                     -112-

<PAGE>

Purchase Price; provided, however, that installments of interest whose Stated
Maturity is on or prior to the Change of Control Purchase Date shall be payable
to the Holders of such Securities, or one or more Predecessor Securities,
registered as such on the relevant Regular Record Dates according to the terms
and the provisions of Section 309. If any Security tendered for purchase in
accordance with the provisions of this Section 1014 shall not be so paid upon
surrender thereof, the principal thereof (and premium, if any, thereon) shall,
until paid, bear interest from the Change of Control Purchase Date at the rate
borne by such Security. Holders electing to have Securities purchased will be
required to surrender such Securities to the Paying Agent at the address
specified in the Change of Control Purchase Notice at least one Business Day
prior to the Change of Control Purchase Date. Any Security that is to be
purchased only in part shall be surrendered to a Paying Agent at the office of
such Paying Agent (with, if the Company, the Security Registrar or the Trustee
so requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Security Registrar or the Trustee, as the
case may be, duly executed by, the Holder thereof or such Holder's attorney duly
authorized in writing), and the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of such Security, without service charge,
one or more new Securities of any authorized denomination as requested by such
Holder in an aggregate principal amount equal to, and in exchange for, the
portion of the principal amount of the Security so surrendered that is not
purchased.

                  (d)      The Company shall (i) not later than the Change of
Control Purchase Date, accept for payment Securities or portions thereof
tendered pursuant to the Change of Control Offer, (ii) not later than 10:00 a.m.
(New York time) on the Business Day following the Change of Control Purchase
Date, deposit with the Trustee or with a Paying Agent an amount of money in same
day funds sufficient to pay the aggregate Change of Control Purchase Price of
all the Securities or portions thereof which have been so accepted for payment
and (iii) not later than 10:00 a.m. (New York time) on the Business Day
following the Change of Control Purchase Date, deliver to the Paying Agent an
Officers' Certificate stating the Securities or portions thereof accepted for
payment by the Company. The Paying Agent shall promptly mail or deliver to
Holders of Securities so accepted payment in an amount equal to the Change of
Control Purchase Price of the Securities purchased from each such Holder, and
the Company shall execute and the Trustee shall promptly authenticate and mail
or deliver to such Holders a new Security equal in principal amount to any
unpurchased portion of the Security surrendered. Any Securities not so accepted
shall be promptly mailed or delivered by the Paying Agent at the Company's
expense to the Holder thereof. The Company will publicly announce the results of
the Change of Control Offer on the Change of Control Purchase Date. For purposes
of this Section 1014, the Company shall choose a Paying Agent which shall not be
the Company.

                  (e)      A tender made in response to a Change of Control
Purchase Notice may be withdrawn if the Company receives, not later than one
Business Day prior to the Change of Control Purchase Date, a telegram, telex,
facsimile transmission or letter, specifying, as applicable:

                           (1)      the name of the Holder;

                           (2)      the certificate number of the Security in
         respect of which such notice of withdrawal is being submitted;

                           (3)      the principal amount of the Security (which
         shall be $1,000 or an integral multiple thereof) delivered for purchase
         by the Holder as to which such notice of withdrawal is being submitted;

                                     -113-

<PAGE>

                           (4)      a statement that such Holder is withdrawing
         his election to have such principal amount of such Security purchased;
         and

                           (5)      the principal amount, if any, of such
         Security (which shall be $1,000 or an integral multiple thereof) that
         remains subject to the original Change of Control Purchase Notice and
         that has been or will be delivered for purchase by the Company.

                  (f)      Subject to applicable escheat laws, the Trustee and
the Paying Agent shall return to the Company any cash that remains unclaimed,
together with interest or dividends, if any, thereon, held by them for the
payment of the Change of Control Purchase Price; provided, however, that, (x) to
the extent that the aggregate amount of cash deposited by the Company pursuant
to clause (ii) of paragraph (d) above exceeds the aggregate Change of Control
Purchase Price of the Securities or portions thereof to be purchased, then the
Trustee shall hold such excess for the Company and (y) unless otherwise directed
by the Company in writing, promptly after the Business Day following the Change
of Control Purchase Date the Trustee shall return any such excess to the Company
together with interest, if any, thereon.

                  (g)      The Company shall comply, to the extent applicable,
with the applicable tender offer rules, including Rule 14e-1 under the Exchange
Act, and any other applicable securities laws or regulations in connection with
a Change of Control Offer.

                  (h)      Notwithstanding the foregoing, the Company will not
be required to make a Change of Control Offer upon a Change of Control if a
third party makes the Change of Control Offer, in the manner, at the times and
otherwise in compliance with the requirements set forth in this Indenture
applicable to a Change of Control Offer made by the Company and purchases all
the Securities validly tendered and not withdrawn under such Change of Control
Offer.

         SECTION 1015. LIMITATION ON SUBSIDIARY PREFERRED STOCK.

                  (a)      The Company will not permit any Restricted Subsidiary
of the Company to issue, sell or transfer any Preferred Stock of such Restricted
Subsidiary, except for (1) Preferred Stock issued or sold to, held by or
transferred to the Company or a Restricted Subsidiary, and (2) Preferred Stock
issued by a Person prior to the time (A) such Person becomes a Restricted
Subsidiary, (B) such Person consolidates or merges with or into the Company or a
Restricted Subsidiary or (C) a Restricted Subsidiary consolidates or merges with
or into such Person; provided that such Preferred Stock was not issued or
incurred by such Person in anticipation of the type of transaction contemplated
by subclause (A), (B) or (C). This clause (a) shall not apply upon the
acquisition by a third party of all the outstanding Preferred Stock of such
Restricted Subsidiary in accordance with the terms of this Indenture.

                  (b)      The Company will not permit any Person (other than
the Company or a Restricted Subsidiary) to acquire Preferred Stock of any
Restricted Subsidiary from the Company or any Restricted Subsidiary, except upon
the acquisition of all the outstanding Preferred Stock of such Restricted
Subsidiary in accordance with the terms of this Indenture.

                                     -114-

<PAGE>

         SECTION 1016. LIMITATION ON DIVIDEND AND OTHER PAYMENT RESTRICTIONS
AFFECTING SUBSIDIARIES.

                  (a)      The Company will not, and will not cause or permit
any of its Restricted Subsidiaries to, directly or indirectly, create or
otherwise cause to exist or become effective any consensual encumbrance or
restriction on the ability of any Restricted Subsidiary to:

                           (1)      pay dividends or make any other
         distributions on its Capital Stock;

                           (2)      pay any Indebtedness owed to the Company or
         any other Restricted Subsidiary;

                           (3)      make any Investment in the Company or any
         other Restricted Subsidiary, or

                           (4)      transfer any of its properties or assets to
         the Company or any other Restricted Subsidiary.

                  (b)      However, paragraph (a) of this Section 1016 will not
prohibit any:

                           (1)      encumbrance or restriction pursuant to an
         agreement or instrument (including the Credit Agreement, the
         Securities, this Indenture and the Guarantees) in effect on the date of
         this Indenture (or in respect of the Credit Agreement on the date of
         the Credit Agreement);

                           (2)      encumbrance or restriction with respect to a
         Restricted Subsidiary that is not a Restricted Subsidiary of the
         Company on the date of this Indenture, in existence at the time such
         Person becomes a Restricted Subsidiary of the Company and not incurred
         in connection with, or in contemplation of, such Person becoming a
         Restricted Subsidiary, provided that such encumbrances and restrictions
         are not applicable to the Company or any Restricted Subsidiary or the
         properties or assets of the Company or any Restricted Subsidiary other
         than such Subsidiary which is becoming a Restricted Subsidiary;

                           (3)      encumbrance or restriction pursuant to any
         agreement governing any Indebtedness represented by Capital Lease
         Obligations or Purchase Money Obligations permitted to be incurred
         under the provisions of Section 1008 or otherwise existing as a result
         of the Acquisition;

                           (4)      encumbrance or restriction contained in any
         Acquired Indebtedness (including Acquired Indebtedness incurred in
         connection with the Acquisition) or other agreement of any Person or
         related to assets acquired (whether by merger, consolidation or
         otherwise) by the Company or any Restricted Subsidiaries, so long as
         such encumbrance or restriction (A) was not entered into in
         contemplation of the acquisition, merger or consolidation transaction,
         and (B) is not applicable to any Person, or the properties or assets of
         any Person, other than the Person, or the property or assets of the
         Person, so acquired, so long as the agreement containing such
         restriction does not violate any other provision of this Indenture;

                           (5)      encumbrance or restriction existing under
         applicable law or any requirement of any regulatory body;

                                     -115-

<PAGE>

                           (6)      in the case of clause (4) of paragraph (a)
         of this Section 1016, Liens securing Indebtedness otherwise permitted
         to be incurred under the provisions of Section 1011 herein that limit
         the right of the debtor to dispose of the assets subject to such Liens;

                           (7)      customary non-assignment provisions in
         leases, licenses or contracts;

                           (8)      customary restrictions contained in (A)
         asset sale agreements permitted to be incurred under the provisions of
         Section 1012 herein that limit the transfer of such assets pending the
         closing of such sale and (B) any other agreement for the sale or other
         disposition of a Restricted Subsidiary that restricts distributions by
         that Restricted Subsidiary pending its sale or other disposition;

                           (9)      customary restrictions imposed by the terms
         of shareholders', partnership or joint venture agreements entered into
         in the ordinary course of business in connection with a joint venture
         arrangement which is permitted pursuant to clause (8) of the definition
         of Permitted Investment; provided, however, that such restrictions do
         not apply to any Restricted Subsidiaries other than the applicable
         company, partnership or joint venture;

                           (10)     restrictions contained in Indebtedness of
         Foreign Subsidiaries permitted to be incurred under clause (xii) of the
         definition of Permitted Indebtedness, so long as such restrictions or
         encumbrances are customary for Indebtedness of the type incurred;

                           (11)     encumbrance or restriction with respect to a
         Securitization Entity in connection with a Qualified Securitization
         Transaction; provided, however, that such encumbrances and restrictions
         are customarily required by the institutional sponsor or arranger of
         such Qualified Securitization Transaction in similar types of documents
         relating to the purchase of similar receivables in connection with the
         financing thereof;

                           (12)     restrictions on cash or other deposits or
         net worth imposed by customers under contracts entered into in the
         ordinary course of business;

                           (13)     encumbrance or restriction under any of the
         Acquisition Agreements;

                           (14)     encumbrance or restriction under any
         agreement that amends, extends, renews, refinances or replaces the
         agreements containing the encumbrances or restrictions in the foregoing
         clauses (1) through (13), or in this clause (14), provided that the
         terms and conditions of any such encumbrances or restrictions are no
         more restrictive in any material respect than those under or pursuant
         to the agreement evidencing the Indebtedness so extended, renewed,
         refinanced or replaced.

         SECTION 1017. LIMITATIONS ON UNRESTRICTED SUBSIDIARIES.

                  The Company may designate after the Issue Date any Subsidiary
as an Unrestricted Subsidiary under this Indenture (a "Designation") only if:

                  (a)      no Default shall have occurred and be continuing at
the time of or after giving effect to such Designation;

                  (b)      the Company would be permitted to make an Investment
(other than a Permitted Investment) at the time of Designation (assuming the
effectiveness of such Designation) pursuant to

                                     -116-

<PAGE>

paragraph (a) of Section 1009 hereof in an amount (the "Designation Amount")
equal to the Fair Market Value of the Company's interest in such Subsidiary;

                  (c)      such Unrestricted Subsidiary does not own any Capital
Stock in any Restricted Subsidiary of the Company which is not simultaneously
being designated an Unrestricted Subsidiary;

                  (d)      such Unrestricted Subsidiary is not liable, directly
or indirectly, with respect to any Indebtedness other than Non-recourse
Indebtedness, provided that an Unrestricted Subsidiary may provide a Guarantee
for the Securities; and

                  (e)      such Unrestricted Subsidiary is not a party to any
agreement, contract, arrangement or understanding at such time with the Company
or any Restricted Subsidiary unless the terms of any such agreement, contract,
arrangement or understanding are no less favorable to the Company or such
Restricted Subsidiary than those that might be obtained at the time from Persons
who are not Affiliates of the Company or, in the event such condition is not
satisfied, the value of such agreement, contract, arrangement or understanding
to such Unrestricted Subsidiary from and after the date of Designation shall be
deemed a Restricted Payment.

                  In the event of any such Designation, the Company shall be
deemed to have made an Investment constituting a Restricted Payment pursuant to
Section 1009 hereof for all purposes of this Indenture in the Designation
Amount.

                  The Company shall not and shall not cause or permit any
Restricted Subsidiary to at any time provide credit support for, guarantee, be
directly or indirectly liable for or subject any of its property or assets
(other than the Capital Stock of any Unrestricted Subsidiary) to the
satisfaction of, any Indebtedness of any Unrestricted Subsidiary (including any
undertaking, agreement or instrument evidencing such Indebtedness) (other than
Permitted Investments in Unrestricted Subsidiaries). For purposes of the
foregoing, the Designation of a Subsidiary of the Company as an Unrestricted
Subsidiary shall be deemed to be the Designation of all of the Subsidiaries of
such Subsidiary as Unrestricted Subsidiaries. Unless so designated as an
Unrestricted Subsidiary, any Person that becomes a Subsidiary of the Company
will be classified as a Restricted Subsidiary.

                  The Company may revoke any Designation of a Subsidiary as an
Unrestricted Subsidiary (a "Revocation") if:

                  (a)      no Default shall have occurred and be continuing at
the time of and after giving effect to such Revocation;

                  (b)      all Liens and Indebtedness of such Unrestricted
Subsidiary outstanding immediately following such Revocation would, if incurred
at such time, have been permitted to be incurred for all purposes of this
Indenture; and

                  (c)      unless such redesignated Subsidiary shall not have
any Indebtedness outstanding (other than Indebtedness that would be Permitted
Indebtedness), (x) if prior to such Revocation the Company could incur $1.00 of
additional Indebtedness (other than Permitted Indebtedness) pursuant to Section
1008 immediately after giving effect to such proposed Revocation, and after
giving pro forma effect to the incurrence of any such Indebtedness of such
redesignated Subsidiary as if such Indebtedness was incurred on the date of the
Revocation, the Company could incur $1.00 of additional Indebtedness (other than
Permitted Indebtedness) pursuant to Section 1008 herein or (y) if prior to

                                     -117-

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such Revocation the Company could not incur $1.00 of additional Indebtedness
(other than Permitted Indebtedness) pursuant to Section 1008 herein, the
Company's Consolidated Fixed Charge Coverage Ratio does not decline as a result
of such Revocation.

                  All Designations and Revocations must be evidenced by a
resolution of the Board of Directors of the Company delivered to the Trustee
certifying compliance with the foregoing provisions.

         SECTION 1018. PROVISION OF FINANCIAL STATEMENTS.

                  Whether or not the Company is subject to Section 13(a) or
15(d) of the Exchange Act, the Company will, to the extent permitted under the
Exchange Act, file with the Commission the annual reports, quarterly reports and
other documents which the Company would have been required to file with the
Commission pursuant to Section 13(a) or 15(d) if the Company were so subject,
such documents to be filed with the Commission on or prior to the date (the
"Required Filing Date") by which the Company would have been required so to file
such documents if the Company were so subject.

                  The Company will also in any event within 15 days of each
Required Filing Date (a) file with the Trustee copies of the annual reports,
quarterly reports and other documents which the Company filed with the
Commission or would have been required to file with the Commission pursuant to
Section 13(a) or 15(d) of the Exchange Act if the Company were subject to either
of such Sections and (b) if filing such reports and documents by the Company
with the Commission is not accepted by the Commission or is not permitted under
the Exchange Act, transmit by mail to all Holders of the Securities, as their
names and addresses appear in the Security Register, without cost to such
Holders, copies of such reports and documents.

                  In addition, so long as any of the Securities remain
outstanding, the Company will make available to any prospective purchaser of
Securities or beneficial owner of Securities in connection with any sale thereof
the information required by Rule 144A(d)(4) under the Securities Act, until such
time as the Company has either exchanged the Securities for securities identical
in all material respects which have been registered under the Securities Act or
until such time as the Holders thereof have disposed of such Securities pursuant
to an effective registration statement under the Securities Act.

         SECTION 1019. STATEMENT BY OFFICERS AS TO DEFAULT.

                  (a)      The Company will deliver to the Trustee, on or before
a date not more than 120 days after the end of each fiscal year of the Company
and 60 days after the end of each fiscal quarter, an Officers' Certificate, as
to compliance herewith, including whether or not, after a review of the
activities of the Company during such year or such quarter and of the Company's
and each Guarantor's performance under this Indenture, to the best knowledge,
based on such review, of the signers thereof, the Company and each Guarantor
have fulfilled all of their respective obligations and are in compliance with
all conditions and covenants under this Indenture throughout such year or
quarter, as the case may be, and, if there has been a Default specifying each
Default and the nature and status thereof and any actions being taken by the
Company and the Guarantors with respect thereto.

                  (b)      When any Default or Event of Default has occurred and
is continuing, the Company shall deliver to the Trustee by registered or
certified mail or facsimile transmission of an

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<PAGE>

Officers' Certificate specifying such Default or Event of Default, within five
Business Days after the occurrence of such Default or Event of Default.

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

         SECTION 1101. RIGHTS OF REDEMPTION.

                  (a)      The Securities are subject to redemption at any time
on or after June 1, 2007, at the option of the Company, in whole or in part,
subject to the conditions, and at the Redemption Prices specified in the form of
Security, together with accrued and unpaid interest, if any, to the Redemption
Date (subject to the right of Holders of record on relevant Regular Record Dates
and Special Record Dates to receive interest due on relevant Interest Payment
Dates and Special Payment Dates).

                  (b)      In addition, at any time prior to June 1, 2006, the
Company, at its option, may use the net proceeds of one or more Equity Offerings
to redeem up to an aggregate of 35% of the aggregate principal amount of
Securities originally issued under this Indenture at a Redemption Price equal to
108.875% of the aggregate principal amount thereof, plus accrued and unpaid
interest thereon, if any, to the Redemption Date (subject to the rights of
Holders of record on relevant record dates to receive interest due on an
Interest Payment Date); provided that this redemption provision shall not be
applicable with respect to any transaction that results in a Change of Control;
provided, further, that at least 65% of the initial aggregate principal amount
of Securities must remain outstanding immediately after the occurrence of such
redemption. In order to effect the foregoing redemption, the Company must mail a
notice of redemption no later than 60 days after the closing of the related
Equity Offering and must complete such redemption within 90 days of the closing
of the Equity Offering.

                  (c)      In addition, at any time prior to June 1, 2007, the
Company may redeem all or a portion of the Securities in amounts of $1,000 or an
integral multiple thereof, at a price equal to the greater of:

                  (i)      100% of the aggregate principal amount of the
         Securities to be redeemed, together with accrued and unpaid interest,
         if any, to the date of redemption, and

                  (ii)     as determined by an Independent Investment Banker,
         the sum of the present values of 104.438% of the principal of the
         Securities being redeemed plus scheduled payments of interest (not
         including any portion of such payments of interest accrued as of the
         date of redemption) from the date of redemption to June 1, 2007
         discounted to the Redemption Date on a semiannual basis (assuming a
         360-day year consisting of twelve 30-day months) at the Adjusted
         Treasury Rate plus 50 basis points, together with accrued and unpaid
         interest, if any, to the date of redemption.

         SECTION 1102. APPLICABILITY OF ARTICLE.

                  Redemption of Securities at the election of the Company or
otherwise, as permitted or required by any provision of this Indenture, shall be
made in accordance with such provision and this Article Eleven.

                                     -119-

<PAGE>

         SECTION 1103. ELECTION TO REDEEM; NOTICE TO TRUSTEE.

                  The election of the Company to redeem any Securities pursuant
to Section 1101 shall be evidenced by a Company Order and an Officers'
Certificate. In case of any redemption at the election of the Company, the
Company shall, not less than 45 nor more than 60 days prior to the Redemption
Date fixed by the Company (unless a shorter notice period shall be satisfactory
to the Trustee), notify the Trustee in writing of such Redemption Date and of
the principal amount of Securities to be redeemed.

         SECTION 1104. SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

                  If less than all the Securities are to be redeemed, the
particular Securities or portions thereof to be redeemed shall be selected not
more than 30 days prior to the Redemption Date. The Trustee shall select the
Securities or portions thereof to be redeemed in compliance with the
requirements of the principal national security exchange, if any, on which the
Securities are listed, or if the Securities are not so listed, pro rata, by lot
or by any other method the Trustee shall deem fair and reasonable. The amounts
to be redeemed shall be equal to $1,000 or any integral multiple thereof.
Redemption pursuant to the provisions of Section 1101(b) relating to an Equity
Offering must be made on a pro rata basis or on as nearly a pro rata basis as
practicable (subject to the procedures of DTC or any other depositary).

                  The Trustee shall promptly notify the Company and the Security
Registrar in writing of the Securities selected for redemption and, in the case
of any Securities selected for partial redemption, the principal amount thereof
to be redeemed.

                  For all purposes of this Indenture, unless the context
otherwise requires, all provisions relating to redemption of Securities shall
relate, in the case of any Security redeemed or to be redeemed only in part, to
the portion of the principal amount of such Security which has been or is to be
redeemed.

         SECTION 1105. NOTICE OF REDEMPTION.

                  Notice of redemption shall be given by first-class mail,
postage prepaid, mailed not less than 30 days nor more than 60 days prior to the
Redemption Date, to each Holder of Securities to be redeemed, at its address
appearing in the Security Register.

                  All notices of redemption shall state:

                  (a)      the Redemption Date;

                  (b)      the Redemption Price;

                  (c)      if less than all Outstanding Securities are to be
redeemed, the identification of the particular Securities to be redeemed;

                  (d)      in the case of a Security to be redeemed in part, the
principal amount of such Security to be redeemed and that after the Redemption
Date upon surrender of such Security, new Security or Securities in the
aggregate principal amount equal to the unredeemed portion thereof will be
issued;

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<PAGE>

                  (e)      that Securities called for redemption must be
surrendered to the Paying Agent to collect the Redemption Price;

                  (f)      that on the Redemption Date the Redemption Price will
become due and payable upon each such Security or portion thereof to be
redeemed, and that (unless the Company shall default in payment of the
Redemption Price) interest thereon shall cease to accrue on and after said date;

                  (g)      the names and addresses of the Paying Agent and the
offices or agencies referred to in Section 1002 where such Securities are to be
surrendered for payment of the Redemption Price;

                  (h)      the CUSIP number, if any, relating to such
Securities; and

                  (i)      the procedures that a Holder must follow to surrender
the Securities to be redeemed.

                  Notice of redemption of Securities to be redeemed at the
election of the Company shall be given by the Company or, at the Company's
written request, by the Trustee in the name and at the expense of the Company.
If the Company elects to give notice of redemption, it shall provide the Trustee
with a certificate stating that such notice has been given in compliance with
the requirements of this Section 1105.

                  The notice if mailed in the manner herein provided shall be
conclusively presumed to have been given, whether or not the Holder receives
such notice. In any case, failure to give such notice by mail or any defect in
the notice to the Holder of any Security designated for redemption as a whole or
in part shall not affect the validity of the proceedings for the redemption of
any other Security.

         SECTION 1106. DEPOSIT OF REDEMPTION PRICE.

                  On or prior to any Redemption Date, the Company shall deposit
with the Trustee or with a Paying Agent (or, if the Company or any of its
Affiliates is acting as Paying Agent, segregate and hold in trust as provided in
Section 1003) an amount of money in same day funds sufficient to pay the
Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date or Special Payment Date) accrued interest on, all the Securities or
portions thereof which are to be redeemed on that date. The Paying Agent shall
promptly mail or deliver to Holders of Securities so redeemed payment in an
amount equal to the Redemption Price of the Securities purchased from each such
Holder. All money, if any, earned on funds held in trust by the Trustee or any
Paying Agent shall be remitted to the Company. For purposes of this Section
1106, the Company shall choose a Paying Agent which shall not be the Company.

         SECTION 1107. SECURITIES PAYABLE ON REDEMPTION DATE.

                  Notice of redemption having been given as aforesaid, the
Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified and from and after such date
(unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. Upon surrender
of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Company at the Redemption Price together with
accrued interest to the Redemption Date; provided, however, that installments of
interest whose Stated Maturity is on or prior to the Redemption Date shall be
payable to

                                     -121-

<PAGE>

the Holders of such Securities, or one or more Predecessor Securities,
registered as such on the relevant Regular Record Dates and Special Record Dates
according to the terms and the provisions of Section 309.

                  If any Security called for redemption shall not be so paid
upon surrender thereof for redemption, the principal and premium, if any, shall,
until paid, bear interest from the Redemption Date at the rate borne by such
Security.

         SECTION 1108. SECURITIES REDEEMED OR PURCHASED IN PART.

                  Any Security which is to be redeemed or purchased only in part
shall be surrendered to the Paying Agent at the office or agency maintained for
such purpose pursuant to Section 1002 (with, if the Company, the Security
Registrar or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company, the Security
Registrar or the Trustee, as the case may be, duly executed by, the Holder
thereof or such Holder's attorney duly authorized in writing), and the Company
shall execute, and the Trustee shall authenticate and deliver to the Holder of
such Security without service charge, a new Security or Securities, of any
authorized denomination as requested by such Holder in aggregate principal
amount equal to, and in exchange for, the unredeemed portion of the principal of
the Security so surrendered that is not redeemed or purchased.

         SECTION 1109. SPECIAL MANDATORY REDEMPTION; NOTICES TO TRUSTEE AND
SECURITIES INTERMEDIARY.

                  If (1) the Release has not occurred on or before 5:00 p.m.,
New York City time, on the Deadline, or (2) the Company has earlier notified the
Securities Intermediary that it will not proceed with the Acquisition, then the
Company will, on a Business Day designated by the Company that is not more than
20 Business Days following the Deadline, or such earlier date as permitted by
applicable law, (the "Special Mandatory Redemption Date"), notify the Trustee
thereof and deliver to the Trustee an Officers' Certificate stating that such
redemption will comply with the conditions contained in form of Security (the
"Special Mandatory Redemption") and setting forth the Special Mandatory
Redemption Price applicable to such Special Mandatory Redemption. Simultaneously
with the giving of such notice by the Company to the Trustee, the Company shall
notify the Securities Intermediary thereof pursuant to Section 3(b) of the
Escrow Agreement.

         SECTION 1110. NOTICE OF SPECIAL MANDATORY REDEMPTION TO HOLDERS.

                  Notice of the Special Mandatory Redemption will be promptly
mailed by first class mail by the Company to each Holder of Securities at his or
her last address as the same appears in the Security Register.

                  The notice shall state that all the Securities will be
redeemed (including the CUSIP numbers thereof) and shall state:

                  (1)      the Special Mandatory Redemption Date;

                  (2)      the Special Mandatory Redemption Price;

                  (3)      the name and address of the Paying Agent;

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<PAGE>

                  (4)      that Securities must be surrendered to the Paying
Agent to collect the redemption price;

                  (5)      that unless the Company defaults in making the
redemption payment, interest on the Securities ceases to accrue on and after the
Special Mandatory Redemption Date; and

                  (6)      that the Securities are being redeemed pursuant to
the provision of the Securities related to Special Mandatory Redemption.

         SECTION 1111. EFFECT OF NOTICE OF SPECIAL MANDATORY REDEMPTION.

                  Once the notice of redemption described in Section 1110 is
mailed, the Securities will become due and payable on the Special Mandatory
Redemption Date at the Special Mandatory Redemption Price. Upon surrender to the
Paying Agent, the Securities shall be paid at the Special Mandatory Redemption
Price.

         SECTION 1112. DEPOSIT OF SPECIAL MANDATORY REDEMPTION PRICE.

                  On or prior to 10:00 A.M., New York City time, on the Special
Mandatory Redemption Date, the Company shall direct the Securities Intermediary,
pursuant to Section 3(b) of the Escrow Agreement, to deposit with the Paying
Agent the applicable Special Mandatory Redemption Price.

                  On and after the Special Mandatory Redemption Date, if money
sufficient to pay the applicable Special Mandatory Redemption Price shall have
been made available in accordance with the immediately preceding paragraph, the
Securities will cease to accrue interest and the only right of the Holders of
the Securities will be to receive payment of the Special Mandatory Redemption
Price. If any Securities surrendered for redemption shall not be so paid,
interest will be paid, from the Special Mandatory Redemption Date until such
redemption payment is made, on the unpaid principal of the Securities and any
interest not paid on such unpaid principal, in each case at the rate and in the
manner provided in the Securities.

         SECTION 1113. NO OTHER MANDATORY REDEMPTIONS.

                  The Company is not required to make mandatory redemption or
sinking fund payments with respect to the Securities, other than a Special
Mandatory Redemption.

                                 ARTICLE TWELVE

                           SATISFACTION AND DISCHARGE

         SECTION 1201. SATISFACTION AND DISCHARGE OF INDENTURE.

                  This Indenture will be discharged and will cease to be of
further effect (except as to surviving rights of registration of transfer or
exchange of Securities as expressly provided for herein) as to all Outstanding
Securities hereunder, and the Trustee, upon Company Request and at the expense
of the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when

                  (a)      either

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<PAGE>

                           (1)      all the Securities theretofore authenticated
         and delivered (other than (i) lost, stolen or destroyed Securities
         which have been replaced or paid as provided in Section 308 or (ii) all
         Securities for whose payment money has theretofore been deposited in
         trust or segregated and held in trust by the Company and thereafter
         repaid to the Company or discharged from such trust as provided in
         Section 1003) have been delivered to the Trustee for cancellation; or

                           (2)      all such Securities not theretofore
         delivered to the Trustee for cancellation (i) have become due and
         payable, (ii) will become due and payable at their Stated Maturity
         within one year or (iii) are to be called for redemption within one
         year under arrangements satisfactory to the Trustee for the giving of
         notice of redemption by the Trustee in the name, and at the expense, of
         the Company;

                  (b)      the Company or any Guarantor has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust an
amount in United States dollars sufficient to pay and discharge the entire
Indebtedness on the Securities not theretofore delivered to the Trustee for
cancellation, including the principal of, premium, if any, and accrued interest
on, such Securities at such Maturity, Stated Maturity or Redemption Date;

                  (c)      after giving effect thereto, no Default or Event of
Default shall have occurred and be continuing under any Indebtedness of the
Company or any Restricted Subsidiary on the date of such deposit;

                  (d)      such satisfaction and discharge will not result in a
breach or violation of, or constitute a default under, any other material
agreement or instrument to which the Company, any Guarantor or any Restricted
Subsidiary is a party or by which the Company, any Guarantor or any Restricted
Subsidiary is bound;

                  (e)      the Company or any Guarantor has paid or caused to be
paid all other sums payable hereunder by the Company and any Guarantor; and

                  (f)      the Company has delivered to the Trustee an Officers'
Certificate and an Opinion of Independent Counsel, in form and substance
satisfactory to the Trustee, each stating that (i) all conditions precedent
herein relating to the satisfaction and discharge hereof have been complied
with.

                  Notwithstanding the satisfaction and discharge hereof, the
obligations of the Company to the Trustee under Section 607 and, if United
States dollars shall have been deposited with the Trustee pursuant to subclause
(2) of subsection (a) of this Section 1201, the obligations of the Trustee under
Section 1202 and the last paragraph of Section 1003 shall survive.

         SECTION 1202. APPLICATION OF TRUST MONEY.

                  Subject to the provisions of the last paragraph of Section
1003, all United States dollars deposited with the Trustee pursuant to Section
1201 shall be held in trust and applied by it, in accordance with the provisions
of the Securities and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal of,
premium, if any, and interest on, the Securities for whose payment such United
States dollars have been deposited with the Trustee.

                                     -124-

<PAGE>

                                ARTICLE THIRTEEN

                                   GUARANTEES

         SECTION 1301. GUARANTORS' GUARANTEE.

                  For value received, each of the Guarantors, in accordance with
this Article Thirteen, hereby absolutely, fully, unconditionally and irrevocably
guarantees, jointly and severally with each other and with each other Person
which may become a Guarantor hereunder, to the Trustee and the Holders, the
punctual payment and performance when due of all Indenture Obligations (which
for purposes of this Guarantee shall also be deemed to include all commissions,
fees, charges, costs and other expenses (including reasonable legal fees and
disbursements of counsel) arising out of or incurred by the Trustee or the
Holders in connection with the enforcement of this Guarantee).

         SECTION 1302. CONTINUING GUARANTEE; NO RIGHT OF SET-OFF; INDEPENDENT
OBLIGATION.

                  (a)      This Guarantee shall be a continuing guarantee of the
payment and performance of all Indenture Obligations and shall remain in full
force and effect until the payment in full of all of the Indenture Obligations
and shall apply to and secure any ultimate balance due or remaining unpaid to
the Trustee or the Holders; and this Guarantee shall not be considered as wholly
or partially satisfied by the payment or liquidation at any time or from time to
time of any sum of money for the time being due or remaining unpaid to the
Trustee or the Holders. Each Guarantor, jointly and severally, covenants and
agrees to comply with all obligations, covenants, agreements and provisions
applicable to it in this Indenture including those set forth in Article Eight.
Without limiting the generality of the foregoing, each Guarantor's liability
shall extend to all amounts which constitute part of the Indenture Obligations
and would be owed by the Company under this Indenture and the Securities but for
the fact that they are unenforceable, reduced, limited, impaired, suspended or
not allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving the Company.

                  (b)      Each Guarantor, jointly and severally, hereby
guarantees that the Indenture Obligations will be paid to the Trustee without
set-off or counterclaim or other reduction whatsoever (whether for taxes,
withholding or otherwise) in lawful currency of the United States of America.

                  (c)      Each Guarantor, jointly and severally, guarantees
that the Indenture Obligations shall be paid strictly in accordance with their
terms regardless of any law, regulation or order now or hereafter in effect in
any jurisdiction affecting any of such terms or the rights of the Holders of the
Securities.

                  (d)      Each Guarantor's liability to pay or perform or cause
the performance of the Indenture Obligations under this Guarantee shall arise
forthwith after demand for payment or performance by the Trustee has been given
to the Guarantors in the manner prescribed in Section 106 hereof.

                  (e)      Except as provided herein, the provisions of this
Article Thirteen cover all agreements between the parties hereto relative to
this Guarantee and none of the parties shall be bound by any representation,
warranty or promise made by any Person relative thereto which is not embodied
herein; and it is specifically acknowledged and agreed that this Guarantee has
been delivered by each Guarantor free of any conditions whatsoever and that no
representations, warranties or promises have

                                     -125-

<PAGE>

been made to any Guarantor affecting its liabilities hereunder, and that the
Trustee shall not be bound by any representations, warranties or promises now or
at any time hereafter made by the Company to any Guarantor.

                  (f)      This Guarantee is a guarantee of payment, performance
and compliance and not of collectibility and is in no way conditioned or
contingent upon any attempt to collect from or enforce performance or compliance
by the Company or upon any event or condition whatsoever.

                  (g)      The obligations of the Guarantors set forth herein
constitute the full recourse obligations of the Guarantors enforceable against
them to the full extent of all their assets and properties.

         SECTION 1303. GUARANTEE ABSOLUTE.

                  The obligations of the Guarantors hereunder are independent of
the obligations of the Company under the Securities and this Indenture and a
separate action or actions may be brought and prosecuted against any Guarantor
whether or not an action or proceeding is brought against the Company and
whether or not the Company is joined in any such action or proceeding. The
liability of the Guarantors hereunder is irrevocable, absolute and unconditional
and (to the extent permitted by law) the liability and obligations of the
Guarantors hereunder shall not be released, discharged, mitigated, waived,
impaired or affected in whole or in part by:

                  (a)      any defect or lack of validity or enforceability in
respect of any Indebtedness or other obligation of the Company or any other
Person under this Indenture or the Securities, or any agreement or instrument
relating to any of the foregoing;

                  (b)      any grants of time, renewals, extensions,
indulgences, releases, discharges or modifications which the Trustee or the
Holders may extend to, or make with, the Company, any Guarantor or any other
Person, or any change in the time, manner or place of payment of, or in any
other term of, all or any of the Indenture Obligations, or any other amendment
or waiver of, or any consent to or departure from, this Indenture or the
Securities, including any increase or decrease in the Indenture Obligations;

                  (c)      the taking of security from the Company, any
Guarantor or any other Person, and the release, discharge or alteration of, or
other dealing with, such security;

                  (d)      the occurrence of any change in the laws, rules,
regulations or ordinances of any jurisdiction by any present or future action of
any governmental authority or court amending, varying, reducing or otherwise
affecting, or purporting to amend, vary, reduce or otherwise affect, any of the
Indenture Obligations and the obligations of any Guarantor hereunder;

                  (e)      the abstention from taking security from the Company,
any Guarantor or any other Person or from perfecting, continuing to keep
perfected or taking advantage of any security;

                  (f)      any loss, diminution of value or lack of
enforceability of any security received from the Company, any Guarantor or any
other Person, and including any other guarantees received by the Trustee;

                  (g)      any other dealings with the Company, any Guarantor or
any other Person, or with any security;

                                     -126-

<PAGE>

                  (h)      the Trustee's or the Holders' acceptance of
compositions from the Company or any Guarantor;

                  (i)      the application by the Holders or the Trustee of all
monies at any time and from time to time received from the Company, any
Guarantor or any other Person on account of any indebtedness and liabilities
owing by the Company or any Guarantor to the Trustee or the Holders, in such
manner as the Trustee or the Holders deems best and the changing of such
application in whole or in part and at any time or from time to time, or any
manner of application of collateral, or proceeds thereof, to all or any of the
Indenture Obligations, or the manner of sale of any collateral;

                  (j)      the release or discharge of the Company or any
Guarantor of the Securities or of any Person liable directly as surety or
otherwise by operation of law or otherwise for the Securities, other than an
express release in writing given by the Trustee, on behalf of the Holders, of
the liability and obligations of any Guarantor hereunder;

                  (k)      any change in the name, business, capital structure
or governing instrument of the Company or any Guarantor or any refinancing or
restructuring of any of the Indenture Obligations;

                  (l)      the sale of the Company's or any Guarantor's business
or any part thereof;

                  (m)      subject to Section 1314, any merger or consolidation,
arrangement or reorganization of the Company, any Guarantor, any Person
resulting from the merger or consolidation of the Company or any Guarantor with
any other Person or any other successor to such Person or merged or consolidated
Person or any other change in the corporate existence, structure or ownership of
the Company or any Guarantor or any change in the corporate relationship between
the Company and any Guarantor, or any termination of such relationship;

                  (n)      the insolvency, bankruptcy, liquidation, winding-up,
dissolution, receivership, arrangement, readjustment, assignment for the benefit
of creditors or distribution of the assets of the Company or its assets or any
resulting discharge of any obligations of the Company (whether voluntary or
involuntary) or of any Guarantor (whether voluntary or involuntary) or the loss
of corporate existence;

                  (o)      subject to Section 1314, any arrangement or plan of
reorganization affecting the Company or any Guarantor;

                  (p)      any failure, omission or delay on the part of the
Company to conform or comply with any term of this Indenture;

                  (q)      any limitation on the liability or obligations of the
Company or any other Person under this Indenture, or any discharge, termination,
cancellation, distribution, irregularity, invalidity or unenforceability in
whole or in part of this Indenture;

                  (r)      any other circumstance (including any statute of
limitations) that might otherwise constitute a defense available to, or
discharge of, the Company or any Guarantor; or

                  (s)      any modification, compromise, settlement or release
by the Trustee, or by operation of law or otherwise, of the Indenture
Obligations or the liability of the Company or any other obligor under the
Securities, in whole or in part, and any refusal of payment by the Trustee, in
whole or in part, from any other obligor or other guarantor in connection with
any of the Indenture Obligations,

                                     -127-

<PAGE>

whether or not with notice to, or further assent by, or any reservation of
rights against, each of the Guarantors.

         SECTION 1304. RIGHT TO DEMAND FULL PERFORMANCE.

                  In the event of any demand for payment or performance by the
Trustee from any Guarantor hereunder, the Trustee or the Holders shall have the
right to demand its full claim and to receive all dividends or other payments in
respect thereof until the Indenture Obligations have been paid in full, and the
Guarantors shall continue to be jointly and severally liable hereunder for any
balance which may be owing to the Trustee or the Holders by the Company under
this Indenture and the Securities. The retention by the Trustee or the Holders
of any security, prior to the realization by the Trustee or the Holders of its
rights to such security upon foreclosure thereon, shall not, as between the
Trustee and any Guarantor, be considered as a purchase of such security, or as
payment, satisfaction or reduction of the Indenture Obligations due to the
Trustee or the Holders by the Company or any part thereof. Each Guarantor,
promptly after demand, will reimburse the Trustee and the Holders for all costs
and expenses of collecting such amount under, or enforcing this Guarantee,
including, without limitation, the reasonable fees and expenses of counsel.

         SECTION 1305. WAIVERS.

                  (a)      Each Guarantor hereby expressly waives (to the extent
permitted by law) notice of the acceptance of this Guarantee and notice of the
existence, renewal, extension or the non-performance, non-payment, or
non-observance on the part of the Company of any of the terms, covenants,
conditions and provisions of this Indenture or the Securities or any other
notice whatsoever to or upon the Company or such Guarantor with respect to the
Indenture Obligations, whether by statute, rule of law or otherwise. Each
Guarantor hereby acknowledges communication to it of the terms of this Indenture
and the Securities and all of the provisions therein contained and consents to
and approves the same. Each Guarantor hereby expressly waives (to the extent
permitted by law) diligence, presentment, protest and demand for payment with
respect to (i) any notice of sale, transfer or other disposition of any right,
title to or interest in the Securities by the Holders or in this Indenture, (ii)
any release of any Guarantor from its obligations hereunder resulting from any
loss by it of its rights of subrogation hereunder and (iii) any other
circumstances whatsoever that might otherwise constitute a legal or equitable
discharge, release or defense of a guarantor or surety or that might otherwise
limit recourse against such Guarantor.

                  (b)      Without prejudice to any of the rights or recourses
which the Trustee or the Holders may have against the Company, each Guarantor
hereby expressly waives (to the extent permitted by law) any right to require
the Trustee or the Holders to:

                           (i)      enforce, assert, exercise, initiate or
                                    exhaust any rights, remedies or recourse
                                    against the Company, any Guarantor or any
                                    other Person under this Indenture or
                                    otherwise;

                           (ii)     value, realize upon, or dispose of any
                                    security of the Company or any other Person
                                    held by the Trustee or the Holders;

                           (iii)    initiate or exhaust any other remedy which
                                    the Trustee or the Holders may have in law
                                    or equity; or

                                     -128-

<PAGE>

                           (iv)     mitigate the damages resulting from any
                                    Default under this Indenture;

before requiring or becoming entitled to demand payment from such Guarantor
under this Guarantee.

         SECTION 1306. THE GUARANTORS REMAIN OBLIGATED IN EVENT THE COMPANY IS
NO LONGER OBLIGATED TO DISCHARGE INDENTURE OBLIGATIONS.

                  It is the express intention of the Trustee and the Guarantors
that if for any reason the Company has no legal existence, is or becomes under
no legal obligation to discharge the Indenture Obligations owing to the Trustee
or the Holders by the Company or if any of the Indenture Obligations owing by
the Company to the Trustee or the Holders becomes irrecoverable from the Company
by operation of law or for any reason whatsoever, this Guarantee and the
covenants, agreements and obligations of the Guarantors contained in this
Article Thirteen shall nevertheless be binding upon the Guarantors, as principal
debtor, until such time as all such Indenture Obligations have been paid in full
to the Trustee and all Indenture Obligations owing to the Trustee or the Holders
by the Company have been discharged, or such earlier time as Section 402 shall
apply to the Securities and the Guarantors shall be responsible for the payment
thereof to the Trustee or the Holders upon demand.

         SECTION 1307. FRAUDULENT CONVEYANCE; CONTRIBUTION; SUBROGATION.

                  (a)      Each Guarantor that is a Subsidiary of the Company
and, by its acceptance hereof, each Holder hereby confirm that it is the
intention of all such parties that the Guarantee by such Guarantor pursuant to
its Guarantee not constitute a fraudulent transfer or conveyance for purposes of
the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law. To effectuate the
foregoing intention, the Holders and such Guarantor hereby irrevocably agree
that the obligations of such Guarantor under its Guarantee shall be limited to
the maximum amount which, after giving effect to all other contingent and fixed
liabilities of such Guarantor and after giving effect to any collections from or
payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under its Guarantee or pursuant to its
contribution obligations under this Indenture, will result in the obligations of
such Guarantor under its Guarantee not constituting such fraudulent transfer or
conveyance.

                  (b)      Each Guarantor that makes a payment or distribution
under its Guarantee shall be entitled to a contribution from each other
Guarantor, if any, in a pro rata amount based on the net assets of each
Guarantor, determined in accordance with GAAP.

                  (c)      Each Guarantor hereby waives all rights of
subrogation or contribution, whether arising by contract or operation of law
(including, without limitation, any such right arising under federal bankruptcy
law) or otherwise by reason of any payment by it pursuant to the provisions of
this Article Thirteen.

         SECTION 1308. GUARANTEE IS IN ADDITION TO OTHER SECURITY.

                  This Guarantee shall be in addition to and not in substitution
for any other guarantees or other security which the Trustee may now or
hereafter hold in respect of the Indenture Obligations owing to the Trustee or
the Holders by the Company and (except as may be required by law) the Trustee
shall be under no obligation to marshal in favor of each of the Guarantors any
other guarantees or other security or any moneys or other assets which the
Trustee may be entitled to receive or upon which the Trustee or the Holders may
have a claim.

                                     -129-

<PAGE>

         SECTION 1309. RELEASE OF SECURITY INTERESTS.

                  Without limiting the generality of the foregoing and except as
otherwise provided in this Indenture, each Guarantor hereby consents and agrees,
to the fullest extent permitted by applicable law, that the rights of the
Trustee hereunder, and the liability of the Guarantors hereunder, shall not be
affected by any and all releases for any purpose of any collateral, if any, from
the Liens and security interests created by any collateral document and that
this Guarantee shall continue to be effective or be reinstated, as the case may
be, if at any time any payment of any of the Indenture Obligations is rescinded
or must otherwise be returned by the Trustee upon the insolvency, bankruptcy or
reorganization of the Company or otherwise, all as though such payment had not
been made.

         SECTION 1310. NO BAR TO FURTHER ACTIONS.

                  Except as provided by law, no action or proceeding brought or
instituted under this Article Thirteen and this Guarantee and no recovery or
judgment in pursuance thereof shall be a bar or defense to any further action or
proceeding which may be brought under this Article Thirteen and this Guarantee
by reason of any further default or defaults under this Article Thirteen and
this Guarantee or in the payment of any of the Indenture Obligations owing by
the Company.

         SECTION 1311. FAILURE TO EXERCISE RIGHTS SHALL NOT OPERATE AS A WAIVER;
NO SUSPENSION OF REMEDIES.

                  (a)      No failure to exercise and no delay in exercising, on
the part of the Trustee or the Holders, any right, power, privilege or remedy
under this Article Thirteen and this Guarantee shall operate as a waiver
thereof, nor shall any single or partial exercise of any rights, power,
privilege or remedy preclude any other or further exercise thereof, or the
exercise of any other rights, powers, privileges or remedies. The rights and
remedies herein provided for are cumulative and not exclusive of any rights or
remedies provided in law or equity.

                  (b)      Nothing contained in this Article Thirteen shall
limit the right of the Trustee or the Holders to take any action to accelerate
the maturity of the Securities pursuant to Article Five or to pursue any rights
or remedies hereunder or under applicable law.

         SECTION 1312. TRUSTEE'S DUTIES; NOTICE TO TRUSTEE.

                  (a)      Any provision in this Article Thirteen or elsewhere
in this Indenture allowing the Trustee to request any information or to take any
action authorized by, or on behalf of any Guarantor, shall be permissive and
shall not be obligatory on the Trustee except as the Holders may direct in
accordance with the provisions of this Indenture or where the failure of the
Trustee to request any such information or to take any such action arises from
the Trustee's gross negligence, bad faith or willful misconduct.

                  (b)      The Trustee shall not be required to inquire into the
existence, powers or capacities of the Company, any Guarantor or the officers,
directors or agents acting or purporting to act on their respective behalf.

         SECTION 1313. SUCCESSORS AND ASSIGNS.

                  All terms, agreements and conditions of this Article Thirteen
shall extend to and be binding upon each Guarantor and its successors and
permitted assigns and shall enure to the benefit of

                                     -130-

<PAGE>

and may be enforced by the Trustee and its successors and assigns; provided,
however, that the Guarantors may not assign any of their rights or obligations
hereunder other than in accordance with Article Eight.

         SECTION 1314. RELEASE OF GUARANTEE.

                  Concurrently with the payment in full of all of the Indenture
Obligations, the Guarantors shall be released from and relieved of their
obligations under this Article Thirteen. Upon the delivery by the Company to the
Trustee of an Officers' Certificate and, if requested by the Trustee, an Opinion
of Counsel to the effect that the transaction giving rise to the release of this
Guarantee was made by the Company in accordance with the provisions of this
Indenture and the Securities, the Trustee shall execute any documents reasonably
required in order to evidence the release of the Guarantors from their
obligations under this Guarantee. If any of the Indenture Obligations are
revived and reinstated after the termination of this Guarantee, then all of the
obligations of the Guarantors under this Guarantee shall be revived and
reinstated as if this Guarantee had not been terminated until such time as the
Indenture Obligations are paid in full, and each Guarantor shall enter into an
amendment to this Guarantee, reasonably satisfactory to the Trustee, evidencing
such revival and reinstatement.

                  This Guarantee shall terminate with respect to each Guarantor
and shall be automatically and unconditionally released and discharged as
provided in Section 1013(b).

         SECTION 1315. EXECUTION OF GUARANTEE.

                  (a)      To evidence the Guarantee, each Guarantor hereby
agrees to execute the guarantee substantially in the form set forth in Section
204, to be endorsed on each Security authenticated and delivered by the Trustee
and that this Indenture shall be executed on behalf of each Guarantor by its
Chairman of the Board, its President, its Chief Executive Officer, Chief
Operating Officer or one of its Vice Presidents. The signature of any of these
officers on the Securities may be manual or facsimile.

                  (b)      Any person that was not a Guarantor on the date of
this Indenture may become a Guarantor by executing and delivering to the Trustee
(i) a supplemental indenture in form and substance satisfactory to the Trustee,
which subjects such person to the provisions (including the representations and
warranties) of this Indenture as a Guarantor, (ii) in the event that as of the
date of such supplemental indenture any registrable Securities are Outstanding,
an instrument in form and substance satisfactory to the Trustee which subjects
such person to the provisions of the Registration Rights Agreement with respect
to such Outstanding registrable Securities, and (iii) an Opinion of Counsel to
the effect that such supplemental indenture has been duly authorized and
executed by such person and constitutes the legal, valid and binding obligation
of such person (subject to such customary assumptions and exceptions as may be
acceptable to the Trustee in its reasonable discretion).

                  (c)      If an officer whose signature is on this Indenture no
longer holds that office at the time the Trustee authenticates a Security on
which this Guarantee is endorsed, such Guarantee shall be valid nevertheless.

                                     -131-

<PAGE>

                                ARTICLE FOURTEEN

                               SECURITY DOCUMENTS

         SECTION 1401. SECURITY DOCUMENTS.

                  The due and punctual payment of the principal of and interest
on the Securities when and as the same shall be due and payable, whether on an
Interest Payment Date, at maturity, by acceleration , repurchase, redemption,
special redemption or otherwise, and interest on the overdue principal of and
interest on the Securities and performance of all other obligations of the
Company and the Guarantors to the Holders or the Trustee under this Indenture
and the Securities, according to the terms hereunder or thereunder, shall be
secured as provided in the Security Documents. Each Holder, by its acceptance of
the Securities, consents and agrees to the terms of the Security Documents
(including, without limitation, the provisions providing for foreclosure and
release of Collateral) as the same may be in effect or may be amended from time
to time in accordance with their terms. The Company shall deliver to the Trustee
copies of all documents delivered to the Securities Intermediary pursuant to the
Security Documents, The Company shall take any and all actions with respect to
the Security Documents that are necessary to comply with the Trust Indenture
Act. The Company shall at all times comply with the provisions of Trust
Indenture Act ss.314(b), whether or not the Trust Indenture Act is then
applicable to the obligations of the Company and the Guarantors under this
Indenture.

         SECTION 1402. RELEASE OF COLLATERAL.

                  Collateral may (and, as applicable, shall) be released or
substituted only in accordance with the terms of the Security Documents.

                  The release of any Collateral from the terms of this Indenture
and the Security Documents shall not be deemed to impair the security under this
Indenture in contravention of the provisions hereof if and to the extent the
Collateral is released pursuant to the terms of the Security Documents.

         SECTION 1403. CERTIFICATES OF THE COMPANY.

                  To the extent applicable, the Company shall comply with Trust
Indenture Act Section 313(b), relating to reports, and Trust Indenture Act
Section 314(d), relating to the release of property or securities from the lien
and security interest of the Security Documents and relating to the substitution
therefor of any property or securities to be subjected to the lien and security
interest of the Security Documents. Any certificate or opinion required by Trust
Indenture Act Section 314(d) may be made by an Officer of the Company except in
cases where Trust Indenture Act Section 314(d) requires that such certificate or
opinion be made by an independent Person, which Person shall be an independent
engineer, appraiser or other expert selected or approved by the Collateral Agent
in the exercise of reasonable care.

         SECTION 1404. CERTIFICATES OF THE TRUSTEE.

                  In the event that the Company wish to release Collateral in
accordance with the Security Documents and have delivered the certificates and
documents required by the Security Documents and Sections 1402 and 1403 hereof,
the Trustee shall determine whether it has received all documentation

                                     -132-

<PAGE>

required by Trust Indenture Act Section 314(d) in connection with such release
and, based on the Opinion of Counsel delivered pursuant to Section 103, shall
deliver a certificate to the Securities Intermediary setting forth such
determination. The Trustee, however, shall have no duty to confirm the legality
or validity of such documents, its sole duty being to certify that it has
received such documentation which on their face conform to Section 314(d) of the
Trust Indenture Act.

         SECTION 1405. AUTHORIZATION OF ACTIONS TO BE TAKEN BY THE TRUSTEE UNDER
THE SECURITY DOCUMENTS.

                  The Trustee shall have power to institute and maintain such
suits and proceedings as it may deem expedient to prevent any impairment of the
Collateral by an acts that may be unlawful or in violation of the Security
Documents or this Indenture, and such suits and proceedings as the Trustee may
deem expedient to preserve or protect its interests and the interests of the
holders in the Collateral (including power to institute and maintain suits or
proceedings to restrain the enforcement of or compliance with any legislative or
other governmental enactment, rule or order that may be unconstitutional or
otherwise invalid if the enforcement of, or compliance with, such enactment,
rule or order would impair the security interest hereunder or be prejudicial to
the interests of the Holders or to the Trustee).

         SECTION 1406. DOCUMENTS.

                  The Trustee is authorized to receive any funds for the benefit
of the Holders distributed under the Security Documents, and to make further
distributions of such funds to the Holders according to the provisions of this
Indenture and the Security Documents.

         SECTION 1407. TERMINATION OF SECURITY INTEREST.

                  Upon the consummation of (x) the Release or (y) the Special
Mandatory Redemption, or upon defeasance, the Trustee shall, at the request of
the Company, deliver a certificate to the Securities Intermediary stating that
such obligations have been paid in full.

                                     -133-

<PAGE>

                                      * * *

                  IN WITNESS WHEREOF, the parties hereto have caused this
Indenture to be duly executed, all as of the day and year first above written.

                           OXFORD INDUSTRIES, INC.

                           By: _________________________________
                               Name:
                               Title:

                           LIONSHEAD CLOTHING COMPANY, INC.
                           MERONA INDUSTRIES, INC.
                           OXFORD CARIBBEAN, INC.
                           OXFORD GARMENT, INC.
                           OXFORD PRIVATE LIMITED OF DELAWARE, INC.
                           OXFORD RECEIVABLES COMPANY
                           OXFORD CLOTHING
                           OXFORD INTERNATIONAL, INC.
                           OXFORD OF SOUTH CAROLINA
                           PIEDMONT APPAREL CORPORATION

                           By: _________________________________
                               Name:
                               Title:

                           SUNTRUST BANK, as Trustee

                           By: _________________________________
                               Authorized Signatory

                                     -134-

<PAGE>

                                                                       EXHIBIT A

                            REGULATION S CERTIFICATE

       (For transfers pursuant to Section 307(a)(i) and Section 307(a)(v)
                                of the Indenture)

SunTrust Bank
25 Park Place
24th Floor
Atlanta, Georgia  30303

                  Re:   8 7/8% Senior Notes due 2011 of Oxford Industries, Inc.
                        (the "Securities")

         Reference is made to the Indenture, dated as of May 16, 2003 (the
"Indenture"), among Oxford Industries, Inc., a Georgia corporation (the
"Company"), Lionshead Clothing Company, Inc., a Delaware corporation, Merona
Industries Inc., a Delaware corporation, Oxford Caribbean, Inc., a Delaware
corporation, Oxford Garment, Inc., a Delaware corporation, Oxford Private
Limited of Delaware, Inc., a Delaware corporation, Oxford Receivables Company, a
Delaware corporation, Oxford Clothing, a Georgia corporation, Oxford
International, Inc., a Georgia corporation, Oxford of South Carolina, a South
Carolina corporation and Piedmont Apparel Corporation, a Delaware corporation
(collectively, the "Guarantors"), and SunTrust Bank, as Trustee. Terms used
herein and defined in the Indenture or in Regulation S or Rule 144 under the
U.S. Securities Act of 1933 (the "Securities Act") are used herein as so
defined.

         This certificate relates to US$____________ principal amount of
Securities, which are evidenced by the following certificate(s) (the "Specified
Securities"):

                  CUSIP No(s). ___________________________

                  CERTIFICATE No(s). _____________________

         The person in whose name this certificate is executed below (the
"Undersigned") hereby certifies that either (i) it is the sole beneficial owner
of the Specified Securities or (ii) it is acting on behalf of all the beneficial
owners of the Specified Securities and is duly authorized by them to do so. Such
beneficial owner or owners are referred to herein collectively as the "Owner."
The Specified Securities are represented by a Global Security and are held
through the Depositary or an Agent Member in the name of the Undersigned, as or
on behalf of the Owner.

         The Owner has requested that the Specified Securities be transferred to
a person (the "Transferee") who will take delivery in the form of a Regulation S
Global Security. In connection with such transfer, the Owner hereby certifies
that, unless such transfer is being effected pursuant to an effective
registration statement under the Securities Act, it is being effected in
accordance with Rule 904 or Rule 144 under the Securities Act and with all
applicable securities laws of the states of the United States and other
jurisdictions. Accordingly, the Owner hereby further certifies as follows:

                                      A - 1

<PAGE>

                           (1)      Rule 904 Transfers. If the transfer is being
         effected in accordance with Rule 904:

                           (A)      the Owner is not a distributor of the
         Securities, an affiliate of the Company or any such distributor or a
         person acting on behalf of any of the foregoing;

                           (B)      the offer of the Specified Securities was
         not made to a person in the United States;

                           (C)      either:

                           (i) at the time the buy order was originated, the
                  Transferee was outside the United States or the Owner and any
                  person acting on its behalf reasonably believed that the
                  Transferee was outside the United States, or

                           (ii) the transaction is being executed in, on or
                  through the facilities of the Eurobond market, as regulated by
                  the Association of International Bond Dealers, or another
                  designated offshore securities market and neither the Owner
                  nor any person acting on its behalf knows that the transaction
                  has been prearranged with a buyer in the United States;

                           (D)      no directed selling efforts have been made
         in the United States by or on behalf of the Owner or any affiliate
         thereof;

                           (E)      if the Owner is a dealer in securities or
         has received a selling concession, fee or other remuneration in respect
         of the Specified Securities, and the transfer is to occur during the
         Restricted Period, then the requirements of Rule 904(c)(1) have been
         satisfied; and

                           (F)      the transaction is not part of a plan or
         scheme to evade the registration requirements of the Securities Act.

                           (2)      Rule 144 Transfers. If the transfer is being
         effected pursuant to Rule 144:

                           (A)      the transfer is occurring after a holding
         period of at least one year (computed in accordance with paragraph (d)
         of Rule 144) has elapsed since the Specified Securities were last
         acquired from the Company or from an affiliate of the Company,
         whichever is later, and is being effected in accordance with the
         applicable amount, manner of sale and notice requirements of Rule 144;
         or

                           (B)      the transfer is occurring after a holding
         period of at least two years has elapsed since the Specified Securities
         were last acquired from the Company or from an affiliate of the
         Company, whichever is later, and the Owner is not, and during the
         preceding three months has not been, an affiliate of the Company.

                                      A - 2

<PAGE>

                           This certificate and the statements contained
herein are made for your benefit and the benefit of the Company and the Initial
Purchasers.

Dated:                             (Print the name of the Undersigned, as
                                   such term is defined in the second paragraph
                                   of this certificate.)

                                   By: _________________________________________
                                       Name:
                                       Title:

                                   (If the Undersigned is a corporation,
                                   partnership or fiduciary, the title of the
                                   person signing on behalf of the Undersigned
                                   must be stated.)

                                      A - 3

<PAGE>

                                                                       EXHIBIT B

                        RESTRICTED SECURITIES CERTIFICATE

      (For transfers pursuant to Section 307(a)(iii) and Section 307(a)(vi)
                                of the Indenture)

SunTrust Bank
25 Park Place
24th Floor
Atlanta, Georgia  30303

                  Re:  8 7/8% Senior Notes due 2011 of Oxford Industries, Inc.
                       (the "Securities")

         Reference is made to the Indenture, dated as of May 16, 2003 (the
"Indenture"), among Oxford Industries, Inc., a Georgia corporation (the
"Company"), Lionshead Clothing Company, Inc., a Delaware corporation, Merona
Industries Inc., a Delaware corporation, Oxford Caribbean, Inc., a Delaware
corporation, Oxford Garment, Inc., a Delaware corporation, Oxford Private
Limited of Delaware, Inc., a Delaware corporation, Oxford Receivables Company, a
Delaware corporation, Oxford Clothing, a Georgia corporation, Oxford
International, Inc., a Georgia corporation, Oxford of South Carolina, a South
Carolina corporation and Piedmont Apparel Corporation, a Delaware corporation
(collectively, the "Guarantors"), and SunTrust Bank, as Trustee. Terms used
herein and defined in the Indenture or in Rule 144A or Rule 144 under the U.S.
Securities Act of 1933 (the "Securities Act") are used herein as so defined.

         This certificate relates to US$_____________ principal amount of
Securities, which are evidenced by the following certificate(s) (the "Specified
Securities"):

                           CUSIP No(s). ___________________________
                           ISIN No(s). If any. ____________________
                           CERTIFICATE No(s). _____________________

         The person in whose name this certificate is executed below (the
"Undersigned") hereby certifies that either (i) it is the sole beneficial owner
of the Specified Securities or (ii) it is acting on behalf of all the beneficial
owners of the Specified Securities and is duly authorized by them to do so. Such
beneficial owner or owners are referred to herein collectively as the "Owner."
The Specified Securities are represented by a Global Security and are held
through the Depositary or an Agent Member in the name of the Undersigned, as or
on behalf of the Owner.

         The Owner has requested that the Specified Securities be transferred to
a person (the "Transferee") who will take delivery in the form of a Restricted
Security. In connection with such transfer, the Owner hereby certifies that,
unless such transfer is being effected pursuant to an effective registration
statement under the Securities Act, it is being effected in accordance with Rule
144A or Rule 144 under the Securities Act and all applicable securities laws of
the states of the United States and other jurisdictions. Accordingly, the Owner
hereby further certifies as follows:

                                      B - 1

<PAGE>

                           (1)      Rule 144A Transfers. If the transfer is
         being effected in accordance with Rule 144A:

                           (A)      the Specified Securities are being
         transferred to a person that the Owner and any person acting on its
         behalf reasonably believe is a "qualified institutional buyer" within
         the meaning of Rule 144A, acquiring for its own account or for the
         account of a qualified institutional buyer; and

                           (B)      the Owner and any person acting on its
         behalf have taken reasonable steps to ensure that the Transferee is
         aware that the Owner may be relying on Rule 144A in connection with the
         transfer; and

                           (2)      Rule 144 Transfers. If the transfer is being
         effected pursuant to Rule 144:

                           (A)      the transfer is occurring after a holding
         period of at least one year (computed in accordance with paragraph (d)
         of Rule 144) has elapsed since the Specified Securities were last
         acquired from the Company or from an affiliate of the Company,
         whichever is later, and is being effected in accordance with the
         applicable amount, manner of sale and notice requirements of Rule 144;
         or

                           (B)      the transfer is occurring after a holding
         period of at least two years has elapsed since the Specified Securities
         were last acquired from the Company or from an affiliate of the
         Company, whichever is later, and the Owner is not, and during the
         preceding three months has not been, an affiliate of the Company.

                                      B - 2

<PAGE>

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Company and the Initial Purchasers.

Dated:                     (Print the name of the Undersigned, as such term is
                           defined in the second paragraph of this certificate.)

                           By: _____________________________________________
                               Name:
                               Title:

                           (If the Undersigned is a corporation, partnership or
                           fiduciary, the title of the person signing on behalf
                           of the Undersigned must be stated.)

                                      B - 3

<PAGE>

                                                                       EXHIBIT C

                  INSTITUTIONAL ACCREDITED INVESTOR CERTIFICATE

        (For transfers pursuant to Section 307(a)(ii) and Section 307(a)
                             (iv) of the Indenture)

SunTrust Bank
25 Park Place
24th Floor
Atlanta, Georgia  30303

                  Re:  8 7/8% Senior Notes due 2011 of Oxford Industries, Inc.
                       (the "Securities")

         Reference is made to the Indenture, dated as of May 16, 2003 (the
"Indenture"), among Oxford Industries, Inc., a Georgia corporation (the
"Company"), Lionshead Clothing Company, Inc., a Delaware corporation, Merona
Industries Inc., a Delaware corporation, Oxford Caribbean, Inc., a Delaware
corporation, Oxford Garment, Inc., a Delaware corporation, Oxford Private
Limited of Delaware, Inc., a Delaware corporation, Oxford Receivables Company, a
Delaware corporation, Oxford Clothing, a Georgia corporation, Oxford
International, Inc., a Georgia corporation, Oxford of South Carolina, a South
Carolina corporation and Piedmont Apparel Corporation, a Delaware corporation
(collectively, the "Guarantors"), and SunTrust Bank, as Trustee. Terms used
herein and defined in the Indenture are used herein as so defined.

         We are delivering this letter in connection with the proposed transfer
of $_____________ principal amount of Securities.

         We, the undersigned, hereby confirm that:

         (i)      we are an "accredited investor" within the meaning of Rule
501(a)(1), (2) or (3) under the Securities Act of 1933, as amended (the
"Securities Act"), or an entity in which all of the equity owners are accredited
investors within the meaning of Rule 501(a)(1), (2) or (3) under the Securities
Act (an "Institutional Accredited Investor");

         (ii)     the purchase of the Securities by us is for our own account or
for the account of one or more other Institutional Accredited Investors or as
fiduciary for the account of one or more trusts, each of which is an "accredited
investor" within the meaning of Rule 501(a)(7) under the Securities Act and for
each of which we exercise sole investment discretion or (B) we are a "bank,"
within the meaning of Section 3(a)(2) of the Securities Act, or a "savings and
loan association" or other institution described in Section 3(a)(5)(A) of the
Securities Act that is acquiring the Securities as fiduciary for the account of
one or more institutions for which we exercise sole investment discretion;

         (iii)    we have such knowledge and experience in financial and
business matters that we are capable of evaluating the merits and risks of
purchasing the Securities; and

                                      C - 1

<PAGE>

         (iv)     we are not acquiring the Securities with a view to
distribution thereof or with any present intention of offering or selling the
Securities, except as permitted below; provided that the disposition of our
property and property of any accounts for which we are acting as fiduciary shall
remain at all times within our control.

         We understand that the Securities were originally offered and sold in a
transaction not involving any public offering within the United States within
the meaning of the Securities Act and that the Securities have not been
registered under the Securities Act, and we agree, on our own behalf and on
behalf of each account for which we acquire any Securities, that if in the
future we decide to resell or otherwise transfer such Securities prior to the
date (the "Resale Restriction Termination Date") which is two years after the
later of the original issuance of the Securities and the last date on which the
Company or an affiliate of the Company was the owner of the Security, such
Securities may be resold or otherwise transferred only (i) to the Company or any
subsidiary thereof, or (ii) for as long as the Securities are eligible for
resale pursuant to Rule 144A, to a person it reasonably believes is a "qualified
institutional buyer" (as defined in Rule 144A under the Securities Act) that
purchases for its own account or for the account of a qualified institutional
buyer to which notice is given that the transfer is being made in reliance on
Rule 144A, or (iii) to an Institutional Accredited Investor that is acquiring
the Security for its own account, or for the account of such Institutional
Accredited Investor for investment purposes and not with a view to, or for offer
or sale in connection with, any distribution in violation of the Securities Act,
or (iv) outside the United States in accordance with Rule 904 of Regulation S
under the Securities Act, or (v) pursuant to another available exemption from
registration under the Securities Act (if applicable), or (vi) pursuant to a
registration statement which has been declared effective under the Securities
Act and, in each case, in accordance with any applicable securities laws of any
State of the United States or any other applicable jurisdiction and in
accordance with the legends set forth on the Securities. We further agree to
provide any person purchasing any of the Securities other than pursuant to
clause (vi) above from us a notice advising such purchaser that resales of such
securities are restricted as stated herein. We understand that the trustee or
the transfer agent, as the case may be, for the Securities will not be required
to accept for registration of transfer any Securities pursuant to (iii), (iv) or
(v) above except upon presentation of evidence satisfactory to the Company that
the foregoing restrictions on transfer have been complied with. We further
understand that any Securities are represented by a Global Security and are held
through the Depositary or an Agent Member in the name of the undersigned, as or
on behalf of the owner and that such Global Security will bear a legend
reflecting the substance of this paragraph other than certificates representing
Securities transferred pursuant to clause (vi) above.

                                      C - 2

<PAGE>

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Company and the Initial Purchasers.

Dated:
                     (Print the name of the Institutional Accredited Investor)

                     By: _________________________________________________
                         Name:
                         Title:

                                      C - 3

<PAGE>

                                                                       EXHIBIT D

                       UNRESTRICTED SECURITIES CERTIFICATE

    (For removal of Securities Act Legends pursuant to Section 307(b) of the
                                   Indenture)

SunTrust Bank
25 Park Place
24th Floor
Atlanta, Georgia  30303

                  Re:  8 7/8% Senior Notes due 2011 of Oxford Industries, Inc.
                       (the "Securities")

         Reference is made to the Indenture, dated as of May 16, 2003 (the
"Indenture"), among Oxford Industries, Inc., a Georgia corporation (the
"Company"), Lionshead Clothing Company, Inc., a Delaware corporation, Merona
Industries Inc., a Delaware corporation, Oxford Caribbean, Inc., a Delaware
corporation, Oxford Garment, Inc., a Delaware corporation, Oxford Private
Limited of Delaware, Inc., a Delaware corporation, Oxford Receivables Company, a
Delaware corporation, Oxford Clothing, a Georgia corporation, Oxford
International, Inc., a Georgia corporation, Oxford of South Carolina, a South
Carolina corporation and Piedmont Apparel Corporation, a Delaware corporation
(collectively, the "Guarantors"), and SunTrust Bank, as Trustee. Terms used
herein and defined in the Indenture or in Rule 144 under the U.S. Securities Act
of 1933 (the "Securities Act") are used herein as so defined.

         This certificate relates to US$_____________ principal amount of
Securities, which are evidenced by the following certificate(s) (the "Specified
Securities"):

                           CUSIP No(s). ___________________________

                           CERTIFICATE No(s). _____________________

         The person in whose name this certificate is executed below (the
"Undersigned") hereby certifies that either (i) it is the sole beneficial owner
of the Specified Securities or (ii) it is acting on behalf of all the beneficial
owners of the Specified Securities and is duly authorized by them to do so. Such
beneficial owner or owners are referred to herein collectively as the "Owner."
If the Specified Securities are represented by a Global Security, they are held
through the Depositary or an Agent Member in the name of the Undersigned, as or
on behalf of the Owner. If the Specified Securities are not represented by a
Global Security, they are registered in the name of the Undersigned, as or on
behalf of the Owner.

         The Owner has requested that the Specified Securities be exchanged for
Securities bearing no Private Placement Legend pursuant to Section 307(b) of the
Indenture. In connection with such exchange, the Owner hereby certifies that the
exchange is occurring after a holding period of at least two years (computed in
accordance with paragraph (d) of Rule 144) has elapsed since the Specified
Securities were last acquired from the Company or from an affiliate of the
Company, whichever is later, and the Owner is not, and during the preceding
three months has not been, an affiliate of the Company. The Owner also
acknowledges that any future transfers of

                                     D - 1

<PAGE>

the Specified Securities must comply with all applicable securities laws of the
states of the United States and other jurisdictions.

                                     D - 2

<PAGE>

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Company and the Initial Purchasers.

Dated:                     (Print the name of the Undersigned, as such
                           term is defined in the second paragraph of this
                           certificate.)

                           By: ________________________________________________
                               Name:
                               Title:

                           (If the Undersigned is a corporation, partnership or
                           fiduciary, the title of the person signing on behalf
                           of the Undersigned must be stated.)

                                     D - 3
<PAGE>

                                                                       EXHIBIT E

                             SUPPLEMENTAL INDENTURE

         SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as of
____, 2003, by and among Oxford Industries, Inc., a Georgia corporation (the
"Company"), the Company's subsidiaries listed on Schedule A hereto (each, a "New
Guarantor"), the Company's subsidiaries listed on Schedule B hereto
(collectively the "Existing Guarantors") and SunTrust Bank, as trustee under the
Indenture referred to below (the "Trustee").

                              W I T N E S S E T H

         WHEREAS, the Company, the Existing Guarantors and the Trustee are
parties to an indenture (the "Indenture"), dated as of May 16, 2003 providing
for the issuance of 8 7/8% Senior Securities due 2011 (the "Securities");

         WHEREAS, the Indenture provides that, without the consent of any
Holders, the Company and the Existing Guarantors, when authorized by a Board
Resolution, and the Trustee, at any time and from time to time, may enter into
indentures supplemental thereto or agreements or other instruments with respect
to any Guarantee, in form and substance satisfactory to the Trustee, for the
purpose of adding a Guarantor;

                  WHEREAS, each New Guarantor wishes to guarantee the Securities
pursuant to the Indenture;

                  WHEREAS, pursuant to the Indenture the Company, the Existing
Guarantors, the New Guarantors and the Trustee have agreed to enter into this
Supplemental Indenture for the purposes stated herein; and

                  WHEREAS, all things necessary have been done to make this
Supplemental Indenture, when executed and delivered by the Company, the Existing
Guarantors, and each New Guarantor, the legal, valid and binding agreement of
the Company, the Existing Guarantors, and each New Guarantor, in accordance with
its terms.

         NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
Company, each New Guarantor, the Existing Guarantors and the Trustee mutually
covenant and agree for the equal and ratable benefit of the Holders of the
Securities as follows:

         (1)      Capitalized Terms. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture.

         (2)      Guarantee. Each New Guarantor hereby agrees to guarantee the
Indenture and the Securities related thereto pursuant to the terms and
conditions of Article Thirteen of the Indenture, such Article Thirteen being
incorporated by reference herein as if set forth at length herein (each such
guarantee, a "Guarantee") and such New Guarantor agrees to be bound as a
Guarantor under the Indenture as if it had been an initial signatory thereto.

                                     E - 1

<PAGE>

         (3)      Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF.

         (4)      Counterparts. The parties may sign any number of copies of
this Supplemental Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement.

         (5)      Effect of Headings. The section headings herein are for
convenience only and shall not affect the construction hereof.

         (6)      The Trustee. The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein,
all of which recitals are made solely by the Company, the New Guarantors and the
Existing Guarantors.

                                     E - 2

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed and attested, all as of the date first above
written.

         Dated:

                           OXFORD INDUSTRIES, INC.

                           By:  _______________________________
                           Name:
                           Title:

                           EACH GUARANTOR LISTED ON SCHEDULE A HERETO

                           By: ________________________________
                           Name:
                           Title:

                           EACH GUARANTOR LISTED ON SCHEDULE B HERETO

                           By:  _______________________________
                           Name:
                           Title:

                           SUNTRUST BANK, as Trustee

                           By: _______________________________
                                      Authorized Signatory

                                     E - 3

<PAGE>

                                   Schedule A

[New Guarantors]

<PAGE>

                                   Schedule B

Lionshead Clothing Company, Inc.
Merona Industries, Inc.
Oxford Caribbean, Inc.
Oxford Garment, Inc.
Oxford Private Limited of Delaware, Inc.
Oxford Receivables Company
Piedmont Apparel Corporation
Oxford Clothing
Oxford International, Inc.
Oxford of South Carolina<PAGE>

                                                                  EXECUTION COPY

                                   EXHIBIT 10 O

                                CREDIT AGREEMENT

                                      among

                             OXFORD INDUSTRIES, INC.
           and certain of its Subsidiaries party hereto as Borrowers,

          The Subsidiaries of the Borrowers party hereto as Guarantors,

               The financial institutions party hereto as Lenders,

            The financial institutions party hereto as Issuing Banks,

      MERRILL LYNCH CAPITAL (a division of Merrill Lynch Business Financial
                      Services Inc.), as Syndication Agent,

                                       and

                     SUNTRUST BANK, as Administrative Agent

    SUNTRUST ROBINSON HUMPHREY (a division of SunTrust Capital Markets, Inc.)
   AND MERRILL LYNCH CAPITAL (a division of Merrill Lynch Business Financial
                    Services Inc.), as Joint Lead Arrangers,

        THE CIT GROUP/COMMERCIAL SERVICES, INC., as Co-Syndication Agent,

          JPMORGAN CHASE BANK and GENERAL ELECTRIC CAPITAL CORPORATION,
                           as Co-Documentation Agents

                                  June 13, 2003

<PAGE>

                                                                  EXECUTION COPY

                                      INDEX

<TABLE>
<CAPTION>
                                                                                                      PAGE
                                                                                                      ----
<S>                                                                                                   <C>
ARTICLE 1.       DEFINITIONS, ACCOUNTING PRINCIPLES AND OTHER INTERPRETIVE MATTERS............          1

    Section 1.1        Definitions............................................................          1

    Section 1.2        Accounting Principles..................................................         32

    Section 1.3        Other Interpretive Matters.............................................         32

ARTICLE 2.       THE LOANS AND THE LETTERS OF CREDIT..........................................         32

    Section 2.1        Extension of Credit....................................................         32

    Section 2.2        Manner of Borrowing and Disbursement of Loans..........................         35

    Section 2.3        Interest...............................................................         39

    Section 2.4        Fees...................................................................         41

    Section 2.5        Prepayment/Reduction of Commitment.....................................         43

    Section 2.6        Repayment..............................................................         44

    Section 2.7        Revolving Loan Notes; Loan Accounts....................................         45

    Section 2.8        Manner of Payment......................................................         46

    Section 2.9        Reimbursement..........................................................         49

    Section 2.10       Pro Rata Treatment.....................................................         50

    Section 2.11       Application of Payments................................................         50

    Section 2.12       Use of Proceeds........................................................         51

    Section 2.13       All Obligations to Constitute One Obligation...........................         51

    Section 2.14       Maximum Rate of Interest...............................................         52

    Section 2.15       Letters of Credit......................................................         52

    Section 2.16       Bank Products..........................................................         58

ARTICLE 3.       GUARANTY.....................................................................         59

    Section 3.1        Guaranty...............................................................         59

ARTICLE 4.       CONDITIONS PRECEDENT.........................................................         64

    Section 4.1        Conditions Precedent to Initial Advance................................         64

    Section 4.2        Conditions Precedent to Each Advance...................................         70

    Section 4.3        Conditions Precedent to Each Letter of Credit..........................         71
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                    <C>
    Section 4.4        Conditions Subsequent..................................................         72

ARTICLE 5.       REPRESENTATIONS AND WARRANTIES...............................................         73

    Section 5.1        General Representations and Warranties.................................         73

    Section 5.2        Representations and Warranties Relating to Accounts....................         82

    Section 5.3        Representations and Warranties Relating to Inventory...................         82

    Section 5.4        Survival of Representations and Warranties, etc........................         82

ARTICLE 6.       GENERAL COVENANTS............................................................         83

    Section 6.1        Preservation of Existence and Similar Matters..........................         83

    Section 6.2        Compliance with Applicable Law.........................................         83

    Section 6.3        Maintenance of Properties..............................................         83

    Section 6.4        Accounting Methods and Financial Records...............................         83

    Section 6.5        Insurance..............................................................         83

    Section 6.6        Payment of Taxes and Claims............................................         84

    Section 6.7        Visits and Inspections.................................................         84

    Section 6.8        Conduct of Business....................................................         85

    Section 6.9        ERISA..................................................................         85

    Section 6.10       Lien Perfection........................................................         85

    Section 6.11       Location of Collateral.................................................         86

    Section 6.12       Protection of Collateral...............................................         86

    Section 6.13       Assignments and Records of Accounts....................................         87

    Section 6.14       Administration of Accounts.............................................         87

    Section 6.15       The Blocked Account....................................................         88

    Section 6.16       Further Assurances.....................................................         90

    Section 6.17       Broker's Claims........................................................         91

    Section 6.18       Indemnity..............................................................         91

    Section 6.19       Environmental Matters..................................................         91

    Section 6.20       Key Man Life Insurance.................................................         93

    Section 6.21       Formation of Subsidiaries..............................................         93

    Section 6.22       Oxford Receivables Company.............................................         94

ARTICLE 7.       INFORMATION COVENANTS........................................................         94
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<S>                                                                                                   <C>
    Section 7.1        Monthly and Quarterly Financial Statements and Information.............         94

    Section 7.2        Annual Financial Statements and Information; Certificate of No Default.         95

    Section 7.3        Performance Certificates...............................................         96

    Section 7.4        Access to Accountants..................................................         96

    Section 7.5        Additional Reports.....................................................         96

    Section 7.6        Notice of Litigation and Other Matters.................................         98

ARTICLE 8.       NEGATIVE COVENANTS...........................................................        100

    Section 8.1        Indebtedness...........................................................        100

    Section 8.2        Guaranties.............................................................        101

    Section 8.3        Liens..................................................................        101

    Section 8.4        Restricted Payments and Purchases......................................        102

    Section 8.5        Investments............................................................        102

    Section 8.6        Affiliate Transactions.................................................        103

    Section 8.7        Liquidation; Change in Ownership, Name, or Year; Disposition or
                       Acquisition of Assets; Etc.............................................        103

    Section 8.8        Ratio of Total Debt to EBITDA..........................................        105

    Section 8.9        Fixed Charge Coverage Ratio............................................        106

    Section 8.10       Capital Expenditures...................................................        106

    Section 8.11       Limitation on Leases...................................................        106

    Section 8.12       Sales and Leasebacks...................................................        107

    Section 8.13       Amendment and Waiver...................................................        107

    Section 8.14       ERISA Liability........................................................        107

    Section 8.15       Prepayments............................................................        108

    Section 8.16       Negative Pledge........................................................        108

    Section 8.17       Inconsistent Agreements................................................        108

ARTICLE 9.       DEFAULT......................................................................        108

    Section 9.1        Events of Default......................................................        108

    Section 9.2        Remedies...............................................................        111

ARTICLE 10.      THE ADMINISTRATIVE AGENT.....................................................        112

    Section 10.1       Appointment and Authorization..........................................        112
</TABLE>

                                     -iii-

<PAGE>

<TABLE>
<S>                                                                                                   <C>
    Section 10.2       Interest Holders.......................................................        113

    Section 10.3       Consultation with Counsel..............................................        113

    Section 10.4       Documents..............................................................        113

    Section 10.5       Administrative Agent and Affiliates....................................        113

    Section 10.6       Responsibility of the Administrative Agent.............................        114

    Section 10.7       Action by Administrative Agent.........................................        114

    Section 10.8       Notice of Default......................................................        114

    Section 10.9       Responsibility Disclaimed..............................................        115

    Section 10.10      Indemnification........................................................        115

    Section 10.11      Credit Decision........................................................        116

    Section 10.12      Successor Administrative Agent.........................................        116

    Section 10.13      Administrative Agent May File Proofs of Claim..........................        116

    Section 10.14      Collateral.............................................................        117

    Section 10.15      Release of Collateral..................................................        117

    Section 10.16      Additional Agents......................................................        118

ARTICLE 11.      MISCELLANEOUS................................................................        118

    Section 11.1       Notices................................................................        118

    Section 11.2       Expenses...............................................................        120

    Section 11.3       Waivers................................................................        121

    Section 11.4       Set-Off................................................................        122

    Section 11.5       Assignment.............................................................        122

    Section 11.6       Counterparts...........................................................        125

    Section 11.7       Governing Law..........................................................        125

    Section 11.8       Severability...........................................................        125

    Section 11.9       Headings...............................................................        125

    Section 11.10      Source of Funds........................................................        125

    Section 11.11      Entire Agreement.......................................................        125

    Section 11.12      Amendments and Waivers.................................................        125

    Section 11.13      Other Relationships....................................................        127

    Section 11.14      Pronouns...............................................................        127

    Section 11.15      Disclosure.............................................................        127
</TABLE>

                                      -iv-

<PAGE>

<TABLE>
<S>                                                                                                   <C>
    Section 11.16      Replacement of Lender..................................................        127

    Section 11.17      Confidentiality........................................................        128

ARTICLE 12.      YIELD PROTECTION.............................................................        129

    Section 12.1       Eurodollar Rate Basis Determination....................................        129

    Section 12.2       Illegality.............................................................        129

    Section 12.3       Increased Costs........................................................        130

    Section 12.4       Effect On Other Advances...............................................        131

    Section 12.5       Capital Adequacy.......................................................        132

ARTICLE 13.      JURISDICTION, VENUE AND WAIVER OF JURY TRIAL; ADMINISTRATIVE BORROWER; JOINT
                 AND SEVERAL OBLIGATIONS......................................................        132

    Section 13.1       Jurisdiction and Service of Process....................................        132

    Section 13.2       Consent to Venue.......................................................        133

    Section 13.3       Waiver of Jury Trial...................................................        133

    Section 13.4       The Administrative Borrower............................................        133

    Section 13.5       All Obligations to Constitute Joint and Several Obligations............        133

    Section 13.6       Revival and Reinstatement of Obligations...............................        137
</TABLE>

                                      -v-

<PAGE>

                                                                  EXECUTION COPY

EXHIBITS

<TABLE>
<S>         <C>    <C>
Exhibit A   -      Form of Administrative Questionnaire
Exhibit B   -      Form of Assignment and Assumption Agreement
Exhibit C   -      Form of Blocked Account Agreement
Exhibit D   -      Form of Borrowing Base Certificate
Exhibit E          Form of Factoring Intercreditor Agreement
Exhibit F   -      Form of Notice of Conversion/Continuance
Exhibit G   -      Form of Pledge Agreement
Exhibit H   -      Form of Request for Advance
Exhibit I   -      Form of Request for Issuance of Letter of Credit
Exhibit J   -      Form of Revolving Loan Note
Exhibit K   -      Form of Security Agreement
Exhibit L   -      Form of Loan Certificate
Exhibit M          Form of Guaranty Supplement
Exhibit N   -      Form of Performance Certificate
Exhibit O   -      Form of Daily Letter of Credit Report
Exhibit P   -      Form of Intellectual Property Security Agreement
</TABLE>

SCHEDULES

<TABLE>
<S>                     <C>    <C>
Schedule 1(a)           -      Eligible Real Estate
Schedule 1(b)           -      Commitment Ratios
Schedule 1(c)           -      Liens
Schedule 2.15           -      Existing Letters of Credit
Schedule 5.1(c)-1       -      Subsidiaries
Schedule 5.1(c)-2       -      Partnerships/Joint Ventures
Schedule 5.1(d)         -      Outstanding Capital Stock Ownership
Schedule 5.1(h)         -      Material Contracts; Collective Bargaining
Schedule 5.1(i)         -      Taxes
Schedule 5.1(l)         -      Investments/Guaranties as of the Agreement Date
Schedule 5.1(m)         -      Litigation
Schedule 5.1(o)         -      Intellectual Property; Licenses and Certifications
Schedule 5.1(u)         -      Insurance
Schedule 5.1(v)         -      Brokers' Fees
Schedule 5.1(w)-1       -      Leased Real Property
Schedule 5.1(w)-2       -      Owned Real Property
Schedule 5.1(x)-1       -      Environmental Matters - Hazardous Materials
Schedule 5.1(x)-2       -      Environmental Matters - Compliance
Schedule 5.1(x)-3       -      Environmental Matters - Notices
Schedule 5.1(x)-4       -      Environmental Matters - Handling of Hazardous Materials
Schedule 5.1(x)-5       -      Environmental Matters - Actions and Orders
Schedule 5.1(x)-6       -      Environmental Matters - Releases
</TABLE>

<PAGE>

<TABLE>
<S>                     <C>    <C>
Schedule 6.11           -      Location of Collateral
Schedule 6.15           -      Bank Accounts
Schedule 8.1            -      Letters of Credit Existing on the Agreement Date
                               that are not "Existing Letters of Credit"
Schedule 8.6            -      Affiliate Transactions
Schedule 8.7                   Factoring Arrangements
</TABLE>

                                      -2-

<PAGE>

                                CREDIT AGREEMENT

         THIS CREDIT AGREEMENT dated as of June 13, 2003 is by and among Oxford
Industries, Inc., a Georgia corporation, Oxford of South Carolina, Inc., a South
Carolina corporation, and, after giving effect to the Acquisition and execution
by Viewpoint International, Inc. of the Joinder Agreement, Viewpoint
International, Inc., a Delaware corporation, as Borrowers, the Subsidiaries of
the Borrowers party hereto as Guarantors, the financial institutions party
hereto as Lenders, the financial institutions party hereto as Issuing Banks,
Merrill Lynch Capital (a division of Merrill Lynch Business Financial Services
Inc.), as Syndication Agent, and SunTrust Bank, as Administrative Agent.

                              W I T N E S S E T H:

         WHEREAS, the Parent (as defined below), the Target (as defined below)
and the Sellers (as defined below) are parties to the Acquisition Agreement (as
defined below); and

         WHEREAS, pursuant to the Acquisition Agreement, the Parent will, upon
the funding of the Loans (as defined below) under this Agreement (as defined
below), acquire all of the Equity Interests (as defined below) of the Target;
and

         WHEREAS, the Borrowers (as defined below) have requested that the
Lenders make available to them the Revolving Loan Commitment (as defined below),
on the terms and conditions set forth herein, to, among other things, finance
the acquisition by the Parent of the Equity Interests of the Target, to fund
transaction costs and to finance general operating and working capital needs of
the Borrowers; and

         WHEREAS, the Lenders are willing to make the Revolving Loan Commitment
available to the Borrowers upon the terms and conditions set forth herein;

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

                                   ARTICLE 1.

                     DEFINITIONS, ACCOUNTING PRINCIPLES AND
                           OTHER INTERPRETIVE MATTERS

         Section 1.1 Definitions. For the purposes of this Agreement:

"Account Debtor" shall mean any Person who is obligated to make payments under
an Account.

<PAGE>

"Accounts" shall mean all "accounts," as such term is defined in the UCC, of
each Borrower Party whether now existing or hereafter created or arising,
including, without limitation, (i) all accounts receivable, other receivables,
book debts and other forms of obligations (other than forms of obligations
evidenced by chattel paper (as defined in the UCC) or instruments (as defined in
the UCC)), (including any such obligations that may be characterized as an
account or contract right under the UCC), (ii) all of each Borrower Party's
rights in, to and under all purchase orders or receipts for goods or services,
(iii) all of each Borrower Party's rights to any goods represented by any of the
foregoing (including unpaid sellers' rights of rescission, replevin, reclamation
and stoppage in transit and rights to returned, reclaimed or repossessed goods),
(iv) all rights to payment due to a Borrower Party for property sold, leased,
licensed, assigned or otherwise disposed of, for a policy of insurance issued or
to be issued, for a secondary obligation incurred or to be incurred, for energy
provided or to be provided, for the use or hire of a vessel under a charter or
other contract, arising out of the use of a credit card or charge card, or for
services rendered or to be rendered by such Borrower Party or in connection with
any other transaction (whether or not yet earned by performance on the part of
such Borrower Party), (v) all health care insurance receivables and (vi) all
collateral security of any kind, given by any Account Debtor or any other Person
with respect to any of the foregoing.

"ACH Transactions" means any cash management or related services including the
automated clearinghouse transfer of funds by the Administrative Agent (or any
affiliate of the Administrative Agent) for the account of the Borrowers pursuant
to agreement or overdrafts.

"Acquisition" shall mean the acquisition by the Parent on the Agreement Date of
all of the Equity Interests of the Target pursuant to the Acquisition Agreement.

"Acquisition Agreement" shall mean that certain Stock Purchase Agreement dated
as of April 26, 2003 among the Parent, the Target and the Sellers, as the same
may be amended, modified or supplemented from time to time in accordance with
Section 8.13.

"Acquisition Documents" shall mean the Acquisition Agreement, the Earnout
Agreement, the Acquisition Escrow Agreement, the Registration Rights Agreement
dated as of June 13, 2003 among the Target, the Sellers, the "Sellers
Representatives" identified therein and the Parent, the Noncompetition
Agreements dated as of June 13, 2003 between the Parent and each of S. Anthony
Margolis, Lucio Dalla Gasperina, Bonita Beach Blues, Inc. and Robert Emfield and
the Nonsolicitation and Nondisclosure Agreements dated as of June 13, 2003
between the Parent and each of Whole Duty Investments, Ltd., Tony Yeung and
SKM-TB, LLC, as the same may be amended, modified or supplemented from time to
time in accordance with Section 8.13.

"Acquisition Escrow Agreement" shall mean that certain Escrow Agreement dated as
of June 13, 2003 among the Parent, the Target, the Sellers, S. Anthony Margolis
and David

                                        2

<PAGE>

Oddi as the "Sellers Representatives" and JPMorgan Chase Bank, as the same may
be amended, modified or supplemented from time to time in accordance with
Section 8.13.

"Administrative Agent" shall mean SunTrust Bank, acting as administrative agent
for the Lender Group, and any successor Administrative Agent appointed pursuant
to Section 10.12.

"Administrative Agent's Office" shall mean the office of the Administrative
Agent located at 303 Peachtree Street, Atlanta, Georgia 30308, or such other
office as may be designated pursuant to the provisions of Section 11.1.

"Administrative Borrower" shall have the meaning specified in Section 13.4.

"Administrative Questionnaire" shall mean a questionnaire substantially in the
form of Exhibit A.

"Advance" or "Advances" shall mean amounts of the Revolving Loans advanced by
the Lenders to the Borrowers pursuant to Section 2.2 on the occasion of any
borrowing.

"Affiliate" shall mean, with respect to any Person, any other Person directly or
indirectly controlling, controlled by, or under common control with such Person,
and any other Person who is a director, officer or partner of such Person. For
purposes of this definition, "control", when used with respect to any Person,
includes, without limitation, the direct or indirect beneficial ownership of ten
percent (10%) or more of the outstanding voting securities or voting equity of
such Person or the power to direct or cause the direction of the management and
policies of such Person whether by contract or otherwise.

"Agent Advance Settlement Date" shall have the meaning specified in Section
2.1(e)(iii).

"Agent Advances" shall have the meaning specified in Section 2.1(e) hereof.

"Agents" shall mean, collectively, the Administrative Agent and the Syndication
Agent.

"Aggregate Letter of Credit Commitment" shall mean the several obligations of
the Issuing Banks to issue (or arrange with a Foreign Issuer for the issuance
of) Letters of Credit for the account of Borrowers from time to time in an
aggregate face amount not to exceed $175,000,000 pursuant to the terms of this
Agreement.

"Aggregate Revolving Credit Obligations" shall mean, as of any particular time,
the sum of (a) the aggregate principal amount of all Revolving Loans then
outstanding, plus (b) the aggregate amount of all Letter of Credit Obligations
then outstanding, plus (c) the aggregate amount of all Swing Loans then
outstanding, plus (d) the aggregate principal amount of all Agent Advances then
outstanding.

                                        3

<PAGE>

"Agreement" shall mean this Credit Agreement, together with all Exhibits and
Schedules hereto, as amended, restated, supplemented or otherwise modified from
time to time.

"Agreement Date" shall mean the date as of which this Agreement is dated.

"Applicable Law" shall mean, in respect of any Person, all provisions of
constitutions, statutes, rules, regulations, and orders of governmental bodies
or regulatory agencies applicable to such Person, and all orders and decrees of
all courts and arbitrators in proceedings or actions to which the Person in
question is a party or by which it is bound.

"Approved Freight Handler" shall mean any freight forwarder, customs broker,
customs agent, shipper, shipping company or similar Person utilized by a
Borrowing Base Borrower Party from time to time in connection with the
importation of Inventory that has delivered a Lien Acknowledgment Agreement in
favor of the Administrative Agent, so long as such Lien Acknowledgement
Agreement remains in full force and effect and the Administrative Agent has not
received any notice of termination with respect thereto.

"Approved Fund" shall mean any Fund that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity that administers or
manages a Lender.

"Assignment and Assumption Agreement" shall mean that certain form of Assignment
and Assumption Agreement attached hereto as Exhibit B, pursuant to which each
Lender may, as further provided in Section 11.5, sell a portion of its Loans and
Revolving Loan Commitments.

"Assignments of Life Insurance Policy" shall mean the assignments of life
insurance policies as collateral from the applicable Borrower Party in favor of
the Administrative Agent, for the benefit of the Lender Group, assigning such
Borrower Party's life insurance policy or policies on the lives of (a) S.
Anthony Margolis and (b) Lucio Dalla Gasperina, and acknowledged by the
applicable insurance company issuing such policy or policies, as the same may be
amended, restated, supplemented or otherwise modified from time to time.

"Assignment of Rights under Acquisition Agreement" shall mean that certain
Assignment of Rights under Acquisition Agreement of even date herewith, executed
by the Parent in favor of the Administrative Agent, for the benefit of the
Lender Group, and acknowledged by the Sellers, as the same may be amended,
restated, supplemented or otherwise modified from time to time.

"Authorized Signatory" shall mean such personnel of each Borrower Party as may
be duly authorized and designated in writing to the Administrative Agent by such
Borrower Party to execute documents, agreements, and instruments on behalf of
such Borrower Party.

                                        4

<PAGE>

"Availability" shall mean, as of any particular time, (a) the lesser of (i) the
Revolving Loan Commitment and (ii) the Borrowing Base, minus (b) in each case,
the Aggregate Revolving Credit Obligations.

"Available Letter of Credit Amount" shall mean, as of any particular time, an
amount equal to the lesser of (a) the Aggregate Letter of Credit Commitment at
such time, minus the aggregate amount of all Letter of Credit Obligations at
such time and (b) Availability at such time.

"Available Revolving Loan Commitment" shall mean, as of any particular time, (a)
the amount of the Revolving Loan Commitment at such time minus (b) the Aggregate
Revolving Credit Obligations at such time.

"Avoidance Provisions" shall have the meaning specified in Section 13.5(b).

"Bank Product Reserves" means all reserves that the Administrative Agent, from
time to time, establishes in its reasonable discretion for the Bank Products
then provided or outstanding.

"Bank Products" shall mean any one or more of the following types of services or
facilities extended to the Borrower Parties by the Administrative Agent (or any
affiliate of the Administrative Agent) or, so long as Bank of America, N.A. is a
Lender hereunder, Bank of America, N.A. (or any affiliate of Bank of America,
N.A.) or, in the case of Hedge Agreements, the Administrative Agent (or any
affiliate of the Administrative Agent) or any Lender: (a) credit cards; (b) ACH
Transactions; (c) cash management, including controlled disbursement services;
and (d) Hedge Agreements.

"Bank Products Documents" shall mean all agreements entered into from time to
time by the Borrower Parties in connection with any of the Bank Products and
shall include the Hedge Agreements.

"Bankruptcy Code" shall mean the United States Bankruptcy Code (11 U.S.C.
Section 101 et seq.), as now or hereafter amended, and any successor statute.

"Base Rate" shall mean, at any time, a fluctuating and floating rate per annum
equal to the higher of: (a) 0.50% per annum above the latest Federal Funds Rate;
and (b) the rate of interest announced publicly by SunTrust Bank from time to
time as its "prime rate" for the determination of interest rate loans of varying
maturities in Dollars to United States residents of varying degrees of credit
worthiness. Such "prime rate" is not necessarily the lowest rate of interest
charged to borrowers of SunTrust Bank, and SunTrust Bank may make commercial
loans or other loans at rates of interest at, above, or below such "prime rate".
Each change in the prime rate announced by SunTrust Bank shall take effect at
the opening of business on the day specified in the public announcement of such
change.

                                        5

<PAGE>

"Base Rate Advance" shall mean an Advance which the Administrative Borrower
requests to be made as a Base Rate Advance or which is reborrowed as a Base Rate
Advance, in accordance with the provisions of Section 2.2.

"Blocked Account" shall have the meaning specified in Section 6.15.

"Blocked Account Agreement" shall mean any agreement executed by a depository
bank and the Administrative Agent, for the benefit of the Lender Group, and
acknowledged and agreed to by the Administrative Borrower, in the form of
Exhibit C or such other form acceptable to the Administrative Agent in its sole
discretion, as such agreement may be amended, restated, supplemented or
otherwise modified from time to time.

"Borrower Parties" shall mean, collectively, the Borrowers and each of their
respective Domestic Subsidiaries.

"Borrowers" shall mean the Parent, Oxford of South Carolina, Inc., a South
Carolina corporation, and, after giving effect to the Acquisition and execution
by the Target of a Joinder Agreement, the Target.

"Borrowing Base" shall mean, at any particular time, the sum of:

                  (a)      up to 85% of Eligible Non-Factored Accounts and
                           Eligible Factored Accounts (With Recourse); plus

                  (b)      up to 90% of Eligible Factored Accounts (Without
                           Recourse), plus

                  (c)      the sum of (i) the lesser of (A) up to 65% of the
                           Value of Eligible Landed Inventory of the Target and
                           the Target Retail Borrower Parties consisting of
                           finished goods and (B) up to 85% of the net appraised
                           OLV of Eligible Landed Inventory of the Target and
                           the Target Retail Borrower Parties consisting of
                           finished goods, and (ii) the lesser of (A) up to 60%
                           of the Value of Eligible Landed Inventory of the
                           Borrowing Base Borrower Parties (other than the
                           Target and the Target Retail Borrower Parties)
                           consisting of finished goods and (B) up to 85% of the
                           net appraised OLV of Eligible Landed Inventory of the
                           Borrowing Base Borrower Parties (other than the
                           Target and the Target Retail Borrower Parties)
                           consisting of finished goods, plus

                  (d)      the lesser of (i) up to 40% of the Value of Eligible
                           Landed Inventory consisting of raw materials, and
                           (ii) up to 70% of the net appraised OLV of Eligible
                           Landed Inventory consisting of raw materials, plus

                  (e)      (i) with respect to the Target and the Target Retail
                           Borrower

                                        6

<PAGE>

                           Parties, up to 55% of the Value of their Eligible
                           In-Transit Inventory, and (ii) with respect to the
                           Borrowing Base Borrower Parties (other than the
                           Target and the Target Retail Borrower Parties), up to
                           50% of the Value of their Eligible In-Transit
                           Inventory, plus

                  (f)      The lesser of (i) $10,100,000, and (ii)(A) from the
                           Agreement Date to but excluding the first anniversary
                           of the Agreement 70% of the fair market value (as of
                           the Agreement Date) of Eligible Real Estate, (B) from
                           the first anniversary of the Agreement Date to but
                           excluding the second anniversary of the Agreement
                           Date, 47% of the fair market value (as of the
                           Agreement Date) of Eligible Real Estate, (C) from the
                           second anniversary of the Agreement Date to but
                           excluding the third anniversary of the Agreement
                           Date, 23% of the fair market value (as of the
                           Agreement Date) of Eligible Real Estate and (D)
                           thereafter, zero, minus

                  (g)      the Reserves;

provided, however, that the amount of availability created under clauses (a),
(b), (c), (d) and (e) of this definition in respect of any and all Borrower
Parties included in clause (c) of the definition of Borrowing Base Borrower
Party shall be limited to $15,000,000.

"Borrowing Base Borrower Parties" shall mean, collectively, (a) the Borrowers,
(b) the Target Retail Borrower Parties and (c) any other Borrower Party or
Borrower Parties approved by the Administrative Agent in writing after the
Agreement Date, in any event, after the Administrative Agent has completed its
due diligence with respect to such Borrower Party's or Borrower Parties'
Accounts and Inventory.

"Borrowing Base Certificate" shall mean a certificate of an Authorized Signatory
of the Administrative Borrower substantially in the form of Exhibit D.

"Business Day" shall mean any day excluding Saturday, Sunday and any day which
is a legal holiday under the laws of the State of Georgia or is a day on which
banking institutions located in such state are closed; provided, however, that
when used with reference to a Eurodollar Advance (including the making,
continuing, prepaying or repaying of any Eurodollar Advance), the term "Business
Day" shall also exclude any day in which banks are not open for dealings in
deposits of Dollars on the London interbank market.

"Capital Expenditures" shall mean, for any period, on a consolidated basis for
the Borrower Parties, the aggregate of all expenditures made by the Borrower
Parties during such period that, in conformity with GAAP, are required to be
included in or reflected on the consolidated balance sheet as a capital asset of
the Borrower Parties, including Capitalized Lease Obligations of the Borrower
Parties.

                                        7

<PAGE>

"Capitalized Lease Obligation" shall mean that portion of any obligation of a
Person as lessee under a lease which at the time would be required to be
capitalized on the balance sheet of such lessee in accordance with GAAP.

"Change in Control" shall mean the occurrence of one or more of the following
events: (a) any Person or two or more Persons acting in concert shall have
acquired beneficial ownership (within the meaning of Rule 13d-3 of the SEA) of
thirty five percent (35%) or more of the outstanding shares of the voting Equity
Interest of the Parent; (b) as of any date a majority of the board of directors
of the Parent consists (other than vacant seats) of individuals who were not
either (i) directors of the Parent as of the Agreement Date, (ii) selected or
nominated to become directors by the board of directors of the Parent of which a
majority consisted of individuals described in clause (i), or (iii) selected or
nominated to become directors by the board of directors of the Parent of which a
majority consisted of individuals described in clause (i) and individuals
described in clause (ii), or (c) except as otherwise specifically permitted
hereunder and except for directors qualifying shares (required by Applicable
Law) in certain Foreign Subsidiaries, the Parent ceases to directly or
indirectly own and control one hundred percent (100%) of the outstanding Equity
Interests of all of its Subsidiaries.

"Clearing Account" shall mean Account No. 1000004189469 (or such other account
number established by the Administrative Agent for purposes of Section 6.15)
maintained by the Administrative Agent at SunTrust Bank, in Atlanta, Georgia
pursuant to Section 6.15 of this Agreement, and over which the Administrative
Agent has the sole dominion and exclusive access and control for withdrawal
purposes pursuant to Section 6.15 of this Agreement.

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

"Collateral" shall mean all property pledged as collateral security for the
Obligations pursuant to the Security Documents or otherwise, and all other
property of any Borrower Party that is now or hereafter in the possession or
control of the Administrative Agent, any Issuing Bank or any Lender or on which
the Administrative Agent, any Issuing Bank or any Lender has been granted a Lien
in connection with the Obligations.

"Commercial Letter of Credit" shall mean a documentary Letter of Credit issued
in respect of the purchase of goods or services by any Borrower Party in the
ordinary course of its business.

"Confidential Information" means information that any Borrower Party furnishes
to any member of the Lender Group in a writing designated as confidential, and
all information relating to the Acquisition, but does not include any such
information that is or becomes generally available to the public or that is or
becomes available to such member of the Lender Group from a source other than a
Borrower Party.

"Contributing Borrower" shall have the meaning specified in Section 13.5(e).

                                        8

<PAGE>

"Customer Dispute" shall mean all instances in which (i) a customer of a
Borrowing Base Borrower Party has rejected or returned the goods and such return
or rejection has not been accepted by such Borrowing Base Borrower Party as a
valid return or rejection, or (ii) a customer of a Borrowing Base Borrower Party
has otherwise affirmatively asserted grounds for nonpayment of an Account or any
portion thereof, including, without limitation, any repossession of goods by
such Borrowing Base Borrower Party, or any claim by an Account Debtor of total
or partial failure of delivery, set-off, counterclaim or breach of warranty.

"Date of Issue" shall mean the date on which an Issuing Bank issues (or arranges
with a Foreign Issuer for the issuance of) a Letter of Credit pursuant to
Section 2.15.

"Default" shall mean any Event of Default, and any of the events specified in
Section 9.1 regardless of whether there shall have occurred any passage of time
or giving of notice (or both) that would be necessary in order to constitute
such event an Event of Default.

"Default Rate" shall mean a simple per annum interest rate equal to, (a) with
respect to outstanding principal, the sum of (i) the applicable Interest Rate
Basis, plus (ii) the applicable Interest Rate Margin plus (iii) two percent
(2%), and (b) with respect to all other Obligations, the sum of (i) the Base
Rate, plus (ii) the Interest Rate Margin applicable to Base Rate Advances plus
(iii) two percent (2%); provided, however, that with respect to any Eurodollar
Advance outstanding on the date on which the Default Rate becomes applicable,
the Default Rate shall be based on the then applicable Eurodollar Basis until
the end of the current Eurodollar Advance Period and thereafter the Default Rate
shall be based on the Base Rate as in effect from time to time.

"Disbursement Account" shall mean account number 8800828975 maintained at
SunTrust Bank, or as otherwise designated to the Administrative Agent by the
Borrowers.

"Dividends" shall mean, any direct or indirect distribution, dividend, or
payment to any Person on account of any Equity Interests of any Borrower or any
Borrower's Subsidiaries.

"Dollars" or "$" shall mean United States dollars.

"Domestic Subsidiary" shall mean any Subsidiary of a Borrower Party that is
organized and existing under the laws of the United States or any state or
commonwealth thereof or under the laws of the District of Columbia.

"Earnout Agreement" means that certain Earnout Agreement dated as of June 13,
2003 among the Sellers, the Parent and the Target, as the same may be amended,
restated, supplemented or otherwise modified from time to time in accordance
with Section 8.13.

"Earnout Subordination Agreement" shall mean that certain Earnout Subordination
Agreement of even date hereof among the Parent, the Sellers, the Indenture
Trustee and

                                        9

<PAGE>

the Administrative Agent, as the same may be amended, restated, supplemented or
otherwise modified from time to time in accordance with Section 8.13.

"EBITDA" shall mean, with respect to the Parent on a consolidated basis with its
Subsidiaries for any period, the Net Income for such period, plus, (i) without
duplication and to the extent reflected as charges in the statement of Net
Income for such period, the sum of (a) income taxes, (b) Interest Expense (c)
depreciation and amortization expense, and (d) extraordinary losses, minus (ii)
to the extent added in computing Net Income for such period, extraordinary
gains; provided, however, that if any such calculation includes any period in
which an acquisition or sale of a Person or the assets of a Person occurred,
then such calculation shall be made on a Pro Forma Basis.

"Eligible Accounts" shall mean, at any particular date, all Accounts of each
Borrowing Base Borrower Party (less reserves for discounts or allowances,
including, without limitation, discounts for prompt payment or volume
purchases), but excluding each of the following Accounts:

         (a)      Accounts with respect to which more than sixty (60) days have
elapsed since the due date of the original invoice therefor or that contained
terms of one hundred (100) days or more in the original invoice therefor;

         (b)      Accounts with respect to which any of the representations,
warranties, covenants, and agreements contained in Section 5.2 are not or have
ceased to be complete and correct or have been breached;

         (c)      Accounts with respect to which, in whole or in part, a check,
promissory note, draft, trade acceptance or other instrument for the payment of
money has been received, presented for payment and returned uncollected for any
reason;

         (d)      Accounts as to which such Borrowing Base Borrower Party has
not performed, as of the applicable calculation date, all of its obligations
then required to have been performed, including, without limitation, the
delivery of merchandise or rendition of services applicable to such Accounts;

         (e)      Accounts as to which any one or more of the following events
has occurred with respect to the Account Debtor on such Accounts: death or
judicial declaration of incompetency of such Account Debtor who is an
individual; the filing by or against such Account Debtor of a request or
petition for liquidation, reorganization, arrangement, adjustment of debts,
adjudication as a bankrupt, winding-up, or other relief under the bankruptcy,
insolvency, or similar laws of the United States, any state or territory
thereof, or any foreign jurisdiction, now or hereafter in effect; the making of
any general assignment by such Account Debtor for the benefit of creditors; the
appointment of a receiver or trustee for such Account Debtor or for any of the
assets of such Account Debtor, including, without limitation, the appointment of
or taking possession by a "custodian," as defined in Title 11 of the United
States Code; the institution by or against

                                       10

<PAGE>

such Account Debtor of any other type of insolvency proceeding (under the
bankruptcy laws of the United States or otherwise) or of any formal or informal
proceeding for the dissolution or liquidation of, settlement of claims against,
or winding up of affairs of, such Account Debtor; the sale, assignment, or
transfer of all or substantially all of the assets of such Account Debtor unless
the obligations of such Account Debtor in respect of the Accounts are assumed by
and assigned to such purchaser or transferee; the nonpayment generally by such
Account Debtor of its debts as they become due; or the cessation of the business
of such Account Debtor as a going concern;

         (f)      (i) those Accounts (other than Accounts covered under item
(ii) of this clause (f)) of an Account Debtor for whom fifty percent (50%) or
more of the aggregate Dollar amount of such Account Debtor's outstanding
Accounts are classified as ineligible under the other criteria other than this
subsection set forth herein; or (ii) those Accounts with respect to which the
aggregate Dollar amount of all Accounts owed by the Account Debtor thereon
exceeds twenty percent (20%) (or, with respect to Accounts owed by Target
Corporation, thirty percent (30%) or, upon written notice by the Administrative
Agent to the Administrative Borrower, such lower percentage down to twenty
percent (20%) as shall be determined by the Administrative Agent in its
reasonable discretion from time to time based on the Administrative Agent's
assessment of Target Corporation's creditworthiness as of any such time) of the
aggregate amount of all Accounts at such time to the extent of such excess;

         (g)      Accounts owed by an Account Debtor which: (i) does not
maintain its chief executive office in the United States or Canada; or (ii) is
not organized under the laws of the United States or Canada or any state,
province or territory thereof; or (iii) is the government of any foreign country
or sovereign state, or of any state, province, municipality, or other political
subdivision thereof, or of any department, agency, public corporation, or other
instrumentality thereof; except to the extent that such Accounts do not exceed
$5,000,000 in the aggregate and are secured or payable by a letter of credit or
acceptance, or insured under foreign credit insurance, in each case, on terms
and conditions satisfactory to the Administrative Agent in its sole discretion;

         (h)      Accounts owed by an Account Debtor which is an Affiliate or
employee of such Borrowing Base Borrower Party;

         (i)      Accounts which are owed by an Account Debtor to which such
Borrowing Base Borrower Party is indebted in any way, but only to the extent of
such indebtedness, or which are subject to any right of setoff by the Account
Debtor, but only to the extent of such right of set off, unless the Account
Debtor has entered into an agreement acceptable to the Administrative Agent to
waive setoff rights;

         (j)      Accounts which are subject to any Customer Dispute, but only
to the extent of the amount in dispute;

                                       11

<PAGE>

         (k)      Accounts which are owed by the government of the United States
of America or Canada, or any department, agency, public corporation, or other
instrumentality thereof, unless all required procedures for the effective
collateral assignment of the Accounts under the Federal Assignment of Claims Act
of 1940 or any comparable Canadian law and any other steps necessary to perfect
the Administrative Agent's security interest, for the benefit of the Lender
Group, in such Accounts have been complied with to the Administrative Agent's
satisfaction with respect to such Accounts;

         (l)      Accounts which are owed by any state, municipality, territory
or other political subdivision of the United States of America or Canada, or any
department, agency, public corporation, or other instrumentality thereof and as
to which the Administrative Agent determines in its reasonable discretion that
its security interest therein is not or cannot be perfected;

         (m)      Accounts which represent sales on a bill-and-hold, guaranteed
sale, sale and return, sale on approval, consignment, or other repurchase or
return basis;

         (n)      Accounts which are evidenced by a promissory note or other
instrument or by chattel paper;

         (o)      Accounts with respect to which the Account Debtor thereunder
is located in a state requiring the filing of a Notice of Business Activities
Report or similar report in order to permit any Borrowing Base Borrower Party to
seek judicial enforcement in such State of payment of such Account unless if, at
the time the Accounts were created and at all times thereafter, (i) such
Borrowing Base Borrower Party has filed and has maintained effective a current
Notice of Business Activities Report with the appropriate office or agency of
such state or (ii) such Borrowing Base Borrower Party was and has continued to
be exempt from the filing of such Report and has provided the Administrative
Agent with satisfactory evidence thereof;

         (p)      Accounts as to which the applicable Account Debtor has not
been sent an invoice;

         (q)      Accounts that are not a bona fide, valid and, to the best of
such Borrowing Base Borrower Party's knowledge, enforceable obligation of the
Account Debtor thereunder;

         (r)      Accounts which are owed by an Account Debtor with whom any
Borrowing Base Borrower Party has any agreement or understanding for deductions
from the Accounts, except for discounts or allowances which are made in the
ordinary course of business, including, without limitation, discounts for prompt
payment or volume purchases, and which discounts or allowances are reflected in
the calculation of Reserves;

                                       12

<PAGE>

         (s)      Accounts which are not subject to a valid and continuing first
priority Lien in favor of the Administrative Agent, for the benefit of the
Lender Group, pursuant to the Security Documents as to which all action
necessary or desirable to perfect such security interest shall have been taken,
and to which such Borrowing Base Borrower Party has good and marketable title,
free and clear of any Liens (other than Liens in favor of the Administrative
Agent, for the benefit of the Lender Group); or

         (t)      Accounts as to which a security agreement, financing
statement, equivalent security or Lien instrument or continuation statement is
on file or of record in any public office, except as may have been filed in
favor of the Administrative Agent, for the benefit of the Lender Group, pursuant
to the Security Documents;

provided, however, that for purposes of calculating Eligible Accounts
immediately prior to the Acquisition, references in this definition to
"Accounts" shall include accounts of the Target and the Target Retail Borrower
Parties.

"Eligible Assignee" shall mean (a) a Lender; (b) an Affiliate of a Lender; (c)
an Approved Fund; or (d) any other Person approved by the Administrative Agent,
the Issuing Banks and, unless (x) such Person is taking delivery of an
assignment in connection with physical settlement of a credit derivatives
transaction or (y) a Default has occurred and is continuing, the Borrowers, such
approvals not to be unreasonably withheld or delayed. If the consent of the
Borrowers to an assignment or to an Eligible Assignee is required hereunder
(including a consent to an assignment which does not meet the minimum assignment
thresholds specified in Section 11.5(b)), the Borrowers shall be deemed to have
given their consent five (5) Business Days after the date notice thereof has
been delivered by the assigning Lender (through the Administrative Agent) unless
such consent is expressly refused by the Borrowers prior to such fifth (5th)
Business Day.

"Eligible Factored Accounts (With Recourse)" shall mean any Account (i) created
by a Borrowing Base Borrower Party, (ii) sold and assigned to a factor under one
of the factoring arrangements specified on Schedule 8.7 hereto (with recourse to
the applicable Borrowing Base Borrower Party on account of the creditworthiness
of the applicable Account Debtor) or such other collection factoring
arrangements (with recourse to the applicable Borrowing Base Borrower Party on
account of the creditworthiness of the applicable Borrowing Base Borrower Party)
as shall be acceptable to the Administrative Agent, (iii) which meets all of the
standards of eligibility set forth in the definition of Eligible Accounts and
(iv) with respect to which the factor has executed and delivered to the
Administrative Agent a Factoring Intercreditor Agreement.

"Eligible Factored Accounts (Without Recourse)" shall mean any Account (i)
created by a Borrowing Base Borrower Party, (ii) sold and assigned to a factor
under one of the factoring arrangements specified on Schedule 8.7 hereto
(without recourse to any Borrowing Base Borrower Party on account of the
creditworthiness of the applicable Account Debtor) or such other collection
factoring arrangements (without recourse to any

                                       13

<PAGE>

Borrowing Base Borrower Party on account of the creditworthiness of the
applicable Borrowing Base Borrower Party) as shall be acceptable to the
Administrative Agent, and (iii) with respect to which the factor has executed
and delivered to the Administrative Agent a Factoring Intercreditor Agreement.

"Eligible In-Transit Inventory" shall mean (a) the stated amount of outstanding
Commercial Letters of Credit issued to purchase Inventory that does not qualify
as Eligible Landed Inventory solely because it is not located in a location
described in clause (c) of the definition of Eligible Landed Inventory and (b)
Inventory that is currently in transit (whether by vessel, air, or land and,
without double counting amounts determined under clause (a) of this definition,
and whether or not the purchase of such Inventory has been satisfied by the
issuance of a Commercial Letter of Credit) from a location outside of the United
States to a location described in clause (c) of the definition of Eligible
Landed Inventory and (i) that does not qualify as Eligible Landed Inventory
solely because it is not located in a location described in clause (c) of the
definition of Eligible Landed Inventory, (ii) with respect to which title to
such Inventory has passed to a Borrowing Base Borrower Party, (iii) that
constitutes finished goods Inventory, (iv) that is insured against types of
loss, damage, hazards, and risks, and in amounts, satisfactory to the
Administrative Agent in its reasonable discretion, (v) that is the subject of a
bill of lading or a cargo receipt that (A)(x) in the case of a negotiable bill
of lading or negotiable cargo receipt, is consigned to the Administrative Agent
and/or the Issuing Bank (either directly or by means of endorsement) or (y) in
the case of a non-negotiable bill of lading or non-negotiable cargo receipt, is
consigned to the Administrative Agent and/or the Issuing Bank (either directly
or by means of endorsements) or to a Borrowing Base Borrower Party if such bill
of lading or cargo receipt shall state "[Name of applicable Borrowing Base
Borrower Party], subject to the security interest of SunTrust Bank, as agent,
303 Peachtree Street, N.E., Atlanta, Georgia 30308" thereon, (B) was issued by
the carrier respecting the subject Inventory, and (C) is in the physical
possession of an Approved Freight Handler or, if applicable, an Issuing Bank and
(vi) to the knowledge of the Administrative Borrower, that meets all of the
Borrowing Base Borrower Parties' representations and warranties contained in the
Loan Documents concerning Eligible Inventory; provided, however, that for
purposes of calculating Eligible In-Transit Inventory immediately prior to the
Acquisition, references in this definition to "Inventory" shall include
Inventory of the Target and the Target Retail Borrower Parties.

"Eligible Inventory" shall mean, collectively, as of any date of determination
the Eligible Landed Inventory and the Eligible In-Transit Inventory.

"Eligible Landed Inventory" shall mean, as of any particular date, the portion
of the Inventory of each Borrowing Base Borrower Party consisting of first
quality finished goods held for sale in the ordinary course of such Borrowing
Base Borrower Party's business that:

         (a)      is owned solely by such Borrowing Base Borrower Party;

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<PAGE>

         (b)      conforms to all of the warranties and representations
regarding the same which are set forth in this Agreement or any of the other
Loan Documents;

         (c)      is located in the United States either (i) on real property
owned by a Borrowing Base Borrower Party, or (ii) on leased premises in regard
to which the landlord thereof, and any bailee, warehouseman or similar party
that will be in possession of such Inventory, shall have executed and delivered
to the Administrative Agent an agreement, in form and substance acceptable to
the Administrative Agent, waiving any landlord's, bailee's, warehouseman's or
other Lien rights such Person may hold in regard to such Borrowing Base Borrower
Party's property in favor of the Administrative Agent, for the benefit of the
Lender Group;

         (d)      is not subject to any claim of reclamation, or Lien, adverse
claim, interest or right of any other Person;

         (e)      does not consist of Inventory in transit;

         (f)      has not been consigned to or by any Person;

         (g)      is in good condition and meets all standards imposed by any
Person having regulatory authority over such goods, its use and/or sale, and is
currently saleable in the normal course of such Borrower's business;

         (h)      does not consist of work-in-process;

         (i)      does not include any Inventory scheduled for return to
vendors, Inventory which is obsolete or slow-moving (for purposes of this
subsection, "obsolete or slow-moving" Inventory shall be deemed to be fifty
percent (50%) of the Value of finished goods items and one hundred percent
(100%) of the Value of raw materials, in each case, which have been in such
Borrowing Base Borrower Party's Inventory for twelve (12) months or longer),
food and beverage Inventory, Inventory markdown, in-stock Inventory markdown,
Inventory shrinkage, intercompany profit, display items, samples, packaging
materials, labels or name plates or similar supplies;

         (j)      is personal property in which such Borrowing Base Borrower
Party has granted a valid and continuing first Lien in favor of the
Administrative Agent, for the benefit of the Lender Group, pursuant to the
Security Documents, and as to which all action necessary to perfect such
security interest shall have been taken;

         (k)      is not covered, in whole or in part, by any security
agreement, financing statement, equivalent security or Lien instrument or
continuation statement which is on file or of record in any public office,
except such as may have been filed in favor of the Administrative Agent, for the
benefit of the Lender Group, pursuant to the Security Documents; and

                                       15

<PAGE>

         (l)      with respect to any Inventory that is subject to a Licensing
Agreement, the applicable Borrowing Base Borrower Party has delivered to the
Administrative Agent a Licensor Consent Agreement;

provided, however, that for purposes of calculating Eligible Landed Inventory
immediately prior to the Acquisition, references in this definition to
"Inventory" shall include Inventory of the Target and the Target Retail Borrower
Parties.

"Eligible Non-Factored Accounts" shall mean any Eligible Account which is not an
Eligible Factored Account (With Recourse) or an Eligible Factored Account
(Without Recourse).

"Eligible Real Estate" shall mean all real property and the improvements thereon
described on Schedule 1(a); provided, however, that, if any such real property
or improvements are sold or otherwise disposed of by any Borrower, "Eligible
Real Estate" shall not include such real property and improvements that are no
longer owned by a Borrower.

"Employment Agreements" shall have the meaning specified in Section 4.1.

"Environmental Laws" shall mean, collectively, any and all applicable federal,
state, local or municipal laws, rules, orders, regulations, statutes,
ordinances, codes, decrees or requirements of any Governmental Authority
regulating, relating to or imposing liability or standards of conduct concerning
environmental protection matters, including without limitation, Hazardous
Materials or human health, as now or may at any time during the term hereof be
in effect.

"Equity Interests" shall mean, as applied to any Person, any capital stock,
membership interests, partnership interests or other equity interests of such
Person, regardless of class or designation, and all warrants, options, purchase
rights, conversion or exchange rights, voting rights, calls or claims of any
character with respect thereto.

"ERISA" shall mean the Employee Retirement Income Security Act of 1974, as in
effect on the Agreement Date and as such Act may be amended thereafter from time
to time.

"ERISA Affiliate" shall mean any Person (whether incorporated or unincorporated)
that together with the Borrowers would be deemed to be a "single employer"
within the meaning of Section 414 of the Code.

"Eurodollar Advance" shall mean an Advance which the Administrative Borrower
requests to be made as a Eurodollar Advance or which is reborrowed as a
Eurodollar Advance, in accordance with the provisions of Section 2.2.

"Eurodollar Advance Period" shall mean, for each Eurodollar Advance, each one,
two, three, or six month period, as selected by the Administrative Borrower
pursuant to

                                       16

<PAGE>

Section 2.2, during which the applicable Eurodollar Rate (but not the applicable
Interest Rate Margin) shall remain unchanged. Notwithstanding the foregoing,
however: (i) any applicable Eurodollar Advance Period which would otherwise end
on a day which is not a Business Day shall be extended to the next succeeding
Business Day, unless such Business Day falls in another calendar month, in which
case such Eurodollar Advance Period shall end on the next preceding Business
Day; (ii) any applicable Eurodollar Advance Period which begins on a day for
which there is no numerically corresponding day in the calendar month during
which such Eurodollar Advance Period is to end shall (subject to clause (i)
above) end on the last day of such calendar month; and (iii) no Eurodollar
Advance Period shall extend beyond the Maturity Date or such earlier date as
would interfere with the repayment obligations of the Borrowers under Section
2.6. Interest shall be due and payable with respect to any Advance as provided
in Section 2.3.

"Eurodollar Basis" shall mean, with respect to each Eurodollar Advance Period, a
simple per annum interest rate equal to the quotient of (i) the Eurodollar Rate
divided by (ii) one minus the Eurodollar Reserve Percentage, stated as a
decimal. The Eurodollar Basis shall remain unchanged during the applicable
Eurodollar Advance Period, except for changes to reflect adjustments in the
Eurodollar Reserve Percentage.

"Eurodollar Rate" shall mean, for any applicable Eurodollar Advance Period, the
rate per annum quoted at or about 11:00 a.m. (London, England time) two (2)
Business Days prior to the first day of the Eurodollar Advance Period on that
page of the Reuters, Telerate or Bloombergs reporting service (as then being
used by the Administrative Agent to obtain such interest rate quotes) that
displays British Banker's Association Interest Settlement Rates for deposits in
Dollars for a period equal to such Eurodollar Advance Period or if such page or
such service shall cease to be available, such other page or service (as the
case may be) for the purpose of displaying British Banker's Association Interest
Settlement Rates as reasonably determined by the Administrative Agent upon
advising the Administrative Borrower as to the use of any such other service;
provided, that if the Administrative Agent determines that the relevant
foregoing sources are unavailable for the relevant Eurodollar Advance Period,
the Eurodollar Rate shall mean the rate of interest determined by the
Administrative Agent to be the average (rounded upward, if necessary, to the
nearest one one-hundredth of one percent (1/100th of 1%)) of the rates per annum
at which deposits in the applicable currency are offered to the Administrative
Agent two (2) Business Days preceding the first day of such Eurodollar Advance
Period by leading banks in the London interbank market as of 10:00 a.m. for
delivery on the first day of such Eurodollar Advance Period, for the number of
days comprised therein and in an amount comparable to the amount of the
applicable Eurodollar Advance of the Administrative Agent.

"Eurodollar Reserve Percentage" shall mean the aggregate of the maximum reserve
percentages (including, without limitation, any emergency, supplemental, special
or other marginal reserves) expressed as a decimal (rounded upwards to the next
one one-hundredth of one percent (1/100th of 1%)) in effect on any day to which
the

                                       17

<PAGE>

Administrative Agent is subject with respect to the Eurodollar Basis pursuant to
regulations issued by the Board of Governors of the Federal Reserve System (or
any Governmental Authority succeeding to any of its principal functions) with
respect to Eurocurrency Liabilities (as that term is defined in Regulation D).
Eurodollar Advances shall be deemed to constitute Eurocurrency Liabilities and
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 the
Administrative Agent under Regulation D. The Eurodollar Reserve Percentage shall
be adjusted automatically on and as of the effective date of any change in any
reserve percentage. The Eurodollar Basis for any Eurodollar Advance shall be
adjusted as of the effective date of any changes in the Eurodollar Reserve
Percentage.

"Event of Default" shall mean any of the events specified in Section 9.1,
provided that any requirement for notice or lapse of time, or both, has been
satisfied.

"Excess Funding Guarantor" shall have the meaning specified in Section 3.1(m).

"Excess Payment" shall have the meaning specified in Section 3.1(m).

"Existing Letters of Credit" shall have the meaning specified in Section
2.15(a).

"Factoring Intercreditor Agreements" shall mean, collectively, any intercreditor
agreement among the Administrative Agent, the applicable Borrowing Base Borrower
Party and the applicable factor of Accounts of such Borrowing Base Borrower
Party, substantially in the form of Exhibit E hereto or in such other form
satisfactory to the Administrative Agent, as the same may be amended, restated,
supplemented or otherwise modified from time to time.

"Federal Funds Rate" shall mean, for any day, the rate set forth in the weekly
statistical release designated as H.15(519), or any successor publication,
published by the Federal Reserve Bank of New York (including any such successor,
"H.15(519)") on the preceding Business Day opposite the caption "Federal Funds
(Effective)"; or, if for any relevant day such rate is not so published on any
such preceding Business Day, the rate for such day will be the arithmetic mean
as determined by the Administrative Agent of the rates for the last transaction
in overnight Federal funds arranged prior to 12:00 noon (Atlanta, Georgia time)
on that day by each of three leading brokers of Federal funds transactions in
New York, New York selected by the Administrative Agent.

"Fee Letter" shall mean that certain fee letter of even date herewith executed
by the Borrowers and addressed to the Administrative Agent, the Syndication
Agent and SunTrust Capital Markets, Inc..

"Fixed Charge Coverage Ratio" shall mean, with respect to the Parent and its
Subsidiaries on a consolidated basis for any period, calculated on a Pro Forma
Basis in the event of any acquisition during such period, the ratio of (a) the
greater of (i)(x)

                                       18

<PAGE>

EBITDA minus (y) (A) Capital Expenditures made during such period and (B) cash
tax payments made during such period and (ii) zero, to (b) the sum of (i)
scheduled payments of principal made with respect to Indebtedness during such
period, (ii) Interest Expense (other than loan fees that, in accordance with
GAAP, are amortized) accrued during such period, (iii) cash earnout payments
made to the Sellers pursuant to the Earnout Agreement during such period, and
(iv) Dividends paid by the Parent during such period (other than Dividends on
common stock which accrue (but are not paid in cash) or are paid in kind or
Dividends on preferred stock which accrue (but are not paid in cash) or are paid
in kind); provided, however, that for purposes of calculating the components of
item (a)(i)(y)(B) and (b)(ii) of this definition (1) for the period ending as of
the last day of the first fiscal quarter of the 2004 fiscal year, the actual
amount of such components for such fiscal quarter multiplied by 4 shall be
included, (2) for the period ending as of the last day of the second fiscal
quarter of the 2004 fiscal year, the actual amount of such components for such
fiscal year multiplied by 2 shall be included and (3) for the period ending as
of the last day of the third fiscal quarter of the 2004 fiscal year, the actual
amount of such components for such fiscal year multiplied by 4/3 shall be
included.

"Foreign Issuer" shall mean any foreign bank engaged by an Issuing Bank to issue
Commercial Letters of Credit on behalf of such Issuing Bank so long as (a) such
foreign bank has agreed to hold any and all documents, instruments or other
Collateral in its possession in connection with the issuance of any Commercial
Letter of Credit as bailee on behalf of the Administrative Agent to perfect the
Administrative Agent's security interest in such documents, instruments or other
Collateral and (b) the agreement between such Issuing Bank and the Foreign
Issuer is satisfactory to the Administrative Agent in its reasonable discretion.

"Foreign Subsidiary" shall mean any Subsidiary of a Borrower Party that does not
constitute a Domestic Subsidiary.

"Fund" shall mean any Person that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its business.

"Funding Borrower" shall have the meaning specified in Section 13.5(e).

"GAAP" shall mean, as in effect from time to time (subject to the provisions of
Section 1.2), United States generally accepted accounting principles
consistently applied.

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

"Guarantors" shall mean, collectively, all Domestic Subsidiaries (other than the
Borrowers and Oxford Receivables Company) of the Parent and "Guarantor" shall
mean any one of the foregoing Guarantors.

                                       19

<PAGE>

"Guaranty" or "guaranteed," as applied to an obligation (each a "primary
obligation"), shall mean and include (a) any guaranty, direct or indirect, in
any manner, of any part or all of such primary obligation, and (b) any
agreement, direct or indirect, contingent or otherwise, the practical effect of
which is to assure in any way the payment or performance (or payment of damages
in the event of non-performance) of any part or all of such primary obligation,
including, without limiting the foregoing, any reimbursement obligations as to
amounts drawn down by beneficiaries of outstanding letters of credit, and any
obligation of any Person, whether or not contingent, (i) to purchase any such
primary obligation or any property or asset constituting direct or indirect
security therefor, (ii) to advance or supply funds (1) for the purchase or
payment of such primary obligation or (2) to maintain working capital, equity
capital or the net worth, cash flow, solvency or other balance sheet or income
statement condition of any other Person, (iii) to purchase property, assets,
securities or services primarily for the purpose of assuring the owner or holder
of any primary obligation of the ability of the primary obligor with respect to
such primary obligation to make payment thereof or (iv) otherwise to assure or
hold harmless the owner or holder of such primary obligation against loss in
respect thereof. All references in this Agreement to "this Guaranty" shall be to
the Guaranty provided for pursuant to the terms of Article 3.

"Guaranty Supplement" shall have the meaning specified in Section 6.21.

"Hazardous Materials" shall mean any hazardous materials, hazardous wastes,
hazardous constituents, hazardous or toxic substances, petroleum products
(including crude oil or any fraction thereof), friable asbestos containing
materials defined or regulated as such in or under any Environmental Law.

"Hedge Agreement" shall mean any and all transactions, agreements or documents
now existing or hereafter entered into between or among any Borrower Party, on
the one hand, and the Administrative Agent (or an Affiliate of the
Administrative Agent) or one or more Lenders (or an Affiliate of any Lender), on
the other hand, which provides for an interest rate, credit, commodity or equity
swap, cap, floor, collar, forward foreign exchange transaction, currency swap,
cross currency rate swap, currency option, or any combination of, or option with
respect to, these or similar transactions, for the purpose of hedging such
Borrower Party's exposure to fluctuations in interest or exchange rates, loan,
credit exchange or security or currency valuations.

"Indebtedness" shall mean, with respect to any Person (a) indebtedness for
borrowed money or for the deferred purchase price of property and services
(other than trade accounts payable on customary terms in the ordinary course of
business), (b) financial obligations evidenced by bonds, debentures, notes or
other similar instruments, (c) financial obligations of such Person as lessee
under leases which shall have been or should be, in accordance with GAAP,
recorded as capital leases, (d) financial obligations of such Person as the
issuer of Equity Interests redeemable in whole or in part at the option of a
Person other than such issuer, at a fixed and determinable date or upon the

                                       20

<PAGE>

occurrence of an event or condition not solely within the control of such
issuer, (e) all net payment obligations with respect to interest rate and
currency hedging agreements, including, without limitation under Hedge
Agreements, (f) reimbursement obligations (contingent or otherwise) with respect
to amounts under letters of credit, bankers acceptances and similar instruments,
(g) financial obligations under purchase money mortgages, (h) financial
obligations under asset securitization vehicles, (i) conditional sale contracts
and similar title retention instruments with respect to property acquired, and
(j) 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 a loss in respect of, indebtedness or
financial obligations of others of the kinds referred to in clauses (a) through
(i) above, except to the extent such guaranties are limited to a lesser amount.

"Indenture" shall mean that certain Indenture dated as of May 16, 2003 between
the Parent, as issuer, and the Indenture Trustee governing the issuance of the
Senior Notes, as the same may be amended, restated, supplemented or otherwise
modified from time to time in accordance with Section 8.13.

"Indenture Trustee" shall mean SunTrust Bank.

"Insolvency Proceeding" means any proceeding commenced by or against any Person
under any provision of the Bankruptcy Code or under any state or federal
bankruptcy or insolvency law, assignment for the benefit of creditors, formal or
informal moratoria, compositions, extensions generally with creditors, or
proceedings seeking reorganization, arrangement or similar relief.

"Intellectual Property Security Agreement" shall mean that certain Intellectual
Property Security Agreement of even date herewith among the Borrower Parties and
the Administrative Agent, on behalf of, and for the benefit of, the Lender
Group, in substantially in the form of Exhibit P, as the same may be amended,
restated, supplemented or otherwise modified from time to time.

"Interest Expense" shall mean, for any period, interest expense and loan fees of
the Parent and its Subsidiaries, determined on a consolidated basis in
accordance with GAAP, and including capitalized and non-capitalized interest and
the interest component of Capitalized Lease Obligations.

"Interest Rate Basis" shall mean the Base Rate or the Eurodollar Basis, as
appropriate.

"Interest Rate Margin" shall have the meaning specified in Section 2.3(c).

"Inventory" shall mean all "inventory," as such term is defined in the UCC, of
each Borrower Party, whether now existing or hereafter acquired, wherever
located, and in any event including inventory, merchandise, goods and other
personal property that are held by or on behalf of a Borrower Party for sale or
lease or are furnished or are to be

                                       21

<PAGE>

furnished under a contract of service, goods that are leased by a Borrower Party
as lessor, or that constitute raw materials, samples, work-in-process, finished
goods, returned goods, promotional materials or materials or supplies of any
kind, nature or description used or consumed or to be used or consumed in such
Borrower Party's business or in the processing, production, packaging,
promotion, delivery or shipping of the same, including all supplies and embedded
software.

"Issuing Bank Joinder Agreement" shall have the meaning specified in Section
2.15(i).

"Issuing Banks" shall mean (a) SunTrust Bank, (b) Bank of America, N.A., (c)
Shanghai Commercial Bank Ltd., (d) HSBC Bank U.S.A., (e) any other Person
(consented to by the Administrative Agent and, so long as no Default exists, the
Administrative Borrower) who hereafter may be designated as an Issuing Bank
pursuant to an Assignment and Assumption Agreement or pursuant to an Issuing
Bank Joinder Agreement and (f) with respect to Existing Letters of Credit issued
by Wachovia Bank, National Association only and not Letters of Credit to be
issued on or after the Agreement Date, Wachovia Bank, National Association.

"Joinder Agreement" shall mean that certain Joinder Agreement dated as of the
Agreement Date executed and delivered by Target immediately upon consummation of
the Acquisition and pursuant to which Target assumes all rights, liabilities,
responsibilities and obligations of, and becomes, a Borrower under this
Agreement.

"Lender Group" shall mean, collectively, the Administrative Agent, the
Syndication Agent, the Issuing Banks and the Lenders.

"Lenders" shall mean those lenders whose names are set forth on the signature
pages to this Agreement under the heading "Lenders" and any assignees of the
Lenders who hereafter become parties hereto pursuant to and in accordance with
Section 11.5.

"Letter of Credit Commitment" means, with respect to any Issuing Bank, the
obligation of such Issuing Bank to issue (or arrange with a Foreign Issuer for
the issuance of) Letters of Credit in an aggregate face amount from time to time
not to exceed the amount set forth on Schedule I or any applicable Assignment
and Assumption Agreement.

"Letter of Credit Obligations" shall mean, at any time, the sum of (a) an amount
equal to 100% of the aggregate undrawn and unexpired stated amount (including
the amount to which any such Letter of Credit can be reinstated pursuant to its
terms) of the then outstanding Letters of Credit, plus (b) an amount equal to
100% of the aggregate drawn, but unreimbursed drawings of any Letters of Credit
(excluding, for the avoidance of doubt, such drawings that have been reimbursed
with Advances made pursuant to Section 2.15(e)).

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<PAGE>

"Letter of Credit Reserve Account" shall mean any account maintained by the
Administrative Agent for the benefit of any Issuing Bank, the proceeds of which
shall be applied as provided in Section 9.2(d).

"Letters of Credit" shall mean either Standby Letters of Credit or Commercial
Letters of Credit issued by Issuing Banks (or arranged by an Issuing Bank with a
Foreign Issuer on or after the Agreement Date) on behalf of the Borrowers from
time to time in accordance with Section 2.15 and shall include the Existing
Letters of Credit.

"License Agreement" shall mean any license agreement or other agreement between
a Borrower Party and a Person duly holding rights in a trademark, trade name or
service mark pursuant to which such Borrower Party is granted a license to use
such trademark, trade name or service mark on Inventory of such Borrower Party.

"Licensor Consent Agreement" shall mean an agreement among the applicable
Borrower Party, the Administrative Agent and the applicable licensor in form and
substance reasonably acceptable to the Administrative Agent.

"Lien" shall mean, with respect to any property, any mortgage, lien, pledge,
negative pledge agreement, assignment, charge, security interest, title
retention agreement, levy, execution, seizure, attachment, garnishment or other
encumbrance of any kind in respect of such property, whether or not choate,
vested, or perfected.

"Lien Acknowledgment Agreement" means an agreement between an Approved Freight
Handler and the Administrative Agent, in form and substance satisfactory to the
Administrative Agent, pursuant to which, among other things, the Approved
Freight Handler acknowledges the Lien of the Administrative Agent in the
Collateral in the possession of the Approved Freight Handler and any documents
evidencing same.

"Loan Account" shall have the meaning specified in Section 2.7.

"Loan Documents" shall mean this Agreement, any Revolving Loan Notes, the
Security Documents, the Blocked Account Agreements, the Earnout Subordination
Agreement, the Factoring Intercreditor Agreements, the Fee Letter, the Joinder
Agreement, the Guaranty Supplements, all reimbursement agreements relating to
Letters of Credit, the Licensor Agreements, any Lien Acknowledgment Agreement,
all landlord, warehouseman or bailee waiver agreements in favor of the
Administrative Agent, all Requests for Advance, all Requests for Issuance of
Letters of Credit, all Notices of Conversion/Continuation, all Borrowing Base
Certificates, and all other lockbox agreements, and other agreements executed or
delivered by a Borrower Party in connection with or contemplated by this
Agreement, including, without limitation, any security agreements or guaranty
agreements from the Borrowers' Subsidiaries to the Administrative Agent, the
Lenders and the Issuing Banks; provided, however, that none of the Bank Products
Documents shall be deemed to constitute Loan Documents.

                                       23

<PAGE>

"Loans" shall mean, collectively, the Revolving Loans, the Swing Loans and Agent
Advances.

"Majority Lenders" shall mean (i) as of any date of calculation prior to the
termination of the Revolving Loan Commitment, Lenders the sum of whose Revolving
Commitment Ratios of the Revolving Loan Commitment on such date of calculation
equals or exceeds fifty-one percent (51%) of the amount of the Revolving Loan
Commitment on such date of calculation, or (ii) as of any date of calculation
after termination of the Revolving Loan Commitment, Lenders the total of whose
Revolving Loans outstanding plus participation interests in Letter of Credit
Obligations, Agent Advances and Swing Loans outstanding, as applicable, on such
date of calculation equals or exceeds fifty-one percent (51%) of the total
principal amount of the Revolving Loans, Agent Advances and Swing Loans
outstanding plus Letters of Credit Obligations as of such date of calculation.

"Materially Adverse Effect" shall mean any materially adverse effect (a) upon
the business, condition (financial or otherwise), operations, properties or
prospects of the Parent and its Subsidiaries, taken as a whole, or (b) upon the
ability of the Borrower Parties, taken as a whole, to perform under the Loan
Documents, or (c) upon the rights, benefits or interests of the Administrative
Agent, the Lenders or the Issuing Banks in or to this Agreement, any other Loan
Document or the Collateral.

"Maturity Date" shall mean June 13, 2008 or such earlier date as payment of the
Loans shall be due (whether by acceleration or otherwise).

"Maximum Borrower Liability" shall have the meaning specified in
Section 13.5(b).

"Moody's" shall mean Moody's Investor Service, Inc.

"Mortgage" shall mean, collectively, any mortgage, deed of trust or deed to
secure debt entered into between a Borrower Party and the Administrative Agent,
in each case, as the same may be amended, restated, supplemented or otherwise
modified from time to time.

"Multiemployer Plan" shall have the meaning specified in Section 4001(a)(3) of
ERISA.

"Necessary Authorizations" shall mean all material authorizations, consents,
permits, approvals, licenses, and exemptions from, and all filings and
registrations with, and all reports to, any Governmental Authority whether
federal, state, local, and all agencies thereof, which are required for the
consummation of the Acquisition and the transactions contemplated by the Loan
Documents and the conduct of the businesses and the ownership (or lease) of the
properties and assets of the Borrower Parties and their Subsidiaries, as
applicable.

"Net Cash Proceeds" shall mean, with respect to any sale, lease, transfer,
casualty loss or other disposition or loss of assets by any Borrower Party or
any issuance by any Borrower Party of any Equity Interests or the incurrence by
any Borrower Party of any

                                       24

<PAGE>

Total Debt (other than the Obligations), the aggregate amount of cash received
for such assets or Equity Interests, or as a result of such Total Debt, net of
reasonable and customary transaction costs properly attributable to such
transaction and payable by such Borrower Party to a non-Affiliate in connection
with such sale, lease, transfer or other disposition of assets or the issuance
of any Equity Interests or the incurrence of any Total Debt, including without
limitation, sales commissions and underwriting discounts.

"Net Income" shall mean, with respect to any Person for any period, the
consolidated net income (or deficit) of such Person and its Subsidiaries for
such period, determined in accordance with GAAP.

"Notice of Conversion/Continuation" shall mean a notice in substantially the
form of Exhibit F.

"Obligations" shall mean (a) all payment and performance obligations as existing
from time to time of the Borrower Parties to the Lender Group under this
Agreement and the other Loan Documents (including all Letter of Credit
Obligations and including any interest, fees and expenses that, but for the
provisions of the Bankruptcy Code, would have accrued), as they may be amended
from time to time, or as a result of making the Loans or issuing the Letters of
Credit, (b) any obligations as existing from time to time of any Borrower Party
to the Administrative Agent (or an affiliate of the Administrative Agent) or, so
long as Bank of America, N.A. is a Lender hereunder, Bank of America, N.A. (or
an affiliate of Bank of America, N.A.) arising from or in connection with Bank
Products and (c) any obligations as existing from time to time of any Borrower
Party to the Administrative Agent (or an affiliate of the Administrative Agent)
or any Lender (or an Affiliate of a Lender), as applicable, arising from or in
connection with any Hedge Agreement.

"OLV" shall mean, as to any particular asset, the value that is estimated to be
recoverable in an orderly liquidation thereof, as determined from time to time
by a qualified appraiser selected by the Administrative Agent.

"Other Debt Relief Law" shall have the meaning specified in Section 13.5(b).

"Overadvance" shall have the meaning specified in Section 2.1(d).

"Oxford Receivables Company" shall mean Oxford Receivables Company, a Delaware
corporation.

"Parent" shall mean Oxford Industries, Inc., a Georgia corporation.

"Participant" shall have the meaning specified in Section 11.5.

"Payment Date" shall mean the last day of each Eurodollar Advance Period for a
Eurodollar Advance.

                                       25

<PAGE>

"PBGC" shall mean the Pension Benefit Guaranty Corporation or any entity
succeeding to any or all of its functions under ERISA.

"Permitted Liens" shall mean, as applied to any Person:

(a)      Any Lien in favor of the Administrative Agent or any other member of
the Lender Group given to secure the Obligations;

(b)      (i)      Liens on real estate for real estate taxes not yet delinquent
and (ii) Liens for taxes, assessments, judgments, governmental charges or
levies, or claims not yet delinquent or the non-payment of which is being
diligently contested in good faith by appropriate proceedings and for which
adequate reserves have been set aside on such Person's books;

(c)      Liens of carriers, warehousemen, mechanics, laborers, suppliers,
workers and materialmen incurred in the ordinary course of business for sums not
yet due or being diligently contested in good faith, if such reserve or
appropriate provision, if any, as shall be required by GAAP shall have been made
therefor;

(d)      Liens incurred in the ordinary course of business in connection with
worker's compensation and unemployment insurance or other types of social
security benefits;

(e)      Easements, rights-of-way, restrictions (including zoning or deed
restrictions), and other similar encumbrances on the use of real property which
do not interfere with the ordinary conduct of the business of such Person;

(f)      Purchase money security interests and Liens securing Capitalized Lease
Obligations provided that such Lien attaches only to the asset (which asset
shall not constitute Inventory) so purchased or leased by the applicable
Borrower Party and secures only Indebtedness incurred by such Borrower Party in
order to purchase or lease such asset, but only to the extent permitted by
Section 8.1(d) ;

(g)      Deposits to secure the performance of bids, trade contracts, tenders,
sales, leases, statutory obligations, surety and appeal bonds, performance bonds
and other obligations of a like nature incurred in the ordinary course of
business;

(h)      Liens arising in connection with the sale of Accounts permitted by
Section 8.7 and subject to a Factoring Intercreditor Agreement;

(i)      Liens on assets of the Borrower Parties on the Agreement Date (after
giving effect to the Acquisition) which are set forth on Schedule 1(c); and

(j)      With respect to Collateral consisting of real property, Liens that are
exceptions to the commitments for title insurance issued in connection with the
Mortgage, as accepted by the Administrative Agent in its sole and absolute
discretion.

                                       26

<PAGE>

"Person" shall mean an individual, corporation, partnership, trust, joint stock
company, limited liability company, unincorporated organization, other legal
entity or joint venture or a government or any agency or political subdivision
thereof.

"Plan" shall mean an employee benefit plan within the meaning of Section 3(3) of
ERISA or any other plan maintained for employees of any Person or any ERISA
Affiliate of such Person.

"Pledge Agreement" shall mean that certain Pledge Agreement of even date
herewith by certain Borrower Parties in favor of the Administrative Agent for
the benefit of the Lender Group, substantially in the form of Exhibit G, as the
same may be amended, restated, supplemented or otherwise modified from time to
time.

"Pro Forma Basis" shall mean for purposes of determining compliance with the
covenants set forth in Sections 8.8, 8.9 and 8.10 hereof and the defined terms
relating thereto, giving pro forma effect to any acquisition or sale of a
Person, business or asset, and any related incurrence, repayment or refinancing
of Indebtedness, Capital Expenditures or other related transactions which would
otherwise be accounted for as an adjustment permitted by Regulation S-X under
the Securities Act or on a pro forma basis under GAAP, in each case, as if such
acquisition or sale and related transactions were realized on the first day of
the relevant period.

"Property" shall mean any real property or personal property, plant, building,
facility, structure, underground storage tank or unit, equipment, Inventory or
other asset owned, leased or operated by any Borrower Party or any Subsidiary of
a Borrower Party (including, without limitation, any surface water thereon or
adjacent thereto, and soil and groundwater thereunder).

"Pro Rata Share" shall have the meaning specified in Section 3.1(m).

"Reimbursement Obligations" shall mean the payment obligations of the Borrowers
under Section 2.15(d).

"Replacement Asset" shall have the meaning specified in Section 2.6(b)(ii).

"Replacement Event" shall have the meaning specified in Section 11.16.

"Reportable Event" shall have the meaning specified in Section 4043(c) of ERISA
and the regulations thereunder, but shall not include any event which is not
subject to the thirty (30) day notice requirement for which notice is waived
under the regulations to Section 4043 of ERISA.

"Request for Advance" shall mean any certificate signed by an Authorized
Signatory of the Administrative Borrower requesting an Advance hereunder which
will increase the aggregate amount of the Loans outstanding, which certificate
shall be denominated a

                                       27

<PAGE>

"Request for Advance," and shall be in substantially the form of Exhibit H. Each
Request for Advance shall, among other things, specify the date of the Advance,
which shall be a Business Day, the amount of the Advance, and the type of
Advance.

"Request for Issuance of Letter of Credit" shall mean any certificate signed by
an Authorized Signatory of the Administrative Borrower requesting that an
Issuing Bank issue (or arrange with a Foreign Issuer for the issuance of) a
Letter of Credit hereunder, increase the stated amount of a Letter of Credit or
extend the expiration date of a Letter of Credit, which certificate shall be in
substantially the form of Exhibit I, and shall, among other things, (a) with
respect to any new Letter of Credit, specify that the requested Letter of Credit
is either a Commercial Letter of Credit or a Standby Letter of Credit, (b) with
respect to any increase in the stated amount of an existing Letter of Credit or
extension of the expiration date of any existing Letter of Credit, identify the
Letter of Credit to be amended and the Issuing Bank therefor, (c) the stated
amount of the Letter of Credit (which shall be in Dollars), (c) the effective
date (which shall be a Business Day) for the issuance or amendment of such
Letter of Credit, (d) the date on which such Letter of Credit is to expire
(which shall be a Business Day and which shall be subject to Section 2.15(a)),
(e) the Person for whose benefit such Letter of Credit (or amendment to a Letter
of Credit) is to be issued, (f) other relevant terms of such Letter of Credit,
and (g) the Available Letter of Credit Amount as of the scheduled date of
issuance (or amendment) of such Letter of Credit.

"Reserves" shall mean reserves that the Administrative Agent may establish from
time to time in its reasonable credit judgment for such purposes as the
Administrative Agent shall deem necessary. Without limiting the generality of
the foregoing, the following reserves shall be deemed an exercise of the
Administrative Agent's reasonable credit judgment: (a) reserves for price
adjustments and damages, (b) reserves for obsolescence of Inventory; (c)
reserves for special order goods and deferred shipment sales; (d) reserves for
accrued but unpaid ad valorem and personal property tax liability; (e) reserves
for market value declines; (f) receivable reserves; (g) reserves in the amount
of Net Cash Proceeds provisionally applied to the Swing Loans, Agent Advances
and the Revolving Loans after an asset sale or casualty loss pending
reinvestment of the Net Cash Proceeds of the applicable sale or loss in a
Replacement Asset pursuant to the terms of Section 2.6(b)(ii); (h) Bank Product
Reserves; (i) reserves for accrued, unpaid interest on the Obligations; (j)
reserves for warehousemen's, bailees', shippers' or carriers' charges; (k)
reserves for royalty payments on License Agreements; and (l) reserves for any
other matter that has a negative impact on the value of the Collateral;

"Restricted Payment" shall mean (a) Dividends, (b) any payment of management,
consulting or similar fees payable by any Borrower Party or any Subsidiary of a
Borrower Party to any Affiliate, (c) any earnout payments to the Sellers,
including, without limitation earnout payments made pursuant to the Earnout
Agreement, (d) any payment prior to the scheduled maturity of any Total Debt of
any Borrower Party (other than the Obligations) or (e) any payment or prepayment
of principal of, premium, if any,

                                       28

<PAGE>

or interest, fees or other charges on or with respect to, and any redemption,
purchase, retirement, defeasance, sinking fund or similar payment and any claim
for rescission with respect to, the Senior Notes.

"Restricted Purchase" shall mean any payment on account of the purchase,
redemption, or other acquisition or retirement of any shares of Equity Interests
of any Borrower Party.

"Revolving Commitment Ratio" shall mean, with respect to any Lender, the ratio,
expressed as a percentage, of (i) the Revolving Loan Commitment of such Lender,
divided by (ii) the aggregate Revolving Loan Commitments of all Lenders, which,
as of the Agreement Date, are set forth (together with Dollar amounts thereof)
on Schedule 1(b); and "Revolving Commitment Ratios" shall mean, collectively,
the Revolving Commitment Ratio of each Lender.

"Revolving Loan Commitment" shall mean the several obligations of the Lenders to
advance the aggregate amount of up to $275,000,000 to the Borrowers on or after
the Agreement Date, in accordance with their respective Revolving Commitment
Ratios, pursuant to the terms hereof, and as such amount may be reduced from
time to time, pursuant to the terms of this Agreement.

"Revolving Loan Notes" shall mean those certain promissory notes issued by the
Borrowers to each of the Lenders that requests a promissory note, in accordance
with each such Lender's Revolving Commitment Ratio of the Revolving Loan
Commitment, in substantially in the form of Exhibit J, and any amendments,
replacements, extensions, or renewals thereof.

"Revolving Loans" shall mean, collectively, the amounts (other than Agent
Advances and Swing Loans) advanced from time to time by the Lenders to the
Borrowers under the Revolving Loan Commitment, not to exceed the amount of the
Revolving Loan Commitment.

"S&P" shall mean Standard & Poor's Ratings Group, a division of McGraw-Hill,
Inc.

"SEA" shall mean the Securities and Exchange Act of 1934 and the rules
promulgated thereunder by the Securities and Exchange Commission, as amended
from time to time or any similar Federal law then in force

"Securities Act" shall mean the Securities Act of 1933, as amended, or any
similar Federal law then in force.

"Security Agreement" shall mean that certain Security Agreement of even date
herewith among the Borrower Parties and the Administrative Agent, on behalf of,
and for the benefit of, the Lender Group, substantially in the form of Exhibit
K, as the same may be amended, restated, supplemented or otherwise modified from
time to time.

                                       29

<PAGE>

"Security Documents" shall mean, collectively, the Assignments of Life Insurance
Policy, the Assignment of Rights under Acquisition Agreement, the Intellectual
Property Security Agreement, each Mortgage, the Pledge Agreement, the Security
Agreement, all UCC-1 financing statements and any other document, instrument or
agreement granting Collateral for the Obligations, as the same may be amended or
modified from time to time.

"Sellers" shall mean, collectively SKM-TB, LLC, a Delaware limited liability
company, S. Anthony Margolis, The Margolis Family Stock Trust u/a/d May 1, 2000,
Whole Duty Investment, Ltd., a Hong Kong corporation, Bonita Beach Blues, Inc.,
a Florida corporation, and Lucio Dalla Gasperina.

"Senior Notes" shall mean the senior debt securities of the Parent issued under
and pursuant to the terms of the Indenture in the aggregate principal amount of
$200,000,000 and due June 11, 2011.

"Senior Notes Debt" shall mean Indebtedness evidenced by the Senior Notes
Documents.

"Senior Notes Documents" shall mean the Senior Notes and the Indenture, as the
same may be amended, modified or supplemented from time to time in accordance
with Section 8.13.

"Standby Letter of Credit" shall mean a Letter of Credit issued to support
obligations of any Borrower Party incurred in the ordinary course of its
business, and which is not a Commercial Letter of Credit.

"Standby Letter of Credit Issuers" shall mean Issuing Banks consisting of
SunTrust Bank and any other Issuing Bank (consented to by the Administrative
Agent and, so long as no Default exists, the Administrative Borrower) who may be
designated as a Standby Letter of Credit Issuer pursuant to an Assignment and
Assumption Agreement or otherwise.

"Subsidiary" shall mean, as applied to any Person, (a) any corporation of which
more than fifty percent (50%) of the outstanding stock (other than directors'
qualifying shares) having ordinary voting power to elect a majority of its board
of directors, regardless of the existence at the time of a right of the holders
of any class or classes of securities of such corporation to exercise such
voting power by reason of the happening of any contingency, or any partnership
of which more than fifty percent (50%) of the outstanding partnership interests
is at the time owned by such Person, or by one or more Subsidiaries of such
Person, or by such Person and one or more Subsidiaries of such Person, and (b)
any other entity which is controlled or capable of being controlled by such
Person, or by one or more Subsidiaries of such Person, or by such Person and one
or more Subsidiaries of such Person.

"SunTrust Bank" shall mean SunTrust Bank, a bank organized under the laws of the
State of Georgia.

                                       30

<PAGE>

"Swing Bank" shall mean SunTrust Bank, or any other Lender who shall agree with
the Administrative Agent and the Administrative Borrower to act as Swing Bank.

"Swing Loans" shall mean any Loans made to the Borrowers by the Swing Bank from
time to time, in accordance with Section 2.2(g).

"Syndication Agent" shall mean Merrill Lynch Capital, a division of Merrill
Lynch Business Financial Services Inc., in its capacity as syndication agent.

"Target" shall mean Viewpoint International, Inc., a Delaware corporation.

"Target Retail Borrower Parties" shall mean, collectively, all Domestic
Subsidiaries of the Target that are parties to this Agreement and whose
principal business is the operation of retail stores.

"Total Debt" shall mean as of any date of determination, all Indebtedness of the
Parent and its Subsidiaries on a consolidated basis, excluding Indebtedness of
the type described in clause (e) the definition of Indebtedness.

"UCC" shall mean the Uniform Commercial Code as the same may, from time to time,
be enacted and in effect in the State of New York; provided, that to the extent
that the UCC is used to define any term herein and such term is defined
differently in different Articles or Divisions of the UCC, the definition of
such term contained in Article or Division 9 shall govern; provided further,
that in the event that, by reason of mandatory provisions of law, any or all of
the attachment, perfection or priority of, or remedies with respect to, the
Administrative Agent's Lien on any Collateral is governed by the Uniform
Commercial Code as enacted and in effect in a jurisdiction other than the State
of New York, the term "UCC" shall mean the Uniform Commercial Code as enacted
and in effect in such other jurisdiction solely for purposes of the provisions
thereof relating to such attachment, perfection, priority or remedies and for
purposes of definitions related to such provisions.

"Uniform Customs" shall mean the Uniform Customs and Practice for Documentary
Credits (1993 Revision), International Chamber of Commerce Publication No. 500,
as the same may be amended from time to time.

"Value" shall mean, at any particular date: (a) the lower of the fair market
value of the Inventory and its cost, valued in accordance with the "First-In,
First-Out" method of accounting, minus (b) an amount which is equal to the
amount of reserves which, under FASB No. 48, "Revenue recognition when the right
of return exists," the Borrowing Base Borrower Parties shall be required to take
in regard to the amount identified in subparagraph (a) hereof.

"Voidable Transfer" shall have the meaning specified in Section 13.6.

                                       31

<PAGE>

         Section 1.2 Accounting Principles. The classification, character and
amount of all assets, liabilities, capital accounts and reserves and of all
items of income and expense to be determined, and any consolidation or other
accounting computation to be made, and the interpretation of any definition
containing any financial term, pursuant to this Agreement shall be determined
and made in accordance with GAAP consistently applied, provided that if because
of a change in GAAP after the date of this Agreement the Parent or any of its
Subsidiaries would be required to alter a previously utilized accounting
principle, method or policy in order to remain in compliance with GAAP, such
determination shall continue to be made in accordance with the Parent's or such
Subsidiary's previous accounting principles, methods and policies.

         Section 1.3 Other Interpretive Matters. Each definition of an agreement
in this Article 1 shall include such instrument or agreement as modified,
amended, or supplemented from time to time with, if required, the prior written
consent of the Majority Lenders, except as provided in Section 11.12. Except
where the context otherwise requires, definitions imparting the singular shall
include the plural and vice versa. Except where otherwise specifically provided
herein, each reference to a "Section", "Article", "Exhibit" or "Schedule" shall
be to a Section or Article hereof or an Exhibit or Schedule attached hereto.
Except where otherwise specifically restricted, reference to a party to a Loan
Document includes that party and its successors and assigns. All terms used
herein which are defined in Article 9 of the Uniform Commercial Code in effect
in the State of New York on the Agreement Date and which are not otherwise
defined herein shall have the same meanings herein as set forth therein. All
financial calculations hereunder shall, unless otherwise stated, be determined
for the Parent on a consolidated basis with its Subsidiaries.

                                   ARTICLE 2.

                       THE LOANS AND THE LETTERS OF CREDIT

         Section 2.1 Extension of Credit. Subject to the terms and conditions
of, and in reliance upon the representations and warranties made in, this
Agreement and the other Loan Documents, the Lenders have extended and agree,
severally in accordance with their respective Revolving Commitment Ratios, and
not jointly, to extend credit in an aggregate principal amount not to exceed Two
Hundred Seventy Five Million Dollars ($275,000,000).

         (a)      The Revolving Loans. The Lenders agree, severally in
accordance with their respective Revolving Commitment Ratios and not jointly,
upon the terms and subject to the conditions of this Agreement, to lend and
relend to the Borrowers, on any Business Day prior to the Maturity Date, amounts
which do not exceed such Lender's ratable share (based upon such Lender's
Revolving Commitment Ratio) of Availability as of such Business Day. Subject to
the terms and conditions hereof and prior to the

                                       32

<PAGE>

Maturity Date, Advances under the Revolving Loan Commitment may be repaid and
reborrowed from time to time on a revolving basis.

         (b)      The Letters of Credit. Subject to the terms and conditions
hereof, each Issuing Bank agrees, severally in accordance with its Letter of
Credit Commitment and not jointly, to issue Letters of Credit (or to arrange
with a Foreign Issuer for the issuance of a Letter of Credit on behalf of such
Issuing Bank) for the account of the Borrowers pursuant to Section 2.15 (i) in
an aggregate outstanding face amount (A) for all Issuing Banks, not to exceed
the Aggregate Letter of Credit Commitment at any time, (B) for any individual
Issuing Bank, not to exceed such Issuing Bank's Letter of Credit Commitment, and
(ii) with respect to the issuance of any Letter of Credit as of any Business
Day, not to exceed the Available Letter of Credit Amount as of such Business
Day.

         (c)      The Swing Loans. Subject to the terms and conditions hereof,
the Swing Bank, in its sole discretion, may from time to time after the
Agreement Date but prior to the Maturity Date, make Swing Loans to the Borrowers
in an aggregate principal amount not to exceed at any time outstanding the least
of (i) the Swing Bank's pro rata share (in accordance with its Revolving
Commitment Ratio) of Availability, (ii) the excess of (x) the Swing Bank's pro
rata share (in accordance with its Revolving Commitment Ratio) of the Revolving
Loan Commitment less (y) the sum of the aggregate outstanding principal amount
of Swing Loans and Revolving Loans made by it and the Swing Bank's pro rata
share (in accordance with its Revolving Commitment Ratio) of the outstanding
Letter of Credit Obligations and Agent Advances, and (iii) $25,000,000.

         (d)      Overadvances; Optional Overadvances. If at any time the amount
of the Aggregate Revolving Credit Obligations exceeds the Borrowing Base, the
Revolving Loan Commitment or any other applicable limitation set forth in this
Agreement (including, without limitation, the limitations on Swing Loans, Agent
Advances and Letters of Credit), such excess (an "Overadvance") shall
nevertheless constitute a portion of the Obligations that are secured by the
Collateral and are entitled to all benefits thereof. In no event, however, shall
the Borrowers have any right whatsoever to (i) receive any Revolving Loan, (ii)
receive any Swing Loan, or (iii) request the issuance of any Letter of Credit
if, before or after giving effect thereto, there shall exist a Default. In the
event that (1) any Lender shall make any Revolving Loans, (2) any Issuing Bank
shall agree to the issuance of any Letter of Credit, (3) the Swing Bank shall
make any Swing Loan, or (4) the Administrative Agent shall make any Agent
Advances, which in any such case gives rise to an Overadvance, the Borrowers
shall make, on demand, a payment on the Obligations to be applied to the
Revolving Loans, the Swing Loans, the Agent Advances and the Letter of Credit
Reserve Account, as appropriate, in an aggregate principal amount equal to such
Overadvance.

         (e)      Agent Advances. (i) Subject to the limitations set forth below
and notwithstanding anything else in this Agreement to the contrary, the
Administrative Agent is authorized by the Borrowers and the Lenders, from time
to time in the

                                       33

<PAGE>

Administrative Agent's sole discretion, (A) after the occurrence and during the
continuance of a Default, or (B) at any time that any of the other conditions
precedent set forth in Article 4 have not been satisfied, to make Base Rate
Advances to the Borrowers on behalf of the Lenders in an aggregate amount
outstanding at any time not to exceed $5,000,000, but, together with all
Revolving Loans, Swing Loans and Letters of Credit outstanding, not in excess of
the Revolving Loan Commitment, which the Administrative Agent, in its reasonable
business judgment, deems necessary or desirable (1) to preserve or protect the
Collateral, or any portion thereof, (2) to enhance the likelihood of, or
maximize the amount of, repayment of the Loans and other Obligations, or (3) to
pay any other amount chargeable to the Borrowers pursuant to the terms of this
Agreement, including costs, fees and expenses as provided under this Agreement
(any of such advances are herein referred to as "Agent Advances"); provided,
that the Majority Lenders may at any time revoke the Administrative Agent's
authorization to make Agent Advances. Any such revocation must be in writing and
shall become effective prospectively upon the Administrative Agent's receipt
thereof. The Administrative Agent shall promptly provide to the Administrative
Borrower written notice of any Agent Advance.

                  (ii)     The Agent Advances shall be secured by the Collateral
and shall constitute Obligations hereunder. Each Agent Advance shall bear
interest at the same rate as a Base Rate Advance. Each Agent Advance shall be
subject to all terms and conditions of this Agreement and the other Loan
Documents applicable to Revolving Loans, except that all payments thereon shall
be made to the Administrative Agent solely for its own account. The
Administrative Agent shall have no duty or obligation to make any Agent Advance
hereunder.

                  (iii)    The Administrative Agent shall notify each Lender no
less frequently than weekly, as determined by the Administrative Agent, of the
principal amount of Agent Advances outstanding as of 12:00 noon (Atlanta,
Georgia time) as of such date, and each Lender's pro rata share thereof. Each
Lender shall before 2:00 p.m. (Atlanta, Georgia time) on such Business Day (the
"Agent Advance Settlement Date") make available to the Administrative Agent, in
immediately available funds, the amount of its pro rata share of such principal
amount of Agent Advances outstanding. Upon such payment by a Lender, such Lender
shall be deemed to have made a Revolving Loan to the Borrowers, notwithstanding
any failure of the Borrowers to satisfy the conditions in Section 4.2. The
Administrative Agent shall use such funds to repay the principal amount of Agent
Advances. Additionally, if at any time any Agent Advances are outstanding, any
of the events described in clauses (g) or (h) of Section 9.1 shall have
occurred, then each Lender shall automatically, upon the occurrence of such
event, and without any action on the part of the Administrative Agent, the
Borrowers or the Lenders, be deemed to have purchased an undivided participation
in the principal and interest of all Agent Advances then outstanding in an
amount equal to such Lender's Revolving Commitment Ratio and each Lender shall,
notwithstanding such Event of Default, immediately pay to the Administrative
Agent in immediately available funds, the amount

                                       34

<PAGE>

of such Lender's participation (and upon receipt thereof, the Administrative
Agent shall deliver to such Lender, a loan participation certificate dated the
date of receipt of such funds in such amount).

         Section 2.2 Manner of Borrowing and Disbursement of Loans.

         (a)      Choice of Interest Rate, etc. Any Advance of the Revolving
Loans shall, at the option of the Borrowers, be made either as a Base Rate
Advance or as a Eurodollar Advance (except for the first two (2) Business Days
after the Agreement Date, during which period the Revolving Loans shall bear
interest as a Base Rate Advance); provided, however, that (i) if the
Administrative Borrower fails to give the Administrative Agent written notice
specifying whether a Eurodollar Advance is to be repaid, continued or converted
on a Payment Date, such Advance shall be converted to a Base Rate Advance on the
Payment Date in accordance with Section 2.3(a)(iii), and (ii) the Administrative
Borrower may not select a Eurodollar Advance (A) with respect to Swing Loans,
(B) with respect to an Advance, the proceeds of which are to reimburse an
Issuing Bank pursuant to Section 2.15, or (C) if, at the time of such Advance or
at the time of the continuation of, or conversion to, a Eurodollar Advance
pursuant to Section 2.2(c), a Default has occurred and is continuing. Any notice
given to the Administrative Agent in connection with a requested Advance
hereunder (other than a request for a Swing Loan) shall be given to the
Administrative Agent prior to 11:00 a.m. (Atlanta, Georgia time) in order for
such Business Day to count toward the minimum number of Business Days required.

         (b)      Base Rate Advances.

                  (i)      Initial and Subsequent Advances. The Administrative

         Borrower shall give the Administrative Agent in the case of Base Rate
         Advances, not later than 11:00 a.m. (Atlanta, Georgia time) on the
         Business Day of a proposed Advance irrevocable prior notice by
         telephone and shall confirm any such telephone notice with a written
         Request for Advance; provided, however, that the failure by the
         Administrative Borrower to confirm any notice by telephone or
         telecopy with a Request for Advance shall not invalidate any notice so
         given.

                  (ii)     Repayments and Conversions. The Borrowers may (A) at
         any time without prior notice repay or prepay a Base Rate Advance, or
         (B) upon at least three (3) Business Days' irrevocable prior written
         notice to the Administrative Agent in the form of a Notice of
         Conversion/Continuation, convert all or a portion of the principal
         thereof to one or more Eurodollar Advances. Upon the date indicated by
         the Administrative Borrower, such Base Rate Advance shall be so repaid
         or converted.

                                       35

<PAGE>

         (c)      Eurodollar Advances.

                  (i)      Initial and Subsequent Advances. The Administrative
         Borrower shall give the Administrative Agent in the case of Eurodollar
         Advances at least three (3) Business Days' irrevocable prior notice by
         telephone and shall immediately confirm any such telephone notice with
         a written Request for Advance; provided, however, that the failure by
         the Administrative Borrower to confirm any notice by telephone or
         telecopy with a Request for Advance shall not invalidate any notice so
         given.

                  (ii)     Repayments, Continuations and Conversions. At least
         three (3) Business Days prior to each Payment Date for a Eurodollar
         Advance, the Administrative Borrower shall give the Administrative
         Agent written notice in the form of a Notice of Continuation/Conversion
         specifying whether all or a portion of such Eurodollar Advance
         outstanding on such Payment Date is to be continued in whole or in part
         as one or more new Eurodollar Advances and also specifying the new
         Eurodollar Advance Period applicable to the continuation of such
         Eurodollar Advance (and subject to the provisions of this Agreement,
         upon such Payment Date such Eurodollar Advance shall be so continued).
         Upon such Payment Date, any Eurodollar Advance (or portion thereof) not
         so continued shall be converted to a Base Rate Advance, subject to
         Section 2.5, or prepaid or repaid.

                  (iii)    Miscellaneous. Notwithstanding any term or provision
         of this Agreement which may be construed to the contrary, each
         Eurodollar Advance shall be in a principal amount of no less than
         $1,000,000 and in an integral multiple of $500,000 in excess thereof,
         and at no time shall the aggregate number of all Eurodollar Advances
         then outstanding exceed ten (10).

         (d)      Notification of Lenders. Upon receipt of a (i) Request for
Advance or a telephone or telecopy request for Advance, (ii) notification from
an Issuing Bank that a draw has been made under any Letter of Credit (unless
such Issuing Bank will be reimbursed through the funding of a Swing Loan), (iii)
notification from the Swing Bank with respect to any outstanding Swing Loans
pursuant to Section 2.2(g)(ii) or (iv) notice from the Administrative Borrower
with respect to any outstanding Advance prior to the Payment Date for such
Advance, the Administrative Agent shall promptly notify each Lender by telephone
or telecopy of the contents thereof and the amount of each Lender's portion of
any such Advance. Each Lender shall, not later than 1:00 p.m. (Atlanta, Georgia
time) on the date specified for such Advance in such notice, make available to
the Administrative Agent at the Administrative Agent's Office, or at such
account as the Administrative Agent shall designate, the amount of such Lender's
portion of the Advance in immediately available funds.

         (e)      Disbursement. Prior to 3:00 p.m. (Atlanta, Georgia time) on
the date of an Advance hereunder, the Administrative Agent shall, subject to the
satisfaction of the conditions set forth in Article 4 hereof, disburse the
amounts made available to the

                                       36

<PAGE>

Administrative Agent by the Lenders in like funds by (i) transferring the
amounts so made available by wire transfer to the Disbursement Account or (ii)
in the case of an Advance the proceeds of which are to reimburse an Issuing Bank
pursuant to Section 2.15, transferring such amounts to such Issuing Bank. Unless
the Administrative Agent shall have received notice from a Lender prior to 12:00
Noon (Atlanta, Georgia time) on the date of any Advance that such Lender will
not make available to the Administrative Agent such Lender's ratable portion of
such Advance, the Administrative Agent may assume that such Lender has made or
will make such portion available to the Administrative Agent on the date of such
Advance and the Administrative Agent may, in its sole discretion and in reliance
upon such assumption, make available to the Borrowers on such date a
corresponding amount. If and to the extent such Lender shall not have so made
such ratable portion available to the Administrative Agent, such Lender agrees
to repay to the Administrative Agent forthwith on demand such corresponding
amount together with interest thereon, for each day from the date such amount is
made available to the Borrowers until the date such amount is repaid to the
Administrative Agent, (x) for the first two (2) Business Days, at the Federal
Funds Rate on overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers, as published for such day by
the Federal Reserve Bank of New York, and (y) thereafter, at the Base Rate. If
such Lender shall repay to the Administrative Agent such corresponding amount,
such amount so repaid shall constitute such Lender's portion of the applicable
Advance for purposes of this Agreement, and if both such Lender and the
Borrowers shall pay and repay such corresponding amount, the Administrative
Agent shall promptly relend to the Borrowers such corresponding amount. If such
Lender does not repay such corresponding amount immediately upon the
Administrative Agent's demand therefor, the Administrative Agent shall notify
the Administrative Borrower, and the Borrowers shall immediately pay such
corresponding amount to the Administrative Agent. The failure of any Lender to
fund its portion of any Advance shall not relieve any other Lender of its
obligation, if any, hereunder to fund its respective portion of the Advance on
the date of such borrowing, but no Lender shall be responsible for any such
failure of any other Lender. In the event that a Lender for any reason fails or
refuses to fund its portion of an Advance in violation of this Agreement, then,
until such time as such Lender has funded its portion of such Advance, or all
other Lenders have received payment in full (whether by repayment or prepayment)
of the principal and interest due in respect of such Advance, such non-funding
Lender shall not (i) have the right to vote regarding any issue on which voting
is required or advisable under this Agreement or any other Loan Document, and
with respect to any such Lender, the amount of the Revolving Loan Commitment or
Loans, as applicable, held by such Lender shall not be counted as outstanding
for purposes of determining "Majority Lenders" hereunder, and (ii) be entitled
to receive any payments of principal, interest or fees from the Borrowers or the
Administrative Agent (or the other Lenders) in respect of its Loans.

         (f)      Deemed Requests for Advance. Unless payment is otherwise
timely made by the Borrowers, the becoming due of any amount required to be paid
under this Agreement or any of the other Loan Documents as principal, interest,
reimbursement

                                       37

<PAGE>

obligations in connection with Letters of Credit, premiums, fees, reimbursable
expenses or other sums payable hereunder shall be deemed irrevocably to be a
Request for Advance on the due date of, and in an aggregate amount required to
pay, such principal, interest, reimbursement obligations in connection with
Letters of Credit, premiums, fees, reimbursable expenses or other sums payable
hereunder, and the proceeds of a Revolving Loan made pursuant thereto may be
disbursed by way of direct payment of the relevant Obligation and shall bear
interest as a Base Rate Advance; provided, however, that the Administrative
Agent shall provide the Administrative Borrower with ten (10) days prior written
notice before making any such Advance that will be made for the purpose of
paying an Obligation other than principal, interest, reimbursement obligations
in connection with Letters of Credit, premiums or fees. The Lenders shall have
no obligation to the Borrowers to honor any deemed Request for Advance under
this Section 2.2(f) unless all the conditions set forth in Section 4.2 have been
satisfied, but, with the consent of the Lenders required under the last sentence
of Section 4.2, may do so in their sole discretion and without regard to the
existence of, and without being deemed to have waived, any Default and without
regard to the existence or creation of an Overadvance or the failure by the
Borrowers to satisfy any of the conditions set forth in Section 4.2. No further
authorization, direction or approval by the Borrowers shall be required to be
given by the Administrative Borrower for any deemed Request for Advance under
this Section 2.2(f). The Administrative Agent shall promptly provide to the
Administrative Borrower written notice of any Advance pursuant to this Section
2.2(f).

         (g)      Special Provisions Pertaining to Swing Loans.

                  (i)      The Administrative Borrower shall give the Swing Bank
         written notice in the form of a Request for Advance, or notice by
         telephone, followed immediately by a written request for Advance no
         later than 1:00 p.m. (Atlanta, Georgia time) on the date on which the
         Borrowers wish to receive an Advance of any Swing Loan, in each case,
         with a copy to the Administrative Agent; provided, however, that the
         failure by the Administrative Borrower to confirm any notice by
         telephone with a written Request for Advance shall not invalidate any
         notice so given; provided further, however, that any request by the
         Administrative Borrower of a Base Rate Advance under the Revolving Loan
         Commitment shall be deemed to be a request for a Swing Loan unless the
         Administrative Borrower specifically requests otherwise. Each Swing
         Loan shall bear interest at the same rate as a Base Rate Advance. If
         the Swing Bank, in its sole discretion, elects to make the requested
         Swing Loan, the Advance shall be made on the date specified in the
         notice or the Request for Advance and such notice or Request for
         Advance shall specify (i) the amount of the requested Advance, and (ii)
         instructions for the disbursement of the proceeds of the requested
         Advance. Each Swing Loan shall be subject to all the terms and
         conditions applicable to Revolving Loans, except that all payments
         thereon shall be payable to the Swing Bank solely for its own account.
         The Swing Bank shall have no duty or obligation to make any Swing Loans
         hereunder. The Swing Bank

                                       38

<PAGE>

         shall not make any Swing Loans if (i) the Swing Bank has received
         written notice from any Lender (or the Swing Bank has actual knowledge)
         that one or more applicable conditions precedent set forth in Section
         4.2 will not be satisfied on the requested Advance date or (ii) the
         requested Swing Loan would exceed Availability on the Advance date. In
         the event the Swing Bank in its sole and absolute discretion elects to
         make any requested Swing Loan, the Swing Bank shall make the proceeds
         of such Swing Loan available to the Borrowers by deposit of Dollars in
         same day funds by wire transfer to the Disbursement Account.

                  (ii)     The Swing Bank shall notify the Administrative Agent
         and each Lender no less frequently than weekly, as determined by the
         Administrative Agent, of the principal amount of Swing Loans
         outstanding as of 12:00 noon (Atlanta, Georgia time) as of such date
         and each Lender's pro rata share thereof. Each Lender shall before 2:00
         p.m. (Atlanta, Georgia time) on such Business Day (the "Settlement
         Date") make available to the Administrative Agent, in immediate
         available funds, the amount of its pro rata share of such principal
         amount of Swing Loans outstanding. Upon such payment by a Lender, such
         Lender shall be deemed to have made a Revolving Loan to the Borrowers,
         notwithstanding any failure of the Borrowers to satisfy the conditions
         in Section 4.2. The Administrative Agent shall use such funds to repay
         the principal amount of Swing Loans to the Swing Bank. Additionally, if
         at any time any Swing Loans are outstanding, any of the events
         described in clauses (g) or (h) of Section 9.1 shall have occurred,
         then each Lender shall automatically upon the occurrence of such event
         and without any action on the part of the Swing Bank, the Borrowers,
         the Administrative Agent or the Lenders be deemed to have purchased an
         undivided participation in the principal and interest of all Swing
         Loans then outstanding in an amount equal to such Lender's Revolving
         Commitment Ratio and each Lender shall, notwithstanding such Event of
         Default, immediately pay to the Administrative Agent for the account of
         the Swing Bank in immediately available funds, the amount of such
         Lender's participation (and upon receipt thereof, the Swing Bank shall
         deliver to such Lender a loan participation certificate dated the date
         of receipt of such funds in such amount).

         Section 2.3 Interest.

         (a)      On Revolving Loans. Interest on Advances, subject to Section
2.3(b) and (c) shall be payable as follows:

                  (i)      On Base Rate Advances. Interest on each Base Rate
         Advance shall be computed for the actual number of days elapsed on the
         basis of a hypothetical year of 365 days and shall be payable monthly
         in arrears on the second day of each calendar month for the prior
         calendar month, commencing on July 2, 2003. Interest on Base Rate
         Advances then outstanding shall also be due

                                       39

<PAGE>

         and payable on the Maturity Date. Interest shall accrue and be payable
         on each Base Rate Advance made with respect to the Revolving Loans at
         the simple per annum interest rate equal to the sum of (A) the Base
         Rate, and (B) the applicable Interest Rate Margin.

                  (ii)     On Eurodollar Advances. Interest on each Eurodollar
         Advance shall be computed on the basis of a hypothetical 360-day year
         for the actual number of days elapsed and shall be payable in arrears
         on (x) the Payment Date for such Advance, and (y) if the Eurodollar
         Advance Period for such Advance is greater than three (3) months, on
         each three month anniversary of such Advance. Interest on Eurodollar
         Advances then outstanding shall also be due and payable on the Maturity
         Date. Interest shall accrue and be payable on each Eurodollar Advance
         made with respect to the Revolving Loans at a rate per annum equal to
         the sum of (A) the Eurodollar Basis applicable to such Eurodollar
         Advance, and (B) the applicable Interest Rate Margin.

                  (iii)    If No Notice of Selection of Interest Rate. If the
         Administrative Borrower fails to give the Administrative Agent timely
         notice of its selection of a Eurodollar Basis, or if for any reason a
         determination of a Eurodollar Basis for any Advance is not timely
         concluded, the Base Rate shall apply to such Advance. If the
         Administrative Borrower fails to elect to continue any Eurodollar
         Advance then outstanding prior to the last Payment Date applicable
         thereto in accordance with the provisions of Section 2.2, as
         applicable, the Base Rate shall apply to such Advance commencing on and
         after such Payment Date.

         (b)      Upon Default. Unless the Majority Lenders shall otherwise
agree in writing (which agreement shall not be deemed to be a waiver of any
Event of Default), upon the occurrence and during the continuance of an Event of
Default, interest on the outstanding Obligations shall accrue at the Default
Rate. Interest accruing at the Default Rate shall be payable on demand and in
any event on the Maturity Date. The Lenders shall not be required to (A)
accelerate the maturity of the Loans, (B) terminate the Revolving Loan
Commitments, or (C) exercise any other rights or remedies under the Loan
Documents in order to charge interest hereunder at the Default Rate.

         (c)      Interest Rate Margin. The interest rate margin (the "Interest
Rate Margin") shall be that per annum rate of interest determined as set forth
below:

         With respect to any Advance under the Revolving Loan Commitment, the
         applicable Interest Rate Margin shall be (x) from the Agreement Date
         through the date six (6) months following the Agreement Date, 2.50%
         with respect to Eurodollar Advances and 1.00% with respect to Base Rate
         Advances, and (y) from the date six (6) months and one (1) day
         following the Agreement Date and thereafter, the interest rate margin
         determined by the Administrative Agent based upon the Fixed Charge
         Coverage Ratio as of the fiscal quarter most recently

                                       40

<PAGE>

         ended for the immediately preceding four (4) fiscal quarter periods
         (with respect to which the financial statements referred to below have
         been delivered), effective as of the second Business Day after the
         financial statements referred to in Section 7.1(b), hereof, and an
         accompanying certificate of an Authorized Signatory of the
         Administrative Borrower certifying the calculations of the Fixed Charge
         Coverage Ratio as set forth in Section 7.3 hereof, are delivered by the
         Administrative Borrower to the Administrative Agent and each Lender as
         of such fiscal quarter most recently ended, expressed as a per annum
         rate of interest as follows:

<TABLE>
<CAPTION>
                                         BASE RATE ADVANCE
                                      (INCLUDING SWING LOANS)       EURODOLLAR
                                             INTEREST            ADVANCE INTEREST
   FIXED CHARGE COVERAGE RATIO             RATE MARGIN              RATE MARGIN
   ---------------------------        -----------------------    ----------------
<S>                                   <C>                        <C>
Greater than 2.50 to 1.00                      0.25%                   1.75%

Greater than 2.00 to 1.00 but less             0.50%                   2.00%
than or equal to 2.50 to 1.00

Greater than 1.50 to 1.00 but less             0.75%                   2.25%
than or equal to 2.00 to 1.00

Greater than 1.25 to 1.00 but less             1.00%                   2.50%
than or equal to 1.50 to 1.00

Less than or equal to 1.25 to 1.00             1.25%                   2.75%
</TABLE>

In the event that the Administrative Borrower fails to timely provide the
quarterly financial statements and certificate referred to above in accordance
with the terms of Sections 7.1(b) and 7.3, and without prejudice to any
additional rights under Section 9.2, as of the second Business Day after
delivery of such financial statements were due until the date two (2) Business
Days following the date such financial statements and certificate are delivered,
the applicable Interest Rate Margin shall be 2.75% with respect to Eurodollar
Advances and 1.25% with respect to Base Rate Advances.

         (d)      Computation of Interest. In computing interest on any Advance,
the date of making the Advance shall be included and the date of payment shall
be excluded; provided, however, that if an Advance is repaid on the date that it
is made, one (1) day's interest shall be due with respect to such Advance.

         Section 2.4 Fees.

         (a)      Fee Letter. The Borrowers agree to pay to the Administrative
Agent such fees as are set forth in the Fee Letter.

                                       41

<PAGE>

         (b)      Unused Line Fee. The Borrowers agree to pay to the
Administrative Agent for the account of the Lenders, in accordance with their
respective Revolving Commitment Ratios, an unused line fee on the Available
Revolving Loan Commitment (without taking into account any Swing Loans) for each
day from the Agreement Date through the Maturity Date (or the date of any
earlier prepayment in full of the Obligations), (x) from the Agreement Date
through and including the date six (6) months following the Agreement Date, at a
rate of one-half of one percent (0.50%) per annum, and (y) from the date which
is one day after the date six (6) months following the Agreement Date, and
thereafter, the unused line fee as set forth below based upon the Fixed Charge
Coverage Ratio as of the last day of the fiscal quarter most recently ended for
the immediately preceding four (4) fiscal quarter period, effective as of the
second (2nd) Business Day after the quarterly financial statements referred to
in Section 7.1(b) hereof, and an accompanying certificate of an Authorized
Signatory of the Administrative Borrower certifying the calculations of Fixed
Charge Coverage Ratio as set forth in Section 7.3 hereof, are delivered by the
Administrative Borrower to the Administrative Agent and each Lender as of such
fiscal quarter most recently ended, expressed as a per annum rate as follows:

<TABLE>
<CAPTION>
   Fixed Charge Coverage Ratio         Unused Line Fee
   ---------------------------         ---------------
<S>                                    <C>
Greater than 1.50 to 1.00                  0.375%

Less than or equal to 1.50 to 1.00         0.500%
</TABLE>

In the event that the Administrative Borrower fails to timely provide the
quarterly financial statements and certificate referred to above in accordance
with the terms of Sections 7.1(b) and 7.3, and without prejudice to any
additional rights under Section 9.2, as of the second Business Day after
delivery of such financial statements were due until the date two (2) Business
Days following the date such financial statements and certificate are delivered,
the applicable unused line fee rate shall be 0.500% per annum. Such unused line
fee shall be computed on the basis of a hypothetical year of 360 days for the
actual number of days elapsed, shall be payable in arrears on July 2, 2003, for
the immediately preceding calendar quarter and thereafter shall be payable
quarterly in arrears on the second day of each calendar quarter thereafter for
the immediately preceding calendar quarter, and if then unpaid, on the Maturity
Date (or the date of any earlier prepayment in full of the Obligations), and
shall be fully earned when due and non-refundable when paid.

         (c)      Letter of Credit Fees.

                  (i)      The Borrowers shall pay to the Administrative Agent
         for the account of the Lenders, in accordance with their respective
         Revolving Commitment Ratios, a fee on the stated amount of any
         outstanding Letters of Credit for each day from the Date of Issue
         through the Maturity Date (or the date of any earlier prepayment in
         full of the Obligations) at a rate per annum on the

                                       42

<PAGE>
         amount of the Letter of Credit Obligations equal to the applicable
         Interest Rate Margin in effect from time to time with respect to
         Eurodollar Advances under the Revolving Loan Commitment. Such Letter of
         Credit fee shall be computed on the basis of a hypothetical year of 360
         days for the actual number of days elapsed, shall be payable quarterly
         in arrears for each calendar quarter on the second day of the
         immediately succeeding calendar quarter, commencing on July 2, 2003,
         and if then unpaid, on the Maturity Date (or the date of any earlier
         prepayment in full of the Obligations), and shall be fully earned when
         due and non-refundable when paid.

                  (ii)     The Borrowers shall also pay to the Administrative
         Agent, for the account of each applicable Issuing Bank (A) a fee on the
         undrawn stated amount of each Letter of Credit issued by or on behalf
         of such Issuing Bank for each day from the Date of Issue through the
         expiration date of each such Letter of Credit (or any earlier
         prepayment in full of the Obligations) at a rate of one-eighth of one
         percent (0.1250%) per annum which fee shall be computed on the basis of
         a hypothetical year of 360 days for the actual number of days elapsed,
         shall be payable quarterly in arrears on the second day of each
         calendar quarter for the immediately preceding calendar quarter,
         commencing on July 2, 2003, and, if unpaid on the Maturity Date (or any
         earlier prepayment in full of the Obligations) and (B) any reasonable
         and customary fees charged by the Issuing Banks for issuance and
         administration of such Letters of Credit. The foregoing fees shall be
         fully earned when due, and non-refundable when paid.

         (d)      Computation of Fees. In computing any fees payable under this
Section 2.4, the first day of the applicable period shall be included and the
date of the payment shall be excluded.

         Section 2.5 Prepayment/Reduction of Commitment.

         (a)      Prepayment of Advances. The principal amount of any Base Rate
Advance may be prepaid in full or in part at any time, without penalty; and the
principal amount of any Eurodollar Advance may be prepaid prior to the
applicable Payment Date, upon three (3) Business Days' prior written notice to
the Administrative Agent, provided that the Borrowers shall reimburse the
Lenders and the Administrative Agent, on the earlier of demand and the Maturity
Date, for any loss or reasonable out-of-pocket expense incurred by the Lenders
or the Administrative Agent in connection with such prepayment, as set forth in
Section 2.9. Each notice of prepayment shall be irrevocable, and each such
prepayment shall include the accrued interest on the amount so prepaid. Upon
receipt of any notice of prepayment, the Administrative Agent shall promptly
notify each Lender of the contents thereof by telephone or telecopy and of such
Lender's portion of the prepayment. Notwithstanding the foregoing, the Borrowers
shall not make any prepayment of the Revolving Loans unless and until the
balance of the Swing Loans and Agent Advances then outstanding is zero. Other
than with respect to amounts

                                       43

<PAGE>

required to be applied to the Revolving Loans pursuant to Section 2.1(d), 2.6(b)
or Section 6.15, and other than with respect to prepayment in full of the
principal amount of the Advances, prepayments of principal hereunder shall be in
minimum amounts of $1,000,000 and integral multiples of $500,000 in excess
thereof. Except as provided in Section 2.5(b), any prepayment of Advances
outstanding under the Revolving Loan Commitment shall not reduce the Revolving
Loan Commitment.

         (b)      Permanent Prepayment or Reduction. The Borrowers shall have
the right, at any time and from time to time after the Agreement Date and prior
to the Maturity Date, upon at least three (3) Business Days' prior written
notice to the Administrative Agent by the Administrative Borrower, without
premium or penalty, to cancel or reduce permanently all or a portion of the
Revolving Loan Commitment on a pro rata basis among the Lenders in accordance
with their Revolving Commitment Ratios, provided that any such partial reduction
shall be made in an amount not less than $1,000,000 and in integral multiples of
$500,000 in excess thereof. As of the date of cancellation or reduction set
forth in such notice, the Revolving Loan Commitment shall be permanently reduced
to the amount stated in the Administrative Borrower's notice for all purposes
herein, and the Borrowers shall pay to the Administrative Agent for the account
of the Lenders the amount necessary to reduce the principal amount of the
Revolving Loans then outstanding to not more than the amount of the Revolving
Loan Commitment as so reduced, together with accrued interest on the amount so
prepaid and the unused line fee set forth in Section 2.4(b) accrued through the
date of the reduction with respect to the amount reduced, and shall reimburse
the Administrative Agent and the Lenders for any loss or out-of-pocket expense
incurred by any of them in connection with such payment as set forth in Section
2.9.

         Section 2.6 Repayment.

         (a)      The Loans. All unpaid principal and accrued interest on the
Loans shall be due and payable in full on the Maturity Date. Notwithstanding the
foregoing, however, in the event that at any time and for any reason there shall
exist an Overadvance, the Borrowers, in accordance with Section 2.1(d), shall
pay to the Administrative Agent an amount equal to the Overadvance, which
payment shall constitute a mandatory payment of the Obligations to be applied to
the Revolving Loans, Agent Advances, Swing Loans and Letter of Credit Reserve
Account, as appropriate.

         (b)      Other Mandatory Repayments.

                  (i)      In the event that after the Agreement Date, the
         Parent shall issue any Equity Interests (other than Equity Interests
         issued to sellers in connection with any acquisition permitted under
         Section 8.7(d)) or any Borrower Party shall incur any Total Debt other
         than Total Debt permitted under Section 8.1, one hundred percent (100%)
         of the Net Cash Proceeds received by such Borrower Party from such
         issuance or incurrence shall be paid on the date of receipt of the
         proceeds thereof by such Borrower Party to the Lenders as a

                                       44

<PAGE>
         mandatory payment of the Loans. Any payment due hereunder shall be
         applied first to repay outstanding Agent Advances, then outstanding
         Swing Loans and then to repay outstanding Revolving Loans. Nothing in
         this Section shall authorize any Borrower Party to issue any Equity
         Interests or incur any Total Debt except as expressly permitted by this
         Agreement.

                  (ii)     All Net Cash Proceeds of Collateral (including,
         without limitation, from the sale of inventory in the ordinary course
         of business, from the sale of other assets permitted under Section
         8.7(b) and insurance and condemnation proceeds) shall be remitted to
         the Administrative Agent in accordance with Section 6.15 and shall be
         applied to the repayment of the Obligations as set forth in Section
         2.11.

         (c)      In addition to the foregoing, the Borrowers hereby promise to
pay all Obligations, including, without limitation, the principal amount of the
Loans and interest and fees thereon, as the same become due and payable
hereunder and, in any event, on the Maturity Date.

         Section 2.7 Revolving Loan Notes; Loan Accounts.

         (a)      The Revolving Loans shall be repayable in accordance with the
terms and provisions set forth herein and, upon request by any Lender, the
Revolving Loans owed to such Lender shall be evidenced by Revolving Loan Notes.
A Revolving Loan Note shall be payable to the order of each Lender requesting
such a Revolving Loan Note in accordance with such Lender's Revolving Commitment
Ratio of the Revolving Loan Commitment. Any such Revolving Loan Notes shall be
issued by the Borrowers to the Lenders and shall be duly executed and delivered
by Authorized Signatories of the Borrowers.

         (b)      The Administrative Agent shall open and maintain on its books
in the name of the Borrowers a loan account with respect to the Loans and
interest thereon (the "Loan Account"). The Administrative Agent shall debit such
Loan Account for the principal amount of each Advance made by it on behalf of
the Lenders, accrued interest thereon, and all other amounts which shall become
due from the Borrowers pursuant to this Agreement (including any Swing Loans and
Agent Advances) and shall credit the Loan Account for each payment which the
Borrowers shall make in respect to the Obligations. The records of the
Administrative Agent with respect to such Loan Account shall be conclusive
evidence of the Loans and accrued interest thereon, absent manifest error.

                                       45

<PAGE>

Section 2.8 Manner of Payment.

(a)      When Payments Due.

                  (i)      Each payment (including any prepayment) by the
Borrowers on account of the principal of or interest on the Loans, fees, and any
other amount owed to any member of the Lender Group under this Agreement, the
Revolving Loan Notes, or the other Loan Documents shall be made not later than
1:00 p.m. (Atlanta, Georgia time) on the date specified for payment under this
Agreement or any other Loan Document to the Administrative Agent at the
Administrative Agent's Office, for the account of the Lenders, the Issuing Bank
or the Administrative Agent, as the case may be, in lawful money of the United
States of America in immediately available funds. Any payment received by the
Administrative Agent after 1:00 p.m. (Atlanta, Georgia time) shall be deemed
received on the next Business Day. In the case of a payment for the account of a
Lender, the Administrative Agent will promptly thereafter (but in any event no
more than two (2) Business Days following receipt thereof by the Administrative
Agent) distribute the amount so received in like funds to such Lender. If the
Administrative Agent shall not have received any payment from the Borrowers as
and when due, the Administrative Agent will promptly notify the Lenders
accordingly.

                  (ii)     If any payment under this Agreement or any Revolving
Loan Note shall be specified to be made upon a day which is not a Business Day,
it shall be made on the next succeeding day which is a Business Day, and such
extension of time shall in such case be included in computing interest and fees,
if any, in connection with such payment.

(b)      No Deduction.

                  (i)      Any and all payments of principal and interest, or of
any fees or indemnity or expense reimbursements by the Borrowers hereunder or
under any other Loan Documents (the "Borrower Payments") shall be made without
setoff or counterclaim and free and clear of and without deduction for any and
all current or future taxes, levies, imposts, deductions, charges or
withholdings with respect to such Borrower Payments and all interest, penalties
or similar liabilities with respect thereto, excluding taxes imposed on the net
income of any member of the Lender Group (or any transferee or assignee thereof)
by the jurisdiction under the laws of which such member of the Lender Group is
organized or conducts business or any political subdivision thereof (all such
nonexcluded taxes, levies, imposts, deductions, charges or withholdings and
liabilities collectively or individually "Taxes"). If a Borrower shall be
required to deduct any Taxes from or in respect of any sum payable to any member
of the Lender Group hereunder or under any other Loan Document, (i) the sum
payable shall be increased by the amount (an "additional amount") necessary so
that after

                                       46

<PAGE>

making all required deductions (including deductions applicable to additional
sums payable under this Section 2.8(b)(i), such member of the Lender Group shall
receive an amount equal to the sum it would have received had no such deductions
been made, (ii) such Borrower shall make such deductions, and (iii) such
Borrower shall pay the full amount deducted to the relevant Governmental
Authority in accordance with Applicable Law.

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

                  (iii)    The Borrowers shall indemnify the members of the
Lender Group for the full amount of Taxes and Other Taxes with respect to
Borrower Payments paid by such Person, and any liability (including penalties,
interest and expenses (including reasonable attorney's fees and expenses))
arising therefrom or with respect thereto, whether or not such Taxes or Other
Taxes were correctly or legally asserted by the relevant Governmental Authority.
A certificate setting forth and containing an explanation in reasonable detail
of the manner in which such amount shall have been determined and the amount of
such payment or liability prepared by a member of the Lender Group or the
Administrative Agent on its behalf, absent manifest error, shall be final,
conclusive and binding for all purposes. Such indemnification shall be made
within thirty (30) days after the date the Administrative Agent or such member,
as the case may be, makes written demand therefor. If any Taxes or Other Taxes
for which the Administrative Agent or any member of the Lender Group has
received indemnification from a Borrower hereunder shall be finally determined
to have been incorrectly or illegally asserted and are refunded to the
Administrative Agent or such member, the Administrative Agent or such member, as
the case may be, shall promptly forward to such Borrower any such refunded
amount (after deduction of any Tax or Other Tax paid or payable by any member of
the Lender Group as a result of such refund), not exceeding the increased amount
paid by such Borrower pursuant to this Section 2.8(b).

                  (iv)     As soon as practicable after the date of any payment
of Taxes or Other Taxes by a Borrower to the relevant Governmental Authority,
such Borrower will deliver to the Administrative Agent, at its address, the
original or a certified copy of a receipt issued by such Governmental Authority
evidencing payment thereof.

                  (v)      On or prior to the Agreement Date (or, in the case of
any Lender that becomes a party to this Agreement pursuant to an Assignment and

                                       47

<PAGE>

Assumption Agreement, on or prior to the effective date of such Assignment and
Assumption Agreement), each Lender which is organized in a jurisdiction other
than the United States or a political subdivision thereof shall provide each of
the Administrative Agent and the Borrowers with either (a) two (2) properly
executed originals of Form W-8ECI or Form W-8BEN (or any successor forms)
prescribed by the Internal Revenue Service or other documents satisfactory to
the Borrowers and the Administrative Agent, as the case may be, certifying (i)
as to such Lender's status for purposes of determining exemption from United
States withholding taxes with respect to all payments to be made to such Lender
hereunder and under any other Loan Documents or (ii) that all payments to be
made to such Lender hereunder and under any other Loan Documents are subject to
such taxes at a rate reduced to zero by an applicable tax treaty, or (b)(i) a
certificate executed by such Lender certifying that such Lender is not a "bank"
and that such Lender qualifies for the portfolio interest exemption under
Section 881(c) of the Code, and (ii) two (2) properly executed originals of
Internal Revenue Service Form W-8BEN (or any successor form), in each case,
certifying such Lender's entitlement to an exemption from United States
withholding tax with respect to payments of interest to be made hereunder or
under any other Loan Documents. Each such Lender agrees to provide the
Administrative Agent and the Borrowers with new forms prescribed by the Internal
Revenue Service upon the expiration or obsolescence of any previously delivered
form, or after the occurrence of any event requiring a change in the most recent
forms delivered by it to the Administrative Agent and the Borrowers.

                  (vi)     The Borrowers shall not be required to indemnify any
member of the Lender Group that is organized in a jurisdiction other than the
United States or any political subdivision thereof, or to pay any additional
amounts to such Lender pursuant to subsection (b)(i) or (b)(iii) above to the
extent that (i) the obligation to withhold amounts with respect to United States
Federal, state or local withholding tax existed on the date such Lender became a
party to this Agreement (or, in the case of a transferee, on the effective date
of the Assignment and Assumption Agreement pursuant to which such transferee
became a Lender) or, with respect to payments to a new lending office, the date
such Lender designated such new lending office; provided, however, that this
clause (i) shall not apply to any Lender that became a Lender or new lending
office that became a new lending office as a result of an assignment or
designation made at the request of a Borrower; and provided further, however,
that this clause (i) shall not apply to the extent the indemnity payment or
additional amounts, if any, that any member of the Lender Group through a new
lending office would be entitled to receive (without regard to this clause (i))
do not exceed the indemnity payment or additional amounts that the Person making
the assignment or transfer to such member of the Lender Group making the
designation of such new lending office would have been entitled to receive in
the absence of such assignment, transfer or designation or (ii) the obligation
to pay

                                       48

<PAGE>

         such additional amounts or such indemnity payments would not have
         arisen but for a failure by such member of the Lender Group to comply
         with the provisions of subsection (b)(v) above.

                  (vii)    Any member of the Lender Group claiming any indemnity
         payment or additional amounts payable pursuant to this Section 2.8(b)
         shall use reasonable efforts (consistent with legal and regulatory
         restrictions) to file any certificate or document reasonably requested
         in writing by any Borrower or to change the jurisdiction of its
         applicable lending office if the making of such a filing or change
         would avoid the need for or reduce the amount of any such indemnity
         payment or additional amounts that may thereafter accrue and would not,
         in the good faith determination of such member of the Lender Group, be
         otherwise disadvantageous to such Person.

                  (viii)   Nothing contained in this Section 2.8(b) shall
         require any member of the Lender Group to make available to any
         Borrower any of its tax returns (or any other information) that it
         deems confidential or proprietary.

         Section 2.9 Reimbursement. Whenever any Lender shall sustain or incur
any losses (including losses of anticipated profits) or out-of-pocket expenses
in connection with (a) failure by the Borrowers to borrow or continue any
Eurodollar Advance, or convert any Advance to a Eurodollar Advance, in each
case, after having given notice of their intention to do so in accordance with
Section 2.2 (whether by reason of the election of the Borrowers not to proceed
or the non-fulfillment of any of the conditions set forth in Article 3), or (b)
prepayment of any Eurodollar Advance in whole or in part for any reason or (c)
failure by the Borrowers to prepay any Eurodollar Advance after giving notice of
its intention to prepay such Advance, the Borrowers agree to pay to such Lender,
promptly upon such Lender's written demand therefor, accompanied by a
certificate setting forth in reasonable detail the nature and calculation of
such losses and expenses, an amount sufficient to compensate such Lender for all
such losses and out-of-pocket expenses. Such Lender's good faith determination
of the amount of such losses and out-of-pocket expenses, absent manifest error,
shall be binding and conclusive. Losses subject to reimbursement hereunder shall
include, without limitation, expenses incurred by any Lender or any participant
of such Lender permitted hereunder in connection with the re-employment of funds
prepaid, repaid, not borrowed, or paid, as the case may be, and any lost profit
of such Lender or any participant of such Lender over the remainder of the
Eurodollar Advance Period for such prepaid Advance. For purposes of calculating
amounts payable to a Lender under this paragraph, each Lender shall be deemed to
have actually funded its relevant Eurodollar Advance through the purchase of a
deposit bearing interest at the Eurodollar Rate in an amount equal to the amount
of that Eurodollar Advance and having a maturity and repricing characteristics
comparable to the relevant Eurodollar Advance Period; provided, however, that
each Lender may fund each of its Eurodollar Advances in any manner it sees fit,
and the foregoing assumption shall be utilized only for the calculation of
amounts payable under this Section.

                                       49
<PAGE>

         Section 2.10 Pro Rata Treatment.

         (a)      Advances. Each Advance with respect to the Revolving Loans,
from the Lenders under this Agreement shall be made pro rata on the basis of
their respective Revolving Commitment Ratios.

         (b)      Payments. Each payment and prepayment of the principal of the
Revolving Loans and each payment of interest on the Revolving Loans received
from the Borrowers shall be made by the Administrative Agent to the Lenders pro
rata on the basis of their respective unpaid principal amounts thereof
outstanding immediately prior to such payment or prepayment (except in cases
when a Lender's right to receive payments is restricted pursuant to Section
2.2(e)). If any Lender shall obtain any payment (whether involuntary, through
the exercise of any right of set-off, or otherwise) on account of the Revolving
Loans in excess of its ratable share of the Revolving Loans under its Revolving
Commitment Ratio (or in violation of any restriction set forth in Section
2.2(e)), such Lender shall forthwith purchase from the other Lenders such
participation in the Revolving Loans 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 without interest thereon unless
the Lender obligated to repay such amount is required to pay interest. The
Borrowers agree that any Lender so purchasing a participation from another
Lender pursuant to this Section 2.10(b) 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 the Borrowers in the amount of such participation.

         Section 2.11 Application of Payments.

         (a)      Payments Prior to Event of Default. Prior to the occurrence
and continuance of an Event of Default, all amounts received by the
Administrative Agent from the Borrowers (other than payments specifically
earmarked for application to certain principal, interest, fees or expenses
hereunder), shall be distributed by the Administrative Agent in the following
order of priority: FIRST, to the payment of fees and expenses then due and
payable to the Administrative Agent hereunder; SECOND, pro rata to the payment
of any fees and expenses then due and payable to the Lenders and the Issuing
Banks hereunder or under any other Loan Documents; THIRD, to the payment of
interest then due and payable on the Swing Loans, Agent Advances and the
Revolving Loans; FOURTH, to the payment of principal then due and payable on the
Swing Loans and Agent Advances; FIFTH, to the payment of principal then due and
payable on the Revolving Loans; SIXTH, to the payment of Obligations arising in
respect of Bank Products (including, Hedge Agreements) then due to the
Administrative Agent (or any affiliate of the Administrative Agent) or, so long
as Bank of America, N.A. is a

                                       50

<PAGE>

Lender hereunder, Bank of America, N.A. (or any Affiliate of Bank of America,
N.A.) and to the payment of Obligations arising in respect of Hedge Agreements
then due to any of the other Lenders (or any Affiliate of any other Lender) from
the Borrowers; and SEVENTH, to the payment of all other Obligations not
otherwise referred to in this Section 2.11(a) then due and payable.

         (b)      Payments Subsequent to Event of Default. Subsequent to the
occurrence and during the continuance of an Event of Default, payments and
prepayments with respect to the Obligations made to the Administrative Agent,
the Lenders, the Issuing Banks or otherwise received by the Administrative
Agent, any Lender, any Issuing Bank (from realization on Collateral or
otherwise) shall be distributed in the following order of priority (subject, as
applicable, to Section 2.10): FIRST, to the costs and expenses (including
attorneys' fees and expenses), if any, incurred by the Administrative Agent, any
Lender, or any Issuing Bank in the collection of such amounts under this
Agreement or any other Loan Documents, including, without limitation, any costs
incurred in connection with the sale or disposition of any Collateral; SECOND,
to any fees then due and payable to the Administrative Agent under this
Agreement or any other Loan Document; THIRD, pro rata to any fees then due and
payable to the Lenders and the Issuing Banks under this Agreement or any other
Loan Document; FOURTH, pro rata to the payment of interest then due and payable
on the Swing Loans, Agent Advances and the Revolving Loans; FIFTH, pro rata to
(i) the payment of the principal of the Swing Loans and Agent Advances then
outstanding, (ii) the payment of principal on the Revolving Loans then
outstanding and (iii) the Letter of Credit Reserve Account to the extent of one
hundred five percent (105%) of any Letter of Credit Obligations then
outstanding; SIXTH, to the payment of any Obligations arising in respect of Bank
Products then due to the Administrative Agent (or any affiliate of the
Administrative Agent) or any Lender (or any Affiliate of a Lender); SEVENTH, to
any other Obligations not otherwise referred to in this Section 2.11(b); and
EIGHTH, upon satisfaction in full of all Obligations to the Borrowers or as
otherwise required by law.

         Section 2.12 Use of Proceeds. The proceeds of the Loans shall be used
by the Borrowers as follows:

         (a)      The initial Advance of Revolving Loans hereunder shall be used
on the Agreement Date to provide financing related to the acquisition by the
Parent of the Equity Interests of the Target pursuant to the Acquisition
Agreement, to fund transaction fees, costs and expenses and to refinance, in
conjunction with proceeds of other funds received, certain existing indebtedness
of the Borrowers.

         (b)      The balance of the proceeds of the Loans shall be used to
finance the Borrowers' working capital needs, permitted capital expenditures,
permitted acquisitions and general corporate needs.

         Section 2.13 All Obligations to Constitute One Obligation. All
Obligations shall constitute one general obligation of the Borrowers and shall
be secured by the

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<PAGE>

Administrative Agent's security interest (on behalf of, and for the benefit of,
the Lender Group) and Lien upon all of the Collateral, and by all other security
interests and Liens heretofore, now or at any time hereafter granted by any
Borrower Party to the Administrative Agent or any other member of the Lender
Group, to the extent provided in the Security Documents under which such Liens
arise.

         Section 2.14 Maximum Rate of Interest. The Borrowers and the Lender
Group hereby agree and stipulate that the only charges imposed upon the
Borrowers for the use of money in connection with this Agreement are and shall
be the specific interest and fees described in this Article 2 and in any other
Loan Document. Notwithstanding the foregoing, the Borrowers and the Lender Group
further agree and stipulate that all closing fees, agency fees, syndication
fees, facility fees, underwriting fees, default charges, late charges, funding
or "breakage" charges, increased cost charges, attorneys' fees and reimbursement
for costs and expenses paid by any member of the Lender Group to third parties
or for damages incurred by the Lender Group or any of them are charges to
compensate the Lender Group for underwriting and administrative services and
costs or losses performed or incurred, and to be performed and incurred, by the
Lender Group in connection with this Agreement and the other Loan Documents and
shall under no circumstances be deemed to be charges for the use of money
pursuant to any Applicable Law. In no event shall the amount of interest and
other charges for the use of money payable under this Agreement exceed the
maximum amounts permissible under any law that a court of competent jurisdiction
shall, in a final determination, deem applicable. The Borrowers and the Lender
Group, in executing and delivering this Agreement, intend legally to agree upon
the rate or rates of interest and other charges for the use of money and manner
of payment stated within it; provided, however, that, anything contained herein
to the contrary notwithstanding, if the amount of such interest and other
charges for the use of money or manner of payment exceeds the maximum amount
allowable under applicable law, then, ipso facto as of the date of this
Agreement, the Borrowers are and shall be liable only for the payment of such
maximum as allowed by law, and payment received from the Borrowers in excess of
such legal maximum, whenever received, shall be applied to reduce the principal
balance of the Revolving Loans to the extent of such excess.

         Section 2.15 Letters of Credit.

         (a)      Subject to the terms and conditions of this Agreement, each
Issuing Bank, on behalf of the Lenders, and in reliance on the agreements of the
Lenders set forth in Section 2.15(c) below, hereby agrees to issue (or arrange
with a Foreign Issuer for the issuance of) one or more Letters of Credit up to
an aggregate face amount equal to such Issuing Bank's share of the Letter of
Credit Commitment as set forth on Schedule 1(b) or any applicable Assignment and
Assumption Agreements; provided, however, that except as described in the last
sentence of Section 4.3, the Issuing Banks shall not issue (or arrange with a
Foreign Issuer for the issuance of) any Letter of Credit unless the conditions
precedent to the issuance thereof set forth in Section 4.3 have been satisfied,

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<PAGE>

and, except as described in the last sentence of Section 4.3, shall not issue
(or arrange with a Foreign Issuer for the issuance of) any Letter of Credit if
any Default then exists or would be caused thereby or if, after giving effect to
such issuance, there would exist an Overadvance; and provided further, however,
that at no time shall the total Letter of Credit Obligations outstanding
hereunder exceed the Aggregate Letter of Credit Commitment. Each Letter of
Credit shall (1) be denominated in Dollars, and (2) expire no later than the
earlier to occur of (A) the date thirty (30) days prior to the Maturity Date,
and (B) 365 days after its date of issuance (but may contain provisions for
automatic renewal provided that no Default exists on the renewal date or would
be caused by such renewal and provided no such renewal shall extend beyond the
date thirty (30) days prior to the Maturity Date). Each Letter of Credit shall
be subject to the Uniform Customs and, to the extent not inconsistent therewith,
the laws of the State of New York. None of the Issuing Banks shall at any time
be obligated to issue, or to cause to be issued, any Letter of Credit if such
issuance would conflict with, or cause such Issuing Bank to exceed any limits
imposed by, any Applicable Law. Without limiting the generality of the
foregoing, each of the letters of credit set forth on Schedule 2.15 (each, an
"Existing Letter of Credit") shall be deemed to constitute a Letter of Credit
issued hereunder on the Agreement Date and shall thereafter be subject to each
of the terms and conditions of this Agreement and other Loan Documents.

         (b)      The Administrative Borrower on behalf of the Borrowers may
from time to time request that an Issuing Bank issue (or arrange with a Foreign
Issuer for the issuance of) a Letter of Credit, increase the stated amount of a
Letter of Credit or extend the expiration date of any Letter of Credit;
provided, however, that only a Standby Letter of Credit Issuer shall issue
Standby Letters of Credit hereunder. The Administrative Borrower on behalf of
the Borrowers shall execute and deliver to the Administrative Agent and
applicable Issuing Bank a Request for Issuance of Letter of Credit (i) for each
Standby Letter of Credit to be issued (or amended) by such Issuing Bank, not
later than 12:00 noon (Atlanta, Georgia time) on the third (3rd) Business Day
preceding the date on which such requested Standby Letter of Credit is to be
issued (or amended), and (ii) for each Commercial Letter of Credit to be issued
(or amended) by such Issuing Bank, (x) not later than 2:00 p.m. (Atlanta,
Georgia time) one (1) Business Day preceding the date on which such requested
Commercial Letter of Credit is to be issued (or amended) or (y) with respect to
requests for Commercial Letters of Credit in an aggregate stated amount not to
exceed $750,000 in any day (from 12:00 a.m. until 11:59 p.m., Atlanta, Georgia
time), not later than 10:00 a.m. (at the location of the office where the
applicable Letter of Credit is to be issued) on the Business Day on which such
requested Commercial Letter of Credit is to be issued, or, in each case under
clauses (i) and (ii) above, such shorter notice as may be acceptable to the
applicable Issuing Bank and the Administrative Agent. Each Business Day on which
a Request for Issuance of Letter of Credit is delivered to the Administrative
Agent and on or before 3:00 p.m. (Atlanta, Georgia time) on such Business Day,
the Administrative Agent shall determine whether there is sufficient
Availability, after giving effect to the requirements of Section 4.3(c), for the
issuance of such Letter of Credit and shall notify the applicable Issuing Banks
of the

                                       53

<PAGE>

same; provided, however, that with respect to any Request for Issuance of Letter
of Credit for a Commercial Letter of Credit under clause (y) above, the
applicable Issuing Bank shall not be required to obtain confirmation from the
Administrative Agent of sufficient Availability prior to issuing such Commercial
Letter of Credit requested but rather shall be entitled to rely on the
certifications given by the Administrative Borrower pursuant to Section 4.3 and
the applicable Request for Issuance of Letter of Credit. Unless an Issuing Bank
has received notice from a Lender or the Administrative Agent that a Default
exists or unless such Issuing Bank has actual knowledge that a Default exists
and except as set forth in the immediately preceding sentence of this Section,
such Issuing Bank shall be entitled to rely on the certifications of the
Administrative Borrower pursuant to Section 4.3 and the applicable Request for
Issuance of Letter of Credit to determine whether the conditions to issuance of
any Letter of Credit have been satisfied. Upon receipt of any such Request for
Issuance of Letter of Credit, subject to satisfaction (or waiver in accordance
with the last sentence of Section 4.3) of all conditions precedent thereto as
set forth in Section 4.3 and receipt of a notification from the Administrative
Agent that sufficient Availability, after giving effect to the requirements of
Section 4.3(c), exists for the issuance of such Letter of Credit, the applicable
Issuing Bank shall process such Request for Issuance of Letter of Credit and the
certificates, documents and other papers and information delivered to it in
connection therewith in accordance with its customary procedures and shall
promptly issue (or amend) (or arrange with a Foreign Issuer for the issuance of)
the Letter of Credit requested thereby. Such Issuing Bank shall furnish a copy
of such Letter of Credit to the Administrative Borrower and the Administrative
Agent following the issuance thereof. In addition to the fees payable pursuant
to Section 2.4(c)(ii) the Borrowers shall pay or reimburse each Issuing Bank for
normal and customary costs and expenses incurred by such Issuing Bank in
issuing, causing the issuance of, effecting payment under, amending or otherwise
administering the Letters of Credit. On each Business Day on or before 10:00
a.m. (Atlanta, Georgia time) each Issuing Bank shall deliver to the
Administrative Agent and the Administrative Borrower a report in substantially
the form of Exhibit O (a "Daily Letter of Credit Report") (A) setting forth the
opening balance of its Letters of Credit outstanding on the immediately
preceding Business Day, (B) identifying all Letters of Credit issued (or
amended) by it (or its Foreign Issuer) on such immediately preceding Business
Day, (C) identifying all Letters of Credit cancelled on such immediately
preceding Business Day, (D) identifying all draws on such immediately preceding
Business Day under Letters of Credit issued by it (or its Foreign Issuer), (E)
setting forth the ending balance of its Letters of Credit outstanding on such
immediately preceding Business Day and (E) identifying all requests for the
issuance of Letters of Credit cancelled on such immediately preceding Business
Day.

         (c)      Immediately upon the issuance (or amendment) by (or on behalf
of) an Issuing Bank of a Letter of Credit and in accordance with the terms and
conditions of this Agreement, such Issuing Bank shall be deemed to have sold and
transferred to each Lender, and each Lender shall be deemed irrevocably and
unconditionally to have purchased and received from such Issuing Bank, without
recourse or warranty, an

                                       54

<PAGE>

undivided interest and participation, to the extent of such Lender's Revolving
Commitment Ratio, in such Letter of Credit (as applicable, as amended) and the
obligations of the Borrowers with respect thereto (including, without
limitation, all Letter of Credit Obligations with respect thereto). The
applicable Issuing Bank shall promptly notify the Administrative Agent of any
such draw under a Letter of Credit. At such time as the Administrative Agent
shall be notified by the Issuing Bank that the beneficiary under any Letter of
Credit has drawn on the same, the Administrative Agent shall promptly notify the
Borrowers and the Swing Bank (or, at its option, all Lenders), by telephone or
telecopy, of the amount of the draw (and, in the case of each Lender, such
Lender's portion of such draw amount as calculated in accordance with its
Revolving Commitment Ratio).

         (d)      The Borrowers hereby agree to immediately reimburse each
Issuing Bank for amounts paid by such Issuing Bank in respect of draws under
each Letter of Credit. In order to facilitate such repayment, the Borrowers
hereby irrevocably request the Lenders, and the Lenders hereby severally agree,
on the terms and conditions of this Agreement (other than as provided in Article
2 with respect to the amounts of, the timing of requests for, and the repayment
of Advances hereunder and in Article 4 with respect to conditions precedent to
Advances hereunder), with respect to any drawing under a Letter of Credit, to
make a Base Rate Advance on each day on which a draw is funded under any Letter
of Credit and in the amount of such draw, and to pay the proceeds of such
Advance directly to the applicable Issuing Bank to reimburse such Issuing Bank
for the amount paid by it upon such draw. Each Lender shall pay its share of
such Base Rate Advance by paying its portion of such Advance to the
Administrative Agent in accordance with Section 2.2(e) and its Revolving
Commitment Ratio, without reduction for any set-off or counterclaim of any
nature whatsoever and regardless of whether any Default then exists or would be
caused thereby. The disbursement of funds in connection with a draw under a
Letter of Credit pursuant to this Section hereunder shall be subject to the
terms and conditions of Section 2.2(e). The obligation of each Lender to make
payments to the Administrative Agent for the account of an Issuing Bank in
accordance with this Section 2.15 shall be absolute and unconditional, and no
Lender shall be relieved of its obligations to make such payments by reason of
noncompliance by any other Person with the terms of the Letter of Credit or for
any other reason (other than the gross negligence or willful misconduct of such
Issuing Bank (or Foreign Issuer) in paying such Letter of Credit, as determined
by a final non-appealable judgment of a court of competent jurisdiction). The
Administrative Agent shall promptly remit to such Issuing Bank the amounts so
received from the other Lenders. Any overdue amounts payable by the Lenders to
an Issuing Bank in respect of a draw under any Letter of Credit shall bear
interest, payable on demand, (x) for the first two (2) Business Days, at the
Federal Funds Rate and (y) thereafter, at the Base Rate. Notwithstanding the
foregoing, at the request of the Administrative Agent the Swing Bank may, at its
option and subject to the conditions set forth in Section 2.2(g), make Swing
Loans to reimburse Issuing Banks for amounts drawn under Letters of Credit.

                                       55

<PAGE>

         (e)      The Borrowers agree that each Advance by the Lenders to
reimburse an Issuing Bank for draws under any Letter of Credit, shall, for all
purposes hereunder unless and until converted into Eurodollar Advances pursuant
to Section 2.2(b)(ii), be deemed to be a Base Rate Advance under the Revolving
Loan Commitment and shall be payable and bear interest in accordance with all
other Base Rate Advances.

         (f)      The Borrowers agree that any action taken or omitted to be
taken by an Issuing Bank in connection with any Letter of Credit, except for
such actions or omissions as shall constitute gross negligence or willful
misconduct on the part of such Issuing Bank as determined by a final
non-appealable judgment of a court of competent jurisdiction, shall be binding
on the Borrowers as between the Borrowers and such Issuing Bank, and shall not
result in any liability of such Issuing Bank to the Borrowers. The obligation of
the Borrowers to reimburse an Issuing Bank for a drawing under any Letter of
Credit or the Lenders for Advances made by them to the Issuing Banks on account
of draws made under the Letters of Credit shall be absolute, unconditional and
irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement under all circumstances whatsoever, including, without limitation, the
following circumstances:

                  (i)      Any lack of validity or enforceability of any Loan
         Document;

                  (ii)     Any amendment or waiver of or consent to any
         departure from any or all of the Loan Documents;

                  (iii)    Any improper use which may be made of any Letter of
         Credit or any improper acts or omissions of any beneficiary or
         transferee of any Letter of Credit in connection therewith;

                  (iv)     The existence of any claim, set-off, defense or any
         right which the Borrowers may have at any time against any beneficiary
         or any transferee of any Letter of Credit (or Persons for whom any such
         beneficiary or any such transferee may be acting), any Lender or any
         other Person, whether in connection with any Letter of Credit, any
         transaction contemplated by any Letter of Credit, this Agreement, or
         any other Loan Document, or any unrelated transaction;

                  (v)      Any statement or any other documents presented under
         any Letter of Credit proving to be insufficient, forged, fraudulent or
         invalid in any respect or any statement therein being untrue or
         inaccurate in any respect whatsoever;

                  (vi)     The insolvency of any Person issuing any documents in
         connection with any Letter of Credit;

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<PAGE>

                  (vii)    Any breach of any agreement between the Borrowers and
         any beneficiary or transferee of any Letter of Credit;

                  (viii)   Any irregularity in the transaction with respect to
         which any Letter of Credit is issued, including any fraud by the
         beneficiary or any transferee of such Letter of Credit;

                  (ix)     Any errors, omissions, interruptions or delays in
         transmission or delivery of any messages, by mail, cable, telegraph,
         wireless or otherwise, whether or not they are in code;

                  (x)      Any act, error, neglect or default, omission,
         insolvency or failure of business of any of the correspondents of or
         Foreign Issuer for the applicable Issuing Bank (other than the gross
         negligence or willful misconduct of any such Foreign Issuer or
         correspondent);

                  (xi)     Any other circumstances arising from causes beyond
         the control of the applicable Issuing Bank;

                  (xii)    Payment by an Issuing Bank (or Foreign Issuer) under
         any Letter of Credit against presentation of a sight draft or a
         certificate which does not comply with the terms of such Letter of
         Credit, provided that such payment shall not have constituted gross
         negligence or willful misconduct of such Issuing Bank (or Foreign
         Issuer) as determined by a final non-appealable judgment of a court of
         competent jurisdiction; and

                  (xiii)   Any other circumstance or happening whatsoever,
         whether or not similar to any of the foregoing.

         (g)      The Borrowers will indemnify and hold harmless each member of
the Lender Group and each of their respective employees, representatives,
officers and directors from and against any and all claims, liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever (including reasonable
attorneys' fees) which may be imposed on, incurred by or asserted against such
member of the Lender Group in any way relating to or arising out of the issuance
of a Letter of Credit, except that the Borrowers shall not be liable to any
member of the Lender Group for any portion of such claims, liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses, or disbursements resulting from the gross negligence or willful
misconduct of such member of the Lender Group, as determined by a final
non-appealable judgment of a court of competent jurisdiction. This Section
2.15(g) shall survive termination of this Agreement.

         (h)      Each Lender shall be responsible (to the extent the applicable
Issuing Bank is not reimbursed by the Borrowers) for its pro rata share (based
on such Lender's Revolving Commitment Ratio) of any and all reasonable
out-of-pocket costs, expenses

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(including reasonable legal fees) and disbursements which may be incurred or
made by such Issuing Bank in connection with the collection of any amounts due
under, the administration of, or the presentation or enforcement of any rights
conferred by any Letter of Credit, the Borrowers' or any guarantor's obligations
to reimburse draws thereunder or otherwise. In the event the Borrowers shall
fail to pay such expenses of an Issuing Bank within fifteen (15) days of demand
for payment by such Issuing Bank, each Lender shall thereupon pay to such
Issuing Bank its pro rata share (based on such Lender's Revolving Commitment
Ratio) of such expenses within ten (10) days from the date of such Issuing
Bank's notice to the Lenders of the Borrowers' failure to pay; provided,
however, that if the Borrowers shall thereafter pay such expenses, such Issuing
Bank will repay to each Lender the amounts received from such Lender hereunder.

         (i)      Any Person that is to be a new Issuing Bank (that does not
execute an Assignment and Assumption Agreement) is required to enter into this
Agreement by executing and delivering to the Administrative Agent a joinder
agreement, in form and substance reasonably satisfactory to the Administrative
Agent and, so long as no Default exists, the Administrative Borrower (each, an
"Issuing Bank Joinder Agreement"). Upon the execution and delivery of an Issuing
Bank Joinder Agreement by such Person, such Person shall become an Issuing Bank
hereunder with the same force and effect as if originally named as an Issuing
Bank herein. The execution and delivery of any Issuing Bank Joinder Agreement
adding an additional Person as a party to this Agreement shall not require the
consent of any other party hereto.

         Section 2.16 Bank Products. Any Borrower Party may request and the
Administrative Agent, so long as Bank of America, N.A. is a Lender hereunder,
Bank of America, N.A. or, with respect to Hedge Agreements, any Lender may, in
its sole and absolute discretion, arrange for such Borrower Party to obtain from
such Person or any Affiliate of such Person, as applicable, Bank Products
although no Borrower Party is required to do so. If any Bank Products are
provided by an Affiliate of the Administrative Agent, so long as Bank of
America, N.A. is a Lender hereunder, an Affiliate of Bank of America, N.A. or,
with respect to Hedge Agreements, any Affiliate of a Lender, the Borrower
Parties agree to indemnify and hold the Lender Group, or any of them, harmless
from any and all costs and obligations now or hereafter incurred by the Lender
Group, or any of them, which arise from any indemnity given by the
Administrative Agent to any of its Affiliates, so long as Bank of America, N.A.
is a Lender hereunder, Bank of America, N.A. to any of its Affiliates or any
Lender to any of its Affiliates, as applicable, related to such Bank Products;
provided, however, nothing contained herein is intended to limit the Borrower
Parties' rights, with respect to the Administrative Agent or any of its
Affiliates, Bank of America, N.A. or any of its Affiliates or any Lender or any
of its Affiliates, as applicable, if any, which arise as a result of the
execution of documents by and between the Borrower Parties and such Person which
relate to Bank Products. The agreement contained in this Section shall survive
termination of this Agreement. The Borrower Parties acknowledge and agree that
the obtaining of Bank Products from the Administrative Agent, Bank of America,

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N.A. or any Lender or any of their respective Affiliates (a) is in the sole and
absolute discretion of the Administrative Agent, Bank of America, N.A. or such
Affiliates, and (b) is subject to all rules and regulations of the
Administrative Agent, Bank of America, N.A., such Lender or such Affiliates.

                                   ARTICLE 3.

                                    GUARANTY

         Section 3.1 Guaranty

         (a)      Each Guarantor hereby guarantees to the Administrative Agent,
for the benefit of the Lender Group, the full and prompt payment of the
Obligations, including, without limitation, any interest therein (including,
without limitation, interest as provided in this Agreement, accruing after the
filing of a petition initiating any insolvency proceedings, whether or not such
interest accrues or is recoverable against the Borrowers after the filing of
such petition for purposes of the Bankruptcy Code or is an allowed claim in such
proceeding), plus reasonable attorneys' fees and expenses if the obligations
represented by this Guaranty are collected by law, through an attorney-at-law,
or under advice therefrom.

         (b)      Regardless of whether any proposed guarantor or any other
Person shall become in any other way responsible to the Lender Group, or any of
them, for or in respect of the Obligations or any part thereof, and regardless
of whether or not any Person now or hereafter responsible to the Lender Group,
or any of them, for the Obligations or any part thereof, whether under this
Guaranty or otherwise, shall cease to be so liable, each Guarantor hereby
declares and agrees that this Guaranty shall be a joint and several obligation,
shall be a continuing guaranty and shall be operative and binding until the
Obligations shall have been indefeasibly paid in full in cash (or in the case of
Letter of Credit Obligations, secured through delivery of cash collateral in an
amount equal to one hundred and five percent (105%) of the Letter of Credit
Obligations) and the Revolving Loan Commitments shall have been terminated.

         (c)      Each Guarantor absolutely, unconditionally and irrevocably
waives any and all right to assert any defense (other than the defense of
payment in cash in full, to the extent of its obligations hereunder, or a
defense that such Guarantor's liability is limited as provided in Section
3.1(g)), set-off, counterclaim or cross-claim of any nature whatsoever with
respect to this Guaranty or the obligations of the Guarantors under this
Guaranty or the obligations of any other Person or party (including, without
limitation, the Borrowers) relating to this Guaranty or the obligations of any
of the Guarantors under this Guaranty or otherwise with respect to the
Obligations in any action or proceeding brought by the Administrative Agent or
any other member of the Lender Group to collect the Obligations or any portion
thereof, or to enforce the obligations of any of the Guarantors under this
Guaranty.

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         (d)      The Lender Group, or any of them, may from time to time,
without exonerating or releasing any Guarantor in any way under this Guaranty,
(i) take such further or other security or securities for the Obligations or any
part thereof as they may deem proper, or (ii) release, discharge, abandon or
otherwise deal with or fail to deal with any guarantor of the Obligations or any
security or securities therefor or any part thereof now or hereafter held by the
Lender Group, or any of them, or (iii) amend, modify, extend, accelerate or
waive in any manner any of the provisions, terms, or conditions of the Loan
Documents, all as they may consider expedient or appropriate in their sole
discretion. Without limiting the generality of the foregoing, or of Section
3.1(e), it is understood that the Lender Group, or any of them, may, without
exonerating or releasing any Guarantor, give up, modify or abstain from
perfecting or taking advantage of any security for the Obligations and accept or
make any compositions or arrangements, and realize upon any security for the
Obligations when, and in such manner, and with or without notice, all as such
Person may deem expedient.

         (e)      Each Guarantor acknowledges and agrees that no change in the
nature or terms of the Obligations or any of the Loan Documents, or other
agreements, instruments or contracts evidencing, related to or attendant with
the Obligations (including any novation), shall discharge all or any part of the
liabilities and obligations of such Guarantor pursuant to this Guaranty; it
being the purpose and intent of the Guarantors and the Lender Group that the
covenants, agreements and all liabilities and obligations of each Guarantor
hereunder are absolute, unconditional and irrevocable under any and all
circumstances. Without limiting the generality of the foregoing, each Guarantor
agrees that until each and every one of the covenants and agreements of this
Guaranty is fully performed, and without possibility of recourse, whether by
operation of law or otherwise, such Guarantor's undertakings hereunder shall not
be released, in whole or in part, by any action or thing which might, but for
this paragraph of this Guaranty, be deemed a legal or equitable discharge of a
surety or guarantor, or by reason of any waiver, omission of the Lender Group,
or any of them, or their failure to proceed promptly or otherwise, or by reason
of any action taken or omitted by the Lender Group, or any of them, whether or
not such action or failure to act varies or increases the risk of, or affects
the rights or remedies of, such Guarantor or by reason of any further dealings
among the Borrowers, on the one hand, and any member of the Lender Group, on the
other hand, or any other guarantor or surety, and such Guarantor hereby
expressly waives and surrenders any defense to its liability hereunder, or any
right of counterclaim or offset of any nature or description which it may have
or may exist based upon, and shall be deemed to have consented to, any of the
foregoing acts, omissions, things, agreements or waivers.

         (f)      The Lender Group, or any of them, may, without demand or
notice of any kind upon or to any Guarantor, at any time or from time to time
when any amount shall be due and payable hereunder by any Guarantor, if the
Borrowers shall not have timely paid any of the Obligations (or in the case of
Letter of Credit Obligations, secured through delivery of cash collateral in an
amount equal to one hundred and five percent (105%) of the Letter of Credit
Obligations), set-off and appropriate and apply to any

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portion of the Obligations hereby guaranteed, and in such order of application
as the Administrative Agent may from time to time elect in accordance with this
Agreement, any deposits, property, balances, credit accounts or moneys of any
Guarantor in the possession of any member of the Lender Group or under their
respective control for any purpose. If and to the extent that any Guarantor
makes any payment to the Administrative Agent or any other Person pursuant to or
in respect of this Guaranty, any claim which such Guarantor may have against the
Borrowers by reason thereof shall be subject and subordinate to the prior
payment in full of the Obligations to the satisfaction of the Lender Group.

         (g)      The creation or existence from time to time of Obligations in
excess of the amount committed to or outstanding on the date of this Guaranty is
hereby authorized, without notice to any Guarantor, and shall in no way impair
or affect this Guaranty or the rights of the Lender Group herein. It is the
intention of each Guarantor and the Administrative Agent that each Guarantor's
obligations hereunder shall be, but not in excess of, the Maximum Guaranteed
Amount (as herein defined). The "Maximum Guaranteed Amount" with respect to any
Guarantor, shall mean the maximum amount which could be paid by such Guarantor
without rendering this Guaranty void or voidable as would otherwise be held or
determined by a court of competent jurisdiction in any action or proceeding
involving any state or Federal bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or other similar laws relating to the
insolvency of debtors.

         (h)      Upon the bankruptcy or winding up or other distribution of
assets of any Borrower, or of any surety or guarantor (other than the applicable
Guarantor) for any Obligations of the Borrowers to the Lender Group, or any of
them, the rights of the Administrative Agent against any Guarantor shall not be
affected or impaired by the omission of any member of the Lender Group to prove
its claim, or to prove the full claim, as appropriate, against such Borrower, or
any such other guarantor or surety, and the Administrative Agent may prove such
claims as it sees fit and may refrain from proving any claim and in its
discretion may value as it sees fit or refrain from valuing any security held by
it without in any way releasing, reducing or otherwise affecting the liability
to the Lender Group of each of the Guarantors.

         (i)      Each Guarantor hereby absolutely, unconditionally and
irrevocably expressly waives, except to the extent such waiver would be
expressly prohibited by applicable law, the following: (i) notice of acceptance
of this Guaranty, (ii) notice of the existence or creation of all or any of the
Obligations, (iii) presentment, demand, notice of dishonor, protest and all
other notices whatsoever (other than notices expressly required hereunder or
under any other Loan Document to which any Guarantor is a party), (iv) all
diligence in collection or protection of or realization upon the Obligations or
any part thereof, any obligation hereunder, or any security for any of the
foregoing, (v) all rights to enforce any remedy which the Lender Group, or any
of them, may have against the Borrowers, and (vi) until the Obligations shall
have been paid in full in cash (or in the

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case of Letter of Credit Obligations, secured through delivery of cash
collateral in an amount equal to one hundred and five percent (105%) of the
Letter of Credit Obligations), all rights of subrogation, indemnification,
contribution and reimbursement from the Borrowers for amounts paid hereunder and
any benefit of, or right to participate in, any collateral or security now or
hereinafter held by the Lender Group, or any of them, in respect of the
Obligations. If a claim is ever made upon any member of the Lender Group for the
repayment or recovery of any amount or amounts received by such Person in
payment of any of the Obligations and such Person repays all or part of such
amount by reason of (x) any judgment, decree or order of any court or
administrative body having jurisdiction over such Person or any of its property,
or (y) any settlement or compromise of any such claim effected by such Person
with any such claimant, including a Borrower, then in such event each Guarantor
agrees that any such judgment, decree, order, settlement or compromise shall be
binding upon such Guarantor, notwithstanding any revocation hereof or the
cancellation of any promissory note or other instrument evidencing any of the
Obligations, and such Guarantor shall be and remain obligated to such Person
hereunder for the amount so repaid or recovered to the same extent as if such
amount had never originally been received by such Person.

         (j)      This Guaranty is a continuing guaranty of the Obligations and
all liabilities to which it applies or may apply under the terms hereof and
shall be conclusively presumed to have been created in reliance hereon. No
failure or delay by any member of the Lender Group in the exercise of any right,
power, privilege or remedy shall operate as a waiver thereof, and no single or
partial exercise by the Administrative Agent of any right or remedy shall
preclude other or further exercise thereof or the exercise of any other right or
remedy and no course of dealing between any Guarantor and any member of the
Lender Group shall operate as a waiver thereof. No action by any member of the
Lender Group permitted hereunder shall in any way impair or affect this
Guaranty. For the purpose of this Guaranty, the Obligations shall include,
without limitation, all Obligations of the Borrowers to the Lender Group,
notwithstanding any right or power of any third party, individually or in the
name of any Borrower and the Lender Group, or any of them, to assert any claim
or defense as to the invalidity or unenforceability of any such Obligation, and
no such claim or defense shall impair or affect the obligations of any Guarantor
hereunder.

         (k)      This is a guaranty of payment and not of collection. In the
event the Administrative Agent makes a demand upon any Guarantor in accordance
with the terms of this Guaranty, such Guarantor shall be held and bound to the
Administrative Agent directly as debtor in respect of the payment of the amounts
hereby guaranteed. All costs and expenses, including, without limitation,
reasonable attorneys' fees and expenses, incurred by the Administrative Agent in
obtaining performance of or collecting payments due under this Guaranty shall be
deemed part of the Obligations guaranteed hereby.

         (l)      Each Guarantor is a direct or indirect wholly owned Domestic
Subsidiary of a Borrower. Each Guarantor expressly represents and acknowledges
that any financial

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accommodations by the Lender Group to any Borrower, including, without
limitation, the extension of credit, are and will be of direct interest, benefit
and advantage to such Guarantor.

         (m)      The Guarantors hereby agree, among themselves, that if any
Guarantor shall become an Excess Funding Guarantor (as defined below) by reason
of the payment by such Guarantor of any Obligations, each other Guarantor shall,
on demand of such Excess Funding Guarantor (but subject to the next sentence),
pay to such Excess Funding Guarantor an amount equal to such Guarantor's Pro
Rata Share (as defined below and determined, for this purpose, without reference
to the properties, debts and liabilities of such Excess Funding Guarantor) of
the Excess Payment (as defined below) in respect of such Obligations. The
payment obligation of a Guarantor to any Excess Funding Guarantor under this
Section 3.1(m) shall be subordinate and subject in right of payment to the prior
payment in full of the obligations of such Guarantor under the other provisions
of this Guaranty, and such Excess Funding Guarantor shall not exercise any right
or remedy with respect to such excess until payment and satisfaction in full of
all such obligations. For purposes of this Section 3.1(m), (i) "Excess Funding
Guarantor" shall mean, in respect of any Obligations, a Guarantor that has paid
an amount in excess of its Pro Rata Share of such Obligations, (ii) "Excess
Payment" shall mean, in respect of any Obligations, the amount paid by an Excess
Funding Guarantor in excess of its Pro Rata Share of such Obligations and (iii)
"Pro Rata Share" shall mean, for any Guarantor, the ratio (expressed as a
percentage) of (x) the amount by which the aggregate present fair saleable value
of all properties of such Guarantor (excluding any shares of stock of any other
Guarantor) exceeds the amount of all the debts and liabilities of such Guarantor
(including contingent, subordinated, unmatured and unliquidated liabilities, but
excluding the obligations of such Guarantor hereunder and any obligations of any
other Subsidiary Guarantor that have been guaranteed by such Guarantor) to (y)
the amount by which the aggregate fair saleable value of all properties of the
Borrowers and all of the Guarantors exceeds the amount of all the debts and
liabilities (including contingent, subordinated, unmatured and unliquidated
liabilities, but excluding the obligations of the Borrowers and the Guarantors
hereunder) of the Borrowers and all of the Guarantors, all as of the Agreement
Date.

         (n)      Pursuant to Section 6.21 of this Agreement, any new Domestic
Subsidiary (whether by creation or designation) is required to enter into this
Agreement by executing and delivering to the Administrative Agent a Guaranty
Supplement. Upon the execution and delivery of a Guaranty Supplement by such new
Domestic Subsidiary, such Domestic Subsidiary shall become a Guarantor and
Borrower Party hereunder with the same force and effect as if originally named
as a Guarantor or Borrower Party herein. The execution and delivery of any
Guaranty Supplement adding an additional Guarantor as a party to this Agreement
shall not require the consent of any other party hereto. The rights and
obligations of each party hereunder shall remain in full force and effect
notwithstanding the addition of any new Guarantor hereunder.

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                                   ARTICLE 4.

                              CONDITIONS PRECEDENT

         Section 4.1 Conditions Precedent to Initial Advance. The obligations of
the Lenders to undertake the Revolving Loan Commitment and to make the initial
Advance hereunder, and the obligation of the Issuing Banks to issue (or arrange
with a Foreign Issuer the issuance of) the initial Letter of Credit hereunder,
are subject to the prior fulfillment of each of the following conditions:

         (a)      The Administrative Agent shall have received each of the
following, in form and substance satisfactory to the Agents and the other
members of the Lender Group:

                  (i)      This duly executed Agreement;

                  (ii)     A duly executed Revolving Loan Note to the order of
         each Lender requesting a promissory note in the amount of such Lender's
         Revolving Commitment Ratio of the Revolving Loan Commitment;

                  (iii)    The Pledge Agreement duly executed by each Borrower
         Party pledging one hundred percent (100%) of the Equity Interests owned
         by such Borrower Party in any Domestic Subsidiary and a minimum of
         sixty five percent (65%) of the Equity Interests owned by such Borrower
         Party in any Foreign Subsidiary, together with stock certificates
         representing all of the certificated Equity Interests pledged as
         security thereunder and stock powers with respect thereto duly endorsed
         in blank and Uniform Commercial Code financing statements, as
         applicable, related to all of the Equity Interests pledged as security
         thereunder;

                  (iv)     The Security Agreement duly executed by each Borrower
         Party, together with Uniform Commercial Code financing statements
         related thereto;

                  (v)      The Intellectual Property Security Agreement duly
         executed by each Borrower Party;

                  (vi)     The Assignment of Rights under Acquisition Agreement
         duly executed by the Parent, the Target and acknowledged by the
         Sellers;

                  (vii)    Each factor of Accounts under the factoring
         arrangements described in Schedule 8.7 shall have executed a Factoring
         Intercreditor Agreement,

                  (viii)   The Fee Letter duly executed by the Borrowers;

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                  (ix)     The Mortgages duly executed by the applicable
         Borrower Parties, encumbering each Borrower Party's fee interest in the
         real property listed on Schedule 5.1(w)-2 (other than the
         Administrative Borrower's real property located in Greenville, Georgia,
         at 108 Thompson Road in Vidalia, Georgia, at lots 34 and 35 in Gaffney,
         South Carolina and at 13th Street in Gaffney, South Carolina), together
         with delivery to the Administrative Agent of: (w) title insurance
         commitments (the "Title Insurance Commitments"), each issued by Lawyers
         Title Insurance Corporation or another title company acceptable to each
         of the Agents in such form and amount as is acceptable to each of the
         Agents insuring that each Mortgage is a valid first priority Lien on
         the applicable Borrower Party's interest in the real property subject
         only to such exceptions to title as shall be acceptable to each of the
         Agents in their discretion and containing such endorsements and
         affirmative insurance as the Agents may require and as are available in
         the jurisdiction in which the relevant property is located, and true
         copies of each document, instrument or certificate required by the
         terms of each such policy and/or Mortgage to be filed, recorded,
         executed or delivered in connection therewith; (x) duly authorized
         Uniform Commercial Code financing statements under the applicable
         Uniform Commercial Code, or other filings under applicable law, to be
         filed in connection with each Mortgage in form and substance
         satisfactory to each of the Agents to perfect the Lien created by each
         Mortgage; (y) a current survey of the real property encumbered by each
         Mortgage, certified to the title company, the Lender Group and each of
         their successors and assigns, in form and content satisfactory to each
         of the Agents and prepared by a professional and properly licensed land
         surveyor satisfactory to each of the Agents and (z) local counsel
         opinions with respect to each Mortgage in form and substance
         satisfactory to each of the Agents.

                  (x)      An environmental review and audit report (including
         phase I and, as determined necessary by the Agents, phase II
         environmental reports) with respect to each parcel of Eligible Real
         Estate, together with a reliance letter in favor of the Lender Group,
         in each case, satisfactory in all respects to each of the Agents from
         EMG or another independent firm acceptable to the Administrative Agent
         (including without limitation any Phase I and, as determined necessary
         by the Agents, Phase II environmental reports prepared by EMG),
         together with copies of all existing environmental reviews and audits
         and other information pertaining to actual or potential environmental
         claims as the Agents may require.

                  (xi)     Appraisals in form and substance satisfactory to each
         of the Agents reflecting values of the Borrower Parties' interest in
         real property and Inventory at levels acceptable to each of the Agents
         from appraisers acceptable to each of the Agents (including without
         limitation, appraisals of inventory from Hilco Appraisal Services, LLC,
         appraisals of real property from Land America, and valuations by the
         Administrative Agent's field examiners (including, without

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         limitation, valuations from Freed Maxick) reflecting values of the
         Borrower Parties' Accounts, Inventory and other personal property at
         levels acceptable to each of the Agents;

                  (xii)    Duly executed landlord waiver agreements and bailee
         waiver agreements, as applicable, with respect to each Borrower Party's
         leased premises or goods in the possession of bailees, in each case, in
         form and substance satisfactory to each of the Agents;

                  (xiii)   A duly executed Licensor Consent Agreement with
         respect to each License Agreement;

                  (xiv)    Duly executed Blocked Account Agreements.

                  (xv)     (A) The legal opinion of King & Spalding LLP, counsel
         to the Borrower Parties, addressed to the Lender Group, in form and
         substance satisfactory to each of the Agents, (B) the legal opinion of
         King & Spalding LLP, counsel to the Parent, addressed to the Sellers,
         including a reliance provision in favor of the Lender Group, in form
         and substance reasonably satisfactory to each of the Agents, and (C)
         the legal opinions of Alston & Bird LLP and Ropes & Gray, counsel to
         the Target and the Sellers, addressed to the Borrower Parties,
         including reliance provisions in favor of the Lender Group, in form and
         substance reasonably satisfactory to each of the Agents;

                  (xvi)    The duly executed Request for Advance for the initial
         Advance of the Revolving Loans;

                  (xvii)   The Assignments of Life Insurance Policy duly
         executed by the applicable Borrower Party and acknowledged by the
         applicable insurance company, in form and substance satisfactory to
         each of the Agents;

                  (xviii)  All Lien Acknowledgment Agreements duly executed by
         the applicable Approved Freight Handler;

                  (xix)    With respect to each Borrower Party, a loan
         certificate signed by an Authorized Signatory of such Borrower Party in
         substantially the form of Exhibit L, including a certificate of
         incumbency with respect to each Authorized Signatory of such Borrower
         Party, together with appropriate attachments which shall include,
         without limitation, the following: (A) a copy of the certificate or
         articles of incorporation, certificate of limited partnership or
         certificate of organization of such Borrower Party certified to be
         true, complete and correct by the Secretary of State or applicable
         officer for the State of such Borrower Party's incorporation or
         organization, (B) a true, complete and correct copy of the bylaws,
         partnership agreement or limited liability company or operating
         agreement of such Borrower Party, (C) a true, complete and correct

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         copy of the resolutions of the such Borrower Party authorizing the
         execution, delivery and performance by such Borrower Party of the Loan
         Documents and, with respect to the Borrowers, authorizing the
         borrowings hereunder, (D) certificates of good standing from each
         jurisdiction in which such Borrower Party does business except to the
         extent the failure to be so qualified would not reasonably be expected
         to have a Materially Adverse Effect, (E) copies of employment contracts
         for senior management level employees of such Borrower Party, and (F)
         copies of all shareholders or share purchase agreements, as applicable,
         relating to the Equity Interests of such Borrower Party;

                  (xx)     A certificate executed by an Authorized Signatory of
         the Parent regarding the solvency and financial condition of the
         Borrower Parties, together with a pro forma balance sheet giving effect
         to the Acquisition, the incurrence of the Senior Notes Debt and the
         incurrence of the initial Advances and the issuance of the initial
         Letters of Credit on the Agreement Date, in form and substance
         satisfactory to each of the Agents;

                  (xxi)    The duly executed Earnout Subordination Agreement;

                  (xxii)   A copy of the executed Senior Notes Documents,
         together with all exhibits and schedules thereto; provided, however,
         that only a specimen copy of the Senior Notes shall be required to be
         delivered;

                  (xxiii)  A copy of the executed Acquisition Agreement,
         together with all exhibits and schedules thereto, accompanied by the
         certificate of a senior officer of the Parent as to the consummation of
         the transactions contemplated by the Acquisition Agreement;

                  (xxiv)   A copy of the other executed Acquisition Documents;

                  (xxv)    A certificate of the Secretary or an Assistant
         Secretary of the Parent certifying that attached thereto is a true and
         complete copy of resolutions adopted by the Board of Directors of the
         Parent authorizing the execution, delivery and performance of the
         Senior Notes Documents and the Acquisition Documents and the
         consummation of the transactions provided for therein;

                  (xxvi)   (A) Projected consolidated financial statements for
         the Parent and its Subsidiaries for the 2004 fiscal year, on a month by
         month basis, for each fiscal year thereafter until the Maturity Date on
         an annual basis and (B) monthly financial statements for the Parent and
         its Subsidiaries and the Target for the fiscal month of April 2003;

                  (xxvii)  Copies of certificates of insurance and loss payable
         endorsements with respect to the Borrower Parties and certified copies
         of all

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         insurance policies of the Borrower Parties, in each case, meeting the
         requirements of Section 6.5;

                  (xxviii) Copies of any pay-off letters, termination
         statements, canceled mortgages and the like required by the Agents in
         connection with the removal of any Liens (other than Permitted Liens)
         against the assets of the Borrower Parties after giving effect to the
         Acquisition;

                  (xxix)   Lien search results with respect to the Borrower
         Parties from all appropriate jurisdictions and filing offices
         satisfactory to each of the Agents;

                  (xxx)    Evidence satisfactory to each of the Agents that the
         Liens granted pursuant to the Security Documents will be first priority
         perfected Liens on the Collateral (subject only to Permitted Liens);

                  (xxxi)   Payment of all fees and expenses payable to the
         Administrative Agent, the affiliates of the Administrative Agent, the
         Syndication Agent and the Lenders in connection with the execution and
         delivery of this Agreement, including, without limitation, fees and
         expenses of counsel to the Administrative Agent; and

                  (xxxii)  All such other documents as the Agents may reasonably
         request, certified by an appropriate governmental official or an
         Authorized Signatory if so requested.

         (b)      No event shall have occurred since May 31, 2002, which, in the
reasonable business judgment of the Agents and the other members of the Lender
Group, is reasonably likely to have a Materially Adverse Effect or a materially
adverse effect upon the business, assets, liabilities, prospects, condition
(financial or otherwise) or the results of operation of the Target;

         (c)      The Administrative Agent and the Lenders shall have received
evidence reasonably satisfactory to them that (i) all conditions to the closing
of the transactions contemplated by the Senior Notes Documents have been
satisfied (ii) the Senior Notes have been issued by the Parent for an aggregate
principal amount of not less than $200,000,000, and (iii) such proceeds have
been released (or will be, concurrently with the making of the initial Advance)
from escrow and made available to the Parent.

         (d)      The Agents shall have received evidence reasonably
satisfactory to them that all Necessary Authorizations are in full force and
effect and are not subject to any pending or threatened reversal or
cancellation, and that no Default exists, after giving effect to the initial
Advance hereunder, and the Agents and the other members of the Lender Group
shall have received a certificate of an Authorized Signatory so stating.

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<PAGE>

         (e)      The Agents shall have received evidence satisfactory to them
that (i) the Target shall have entered into employment agreements with each of
S. Anthony Margolis, Lucio Dalla Gasperina and Ken S. Kong, (ii) the Target
shall have entered into consulting agreements with each of Tony Yeung and Robert
Emfield (iii) the Parent shall have entered into noncompetition agreements with
each of S. Anthony Margolis, Lucio Dalla Gasperina, Bonita Beach Blues, Inc. and
Robert Emfield, and (iv) the Parent shall have entered into nonsolicitation and
nondisclosure agreements with each of Whole Duty Investments, Ltd., Tony Yeung
and SKM-TB, LLC, which agreements shall be in form and substance satisfactory to
each of the Agents and which agreements shall be in full force and effect on the
Agreement Date;

         (f)      The Agents shall have received evidence that the Acquisition
will be consummated on the terms set forth in the Acquisition Documents and
otherwise on terms satisfactory to each of the Agents immediately following the
initial Advance hereunder as of the Agreement Date;

         (g)      The Agents shall have received confirmation that the original
Uniform Commercial Code financing statements naming the respective Borrower
Parties as debtor and naming the Administrative Agent as secured party have been
duly filed in all appropriate jurisdictions, in such form as shall be
satisfactory to each of the Agents;

         (h)      The Agents shall have received a duly executed Borrowing Base
Certificate, in form and substance satisfactory to each of the Agents,
demonstrating that as of the Agreement Date, after giving effect to the
borrowings hereunder on the Agreement Date, the issuance of any Letters of
Credit hereunder on the Agreement Date and the consummation of the Acquisition,
the Borrowers shall have not less than $50,000,000 in Availability (with
expenses and liabilities being paid in the ordinary course of business, without
acceleration of sales and without deterioration in working capital);

         (i)      The Agents shall have received a flow of funds report in form
and substance reasonably acceptable to them dated as of the Agreement Date and
executed by the Administrative Borrower which report shall include a statement
of all sources and uses of funds on the Agreement Date;

         (j)      The Agents shall have received a certificate executed by the
chief financial officer of the Administrative Borrower, together with
calculations, evidencing that (A) EBITDA of the Parent and its Subsidiaries for
the 12-month period ending with the April 2003 fiscal month on a consolidated
basis calculated on a Pro Forma Basis (after giving effect to the Acquisition)
is not less than $90,000,000 and (B) as of the last day of the April 2003 fiscal
month, the ratio of Total Debt to EBITDA calculated on a Pro Forma Basis (after
giving effect to the Acquisition) is not greater than 3.80 to 1.00;

         (k)      The Agents shall have received, as applicable, and reviewed to
their satisfaction the Borrowers' accounting and computer systems, pension
agreements and

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<PAGE>

obligations, union contracts negotiated in the preceding twelve (12) month
period and customer profitability reports.

         (l)      The Agents shall have received and reviewed to their
satisfaction, all License Agreements;

         (m)      The Agents shall have received evidence satisfactory to them
that the securitization arrangements of the Parent have been terminated pursuant
to the terms of the securitization documents governing such arrangements;

         (n)      The Agent s shall have reviewed to their satisfaction the
structure, terms and conditions of the Acquisition, including any earnout
provisions thereof;

         (o)      The Administrative Agent shall have completed to its
satisfaction its field audit of the Borrowers; and

         (p)      The Administrative Agent shall have completed its credit
review of certain Account Debtors of the Borrowers and such review shall be
reasonably satisfactory to each of the Agents.

         Section 4.2 Conditions Precedent to Each Advance. The obligation of the
Lenders to make each Advance, including the initial Advance hereunder (but
excluding Advances, the proceeds of which are to reimburse (i) the Swing Bank
for Swing Loans or (ii) an Issuing Bank for amounts drawn under a Letter of
Credit), is subject to the fulfillment of each of the following conditions
immediately prior to or contemporaneously with such Advance:

         (a)      All of the representations and warranties of the Borrower
Parties under this Agreement and the other Loan Documents, which, pursuant to
Section 5.4, are made at and as of the time of such Advance, shall be true and
correct at such time, both before and after giving effect to the application of
the proceeds of such Advance, and the Administrative Agent shall have received a
certificate (which may be a Request for Advance) to that effect signed by an
Authorized Signatory of the Administrative Borrower and dated the date of such
Advance or such Request for Advance;

         (b)      The incumbency of the Authorized Signatories of the
Administrative Borrower shall be as stated in the certificate of incumbency
contained in the certificate of the Administrative Borrower delivered pursuant
to Section 4.1(a) or as subsequently modified and reflected in a certificate of
incumbency delivered to the Administrative Agent and the Lenders;

         (c)      The most recent Borrowing Base Certificate which shall have
been delivered to the Administrative Agent pursuant to Section 7.5(a) shall
demonstrate that, after giving effect to the making of such Advance, no
Overadvance shall exist and that the Borrowers shall have not less than
$22,500,000 (or with respect to any date of

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determination in December 2003, January 2004, February 2004, December 2004,
January 2005, February 2005, or February 2006, not less than $15,000,000) of
Availability (with expenses and liabilities being paid in the ordinary course of
business, without acceleration of sales and without deterioration in working
capital);

         (d)      There shall not exist on the date of such Advance and after
giving effect to the application of the proceeds of such Advance, a Default or
an Event of Default and the Administrative Agent shall have received a
certificate (which may be a Request for Advance) to that effect signed by an
Authorized Signatory of the Administrative Borrower and dated the date of such
Advance; and

         (e)      The Administrative Agent and the Lenders shall have received
all such other certificates, reports, statements, opinions of counsel, or other
documents as the Administrative Agent or Lenders may reasonably request and all
other conditions to the making of such Advance which are set forth in this
Agreement shall have been fulfilled.

The Borrowers hereby agree that the delivery of any Request for Advance
hereunder shall be deemed to be the certification of the Authorized Signatory of
the Administrative Borrower thereof, on behalf of the Borrowers, that there does
not exist, on the date of the making of the Advance and after giving effect
thereto, a Default or an Event of Default hereunder and that all of the other
conditions set forth in this Section 4.2 have been satisfied. Notwithstanding
the foregoing, if the conditions, or any of them, set forth above are not
satisfied, such conditions may be waived by the requisite Lenders under Section
11.12, and, in any event, the Majority Lenders may waive the Availability
requirement set forth in Section 4.2(c).

         Section 4.3 Conditions Precedent to Each Letter of Credit. The
obligation of the Issuing Banks to issue (or arrange with a Foreign Issuer the
issuance of) each Letter of Credit (including the initial Letter of Credit), to
increase the stated amount of any existing Letter of Credit or to extend the
expiration date of any existing Letter of Credit hereunder is subject to the
fulfillment of each of the following conditions immediately prior to or
contemporaneously with the issuance of such Letter of Credit:

         (a)      All of the representations and warranties of the Borrower
Parties under this Agreement and the other Loan Documents, which, pursuant to
Section 5.4, are made at and as of the time of the issuance of (or amendment to)
such Letter of Credit, shall be true and correct at such time, both before and
after giving effect to the issuance of such Letter of Credit, and the
Administrative Agent shall have received a certificate (which may be a Request
for Issuance of Letter of Credit) to that effect signed by an Authorized
signatory of the Administrative Borrower and dated the date of the issuance of
such Letter of Credit or such Request for Issuance of Letter of Credit;

         (b)      The incumbency of the Authorized Signatories of the
Administrative Borrower shall be as stated in the certificate of incumbency
contained in the certificate of the Administrative Borrower delivered pursuant
to Section 4.1(a) or as subsequently

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modified and reflected in a certificate of incumbency delivered to the
Administrative Agent and the Lenders;

         (c)      The most recent Borrowing Base Certificate which shall have
been delivered to the Administrative Agent pursuant to Section 7.5(a) shall
demonstrate that, after giving effect to the making of (or amendment to) such
Letter of Credit, that the Borrowers shall have not less than $22,500,000 (or
with respect to any date of determination in December 2003, January 2004,
February 2004, December 2004, January 2005, February 2005, or February 2006, not
less than $15,000,000) of Availability (with expenses and liabilities being paid
in the ordinary course of business, without acceleration of sales and without
deterioration in working capital);

         (d)      There shall not exist on the date of issuance of (or amendment
to) such Letter of Credit, and after giving effect thereto, a Default or an
Event of Default, and the Administrative Agent shall have received a certificate
(which may be a Request for Issuance of Letter of Credit) to that effect signed
by an Authorized Signatory of the Administrative Borrower and dated the date of
the issuance of (or amendment to) such Letter of Credit; and

         (e)      The Administrative Agent and the applicable Issuing Bank shall
have received all such other certificates, reports, statements, opinions of
counsel, or other documents as the Administrative Agent or such Issuing Bank may
reasonably request and all other conditions to the issuance of (or amendment to)
such Letter of Credit which are set forth in this Agreement shall have been
fulfilled.

The Borrower hereby agrees that the delivery of any Request for Issuance of a
Letter of Credit hereunder shall be deemed to be the certification of the
Authorized Signatory thereof that there does not exist, on the date of issuance
of (or amendment to) the Letter of Credit and after giving effect thereto, a
Default or an Event of Default hereunder and that all of the conditions set
forth in Section 4.3 have been satisfied. Notwithstanding the foregoing, if the
conditions, or any of them, set forth above are not satisfied, such conditions
may be waived by the requisite Lenders under Section 11.12, and, in any event,
the Majority Lenders may waive the Availability requirement set forth in Section
4.3(c).

         Section 4.4 Conditions Subsequent. As a condition subsequent to
obligations of the Lenders to undertake the Revolving Commitment and to make the
Advances hereunder and the obligation of the Issuing Banks to issue the Letters
of Credit hereunder, the Borrowers shall perform or cause to be performed the
following (the failure by the Borrowers to so perform or cause to be performed
each such item constituting an Event of Default hereunder):

Immediately upon the consummation of the Acquisition, Target and each Domestic
Subsidiary of Target, as applicable, shall execute and deliver to the
Administrative Agent each of the following documents, in form and substance
satisfactory to each of the

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<PAGE>

Agents: (i) the Joinder Agreement, (ii) a Guaranty Supplement, (iii) a
supplement to the Security Agreement, (iv) a supplement to the Pledge Agreement,
(v) a certificate signed by an Authorized Signatory of such Person in
substantially the form of Exhibit L, including a certificate of incumbency with
respect to each Authorized Signatory of such Person, together with appropriate
attachments which shall include, without limitation, the following: (A) a copy
of the certificate or articles of incorporation, organization or formation of
such Person certified to be true, complete and correct by the Secretary of State
or applicable officer for the state of incorporation, formation or organization
of such Person, (B) a true, complete and correct copy of the bylaws, partnership
agreement or limited liability company operating agreement of such Person, (C) a
true, complete and correct copy of the resolutions of such Person authorizing
the execution, delivery and performance by such Person of the Loan Documents and
authorizing the borrowings hereunder, (D) certificates of good standing from
each jurisdiction in which such Person does business except to the extent the
failure to be so qualified would not reasonably be expected to have a Materially
Adverse Effect, (E) copies of employment contracts for key management level
employees of such Person, and (F) copies of all shareholders or share purchase
agreements, relating to the Equity Interests of such Person, (v) other Security
Documents, opinions of counsel, reports, statements, certificates or other
documents as the Administrative Agent may reasonably request.

                                   ARTICLE 5.

                         REPRESENTATIONS AND WARRANTIES

         Section 5.1 General Representations and Warranties. In order to induce
the Lender Group to enter into this Agreement and to extend the Loans and issue
the Letters of Credit to the Borrowers, each Borrower Party hereby represents,
and warrants that:

         (a)      Organization; Power; Qualification. Each Borrower Party and
each Subsidiary of a Borrower Party, as applicable (i) is a corporation or other
legal entity duly organized, validly existing, and in good standing under the
laws of the jurisdiction of its incorporation or organization, (ii) has the
corporate or other company power and authority to own or lease and operate its
properties and to carry on its business as now being and hereafter proposed to
be conducted, and (iii) is duly qualified and is in good standing as a foreign
corporation or other company, and authorized to do business, in each
jurisdiction in which the character of its properties or the nature of its
business requires such qualification or authorization except where the failure
to be so qualified would not reasonably be expected to have a Materially Adverse
Effect.

         (b)      Authorization; Enforceability. Each Borrower Party has the
power and has taken all necessary action, corporate or otherwise to authorize it
to execute, deliver, and perform this Agreement and each of the other Loan
Documents to which it is a party in accordance with the terms thereof and to
consummate the transactions contemplated hereby and thereby. Each of this
Agreement and each other Loan Document to which a

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<PAGE>

Borrower Party is a party has been duly executed and delivered by such Borrower
Party, and (except for Requests for Advance, Requests for Issuance of Letters of
Credit, Notices of Conversion/Continuation, Borrowing Base Certificates and
Uniform Commercial Code financing statements solely to the extent they do not
contain any affirmative obligations of the Borrower Parties) is a legal, valid
and binding obligation of such Borrower Party, enforceable in accordance with
its terms except to the extent that the enforceability thereof may be limited by
applicable bankruptcy, insolvency, reorganization or similar laws affecting the
enforcement of creditor's rights generally or by general principles of equity
(regardless of whether such enforcement is considered in a proceeding in equity
or at law).

         (c)      Partnerships; Joint Ventures; Subsidiaries. Except as
disclosed to the Administrative Agent in writing in connection with any
investment made pursuant to Section 8.5 or 8.7, no Borrower Party or any
Subsidiary of a Borrower Party is a partner or joint venturer in any partnership
or joint venture other than (i) the Subsidiaries listed on Schedule 5.1(c)-1
(and identified on such schedule as a Domestic Subsidiary or Foreign
Subsidiaries) and (ii) the partnerships and joint ventures (that are not
Subsidiaries) listed on Schedule 5.1(c)-2. Schedule 5.1(c)-1 and Schedule
5.1(c)-2 set forth, for each entity identified thereon, a complete and accurate
statement of (A) the percentage ownership of each entity by the applicable
Borrower Party, (B) the state or other jurisdiction of incorporation or
organization, as appropriate, of each such entity, (C) each state in which each
entity is qualified to do business as of the Agreement Date and (D) all names,
trade names, trade styles or doing business forms which such entity has used or
under which such entity has transacted business during the five (5) year period
immediately preceding the Agreement Date. Except as set forth on Schedule
5.1(c)-1 and Schedule 5.1(d) attached hereto or as disclosed to the
Administrative Agent in writing as set forth above, no Borrower Party has any
Subsidiaries.

         (d)      Capital Stock and Related Matters. The authorized Equity
Interests as of the Agreement Date of each Borrower Party and its Subsidiaries
and the number of shares of such Equity Interests that are issued and
outstanding as of the Agreement Date are as set forth on Schedule 5.1(d). All of
the shares of such Equity Interests that are issued and outstanding as of the
Agreement Date are fully paid and non-assessable. As of the Agreement Date, the
Equity Interests of each such Borrower Party and its Subsidiaries (other than
the Parent) are owned by the Persons listed on Schedule 5.1(d) in the amounts
set forth on such schedule. A description of such Equity Interests held by such
Persons is listed on Schedule 5.1(d). Except as described on Schedule 5.1(d), no
Borrower Party or Subsidiary of a Borrower Party has outstanding any stock or
securities convertible into or exchangeable for any shares of its Equity
Interests, nor are there any preemptive or similar rights to subscribe for or to
purchase, or any other rights to subscribe for or to purchase, or any options
for the purchase of, or any agreements providing for the issuance (contingent or
otherwise) of, or any calls, commitments, or claims of any character relating
to, any Equity Interests or any stock or securities convertible into or
exchangeable for any Equity Interests. Except as set forth on Schedule 5.1(d),
no

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<PAGE>

Borrower Party or Subsidiary of a Borrower Party is subject to any obligation
(contingent or otherwise) to repurchase or otherwise acquire or retire any
shares of its Equity Interests or to register any shares of its Equity
Interests, and there are no agreements restricting the transfer of any shares of
such Borrower Party's or such Subsidiary's Equity Interests.

         (e)      Compliance of the Loan Documents with Laws, Other Loan
Documents, and Contemplated Transactions The execution, delivery, and
performance of this Agreement and each of the other Loan Documents in accordance
with their respective terms and the consummation of the transactions
contemplated hereby and thereby do not and will not (i) violate any Applicable
Law, (ii) conflict with, result in a breach of, or constitute a default under
the certificate of incorporation or by-laws of any Borrower Party or under any
indenture, agreement, or other instrument to which any Borrower Party is a party
or by which any Borrower Party or any of its properties may be bound, or (iii)
result in or require the creation or imposition of any Lien upon or with any
Borrower Party except Permitted Liens.

         (f)      Necessary Authorizations. Each Borrower Party and each
Subsidiary of a Borrower Party has obtained all Necessary Authorizations, and
all such Necessary Authorizations are in full force and effect. None of such
Necessary Authorizations is the subject of any pending or, to the best of each
Borrower Party's or such Subsidiary's knowledge, threatened attack or
revocation, by the grantor of the Necessary Authorization.

         (g)      Title to Properties. Each Borrower Party and each Subsidiary
of a Borrower Party has good, marketable, and legal title to, or a valid
leasehold interest in, all of its properties and assets, and none of such
properties or assets is subject to any Liens (other than Permitted Liens).

         (h)      Material Contracts; Labor Matters. Schedule 5.1(h) contains a
complete list, as of the date of this Agreement, of each contract or agreement
to which any Borrower Party or Subsidiary of a Borrower Party is a party which,
if terminated, would reasonably be likely to result in a Materially Adverse
Effect. Schedule 5.1(h) further identifies, as of the Agreement Date, each
material contract which requires consent to the granting of a Lien in favor of
the Administrative Agent on the rights of any Borrower Party thereunder. Except
as disclosed to the Administrative Agent and the Lenders in writing from time to
time, no Borrower Party or Subsidiary of a Borrower Party is in default under or
with respect to any contract to which it is a party or by which it or any of its
properties are bound that, if terminated, would reasonably be likely to result
in a Materially Adverse Effect. Except as disclosed on Schedule 5.1(h): (A) no
labor contract to which any Borrower Party is a party or is otherwise subject is
scheduled to expire prior to the Maturity Date; (B) no Borrower Party has,
within the two-year (2) period preceding the Agreement Date, taken any action
which would have constituted or resulted in a "plant closing" or "mass layoff"
within the meaning of the Federal Worker

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<PAGE>

Adjustment and Retraining Notification Act of 1988 or any similar applicable
federal, state or local law (to the extent any such law would restrict such
action taken given the location of the applicable Borrower Party's operations or
otherwise), and no Borrower Party has any reasonable expectation that any such
action is or will be required at any time prior to the Maturity Date; (C) no
Borrower Party is a party to any labor dispute (other than disputes arising in
the ordinary course of business, including, without limitation, disputes with
such Borrower Party's employees as individuals and not affecting such Borrower
Party's relations with any labor group or its workforce as a whole), and (D)
there are no pending or, to each Borrower Party's knowledge, threatened strikes
or walkouts relating to any labor contracts to which any Borrower Party is a
party or is otherwise subject that could reasonably be expected to have a
Materially Adverse Effect. Except as set forth on Schedule 5.1(h), none of the
employees of any Borrower Party or Subsidiary of a Borrower Party is a party to
any collective bargaining agreement with such Borrower Party or such Subsidiary,
as applicable.

         (i)      Taxes. Except as set forth on Schedule 5.1(i), all federal,
state, and other tax returns of each Borrower Party and each Subsidiary of
Borrower Party required by law to be filed have been duly filed, and all
federal, state, and other taxes (including without limitation, all real estate
and personal property, income, franchise, transfer and gains taxes), all general
or special assessments, and other governmental charges or levies upon each
Borrower Party and each Subsidiary of a Borrower Party and any of their
respective properties, income, profits, and assets, which are due and payable,
have been paid, except any payment of any of the foregoing which such Borrower
Party or Subsidiary, as applicable, is currently contesting in good faith by
appropriate proceedings and with respect to which reserves in conformity with
GAAP have been provided on the books of such Borrower Party or such Subsidiary,
as the case may be. The charges, accruals, and reserves on the books of the
Borrower Parties and Subsidiaries of the Borrower Parties in respect of taxes
are, in the reasonable judgment of the Borrower Parties, adequate. Except as set
forth on Schedule 5.1(i), no Borrower Party or any Subsidiary of a Borrower
Party is currently under audit by the Internal Revenue Service or any other
taxing authority.

         (j)      Financial Statements. The Borrower Parties have furnished, or
caused to be furnished, to the Lenders the audited consolidated financial
statements of the Parent and its Subsidiaries and the financial statements of
the Target which are complete and correct in all material respects and present
fairly in accordance with GAAP the respective financial positions of the Parent
and its Subsidiaries as of May 31, 2002 and of the Target as of March 31, 2002,
and the respective results of operations of the Parent and its Subsidiaries and
of the Target for the periods then ended. The Borrower Parties have furnished,
or caused to be furnished, to the Lenders the unaudited consolidated financial
statements of the Parent and its Subsidiaries and the financial statements of
the Target for the April 2003 fiscal month which are complete and correct in all
material respects and present fairly in accordance with GAAP, subject to normal
year end adjustments, the respective financial positions of the Parent and its
Subsidiaries as of the last day of the

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<PAGE>

April 2003 fiscal month and of the Target as of the last day of the April 2003
fiscal month, and the respective results of operations of the Parent and its
Subsidiaries and of the Target for the periods then ended.

         (k)      No Adverse Change. Since May 31, 2002, there has occurred no
event which could reasonably be expected to have a Materially Adverse Effect or,
on or prior to the Agreement Date, a materially adverse effect upon the
business, assets, liabilities, prospects, condition (financial or otherwise) or
the results of operation of the Target.

         (l)      Investments and Guaranties. As of the Agreement Date, no
Borrower Party or Subsidiary of a Borrower Party owns any Equity Interests of,
or has outstanding loans or advances to, or guaranties of the obligations of,
any Person, except as reflected in the financial statements referred to in
Section 5.1(j) or disclosed on Schedules 5.1(c)-1, 5.1(d) or 5.1(l).

         (m)      Liabilities, Litigation, etc. As of the Agreement Date, except
for liabilities incurred in the normal course of business, no Borrower Party or
Subsidiary of a Borrower Party has any material (individually or in the
aggregate) liabilities, direct or contingent, except as disclosed or referred to
in the financial statements referred to in Section 5.1(j), the Obligations and
the Senior Notes Debt. As of the Agreement Date, except as described on
Schedules 5.1(m) and 5.1(x), there is no litigation, legal or administrative
proceeding, investigation, or other action of any nature pending or, to the
knowledge of the Borrower Parties, threatened against or affecting any Borrower
Party or any Subsidiary of a Borrower Party or any of their respective
properties which could reasonably be expected to result in any judgment against
or liability of such Borrower Party or Subsidiary of a Borrower Party in excess
of $7,500,000, individually and in the aggregate with respect to all Borrower
Parties and their Subsidiaries, or the loss of any certification or license
material to the operation of such Borrower Party's or Subsidiary's business.
None of such litigation disclosed on Schedules 5.1(m) and 5.1(x), individually
or collectively, could reasonably be expected to have a Materially Adverse
Effect.

         (n)      ERISA. Each Borrower Party and each Plan are in compliance in
all material respects with ERISA and the Code, and no Borrower Party nor any of
its ERISA Affiliates incurred any accumulated funding deficiency within the
meaning of Section 302 of ERISA or Section 412 of the Code with respect to any
such Plan that is subject to the minimum funding requirements of Section 302 of
ERISA or Section 412 of the Code. Each Borrower Party and each of its ERISA
Affiliates have complied with all material requirements of Sections 601 through
608 of ERISA and Section 4980B of the Code. No Borrower Party has made any
promises of retirement or other benefits to employees, except as set forth in
the Plans. No Borrower Party has incurred any material liability to the PBGC in
connection with any such Plan. No Reportable Event has occurred and is
continuing with respect to any such Plan. No such Plan or trust created
thereunder, or party in interest (as defined in Section 3(14) of ERISA, or any
fiduciary (as defined in Section 3(21) of ERISA), has engaged in a non-exempt
"prohibited transaction" (as such

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term is defined in Section 406 of ERISA or Section 4975 of the Code) which would
subject any Borrower Party to any material penalty or tax on "prohibited
transactions" imposed by Section 502 of ERISA or Section 4975 of the Code. No
Borrower Party or any ERISA Affiliate is a participant in or is obligated to
make any payment to a Multiemployer Plan.

         (o)      Intellectual Property; Licenses; Certifications. As of the
Agreement Date, except as set forth on Schedule 5.1(o), no Borrower Party or
Subsidiary of a Borrower Party owns any registered patents, trademarks, service
marks or copyrights, and has no pending registration applications with respect
to any of the foregoing. As of the Agreement Date, no other patents, trademarks,
service marks or copyrights are necessary for the operation of the business of
the Borrower Parties and their Subsidiaries. Each Borrower Party and each
Subsidiary of a Borrower Party has all material licenses and certifications
necessary for the operation of such Borrower Party's or such Subsidiary's
business.

         (p)      Compliance with Law; Absence of Default. Each Borrower Party
and each Subsidiary of a Borrower Party is in material compliance with all
Applicable Laws and with all of the provisions of its certificate or articles of
incorporation or formation, by-laws or other governing documents. No event has
occurred or has failed to occur which has not been remedied or waived, the
occurrence or non-occurrence of which constitutes (i) a Default, (ii) a default
by such Borrower Party under the Senior Notes Documents, or (iii) except with
respect to indebtedness in an aggregate principal amount equal to or less than
$5,000,000, a default under any other indenture, agreement, or other instrument,
or any judgment, decree, or order to which such Borrower Party or such
Subsidiary is a party or by which such Borrower Party or such Subsidiary or any
of their respective properties may be bound.

         (q)      Casualties; Taking of Properties, etc. Since May 31, 2002,
neither the business nor the properties of the Borrower Parties, their
Subsidiaries, or the Target has been materially and adversely affected as a
result of any fire, explosion, earthquake, flood, drought, windstorm, accident,
strike or other labor disturbance, embargo, requisition or taking of property or
cancellation of contracts, permits or concessions by any domestic or foreign
government or any agency thereof, riot, activities of armed forces, or acts of
God or of any public enemy.

         (r)      Accuracy and Completeness of Information. All written
information, reports, other papers and data relating to the Borrower Parties
furnished by or at the direction of the Borrower Parties to the Lender Group
(other than projections, estimates and forecasts) were, at the time furnished,
complete and correct in all material respects. With respect to projections,
estimates and forecasts given to the Lender Group, such projections, estimates
and forecasts are based on the Borrower Parties' good faith assessment of the
future of the business at the time made. The Borrower Parties had a reasonable
basis for such assessment at the time made.

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         (s)      Compliance with Regulations T, U and X. No Borrower Party or
Subsidiary of a Borrower Party is engaged principally in or has as one of its
important activities in the business of extending credit for the purpose of
purchasing or carrying, and no Borrower Party or Subsidiary of a Borrower Party
owns or presently intends to acquire, any "margin security" or "margin stock" as
defined in Regulations T, U and X of the Board of Governors of the Federal
Reserve System (herein called "margin stock"). None of the proceeds of the Loans
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 margin stock or for any other
purpose which might constitute this transaction a "purpose credit" within the
meaning of said Regulations T, U and X. If so requested by the Administrative
Agent, the Borrower Parties or their Subsidiaries, as applicable, will furnish
the Administrative Agent with (i) a statement or statements in conformity with
the requirements of Federal Reserve Form U-1 referred to in Regulation U of said
Board of Governors and (ii) other documents evidencing its compliance with the
margin regulations reasonably requested by the Administrative Agent. Neither the
making of the Loans nor the use of proceeds thereof will violate the provisions
of Regulation T, U or X of said Board of Governors.

         (t)      Solvency. As of the Agreement Date and after giving effect to
the transactions contemplated by the Acquisition Documents, the Acquisition, the
incurrence of the Senior Notes Debt, and the transactions contemplated by the
Loan Documents (i) the property of each Borrower Party, at a fair valuation on a
going concern basis, will exceed its debt; (ii) the capital of each Borrower
Party will not be unreasonably small to conduct its business; and (iii) no
Borrower Party will have incurred debts, or have intended to incur debts, beyond
its ability to pay such debts as they mature. For purposes of this Section,
"debt" means any liability on a claim, and "claim" means (A) the right to
payment, whether or not such right is reduced to judgment, liquidated,
unliquidated, fixed, contingent, matured, unmatured, undisputed, legal,
equitable, secured or unsecured, or (B) the right to an equitable remedy for
breach of performance if such breach gives rise to a right to payment, whether
or not such right to an equitable remedy is reduced to judgment, fixed,
contingent, matured, unmatured, undisputed, secured or unsecured.

         (u)      Insurance. The Borrower Parties and their Subsidiaries have
insurance meeting the requirements of Section 6.5, and such insurance policies
are in full force and effect. As of the Agreement Date, all material insurance
policies and insurance coverages maintained by the Borrower Parties and their
Subsidiaries are described on Schedule 5.1(u).

         (v)      Broker's or Finder's Commissions. Except as set forth on
Schedule 5.1(v), no broker's or finder's fee or commission will be payable with
respect to the execution and delivery of this Agreement and the other Loan
Documents, and no other similar fees or commissions will be payable by the
Borrower Parties for any other

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services rendered to the Borrower Parties ancillary to the credit transactions
contemplated herein.

         (w)      Real Property. All real property leased by each Borrower Party
and each Subsidiary of a Borrower Party as of the Agreement Date, and the name
of the lessor of such real property, is set forth in Schedule 5.1(w)-1. The
leases of each Borrower Party and each Subsidiary of a Borrower Party, as
applicable, are valid, enforceable and in full force and effect, and have not
been modified or amended, except as otherwise set forth in Schedule 5.1(w)-1.
The Borrower Parties and their Subsidiaries, as applicable, are the sole holders
of the lessee's interests under such leases. No Borrower Party or a Subsidiary
of a Borrower Party has made any pledge, mortgage, assignment or sublease of any
of it rights under such leases except pursuant to the Loan Documents and as set
forth in Schedule 5.1(w)-1 and, there is no default or condition which, with the
passage of time or the giving of notice, or both, would constitute a material
default on the part of any party under such leases and the Borrower Parties and
their Subsidiaries, as applicable, have paid all rents and other charges due and
payable under such leases. All real property owned by each Borrower Party and
each Subsidiary of a Borrower Party as of the Agreement Date is set forth in
Schedule 5.1(w)-2. As of the Agreement Date, no Borrower Party or Subsidiary of
a Borrower Party owns, leases or uses any real property other than as set forth
on Schedule 5.1(w). Each Borrower Party and each Subsidiary of a Borrower Party,
as applicable, owns good and marketable fee simple title to all of its owned
real property, and none of its owned real property is subject to any Liens,
except Permitted Liens. No Borrower Party or Subsidiary of a Borrower Party,
owns or holds, or is obligated under or a party to, any option, right of first
refusal or any other contractual right to purchase, acquire, sell, assign or
dispose of any real property owned or leased by it.

         (x)      Environmental Matters.

                  (i)      Except as is described on Schedule 5.1(x) - 1, none
         of the Properties contains, in, on or under, including, without
         limitation, the soil and groundwater thereunder, any Hazardous
         Materials in violation of Environmental Laws or in amounts that could
         give rise to any material liability under Environmental Laws.

                  (ii)     Except as is described on Schedule 5.1(x) - 2, each
         Borrower Party and each Subsidiary of a Borrower Party is in compliance
         with all applicable Environmental Laws and there is no violation of any
         Environmental Law or contamination which could materially interfere
         with the continued operation of any of the Properties or impair the
         financial condition of any Borrower Party or Subsidiary of a Borrower
         Party.

                  (iii)    Except as is described on Schedule 5.1(x) -3, no
         Borrower Party or Subsidiary of a Borrower Party has received from any
         Governmental Authority any complaint, or notice of violation, alleged
         violation, investigation or

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         advisory action or notice of potential liability regarding matters of
         environmental protection or permit compliance under applicable
         Environmental Laws with regard to the Properties, nor is any Borrower
         Party aware that any such notice is pending.

                  (iv)     Except as is described on Schedule 5.1(x) - 4,
         Hazardous Materials have not been generated, treated, stored, disposed
         of, at, on or under any of the Property in violation of any
         Environmental Laws or in a manner that could give rise to any liability
         under Environmental Laws nor have any Hazardous Materials been
         transported or disposed of from any of the Properties to any other
         location in violation of any Environmental Laws or in a manner that
         could give rise to liability under Environmental Laws. Except as
         disclosed on Schedule 5.1x-4 no Borrower Party or any Subsidiary of a
         Borrower Party has permitted or will permit any tenant or occupant of
         the Properties to engage in any activity that could impose material
         liability under the Environmental Laws on such tenant or occupant, any
         Borrower Party or any Subsidiary of a Borrower Party or any other owner
         of any of the Properties.

                  (v)      Except as is described on Schedule 5.1(x) - 5, no
         Borrower Party is, and no Subsidiary of a Borrower Party is, a party to
         any governmental administrative actions or judicial proceedings pending
         under any Environmental Law with respect to any of the Properties, nor
         are there any consent decrees or other decrees, consent orders,
         administrative orders or other orders, or other administrative or
         judicial requirements outstanding under any Environmental Law with
         respect to any of the Properties.

                  (vi)     Except as is described on Schedule 5.1(x) - 6, there
         has been no release or threat of release of Hazardous Materials into
         the environment at or from any of the Properties, or arising from or
         relating to the operations of the Borrower Parties or their
         Subsidiaries, in material violation of Environmental Laws or in amounts
         that could give rise to any material liability under Environmental
         Laws.

                  (vii)    None of the matters disclosed on Schedules 5 (x) - 1
         through 6 is reasonably likely to result in liability to the Borrower
         Parties and their Subsidiaries in excess of $7,500,000 in the
         aggregate.

         (y)      OSHA. All of the Borrower Parties' operations are conducted in
substantial compliance with all material and applicable rules and regulations
promulgated by the Occupational Safety and Health Administration of the United
States Department of Labor.

         (z)      Names of Borrowers. No Borrower Party or Subsidiary of a
Borrower Party has changed its name within the five (5) years preceding the
Agreement Date, nor

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has any Borrower Party or Subsidiary of a Borrower Party transacted business
under any other name or trade name.

         (aa)     Investment Company Act; Public Utility Holding Company Act. No
Borrower Party is required to register under the provisions of the Investment
Company Act of 1940, as amended, and neither the entering into or performance by
the Borrower Parties of this Agreement nor the issuance of any Revolving Loan
Notes violates any provision of such Act or requires any consent, approval, or
authorization of, or registration with, any governmental or public body or
authority pursuant to any of the provisions of such Act. No Borrower Party is a
"holding company" or a "subsidiary company" of a "holding company", or an
"affiliate" of a "holding company" or of a "subsidiary company" of a "holding
company", as such terms are defined in the Public Utility Holding Company Act of
1935, as amended.

         (bb)     Senior Debt Status. The Obligations as and when incurred shall
constitute senior Indebtedness of each Borrower Party with respect to any
Indebtedness of such Borrower Party that is subordinate to the Obligations,
including, without limitation, Indebtedness of the Parent under the Earnout
Agreement.

         Section 5.2 Representations and Warranties Relating to Accounts. With
respect to all Accounts of each Borrower Party, such Borrower Party hereby
warrants and represents to the Lender Group that such Accounts are bona fide
existing payment obligations of Account Debtors created by the sale and delivery
of Inventory or the rendition of services to such Account Debtors in the
ordinary course of such Borrower Party's business. As to each Account that is
identified by such Borrower Party as an Eligible Account in a Borrowing Base
Certificate submitted to the Administrative Agent by the Administrative
Borrower, such Account is not excluded as ineligible by virtue of one or more of
the excluding criteria set forth in the definition of Eligible Accounts.

         Section 5.3 Representations and Warranties Relating to Inventory. With
respect to all Eligible Inventory, the Administrative Agent may rely upon all
statements, warranties or representations made in any Borrowing Base Certificate
in determining the classification of such Inventory and in determining which
items of Inventory listed in such Borrowing Base Certificate meet the
requirements of eligibility.

         Section 5.4 Survival of Representations and Warranties, etc. All
representations and warranties made under this Agreement and the other Loan
Documents shall be deemed to be made, and shall be true and correct, at and as
of the Agreement Date (after giving effect to the Acquisition) and the date of
each Advance or issuance of (or amendment to) a Letter of Credit hereunder,
except to the extent previously fulfilled in accordance with the terms of this
Agreement or the other Loan Documents and to the extent subsequently
inapplicable. All representations and warranties made under this Agreement and
the other Loan Documents shall survive, and not be waived by, the execution of
this Agreement or the other Loan Documents by the Lender Group or any of them,
any investigation or inquiry by any member of the Lender

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Group, or the making of any Advance or the issuance of (or amendment to) any
Letter of Credit under this Agreement.

                                   ARTICLE 6.

                                GENERAL COVENANTS

So long as any of the Obligations are outstanding and unpaid or the Borrowers
shall have the right to borrow, or have Letters of Credit issued, hereunder
(whether or not the conditions to borrowing have been or can be fulfilled), and
unless the Majority Lenders shall otherwise give their prior consent in writing:

         Section 6.1 Preservation of Existence and Similar Matters. Each
Borrower Party will, and will cause its Subsidiaries to, (i) except as expressly
permitted under Section 8.7, preserve and maintain its existence, rights,
franchises, licenses, and privileges in its jurisdiction of incorporation or
organization including, without limitation, all Necessary Authorizations, and
(ii) qualify and remain qualified and authorized to do business in each
jurisdiction in which the character of its properties or the nature of their
respective business requires such qualification or authorization except where
the failure to be so qualified would not reasonably be expected to have a
Materially Adverse Effect.

         Section 6.2 Compliance with Applicable Law. Each Borrower Party will,
and will cause its Subsidiaries to, comply, in all material respects, with the
requirements of all Applicable Law.

         Section 6.3 Maintenance of Properties. Each Borrower Party will, and
will cause its Subsidiaries to, maintain or cause to be maintained in the
ordinary course of business in good repair, working order, and condition, normal
wear and tear and disposal of obsolete equipment excepted, all properties used
or useful in its business (whether owned or held under lease), and from time to
time make or cause to be made all needed and appropriate repairs, renewals,
replacements, additions, betterments, and improvements thereto.

         Section 6.4 Accounting Methods and Financial Records. Each Borrower
Party will, and will cause its Subsidiaries to, maintain a system of accounting
established and administered in accordance with GAAP, and will keep adequate
records and books of account in which complete entries will be made in
accordance with such accounting principles consistently applied and reflecting
all transactions required to be reflected by such accounting principles.

         Section 6.5 Insurance. Each Borrower Party will, and will cause its
Subsidiaries to, maintain insurance including, but not limited to, public
liability, property insurance, comprehensive general liability, product
liability, business interruption and fidelity coverage insurance, in such
amounts and against such risks as would be customary for companies in the same
industry and of comparable size as the Borrower

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Parties and their Subsidiaries from financially sound and reputable insurance
companies having and maintaining an A.M. Best rating of "A minus" or better and
being in a size category of VI or larger or otherwise acceptable to the
Administrative Agent. In addition to the foregoing, each Borrower Party further
agrees to maintain and pay for insurance upon all goods constituting Collateral
wherever located, in storage or in transit in vehicles, vessels or aircraft,
including goods evidenced by documents, covering casualty, hazard, public
liability and such other risks and in such amounts as would be customary for
companies in the same industry and of comparable size as the Borrower Parties,
from responsible companies having and maintaining an A.M. Best rating of "A
minus" or better and being in a size category of VI or larger or otherwise
acceptable to the Administrative Agent to insure the Lenders' interest in such
Collateral. All such property insurance policies of the Borrower Parties shall
name the Administrative Agent as loss payee and all liability insurance policies
shall name the Administrative Agent as additional insured. Each Borrower Party
shall deliver the original certificates of insurance evidencing that the
required insurance is in force together with satisfactory lender's loss payable
and additional insured, as applicable, endorsements. Each policy of insurance or
endorsement shall contain a clause requiring the insurer to give not less than
thirty (30) days' prior written notice to the Administrative Agent in the event
of cancellation or modification of the policy for any reason whatsoever and a
clause that the interest of the Administrative Agent shall not be impaired or
invalidated by any act or neglect of any Borrower Party or owner of the
Collateral nor by the occupation of the premises for purposes more hazardous
than are permitted by said policy. If any Borrower Party fails to provide and
pay for such insurance, the Administrative Agent may, at the Borrowers' expense,
procure the same, but shall not be required to do so. Each Borrower Party agrees
to deliver to the Administrative Agent, promptly as rendered, true copies of all
reports made in any reporting forms to insurance companies.

         Section 6.6 Payment of Taxes and Claims. Each Borrower Party will, and
will cause its Subsidiaries to, pay and discharge all taxes, assessments, and
governmental charges or levies imposed upon it or its income or profit or upon
any properties belonging to it prior to the date on which penalties attach
thereto, and all lawful claims for labor, materials and supplies which have
become due and payable and which by law have or may become a Lien upon any of
its Property; except that, no such tax, assessment, charge, levy, or claim need
be paid which is being contested in good faith by appropriate proceedings and
for which adequate reserves shall have been set aside on the appropriate books,
but only so long as such tax, assessment, charge, levy, or claim does not become
a Lien or charge other than a Permitted Lien and no foreclosure, distraint,
sale, or similar proceedings shall have been commenced and remain unstayed for a
period thirty (30) days after such commencement. Each Borrower Party shall, and
shall cause its Subsidiaries to, timely file all information returns required by
federal, state, or local tax authorities.

         Section 6.7 Visits and Inspections. Each Borrower Party will, and will
cause its Subsidiaries to, permit representatives of the Administrative Agent to
(a) visit and

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inspect the properties of the Borrower Parties and their Subsidiaries, as
applicable, during normal business hours, (b) inspect and make extracts from and
copies of the Borrower Parties' and such Subsidiaries' books and records, as
applicable, and (c) discuss with the Borrower Parties' and such Subsidiaries'
respective principal officers, as applicable, the Borrower Parties' or such
Subsidiaries' businesses, assets, liabilities, financial positions, results of
operations, and business prospects relating to the Borrower Parties or such
Subsidiaries, as applicable. Any other member of the Lender Group may, at its
expense, accompany the Administrative Agent on any regularly scheduled visit (or
during the continuance of a Default any visit regardless of whether it is
regularly scheduled) to the Borrower Parties and their Subsidiaries' properties
.. The Borrower Parties agree and authorize the Administrative Agent, absent the
existence of a Default (in which event, more field examinations and appraisals
may be conducted at the Administrative Agent's discretion), (at which any other
member of the Lender Group may, at its expense, accompany the Administrative
Agent) to conduct no more than two field examinations and appraisals of
Inventory during any twelve (12) month period (using for such Inventory
appraisals, Hilco Appraisal Service, LLC or such other appraisal firm
satisfactory to the Administrative Agent). The Borrower Parties agree to pay
for, or to reimburse the Administrative Agent for, the costs and expenses of
such field examinations and appraisals in accordance with Section 11.2.

         Section 6.8 Conduct of Business. Each Borrower Party shall, and shall
cause its Subsidiaries to, continue to engage in business of the same general
type as now conducted by it.

         Section 6.9 ERISA. Each Borrower Party shall at all times make, or
cause to be made, prompt payment of contributions required to meet the minimum
funding standards set forth in Section 302 of ERISA and Section 412 of the Code
with respect to each Borrower Party's and its ERISA Affiliates' Plans that are
subject to such funding requirements; furnish to the Administrative Agent,
promptly upon the Administrative Agent's request therefor, copies of any annual
report required to be filed pursuant to ERISA in connection with each such Plan
of each Borrower Party and its ERISA Affiliates; notify the Administrative Agent
as soon as practicable of any Reportable Event and of any additional act or
condition arising in connection with any such Plan which a Borrower Party
believes might constitute grounds for the termination thereof by the PBGC or for
the appointment by the appropriate United States District Court of a trustee to
administer such Plan; and furnish to the Administrative Agent, promptly upon the
Administrative Agent's request therefor, such additional information concerning
any such Plan as may be reasonably requested by the Administrative Agent.

         Section 6.10 Lien Perfection. Each Borrower Party agrees to take such
action as may be required to perfect or continue the perfection of the
Administrative Agent's (on behalf of, and for the benefit of, the Lender Group)
security interest in the Collateral. Each Borrower Party hereby authorizes the
Administrative Agent to file any such

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financing statement on such Borrower Party's behalf describing the Collateral as
"all assets of the debtor" or "all personal property of the debtor."

         Section 6.11 Location of Collateral. All Collateral, other than
Inventory in transit and Inventory sold in the ordinary course of business, will
at all times be kept by the Borrower Parties at one or more of the business
locations of the Borrower Parties set forth in Schedule 6.11. The Inventory
shall not, without the prior written approval of the Administrative Agent, be
moved from the locations set forth on Schedule 6.11 except as permitted in the
immediately preceding sentence and prior to an Event of Default, (i) sales or
other dispositions of assets permitted pursuant to Section 8.7 and (ii) the
storage of Inventory at locations within the continental United States other
than those specified in the first sentence of this Section 6.11 if (A) the
applicable Borrower Party gives the Administrative Agent written notice of the
new storage location at least thirty (30) days prior to storing Inventory at
such location, (B) the Lenders' security interest in such Inventory is and
continues to be a duly perfected, first priority Lien thereon, (C) neither any
Borrower Party's nor the Administrative Agent's right of entry upon the premises
where such Inventory is stored or its right to remove the Inventory therefrom,
is in any way restricted, (D) the owner of such premises, and any bailee,
warehouseman or similar party that will be in possession of such Inventory,
shall have executed and delivered to the Administrative Agent an agreement, in
form and substance acceptable to the Administrative Agent, waiving any
landlord's, bailee's, warehouseman's or other Lien in respect of the Inventory
for unpaid rent or storage charges, and (E) all negotiable documents and
receipts in respect of any Collateral maintained at such premises are promptly
delivered to the Administrative Agent and any non-negotiable documents and
receipts in respect of any Collateral maintained at such premises are issued to
the Administrative Agent and promptly delivered to the Administrative Agent.

         Section 6.12 Protection of Collateral. All insurance expenses and
expenses of protecting, storing, warehousing, insuring, handling, maintaining
and shipping the Collateral (including, without limitation, all rent payable by
any Borrower Party to any landlord of any premises where any of the Collateral
may be located), and any and all excise, property, sales, and use taxes imposed
by any state, federal, or local authority on any of the Collateral or in respect
of the sale thereof, shall be borne and paid by the Borrower Parties. If the
Borrower Parties fail to promptly pay any portion thereof when due, the Lenders
may, at their option, but shall not be required to, make a Base Rate Advance for
such purpose and pay the same directly to the appropriate Person. The Borrowers
agree to reimburse the Lenders promptly therefor with interest accruing thereon
daily at the Default Rate provided in this Agreement. All sums so paid or
incurred by the Lenders for any of the foregoing and all reasonable costs and
expenses (including attorneys' fees, legal expenses, and court costs) which the
Lenders may incur in enforcing or protecting the Lien on or rights and interest
in the Collateral or any of its rights or remedies under this or any other
agreement between the parties hereto or in respect of any of the transactions to
be had hereunder until paid by the Borrowers to the Lenders with interest at the
Default Rate, shall be considered Obligations owing by the

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Borrowers to the Lenders hereunder. Such Obligations shall be secured by all
Collateral and by any and all other collateral, security, assets, reserves, or
funds of the Borrowers in or coming into the hands or inuring to the benefit of
the Lenders. Neither the Administrative Agent nor the Lenders shall be liable or
responsible in any way for the safekeeping of any of the Collateral or for any
loss or damage thereto (except for reasonable care in the custody thereof while
any Collateral is in the Lenders' actual possession) or for any diminution in
the value thereof, or for any act or default of any warehouseman, carrier,
forwarding agency, or other person whomsoever, but the same shall be at the
Borrower Parties' sole risk.

         Section 6.13 Assignments and Records of Accounts. If so requested by
the Administrative Agent following an Event of Default, each Borrower Party
shall execute and deliver to the Administrative Agent, for the benefit of the
Lender Group, formal written assignments of all of the Accounts daily, which
shall include all Accounts that have been created since the date of the last
assignment, together with copies of invoices or invoice registers related
thereto. Each Borrower Party shall keep accurate and complete records of the
Accounts and all payments and collections thereon.

         Section 6.14 Administration of Accounts.

         (a)      The Administrative Agent retains the right after the
occurrence and during the continuance of an Event of Default to notify the
Account Debtors that the Accounts have been assigned to the Administrative
Agent, for the benefit of the Lender Group, and to collect the Accounts directly
in its own name and to charge the collection costs and expenses, including
attorneys' fees, to the Borrowers. The Administrative Agent has no duty to
protect, insure, collect or realize upon the Accounts or preserve rights in
them. Each Borrower Party irrevocably makes, constitutes and appoints the
Administrative Agent as such Borrower Party's true and lawful attorney and
agent-in-fact to endorse such Borrower Party's name on any checks, notes, drafts
or other payments relating to, the Accounts which come into the Administrative
Agent's possession or under the Administrative Agent's control as a result of
its taking any of the foregoing actions. Additionally, the Administrative Agent,
for the benefit of the Lender Group, shall have the right to collect and settle
or adjust all disputes and claims directly with the Account Debtor and to
compromise the amount or extend the time for payment of the Accounts upon such
terms and conditions as the Administrative Agent may deem advisable, and to
charge the deficiencies, reasonable costs and expenses thereof, including
attorney's fees, to the Borrowers.

         (b)      If an Account includes a charge for any tax payable to any
governmental taxing authority, the Administrative Agent on behalf of the Lenders
is authorized, in its sole discretion, to pay the amount thereof to the proper
taxing authority for the account of the applicable Borrower Party and to make a
Base Rate Advance to the Borrowers to pay therefor. The Borrower Parties shall
notify the Administrative Agent if any Account includes any tax due to any
governmental taxing authority and, in the absence of such

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notice, the Administrative Agent shall have the right to retain the full
proceeds of the Account and shall not be liable for any taxes to any
governmental taxing authority that may be due by any Borrower Party by reason of
the sale and delivery creating the Account.

         (c)      Whether or not a Default has occurred, any of the
Administrative Agent's officers, employees or agents shall have the right, at
any time or times hereafter, in the name of the Lenders, or any designee of the
Lenders or the Borrower Parties, to verify the validity, amount or other matter
relating to any Accounts by mail, telephone, telegraph or otherwise. The
Borrower Parties shall cooperate fully with the Administrative Agent and the
Lenders in an effort to facilitate and promptly conclude any such verification
process.

         Section 6.15 The Blocked Account.

         (a)      The Borrower Parties shall establish and maintain one or more
blocked accounts (each a "Blocked Account") pursuant to a lockbox arrangement
acceptable to the Administrative Agent with SunTrust Bank, any affiliate thereof
or any other bank(s) as may be selected by the Borrower Parties and approved by
the Administrative Agent. The Borrower Parties shall issue to each such bank an
irrevocable letter of instruction directing such bank to deposit all payments or
other remittances received in the lockbox to the Blocked Account. Each such
Blocked Account bank shall agree to the Administrative Agent's standard Blocked
Account Agreement or such variation thereof as shall be mutually satisfactory to
the Administrative Agent and such bank. All amounts which shall be deposited
into any Blocked Account shall immediately become the property of and be under
the sole dominion and exclusive control of the Administrative Agent, on behalf
of the Lender Group, and no Borrower Party shall have any right to withdraw such
amounts from the Blocked Account.

         (b)      The Borrower Parties shall take all steps to ensure that all
of their Account Debtors and all of their credit card processors forward all
items of payment to lockboxes established with the Blocked Account banks. Within
thirty (30) days of the Agreement Date or such later date as shall be acceptable
to the Administrative Agent in its reasonable discretion, the Borrower Parties
shall cause each of their credit card processors to enter into an agreement, in
form and substance satisfactory to the Administrative Agent, with the
Administrative Agent and the applicable Borrower Party pursuant to which the
applicable Borrower Party shall irrevocably instruct such credit card processor
to forward all items of payment owing to the Borrower Parties directly to a
Blocked Account.

         (c)      In the event that any Borrower Party shall at any time receive
any remittances of any of the foregoing directly or shall receive any other
funds representing proceeds of the Collateral, such Borrower Party shall hold
the same as trustee for the Administrative Agent, shall segregate such
remittances from its other assets, and shall promptly deposit the same into a
Blocked Account. All cash, cash equivalents, checks, notes, drafts or similar
items of payment (including, without limitation, from the sale of

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any assets under Section 8.7(b) or otherwise or constituting insurance or
condemnation proceeds) received by any Borrower Party otherwise than as provided
elsewhere in this Section 6.15(b) shall be deposited into a Blocked Account
promptly upon receipt thereof by such Borrower Party. Notwithstanding the
foregoing, the Target Retail Borrower Parties shall be permitted to retain as
petty cash an amount up to $2,500 per retail center, determined on an average
basis, for use in the retail stores of such Target Retail Borrower Parties in
the ordinary course of business.

         (d)      If the Administrative Agent or any affiliate of the
Administrative Agent is a Blocked Account bank, on the Business day on which any
amount is deposited into the Blocked Account with the Administrative Agent or
any affiliate of the Administrative Agent in immediately available funds, the
Administrative Agent shall, without further consent of any Borrower Party,
withdraw such amount from such Blocked Account, deposit the same in the Loan
Account, and apply the same against the Obligations in the manner provided for
in Section 2.11 hereof; provided, however, and notwithstanding the foregoing,
that unless an Event of Default then exists and unless the Administrative
Borrower requests otherwise, no money on deposit in such Blocked Account shall
be applied against any Eurodollar Advance if such application would constitute a
prepayment of such Eurodollar Advance prior to its Payment Date, and such funds
shall be retained in such Blocked Account (and, upon the written request of the
Administrative Borrower, will be invested by the Administrative Agent in
overnight deposits for the Borrowers' account) until the earliest of (i) such
Payment Date, (ii) the next Business Day on which additional Obligations arise,
and (iii) the occurrence of an Event of Default, at which time such amount shall
be applied to such Eurodollar Advance or such Obligations (in accordance with
the provisions of Section 2.11 hereof), as the case may be.

         (e)      If any Blocked Account bank is not the Administrative Agent or
any affiliate of the Administrative Agent, all funds in the Blocked Account of
such other bank shall be deposited into the Clearing Account on a daily basis
(or, with respect to account number 07-083327 at First Hawaiian Bank, on each
Monday and each Thursday and, with respect to account number 70973380 at
SouthTrust Bank, on each Wednesday) in immediately available funds. On the
Business Day on which any amount is deposited into the Clearing Account in
immediately available funds, the Administrative Agent shall withdraw such amount
from the Clearing Account, deposit the same in the Loan Account, and apply the
same against the Obligations in the manner provided for in Section 2.11 hereof;
provided, however, that notwithstanding the foregoing, unless an Event of
Default then exists and unless the Administrative Borrower requests otherwise,
no money on deposit in the Clearing Account shall be applied against any
Eurodollar Advance if such application would constitute a prepayment of such
Eurodollar Advance prior to its Payment Date, and such funds shall be retained
in the Clearing Account (and, upon the written request of the Administrative
Borrower, will be invested by the Administrative Agent in overnight deposits for
the Borrowers' account) until the earliest of (i) such Payment Date, (ii) the
next Business Day on which additional Obligations arise, and (iii)

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the occurrence of an Event of Default, at which time such amount shall be
applied to such Eurodollar Advance or such Obligations (in accordance with the
provisions of Section 2.11 hereof), as the case may be.

         (f)      As of the Agreement Date, all bank accounts and investment
accounts of the Borrower Parties are listed on Schedule 6.15 and such Schedule
designates which such accounts are deposit accounts. No Borrower Party shall
open any other deposit account unless the depository bank for such account shall
have entered into an agreement with the Administrative Agent substantially in
the form of the Blocked Account Agreement. In addition, no Borrower Party shall
maintain a balance in excess of the amount necessary to cover outstanding checks
drawn on such account in any other bank account or investment account (each a
"Non-Depository Account") unless and until such Borrower Party has delivered to
the Administrative Agent a control agreement in form and substance satisfactory
to the Administrative Agent executed by such Borrower Party, the Administrative
Agent and the financial institution where such account is located; provided,
however, that the Borrower Parties shall be entitled to maintain balances in
excess of such amounts necessary to cover outstanding checks drawn on such
Non-Depository Accounts (i) with respect to accounts of the Target Retail
Borrower Parties, in an amount not to exceed the amount described in the last
sentence of Section 6.15(b), (ii) with respect to the employee benefit trust
account number [8801663496] at [SunTrust Bank] or such other similar employee
benefit trust account, an amount not to exceed as of any date of determination
the Administrative Borrower's estimate of employee benefit claims to be paid in
the remaining portion of such fiscal year (or, with respect to any date of
determination in the last fiscal month of any fiscal year, the Administrative
Borrower's estimate of employee benefit claims to be paid in the remaining
portion of such fiscal year and during the next succeeding fiscal year) from
such date of determination] (provided, that at any time that a Default exists,
Borrower Parties shall not deposit additional funds into such account except to
the extent necessary to pay accrued and unpaid employee benefit claims that are
then due and payable) and (iii) with respect to all other Non-Depository
Accounts in an amount not to exceed $350,000 in the aggregate.

         Section 6.16 Further Assurances. Each Borrower Party will promptly
cure, or cause to be cured, defects in the creation and issuance of any
Revolving Loan Notes and the execution and delivery of the Loan Documents
(including this Agreement), resulting from any act or failure to act by any
Borrower Party or any employee or officer thereof. Each Borrower Party at its
expense will promptly execute and deliver to the Administrative Agent and the
Lenders, or cause to be executed and delivered to the Administrative Agent and
the Lenders, all such other and further documents, agreements, and instruments
in compliance with or accomplishment of the covenants and agreements of the
Borrower Parties in the Loan Documents, including this Agreement, or to correct
any omissions in the Loan Documents, or more fully to state the obligations set
out herein or in any of the Loan Documents, or to obtain any consents, all as
may be necessary or appropriate in connection therewith as may be reasonably
requested.

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         Section 6.17 Broker's Claims. Each Borrower Party hereby indemnifies
and agrees to hold the Administrative Agent and each of the Lenders harmless
from and against any and all losses, liabilities, damages, costs and expenses
which may be suffered or incurred by the Administrative Agent and each of the
Lenders in respect of any claim, suit, action or cause of action now or
hereafter asserted by a broker or any Person acting in a similar capacity
arising from or in connection with the execution and delivery of this Agreement
or any other Loan Document or the consummation of the transactions contemplated
herein or therein.

         Section 6.18 Indemnity. Each Borrower Party will indemnify and hold
harmless each member of the Lender Group, each Affiliate thereof and each of
their respective employees, representatives, officers and directors (each an
"Indemnified Person") from and against any and all claims, liabilities,
investigations, losses, damages, actions, and demands by any party against the
Lender Group, or any of them resulting from any breach or alleged breach by the
Borrower Parties or any of them of any representation or warranty made
hereunder, or otherwise in any way relating to or arising out of the Revolving
Loan Commitment, this Agreement, any other Loan Document, or any other document
contemplated by this Agreement, the making, administration or enforcement of the
Loan Documents and the Loans or any Bank Product Documents, any transaction
contemplated hereby or any related matters unless, with respect to any of the
above, the Lender Group or any of them are determined by a final non-appealable
judgment of a court of competent jurisdiction to have acted or failed to act
with gross negligence or willful misconduct. NO INDEMNIFIED PERSON SHALL BE
RESPONSIBLE OR LIABLE TO ANY OTHER PARTY TO ANY LOAN DOCUMENT, ANY SUCCESSOR,
ASSIGNEE OR THIRD PARTY BENEFICIARY OF SUCH PERSON OR ANY OTHER PERSON ASSERTING
CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR
CONSQUENTIAL DAMAGES WHICH MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN
EXTENDED, SUSPENDED OR TERMINATED UNDER ANY LOAN DOCUMENT OR AS A RESULT OF ANY
OTHER TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER. This Section 6.18 shall
survive termination of this Agreement.

         Section 6.19 Environmental Matters.

         (a)      Each Borrower Party shall, and shall cause its Subsidiaries
to, comply in all material respects with the Environmental Laws and shall notify
the Administrative Agent within thirty (30) days in the event of any discharge
or discovery of any Hazardous Materials at, upon, under or within the Properties
in amounts that require remediation. Each Borrower Party shall forward to the
Administrative Agent copies of all documents alleging a violation of
Environmental Laws, all responses thereto and all documents submitted to
environmental agencies relative to remediation of Hazardous Materials on the
Properties, in each case, within thirty (30) days of receipt, delivery or
submission (as the case may be) of the same.

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         (b)      Promptly upon the written request of the Administrative Agent
from time to time, the Borrower Parties shall provide the Administrative Agent
with an environmental site assessment or environmental audit report prepared by
an environmental engineering firm acceptable to the Administrative Agent, to
assess with a reasonable degree of certainty the presence or absence of any
Hazardous Materials and the potential costs in connection with abatement,
cleanup or removal of any Hazardous Materials found on, under, at or within the
Properties. Such assessment or report shall be at Borrower Parties' expense if,
in the judgment of the Administrative Agent, there is reason to believe that a
violation of Environmental Laws has occurred.

         (c)      Each Borrower Party shall at all times indemnify and hold
harmless the Lender Group against and from any and all claims, suits, actions,
debts, damages, costs, losses, obligations, judgments, charges, and expenses, or
any nature whatsoever under or on account of the Environmental Laws including
the assertion of any lien thereunder, with respect to:

                  (i)      any discharge of Hazardous Materials, the threat of a
         discharge of any Hazardous Materials or the presence of any Hazardous
         Materials affecting the Properties whether or not the same originates
         or emanates from the Properties or any contiguous real estate including
         any loss of value of the Properties as a result of any of the
         foregoing;

                  (ii)     any costs of removal or remedial action incurred by
         the United States Government or any costs incurred by any other person
         or damages from injury to, destruction of, or loss of natural
         resources, including reasonable costs of assessing such injury,
         destruction or loss incurred pursuant to any Environmental Laws;

                  (iii)    liability for personal injury or property damage
         arising under any statutory or common law tort theory (including
         without limitation damages assessed) for the maintenance of a public or
         private nuisance or for the carrying on of an abnormally dangerous
         activity at or caused by any Borrower Party or Subsidiary of a Borrower
         Party near the Properties; and/or

                  (iv)     any other environmental matter affecting the
         Properties within the jurisdiction of the Environmental Protection
         Agency, any other federal agency, or any state or local environmental
         agency.

         (d)      In the event of any discharge or discovery of any Hazardous
Materials at, upon, under or within the Properties in amounts that require
remediation, if the applicable Borrower Party or Subsidiary fails to begin the
remediation within thirty (30) days after notice to the Administrative Agent,
the Administrative Agent may at its election, but without the obligation to do
so, give such notices and/or cause such work to be performed at the Properties
and/or take any and all other actions as the Administrative Agent shall deem
necessary or advisable in order to abate the discharge of such Hazardous
Material,

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remove such Hazardous Material or cure such Borrower Party's or Subsidiary's
noncompliance.

         (e)      All of the representations, warranties, covenants and
indemnities of this Section 6.19 shall survive the termination of this
Agreement, the repayment of the Obligations and/or the release of the liens of
the Mortgages from the Properties that are subject to any Mortgage and shall
survive the transfer of any or all right, title and interest in and to the
Properties by the Borrower Parties or any Subsidiary to any party, whether or
not affiliated with the Borrower Parties.

         Section 6.20 Key Man Life Insurance. Until the later of the date four
(4) years following the Agreement Date and the date all obligations of the
Parent under the Earnout Agreement have been satisfied, the Borrowers shall
timely pay all required premiums in respect of, and shall otherwise take all
actions as may be required on their parts in order to maintain in full force and
effect, key-man life insurance policies on the lives of S. Anthony Margolis and
Lucio Dalla Gasperina, each in an aggregate face amount of not less than the
face amount of such policy as in effect on December 31, 2002, and, in the event
that any such policy is not renewed or is cancelled at the option of the insurer
for any reason other than failure on the part of the Borrowers to pay the
required premiums or to take any other action required to maintain such policy
in full force and effect, the Borrowers shall use commercially reasonable
efforts to replace such policy in an aggregate face amount of not less than the
face amount of such policy as in existence on December 31, 2002; and all such
key-man life insurance policies shall be assigned to the Administrative Agent,
for the benefit of the Lender Group, as Collateral pursuant to the Assignment of
Life Insurance Policy.

         Section 6.21 Formation of Subsidiaries. At the time of the formation of
any direct or indirect Subsidiary of any Borrower or the acquisition of any
direct or indirect Subsidiary of any Borrower after the Agreement Date which is
permitted under this Agreement Party, the Borrower Parties, as appropriate,
shall (a) cause such new Domestic Subsidiary to provide to the Administrative
Agent, for the benefit of the Lender Group, a joinder and supplement to this
Agreement substantially in the form of Exhibit M attached hereto (each a
"Guaranty Supplement"), pursuant to which such new Domestic Subsidiary shall
agree to join as a Guarantor of the Obligations under Article 3, a supplement to
the Security Agreement, and such other security documents (including, without
limitation, Mortgages with respect to any real estate owned by such Subsidiary),
together with appropriate Uniform Commercial Code financing statements, all in
form and substance reasonably satisfactory to the Administrative Agent, (b)
provide to the Administrative Agent, for the benefit of the Lender Group, a
pledge agreement and appropriate certificates and powers or Uniform Commercial
Code financing statements, pledging all direct or beneficial ownership interest
in such new Subsidiary (regardless of whether owned by a Borrower Party or a
Subsidiary of a Borrower Party or a minority shareholder), in form and substance
reasonably satisfactory to the Administrative Agent; provided, however, that
with respect to any new Foreign Subsidiary, such pledge shall be

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limited to sixty-five percent (65%) of the Equity Interests of such Subsidiary,
and (c) provide to the Administrative Agent, for the benefit of the Lender
Group, all other documentation, including one or more opinions of counsel
satisfactory to the Administrative Agent, which in its reasonable opinion is
appropriate with respect to such formation and the execution and delivery of the
applicable documentation referred to above. Any document, agreement or
instrument executed or issued pursuant to this Section 6.21 shall be a "Loan
Document" for purposes of this Agreement.

         Section 6.22 Oxford Receivables Company. Notwithstanding anything
herein or in any Loan Document to the contrary, Oxford Receivables Company shall
not engage in any material business activity or incur any material Indebtedness
on or after the Agreement Date. The Borrower Parties and their Subsidiaries
(other than Oxford Recievables Company) shall not make any investment in, or
loan to, Oxford Receivables Company after the Agreement Date other than any
nominal amount incurred by Oxford Receivables Company in connection with its
wind down. On or before July 31, 2003, the Administrative Borrower shall deliver
to the Administrative Agent evidence that Oxford Receivables Company has been
dissolved or merged into another Borrower Party.

                                   ARTICLE 7.

                              INFORMATION COVENANTS

So long as any of the Obligations are outstanding and unpaid or the Borrowers
have a right to borrow, or have Letters of Credit issued, hereunder (whether or
not the conditions to borrowing have been or can be fulfilled) and unless the
Majority Lenders shall otherwise give their prior consent in writing, the
Administrative Borrower will furnish or cause to be furnished to each member of
the Lender Group at their respective offices the following items; provided,
however, that the Administrative Borrower, at its option, may deliver such items
described in Sections 7.1, 7.2, 7.3, 7.5(a), 7.5(b), 7.5(d) and 7.6(h) to the
Administrative Agent with instructions to post such items on "IntraLinks" or any
similar website for viewing by the Lenders or to send such items to the Lenders
via electronic mail and the Administrative Agent shall so post such items within
a reasonable period of time after delivery thereby by the Administrative
Borrower to it and such posting or sending via electronic mail shall constitute
delivery of such items to the Lenders:

         Section 7.1 Monthly and Quarterly Financial Statements and Information.
(a) Within thirty (30) days after the last day of each fiscal month in each
fiscal year of the Parent (or, with respect to the May fiscal month of each
fiscal year of the Parent, within forty-five days (45) after the last day
thereof), the balance sheet of the Parent as at the end of such fiscal month,
and the related statement of income and retained earnings and related statement
of cash flows for such fiscal month and for the fiscal year to date period
(starting with the Agreement Date) ended with the last day of such fiscal month,
which financial statements shall, (a) set forth in comparative form the figures
for the applicable

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period set forth in the projections provided by the Borrower Parties pursuant to
Section 4.1, as amended or superseded by projections delivered pursuant to
Section 7.5(d), as modified by amendments to such projections delivered pursuant
to Section 7.6(e), and (b) set forth in comparative form such figures as at the
end of such month during the previous fiscal year and for such month during the
previous fiscal year, all of which shall be on a consolidated basis. In
addition, the Administrative Borrower shall deliver such financial statements
with respect to the Target and its Subsidiaries as a group and the Parent and
its Subsidiaries (other than the Target and its Subsidiaries) as a group,
together with a statement of eliminating entries between such groups. All such
financial statements delivered under this Section 7.1(a) shall be certified by
an Authorized Signatory of the Parent to be, in his or her opinion, complete and
correct in all material respects and, with respect to the financial statements
of the Parent and its Subsidiaries on a consolidated basis, to present fairly in
accordance with GAAP the financial position of the Parent and its Subsidiaries,
as at the end of such period and the results of operations for such period, and
for the elapsed portion of the year (starting with the Agreement Date) ended
with the last day of such period, subject only to normal year-end adjustments.

         (b)      Within forty-five (45) days after the last day of each fiscal
quarter in each fiscal year of the Parent, the balance sheet of the Parent as at
the end of such fiscal quarter, and the related statement of income and retained
earnings and related statement of cash flows for such fiscal quarter which
financial statements shall, (a) set forth in comparative form the figures for
the applicable period set forth in the projections provided by the Borrower
Parties pursuant to Section 4.1, as amended or superseded by projections
delivered pursuant to Section 7.5(d), as modified by amendments to such
projections delivered pursuant to Section 7.6(e), and (b) set forth in
comparative form such figures as at the end of such quarter during the previous
fiscal year and for such quarter during the previous fiscal year, all of which
shall be on a consolidated basis. In addition, the Administrative Borrower shall
deliver such financial statements with respect to the Target and its
Subsidiaries as a group and the Parent and its Subsidiaries (other than the
Target and its Subsidiaries) as a group, together with a statement of
eliminating entries between such groups. All such financial statements delivered
under this Section 7.1(a) shall be certified by an Authorized Signatory of the
Parent to be, in his or her opinion, complete and correct in all material
respects and, with respect to the financial statements of the Parent and its
Subsidiaries on a consolidated basis, to present fairly in accordance with GAAP
the financial position of the Parent and its Subsidiaries, as at the end of such
period and the results of operations for such period, subject only to normal
year-end adjustments.

         Section 7.2 Annual Financial Statements and Information; Certificate of
No Default. Within ninety (90) days after the end of each fiscal year of the
Parent, the audited balance sheet of the Parent as at the end of such year and
the related audited statements of income and retained earnings and related
audited statements of cash flows for such year, all of which shall be on a
consolidated basis with the other Borrower

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Parties, which financial statements shall, set forth in comparative form such
figures as at the end of and for the previous year, and shall be accompanied by
an opinion of independent certified public accountants of recognized standing
satisfactory to the Administrative Agent, stating that following an examination
thereof in accordance with generally accepted auditing standards such financial
statements are unqualified and prepared in all material respects in accordance
with GAAP, together with a statement of such accountants of the Parent
certifying that no Default under Sections 8.8, 8.9, 8.10 and 8.11 was detected
during the examination of the Borrower Parties.

         Section 7.3 Performance Certificates. At the time the financial
statements are furnished pursuant to (x) Section 7.1 with respect to (I) each
fiscal month end, commencing with the fiscal month end immediately following the
Agreement Date through the fiscal month ended April 30, 2005, (II) each fiscal
quarter end and (y) Section 7.2, a certificate of an Authorized Signatory of the
Parent in the form of Exhibit N:

         (a)      (i) Setting forth as at the end of such fiscal month,
arithmetical calculations required to establish whether or not the Borrower
Parties were in compliance with the requirement of Section 8.8, and (ii) setting
forth as at the end of such quarter or year, as the case may be, the
arithmetical calculations required to establish whether or not the Borrower
Parties were in compliance with the requirements of Sections 8.8 and 8.9 and,
with respect to each fiscal year end, 8.10 and 8.11; and

         (b)      Stating that, to the best of his or her knowledge, no Default
has occurred as at the end of such month, quarter or year, as the case may be,
or, if a Default has occurred, disclosing each such Default and its nature, when
it occurred and whether it is continuing.

         Section 7.4 Access to Accountants. The Administrative Borrower hereby
authorizes the Administrative Agent to communicate (and at the direction of the
Majority Lenders the Administrative Agent shall initiate such communication)
directly with the Borrower Parties' and their Subsidiaries' independent public
accountants and authorizes these accountants to disclose to the Administrative
Agent any and all financial statements and other supporting financial data,
including matters relating to the annual audit and copies of any arrangement
letter with respect to its business, financial condition and other affairs. On
or before the Agreement Date, the Administrative Borrower, on behalf of all of
the Borrower Parties and their Subsidiaries, shall deliver to their independent
public accountants a letter authorizing them to comply with the provisions of
this Section 7.4.

         Section 7.5 Additional Reports.

         (a)      Within twenty (20) days after the end of each fiscal month or
more frequently as reasonably required by the Administrative Agent, the
Administrative Borrower shall deliver to the Administrative Agent and the
Lenders, a Borrowing Base Certificate as of the last day of the preceding fiscal
month or such other date reasonably

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required by the Administrative Agent, which shall be in such form as shall be
satisfactory to the Administrative Agent, setting forth the amount of Inventory
owned by the Borrowers, and specifically setting forth the amount of Eligible
Inventory and shall contain a categorical breakdown of all Accounts of the
Borrowers and a calculation of Eligible Accounts as of such last day of the
preceding month.

         (b)      Within twenty (20) days after the end of each fiscal month or
more frequently as required by the Administrative Agent in its discretion if
Availability falls below $22,500,000 (or with respect to any date of
determination in December 2003, January 2004, February 2004, December 2004,
January 2005, February 2005, or February 2006, $15,000,000), the Administrative
Borrower shall deliver to the Administrative Agent and to any Lender requesting
the same, in form acceptable to the Administrative Agent, lockbox statements,
reports of sales and collections, and debit and credit adjustments, a summary of
aged Accounts (or at the reasonable request of the Administrative Agent,
detailed aged trial balance of all Accounts of the Borrowers existing as of the
last day of the preceding fiscal month or such other date reasonably required by
the Administrative Agent, specifying the names, and face value for each Account
Debtor obligated on an Account so listed) and all other information necessary to
calculate Eligible Accounts as of such last day of the preceding month or such
other date reasonably required by the Administrative Agent and, upon the
Administrative Agent's request therefor, copies of proof of delivery and the
original copy of all documents, including, without limitation, repayment
histories and present status reports relating to the Accounts of the Borrowers
so scheduled and such other matters and information relating to the status of
then existing Accounts of the Borrowers as the Administrative Agent shall
reasonably request.

         (c)      Promptly upon receipt thereof, the Administrative Borrower
shall deliver to the Administrative Agent and the Lenders copies of all final
reports, if any, submitted to any Borrower Party or any Subsidiary of a Borrower
Party by its independent public accountants in connection with any annual or
interim audit of the Borrower Parties, or their Subsidiaries or any of them,
including, without limitation, any final management report, as applicable,
prepared in connection with the annual audit referred to in Section 7.2;

         (d)      On or before the date thirty (30) days following the
commencement of each fiscal year, the Administrative Borrower shall deliver to
the Administrative Agent and the Lenders the annual budget for the Borrower
Parties and their Subsidiaries approved by the board of directors of the Parent,
including forecasts of the income statement, the balance sheet and a cash flow
statement for such fiscal year on a month by month basis;

         (e)      To the extent not covered elsewhere in this Article 7,
promptly after the sending thereof, the Borrower Parties shall, and shall cause
their Subsidiaries to, deliver to the Administrative Agent and the Lenders
copies of all financial statements, reports

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and other information which any Borrower Party or any Subsidiary, as applicable,
sends to any holder of its Indebtedness (including the Senior Notes Debt) or its
securities or which any Borrower Party or any Subsidiary files with the
Securities and Exchange Commission or any national securities exchange;

         (f)      If there is a material change in GAAP after May 31, 2002 that
affects the presentation of the financial statements referred to in Sections 7.1
and 7.2, then, in addition to delivery of such financial statements, and on the
date such financial statements are required to be delivered, the Administrative
Borrower shall furnish the adjustments and reconciliations necessary to enable
the Borrowers and each Lender to determine compliance with each of the covenants
set forth in Sections 8.8, 8.9, 8.10 and 8.11, all of which shall be determined
in accordance with GAAP consistently applied;

         (g)      Promptly upon the effective date thereof, the Borrower Parties
shall provide to the Administrative Agent a copy of each amendment to any
factoring agreement referred to in the definition of Eligible Factored Accounts
(With Recourse) or Eligible Factored Accounts (Without Recourse). In addition,
promptly upon any Borrower Party obtaining knowledge thereof, it shall provide
notice to the Administrative Agent of any reserve created by a factor after the
Agreement Date;

         (h)      At any time that a Default exists and on and after any date of
request by the Administrative Agent in its reasonable discretion, the
Administrative Borrower shall provide to the Administrative Agent notice of the
termination of any lease of real property where Inventory is located promptly
upon termination of such lease; and

         (i)      From time to time and promptly upon each request the Borrower
Parties shall, and shall cause their Subsidiaries to, deliver to the
Administrative Agent on behalf of the Lenders such data, certificates, reports,
statements, opinions of counsel, documents, or further information regarding the
business, assets, liabilities, financial position, projections, results of
operations, or business prospects of each of the Borrower Parties, or such
Subsidiaries, or any of them, as the Administrative Agent may reasonably
request.

         Section 7.6 Notice of Litigation and Other Matters.

         (a)      Within five (5) Business Days of any Borrower Party's
obtaining knowledge of the institution of, or a written threat of, any action,
suit, governmental investigation or arbitration proceeding against any Borrower
Party or a Subsidiary of a Borrower Party, any Property, which action, suit,
governmental investigation or arbitration proceeding, if adversely determined,
would expose, in such Borrower Party's or such Subsidiary's reasonable judgment,
as applicable, any Borrower Party or such Subsidiary, as applicable, to
liability in an aggregate amount in excess of $7,500,000, the Administrative
Borrower shall notify the Lender Group of the occurrence thereof, and the
Administrative Borrower shall provide such additional information with respect
to such matters as the Lender Group may reasonably request.

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         (b)      Promptly upon the occurrence of any default (whether or not
any Borrower Party or any Subsidiary of a Borrower Party, as applicable, has
received notice thereof from any other Person) on Indebtedness of any Borrower
Party or any Subsidiary, as applicable, which singly, or in the aggregate exceed
$5,000,000, the Administrative Borrower shall notify the Administrative Agent
and the Lenders of the occurrence thereof;

         (c)      Promptly upon any Borrower Party's receipt of notice or the
pendency of any proceeding for the condemnation or other taking of any real
property of any Borrower Party constituting Collateral, the Administrative
Borrower shall notify the Administrative Agent and the Lenders of the occurrence
thereof;

         (d)      Promptly upon any Borrower Party's receipt of notice of any
event that could reasonably be likely to result in a Materially Adverse Effect,
the Administrative Borrower shall notify the Administrative Agent and the
Lenders of the occurrence thereof;

         (e)      Promptly following any material amendment or change to the
budget submitted to the Administrative Agent and the Lenders pursuant to Section
7.5(d) hereof, the Administrative Borrower shall notify the Administrative Agent
and the Lenders of the occurrence thereof;

         (f)      Immediately following any (i) Default under any Loan Document,
or default by any Borrower Party under the Senior Notes Documents, or (ii)
default under any other agreement (other than those referenced in clause (i) of
this Section 7.6(f) above) to which any Borrower Party or a Subsidiary of a
Borrower Party, as applicable, is a party or by which any Borrower Party's or
any such Subsidiary's properties is bound which could reasonably be expected to
have a Materially Adverse Effect, then the Administrative Borrower shall notify
the Administrative Agent and the Lenders of the occurrence thereof giving in
each case the details thereof and specifying the action proposed to be taken
with respect thereto;

         (g)      Promptly but in any event within ten (10) Business Days
following the occurrence of any Reportable Event or a non-exempt "prohibited
transaction" (as such term is defined in Section 406 of ERISA or Section 4975 of
the Code) which would subject any Borrower Party to any material penalty or tax
on "prohibited transactions" imposed by Section 502 of ERISA or Section 4975 of
the Code with respect to any Plan of any Borrower Party or any of its ERISA
Affiliates that is subject to Title IV of ERISA or the institution or threatened
institution by the PBGC of proceedings under ERISA to terminate or to partially
terminate any such Plan or the commencement of any litigation regarding any such
Plan, or the failure by any Borrower Party to make any required contribution to
any such Plan, the Administrative Borrower shall notify the Administrative Agent
and the Lenders of the occurrence thereof provided such occurrence, proceeding,
litigation, or failure exposes such Borrower Party or ERISA Affiliate to
liability in an aggregate amount in excess of $7,500,000.

                                       99

<PAGE>

         (h)      The Administrative Borrower shall deliver updates or
supplements to the following schedules (i) within forty-five days after the end
of the end of each fiscal year (other than the 2003 fiscal year), as of the last
day of such fiscal year: Schedule 5.1(c)-1, Schedule 5.1(c)-2, Schedule 5.1(d),
Schedule 5.1(h), Schedule 5.1(m), Schedule 5.1(o), Schedule 5.1(w)-1, Schedule
5.1(w)-2, Schedule 5.1(x)-1, Schedule 5.1(x)-2, Schedule 5.1(x)-3, Schedule
5.1(x)-4, Schedule 5.1(x)-5 and Schedule 5.1(x)-6, and (ii) within forty-five
days after the end of the end of each of the first and third fiscal quarters of
each fiscal year (other than the first fiscal quarter of the 2004 fiscal year),
as of the last day of such fiscal quarter): Schedule 6.11 and Schedule 6.15, in
each case, as may be required to render correct the representations and
warranties contained in the applicable sections to which such schedules relate
as of the last day of such fiscal quarter without giving effect to any
references therein to the "Agreement Date" in each case, appropriately marked to
show the changes made therein; provided that no such supplement to any such
Schedules or representation shall be deemed a waiver of any Default resulting
from the matters disclosed therein, except as consented to by the Majority
Lenders in writing.

                                   ARTICLE 8.

                               NEGATIVE COVENANTS

So long as any of the Obligations are outstanding and unpaid or the Borrowers
have a right to borrow, or have Letters of Credit issued, hereunder (whether or
not the conditions to borrowing have been or can be fulfilled) and unless the
Majority Lenders shall otherwise give their prior consent in writing:

         Section 8.1 Indebtedness. No Borrower Party will, or will permit any of
its Subsidiaries to, create, assume, incur, or otherwise become or remain
obligated in respect of, or permit to be outstanding, any Indebtedness except:

         (a)      Indebtedness under this Agreement and the other Loan
Documents;

         (b)      The Senior Notes Debt in a principal amount not to exceed
$200,000,000;

         (c)      Indebtedness of the Parent to the Sellers under the Earnout
Agreement, subordinated to the Obligations pursuant to the Earnout Subordination
Agreement;

         (d)      Indebtedness of the Borrowers or any Subsidiary of the
Borrowers that is unsecured or secured by Permitted Liens described in clause
(f) of the definition of Permitted Liens set forth in Article 1 hereof
(including without limitation Capitalized Lease Obligations), collectively, not
to exceed the aggregate principal amount of $15,000,000 at any time;

         (e)      recourse obligations arising in connection with the sale of
Accounts permitted by Section 8.7 (it being understood and agreed that negative
credit balances

                                      100

<PAGE>

under the applicable factoring arrangements shall not constitute Indebtedness
for the purposes of this Agreement);

         (f)      Guaranties permitted by Section 8.2;

         (g)      Obligations under Hedge Agreements not entered into for
speculative purposes and not exceeding the aggregate notional amounts of
$75,000,000 with respect thereto;

         (h)      Unsecured Indebtedness of a Borrower Party owed to another
Borrower Party;

         (i)      (A) Unsecured Indebtedness in an aggregate amount not to
exceed $10,000,000 at any time outstanding of the Foreign Subsidiaries owed to
the Borrower Parties and consisting of "due to/due from" transactions arising in
the ordinary course of business and other unsecured Indebtedness incurred in the
ordinary course of business, and (B) unsecured Indebtedness in an aggregate
amount not to exceed $40,000,000 at any time outstanding of the Borrower Parties
owed to the Foreign Subsidiaries and consisting of "due to/due from"
transactions arising in the ordinary course of business;

         (j)      other unsecured Indebtedness owed by Foreign Subsidiaries to
the Borrower Parties to the extent permitted under Section 8.5(e); and

         (k)      Reimbursement obligations in respect of letters of credit
existing as of the Agreement Date (that were not issued by an Issuing Bank and
identified as Existing Letters of Credit) identified on Schedule 8.1; provided,
however, that such letters of credit may not be amended to increase the stated
amount thereof or to extend the stated expiration date thereof.

         Section 8.2 Guaranties. No Borrower Party will, or will permit any of
its Subsidiaries to, at any time guarantee or enter into or assume any Guaranty,
or be obligated with respect to, or permit to be outstanding, any Guaranty,
other than (a) guaranties of the Obligations, (b) guaranties of obligations
under repurchase agreements of any Borrower Party entered into in connection
with the sale of products in the ordinary course of business of such Borrower
Party, (c) guaranties of obligations under agreements of any Borrower Party
entered into in connection with the acquisition of services, supplies, and
equipment in the ordinary course of business of such Borrower Party, (d)
endorsements of instruments in the ordinary course of business, (e) guaranties
of the Senior Notes Debt as long as such guarantor is also a Guarantor of the
Obligations and (f) guaranties by any Borrower Party of any obligation of any
other Borrower Party to the extent such obligation is not prohibited hereunder.

         Section 8.3 Liens. No Borrower Party will, or will permit any
Subsidiary to, create, assume, incur, or permit to exist or to be created,
assumed, or permitted to exist,

                                      101

<PAGE>

directly or indirectly, any Lien on any of its property, real or personal, now
owned or hereafter acquired, except for Permitted Liens.

         Section 8.4 Restricted Payments and Purchases. No Borrower Party shall,
or shall permit any Subsidiary to, directly or indirectly declare or make any
Restricted Payment or Restricted Purchase, or set aside any funds for any such
purpose, other than Dividends on common stock which accrue (but are not paid in
cash) or are paid in kind or Dividends on preferred stock which accrue (but are
not paid in cash) or are paid in kind; provided, however, that (a) any
Subsidiary of the Parent may make Restricted Payments to the Parent or any other
Subsidiary of the Parent that owns Equity Interests of such Subsidiary making
such Restricted Payment; (b) the Parent may make regularly scheduled payments of
interest due on the Senior Notes to the holders thereof in accordance with the
terms of the Indenture as in effect on the Agreement Date or as amended
thereafter in accordance with Section 8.13 hereof; (c) the Parent may make
payments to the Sellers to the extent permitted by the Earnout Subordination
Agreement as it exists on the Agreement Date or as amended thereafter in
accordance with Section 8.13 hereof; (d) the Parent may make Restricted Payments
if (i) no Default has occurred and is continuing or would result from the making
of such Restricted Payment, (ii) after giving Pro Forma Effect to such
Restricted Payment, the ratio of Total Debt to EBITDA for the four (4) fiscal
quarters of the Parent immediately preceding the date of such Restricted Payment
would have been at least 0.25 to 1.00 below the covenant level of the ratio of
Total Debt to EBITDA applicable during such period under Section 8.8, and (iii)
after giving effect to such Restricted Payment, the Availability is at least
$40,000,000; and (e) the Parent may issue the Equity Interests contemplated by
the Acquisition Agreement on the Agreement Date.

         Section 8.5 Investments. No Borrower Party will, or will permit any of
its Subsidiaries to, make any loan or advance to, or otherwise acquire for
consideration evidences of Indebtedness or Equity Interests in any other Person,
except that (a) any Borrower Party or any Subsidiary of a Borrower Party may
purchase or otherwise acquire and own, (i) marketable, direct obligations of the
United States of America and its agencies maturing within three hundred
sixty-five (365) days of the date of purchase, (ii) commercial paper issued by
corporations, each of which shall (A) have a consolidated net worth of at least
$250,000,000, and (B) conduct substantially all of its business in the United
States of America, which commercial paper will mature within one hundred eighty
(180) days from the date of the original issue thereof and is rated "P-1" or
better by Moody's, or "A-1" or better by S&P, (iii) certificates of deposit
maturing within three hundred sixty-five (365) days of the date of purchase and
issued by a United States national or state bank having deposits totaling more
than $250,000,000, and whose short-term debt is rated "P-1" or better by Moody's
or "A-1" or better by S&P, (iv) up to $100,000 per institution and up to
$1,000,000 in the aggregate in (A) short-term obligations issued by any local
commercial bank or trust company located in those areas where such Borrower
Party or Subsidiary conducts its business, whose deposits are insured by the
Federal Deposit Insurance Corporation, or (B) commercial bank-insured

                                      102
<PAGE>

money market funds, or any combination of investments described in clauses (A)
and (B), and (v) overnight investments with such financial institutions having a
short term deposit rating of "P-1" or better by Moody's, or "A-1" or better by
S&P; (b) any Borrower Party or Subsidiary of a Borrower Party may hold the
Investments in existence on the Agreement Date and described on Schedule 5.1(l);
(c) so long as no Default shall have occurred and be continuing or would result
therefrom, any Borrower Party or Subsidiary of a Borrower Party may convert any
of its Accounts that are in excess of ninety (90) days past due into notes or
Equity Interests from the applicable Account Debtor so long as the
Administrative Agent, for the benefit of the Lender Group, is granted a first
priority security interest in such Equity Interests or notes held by a Borrower
Party which Lien is perfected contemporaneously with the conversion of such
Account to Equity Interests or notes; (d) the Borrower Parties may hold the
Equity Interests of their respective Subsidiaries in existence as of the
Agreement Date and their Subsidiaries created after the Agreement Date in
accordance with Section 6.21 and Section 8.7(i); (e) so long as no Default shall
have occurred and be continuing or would result therefrom, the Borrower Parties
may make additional investments in their Foreign Subsidiaries in the form of
loans or additional equity contributions in an aggregate amount not to exceed
(excluding amounts owed by Foreign Subsidiaries described in Section 8.1(i))
$5,000,000 at any time outstanding; (f) any Borrower Party may make investments
in another Borrower Party; (g) so long as no Default shall have occurred and be
continuing or would result therefrom, the Foreign Subsidiaries may make
investments in joint ventures in an aggregate amount not to exceed $5,000,000 at
any time outstanding; (h) the Borrower Parties and their Subsidiaries may make
loans to employees in an aggregate amount not to exceed $500,000 at any time
outstanding; and (i) the Parent may consummate the Acquisition.

         Section 8.6 Affiliate Transactions. No Borrower Party shall, or shall
permit any of its Subsidiaries to, enter into or be a party to any agreement or
transaction with any Affiliate except (a) as described on Schedule 8.6 or (b) in
the ordinary course of business and upon fair and reasonable terms that are no
less favorable to such Borrower Party or Subsidiary than it would obtain in a
comparable arms length transaction with a Person not an Affiliate of such
Borrower Party or Subsidiary and otherwise on terms consistent with the business
relationship of such Borrower Party or Subsidiary and such Affiliate prior to
the Agreement Date, if any.

         Section 8.7 Liquidation; Change in Ownership, Name, or Year;
Disposition or Acquisition of Assets; Etc. No Borrower Party shall, or shall
permit any of its Subsidiaries to, at any time:

         (a)      Liquidate or dissolve itself (or suffer any liquidation or
dissolution) or otherwise wind up its business (except that any Subsidiary of
the Borrowers may liquidate or dissolve itself in accordance with Applicable
Law);

                                      103

<PAGE>

         (b)      Sell, lease, abandon, transfer or otherwise dispose of, in a
single transaction or a series of related transactions, any assets, property or
business except for (i) the sale of Inventory in the ordinary course of business
at the fair market value thereof and for cash or cash equivalents, (ii) physical
assets used, consumed or otherwise disposed of in the ordinary course of
business, (iii) the sale or disposal of real property, improvements and
equipment with a sale value not greater than $5,000,000 in the aggregate for all
such assets that may be sold during any year if the purchase price therefor is
paid solely in cash or any non-cash proceeds received by a Borrower Party are
pledged to the Administrative Agent, for the benefit of the Lender Group,
pursuant to the Security Agreement or other documents or agreements in form and
substance reasonably satisfactory to the Administrative Agent, (iv) the sale of
Accounts consistent with past practices of such Borrower Party and pursuant to
factoring arrangements (including, without limitation, those factoring
arrangements existing on the Agreement Date and described on Schedule 8.7) which
shall (x) be satisfactory to the Administrative Agent, (y) not contain any term
permitting such Borrower Party to obtain any loan or advance, secured or
unsecured, from the applicable factor, and (z) be subject to a Factoring
Intercreditor Agreement, (v) the termination of leases in connection with retail
store closures so long as such retail stores closed do not (in the aggregate)
account for more than five percent (5%) of the EBITDA of the Parent and its
Subsidiaries for the four (4) fiscal quarter period ending on the last day of
the fiscal quarter ended immediately prior to any such store closure, and (vi)
sales permitted under Section 8.12;

         (c)      Become a partner or joint venturer with any third party on or
after the Agreement Date; provided, however, that, subject to the limitations
set forth in Sections 8.1 and 8.5, the Foreign Subsidiaries may enter into
partnerships and joint ventures after the Agreement Date;

         (d)      Acquire (i) all or any substantial part of the assets,
property or business of, or (ii) any assets that constitute a division or
operating unit of the business of, any other Person; provided, however, that the
Parent may consummate the Acquisition on the Agreement Date; provided further,
however, that Borrower Parties shall be permitted to purchase all or any
substantial part of the assets, property or business of, or any assets that
constitute a division or operating unit of the business of, any other Person so
long as (A) no Default exists or would be caused thereby and Borrowers deliver
to the Administrative Agent and the Lenders evidence satisfactory to the
Administrative Agent that the Borrower Parties will be in pro forma compliance
with this Agreement after giving effect to the acquisition, (B) the purchase
price (including, without limitation, cash received, assumption of any
Indebtedness and seller financing) for all such acquisitions in any year does
not exceed $15,000,000 in the aggregate plus Equity Interests of the Parent
issued to the applicable sellers and the purchase price (including, without
limitation, cash received, assumption of any Indebtedness and seller financing)
for all such acquisitions during the term of this Agreement does not exceed
$30,000,000 in the aggregate plus Equity Interests of the Parent issued to the
applicable sellers and (C) the Borrower Parties execute and deliver to the
Administrative Agent all documents required by Section 6.16

                                      104

<PAGE>

and 6.21 and the other Loan Documents and any opinions reasonably requested by
the Administrative Agent regarding the creation and perfection of the security
interests of the Administrative Agent in the Collateral;

         (e)      Merge or consolidate with any other Person; provided, however,
that (i) any Borrower may merge into another Borrower so long as, with respect
to any merger with the Parent, the Parent is the surviving entity after such
merger, (ii) any Guarantor or Foreign Subsidiary may merge into any Borrower
Party so long as, with respect to any merger with a Borrower, such Borrower
shall be the surviving entity after such merger and, with respect to any merger
by a Foreign Subsidiary with a Guarantor, such Guarantor shall be the surviving
entity after such merger, and (iii) any Foreign Subsidiary may merge into
another Foreign Subsidiary;

         (f)      Change its corporate name without giving the Administrative
Agent thirty (30) days prior written notice of its intention to do so and
complying with all reasonable requirements of the Lender Group in regard
thereto;

         (g)      Change its year-end for accounting purposes from the fiscal
year ending on the Friday occurring closest to each May 31;

         (h)      Acquire any real estate; provided, however, that the Borrowers
and their Subsidiaries may acquire real estate so long as, in the case of an
acquisition by a Borrower Party, such Borrower Party shall promptly notify the
Administrative Agent of the acquisition thereof and, at the request of the
Administrative Agent, shall grant to the Administrative Agent, for the benefit
of the Lender Group, a first priority mortgage on such real estate in form and
substance reasonably satisfactory to the Administrative Agent and deliver to the
Administrative Agent such other documentation and opinions in connection with
the grant of such security interest as the Administrative Agent shall request,
including, without limitation, policies of title insurance, flood zone
certificates, financing statements, fixture filings and environmental audits,
and the Borrowers shall pay all recording costs, intangibles taxes and other
fees and costs including without limitation reasonable attorneys' fees and
expenses of counsel to the Administrative Agent incurred in connection
therewith; or

         (i)      Create any Subsidiary; provided, however, that (i) a Borrower
Party may create wholly owned Domestic Subsidiaries so long as such Borrower
Party and such Subsidiaries, as applicable, comply with Section 6.21 and (ii)
any Borrower Party may create direct Foreign Subsidiaries so long as such
Borrower Party and such Foreign Subsidiaries, as applicable, comply with Section
6.21.

         Section 8.8 Ratio of Total Debt to EBITDA. The Borrower Parties shall
not permit (a) as of the last day of the fiscal month ended closest to June 30,
2003, and each fiscal month end thereafter through the fiscal month ended
closest to April 30, 2005, and (b) as of each fiscal quarter end after April 30,
2005, the ratio of Total Debt to EBITDA for the immediately preceding
twelve-month period ending with such fiscal month or

                                      105

<PAGE>

fiscal quarter, as applicable, to be greater than the amount hereinbelow
specified for such period:

<TABLE>
<CAPTION>
                          Period:                                       Total Debt/EBITDA Ratio:
                          -------                                       ------------------------
<S>                                                                     <C>
Fiscal month ended closest to June 30, 2003 through
December 31, 2003                                                             4.50 to 1.00

Fiscal month ended closest to January 31, 2004 through
April 30, 2004                                                                5.25 to 1.00

Fiscal month ended closest to May 31, 2004 through
December 31, 2004                                                             4.25 to 1.00

Fiscal month ended closest to January 31, 2005 through
April 30, 2005                                                                4.75 to 1.00

Fiscal quarter ended closest to May 31, 2005 and each
fiscal quarter thereafter                                                     4.00 to 1.00
</TABLE>

         Section 8.9 Fixed Charge Coverage Ratio. The Borrower Parties shall not
permit for the fiscal quarter ended closest to August 31, 2003, and for each
fiscal quarter end thereafter, the Fixed Charge Coverage Ratio for the
immediately preceding four (4) fiscal quarter period to be less than the amount
hereinbelow specified for such period:

<TABLE>
<CAPTION>
    Quarters Ending Closest To:                               Ratio:
    ---------------------------                               ------
<S>                                                       <C>
August 31, 2003 through May 31, 2005                      1.20 to 1.00

August 31, 2005 and thereafter                            1.25 to 1.00
</TABLE>

         Section 8.10 Capital Expenditures. The Borrower Parties shall not, nor
shall they permit their Subsidiaries to, make or incur in the aggregate any
Capital Expenditures in any fiscal year in excess of $22,500,000; provided,
however, that in the event that the Borrower Parties make Capital Expenditures
less than such amounts in any fiscal year, up to $10,000,000 of the unused
available Capital Expenditures amount may be carried forward to increase the
Capital Expenditures limitation for the next succeeding fiscal year.

         Section 8.11 Limitation on Leases. The Borrower Parties shall not, and
shall not permit their Subsidiaries to, create, incur, assume or suffer to
exist, any obligation for the payment of rent or hire for property or assets of
any kind whatsoever, whether real or

                                      106

<PAGE>

personal, under leases or lease agreements (other than Capitalized Lease
Obligations) which would cause the aggregate amount of all such payments made by
the Borrower Parties pursuant to such lease or lease agreements during any
fiscal year to be increased from the amount of all of such payments made by the
Borrower Parties in the prior fiscal year by more than the amount set forth
below:

<TABLE>
<CAPTION>
Fiscal Year Ending Closest To:                Maximum Increase:
-----------------------------                 ----------------
<S>                                           <C>
         May 31, 2004                             $6,000,000

         May 31, 2005                             $6,500,000

         May 31, 2006                             $6,500,000

 May 31, 2007 and thereafter                      $7,000,000
</TABLE>

provided, however, that in the event that such lease payments increase by an
amount less than such amount set forth in the table above in any fiscal year, up
to fifty percent (50%) of the unused increase amount may be carried forward to
increase the limitation for increases in lease payments for the next succeeding
fiscal year.

         Section 8.12 Sales and Leasebacks. No Borrower Party shall, or shall
permit any of its Subsidiaries to, enter into any arrangement, directly or
indirectly, with any third party whereby such Borrower Party shall sell or
transfer any property, real or personal, whether now owned or hereafter
acquired, and whereby such Borrower Party or such Subsidiary shall then or
thereafter rent or lease as lessee such property or any part thereof or other
property which such Borrower Party or such Subsidiary intends to use for
substantially the same purpose or purposes as the property sold or transferred
which would result in the sale or transfer of assets of the Borrower Parties and
their Subsidiaries in an aggregate amount exceeding $15,000,000 during the term
of the Agreement.

         Section 8.13 Amendment and Waiver. No Borrower Party shall, or shall
permit any of its Subsidiaries to, enter into any amendment of or supplement to,
or agree to or accept any waiver, which would adversely affect the rights of
such Borrower Party or Subsidiary, or the Lender Group, or any of them, of (a)
its articles or certificate of incorporation or formation, by-laws or other
governing documents, (b) the Indenture or any of the other Senior Notes
Documents, (c) the Earnout Subordination Agreement or (d) the Acquisition
Documents.

         Section 8.14 ERISA Liability. No Borrower Party shall fail to meet all
of the applicable minimum funding requirements of ERISA and the Code, without
regard to any waivers thereof, and, to the extent that the assets of any of
their Plans would be less (by $1,000,000 or more) than an amount sufficient to
provide all accrued benefits payable

                                      107

<PAGE>

under such Plans, the Borrower Parties shall make the maximum deductible
contributions allowable under the Code (based on the Borrowers' current
actuarial assumptions). No Borrower Party shall become a participant in any
Multiemployer Plan.

         Section 8.15 Prepayments. No Borrower Party shall, or shall permit any
of its Subsidiaries to, prepay, redeem, defease or purchase in any manner, or
deposit or set aside funds for the purpose of any of the foregoing, make any
payment in respect of principal of, or make any payment in respect of interest
on, (a) any Indebtedness (other than Indebtedness under the Earnout Agreement),
except the Borrowers may (i) make regularly scheduled payments of principal or
interest required in accordance with the terms of the instruments governing any
Indebtedness permitted hereunder, and (ii) make payments, including prepayments
permitted or required hereunder, (x) with respect to the Obligations and (y) as
expressly permitted by Section 8.4(b), or (b) the Indebtedness under the Earnout
Agreement except to the extent permitted by the Earnout Subordination Agreement.

         Section 8.16 Negative Pledge. No Borrower Party shall, or shall permit
any of its Subsidiaries to, directly or indirectly, enter into any agreement
(other than the Loan Documents) with any Person that prohibits or restricts or
limits the ability of any Borrower Party or Subsidiary to create, incur, pledge,
or suffer to exist any Lien upon any of its respective assets except as set
forth in the Indenture as in effect on the Agreement Date or as amended
hereafter in accordance with Section 8.13 hereof, or restricts the ability of
any Subsidiary of the Borrowers to pay Dividends to the Borrowers.

         Section 8.17 Inconsistent Agreements. No Borrower Party shall, or shall
permit any of its Subsidiaries to, enter into any contract or agreement which
would violate the terms hereof or any other Loan Document.

                                   ARTICLE 9.

                                    DEFAULT

         Section 9.1 Events of Default. Each of the following shall constitute
an Event of Default, whatever the reason for such event and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment or order of any court or any order, rule, or regulation of any
governmental or non-governmental body:

         (a)      Any representation or warranty made under this Agreement or in
any Security Document or in any Hedge Agreement shall prove incorrect or
misleading in any material respect when made or deemed to have been made
pursuant to Section 5.4;

         (b)      (i) Any payment of any principal hereunder, or any
reimbursement obligations with respect to any Letter of Credit shall not be
received by the Administrative Agent on the date such payment is due, or (ii)
any payment of any interest

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<PAGE>

hereunder or any fees payable hereunder or under the other Loan Documents shall
not be received by the Administrative Agent within one (1) Business Day from the
date on which such payment is due;

         (c)      Any Borrower Party shall default in the performance or
observance of any agreement or covenant contained in Section 2.12, 6.1, 6.5,
6.7, 6.15 or 6.21 or in Article 7 or Article 8 or shall default in the
performance or observance of any material covenant in any Security Document
(including, without limitation, any covenant as to the perfection of the
Administrative Agent's security interest in the Collateral);

         (d)      Any Borrower Party shall default in the performance or
observance of any other agreement or covenant contained in this Agreement not
specifically referred to elsewhere in this Section 9.1, and such default, if
curable, shall not be cured to the Majority Lenders' satisfaction within the
earlier of (i) a period of twenty (20) days from the date that such Borrower
Party knew or should have known of the occurrence of such default, or (ii) a
period of twenty (20) days after written notice of such default is given to such
Borrower Party;

         (e)      There shall occur any default in the performance or observance
of any agreement or covenant or breach of any representation or warranty
contained in any of the other Loan Documents or any Hedge Agreement (other than
this Agreement or the Security Documents or as otherwise provided in this
Section 9.1) which shall not be cured to the Majority Lenders' satisfaction
within the applicable cure period, if any, provided for in such Loan Document,
or, if there is no applicable cure period set forth in such Loan Document,
within the earlier of (i) a period of twenty (20) days from the date that any
Borrower Party knew of the occurrence of such default, or (ii) a period of
twenty (20) days after written notice of such default is given to the Borrower
Parties;

         (f)      There shall occur any Change of Control;

         (g)      (i) There shall be entered a decree or order for relief in
respect of any Borrower Party or any Subsidiary of Borrower Party under the
Bankruptcy Code, or any other applicable federal or state bankruptcy law or
other similar law, or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator, or similar official of any Borrower Party or any
Subsidiary of Borrower Party or of any substantial part of its properties, or
ordering the winding-up or liquidation of the affairs of any Borrower Party, or
(ii) an involuntary petition shall be filed against any Borrower Party or any
Subsidiary of Borrower Party and a temporary stay entered and (A) such petition
and stay shall not be diligently contested, or (B) any such petition and stay
shall continue undismissed for a period of sixty (60) consecutive days;

         (h)      Any Borrower Party or any Subsidiary of Borrower Party shall
commence an Insolvency Proceeding, or a Borrower Party or any Subsidiary of
Borrower Party shall consent to the institution of an Insolvency Proceeding or
to the appointment or taking of possession of a receiver, liquidator, assignee,
trustee, custodian, sequestrator, or other

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similar official of such Borrower Party or any Subsidiary of Borrower Party or
of any substantial part of its properties, or any Borrower Party or any
Subsidiary of Borrower Party shall fail generally to pay their respective debts
as they become due, or any Borrower Party or any Subsidiary of Borrower Party
shall take any action in furtherance of any such action;

         (i)      A final judgment (other than a money judgment or judgments
fully covered (except for customary deductibles or copayments not to exceed
$7,500,000 in the aggregate) by insurance as to which the insurance company has
acknowledged coverage) shall be entered by any court against any Borrower Party
or any Subsidiary of a Borrower Party for the payment of money which exceeds
$7,500,000, or a warrant of attachment or execution or similar process shall be
issued or levied against property of any Borrower Party or any Subsidiary of a
Borrower Party pursuant to a final judgment which, together with all other such
property of any Borrower Party or any Subsidiary of a Borrower Party, as
applicable, subject to other such process, exceeds in value $7,500,000 in the
aggregate, and if, within thirty (30) days after the entry, issue, or levy
thereof, such judgment, warrant, or process shall not have been paid or
discharged or stayed pending appeal, or if, after the expiration of any such
stay, such judgment, warrant, or process shall not have been paid or discharged;

         (j)      (i) There shall be at any time any "accumulated funding
deficiency," as defined in Section 3.02 of ERISA or in Section 412 of the Code,
with respect to any Plan maintained by any Borrower Party or any ERISA Affiliate
of a Borrower Party, or to which any Borrower Party or any of its ERISA
Affiliates has any liabilities, or any trust created thereunder; or (ii) a
trustee shall be appointed by a United States District Court to administer any
such Plan; or (iii) the PBGC shall institute proceedings to terminate any such
Plan; or (iv) any Borrower Party or any ERISA Affiliate of any Borrower Party
shall incur any liability to the PBGC in connection with the termination of any
such Plan; or (v) any Plan or trust created under any Plan of any Borrower Party
or any ERISA Affiliate of any Borrower Party shall engage in a non-exempt
"prohibited transaction" (as such term is defined in Section 406 of ERISA or
Section 4975 of the Code) which would subject any such Plan, any trust created
thereunder, any trustee or administrator thereof, or any party dealing with any
such Plan or trust to any material tax or penalty on "prohibited transactions"
imposed by Section 502 of ERISA or Section 4975 of the Code; or (vi) any
Borrower Party or any ERISA Affiliate of any Borrower Party shall enter into or
become obligated to contribute to a Multiemployer Plan in an aggregate amount
which, together with any liabilities in any of the foregoing clauses (i), (ii),
(iii) (iv) or (v) of this Section 9.1(j) is in excess of $7,500,000;

         (k)      There shall occur any default (after the expiration of any
applicable cure period) under the Senior Notes Documents, the Earnout Agreement
(other than arising as a result of a payment block pursuant to the Earnout
Subordination Agreement) or any other indenture, agreement, or instrument
evidencing Indebtedness of any Borrower Party

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or any Subsidiary of a Borrower Party in an aggregate principal amount exceeding
$5,000,000 (determined singly or in the aggregate with other Indebtedness);

         (l)      All or any portion of any Loan Document or of any Hedge
Agreement shall at any time and for any reason be declared to be null and void,
or a proceeding shall be commenced by any Borrower Party or any Affiliate
thereof, or by any governmental authority having jurisdiction over any Borrower
Party any Affiliate of any Borrower Party, seeking to establish the invalidity
or unenforceability thereof (exclusive of questions of interpretation of any
provision thereof), or any Borrower Party or any Affiliate of a Borrower Party
shall deny that it has any liability or obligation for the payment of any
Obligation purported to be created under any Loan Document or any Hedge
Agreement;

         (m)      There shall occur any default by any party under the
Acquisition Agreement or any other document or instrument delivered in
connection therewith (other than the Earnout Agreement), or any such document
shall cease to be in full force and effect (except pursuant to its terms) or
shall be declared null and void, or any party thereto shall deny it has any
further liability or obligation thereunder (except pursuant to its terms), which
in any such case could reasonably be expected to expose the Parent to a claim,
loss or liability in an aggregate amount in excess of $7,500,000; or

         (n)      The Acquisition shall not have become effective on the
Agreement Date.

         Section 9.2 Remedies. If an Event of Default shall have occurred and
shall be continuing, in addition to the rights and remedies set forth elsewhere
in this Agreement and the Loan Documents and in any Hedge Agreements:

         (a)      With the exception of an Event of Default specified in Section
9.1(g) or (h), the Administrative Agent, at the direction of the Majority
Lenders, shall (i) terminate the Revolving Loan Commitments and the Letter of
Credit Commitment, or (ii) declare the principal of and interest on the Loans
and all other Obligations (other than any obligations as existing from time to
time of any Borrower Party to the Administrative Agent (or an affiliate of the
Administrative Agent) or any Lender (or an affiliate of a Lender) arising from
or in connection with any Hedge Agreements) to be forthwith due and payable
without presentment, demand, protest, or notice of any kind, all of which are
hereby expressly waived, anything in this Agreement or in any Revolving Loan
Notes to the contrary notwithstanding, or both.

         (b)      Upon the occurrence and continuance of an Event of Default
specified in Sections 9.1(g) or (h), such principal, interest, and other
Obligations (other than any obligations as existing from time to time of any
Borrower Party to the Administrative Agent (or an affiliate of the
Administrative Agent) arising from or in connection with any Hedge Agreements)
shall thereupon and concurrently therewith become due and payable, and the
Revolving Loan Commitments and the Letter of Credit Commitment, shall forthwith
terminate, all without any action by the Lender Group, or any of them, or the

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Majority Lenders and without presentment, demand, protest, or other notice of
any kind, all of which are expressly waived, anything in this Agreement or in
any Revolving Loan Notes to the contrary notwithstanding.

         (c)      The Administrative Agent, with the concurrence of the Majority
Lenders, shall exercise all of the post-default rights granted to it and to them
under the Loan Documents or under Applicable Law. The Administrative Agent, for
the benefit of the Lender Group, shall have the right to the appointment of a
receiver for the Property of the Borrower Parties, and the Borrower Parties
hereby consent to such rights and such appointment and hereby waive any
objection the Borrower Parties may have thereto or the right to have a bond or
other security posted by the Lender Group or any of them in connection
therewith.

         (d)      In regard to all Letters of Credit with respect to which
presentment for honor shall not have occurred at the time of any acceleration of
the Obligations pursuant to the provisions of this Section 9.2 or, upon the
request of the Administrative Agent, after the occurrence of an Event of Default
and prior to acceleration, the Borrowers shall promptly upon demand by the
Administrative Agent deposit in a Letter of Credit Reserve Account opened by
Administrative Agent for the benefit of the applicable Issuing Bank an amount
equal to one hundred and five percent (105%) of the aggregate then undrawn and
unexpired amount of such Letter of Credit Obligations. Amounts held in such
Letter of Credit Reserve Account shall be applied by the Administrative Agent to
the payment of drafts drawn under such Letters of Credit, and the unused portion
thereof after such Letters of Credit shall have expired or been fully drawn
upon, if any, shall be applied to repay other Obligations in the manner set
forth in Section 2.11. Pending the application of such deposit to the payment of
the Reimbursement Obligations, the Administrative Agent shall, to the extent
reasonably practicable, invest such deposit in an interest bearing open account
or similar available savings deposit account and all interest accrued thereon
shall be held with such deposit as additional security for the Obligations.
After all such Letters of Credit shall have expired or been fully drawn upon,
all Reimbursement Obligations shall have been satisfied, and all other
Obligations shall have been paid in full, the balance, if any, in such Letter of
Credit Reserve Account shall be returned to the Borrowers. Except as expressly
provided hereinabove, presentment, demand, protest and all other notices of any
kind are hereby expressly waived by the Borrowers.

         (e)      The rights and remedies of the Lender Group hereunder shall be
cumulative, and not exclusive.

                                  ARTICLE 10.

                            THE ADMINISTRATIVE AGENT

         Section 10.1 Appointment and Authorization. Each Lender hereby
irrevocably appoints and authorizes, and hereby agrees that it will require any
transferee of any of its interest in its Revolving Loans and in any Revolving
Loan Notes irrevocably to appoint

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and authorize, the Administrative Agent to take such actions as its agent on its
behalf and to exercise such powers hereunder and under the other Loan Documents
as are delegated by the terms hereof and thereof, together with such powers as
are reasonably incidental thereto. Without limiting the foregoing, each Lender
hereby authorizes the Administrative Agent to execute and deliver each Loan
Document to which the Administrative Agent is, or is required to be, a party.
Neither the Administrative Agent nor any of its directors, officers, employees,
or agents shall be liable for any action taken or omitted to be taken by it
hereunder or in connection herewith, except for its own gross negligence or
willful misconduct as determined by a final non-appealable order of a court of
competent jurisdiction. Except as expressly otherwise provided in this
Agreement, the Administrative Agent shall have and may use its sole discretion
with respect to exercising or refraining from exercising any discretionary
rights or taking or refraining from taking any actions which the Administrative
Agent is expressly entitled to take or assert under this Agreement and the other
Loan Documents, including (a) the determination of the applicability of
ineligibility criteria with respect to the calculation of the Borrowing Base,
(b) the making of Agent Advances pursuant to Section 2.1(e), and (c) the
exercise of remedies pursuant to Section 9.2, and any action so taken or not
taken shall be deemed consented to by the Lenders.

         Section 10.2 Interest Holders. The Administrative Agent may treat each
Lender, or the Person designated in the last notice filed with the
Administrative Agent under this Section 10.2, as the holder of all of the
interests of such Lender in its Revolving Loans and in any Revolving Loan Notes
issued to it until written notice of transfer, signed by such Lender (or the
Person designated in the last notice filed with the Administrative Agent) and by
the Person designated in such written notice of transfer, in form and substance
satisfactory to the Administrative Agent, shall have been filed with the
Administrative Agent.

         Section 10.3 Consultation with Counsel. The Administrative Agent may
consult with legal counsel selected by it and shall not be liable to any Lender
or any Issuing Bank for any action taken or suffered by it in good faith in
reliance on the advice of such counsel.

         Section 10.4 Documents. The Administrative Agent shall not be under any
duty to examine, inquire into, or pass upon the validity, effectiveness, or
genuineness of this Agreement, any Revolving Loan Note, or any instrument,
document, or communication furnished pursuant hereto or in connection herewith,
and the Administrative Agent shall be entitled to assume that they are valid,
effective, and genuine, have been signed or sent by the proper parties, and are
what they purport to be.

         Section 10.5 Administrative Agent and Affiliates. With respect to the
Revolving Loan Commitment and Loans, the Administrative Agent shall have the
same rights and powers hereunder as any other Lender, and the Administrative
Agent and its affiliates may accept deposits from, lend money to, and generally
engage in any kind of

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business with the Borrower Parties or any Affiliates of, or Persons doing
business with, the Borrower Parties, as if it were not the Administrative Agent
or affiliated with the Administrative Agent and without any obligation to
account therefor. The Lenders and the Issuing Banks acknowledge that the
Administrative Agent and its affiliates have other lending and investment
relationships with the Borrower Parties and their Affiliates and in the future
may enter into additional such relationships.

         Section 10.6 Responsibility of the Administrative Agent. The duties and
obligations of the Administrative Agent under this Agreement are only those
expressly set forth in this Agreement. The Administrative Agent shall be
entitled to assume that no Default has occurred and is continuing unless it has
actual knowledge, or has been notified by the any Borrower Party, of such fact,
or has been notified by a Lender that such Lender considers that a Default or an
Event of Default has occurred and is continuing, and such Lender shall specify
in detail the nature thereof in writing. The Administrative Agent shall provide
each Lender with copies of such documents received from any Borrower Party as
such Lender may reasonably request.

         Section 10.7 Action by Administrative Agent.

         (a)      The Administrative Agent shall be entitled to use its
discretion with respect to exercising or refraining from exercising any rights
which may be vested in it by, and with respect to taking or refraining from
taking any action or actions which it may be able to take under or in respect
of, this Agreement, unless the Administrative Agent shall have been instructed
by the Majority Lenders to exercise or refrain from exercising such rights or to
take or refrain from taking such action, provided that the Administrative Agent
shall not exercise any rights under Section 9.2(a) or 9.2(c) of this Agreement
without the approval of the Majority Lenders. The Administrative Agent shall
incur no liability under or in respect of this Agreement with respect to
anything which it may do or refrain from doing in the reasonable exercise of its
judgment or which may seem to it to be necessary or desirable in the
circumstances.

         (b)      The Administrative Agent shall not be liable to the Lenders or
the Issuing Banks or any of them in acting or refraining from acting under this
Agreement in accordance with the instructions of the Majority Lenders (or all
Lenders if required by Section 11.12), and any action taken or failure to act
pursuant to such instructions shall be binding on all Lenders and the Issuing
Banks.

         Section 10.8 Notice of Default. In the event that the Administrative
Agent or any Lender shall acquire actual knowledge, or shall have been notified
in writing, of any Default, the Administrative Agent or such Lender shall
promptly notify the Lenders and the Administrative Agent, and the Administrative
Agent shall take such action and assert such rights under this Agreement as the
Majority Lenders shall request in writing, and the Administrative Agent shall
not be subject to any liability by reason of its acting pursuant to any such
request. If the Majority Lenders shall fail to request the Administrative Agent
to take action or to assert rights under this Agreement in respect of any
Default

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within ten (10) days after their receipt of the notice of any Default from the
Administrative Agent or any Lender, or shall request inconsistent action with
respect to such Default, the Administrative Agent may, but shall not be required
to, take such action and assert such rights (other than rights under Article 9)
as it deems in its discretion to be advisable for the protection of the Lender
Group, except that, if the Majority Lenders have instructed the Administrative
Agent not to take such action or assert such right, in no event shall the
Administrative Agent act contrary to such instructions.

         Section 10.9 Responsibility Disclaimed. The Administrative Agent shall
not be under any liability or responsibility whatsoever as Administrative Agent:

         (a)      To any Borrower Party or any other Person or entity as a
consequence of any failure or delay in performance by or any breach by, any
Lender or Lenders of any of its or their obligations under this Agreement;

         (b)      To any Lender or Lenders, as a consequence of any failure or
delay in performance by, or any breach by, any Borrower Party or any other
obligor of any of its obligations under this Agreement or any Revolving Loan
Notes or any other Loan Document; or

         (c)      To any Lender or Lenders for any statements, representations,
or warranties in this Agreement, or any other document contemplated by this
Agreement or any information provided pursuant to this Agreement, any other Loan
Document, or any other document contemplated by this Agreement, or for the
validity, effectiveness, enforceability, or sufficiency of this Agreement, any
Revolving Loan Notes, any other Loan Document, or any other document
contemplated by this Agreement.

         Section 10.10 Indemnification. The Lenders agree to indemnify the
Administrative Agent (to the extent not reimbursed by the Borrowers) pro rata in
accordance with their Revolving Commitment Ratios from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
investigations, costs, expenses (including fees and expenses of experts, agents,
consultants, and counsel), or disbursements of any kind or nature (whether or
not the Administrative Agent is a party to any such action, suit or
investigation) whatsoever which may be imposed on, incurred by, or asserted
against the Administrative Agent in any way relating to or arising out of this
Agreement, any other Loan Document, or any other document contemplated by this
Agreement or any action taken or omitted by the Administrative Agent under this
Agreement, any other Loan Document, or any other document contemplated by this
Agreement, except that no Lender shall be liable to the Administrative Agent for
any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses, or disbursements resulting from the
gross negligence or willful misconduct of the Administrative Agent as determined
by a final non-appealable order of a court of competent jurisdiction. This
provision is for the benefit of the Administrative Agent and shall not in any
way limit the obligations of the

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Borrower Parties under Section 6.18. The provisions of this Section 10.10 shall
survive the termination of this Agreement.

         Section 10.11 Credit Decision. Each Lender represents and warrants to
each other and to the Administrative Agent that:

         (a)      In making its decision to enter into this Agreement and to
make its Advances it has independently taken whatever steps it considers
necessary to evaluate the financial condition and affairs of the Borrower
Parties and that it has made an independent credit judgment, and that it has not
relied upon information provided by the Administrative Agent; and

         (b)      So long as any portion of the Obligations remains outstanding,
it will continue to make its own independent evaluation of the financial
condition and affairs of the Borrower Parties.

         Section 10.12 Successor Administrative Agent. Subject to the
appointment and acceptance of a successor Administrative Agent as provided
below, the Administrative Agent may resign at any time by giving written notice
thereof to the Lenders and the Borrowers. Upon any such resignation, the
Majority Lenders shall have the right to appoint a successor Administrative
Agent (with the consent of the Borrowers if no Event of Default then exists). If
no successor Administrative Agent shall have been so appointed by the Majority
Lenders, and shall have accepted such appointment within thirty (30) days after
the retiring Administrative Agent's giving of notice of resignation, then the
retiring Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent which shall be any Lender or a commercial bank organized
under the laws of the United States of America or any political subdivision
thereof which has combined capital and reserves in excess of $500,000,000. Upon
the acceptance of any appointment as Administrative Agent hereunder by a
successor Administrative Agent, such successor Administrative Agent shall
thereupon succeed to and become vested with all the rights, powers, privileges,
duties, and obligations of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations
hereunder. After any retiring Administrative Agent's resignation hereunder as
Administrative Agent, the provisions of this Article 10.12 shall continue in
effect for its benefit in respect of any actions taken or omitted to be taken by
it while it was acting as the Administrative Agent.

         Section 10.13 Administrative Agent May File Proofs of Claim. The
Administrative Agent may file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the
Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Administrative Agent, its agents,
financial advisors and counsel), the Lenders and the Issuing Banks allowed in
any judicial proceedings relative to any Borrower Party, or any of their
respective creditors or property, and shall be entitled and empowered to
collect, receive and distribute any monies, securities or other property

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payable or deliverable on any such claims and any custodian in any such judicial
proceedings is hereby authorized by each Lender and Issuing Bank to make such
payments to the Administrative Agent and, in the event that the Administrative
Agent shall consent to the making of such payments directly to the Lenders and
the Issuing Banks, to pay to the Administrative Agent any amount due to the
Administrative Agent for the reasonable compensation, expenses, disbursements
and advances of the Administrative Agent, its agents, financial advisors and
counsel, and any other amounts due the Administrative Agent under Section 11.2.
Nothing contained in this Agreement or the other Loan Documents shall be deemed
to authorize the Administrative Agent to authorize or consent to or accept or
adopt on behalf of any Lender or any Issuing Bank any plan of reorganization,
arrangement, adjustment or composition affecting this Agreement, any Revolving
Loan Notes, the Letters of Credit or the rights of any holder thereof, or to
authorize the Administrative Agent to vote in respect of the claim of any Lender
or any Issuing Bank in any such proceeding.

         Section 10.14 Collateral. The Administrative Agent is hereby authorized
to hold all Collateral pledged pursuant to any Loan Document and to act on
behalf of the Lender Group, in its own capacity and through other agents
appointed by it, under the Security Documents; provided, that the Administrative
Agent shall not agree to the release of any Collateral except in accordance with
the terms of this Agreement. The Lender Group acknowledges that the Loans, any
Overadvances, all Obligations with respect to Bank Products Documents and all
interest, fees and expenses hereunder constitute one Indebtedness, secured by
all of the Collateral. The Administrative Agent hereby appoints each Lender and
each Issuing Bank as its agent (and each Lender and Issuing Bank hereby accepts
such appointment) for the purpose of perfecting the Administrative Agent's Liens
in assets which, in accordance with the UCC, can be perfected by possession.
Should any Lender or Issuing Bank obtain possession of any such Collateral,
subject to the limitations set forth in the Block Account Agreements, promptly
upon the Administrative Agent's request therefor shall deliver such Collateral
to the Administrative Agent or in accordance with the Administrative Agent's
instructions.

         Section 10.15 Release of Collateral.

         (a)      Each Lender and each Issuing Bank hereby directs, in
accordance with the terms of this Agreement, the Administrative Agent to release
any Lien held by the Administrative Agent for the benefit of the Lender Group:

                  (i)      against all of the Collateral, upon final and
         indefeasible payment in full of the Obligations and termination of this
         Agreement; or

                  (ii)     against any part of the Collateral sold or disposed
         of by the Borrower Parties if such sale or disposition is permitted by
         Section 8.7 or is otherwise consented to by the requisite Lenders for
         such release as set forth in Section 11.12, as certified to the
         Administrative Agent by the Administrative

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         Borrower in a certificate of an Authorized Signatory of the
         Administrative Borrower.

         (b)      Each Lender and each Issuing Bank hereby directs the
Administrative Agent to execute and deliver or file or authorize the filing of
such termination and partial release statements and do such other things as are
necessary to release Liens to be released pursuant to this Section 10.15
promptly upon the effectiveness of any such release. Upon request by the
Administrative Agent at any time, the Lenders and the Issuing Banks will confirm
in writing the Administrative Agent's authority to release particular types or
items of Collateral pursuant to this Section 10.15.

         Section 10.16 Additional Agents. None of the Lenders or other entities
identified on the facing page of this Agreement as an "Joint Lead Arranger",
"Syndication Agent", "Co-Syndication Agent", or "Co-Documentation Agents" shall
have any right, power, obligation, liability, responsibility or duty under this
Agreement or any other Loan Document other than those applicable to all Lenders
as such; provided, however, that the Syndication Agent shall have certain rights
under Sections 4.1 and 4.3 to approve certain documents delivered in connection
with the closing of this Agreement. Without limiting the foregoing, none of the
Lenders so identified shall have or be deemed to have any fiduciary relationship
with any other Lender. Each Lender acknowledges that it has not relied, and will
not rely, on any of the Lenders or other entities so identified in deciding to
enter into this Agreement or any other Loan Document or in taking or not taking
action hereunder or thereunder.

                                  ARTICLE 11.

                                 MISCELLANEOUS

         Section 11.1 Notices.

         (a)      All notices and other communications under this Agreement
shall be in writing and shall be deemed to have been given five (5) days after
deposit in the mail, designated as certified mail, return receipt requested,
post-prepaid, or one (1) day after being entrusted to a reputable commercial
overnight delivery service, or when delivered to the telegraph office or sent
out by telex or telecopy (or to the extent specifically permitted under Article
7 only, by electronic means) addressed to the party to which such notice is
directed at its address determined as in this Section 11.1. All notices and
other communications under this Agreement shall be given to the parties hereto
at the following addresses:

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                           (i)      If to any Borrower Party, to the
                           Administrative Borrower in care of such Borrower
                           Party at:

                                    Oxford Industries, Inc.
                                    222 Piedmont Avenue
                                    Atlanta, Georgia 30308-3391
                                    Attn: Thomas C. Chubb, III
                                    Telecopy No.: (404) 653-1545
                                    with a copy to:

                                    King & Spalding LLP
                                    191 Peachtree Street, N.E.
                                    Atlanta, Georgia 30303-1763
                                    Attn: Russell B. Richards
                                    Telecopy No.: (404) 572-5100

                           (ii)     If to the Administrative Agent, to it at:

                                    SunTrust Bank
                                    303 Peachtree Street
                                    Atlanta, Georgia 30308
                                    Attn: Ken Bauchle
                                    Telecopy No.: (404) 575-2693
                                    Electronic Mail: ken.bauchle@suntrust.com

                                    with a copy to:

                                    SunTrust Robinson Humphrey, a
                                    division of SunTrust Capital Markets, Inc.
                                    303 Peachtree Street, 25th Floor
                                    Mail Code ATL 7662
                                    Atlanta, GA 30308
                                    Attn: Horst Kisch
                                          Director - Agency Services
                                    Telecopy No: (404) 724-3879
                                    Electronic Mail: horst.kisch@suntrust.com

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                                    with a copy to:

                                    Chris D. Molen, Esq.
                                    Paul, Hastings, Janofsky & Walker LLP
                                    600 Peachtree Street, N.E.
                                    Suite 2400
                                    Atlanta, Georgia 30308
                                    Telecopy No.: (404) 815-2424

                           (iii)    If to the Lenders, to them at the addresses
set forth on the signature pages of this Agreement.

                           (iv)     If to the Issuing Banks, at the addresses
set forth on the signature pages of this Agreement.

Copies shall be provided to Persons other than parties hereto only in the case
of notices under Article 9.

         (b)      Any party hereto may change the address to which notices shall
be directed under this Section 11.1 by giving ten (10) days' written notice of
such change to the other parties.

         Section 11.2 Expenses. The Borrowers agree to promptly pay or
reimburse:

         (a)      All out-of-pocket expenses of the Administrative Agent and
Syndication Agent in connection with the preparation, negotiation, execution,
delivery and syndication of this Agreement and the other Loan Documents and any
Bank Products, the transactions contemplated hereunder and thereunder, and the
making of the initial Advance hereunder, including, but not limited to, the
reasonable fees and disbursements of counsel for the Administrative Agent and
the Syndication Agent, and allocated costs for services of internal counsel for
the Administrative Agent and the Syndication Agent;

         (b)      All out-of-pocket expenses of the Administrative Agent in
connection with the administration of the transactions contemplated in this
Agreement or the other Loan Documents or any Bank Products, and the preparation,
negotiation, execution, and delivery of any waiver, amendment, or consent by the
Lenders relating to this Agreement or the other Loan Documents or any Bank
Products, including, but not limited to, (i) all reasonable fees, expenses and
disbursements of any law firm or other counsel engaged by the Administrative
Agent, and the reasonably allocated costs and expenses of internal legal
services of the Administrative Agent; (ii) costs and expenses (including
reasonable attorneys' and paralegals' fees and disbursements) for any amendment,
supplement, waiver, consent, or subsequent closing in connection with the Loan
Documents or in respect of any Bank Products and the transactions contemplated
thereby; (iii) costs and expenses of lien and title searches and title
insurance; (iv) taxes, fees and other charges for recording any mortgages,
filing financing statements and continuations, and other

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actions to perfect, protect, and continue the Administrative Agent's Liens
(including costs and expenses paid or incurred by the Administrative Agent in
connection with the consummation of this Agreement); (v) sums paid or incurred
to pay any amount or take any action required of the Borrower Parties under the
Loan Documents or in respect of any Bank Products that the Borrower Parties fail
to pay or take; (vi) costs of appraisals, inspections, and verifications of the
Collateral and other due diligence, including reasonable out-of-pocket expenses
for travel, lodging, and meals for inspections of the Collateral and the
Borrower Parties' operations by the Administrative Agent plus the Administrative
Agent's then generally-applicable and customary charge for field examinations
and audits or any reappraisals and the preparation of reports thereof; and (vii)
costs and expenses of forwarding loan proceeds, collecting checks and other
items of payment, and establishing and maintaining Blocked Accounts and lock
boxes, and costs and expenses of preserving and protecting the Collateral;

         (c)      All out-of-pocket costs and expenses of the Administrative
Agent in connection with any restructuring, refinancing, or "work out" of the
transactions contemplated by this Agreement, and of obtaining performance under
this Agreement or the other Loan Documents or in respect of any Hedge
Agreements, and all out-of-pocket costs and expenses of collection of the
Administrative Agent if default is made in the payment of the Obligations, which
in each case shall include fees and out-of-pocket expenses of counsel for
Administrative Agent, and the fees and out-of-pocket expenses of any experts of
the Administrative Agent, or consultants of the Administrative Agent, including,
in each case, but without in any way limiting the generality of the foregoing,
allocated costs for service of internal counsel for the Administrative Agent. In
addition to the foregoing, upon the occurrence and during the continuance of an
Event of Default, the Borrower Parties shall reimburse the other members of the
Lender Group for the out of pocket costs and expenses of one counsel for the
Lender Group (in addition to the Administrative Agent's counsel referred to
above); and

         (d)      All taxes, assessments, general or special, and other charges
levied on, or assessed, placed or made against any of the Collateral, any
Revolving Notes or the Obligations.

         Section 11.3 Waivers. The rights and remedies of the Administrative
Agent and the Lenders under this Agreement and the other Loan Documents shall be
cumulative and not exclusive of any rights or remedies which they would
otherwise have. No failure or delay by the Lender Group, or any of them, or the
Majority Lenders in exercising any right shall operate as a waiver of such
right. The Lender Group expressly reserves the right to require strict
compliance with the terms of this Agreement in connection with any funding of a
request for an Advance. In the event the Lenders decide to fund a request for an
Advance at a time when the Borrowers are not in strict compliance with the terms
of this Agreement, such decision by the Lenders shall not be deemed to
constitute an undertaking by the Lenders to fund any further requests for
Advances or preclude the Lenders from exercising any rights available to the
Lenders under the Loan Documents

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or at law or equity. Any waiver or indulgence granted by the Lenders or by the
Majority Lenders shall not constitute a modification of this Agreement, except
to the extent expressly provided in such waiver or indulgence, or constitute a
course of dealing by the Lenders at variance with the terms of the Agreement
such as to require further notice by the Lenders of the Lenders' intent to
require strict adherence to the terms of the Agreement in the future. Any such
actions shall not in any way affect the ability of the Lenders, in their
discretion, to exercise any rights available to them under this Agreement or
under any other agreement, whether or not the Lenders are party, relating to the
Borrowers.

         Section 11.4 Set-Off. In addition to any rights now or hereafter
granted under Applicable Law and not by way of limitation of any such rights,
except to the extent limited by Applicable Law, upon the occurrence of an Event
of Default and during the continuation thereof, the Lenders and any subsequent
holder or holders of the Obligations are hereby authorized by the Borrower
Parties at any time or from time to time, without notice to any Borrower Party
or to any other Person, any such notice being hereby expressly waived, to
set-off and to appropriate and apply any and all deposits (general or special,
time or demand, including, but not limited to, Indebtedness evidenced by
certificates of deposit, in each case whether matured or unmatured, but not
including any amounts held by the Administrative Agent or any of its Affiliates
in any escrow account) and any other Indebtedness at any time held or owing by
the Lenders or such holder to or for the credit or the account of any Borrower
Party, against and on account of the obligations and liabilities of the Borrower
Party, to the Lenders or such holder under this Agreement, any Revolving Loan
Notes, and any other Loan Document, and any Bank Products Documents, including,
but not limited to, all claims of any nature or description arising out of or
connected with this Agreement, any Revolving Loan Notes, or any other Loan
Document, or any Bank Products Documents, irrespective of whether or not (a) the
Lenders or the holder of the Obligations shall have made any demand hereunder or
(b) the Lenders shall have declared the principal of and interest on the Loans
and any Revolving Loan Notes and other amounts due hereunder to be due and
payable as permitted by Section 9.2 and although said obligations and
liabilities, or any of them, shall be contingent or unmatured. Any sums obtained
by any Lender or by any subsequent holder of the Obligations shall be subject to
the application of payments provisions of Article 2.

         Section 11.5 Assignment.

         (a)      The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that no Borrower Party may assign or otherwise
transfer any of its rights or obligations hereunder without the prior written
consent of each Lender (and any attempted assignment or transfer by any Borrower
Party 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

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assigns permitted hereby and, to the extent expressly contemplated hereby, the
Affiliates of each of the Administrative Agent 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 Eligible Assignees all or
a portion of its rights and obligations under this Agreement (including all or a
portion of its Revolving Loan Commitment and the Revolving Loans at the time
owing to it); provided that (i) except in the case of an assignment of the
entire remaining amount of the assigning Lender's Revolving Loan Commitment and
the Revolving Loans at the time owing to it or in the case of an assignment to a
Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender,
the aggregate amount of the Revolving Loan Commitment, of the assigning Lender
subject to each such assignment, (determined as of the date the Assignment and
Assumption Agreement with respect to such assignment is delivered to the
Administrative Agent) shall not be less than $1,000,000, unless each of the
Administrative Agent and, so long as no Default has occurred and is continuing,
the Administrative Borrower otherwise consents (each such consent not to be
unreasonably withheld or delayed), and (ii) the parties (but no Borrower Party)
to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption Agreement, together with a processing and recordation
fee of $1,000 (which fee shall not be required in the case of an assignment to
an Affiliate of a member of the Lender Group), and the Eligible Assignee, if it
shall not be a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire. Subject to acceptance and recording thereof by the
Administrative Agent pursuant to paragraph (c) of this Section, from and after
the effective date specified in each Assignment and Assumption Agreement, the
Eligible Assignee thereunder shall be a party hereto and, to the extent of the
interest assigned by such Assignment and Assumption Agreement, 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
Assumption Agreement, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption Agreement 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 2.8(b), 2.9, 6.18, 12.3 and 12.5). 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 (d) of this Section.

         (c)      The Administrative Agent, acting solely for this purpose as an
agent of the Borrowers, shall maintain at the Administrative Agent's Office a
copy of each Assignment and Assumption Agreement delivered to it and a register
for the recordation of the names and addresses of the Lenders, and the Revolving
Loan Commitments of, and principal amount of the Revolving Loans 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 and the Lenders may treat each Person

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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 shall be available for inspection by the Borrowers and
any Lender, at any reasonable time and from time to time upon reasonable prior
notice.

         (d)      Any Lender may, without the consent of, or notice to, the
Administrative Borrower or the Administrative Agent, sell participations to one
or more banks or other entities (a "Participant") in all or a portion of such
Lender's rights and/or obligations under this Agreement (including all or a
portion of its Revolving Loan Commitment and/or the Revolving 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
and the Lender Group 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 Section 11.12(a)(i) that
affects such Participant. Subject to paragraph (e) of this Section, the
Borrowers agree that each Participant shall be entitled to the benefits of
Sections 2.8(b), 2.9, 6.18, 6.19(c) and 12.3 to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to paragraph (b) of
this Section. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 11.4 as though it were a Lender, provided
such Participant agrees to be subject to Section 2.10(b) as though it were a
Lender.

         (e)      A Participant shall not be entitled to receive any greater
payment under Section 2.8(b) or Section 12.3 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 Administrative Borrower's prior written consent. A Participant shall
not be entitled to the benefits of Section 2.8(b) unless the Administrative
Borrower is notified of the participation sold to such Participant and such
Participant agrees, for the benefit of the Borrowers, to comply with Section
2.8(b) as though it were a Lender.

         (f)      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 without limitation (i) any pledge or
assignment to secure obligations to a Federal Reserve Bank and (ii) in the case
of any Lender that is a Fund, any pledge or assignment of all or any portion of
such Lender's rights under this Agreement to any holders of obligations owed, or
securities issued, by such Lender as security for such obligations or
securities, or to any trustee for, or any other representative of, such holders,
and this Section shall not apply to any such pledge or assignment of a security
interest;

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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.

         Section 11.6 Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original, but all such
separate counterparts shall together constitute but one and the same instrument.
In proving this Agreement or any other Loan Document in any judicial
proceedings, it shall not be necessary to produce or account for more than one
such counterpart signed by the party against whom such enforcement is sought.
Any signatures delivered by a party by facsimile transmission shall be deemed an
original signature hereto.

         Section 11.7 Governing Law. This Agreement and the Loan Documents shall
be construed in accordance with and governed by the laws of the State of New
York, without regard to the conflict of laws principles thereof, except to the
extent otherwise provided in the Loan Documents.

         Section 11.8 Severability. Any provision of this Agreement which is
prohibited or unenforceable shall be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions
hereof in that jurisdiction or affecting the validity or enforceability of such
provision in any other jurisdiction.

         Section 11.9 Headings. Headings used in this Agreement are for
convenience only and shall not be used in connection with the interpretation of
any provision hereof.

         Section 11.10 Source of Funds. Notwithstanding the use by the Lenders
of the Base Rate and the Eurodollar Rate as reference rates for the
determination of interest on the Loans, the Lenders shall be under no obligation
to obtain funds from any particular source in order to charge interest to the
Borrowers at interest rates tied to such reference rates.

         Section 11.11 Entire Agreement. THIS WRITTEN AGREEMENT, TOGETHER WITH
THE OTHER LOAN DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES. Each Borrower represents and warrants to the Lender Group that it has
read the provisions of this Section 11.11 and discussed the provisions of this
Section 11.11 and the rest of this Loan Agreement with counsel for such
Borrower, and such Borrower acknowledges and agrees that the Lender Group is
expressly relying upon such representations and warranties of such Borrower (as
well as the other representations and warranties of such Borrower set forth in
Section 5.1) in entering into this Agreement.

         Section 11.12 Amendments and Waivers

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         (a)      Neither this Agreement, any other Loan Document nor any term
hereof or thereof may be amended orally, nor may any provision hereof be waived
orally but only by an instrument in writing signed by the Majority Lenders, or
in the case of Loan Documents executed by the Administrative Agent, signed by
the Administrative Agent and approved by, Majority Lenders and, in the case of
an amendment, also by the Borrowers, except that (i) the consent of each of the
Lenders shall be required for (A) any sale or release of, or the subordination
of the Administrative Agent's security interest in, any material Collateral
except in conjunction with sales or transfers of Collateral permitted hereunder,
or any release of any guarantor of the Obligations, (B) any extensions,
postponements or delays of the Maturity Date, the scheduled date of payment of
interest or principal or fees, or any reduction of principal (without a
corresponding payment with respect thereto), or any reduction in the rate of
interest or fees due to the Lenders hereunder or under any other Loan Document,
(C) any amendment of this Section 11.12 or of the definition of "Majority
Lenders," or any other provision of the Loan Documents specifying the number or
percentage of Lenders required to waive, amend or modify any rights thereunder
or make any determination or grant any consent thereunder; (D) any amendment
increasing the Revolving Loan Commitments (it being understood and agreed that a
waiver of any Default or a modification of any of the defined terms contained
herein (other than those defined terms specifically addressed in this Section
11.12) shall not constitute a change in the terms of the Revolving Loan
Commitment of any Lender); (E) any amendment to the definition of "Borrowing
Base" other than a reduction in the percentages set forth in such definition;
(F) any amendment to the definitions of "Availability" or "Bank Products;" or
(G) any amendment to Section 2.11 of this Agreement, (ii) the consent of the
Administrative Agent, the Majority Lenders and the Borrowers shall be required
for any amendment to Article 10; (iii) the consent of the Issuing Banks, the
Majority Lenders and the Borrowers shall be required for any amendment to
Section 2.15 and (iv) the consent of the Guarantors and the Majority Lenders
shall be required for any amendment to Article 3; provided, however, the
Administrative Agent may, in its sole discretion and notwithstanding the
limitations contained in clauses (i)(E) and (i)(F) above and any other terms of
this Agreement, make Agent Advances in accordance with Section 2.1(e) and,
provided further, that Schedule 1(b) hereto (Revolving Commitment Ratios) may be
amended from time to time by the Administrative Agent alone to reflect
assignments of Revolving Loan Commitments in accordance herewith.

         (b)      Each Lender grants to the Administrative Agent the right to
purchase all (but not less than all) of such Lender's Revolving Loan Commitment,
Letter of Credit Commitment, the Loans and Letter of Credit Obligations owing to
it and any Revolving Loan Notes held by it and all of its rights and obligations
hereunder and under the other Loan Documents at a price equal to the outstanding
principal amount of the Loans payable to such Lender plus any accrued but unpaid
interest on such Loans and accrued but unpaid commitment fees and letter of
credit fees owing to such Lender plus the amount necessary to cash collateralize
any Letters of Credit issued by such Lender, which right may be exercised by the
Administrative Agent if such Lender refuses to execute any

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amendment, waiver or consent which requires the written consent of all of the
Lenders and to which the Majority Lenders, the Administrative Agent and the
Borrowers have agreed so long as such right is exercised within ninety (90) days
of the date any approval for such amendment, waiver or consent was due. Each
Lender agrees that if the Administrative Agent exercises its option hereunder,
it shall promptly execute and deliver an Assignment and Assumption Agreement and
other agreements and documentation necessary to effectuate such assignment. The
Administrative Agent may assign its purchase rights hereunder to any assignee if
such assignment complies with the requirements of Section 11.5(b).

         (c)      If any fees are paid to the Lenders as consideration for
amendments, waivers or consents with respect to this Agreement, at
Administrative Agent's election, such fees may be paid only to those Lenders
that agree to such amendments, waivers or consents within the time specified for
submission thereof.

         Section 11.13 Other Relationships. No relationship created hereunder or
under any other Loan Document shall in any way affect the ability of the
Administrative Agent, each Issuing Bank and each Lender to enter into or
maintain business relationships with the Borrowers, or any of their respective
Affiliates, beyond the relationships specifically contemplated by this Agreement
and the other Loan Documents.

         Section 11.14 Pronouns. The pronouns used herein shall include, when
appropriate, either gender and both singular and plural, and the grammatical
construction of sentences shall conform thereto.

         Section 11.15 Disclosure. The Borrower Parties agree that the
Administrative Agent shall have the right, with the consent of the
Administrative Borrower, to issue press releases regarding the making of the
Loans to the Borrowers pursuant to the terms of this Agreement.

         Section 11.16 Replacement of Lender. In the event that a Replacement
Event (as defined below) occurs and is continuing with respect to any Lender,
the Borrowers may designate another financial institution (such financial
institution being herein called a "Replacement Lender") acceptable to the
Administrative Agent, and which is not a Borrower or an Affiliate of the
Borrowers, to assume such Lender's Revolving Loan Commitment hereunder, to
purchase the Loans and participations of such Lender and such Lender's rights
hereunder and (if such Lender is an Issuing Bank) to issue Letters of Credit in
substitution for all outstanding Letters of Credit issued by such Lender,
without recourse to or representation or warranty by, or expense to, such Lender
for a purchase price equal to the outstanding principal amount of the Loans
payable to such Lender plus any accrued but unpaid interest on such Loans and
accrued but unpaid commitment fees and letter of credit fees owing to such
Lender, and upon such assumption, purchase and substitution, and subject to the
execution and delivery to the Administrative Agent by the Replacement Lender of
documentation satisfactory to the Administrative Agent (pursuant to which such
Replacement Lender shall assume the obligations of such original Lender

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under this Agreement), the Replacement Lender shall succeed to the rights and
obligations of such Lender hereunder and such Lender shall no longer be a party
hereto or have any rights hereunder provided that the obligations of the
Borrowers to indemnify such Lender with respect to any event occurring or
obligations arising before such replacement shall survive such replacement.
"Replacement Event" means, with respect to any Lender, (a) the commencement of
or the taking of possession by, a receiver, custodian, conservator, trustee or
liquidator of such Lender, or the declaration by the appropriate regulatory
authority that such Lender is insolvent or (b) the making of any claim by any
Lender under Section 2.8(b), 12.3 or 12.5, unless the changing of the lending
office by such Lender would obviate the need of such Lender to make future
claims under such Sections.

         Section 11.17 Confidentiality. No member of the Lender Group shall
disclose any Confidential Information to any other Person without the consent of
the Administrative Borrower, other than (i) to such member of the Lender Group's
Affiliates and their officers, directors, employees, agents and advisors, to
other members of the Lender Group and, as contemplated by Section 11.5, to
actual or prospective assignees and participants, and then only on a
confidential basis, (ii) as required by any law, rule or regulation or judicial
process, (iii) to any rating agency when required by it, provided, that, prior
to any such disclosure, such rating agency shall undertake to preserve the
confidentiality of any Confidential Information relating to the Borrower Parties
received by it from such member of the Lender Group, (iv) as requested or
required by any state, federal or foreign authority or examiner regulating banks
or banking, and (v) in connection with the exercise of any remedy hereunder or
any suit, action or proceeding relating to this Agreement or any other Loan
Document or the enforcement of rights hereunder or thereunder. Notwithstanding
anything herein to the contrary, the members of the Lender Group (and their
respective employees, representatives, or other agents) may disclose to any and
all other Persons, without limitation of any kind, the tax treatment and tax
structure of this Agreement and the transactions contemplated hereby and all
materials of any kind (including opinions or other tax analyses) that are
provided to such Person relating to such tax treatment and tax structure. For
the avoidance of doubt, no disclosure to any Person is permitted with respect to
any aspect of this Agreement or the transactions contemplated hereby, to the
extent such aspect does not relate to tax treatment or tax structure or except
as otherwise permitted hereunder. The parties hereto hereby acknowledge and
agree that none of the interest rates, fee amounts or other amounts set forth in
such agreements relate to tax treatment or tax structure. The foregoing is
intended to comply with the presumption set forth in Treasury Regulation Section
1.6011-4(b)(3)(iii) and should be interpreted in a manner consistent with such
regulation.

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                                  ARTICLE 12.

                                YIELD PROTECTION

         Section 12.1 Eurodollar Rate Basis Determination. Notwithstanding
anything contained herein which may be construed to the contrary, if with
respect to any proposed Eurodollar Advance for any Eurodollar Advance Period,
the Administrative Agent determines that deposits in Dollars (in the applicable
amount) are not being offered by leading banks in the London interbank market
for such Eurodollar Advance Period, the Administrative Agent shall forthwith
give notice thereof to the Borrowers and the Lenders, whereupon until the
Administrative Agent notifies the Borrowers that the circumstances giving rise
to such situation no longer exist, the obligations of the Lenders to make
Eurodollar Advances shall be suspended.

         Section 12.2 Illegality. If any change in Applicable Law, any change in
the interpretation or administration of any Applicable Law by any governmental
authority, central bank, or comparable agency charged with the interpretation or
administration thereof, or any change in compliance with Applicable Law as a
result of compliance by any Lender with any request or directive (whether or not
having the force of law) of any such authority, central bank, or comparable
agency after the Agreement Date, shall make it unlawful or impossible for any
Lender to make, maintain, or fund its Eurodollar Advances, such Lender shall so
notify the Administrative Agent, and the Administrative Agent shall forthwith
give notice thereof to the other Lenders and the Administrative Borrower. Before
giving any notice to the Administrative Agent pursuant to this Section 12.2,
such Lender shall designate a different lending office if such designation will
avoid the need for giving such notice and will not, in the judgment of such
Lender, be otherwise disadvantageous to such Lender. Upon receipt of such
notice, notwithstanding anything contained in Article 2, the Borrowers shall
repay in full the then outstanding principal amount of each affected Eurodollar
Advance of such Lender, together with accrued interest thereon, either (a) on
the last day of the then current Eurodollar Advance Period applicable to such
Eurodollar Advance if such Lender may lawfully continue to maintain and fund
such Eurodollar Advance to such day or (b) immediately if such Lender may not
lawfully continue to fund and maintain such Eurodollar Advance to such day.
Concurrently with repaying each affected Eurodollar Advance of such Lender,
notwithstanding anything contained in Article 2, the Borrowers shall borrow a
Base Rate Advance from such Lender, and such Lender shall make such Advance in
an amount such that the outstanding principal amount of the Revolving Loans held
by such Lender shall equal the outstanding principal amount of such Revolving
Loans immediately prior to such repayment.

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         Section 12.3 Increased Costs.

         (a)      If any change in Applicable Law, any change in the
interpretation or administration of any Applicable Law by any governmental
authority, central bank, or comparable agency charged with the interpretation or
administration thereof or any change in compliance with Applicable Law as a
result of any request or directive (whether or not having the force of law) of
any such authority, central bank or comparable agency after the Agreement Date:

                           (i)      Shall subject any Lender to any tax, duty,
         or other charge with respect to its obligation to make Eurodollar
         Advances, or its Eurodollar Advances, or shall change the basis of
         taxation of payments to any Lender of the principal of or interest on
         its Eurodollar Advances or in respect of any other amounts due under
         this Agreement in respect of its Eurodollar Advances or its obligation
         to make Eurodollar Advances (except for changes in the rate of tax on
         the overall net income of such Lender; or

                           (ii)     Shall impose, modify, or deem applicable any
         reserve (including, without limitation, any imposed by the Board of
         Governors of the Federal Reserve System, but excluding any included in
         an applicable Eurodollar Reserve Percentage), special deposit,
         assessment, or other requirement or condition against assets of,
         deposits (other than as described in Section 12.5) with or for the
         account of, or commitments or credit extended by any Lender, or shall
         impose on any Lender or the eurodollar interbank borrowing market any
         other condition affecting its obligation to make such Eurodollar
         Advances or its Eurodollar Advances; and the result of any of the
         foregoing is to increase the cost to such Lender of making or
         maintaining any such Eurodollar Advances, or to reduce the amount of
         any sum received or receivable by the Lender under this Agreement or
         under any Revolving Loan Notes with respect thereto, and such increase
         is not given effect in the determination of the Eurodollar Rate then,

                           (iii)    Shall subject any Issuing Bank or any Lender
         to any tax, duty or other charge with respect to the obligation to
         issue Letters of Credit, maintain Letters of Credit or participate in
         Letters of Credit, or shall change the basis of taxation of payments to
         any Issuing Bank or any Lender in respect of amounts drawn under
         Letters of Credit or in respect of any other amounts due under this
         Agreement in respect of Letters of Credit or the obligation of the
         Issuing Banks to issue Letters of Credit, maintain Letters of Credit or
         participate in Letters of Credit (except for changes in the rate of tax
         on the overall net income of such Issuing Bank); or

                           (iv)     Shall impose, modify, or deem applicable any
         reserve (including, without limitation, any imposed by the Board of
         Governors of the Federal Reserve System), special deposit, assessment,
         or other requirement or condition against assets of, deposits (other
         than as described in Section 12.5) with

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         or for the account of, or commitments or credit extended by any Issuing
         Bank, or shall impose on any Issuing Bank or Lender any other condition
         affecting the obligation to issue Letters of Credit, maintain Letters
         of Credit or participate in Letters of Credit; and the result of any of
         the foregoing is to increase the cost to such Issuing Bank or Lender of
         issuing, maintaining or participating in any such Letters of Credit or
         to reduce the amount of any sum received or receivable by the Issuing
         Bank or any Lender under this Agreement with respect thereto,

promptly upon demand by such Lender or Issuing Bank or the Maturity Date, the
Borrowers agree to pay, without duplication of amounts due under Section 2.8(b),
to such Lender or Issuing Bank such additional amount or amounts as will
compensate such Lender or Issuing Bank for such increased costs. Each Lender or
such Issuing Bank will promptly notify the Borrowers and the Administrative
Agent of any event of which it has knowledge, occurring after the Agreement
Date, which will entitle such Lender or Issuing Bank to compensation pursuant to
this Section 12.3 and will designate a different lending office if such
designation will avoid the need for, or reduce the amount of, such compensation
and will not, in the sole judgment of such Lender or Issuing Bank, be otherwise
disadvantageous to such Lender or Issuing Bank.

         (b)      A certificate of any Lender or Issuing Bank claiming
compensation under this Section 12.3 and setting forth the additional amount or
amounts to be paid to it hereunder and calculations therefor shall be conclusive
in the absence of manifest error. In determining such amount, such Lender or
Issuing Bank may use any reasonable averaging and attribution methods. If any
Lender or Issuing Bank demands compensation under this Section 12.3, the
Borrowers may at any time, upon at least five (5) Business Days' prior notice to
such Lender, prepay in full the then outstanding affected Eurodollar Advances of
such Lender, together with accrued interest thereon to the date of prepayment,
along with any reimbursement required under Section 2.9. Concurrently with
prepaying such Eurodollar Advances the Borrowers shall borrow a Base Rate
Advance, or a Eurodollar Advance not so affected, from such Lender, and such
Lender shall make such Advance in an amount such that the outstanding principal
amount of the Revolving Loans held by such Lender shall equal the outstanding
principal amount of such Revolving Loans immediately prior to such prepayment.

         Section 12.4 Effect On Other Advances. If notice has been given
pursuant to Section 12.1, 12.2 or 12.3 suspending the obligation of any Lender
to make any Eurodollar Advance, or requiring Eurodollar Advances of any Lender
to be repaid or prepaid, then, unless and until such Lender (or, in the case of
Section 12.1, the Administrative Agent) notifies the Administrative Borrower
that the circumstances giving rise to such repayment no longer apply, all
Advances which would otherwise be made by such Lender as the Eurodollar Advances
affected shall, at the option of the Borrowers, be made instead as Base Rate
Advances.

                                      131

<PAGE>

         Section 12.5 Capital Adequacy. If after the Agreement Date, any Lender
or Issuing Bank (or any affiliate of the foregoing) shall have reasonably
determined that the adoption of any applicable law, governmental rule,
regulation or order regarding the capital adequacy of banks or bank holding
companies, or any change therein, or any change in the interpretation or
administration thereof by any governmental authority, central bank or comparable
agency charged with the interpretation or administration thereof, or compliance
by such Lender or Issuing Bank (or any affiliate of the foregoing) with any
request or directive regarding capital adequacy (whether or not having the force
of law) of any such governmental authority, central bank or comparable agency
(but only if such adoption, change, request or directive occurs after the
Agreement Date), has or would have the effect of reducing the rate of return on
such Lender's or Issuing Bank's (or any affiliate of the foregoing) capital as a
consequence of such Lender's or Issuing Bank's Commitment or obligations
hereunder to a level below that which it could have achieved but for such
adoption, change or compliance (taking into consideration such Lender's or
Issuing Bank's (or any affiliate of the foregoing) policies with respect to
capital adequacy immediately before such adoption, change or compliance and
assuming that such Lender's or Issuing Bank's (or any affiliate of the
foregoing) capital was fully utilized prior to such adoption, change or
compliance), then, promptly upon demand by such Lender or Issuing Bank, the
Borrowers shall immediately pay to such Lender or Issuing Bank such additional
amounts as shall be sufficient to compensate such Lender or Issuing Bank for any
such reduction actually suffered; provided, however, that there shall be no
duplication of amounts paid to a Lender pursuant to this sentence and Section
12.3 hereof. A certificate of such Lender or Issuing Bank setting forth the
amount to be paid to such Lender or Issuing Bank by the Borrowers as a result of
any event referred to in this paragraph shall, absent manifest error, be
conclusive.

                                  ARTICLE 13.

          JURISDICTION, VENUE AND WAIVER OF JURY TRIAL; ADMINISTRATIVE
                    BORROWER; JOINT AND SEVERAL OBLIGATIONS

         Section 13.1 Jurisdiction and Service of Process. FOR PURPOSES OF ANY
LEGAL ACTION OR PROCEEDING BROUGHT BY ANY MEMBER OF THE LENDER GROUP WITH
RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY BANK PRODUCT
DOCUMENTS, EACH BORROWER PARTY HEREBY IRREVOCABLY SUBMITS TO THE PERSONAL
JURISDICTION OF THE FEDERAL AND STATE COURTS SITTING IN THE COUNTY OF NEW YORK,
STATE OF NEW YORK. THE CONSENT TO JURISDICTION HEREIN SHALL NOT BE EXCLUSIVE.
EACH BORROWER PARTY FURTHER IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY
SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR
CERTIFIED MAIL TO SUCH BORROWER PARTY AT THE ADDRESS SET FORTH ABOVE, SUCH
SERVICE TO BECOME EFFECTIVE THREE (3) BUSINESS DAYS AFTER SUCH MAILING. IN THE
EVENT THAT,

                                      132

<PAGE>

FOR ANY REASON, SERVICE OF LEGAL PROCESS CANNOT BE MADE IN THE MANNER DESCRIBED
ABOVE, SUCH SERVICE MAY BE MADE IN SUCH MANNER AS PERMITTED BY LAW.

         Section 13.2 Consent to Venue. EACH BORROWER PARTY HEREBY IRREVOCABLY
WAIVES ANY OBJECTION IT WOULD MAKE NOW OR HEREAFTER FOR THE LAYING OF VENUE OF
ANY SUIT, ACTION, OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT BROUGHT IN THE FEDERAL COURTS OF THE UNITED STATES OF
AMERICA SITTING IN NEW YORK, NEW YORK, AND HEREBY IRREVOCABLY WAIVES ANY CLAIM
THAT ANY SUCH SUIT, ACTION, OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.

         Section 13.3 Waiver of Jury Trial. EACH BORROWER PARTY AND EACH MEMBER
OF THE LENDER GROUP TO THE EXTENT PERMITTED BY APPLICABLE LAW WAIVE, AND
OTHERWISE AGREE NOT TO REQUEST, A TRIAL BY JURY IN ANY COURT AND IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM OF ANY TYPE IN WHICH ANY BORROWER PARTY, ANY MEMBER
OF THE LENDER GROUP, OR ANY OF THEIR RESPECTIVE SUCCESSORS OR ASSIGNS IS A
PARTY, AS TO ALL MATTERS AND THINGS ARISING DIRECTLY OR INDIRECTLY OUT OF THIS
AGREEMENT, ANY REVOLVING LOAN NOTES OR THE OTHER LOAN DOCUMENTS AND THE
RELATIONS AMONG THE PARTIES LISTED IN THIS ARTICLE 13.

         Section 13.4 The Administrative Borrower. Each Borrower hereby
irrevocably appoints Oxford Industries, Inc., as the borrowing agent and
attorney-in-fact for all Borrowers (the "Administrative Borrower"), which
appointment shall remain in full force and effect unless and until the
Administrative Agent shall have received prior written notice signed by each
Borrower that such appointment has been revoked and that another Borrower has
been appointed the Administrative Borrower. Each Borrower hereby irrevocably
appoints and authorizes the Administrative Borrower (i) to provide the
Administrative Agent with all notices with respect to Revolving Loans, Swing
Loans, Letters of Credit and Agent Advances obtained for the benefit of any
Borrower and all other notices and instructions under this Agreement and (ii) to
take such action as the Administrative Borrower deems appropriate on its behalf
to obtain Revolving Loans, Swing Loans, Letters of Credit and Agent Advances and
to exercise such other powers as are reasonably incidental thereto to carry out
the purposes of this Agreement.

         Section 13.5 All Obligations to Constitute Joint and Several
Obligations.

         (a)      All Obligations shall constitute joint and several obligations
of the Borrowers and shall be secured by the Administrative Agent's Lien upon
all of the Collateral, and by all other Liens heretofore, now or at any time
hereafter granted by each Borrower to the Administrative Agent, for the benefit
of the Lender Group, to the extent

                                      133

<PAGE>

provided in the Loan Documents or Bank Product Documents under which such Lien
arises. Each Borrower expressly represents and acknowledges that it is part of a
common enterprise with the other Borrowers and that any financial accommodations
by the Administrative Agent, and the other members of the Lender Group to any
other Borrower hereunder and under the other Loan Documents and the Bank Product
Documents are and will be of direct and indirect interest, benefit and advantage
to all Borrowers. Each Borrower acknowledges that any Request for Advance,
Notice of Conversion/Continuation or other notice or request given by the
Administrative Borrower (including the Administrative Borrower) to the
Administrative Agent shall bind all Borrowers, and that any notice given by the
Administrative Agent or any other member of the Lender Group to any Borrower
shall be effective with respect to all Borrowers. Each Borrower acknowledges and
agrees that each Borrower shall be liable, on a joint and several basis, for all
of the Loans and other Obligations, regardless of which Borrower actually may
have received the proceeds of any of the Loans or other extensions of credit or
have had Letters of Credit issued hereunder or the amount of such Loans
received, Letters of Credit issued or the manner in which the Administrative
Agent or any other member of the Lender Group accounts among the Borrowers for
such Loans, Letters of Credit or other extensions of credit on its books and
records, and further acknowledges and agrees that Loans and other extensions of
credit to any Borrower inure to the mutual benefit of all of the Borrowers and
that the Administrative Agent and the other members of the Lender Group are
relying on the joint and several liability of the Borrowers in extending the
Loans and other financial accommodations hereunder. Each Borrower shall be
entitled to subrogation and contribution rights from and against the other
Borrowers to the extent any Borrower is required to pay to any member of the
Lender Group any amount in excess of the Loans advanced directly to, or other
Obligations incurred directly by, such Borrower or as otherwise available under
Applicable Law; provided, however, that such subrogation and contribution rights
are and shall be subject to the terms and conditions of this Section 13.5.

         (b)      It is the intent of the Borrowers, the Administrative Agent
and other members of the Lender Group and any other Person holding any of the
Obligations that each Borrower's maximum obligations hereunder (such Borrower's
"Maximum Borrower Liability") in any case or proceeding referred to below (but
only in such a case or proceeding) shall not be in excess of:

                           (i)      in a case or proceeding commenced by or
         against such Borrower under the Bankruptcy Code on or within one (1)
         year from the date on which any of the Obligations of such Borrower are
         incurred, the maximum amount that would not otherwise cause the
         Obligations of such Borrower hereunder (or any other Obligations of
         such Borrower to the Administrative Agent and other members of the
         Lender Group and any other Person holding any of the Obligations) to be
         avoidable or unenforceable against such Borrower under (A) Section 548
         of the Bankruptcy Code or (B) any state fraudulent transfer or

                                      134

<PAGE>

         fraudulent conveyance act or statute applied in such case or proceeding
         by virtue of Section 544 of the Bankruptcy Code; or

                           (ii)     in a case or proceeding commenced by or
         against such Borrower under the Bankruptcy Code subsequent to one (1)
         year from the date on which any of the Obligations of such Borrower are
         incurred, the maximum amount that would not otherwise cause the
         Obligations of such Borrower hereunder (or any other Obligations of
         such Borrower to the Administrative Agent and other members of the
         Lender Group and any other Person holding any of the Obligations) to be
         avoidable or unenforceable against such Borrower under any state
         fraudulent transfer or fraudulent conveyance act or statute applied in
         any such case or proceeding by virtue of Section 544 of the Bankruptcy
         Code; or

                           (iii)    in a case or proceeding commenced by or
         against such Borrower under any law, statute or regulation other than
         the Bankruptcy Code relating to dissolution, liquidation,
         conservatorship, bankruptcy, moratorium, readjustment of debt,
         compromise, rearrangement, receivership, insolvency, reorganization or
         similar debtor relief from time to time in effect affecting the rights
         of creditors generally (collectively, "Other Debtor Relief Law"), the
         maximum amount that would not otherwise cause the Obligations of such
         Borrower hereunder (or any other Obligations of such Borrower to the
         Administrative Agent and other members of the Lender Group and any
         other Person holding any of the Obligations) to be avoidable or
         unenforceable against such Borrower under such Other Debtor Relief Law,
         including, without limitation, any state fraudulent transfer or
         fraudulent conveyance act or statute applied in any such case or
         proceeding. (The substantive state or federal laws under which the
         possible avoidance or unenforceability of the Obligations of any
         Borrower hereunder (or any other Obligations of such Borrower to the
         Administrative Agent and any other member of the Lender Group and any
         other Person holding any of the Obligations) shall be determined in any
         such case or proceeding shall hereinafter be referred to as the
         "Avoidance Provisions").

Notwithstanding the foregoing, no provision of this Section 13.5(b) shall limit
any Borrower's liability for Loans advanced directly or indirectly to it under
this Agreement.

         (c)      To the extent set forth in Section 13.5(b) hereof, but only to
the extent that the Obligations of any Borrower hereunder, or the transfers made
by such Borrower under any Loan Document or under any Bank Product Documents,
would otherwise be subject to avoidance under any Avoidance Provisions if such
Borrower is not deemed to have received valuable consideration, fair value, fair
consideration or reasonably equivalent value for such transfers or obligations,
or if such transfers or obligations of any Borrower hereunder would render such
Borrower insolvent, or leave such Borrower with an unreasonably small capital or
unreasonably small assets to conduct its business, or cause such Borrower to
have incurred debts (or to have intended to have incurred

                                      135

<PAGE>

debts) beyond its ability to pay such debts as they mature, in each case as of
the time any of the obligations of such Borrower are deemed to have been
incurred and transfers made under such Avoidance Provisions, then the
obligations of such Borrower hereunder shall be reduced to that amount which,
after giving effect thereto, would not cause the Obligations of such Borrower
hereunder (or any other Obligations of such Borrower to the Administrative Agent
and any other member of the Lender Group or any other Person holding any of the
Obligations), as so reduced, to be subject to avoidance under such Avoidance
Provisions. This Section 13.5(c) is intended solely to preserve the rights
hereunder of the Administrative Agent and other members of the Lender Group and
any other Person holding any of the Obligations to the maximum extent that would
not cause the obligations of the Borrowers hereunder to be subject to avoidance
under any Avoidance Provisions, and none of the Borrowers nor any other Person
shall have any right, defense, offset, or claim under this Section 13.5(c) as
against the Administrative Agent and other members of the Lender Group or any
other Person holding any of the Obligations that would not otherwise be
available to such Person under the Avoidance Provisions.

         (d)      Each Borrower agrees that the Obligations may at any time and
from time to time exceed the Maximum Borrower Liability of such Borrower, and
may exceed the aggregate Maximum Borrower Liability of all Borrowers hereunder,
without impairing this Agreement or any provision contained herein or affecting
the rights and remedies of the Lender Group hereunder.

         (e)      In the event any Borrower (a "Funding Borrower") shall make
any payment or payments under this Agreement or shall suffer any loss as a
result of any realization upon any collateral granted by it to secure its
obligations hereunder, each other Borrower (each, a "Contributing Borrower")
shall contribute to such Funding Borrower an amount equal to such payment or
payments made, or losses suffered, by such Funding Borrower determined as of the
date on which such payment or loss was made multiplied by the ratio of (i) the
Maximum Borrower Liability of such Contributing Borrower (without giving effect
to any right to receive any contribution or other obligation to make any
contribution hereunder), to (ii) the aggregate Maximum Borrower Liability of all
Borrowers (including the Funding Borrowers) hereunder (without giving effect to
any right to receive, or obligation to make, any contribution hereunder).
Nothing in this Section 13.5(e) shall affect any Borrower's joint and several
liability to the Lender Group for the entire amount of its Obligations. Each
Borrower covenants and agrees that its right to receive any contribution
hereunder from a Contributing Borrower shall be subordinate and junior in right
of payment to all obligations of the Borrowers to the Lender Group hereunder.

         (f)      No Borrower will exercise any rights that it may acquire by
way of subrogation hereunder or under any other Loan Document or any Bank
Product Document or at law by any payment made hereunder or otherwise, nor shall
any Borrower seek or be entitled to seek any contribution or reimbursement from
any other

                                      136

<PAGE>

Borrower in respect of payments made by such Borrower hereunder or under any
other Loan Document or under any Bank Product Document, until all amounts owing
to the Lender Group on account of the Obligations are paid in full in cash (or,
with respect to Letters of Credit, are either cash collateralized or supported
by a letter of credit acceptable to the Administrative Agent in an amount equal
to 105% of the face amount of the outstanding Letters of Credit) and the
Revolving Loan Commitments are terminated. If any amounts shall be paid to any
Borrower on account of such subrogation or contribution rights at any time when
all of the Obligations shall not have been paid in full, such amount shall be
held by such Borrower in trust for the Lender Group segregated from other funds
of such Borrower, and shall, forthwith upon receipt by such Borrower, be turned
over to the Administrative Agent in the exact form received by such Borrower
(duly endorsed by such Borrower to the Administrative Agent, if required), to be
applied against the Obligations, whether matured or unmatured, as provided for
herein.

         Section 13.6 Revival and Reinstatement of Obligations. If the
incurrence or payment of the Obligations by any Borrower or any Guarantor or the
transfer to the Lender Group of any property should for any reason subsequently
be declared to be void or voidable under any state or federal law relating to
creditors' rights, including provisions of the Bankruptcy Code relating to
fraudulent conveyances, preferences, or other voidable or recoverable payments
of money or transfers of property (collectively, a "Voidable Transfer"), and if
the Lender Group is required to repay or restore, in whole or in part, any such
Voidable Transfer, or elects to do so upon the reasonable advice of its counsel,
then, as to any such Voidable Transfer, or the amount thereof that the Lender
Group is required or elects to repay or restore, and as to all reasonable costs,
expenses, and attorneys fees of the Lender Group related thereto, the liability
of Borrowers or such Guarantor automatically shall be revived, reinstated, and
restored and shall exist as though such Voidable Transfer had never been made.

                  [remainder of page intentionally left blank]

                                      137

<PAGE>

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

BORROWERS:                          OXFORD INDUSTRIES, INC., as a Borrower,

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Attest:________________________________
                                             Name:_________________________
                                             Title:________________________

                                    OXFORD SOUTH CAROLINA, INC., as a Borrower

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Attest:________________________________
                                             Name:_________________________
                                             Title:________________________

GUARANTORS:                         LIONSHEAD CLOTHING COMPANY, a Delaware
                                    corporation

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Attest:________________________________
                                             Name:_________________________
                                             Title:________________________

CREDIT AGREEMENT

<PAGE>

                                    MERONA INDUSTRIES, INC., a Delaware
                                    corporation

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Attest:________________________________
                                             Name:_________________________
                                             Title:________________________

                                    OXFORD CARIBBEAN, INC., a Delaware
                                    corporation

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Attest:________________________________
                                             Name:_________________________
                                             Title:________________________

                                    OXFORD CLOTHING CORPORATION, a Georgia
                                    corporation

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Attest:________________________________
                                             Name:_________________________
                                             Title:________________________

CREDIT AGREEMENT

<PAGE>

                                    OXFORD GARMENT, INC. a Delaware corporation

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Attest:________________________________
                                             Name:_________________________
                                             Title:________________________

                                    OXFORD INTERNATIONAL, INC., a Georgia
                                    corporation

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Attest:________________________________
                                             Name:_________________________
                                             Title:________________________

                                    OXFORD PRIVATE LIMITED OF DELAWARE, INC., a
                                    Delaware corporation

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Attest:________________________________
                                             Name:_________________________
                                             Title:________________________

CREDIT AGREEMENT

<PAGE>

                                    PIEDMONT APPAREL CORPORATION, a Delaware
                                    corporation

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Attest:________________________________
                                             Name:_________________________
                                             Title:________________________

CREDIT AGREEMENT

<PAGE>

LENDER GROUP:                       SUNTRUST BANK, as the Administrative Agent,
                                    an Issuing Bank and a Lender

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

CREDIT AGREEMENT
<PAGE>

                                    MERRILL LYNCH CAPITAL, a division of Merrill
                                    Lynch Business Financial Services Inc., as
                                    Syndication Agent and as a Lender

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Credit Notice Address:

                                    Scott Van Duinen
                                    Assistant Vice President
                                    222 North LaSalle Street, 16th Floor
                                    Chicago, Illinois 60601
                                    Telephone No.: (312) 499-3139
                                    Telecopy No.: (312) 499-3245
                                    Email: svanduinen@exchange.ml.com

                                    Administrative/Operations Notice Address:

                                    Karen Evans
                                    Portfolio Analyst
                                    222 North LaSalle Street
                                    Chicago, Illinois 60601
                                    Telephone No.: (312) 499-6139
                                    Telecopy No.: (312) 499-3336
                                    Email: lhayes2@exchange.ml.com

CREDIT AGREEMENT

<PAGE>

                                    BANK OF AMERICA, N.A., as a Lender and an
                                    Issuing Bank

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Credit Notice Address:

                                    Byron J. Turner III
                                    Vice President
                                    600 Peachtree Street, 5th Floor
                                    Atlanta, Georgia 30308
                                    Telephone No.: (404) 607-5380
                                    Telecopy No.: (404) 607-6437
                                    Email: byron.turner@bankofamerica.com

                                    Administrative/Operations Notice Address:

                                    Carrie Kellogg
                                    Control Analyst
                                    600 Peachtree Street, 5th Floor
                                    Atlanta, Georgia 30308
                                    Telephone No.: (404) 607-4326
                                    Telecopy No.: (404) 607-6341

CREDIT AGREEMENT

<PAGE>

                                    FLEET CAPITAL CORPORATION, as a Lender

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Credit Notice Address:

                                    Christopher Nairne
                                    Vice President
                                    300 Galleria Parkway NW, Suite 800
                                    Atlanta, Georgia 30339
                                    Telephone No.: (770) 857-2922
                                    Telecopy No.: (770) 857-2947
                                    Email: christopher_nairne@fleetcapital.com

                                    Administrative/Operations Notice Address:

                                    Leslie Washington
                                    Loan Administrative Assistant
                                    6100 Fairview Road, Suite 200
                                    Charlotte, North Carolina 28210
                                    Telephone No.: (704) 553-6717
                                    Telecopy No.: (704) 553-6738
                                    Email: leslie_washington@fleetcapital.com

CREDIT AGREEMENT

<PAGE>

                                    GENERAL ELECTRIC CAPITAL as a Lender

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Credit Notice Address:

                                    Carter Burton
                                    Associate
                                    1100 Abernathy Road, Suite 900
                                    Atlanta, Georgia 30328
                                    Telephone No.: (678) 320-8934
                                    Telecopy No.: (678) 320-8902
                                    Email: carter.burton@ge.com

                                    Administrative/Operations Notice Address:

                                    Frank Luzzi
                                    Portfolio Analyst
                                    201 High Ridge Road
                                    Stamford, Connecticut 06705
                                    Telephone No.: (203) 961-5286
                                    Telecopy No.: (203) 602-8345
                                    Email: frank.luzzi@gecapital.com

CREDIT AGREEMENT

<PAGE>

                                    HSBC BUSINESS CREDIT (USA) INC., as a Lender

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Credit Notice Address:

                                    Dan Bueno
                                    Vice President
                                    452 Fifth Avenue, 19th Floor
                                    New York, New York 10018
                                    Telephone No.: (212) 525-2518
                                    Telecopy No.: (212) 525-2520
                                    Email: dan.r.bueno@us.hsbc.com

                                    Administrative/Operations Notice Address:

                                    Antoinette Starr
                                    Vice President
                                    1 HSBC Center
                                    Buffalo, New York 14203
                                    Telephone No.: (716) 841-6469
                                    Telecopy No.: (716) 841-5878
                                    Email: antoinette.starr@us.hsbc.com

CREDIT AGREEMENT
<PAGE>

                                    J.P. MORGAN BUSINESS CREDIT CORP., as a
                                    Lender

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Credit Notice Address:

                                    Maryann E. Lewis
                                    Vice President
                                    1166 Avenue of the Americas
                                    New York, New York 10036
                                    Telephone No.: (212) 899-1231
                                    Telecopy No.: (212) 899-2929
                                    Email: maryann.e.lewis@jpmorgan.com

                                    Administrative/Operations Notice Address:

                                    Michelle Nugent
                                    Assistant Manager
                                    395 North Service Road
                                    Melville, New York 11747-3139
                                    Telephone No.: (631) 755-8436
                                    Telecopy No.: (631) 755-8452
                                    Email: michelle.nugent@chase.com

CREDIT AGREEMENT
<PAGE>

                                    ORIX FINANCIAL SERVICES, INC., as a Lender

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Credit Notice Address:

                                    Dawn M. Dieter
                                    Vice President
                                    846 East Algonquin Road, Suite 101
                                    Schaumburg, Illinois 60173
                                    Telephone No.: (770) 970-8011
                                    Telecopy No.: (770) 970-8061
                                    Email: ddieter@orixfin.com

                                    Administrative/Operations Notice Address:

                                    Maria Melvin
                                    Collateral Analyst
                                    846 East Algonquin Road, Suite 101
                                    Schaumburg, Illinois 60173
                                    Telephone No.: (770) 970-8016
                                    Telecopy No.: (770) 970-8066
                                    Email: mmelvin@orixfin.com

CREDIT AGREEMENT
<PAGE>

                                    SHANGHAI COMMERCIAL BANK LTD., as a Lender
                                    and an Issuing Bank

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Credit Notice Address:

                                    Timothy Chan
                                    Vice President and Manager
                                    125 East 56th Street
                                    New York, New York 10022
                                    Telephone No.: (212) 699-2800, Ext. 228
                                    Telecopy No.: (212) 699-2819
                                    Email: scbny@shacombank.com

                                    Administrative/Operations Notice Address:

                                    C. N. Wu
                                    Assistant Vice President
                                    125 East 56th Street
                                    New York, New York 10022
                                    Telephone No.: (212) 699-2800, Ext. 209
                                    Telecopy No.: (212) 699-2818
                                    Email: scbny@shacombank.com

CREDIT AGREEMENT
<PAGE>

                                    SIEMENS FINANCIAL SERVICES, INC., as a
                                    Lender

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Credit Notice Address:

                                    James Tregillies
                                    Director and Relationship Manager
                                    200 Somerset Corp. Boulevard
                                    Bridgewater, New Jersey 08807-2843
                                    Telephone No.: (908) 575-4086
                                    Telecopy No.: (908) 575-4060
                                    Email: james.tregillies@siemens.com

                                    Administrative/Operations Notice Address:

                                    Robert Nadler
                                    Operations and Collateral Manager
                                    200 Somerset Corp. Boulevard
                                    Bridgewater, New Jersey 08807-2843
                                    Telephone No.: (908) 575-4078
                                    Telecopy No.: (908) 575-4060
                                    Email: robert.nadler@siemens.com

CREDIT AGREEMENT
<PAGE>

                                    THE CIT GROUP/COMMERCIAL SERVICES, INC., as
                                    a Lender

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Credit Notice Address:

                                    Will Johannesen
                                    Vice President
                                    Two Wachovia Center
                                    301 South Tryon Street
                                    Charlotte, North Carolina 28202
                                    Telephone No.: (704) 339-2901
                                    Telecopy No.: (704) 339-2910
                                    Email: william.johannesen@cit.com

                                    Administrative/Operations Notice Address:

                                    Carlene Courtney
                                    Vice President
                                    Two Wachovia Center
                                    301 South Tryon Street
                                    Charlotte, North Carolina 28202
                                    Telephone No.: (704) 339-2264
                                    Telecopy No.: (704) 339-2290
                                    Email: carlene.courtney@cit.com

CREDIT AGREEMENT
<PAGE>

                                    WACHOVIA BANK, NATIONAL ASSOCIATION, as a
                                    Lender

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Credit Notice Address:

                                    Monica Cole
                                    Vice President
                                    191 Peachtree Street
                                    Atlanta, Georgia 30303
                                    Telephone No.: (404) 332-4073
                                    Telecopy No.: (404) 332-6920
                                    Email: monica.cole@wachovia.com

                                    Administrative/Operations Notice Address:

                                    Betty Eberhardt
                                    Associate
                                    191 Peachtree Street
                                    Atlanta, Georgia 30303
                                    Telephone No.: (404) 332-6452
                                    Telecopy No.: (404) 332-6977
                                    Email: betty.eberhardt@wachovia.com

CREDIT AGREEMENT
<PAGE>

                                    HSBC BANK U.S.A., as an Issuing Bank

                                    By:____________________________________
                                             Name:_________________________
                                             Title:________________________

                                    Notice Address:

                                    2 South Biscane Blvd.
                                    Suite 1920
                                    Miami, Florida 33131
                                    Attn: Mr. Jose Duarte
                                    Telephone No.: (305) 539-4946
                                    Telecopy No.: _____________
                                    Email: jose.Duarte@us.hsbc.com

CREDIT AGREEMENT

<PAGE>

                               JOINDER AGREEMENT

                  Reference is made to that certain Credit Agreement dated as of
June 13, 2003 by and among Oxford Industries, Inc., a Georgia corporation, and
Oxford of South Carolina, Inc., a South Carolina corporation, as Borrowers, the
Guarantors, the financial institutions party thereto from time to time as
Lenders, the financial institutions party thereto from time to time as Issuing
Banks, SunTrust Bank, as administrative agent for the Lender Group (the
"Administrative Agent") and the Syndication Agent (as amended, restated,
supplemented or otherwise modified from time to time, the "Credit Agreement").
Capitalized terms used herein without definition shall have the meanings given
to such terms in the Credit Agreement.

         Pursuant to Section 4.4 of the Credit Agreement, Viewpoint
International, Inc., a Delaware corporation (the "Target") is required to join
the Credit Agreement as a direct obligor of the Obligations and become a
Borrower and Borrower Party by executing and delivering to the Administrative
Agent certain Loan Documents and Security Documents, including without
limitation, this Joinder Agreement. Upon the execution and delivery of this
Joinder Agreement by the Target, the Target shall become a direct obligor of the
Obligations and become a Borrower and a Borrower Party under the Credit
Agreement with the same force and effect as if originally named as a Borrower
therein.

         The Target hereby agrees as follows:

                  1.       In accordance with Section 4.4 of the Credit
'Borrower Party' under the Credit Agreement with the same force and effect as if
originally named therein as a 'Borrower' and as a `Borrower Party' and the
Target hereby agrees to all of the terms and provisions of the Credit Agreement
applicable to it as a 'Borrower' and as a 'Borrower Party'. Each reference to a
'Borrower' and 'Borrower Party' in the Credit Agreement shall be deemed to
include the Target. The Credit Agreement is incorporated herein by reference.

                  2.       The Target represents and warrants to the
Administrative Agent and the other members of the Lender Group that this Joinder
Agreement has been duly executed and delivered by the Target and constitutes its
legal, valid and binding obligation, enforceable against it in accordance with
its terms, except to the extent that the enforceability thereof may be limited
by applicable bankruptcy, insolvency, reorganization, or similar laws affecting
the enforcement of creditors' rights generally or by general principles of
equity (regardless of whether such enforcement is considered in a proceeding in
equity or at law).

                  3.       Delivery of a counterpart hereof by facsimile
transmission shall be as effective as delivery of a manually executed
counterpart hereof.
<PAGE>

                  4.       Except as expressly supplemented hereby, the Credit
Agreement shall remain in full force and effect.

                  5.       THIS JOINDER AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

                  6.       This Joinder Agreement shall be considered a Loan
Document for all purposes.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

JOINDER AGREEMENT
<PAGE>

                                    VIEWPOINT INTERNATIONAL, INC.,
                                    a Delaware corporation

                                    By:_____________________________
                                    Name:___________________________
                                    Title:__________________________

JOINDER AGREEMENT
<PAGE>

                               GUARANTY SUPPLEMENT

         Reference is made to that certain Credit Agreement dated as of June 13,
2003 by and among Oxford Industries, Inc., a Georgia corporation, Oxford of
South Carolina, Inc., a South Carolina corporation, and, immediately following
the consummation of the Acquisition, Viewpoint International, Inc., a Delaware
corporation (the "Borrowers"; and each a "Borrower"), the Subsidiaries of the
Borrowers party thereto as Guarantors, the financial institutions party thereto
from time to time as Lenders, the financial institutions party thereto from time
to time as Issuing Banks, SunTrust Bank, as administrative agent for the Lender
Group (the "Administrative Agent") and the Syndication Agent (as amended,
restated, supplemented or otherwise modified from time to time, the "Credit
Agreement"). Capitalized terms used herein without definition shall have the
meanings given to such terms in the Credit Agreement.

         Pursuant to Section 4.4 of the Credit Agreement, each Domestic
Subsidiary of the Target is required to join the Credit Agreement as a Guarantor
of the Obligations and become a Borrower Party by executing and delivering to
the Administrative Agent certain Loan Documents and Security Documents,
including without limitation, this Guaranty Supplement. Upon the execution and
delivery of this Guaranty Supplement by each Domestic Subsidiary, such Domestic
Subsidiary shall become a Guarantor of the Obligations and become a Borrower
Party under the Credit Agreement with the same force and effect as if originally
named as a Guarantor therein.

         Each undersigned New Guarantor hereby agrees as follows:

                  7.       In accordance with Section 4.4 of the Credit
Agreement, such New Guarantor, by its signature below, becomes a `Guarantor' and
a `Borrower Party' under the Credit Agreement with the same force and effect as
if originally named therein as a `Guarantor' and as a `Borrower Party' and such
New Guarantor hereby agrees to all of the terms and provisions of the Credit
Agreement applicable to it as a `Guarantor' and as a `Borrower Party'. In
furtherance of the foregoing, each New Guarantor, as security for the payment
and performance in full of the Obligations, does hereby guarantee, subject to
the limitations set forth in Section 3.1(g) of the Credit Agreement, to the
Administrative Agent, for the benefit of the Lender Group, the full and prompt
payment of the Obligations, including, without limitation, any interest therein
(including, without limitation, interest, as provided in the Credit Agreement,
accruing after the filing of a petition initiating any Insolvency Proceedings,
whether or not such interest accrues or is recoverable against the Borrowers
after the filing of such petition for purposes of the Bankruptcy Code or is an
allowed claim in such proceeding), plus reasonable attorneys' fees and expenses
if the Obligations represented by the Credit Agreement are collected by law,
through an attorney-at-law, or under advice therefrom. Each reference to a
`Guarantor' and `Borrower Party' in the Credit Agreement shall be deemed to
include each New Guarantor. The Credit Agreement is incorporated herein by
reference.

                                      S-1

<PAGE>

                  8.       Each New Guarantor represents and warrants to the
Administrative Agent and the other members of the Lender Group that this
Supplement has been duly executed and delivered by such New Guarantor and
constitutes its legal, valid and binding obligation, enforceable against it in
accordance with its terms, except to the extent that the enforceability thereof
may be limited by applicable bankruptcy, insolvency, reorganization, or similar
laws affecting the enforcement of creditors' rights generally or by general
principles of equity (regardless of whether such enforcement is considered in a
proceeding in equity or at law).

                  9.       This Supplement may be executed in multiple
counterparts, each of which shall be deemed to be an original, but all such
separate counterparts shall together constitute but one and the same instrument.
Delivery of a counterpart hereof by facsimile transmission shall be as effective
as delivery of a manually executed counterpart hereof.

                  10.      Except as expressly supplemented hereby, the Credit
Agreement shall remain in full force and effect.

                  11.      THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICT OF LAWS PRINCIPLES THEREOF.

                  12.      This Supplement shall be considered a Loan Document
for all purposes.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

GUARANTY SUPPLEMENT
<PAGE>

         IN WITNESS WHEREOF, each New Guarantor has duly executed this
Supplement as of the day and year first above written.

NEW GUARANTORS:                         TOMMY BAHAMA R&R HOLDINGS, INC.,
                                        a Delaware corporation

                                        By:_____________________________
                                        Name:___________________________
                                        Title:__________________________

                                        TOMMY BAHAMA ALA MOANA LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA BILTMORE, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA BIRMINGHAM, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA BOCA RATON, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA CAFE EMPORIUM, LLC, a
                                        Delaware limited liability company,
                                        TOMMY BAHAMA CHERRY CREEK, LLC, a
                                        Delaware limited liability company,
                                        TOMMY BAHAMA CHICAGO, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA CORAL GABLES, LLC, a
                                        Delaware limited liability company,
                                        TOMMY BAHAMA DESTIN, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA FARMERS MARKET, LLC, a
                                        Delaware limited liability company,
                                        TOMMY BAHAMA KANSAS CITY, LLC, a
                                        Delaware limited liability company,
                                        TOMMY BAHAMA LA JOLLA, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA LAS OLAS LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA LAS VEGAS, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA LAS VEGAS FASHION SHOW,
                                        LLC, a Delaware limited liability
                                        company,
                                        TOMMY BAHAMA MANHATTAN VILLAGE, LLC, a
                                        Delaware limited liability company,

                                      S-1

<PAGE>

                                        TOMMY BAHAMA MAUNA LANI, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA MYRTLE BEACH, LLC, a
                                        Delaware limited liability company,
                                        TOMMY BAHAMA NEWPORT BEACH LLC, a
                                        Delaware limited liability company,
                                        TOMMY BAHAMA NORTH SCOTTSDALE, LLC, a
                                        Delaware limited liability company,
                                        TOMMY BAHAMA ORLANDO, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA PALM DESERT, LLC, a
                                        Delaware limited liability company,
                                        TOMMY BAHAMA PALO ALTO, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA PASADENA, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA PRIMM, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA SAN DIEGO FASHION VALLEY,
                                        LLC, a Delaware limited liability
                                        company,
                                        TOMMY BAHAMA SAN JOSE, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA SARASOTA, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA ST. AUGUSTINE, LLC, a
                                        Delaware limited liability company,
                                        TOMMY BAHAMA TAMPA, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA TUCSON, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA WAILEA, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA WALNUT CREEK, LLC, a
                                        Delaware limited liability company,
                                        TOMMY BAHAMA WEST PALM, LLC, a Delaware
                                        limited liability company,
                                        TOMMY BAHAMA WHALERS VILLAGE, LLC, a
                                        Delaware limited liability company,

GUARANTY SUPPLEMENT

                                      S-2
<PAGE>

                                        TOMMY BAHAMA WOODBURY COMMON, LLC,  a
                                        Delaware limited liability company,

                                        By: Tommy Bahama R&R Holdings, Inc., as
                                            sole member of each of the
                                            above-named limited liability
                                            companies

                                            By:_____________________________
                                            Name:___________________________
                                            Title:__________________________

                                        TOMMY BAHAMA R&R TEXAS, INC., a Texas
                                        corporation

                                        By:_________________________________
                                        Name:_______________________________
                                        Title:______________________________

                                        TOMMY BAHAMA AUSTIN, L.P., a Texas
                                        limited partnership,
                                        TOMMY BAHAMA DALLAS, L.P., a Texas
                                        limited partnership,

                                        By: TOMMY BAHAMA R&R TEXAS, INC., as
                                            general partner of each of the
                                            above-named limited partnerships

                                            By:_____________________________
                                            Name:___________________________
                                            Title:__________________________

GUARANTY SUPPLEMENT

                                      S-3
<PAGE>

                                  Schedule 1(b)

                           Revolving Commitment Ratios

I.       LOANS

<TABLE>
<CAPTION>
                                           Revolving Loan
                                        Commitment Principal       Revolving Commitment
      Lender                                  Amount                      Ratio
      ------                                  ------                      -----
<S>                                     <C>                        <C>
SunTrust Bank                              $   30,000,000               10.909091%

Merrill Lynch Capital (a
division of Merrill Lynch
Business Financial Services
Inc.)                                      $   30,000,000               10.909091%

The CIT Group/Commercial
Services, Inc.                             $   26,000,000                9.454545%

JPMorgan Chase Bank                        $   26,000,000                9.454545%

General Electric Capital
Corporation                                $   26,000,000                9.454545%

Fleet Capital Corporation                  $   26,000,000                9.454545%

Bank of America, N.A.                      $   26,000,000                9.454545%

Shanghai Commercial Bank Ltd.              $   26,000,000                9.454545%

Wachovia Bank, National
Association                                $   26,000,000                9.454545%

Orix Financial Services, Inc.              $   11,000,000               4.0000000%

HSBC Business Credit (USA) Inc.            $   11,000,000               4.0000000%

Siemens Financial Services, Inc.           $   11,000,000               4.0000000%

Totals                                     $  275,000,000                     100%
</TABLE>

II.      LETTERS OF CREDIT

<TABLE>
<CAPTION>
Issuing Banks                   Letter of Credit Commitment
-------------                   ----------------------------
<S>                             <C>
SunTrust Bank                           $175,000,000

Bank of America, N.A.                   $175,000,000

Shanghai Commercial Bank Ltd.           $175,000,000

HSBC Bank U.S.A.                        $175,000,000
</TABLE>

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