Document:

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                                                                    Exhibit 4.06

(MULTICURRENCY -- CROSS BORDER)

                                     ISDA(R)
                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                         dated as of
                                     ------------------

                                       and
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have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows: --

1.    INTERPRETATION

(a)   DEFINITIONS. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b)   INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c)   SINGLE AGREEMENT. All Transactions are entered into in reliance on the
fact that this Master Agreement and all Confirmations form a single agreement
between the parties (collectively referred to as this "Agreement"), and the
parties would not otherwise enter into any Transactions.

2.    OBLIGATIONS

(a)   GENERAL CONDITIONS.

      (i) Each party will make each payment or delivery specified in each
      Confirmation to be made by it, subject to the other provisions of this
      Agreement.

      (ii) Payments under this Agreement will be made on the due date for value
      on that date in the place of the account specified in the relevant
      Confirmation or otherwise pursuant to this Agreement, in freely
      transferable funds and in the manner customary for payments in the
      required currency. Where settlement is by delivery (that is, other than by
      payment), such delivery will be made for receipt on the due date in the
      manner customary for the relevant obligation unless otherwise specified in
      the relevant Confirmation or elsewhere in this Agreement.

      (iii) Each obligation of each party under Section 2(a)(i) is subject to
      (1) the condition precedent that no Event of Default or Potential Event of
      Default with respect to the other party has occurred and is continuing,
      (2) the condition precedent that no Early Termination Date in respect of
      the relevant Transaction has occurred or been effectively designated and
      (3) each other applicable condition precedent specified in this Agreement.

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(b)   CHANGE OF ACCOUNT. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c)   NETTING. If on any date amounts would otherwise be payable:--

      (i)   in the same currency; and

      (ii)  in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d)   DEDUCTION OR WITHHOLDING FOR TAX.

      (i)   GROSS-UP. All payments under this Agreement will be made without any
      deduction or withholding for or on account of any Tax unless such
      deduction or withholding is required by any applicable law, as modified by
      the practice of any relevant governmental revenue authority, then in
      effect. If a party is so required to deduct or withhold, then that party
      ("X") will:--

            (1)   promptly notify the other party ("Y") of such requirement;

            (2)   pay to the relevant authorities the full amount required to be
            deducted or withheld (including the full amount required to be
            deducted or withheld from any additional amount paid by X to Y under
            this Section 2(d)) promptly upon the earlier of determining that
            such deduction or withholding is required or receiving notice that
            such amount has been assessed against Y;

            (3)   promptly forward to Y an official receipt (or a certified
            copy), or other documentation reasonably acceptable to Y, evidencing
            such payment to such authorities; and

            (4)   if such Tax is an Indemnifiable Tax, pay to Y, in addition to
            the payment to which Y is otherwise entitled under this Agreement,
            such additional amount as is necessary to ensure that the net amount
            actually received by Y (free and clear of Indemnifiable Taxes,
            whether assessed against X or Y) will equal the full amount Y would
            have received had no such deduction or withholding been required.
            However, X will not be required to pay any additional amount to Y to
            the extent that it would not be required to be paid but for:--

                  (A)   the failure by Y to comply with or perform any agreement
                  contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                  (B)   the failure of a representation made by Y pursuant to
                  Section 3(f) to be accurate and true unless such failure would
                  not have occurred but for (I) any action taken by a taxing
                  authority, or brought in a court of competent jurisdiction, on
                  or after the date on which a Transaction is entered into
                  (regardless of whether such action is taken or brought with
                  respect to a party to this Agreement) or (II) a Change in Tax
                  Law.

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      (ii)  LIABILITY. If:--

            (1)   X is required by any applicable law, as modified by the
            practice of any relevant governmental revenue authority, to make any
            deduction or withholding in respect of which X would not be required
            to pay an additional amount to Y under Section 2(d)(i)(4);

            (2)   X does not so deduct or withhold; and

            (3)   a liability resulting from such Tax is assessed directly
            against X,

      then, except to the extent Y has satisfied or then satisfies the liability
      resulting from such Tax, Y will promptly pay to X the amount of such
      liability (including any related liability for interest, but including any
      related liability for penalties only if Y has failed to comply with or
      perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e)   DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3.    REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a)   BASIC REPRESENTATIONS.

      (i)   STATUS. It is duly organised and validly existing under the laws of
      the jurisdiction of its organisation or incorporation and, if relevant
      under such laws, in good standing;

      (ii)  POWERS. It has the power to execute this Agreement and any other
      documentation relating to this Agreement to which it is a party, to
      deliver this Agreement and any other documentation relating to this
      Agreement that it is required by this Agreement to deliver and to perform
      its obligations under this Agreement and any obligations it has under any
      Credit Support Document to which it is a party and has taken all necessary
      action to authorise such execution, delivery and performance;

      (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and performance
      do not violate or conflict with any law applicable to it, any provision of
      its constitutional documents, any order or judgment of any court or other
      agency of government applicable to it or any of its assets or any
      contractual restriction binding on or affecting it or any of its assets;

      (iv)  CONSENTS. All governmental and other consents that are required to
      have been obtained by it with respect to this Agreement or any Credit
      Support Document to which it is a party have been obtained and are in full
      force and effect and all conditions of any such consents have been
      complied with; and

      (v)   OBLIGATIONS BINDING. Its obligations under this Agreement and any
      Credit Support Document to which it is a party constitute its legal, valid
      and binding obligations, enforceable in accordance with their respective
      terms (subject to applicable bankruptcy, reorganisation, insolvency,
      moratorium or similar laws affecting creditors' rights generally and
      subject, as to enforceability, to equitable principles of general
      application (regardless of whether enforcement is sought in a proceeding
      in equity or at law)).

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(b)   ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of
Default or, to its knowledge, Termination Event with respect to it has occurred
and is continuing and no such event or circumstance would occur as a result of
its entering into or performing its obligations under this Agreement or any
Credit Support Document to which it is a party.

(c)   ABSENCE OF LITIGATION. There is not pending or, to its knowledge,
threatened against it or any of its Affiliates any action, suit or proceeding at
law or in equity or before any court, tribunal, governmental body, agency or
official or any arbitrator that is likely to affect the legality, validity or
enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this
Agreement or such Credit Support Document.

(d)   ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e)   PAYER TAX REPRESENTATION. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f)   PAYEE TAX REPRESENTATIONS. Each representation specified in the Schedule
as being made by it for the purpose of this Section 3(f) is accurate and true.

4.    AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a)   FURNISH SPECIFIED INFORMATION. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

      (i)   any forms, documents or certificates relating to taxation specified
      in the Schedule or any Confirmation;

      (ii)  any other documents specified in the Schedule or any Confirmation;
      and

      (iii) upon reasonable demand by such other party, any form or document
      that may be required or reasonably requested in writing in order to allow
      such other party or its Credit Support Provider to make a payment under
      this Agreement or any applicable Credit Support Document without any
      deduction or withholding for or on account of any Tax or with such
      deduction or withholding at a reduced rate (so long as the completion,
      execution or submission of such form or document would not materially
      prejudice the legal or commercial position of the party in receipt of such
      demand), with any such form or document to be accurate and completed in a
      manner reasonably satisfactory to such other party and to be executed and
      to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b)   MAINTAIN AUTHORISATIONS. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c)   COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d)   TAX AGREEMENT. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e)   PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated,

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organised, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is
located ("Stamp Tax Jurisdiction") and will indemnify the other party against
any Stamp Tax levied or imposed upon the other party or in respect of the other
party's execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5.    EVENTS OF DEFAULT AND TERMINATION EVENTS

(a)   EVENTS OF DEFAULT. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:--

      (i)   FAILURE TO PAY OR DELIVER. Failure by the party to make, when due,
      any payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
      required to be made by it if such failure is not remedied on or before the
      third Local Business Day after notice of such failure is given to the
      party;

      (ii)  BREACH OF AGREEMENT. Failure by the party to comply with or perform
      any agreement or obligation (other than an obligation to make any payment
      under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give
      notice of a Termination Event or any agreement or obligation under Section
      4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
      in accordance with this Agreement if such failure is not remedied on or
      before the thirtieth day after notice of such failure is given to the
      party;

      (iii) CREDIT SUPPORT DEFAULT.

            (1)   Failure by the party or any Credit Support Provider of such
            party to comply with or perform any agreement or obligation to be
            complied with or performed by it in accordance with any Credit
            Support Document if such failure is continuing after any applicable
            grace period has elapsed;

            (2)   the expiration or termination of such Credit Support Document
            or the failing or ceasing of such Credit Support Document to be in
            full force and effect for the purpose of this Agreement (in either
            case other than in accordance with its terms) prior to the
            satisfaction of all obligations of such party under each Transaction
            to which such Credit Support Document relates without the written
            consent of the other party; or

            (3)   the party or such Credit Support Provider disaffirms,
            disclaims, repudiates or rejects, in whole or in part, or challenges
            the validity of, such Credit Support Document;

      (iv)  MISREPRESENTATION. A representation (other than a representation
      under Section 3(e) or (f)) made or repeated or deemed to have been made or
      repeated by the party or any Credit Support Provider of such party in this
      Agreement or any Credit Support Document proves to have been incorrect or
      misleading in any material respect when made or repeated or deemed to have
      been made or repeated;

      (v)   DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
      Provider of such party or any applicable Specified Entity of such party
      (1) defaults under a Specified Transaction and, after giving effect to any
      applicable notice requirement or grace period, there occurs a liquidation
      of, an acceleration of obligations under, or an early termination of, that
      Specified Transaction, (2) defaults, after giving effect to any applicable
      notice requirement or grace period, in making any payment or delivery due
      on the last payment, delivery or exchange date of, or any payment on early
      termination of, a Specified Transaction (or such default continues for at
      least three Local Business Days if there is no applicable notice
      requirement or grace period) or (3) disaffirms, disclaims, repudiates or
      rejects, in whole or in part, a Specified Transaction (or such action is
      taken by any person or entity appointed or empowered to operate it or act
      on its behalf);

      (vi)  CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
      applying to the party, the occurrence or existence of (1) a default, event
      of default or other similar condition or event (however

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      described) in respect of such party, any Credit Support Provider of such
      party or any applicable Specified Entity of such party under one or more
      agreements or instruments relating to Specified Indebtedness of any of
      them (individually or collectively) in an aggregate amount of not less
      than the applicable Threshold Amount (as specified in the Schedule) which
      has resulted in such Specified Indebtedness becoming, or becoming capable
      at such time of being declared, due and payable under such agreements or
      instruments, before it would otherwise have been due and payable or (2) a
      default by such party, such Credit Support Provider or such Specified
      Entity (individually or collectively) in making one or more payments on
      the due date thereof in an aggregate amount of not less than the
      applicable Threshold Amount under such agreements or instruments (after
      giving effect to any applicable notice requirement or grace period);

      (vii) BANKRUPTCY. The party, any Credit Support Provider of such party or
      any applicable Specified Entity of such party: --

            (1) is dissolved (other than pursuant to a consolidation,
            amalgamation or merger); (2) becomes insolvent or is unable to pay
            its debts or fails or admits in writing its inability generally to
            pay its debts as they become due; (3) makes a general assignment,
            arrangement or composition with or for the benefit of its creditors;
            (4) institutes or has instituted against it a proceeding seeking a
            judgment of insolvency or bankruptcy or any other relief under any
            bankruptcy or insolvency law or other similar law affecting
            creditors' rights, or a petition is presented for its winding-up or
            liquidation, and, in the case of any such proceeding or petition
            instituted or presented against it, such proceeding or petition (A)
            results in a judgment of insolvency or bankruptcy or the entry of an
            order for relief or the making of an order for its winding-up or
            liquidation or (B) is not dismissed, discharged, stayed or
            restrained in each case within 30 days of the institution or
            presentation thereof; (5) has a resolution passed for its
            winding-up, official management or liquidation (other than pursuant
            to a consolidation, amalgamation or merger); (6) seeks or becomes
            subject to the appointment of an administrator, provisional
            liquidator, conservator, receiver, trustee, custodian or other
            similar official for it or for all or substantially all its assets;
            (7) has a secured party take possession of all or substantially all
            its assets or has a distress, execution, attachment, sequestration
            or other legal process levied, enforced or sued on or against all or
            substantially all its assets and such secured party maintains
            possession, or any such process is not dismissed, discharged, stayed
            or restrained, in each case within 30 days thereafter; (8) causes or
            is subject to any event with respect to it which, under the
            applicable laws of any jurisdiction, has an analogous effect to any
            of the events specified in clauses (1) to (7) (inclusive); or (9)
            takes any action in furtherance of, or indicating its consent to,
            approval of, or acquiescence in, any of the foregoing acts; or

      (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support Provider
      of such party consolidates or amalgamates with, or merges with or into, or
      transfers all or substantially all its assets to, another entity and, at
      the time of such consolidation, amalgamation, merger or transfer: --

            (1)   the resulting, surviving or transferee entity fails to assume
            all the obligations of such party or such Credit Support Provider
            under this Agreement or any Credit Support Document to which it or
            its predecessor was a party by operation of law or pursuant to an
            agreement reasonably satisfactory to the other party to this
            Agreement; or

            (2)   the benefits of any Credit Support Document fail to extend
            (without the consent of the other party) to the performance by such
            resulting, surviving or transferee entity of its obligations under
            this Agreement.

(b)   TERMINATION EVENTS. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event

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Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below:--

      (i)   ILLEGALITY. Due to the adoption of, or any change in, any applicable
      law after the date on which a Transaction is entered into, or due to the
      promulgation of, or any change in, the interpretation by any court,
      tribunal or regulatory authority with competent jurisdiction of any
      applicable law after such date, it becomes unlawful (other than as a
      result of a breach by the party of Section 4(b)) for such party (which
      will be the Affected Party):--

            (1)   to perform any absolute or contingent obligation to make a
            payment or delivery or to receive a payment or delivery in respect
            of such Transaction or to comply with any other material provision
            of this Agreement relating to such Transaction; or

            (2)   to perform, or for any Credit Support Provider of such party
            to perform, any contingent or other obligation which the party (or
            such Credit Support Provider) has under any Credit Support Document
            relating to such Transaction;

      (ii)  TAX EVENT. Due to (x) any action taken by a taxing authority, or
      brought in a court of competent jurisdiction, on or after the date on
      which a Transaction is entered into (regardless of whether such action is
      taken or brought with respect to a party to this Agreement) or (y) a
      Change in Tax Law, the party (which will be the Affected Party) will, or
      there is a substantial likelihood that it will, on the next succeeding
      Scheduled Payment Date (1) be required to pay to the other party an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount is required to be
      deducted or withheld for or on account of a Tax (except in respect of
      interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is
      required to be paid in respect of such Tax under Section 2(d)(i)(4) (other
      than by reason of Section 2(d)(i)(4)(A) or (B));

      (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the next
      succeeding Scheduled Payment Date will either (1) be required to pay an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount has been deducted or
      withheld for or on account of any Indemnifiable Tax in respect of which
      the other party is not required to pay an additional amount (other than by
      reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
      party consolidating or amalgamating with, or merging with or into, or
      transferring all or substantially all its assets to, another entity (which
      will be the Affected Party) where such action does not constitute an event
      described in Section 5(a)(viii);

      (iv)  CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is specified
      in the Schedule as applying to the party, such party ("X"), any Credit
      Support Provider of X or any applicable Specified Entity of X consolidates
      or amalgamates with, or merges with or into, or transfers all or
      substantially all its assets to, another entity and such action does not
      constitute an event described in Section 5(a)(viii) but the
      creditworthiness of the resulting, surviving or transferee entity is
      materially weaker than that of X, such Credit Support Provider or such
      Specified Entity, as the case may be, immediately prior to such action
      (and, in such event, X or its successor or transferee, as appropriate,
      will be the Affected Party); or

      (v)   ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event"
      is specified in the Schedule or any Confirmation as applying, the
      occurrence of such event (and, in such event, the Affected Party or
      Affected Parties shall be as specified for such Additional Termination
      Event in the Schedule or such Confirmation).

(c)   EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

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6.    EARLY TERMINATION

(a)   RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b)   RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

      (i)   NOTICE. If a Termination Event occurs, an Affected Party will,
      promptly upon becoming aware of it, notify the other party, specifying the
      nature of that Termination Event and each Affected Transaction and will
      also give such other information about that Termination Event as the other
      party may reasonably require.

      (ii)  TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality under
      Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
      Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
      Affected Party, the Affected Party will, as a condition to its right to
      designate an Early Termination Date under Section 6(b)(iv), use all
      reasonable efforts (which will not require such party to incur a loss,
      excluding immaterial, incidental expenses) to transfer within 20 days
      after it gives notice under Section 6(b)(i) all its rights and obligations
      under this Agreement in respect of the Affected Transactions to another of
      its Offices or Affiliates so that such Termination Event ceases to exist.

      If the Affected Party is not able to make such a transfer it will give
      notice to the other party to that effect within such 20 day period,
      whereupon the other party may effect such a transfer within 30 days after
      the notice is given under Section 6(b)(i).

      Any such transfer by a party under this Section 6(b)(ii) will be subject
      to and conditional upon the prior written consent of the other party,
      which consent will not be withheld if such other party's policies in
      effect at such time would permit it to enter into transactions with the
      transferee on the terms proposed.

      (iii) TWO AFFECTED PARTIES. If an Illegality under Section 5(b)(i)(1) or a
      Tax Event occurs and there are two Affected Parties, each party will use
      all reasonable efforts to reach agreement within 30 days after notice
      thereof is given under Section 6(b)(i) on action to avoid that Termination
      Event.

      (iv)  RIGHT TO TERMINATE. If:--

            (1)   a transfer under Section 6(b)(ii) or an agreement under
            Section 6(b)(iii), as the case may be, has not been effected with
            respect to all Affected Transactions within 30 days after an
            Affected Party gives notice under Section 6(b)(i); or

            (2)   an Illegality under Section 5(b)(i)(2), a Credit Event Upon
            Merger or an Additional Termination Event occurs, or a Tax Event
            Upon Merger occurs and the Burdened Party is not the Affected Party,

      either party in the case of an Illegality, the Burdened Party in the case
      of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
      or an Additional Termination Event if there is more than one Affected
      Party, or the party which is not the Affected Party in the case of a
      Credit Event Upon Merger or an Additional Termination Event if there is
      only one Affected Party may, by not more than 20 days notice to the other
      party and provided that the relevant Termination Event is then

                                       8
<PAGE>
      continuing, designate a day not earlier than the day such notice is
      effective as an Early Termination Date in respect of all Affected
      Transactions.

(c)   EFFECT OF DESIGNATION.

      (i)   If notice designating an Early Termination Date is given under
      Section 6(a) or (b), the Early Termination Date will occur on the date so
      designated, whether or not the relevant Event of Default or Termination
      Event is then continuing.

      (ii)  Upon the occurrence or effective designation of an Early Termination
      Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
      respect of the Terminated Transactions will be required to be made, but
      without prejudice to the other provisions of this Agreement. The amount,
      if any, payable in respect of an Early Termination Date shall be
      determined pursuant to Section 6(e).

(d)   CALCULATIONS.

      (i)   STATEMENT. On or as soon as reasonably practicable following the
      occurrence of an Early Termination Date, each party will make the
      calculations on its part, if any, contemplated by Section 6(e) and will
      provide to the other party a statement (1) showing, in reasonable detail,
      such calculations (including all relevant quotations and specifying any
      amount payable under Section 6(e)) and (2) giving details of the relevant
      account to which any amount payable to it is to be paid. In the absence of
      written confirmation from the source of a quotation obtained in
      determining a Market Quotation, the records of the party obtaining such
      quotation will be conclusive evidence of the existence and accuracy of
      such quotation.

      (ii)  PAYMENT DATE. An amount calculated as being due in respect of any
      Early Termination Date under Section 6(e) will be payable on the day that
      notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated or occurs as a result of an Event of
      Default) and on the day which is two Local Business Days after the day on
      which notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated as a result of a Termination Event).
      Such amount will be paid together with (to the extent permitted under
      applicable law) interest thereon (before as well as after judgment) in the
      Termination Currency, from (and including) the relevant Early Termination
      Date to (but excluding) the date such amount is paid, at the Applicable
      Rate. Such interest will be calculated on the basis of daily compounding
      and the actual number of days elapsed.

(e)   PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

      (i)   EVENTS OF DEFAULT. If the Early Termination Date results from an
      Event of Default:--

            (1)   First Method and Market Quotation. If the First Method and
            Market Quotation apply, the Defaulting Party will pay to the
            Non-defaulting Party the excess, if a positive number, of (A) the
            sum of the Settlement Amount (determined by the Non-defaulting
            Party) in respect of the Terminated Transactions and the Termination
            Currency Equivalent of the Unpaid Amounts owing to the
            Non-defaulting Party over (B) the Termination Currency Equivalent of
            the Unpaid Amounts owing to the Defaulting Party.

            (2)   First Method and Loss. If the First Method and Loss apply, the
            Defaulting Party will pay to the Non-defaulting Party, if a positive
            number, the Non-defaulting Party's Loss in respect of this
            Agreement.

            (3)   Second Method and Market Quotation. If the Second Method and
            Market Quotation apply, an amount will be payable equal to (A) the
            sum of the Settlement Amount (determined by the

                                       9

<PAGE>
            Non-defaulting Party) in respect of the Terminated Transactions and
            the Termination Currency Equivalent of the Unpaid Amounts owing to
            the Non-defaulting Party less (B) the Termination Currency
            Equivalent of the Unpaid Amounts owing to the Defaulting Party. If
            that amount is a positive number, the Defaulting Party will pay it
            to the Non-defaulting Party; if it is a negative number, the
            Non-defaulting Party will pay the absolute value of that amount to
            the Defaulting Party.

            (4)   Second Method and Loss. If the Second Method and Loss apply,
            an amount will be payable equal to the Non-defaulting Party's Loss
            in respect of this Agreement. If that amount is a positive number,
            the Defaulting Party will pay it to the Non-defaulting Party; if it
            is a negative number, the Non-defaulting Party will pay the absolute
            value of that amount to the Defaulting Party.

      (ii)  TERMINATION EVENTS. If the Early Termination Date results from a
      Termination Event:--

            (1)   One Affected Party. If there is one Affected Party, the amount
            payable will be determined in accordance with Section 6(e)(i)(3), if
            Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
            except that, in either case, references to the Defaulting Party and
            to the Non-defaulting Party will be deemed to be references to the
            Affected Party and the party which is not the Affected Party,
            respectively, and, if Loss applies and fewer than all the
            Transactions are being terminated, Loss shall be calculated in
            respect of all Terminated Transactions.

            (2)   Two Affected Parties. If there are two Affected Parties:--

                  (A)   if Market Quotation applies, each party will determine a
                  Settlement Amount in respect of the Terminated Transactions,
                  and an amount will be payable equal to (I) the sum of (a)
                  one-half of the difference between the Settlement Amount of
                  the party with the higher Settlement Amount ("X") and the
                  Settlement Amount of the party with the lower Settlement
                  Amount ("Y") and (b) the Termination Currency Equivalent of
                  the Unpaid Amounts owing to X less (II) the Termination
                  Currency Equivalent of the Unpaid Amounts owing to Y; and

                  (B)   if Loss applies, each party will determine its Loss in
                  respect of this Agreement (or, if fewer than all the
                  Transactions are being terminated, in respect of all
                  Terminated Transactions) and an amount will be payable equal
                  to one-half of the difference between the Loss of the party
                  with the higher Loss ("X") and the Loss of the party with the
                  lower Loss ("Y").

            If the amount payable is a positive number, Y will pay it to X; if
            it is a negative number, X will pay the absolute value of that
            amount to Y.

      (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
      Termination Date occurs because "Automatic Early Termination" applies in
      respect of a party, the amount determined under this Section 6(e) will be
      subject to such adjustments as are appropriate and permitted by law to
      reflect any payments or deliveries made by one party to the other under
      this Agreement (and retained by such other party) during the period from
      the relevant Early Termination Date to the date for payment determined
      under Section 6(d)(ii).

      (iv)  PRE-ESTIMATE. The parties agree that if Market Quotation applies an
      amount recoverable under this Section 6(e) is a reasonable pre-estimate of
      loss and not a penalty. Such amount is payable for the loss of bargain and
      the loss of protection against future risks and except as otherwise
      provided in this Agreement neither party will be entitled to recover any
      additional damages as a consequence of such losses.

                                       10
<PAGE>
7.    TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that: --

(a)   a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b)   a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.    CONTRACTUAL CURRENCY

(a)   PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement
will be made in the relevant currency specified in this Agreement for that
payment (the "Contractual Currency"). To the extent permitted by applicable law,
any obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b)   JUDGMENTS. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c)   SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d)   EVIDENCE OF LOSS. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

                                       11
<PAGE>
9.    MISCELLANEOUS

(a)   ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b)   AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c) SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d)   REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e)   COUNTERPARTS AND CONFIRMATIONS.

      (i)   This Agreement (and each amendment, modification and waiver in
      respect of it) may be executed and delivered in counterparts (including by
      facsimile transmission), each of which will be deemed an original.

      (ii)  The parties intend that they are legally bound by the terms of each
      Transaction from the moment they agree to those terms (whether orally or
      otherwise). A Confirmation shall be entered into as soon as practicable
      and may be executed and delivered in counterparts (including by facsimile
      transmission) or be created by an exchange of telexes or by an exchange of
      electronic messages on an electronic messaging system, which in each case
      will be sufficient for all purposes to evidence a binding supplement to
      this Agreement. The parties will specify therein or through another
      effective means that any such counterpart, telex or electronic message
      constitutes a Confirmation.

(f)   NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g)   HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.   OFFICES; MULTIBRANCH PARTIES

(a)   If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organisation of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b)   Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c)   If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11.   EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document

                                       12

<PAGE>
to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12.   NOTICES

(a)   EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

      (i)   if in writing and delivered in person or by courier, on the date it
      is delivered;

      (ii)  if sent by telex, on the date the recipient's answerback is
      received;

      (iii) if sent by facsimile transmission, on the date that transmission is
      received by a responsible employee of the recipient in legible form (it
      being agreed that the burden of proving receipt will be on the sender and
      will not be met by a transmission report generated by the sender's
      facsimile machine);

      (iv)  if sent by certified or registered mail (airmail, if overseas) or
      the equivalent (return receipt requested), on the date that mail is
      delivered or its delivery is attempted; or

      (v)   if sent by electronic messaging system, on the date that electronic
      message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b)   CHANGE OF ADDRESSES. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.   GOVERNING LAW AND JURISDICTION

(a)   GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b)   JURISDICTION. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:--

      (i)   submits to the jurisdiction of the English courts, if this Agreement
      is expressed to be governed by English law, or to the non-exclusive
      jurisdiction of the courts of the State of New York and the United States
      District Court located in the Borough of Manhattan in New York City, if
      this Agreement is expressed to be governed by the laws of the State of New
      York; and

      (ii)  waives any objection which it may have at any time to the laying of
      venue of any Proceedings brought in any such court, waives any claim that
      such Proceedings have been brought in an inconvenient forum and further
      waives the right to object, with respect to such Proceedings, that such
      court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c)   SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any

                                       13
<PAGE>
reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d)   WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14.   DEFINITIONS

As used in this Agreement:--

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means:--

(a)   in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b)   in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c)   in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d)   in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

                                       14
<PAGE>
"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" and "UNLAWFUL" will be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have

                                       15
<PAGE>
been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if
each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will
be the quotation remaining after disregarding the highest and lowest quotations.
For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than
three quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of: ____

(a)   the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b)   such party's Loss (whether positive or negative and without reference to
any Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meanings specified in the Schedule.

                                       16
<PAGE>
"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market

                                       17
<PAGE>
value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

-------------------------------------      -------------------------------------
        (Name of Party)                                (Name of Party)

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

                                       18
<PAGE>
(MULTICURRENCY-CROSS BORDER)

                                    SCHEDULE
                                     to the
                                MASTER AGREEMENT
                          dated as of January 25, 2002,
                                    between
              LEHMAN BROTHERS SPECIAL FINANCING INC. ("Party A"),
                   a corporation organized under the laws of
                              the State of Delaware
                                      and
                           CSK AUTO, INC. ("Party B")
                    a corporation organized under the laws of
                              the State of Arizona

PART 1: TERMINATION PROVISIONS

In this Agreement:-

(a)   "SPECIFIED ENTITY" means in relation to Party A for the purpose of:-

      Section 5(a)(v), Lehman Brothers Commercial Corporation and Lehman
      Brothers Finance S.A.
      Section 5(a)(vi), Not applicable.
      Section 5(a)(vii), Not applicable.
      Section 5(b)(iv), Not applicable.
                 and in relation to Party B for the purpose of:-
      Section 5(a)(v), Not applicable.
      Section 5(a)(vi), Not applicable.
      Section 5(a)(vii), Not applicable.
      Section 5(b)(iv), Not applicable.

(b)   "SPECIFIED TRANSACTION" will have the meaning specified in Section 14 of
      this Agreement.

(c)   The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply to Party A
      and Party B.

      The following provisions apply:-

      "SPECIFIED INDEBTEDNESS" will have the meaning specified in Section 14 of
      this Agreement.

      "THRESHOLD AMOUNT" means the lesser of (i) USD 40 million or (ii) two
      percent (2%) of the Stockholders' Equity of Lehman Brothers Holdings Inc.
      ("Holdings"), in the case of Party A and Holdings (or its equivalent in
      any other currency), and USD 10 million in the case of Party B (or its
      equivalent in any other currency).

                                       19
<PAGE>
(d)   The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will apply
      to Party A and Party B; provided, however, that the term "materially
      weaker" means, with respect to Party A, that Lehman Brothers Holdings Inc.
      fails to maintain a long-term senior unsecured debt rating of at least
      Baa3 as determined by Moody's Investor's Services, Inc. and BBB- as
      determined by Standard & Poor's Corporation. In the event of a split
      rating, the lower rating shall be determinative.

(e)   The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not apply
      to either Party A or Party B.

(f)   PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of this
      Agreement, Market Quotation and the Second Method will apply.

(g)   "TERMINATION CURRENCY" means United States Dollars ("USD").

(h)   ADDITIONAL TERMINATION EVENTS will apply. Each of the following shall
      constitute an Additional Termination Event. For the purpose of each of the
      following Termination Events, Party B shall be the Affected Party.

      (i)   FINANCIALS. Failure by Party B to provide audited annual and
            unaudited quarterly financial statements pursuant to Part 3(b)
            hereof.

      (ii)  The Credit Agreement as defined in section 5(d) of the Schedule is
            terminated or matured.

PART 2: TAX REPRESENTATIONS

(a)   PAYER TAX REPRESENTATIONS. For the purpose of Section 3(e) of this
      Agreement, Party A and Party B will each make the following
      representation:

      It is not required by any applicable law, as modified by the practice of
any relevant governmental revenue authority, of any Relevant Jurisdiction to
make any deduction or withholding for or on account of any Tax from any payment
(other than interest under Sections 2(e), 6(d)(ii) and 6(e) of this Agreement)
to be made by it to the other party under this Agreement. In making this
representation, it may rely on (i) the accuracy of any representation made by
the other party pursuant to Section 3(f) of this Agreement, (ii) the
satisfaction of the agreement of the other party contained in Section 4(a)(i) or
4(a)(iii) of this Agreement and the accuracy and effectiveness of any document
provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this
Agreement; and (iii) the satisfaction of the agreement of the other party
contained in Section 4(d) of this Agreement, provided that it shall not be a
breach of this representation where reliance is placed on clause (ii) and the
other party does not deliver a form or document under Section 4(a)(iii) of this
Agreement by reason of material prejudice to its legal or commercial position.

                                       20
<PAGE>
(b)   PAYEE TAX REPRESENTATIONS. Not applicable.

PART 3: AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party
agrees to deliver the following documents, as applicable:-

(a)   Tax forms, documents or certificates to be delivered are:-

<TABLE>
<CAPTION>
      PARTY REQUIRED TO         FORM/DOCUMENT/             DATE BY WHICH
      DELIVER DOCUMENT           CERTIFICATE              TO BE DELIVERED
      ----------------           -----------              ---------------
<S>                       <C>                          <C>
      Party A and         Forms and/or documents       Upon reasonable demand
      Party B             described in Section 4(a)    by the other party.
                          (iii) of the Agreement.
</TABLE>

(b)   Other documents to be delivered are:-

<TABLE>
<CAPTION>
      PARTY REQUIRED TO         FORM/DOCUMENT/             DATE BY WHICH         COVERED BY
      DELIVER DOCUMENT           CERTIFICATE              TO BE DELIVERED        SECTION 3(d)
      ----------------           -----------              ---------------        ------------
<S>                       <C>                          <C>                      <C>
      Party A             A guarantee of Holdings in   Upon execution of this         No
                          the form of Exhibit A to     Agreement.
                          this Schedule.

      Party A             An incumbency certificate    Upon execution of this         Yes
                          with respect to the          Agreement.
                          signatory of this
                          Agreement and any Credit
                          Support Document.

      Party A             A copy of the annual         Upon request.                  Yes
                          report of its Credit
                          Support Provider
                          containing audited
                          consolidated financial
                          statements for such fiscal
                          year certified by
                          independent public
                          accountants and prepared
                          in accordance with
                          generally accepted
                          accounting practices
                          consistently applied.
</TABLE>

                                       21
<PAGE>
<TABLE>
<CAPTION>
      PARTY REQUIRED TO         FORM/DOCUMENT/             DATE BY WHICH         COVERED BY
      DELIVER DOCUMENT           CERTIFICATE              TO BE DELIVERED        SECTION 3(d)
      ----------------           -----------              ---------------        ------------
<S>                       <C>                          <C>                      <C>
      Party A             A copy of the unaudited      Upon request.                  Yes
                          financial statements of
                          its Credit Support
                          Provider for its most
                          recent fiscal quarter and
                          prepared in accordance
                          with generally accepted
                          accounting practices
                          consistently applied.

      Party A             A copy of the resolutions    Upon execution of this         Yes
                          (the  "Authorizing           Agreement.
                          Resolution") of the board
                          of directors of Party A,
                          certified by a secretary
                          or assistant secretary of
                          Party A, pursuant to which
                          Party A is authorized to
                          enter into this Agreement
                          and each Transaction
                          entered into hereunder.

      Party B             An incumbency certificate    Upon execution of this         Yes
                          with respect to the          Agreement.
                          signatory of this
                          Agreement and any Credit
                          Support Document.

      Party B             An opinion of counsel to     Promptly after                 No
                          Party B substantially in     execution of this
                          the form of Exhibit B to     Agreement
                          this Schedule.

      Party B             A copy of the Authorizing    Upon execution of this         Yes
                          Resolution of the board of   Agreement.
                          directors or loan
                          committee of Party B and
                          any Credit Support
                          Provider of Party B,
                          certified by a secretary
                          or assistant secretary of
                          Party B, pursuant to which
                          Party B is authorized to
                          enter into this Agreement
                          and each Transaction
                          entered into hereunder.
</TABLE>

                                       22
<PAGE>
<TABLE>
<CAPTION>
      PARTY REQUIRED TO         FORM/DOCUMENT/             DATE BY WHICH         COVERED BY
      DELIVER DOCUMENT           CERTIFICATE              TO BE DELIVERED        SECTION 3(d)
      ----------------           -----------              ---------------        ------------
<S>                       <C>                          <C>                      <C>
      Party B             A copy of the annual         Within 95 days of each         Yes
                          report of Party B (and any   fiscal year end.
                          Credit Support Provider)
                          containing audited
                          consolidated and
                          consolidating financial
                          statements for such fiscal
                          year certified by
                          independent public
                          accountants and prepared
                          in accordance with
                          generally accepted
                          accounting practices
                          consistently applied.
      Party B             A copy of the consolidated   Within 50 days of each         Yes
                          and consolidating            quarter.
                          unaudited financial
                          statements of Party B (and
                          any Credit Support
                          Provider) for its most
                          recent fiscal quarter and
                          prepared in accordance
                          with generally accepted
                          accounting practices
                          consistently applied.
</TABLE>

PART 4: MISCELLANEOUS

(a)   ADDRESSES FOR NOTICES. For the purpose of Section 12(a) of this
      Agreement:-

      Address for notices or communications to Party A:-

      Address:         Lehman Brothers Inc.
                       Transaction Management
                       399 Park Avenue, 15th Floor
                       New York, NY 10022-4679

      Attention:       Joseph Polizzotto
      Telephone No.:   (212) 526-2726
      Facsimile No.:   (212) 526-2648

                       For all purposes.

                                       23
<PAGE>
      Address for notices or communications to Party B:-

      Address:         CSK Auto, Inc.
                       645 East Missouri Avenue
                       Suite 400
                       Phoenix, Arizona 85012

      Attention:       Don Watson
                       Senior Vice President, Chief Financial Officer
                       and Treasurer
      Telephone No.:   (602) 631-7224
      Facsimile No.:   (602) 234-1065

                       For all purposes.

(b)   PROCESS AGENT. For the purpose of Section 13(c) of this Agreement:-

      Party A appoints as its Process Agent: Not applicable.

      Party B appoints as its Process Agent: Not applicable.

(c)   OFFICES. The provisions of Section 10(a) will apply to this Agreement.

(d)   MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:-

      Party A is not a Multibranch Party.

      Party B is not a Multibranch Party.

(e)   CALCULATION AGENT. The Calculation Agent is Party A, unless otherwise
      specified in a Confirmation in relation to the relevant Transaction.

(f)   CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document, each of
      which is incorporated by reference in, constitutes part of, and is in
      connection with, this Agreement and each Confirmation (unless provided
      otherwise in a Confirmation) as if set forth in full in this Agreement or
      such Confirmation:-

      In the case of Party A, a guarantee of Party A's obligations hereunder in
      the form annexed hereto as Exhibit A to this Schedule.

      In the case of Party B, Not applicable.

(g)   CREDIT SUPPORT PROVIDER.

      Credit Support Provider means in relation to Party A: Holdings.

      Credit Support Provider means in relation to Party B: Not applicable.

                                       24
<PAGE>
(h)   GOVERNING LAW. This Agreement will be governed by and construed in
      accordance with the laws of the State of New York (without reference to
      choice of law doctrine).

(i)   JURISDICTION. Section 13(b) is hereby amended by: (i) deleting in the
      second line of subparagraph (i) thereof the word "non-"; and (ii) deleting
      the final paragraph thereof.

(j)   NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) of this Agreement
      will not apply to any Transactions (in each case starting from the date of
      this Agreement).

(k)   "AFFILIATE" means, in relation to Party B, CSK Auto Corporation and the
      subsidiaries of Party B, and in relation to Party A, will have the meaning
      specified in Section 14 of this Agreement.

PART 5: OTHER PROVISIONS

Miscellaneous:

(a)   "STOCKHOLDERS' EQUITY" means with respect to an entity, at any time, the
      sum at such time of (i) its capital stock (including preferred stock)
      outstanding, taken at par value, (ii) its capital surplus and (iii) its
      retained earnings, minus (iv) treasury stock, each to be determined in
      accordance with generally accepted accounting principles consistently
      applied.

(b)   TRANSFER. Notwithstanding Section 7 of this Agreement, Party A may assign
      its rights and obligations under this Agreement, in whole or in part, to
      (1) any Affiliate of Holdings effective upon delivery to Party B of the
      full unconditional guarantee by Holdings, in favor of Party B, of the
      obligations of such Affiliate, or (2) to any entity with the same or
      higher long term senior unsecured debt rating (as determined by Standard &
      Poor's Corporation or Moody's Investors Service, Inc.) as Holdings at the
      time of such transfer.

(c)   For purposes of Sections 2(d)(i)(4) and 3(f), any payee tax representation
      specified in a Confirmation under this Agreement shall be deemed to be
      specified in this Schedule.

(d)   INCORPORATION BY REFERENCE OF TERMS OF CREDIT AGREEMENT. The covenants,
      terms and provisions of, including all representations and warranties of
      Party B contained in the Credit Agreement dated as of December 21, 2001
      between CSK Auto, Inc., JPMorgan Chase Bank, as Administrative Agent,
      Credit Suisse First Boston, as Syndication Agent, and UBS AG, Stamford
      Branch, as Documentation Agent, J.P. Morgan Securities Inc., and Credit
      Suisse First Boston, as Joint Lead Arrangers and Joint Book Managers (as
      amended, restated or otherwise modified by waiver, consent or otherwise
      from time to time "Credit Agreement") are hereby incorporated by reference
      in, and made part of, this Agreement to the same extent as if such
      covenants, terms, and provisions were set forth in full herein. Party B
      hereby agrees that, during the period commencing with the date of this
      Agreement through and including such date on which all of Party B's
      obligations under this Agreement are fully performed, Party B will (a)
      observe, perform, and fulfill each and every such covenant, term, and
      provision applicable to Party B, as such covenants, terms, and provisions,
      may be amended, restated or otherwise modified by waiver, consent or
      otherwise from time to time after the date of this Agreement and

                                       25
<PAGE>
      (b) deliver to Party A at the address for notices to Party A provided in
      Part 3 each notice, document, certificate or other writing as Party B is
      obligated to furnish to any other party to the Credit Agreement. In the
      event the Credit Agreement terminates or becomes no longer binding on
      Party B prior to the termination of this Agreement, such covenants, terms,
      and provisions (other than those requiring payments in respect of amounts
      owed under the Credit Agreement) will remain in force and effect for
      purposes of this Agreement as though set forth in full herein until the
      date on which all of Party B's obligations under this Agreement are fully
      performed, and this Agreement is terminated.

(e)   WAIVER OF TRIAL BY JURY. Insofar as is permitted by law, each party
      irrevocably waives any and all rights to trial by jury in any legal
      proceeding in connection with this Agreement or any Transaction, and
      acknowledges that this waiver is a material inducement to the other
      party's entering into this Agreement and each Transaction hereunder.

(f)   ACCURACY OF SPECIFIED INFORMATION. Section 3(d) is hereby amended by
      adding in the third line thereof after the word "respect" and before the
      period the words "or, in the case of audited or unaudited financial
      statements or balance sheets, a fair presentation of the financial
      condition of the relevant person."

(g)   DEFINITIONS. This Agreement, each Confirmation, and each Transaction are
      subject to the 1991 ISDA Definitions as published by the International
      Swaps and Derivatives Association, Inc. (as supplemented and amended by
      both the 1998 Supplement and the 1998 ISDA Euro Definitions) and further
      as amended, supplemented, updated, restated, and superseded from time to
      time (collectively the "Definitions"), and will be governed in all
      respects by the Definitions (except that references to "Swap Transactions"
      in the Definitions will be deemed to be references to "Transactions"). The
      Definitions, as so modified are incorporated by reference in, and made
      part of, this Agreement and each Confirmation as if set forth in full in
      this Agreement and such Confirmations. Subject to Section 1(b), in the
      event of any inconsistency between the provisions of this Agreement and
      the Definitions, this Agreement will prevail. Also, subject to Section
      1(b), in the event of any inconsistency between the provisions of any
      Confirmation and this Agreement, or the Definitions, such Confirmation
      will prevail for the purpose of the relevant Transaction.

(h)   NOTICES. For the purposes of subsections (iii) and (v) of Section 12(a),
      the date of receipt shall be presumed to be the date sent if sent on a
      Local Business Day or, if not sent on a Local Business Day, the date of
      receipt shall be presumed to be the first Local Business Day following the
      date sent.

(i)   SERVICE OF PROCESS. The penultimate sentence of Section 13(c) shall be
      amended by adding the following language at the end thereof: "if permitted
      in the jurisdiction where the proceedings are initiated and in the
      jurisdiction where service is to be made."

                                       26
<PAGE>
(j)   SET-OFF.

      (1)   In addition to any rights of set-off a party may have as a matter of
            law or otherwise, upon the occurrence of an Event of Default or an
            Additional Termination Event with respect to a party ("X"), the
            other party ("Y") will have the right (but not be obliged) without
            prior notice to X or any other person to set-off or apply any
            obligation of X owed to Y (and to any Affiliate of Y) (whether or
            not matured or contingent and whether or not arising under this
            Agreement, and regardless of the currency, place of payment or
            booking office of the obligation) against any obligation of Y (and
            to any Affiliate of Y) owed to X (whether or not matured or
            contingent and whether or not arising under this Agreement, and
            regardless of the currency, place of payment or booking office of
            the obligation.)

      (2)   For the purpose of cross-currency set-off, Y may convert either
            obligation at the applicable market exchange rate selected by Y on
            the relevant date.

      (4)   This clause shall not constitute a mortgage, charge, lien or other
            security interest upon any of the property or assets of either party
            to this Agreement.

(k)   REPRESENTATIONS. Section 3 is hereby amended by adding the following
      additional subsections:

      (g)   NO AGENCY. It is entering into this Agreement and each Transaction
            as principal (and not as agent or in any other capacity, fiduciary
            or otherwise).

      (h)   ELIGIBLE CONTRACT PARTICIPANT. It is an "eligible contract
            participant" as that term is defined in the Commodities Futures
            Modernization Act of 2000.

      (i)   NO RELIANCE. In connection with the negotiation of, the entering
            into, and the execution of, this Agreement, any Credit Support
            Document to which it is a party, and each Transaction hereunder,
            Party B acknowledges and agrees that: (i) Party A is acting for its
            own account and is not acting as a fiduciary for, or a financial or
            investment advisor to Party B (or in any similar capacity); (ii)
            Party B is not relying upon any communications (whether written or
            oral) from Party A as investment advice or as a recommendation to
            enter into this Agreement, any Credit Support Document to which it
            is a party and each Transaction hereunder (other than the
            representations expressly set forth in this Agreement and in such
            Credit Support Document), it being understood that information and
            explanations related to the terms and conditions of a Transaction
            shall not be considered investment advice or a recommendation to
            enter into that Transaction; (iii) Party B has not received from
            Party A any assurance or guarantee as to the expected results of any
            Transaction; and (iv) Party B has consulted with its own legal,
            regulatory, tax, business, investment, financial, and accounting
            advisors to the extent it has deemed necessary, and it has made its
            own independent investment, hedging, and trading decisions based
            upon its own judgment and upon any advice from such advisors as it
            has deemed necessary and not upon any view expressed by Party A.

                                       27
<PAGE>
(l)   OUTSTANDING SPECIFIED TRANSACTIONS. Upon the effectiveness of this
      Agreement, unless otherwise agreed to in writing by the parties to this
      Agreement with respect to enumerated Specified Transactions, all Specified
      Transactions then outstanding between the parties shall be subject to the
      terms hereof.

(m)   SEVERABILITY. In the event any one or more of the provisions contained in
      this Agreement should be held invalid, illegal or unenforceable in any
      respect, such provisions shall be severed from this Agreement, and the
      validity, legality and enforceability of the remaining provisions
      contained herein shall not in any way be affected or impaired thereby.

The parties executing this Schedule have executed the Master Agreement and have
agreed as to the contents of this Schedule.

          LEHMAN BROTHERS                             CSK AUTO, INC.
       SPECIAL FINANCING INC.
              Party A                                    Party B

-------------------------------------      -------------------------------------
Name:                                      Name:
Title:                                     Title:
Date:                                      Date:

                                       28
<PAGE>
                              EXHIBIT A to Schedule

                   GUARANTEE OF LEHMAN BROTHERS HOLDINGS INC.

      LEHMAN BROTHERS SPECIAL FINANCING INC. ("Party A") and <<COUNTERPARTY>>
("Party B") have entered into a Master Agreement dated as of <<as_of_date>>,
(the "Master Agreement"), pursuant to which Party A and Party B have entered
and/or anticipate entering into one or more transactions (each a "Transaction"),
the Confirmation of each of which supplements, forms part of, and will be read
and construed as one with, the Master Agreement (collectively referred to as the
"Agreement"). This Guarantee is a Credit Support Document as contemplated in the
Agreement. For value received, and in consideration of the financial
accommodation accorded to Party A by Party B under the Agreement, LEHMAN
BROTHERS HOLDINGS INC., a corporation organized and existing under the laws of
the State of Delaware ("Guarantor"), hereby agrees to the following:

      (a) Guarantor hereby unconditionally guarantees to Party B the due and
punctual payment of all amounts payable by Party A under each Transaction when
and as Party A's obligations thereunder shall become due and payable in
accordance with the terms of the Agreement. In case of the failure of Party A to
pay punctually any such amounts, Guarantor hereby agrees, upon written demand by
Party B, to pay or cause to be paid any such amounts punctually when and as the
same shall become due and payable.

      (b) Guarantor hereby agrees that its obligations under this Guarantee
constitute a guarantee of payment when due and not of collection.

      (c) Guarantor hereby agrees that its obligations under this Guarantee
shall be unconditional, irrespective of the validity, regularity or
enforceability of the Agreement against Party A (other than as a result of the
unenforceability thereof against Party B), the absence of any action to enforce
Party A's obligations under the Agreement, any waiver or consent by Party B with
respect to any provisions thereof, the entry by Party A and Party B into
additional Transactions under the Agreement or any other circumstance which
might otherwise constitute a legal or equitable discharge or defense of a
guarantor (excluding the defense of payment or statute of limitations, neither
of which is waived) provided, however, that Guarantor shall be entitled to
exercise any right that Party A could have exercised under the Agreement to cure
any default in respect of its obligations under the Agreement or to setoff,
counterclaim or withhold payment in respect of any Event of Default or Potential
Event of Default in respect of Party B or any Affiliate, but only to the extent
such right is provided to Party A under the Agreement. The Guarantor
acknowledges that Party A and Party B may from time to time enter into one or
more Transactions pursuant to the Agreement and agrees that the obligations of
the Guarantor under this Guarantee will upon the execution of any such
Transaction by Party A and Party B extend to all such Transactions without the
taking of further action by the Guarantor.

      (d) This Guarantee shall remain in full force and effect until such time
as Party B shall receive written notice of termination. Termination of this
Guarantee shall not affect Guarantor's liability hereunder as to obligations
incurred or arising out of Transactions entered into prior to the termination
hereof.
<PAGE>
      (e) Guarantor further agrees that this Guarantee shall continue to be
effective or be reinstated, as the case may be, if at any time, payment, or any
part thereof, of any obligation or interest thereon is rescinded or must
otherwise be restored by Party B upon an Event of Default as set forth in
Section 5(a)(vii) of the Master Agreement affecting Party A or Guarantor.

      (f) Guarantor hereby waives (i) promptness, diligence, presentment, demand
of payment, protest, order and, except as set forth in paragraph (a) hereof,
notice of any kind in connection with the Agreement and this Guarantee, or (ii)
any requirement that Party B exhaust any right to take any action against Party
A or any other person prior to or contemporaneously with proceeding to exercise
any right against Guarantor under this Guarantee.

      This Guarantee shall be governed by and construed in accordance with the
laws of the State of New York, without reference to choice of law doctrine. All
capitalized terms not defined in this Guarantee, but defined in the Agreement,
shall have the meanings assigned thereto in the Agreement.

      Any notice hereunder will be sufficiently given if given in accordance
with the provisions for notices under the Agreement and will be effective as set
forth therein. All notices hereunder shall be delivered to Lehman Brothers
Holdings Inc., Attention: Treasurer, at 200 Vesey Street, 24th Floor, New York,
New York 10285 USA (Facsimile No. (212) 526-1467) with a copy to Lehman Brothers
Special Financing Inc., Attention: Documentation Manager at 1 World Financial
Center, 27th Floor, New York, New York 10281 (Facsimile No. (646) 836-0609).

      IN WITNESS WHEREOF, Guarantor has caused this Guarantee to be executed in
its corporate name by its duly authorized officer as of the date of the
Agreement.

                                       LEHMAN BROTHERS HOLDINGS INC.

                                      ----------------------------------------
                                      Name:
                                      Title:
                                      Date:

                                        2
<PAGE>
                              EXHIBIT B to Schedule

                    [Form of Opinion of Counsel for Party B]

                                                      [Date]

Lehman Brothers
Special Financing Inc.
3 World Financial Center
New York, New York  10285 USA

Ladies and Gentlemen:

      I have acted as counsel to <<Counterparty>>, a <<cp_jurisdiction>>
corporation ("Party B"), and am familiar with matters pertaining to the
execution and delivery of the Master Agreement (the "Master Agreement") dated as
of <<as_of_date>> between Party B and Lehman Brothers SpeciaL Financing Inc.
("Party A").

      In connection with this opinion, I have examined, or have had examined on
my behalf, an executed copy of the Master Agreement, certificates and statements
of public officials and officers of Party B and such other agreements,
instruments, documents and records as I have deemed necessary or appropriate for
the purposes of this opinion.

      Based on the foregoing but subject to the assumptions, exceptions,
qualifications and limitations hereinafter expressed, I am of the opinion that:

      1.    Party B is a <<entity_type>> duly incorporated, validly existing and
            in good standing under the laws of the State of <<cp_jurisdiction>>.

      2.    The execution, delivery and performance of the Master Agreement, by
            or on behalf of Party B, are within its corporate power, have been
            duly authorized by all corporate action and do not conflict with any
            provision of its certificate of incorporation or by-laws.

      3.    The Master Agreement, has been duly executed and delivered by Party
            B and constitutes a legal, valid and binding obligation, enforceable
            against it in accordance with its terms.

      4.    To the best of my knowledge no consent, authorization, license or
            approval of or registration or declaration with, any U.S. federal or
            state governmental authority is required in connection with the
            execution, delivery and performance of the Master Agreement by Party
            B.
<PAGE>
      The foregoing opinions are subject to the following assumptions,
exceptions, qualifications and limitations:

      A.    My opinion in paragraph 3 above is subject to the effect of any
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors rights generally (including, without limitation, the
effect of statutory or other laws regarding fraudulent or other similar
transfers) and general principles of equity, regardless of whether
enforceability is considered in a proceeding in equity or at law.

      B.    I am a member of the Bar of the State of <<licensed State>> and
render no opinion on the laws of any jurisdiction other than the laws of the
State of <<cp_jurisdiction>>, the federal laws of the United States of America
and the General Corporation Law of the State of <<cp_jurisdiction>>.

      C.    My opinions are limited to the present laws and to the facts as they
presently exist. I assume no obligation to revise or supplement this opinion
should the present laws of the jurisdictions referred to in paragraph B above be
changed by legislative action, judicial decision or otherwise.

      D.    This letter is rendered to you in connection with the Master
Agreement and the Guarantee and the transactions related thereto and may not be
relied upon by any other person or by you in any other context or for any other
purpose. This letter may not be quoted in whole or in part, nor may copies
thereof be furnished or delivered to any other person, without the prior written
consent of Party B, except that you may furnish copies hereof (i) to your
independent auditors and attorneys, (ii) to any United States, state or local
authority having jurisdiction over you or over Party B, (iii) pursuant to the
order of any legal process of any court of competent jurisdiction or any
governmental agency, and (iv) in connection with any legal action arising out of
the Master Agreement.

      E.    I have assumed with your permission (i) the genuineness of all
signatures by each party other than Party B, (ii) the authenticity of documents
submitted to me as originals and the conformity to authentic original documents
of all documents submitted to me as copies, and (iii) the due execution and
delivery, pursuant to due authorization, of the Master Agreement by each party
other than Party B.

                                          Very truly yours,

                                        2
<PAGE>
(MULTICURRENCY-CROSS BORDER)

                                     ISDA(R)
                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT
                          dated as of January 25, 2002

        LEHMAN BROTHERS                              CSK AUTO, INC.
      SPECIAL FINANCING INC.

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:--

1.    INTERPRETATION

(a)   DEFINITIONS. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b)   INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purposes of the relevant Transaction.

(c)   SINGLE AGREEMENT. All Transactions are entered into in reliance on the
fact that this Master Agreement and all Confirmations form a single agreement
between the parties (collectively referred to as this "Agreement"), and the
parties would not otherwise enter into any Transactions.

2.    OBLIGATIONS

(a)   GENERAL CONDITIONS.

      (i) Each party will make each payment or delivery specified in each
      Confirmation to be made by it, subject to the other provisions of this
      Agreement.

      (ii) Payments under this Agreement will be made on the due date for value
      on that date in the place of the account specified in the relevant
      Confirmation or otherwise pursuant to this Agreement, in freely
      transferable funds and in the manner customary for payments in the
      required currency. Where settlement is by delivery (that is, other than by
      payment), such delivery will be made for receipt on the due date in the
      manner customary for the relevant obligation unless otherwise specified in
      the relevant Confirmation or elsewhere in this Agreement.

      (iii) Each obligation of each party under Section 2(a)(i) is subject to
      (1) the condition precedent that no Event of Default or Potential Event of
      Default with respect to the other party has occurred and is continuing,
      (2) the condition precedent that no Early Termination Date in respect of
      the relevant Transaction has occurred or been effectively designated and
      (3) each other applicable condition precedent specified in this Agreement.
<PAGE>
      value of that which was (or would have been) required to be delivered as
      of the originally scheduled date for delivery, in each case together with
      (to the extent permitted under applicable law) interest, in the currency
      of such amounts, from (and including) the date such amounts or obligations
      were or would have been required to have been paid or performed to (but
      excluding) such Early Termination Date, at the Applicable Rate. Such
      amounts of interest will be calculated on the basis of daily compounding
      and the actual number of days elapsed. The fair market value of any
      obligation referred to in clause (b) above shall be reasonably determined
      by the party obliged to make the determination under Section 6(e) or, if
      each party is so obliged, it shall be the average of the Termination
      Currency Equivalents of the fair market values reasonably determined by
      both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

          LEHMAN BROTHERS                             CSK AUTO, INC.
       SPECIAL FINANCING INC.
          (Name of Party)                             (Name of Party)

-------------------------------------      -------------------------------------
Name:                                      Name:
Title:                                     Title:
Date:                                      Date:<PAGE>
                                                                   Exhibit 10.31

                                                          (Amended and Restated)

                        SEVERANCE AND RETENTION AGREEMENT

         SEVERANCE AND RETENTION AGREEMENT (this "Agreement") dated as of
__________________, 2001, by and between CSK Auto, Inc., an Arizona corporation
(the "Company"), and Lon Novatt (the "Executive").

                                    RECITALS

         The Company considers it essential and in the best interest of its
stockholders to foster the continuous employment of key management personnel.
The Company further recognizes that, as in the case of many publicly held
corporations, the possibility of a change of control of the Company may exist
and that such possibility, and the uncertainty and questions which it may raise
among management, may create concerns for, and the distraction of, management
personnel and may even result in departures which might have otherwise not have
taken place, all to the detriment of the Company and its stockholders. The
Company now desires to take steps to reinforce and encourage the continued
attention and dedication of members of the Company's management, including the
Executive, to their assigned duties without distraction in the face of
potentially disturbing circumstances arising from the possibility of a Change of
Control (as defined below) of the Company.

                                    AGREEMENT

         1. Definitions

                  1.1. An "Affiliate" of the Company is an entity controlling,
controlled by or under common control with the Company as defined in Rule 405 of
the Securities and Exchange Commission under the Securities Act of 1933, as
amended.

                  1.2. "Base Salary" shall mean the Executive's regular annual
rate of base pay as of the date in question.

                  1.3. "Cause" shall mean that Executive: (i) has been convicted
of a felony, or has entered a plea of guilty or nolo contendere to a felony;
(ii) has committed an act of fraud involving dishonesty for personal gain which
is injurious to the Company or any of its subsidiaries; (iii) has willfully and
continually refused to substantially perform his duties with the Company or any
of its subsidiaries (other than any such refusal resulting from his incapacity
due to mental illness or physical illness or injury), after a demand for
substantial performance has been delivered to the Executive by the Board of
Directors of the Company, where such demand reasonably identifies the manner in
which the Board of Directors believes that the Executive has refused to
substantially perform his duties and the passage of a reasonable period of time
as specified by the Board of Directors for Executive to comply with such demand;
or (iv) has willfully engaged in gross misconduct injurious to the Company or
any of its subsidiaries.

                  1.4. A "Change of Control" shall be deemed to have taken place
if, after the date hereof:
<PAGE>
                  (a) any person, corporation, or other entity or group,
         including any "group" as defined in Section 13(d)(3) of the Securities
         Exchange Act of 1934, other than (i) any employee benefit plan then
         maintained by CSK Auto Corporation ("Parent") or (ii) Investcorp S.A.,
         a Luxembourg corporation, together with its affiliates, or (iii) any
         group of which Investcorp S.A.or its affiliates is a part so long as
         Investcorp S.A. or one of its affiliates retains the right to designate
         a majority of the nominees to the Board of Directors of the Company,
         becomes the beneficial owner of shares of Parent having 50% or more of
         the total number of votes that may be cast for the election of
         directors of Parent (including any shares owned by such beneficial
         owner or members of its "group" as of the date hereof);

                  (b) as the result of, or in connection with, any contested
         election for the Board of Directors of Parent, or any tender or
         exchange offer, merger or other business combination or sale of assets,
         or any combination of the foregoing (a "Transaction"), the persons who
         were directors of Parent before the Transaction shall cease to
         constitute a majority of the Board of Directors of Parent or any
         successor to Parent or its assets;

                  (c) at any time Parent shall consolidate or merge with any
         other Person and Parent shall not be the continuing or surviving
         corporation, or any Person shall consolidate or merge with Parent and
         Parent shall be the continuing or surviving corporation, and in
         connection therewith, all or part of the outstanding Parent stock shall
         be changed into or exchanged for stock or other securities of any other
         Person or cash or any other property;

                  (d) Parent shall be a party to a statutory share exchange with
         any other Person after which Parent is a subsidiary of any other
         Person; or

                  (e) Parent shall sell or otherwise transfer all or
         substantially all of the assets or earning power of Parent and its
         subsidiaries (taken as a whole) to any Person or Persons.

                  1.5. The "Change of Control Date" shall mean the date
immediately prior to the effectiveness of the Change of Control.

                  1.6. The Executive shall have "Good Reason" to terminate
employment if:

                  (a) the Executive is not elected, reelected, or otherwise
         continued in the office of the Company or any of its subsidiaries or
         the continuing or surviving corporation in the case of a Change of
         Control that he held immediately prior to the Change of Control Date,
         or he is removed as a member of the Board of Directors of Parent or the
         continuing or surviving corporation in the case of a Change of Control
         if the Executive was a director immediately prior to the Change of
         Control Date;

                  (b) the Executive's duties, responsibilities or authority are
         materially reduced or diminished without the Executive's consent;

                  (c) the Executive's compensation or benefits are reduced;

                                       2
<PAGE>
                  (d) the Company reduces the potential earnings of the
         Executive under any performance-based bonus or incentive plan of the
         Company;

                  (e) the Company requires that the Executive's employment be
         based at a location outside a 50 mile radius from the location of the
         Executive's employment location as of the date hereof or the
         Executive's employment location immediately prior to a Change of
         Control Date, as the case may be;

                  (f) any purchaser, assign, continuing or surviving
         corporation, or successor of the Company or its business or assets
         (whether by acquisition, merger, liquidation, consolidation,
         reorganization, sale or transfer of assets or business, or otherwise)
         fails or refuses to expressly assume in writing this Agreement and all
         of the duties and obligations of the Company hereunder pursuant to
         Section 9 hereof; or

                  (g) the Company breaches any of the material provisions of
         this Agreement or the Executive's employment agreement, if any.

                  Notwithstanding the foregoing, none of the events referred to
in (a) through (g) above shall constitute Good Reason unless the Executive gives
written notice to the Company of his election to terminate his employment for
such reason within 90 days after he becomes aware of the existence of facts or
circumstances constituting Good Reason. Such notice shall set forth in
reasonable detail the facts and circumstances constituting the Good Reason and,
if the Good Reason is a curable condition, shall provide the Company with 30
days to cure such condition. The notice shall also specify the date when the
termination of employment is to become effective (if the Good Reason is not
curable or is curable, but not cured within the 30 days), which date shall be
not less than 60 days and not more than 180 days from the date the notice is
given.

                  1.7. "Person" shall have the meaning ascribed to such term in
Section 3(a)(9) of the Securities Exchange Act of 1934 and used in Sections
13(d) and 14(d) thereof, including a "group" as defined in Section 13(d).

                  1.8. "Target Bonus" shall mean the target bonus (100% level)
established for the Executive for the year in question under the Company's
"Annual Incentive Plan" or "Performance Unit Plan," as applicable.

         2. Retention Bonus. If (i) the Executive remains continuously employed
by the Company or its Affiliates or the continuing or surviving corporation in
the case of Section 1.4 hereof on a full-time basis through the date that is six
months following a Change of Control Date or (ii) the Executive's employment
with the Company is terminated (a) by the Company without Cause or (b) by the
Executive for Good Reason, in each case before the date that is six months
following a Change of Control Date, the Company shall pay to the Executive a
gross lump sum cash amount equal to three (3) months of the Executive's then
current Base Salary (the "Retention Bonus"). In accordance with the preceding
sentence, such payments, if any, shall be made to the Executive within 10 days
following the date that is six months following a Change of Control Date. Any
payment of the Retention Bonus shall be paid net of any applicable withholding
required under federal, state or local law.

                                       3
<PAGE>
         3.       Change of Control Severance Benefits

                  3.1. Eligibility for Change of Control Severance Benefits. The
Executive shall be eligible for the benefits described in Section 3.2 (the
"Change of Control Severance Benefits") if there has been a Change of Control
and during the twelve (12) month period commencing on the Change of Control Date
(the "Post Change of Control Period"), the Executive's employment with the
Company is terminated (i) by the Company without Cause or (ii) by the Executive
for Good Reason.

                  3.2. Severance Benefit. Upon satisfaction of the terms and
conditions of this Agreement, and subject to Section 6, the Executive shall be
entitled to the following Change of Control Severance Benefits:

                  (a) Cash Payments. The Executive shall be entitled to receive
         an amount in cash equal to the sum of:

                           (i) 100% of the greater of (x) the sum of the
                  Executive's Base Salary, benefits and Target Bonus, in each
                  case as in effect upon the date Executive's employment was
                  terminated, or (y) the sum of the Executive's Base Salary,
                  benefits and Target Bonus, in each case as in effect on the
                  Change of Control Date; and

                           (ii) accrued and unused vacation.

         The payment shall be made in equal monthly installments over a twelve
         (12) month period and shall be paid net of any applicable withholding
         required under federal, state or local law. Any such payment shall be
         in lieu of any payment otherwise due under the Company's "Annual
         Incentive Plan" or "Performance Unit Plan" for the year in which the
         Executive's termination occurs.

                  (b) Outplacement Services. The Company shall provide the
         Executive with outplacement counseling services from an outplacement
         firm of national reputation to assist the Executive in obtaining new
         employment, provided that the amount required to be expended on such
         services by the Company shall not exceed 15% of the greater of
         Executive's Base Salary as in effect upon the date Executive's
         employment was terminated or as in effect on the Change of Control
         Date.

         4.       Standard Severance Benefits

                  4.1. Eligibility for Standard Severance Benefits. If the
Executive's employment with the Company is terminated (i) by the Company without
Cause or (ii) by the Executive for Good Reason, in each case other than during
the Post Change of Control Period, the Executive shall be eligible for the
benefits described in Section 4.2 (the "Standard Severance Benefits").

                                       4
<PAGE>
                  4.2. Severance Benefit. Upon satisfaction of the terms and
conditions of this Agreement, and subject to Section 6, the Executive shall be
entitled to the following Standard Severance Benefits:

                  (a) Cash Payments. The Executive shall be entitled to receive
         an amount in cash equal to the sum of:

                           (i) 50% of the greater of (x) the sum of the
                  Executive's Base Salary, benefits and Target Bonus, in each
                  case as in effect upon the date Executive's employment was
                  terminated, or (y) the sum of the Executive's Base Salary,
                  benefits and Target Bonus, in each case as in effect on the
                  date hereof; and

                           (ii) accrued and unused vacation.

         The payment shall be made in equal monthly installments over a six (6)
         month period and shall be paid net of any applicable withholding
         required under federal, state or local law. Any such payment shall be
         in lieu of any payment otherwise due under the Company's "Annual
         Incentive Plan" or "Performance Unit Plan" for the year in which the
         Executive's termination occurs.

                  (b) Outplacement Services. The Company shall provide the
         Executive with outplacement counseling services from an outplacement
         firm of national reputation to assist the Executive in obtaining new
         employment, provided that the amount required to be expended on such
         services by the Company shall not exceed 15% of the greater of
         Executive's Base Salary as in effect upon the date Executive's
         employment was terminated or as in effect on the date hereof.

         5. Release. Notwithstanding anything in this Agreement to the contrary,
neither the Retention Bonus, the Change of Control Severance Benefits nor the
Standard Severance Benefits shall be payable to the Executive pursuant to this
Agreement unless and until the eighth (8th) day after the Executive executes, in
each case, a general release in the form of Exhibit A attached hereto (the
"Release").

         6. Limitation on Payments to Executive. Notwithstanding anything in
this Agreement to the contrary, the total of all payments made to the Executive
under this Agreement shall be reduced such that no such payments will result,
individually or in the aggregate, in (i) the payment of any "excess parachute
payments" within the meaning of Section 280G of the Internal Revenue Code, as
amended (the "Code") or (ii) the non-deductibility of such payments under
Section 162(m) of the Code.

         7. Restrictive Covenants.

                  7.1. Confidentiality. The Executive understands and
acknowledges that during the Executive's employment with the Company, the
Executive has had and will have access to and has learned and will learn (i)
information proprietary to the Company and its Affiliates that concerns the
operation and methodology of the businesses conducted by the Company and its
Affiliates and as the same are hereafter conducted by the Company and its
Affiliates (the

                                       5
<PAGE>
"Business") or (ii) other information proprietary to the Company and its
Affiliates, including, without limitation, trade secrets, processes, patent and
trademark applications, product development, price, customer and supply lists,
pricing and marketing plans, policies and strategies, details of client and
consultant contracts, operations methods, product development techniques,
business acquisition plans, new personnel acquisition plans and all other
confidential information with respect to the Business (collectively,
"Proprietary Information"). The Executive agrees that, from and after the date
hereof, the Executive will keep confidential and will not disclose directly or
indirectly any such Proprietary Information to any third party, except as
required to fulfill the Executive's duties as an Executive of the Company, and
will not misuse, misappropriate or exploit such Proprietary Information in any
way. The restrictions contained herein shall not apply to any information which
(a) was already available to the public at the time of disclosure, or
subsequently becomes available to the public otherwise than by breach of this
Agreement, or (b) was disclosed due to a requirement of law, provided that the
Executive shall have given prompt notice of such requirement to the Company to
enable the Company to seek an appropriate protective order with respect to such
disclosure. Upon any termination of the employment of the Executive, the
Executive shall promptly return to the Company and its Affiliates all documents,
computer disks, records, notebooks and similar repositories of any Proprietary
Information in the Executive's possession, including copies thereof.

                  7.2. Agreement Not to Compete/Non-Solicitation.

                  (a) During the twelve (12) month period following the first
         monthly payment constituting a Change of Control Severance Benefit, or
         during the six month period following the first monthly payment
         constituting the Standard Severance Benefit, as applicable (the
         "Non-Compete Period"), the Executive shall not become engaged in a
         managerial or executive capacity for, or consultant to, Auto Zone,
         Inc., The Pep Boys - Manny, Moe & Jack, O'Reilly Automotive, Inc.,
         Advance Stores Company, Incorporated or Discount Auto Parts, Inc.

                  (b) During the Non-Compete Period, the Executive shall not,
         directly or indirectly, hire or attempt to hire any employee of the
         Company.

                  (c) During the Non-Compete Period, the Executive shall not,
         directly or indirectly, call on or solicit any person, firm,
         corporation, business or other entity who or which is, or within two
         years prior to the Non-Compete Period had been, a customer of the
         Company or any Affiliate of the Company.

                  7.3. Remedies. The Executive acknowledges and agrees that
damages for a breach or threatened breach of any of the covenants set forth in
this Section 7 will be difficult to determine and will not afford a full and
adequate remedy, and therefore agrees that the Company, in addition to seeking
actual damages in connection therewith, may seek specific enforcement of any
such covenant in any court of competent jurisdiction, including, without
limitation, by the issuance of a temporary or permanent injunction. In addition,
the Company may terminate the payment of any remaining Change of Control
Severance Benefits or Standard Severance Benefits in the event of a breach or
threatened breach of any of the covenants set forth in this Section 7.

                                       6
<PAGE>
         8. Waiver of Other Severance Benefits. The Change of Control Severance
Benefits and Standard Severance Benefits payable pursuant to this Agreement are
in lieu of any and all other severance benefits that may otherwise be payable to
the Executive upon termination of his or her employment for any reason,
(including, without limitation, any benefits to which the Executive might
otherwise have been entitled under the Stockholders Agreement, dated October 30,
1996, among the stockholders named therein and the Company, any employment
agreement and any letter agreements to which the Executive is a party
(collectively, "Contractual Benefits"), except those benefits which are to be
made available to the Executive as required by applicable law, and Executive
hereby waives all such Contractual Benefits in exchange for the Company's
agreement to make the payments to be made hereunder.

         9. Assumption of Agreement. The Company will require any successor
(whether by purchase of assets, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to expressly
assume and agree to perform all of the obligations of the Company under this
Agreement (including the obligation to cause any subsequent successor to also
assume the obligations of this Agreement) unless such assumption occurs by
operation of law.

         10. Notices. Any notice or communication given by either party hereto
to the other shall be in writing and personally delivered, delivered by
overnight delivery service or mailed by registered or certified mail, return
receipt requested, postage prepaid, to the following addresses:

                  (a) If to the Company:

                           CSK Auto Corporation
                           625 East Missouri Avenue
                           Phoenix, Arizona  85012
                           Attn.:  General Counsel

                           with a copy to:

                           Gibson, Dunn & Crutcher LLP
                           1801 California Street, Suite 4100
                           Denver, Colorado  80202
                           Attn.:  Richard M. Russo, Esq.

                  (b)      if to the Executive, to the address of the Executive
                           as it appears in the records of the Company

         Any notice shall be deemed given when actually delivered to such
address, or five days after such notice has been mailed or one day after such
notice has been sent by overnight delivery service, whichever comes earliest.
Any person entitled to receive notice may designate in writing, by notice to the
other, such other address to which notices to such person shall thereafter be
sent.

                                       7
<PAGE>
         11.      Miscellaneous.

                  11.1. Entire Agreement. This Agreement, including the Release,
contains the entire understanding of the parties in respect of its subject
matter, and any other agreement or understanding between the parties, oral or
written, made prior to the date of this Agreement is hereby terminated in its
entirety.

                  11.2. Amendment; Waiver. This Agreement may not be amended,
supplemented, cancelled or discharged, except by written instrument executed by
the party affected thereby. No failure to exercise, and no delay in exercising,
any right, power or privilege hereunder shall operate as a waiver thereof. No
waiver of any breach of any provision of this Agreement shall be deemed to be a
waiver of any preceding or succeeding breach of the same or any other provision.

                  11.3. Binding Effect; Assignment. The rights and obligations
of this Agreement shall bind and inure to the benefit of any successor of the
Company by reorganization, merger or consolidation, or any assignee of all or
substantially all of the Company's business and properties. The Company may
assign its rights and obligations under this Agreement to any of its Affiliates
without the consent of the Executive, but shall remain liable for any payments
provided hereunder not timely made by any Affiliate assignee. The Executive's
rights or obligations under this Agreement may not be assigned by the Executive.

                  11.4. Headings. The headings contained in this agreement are
for reference purposes only and shall not affect the meaning or interpretation
of this Agreement.

                  11.5. Governing Law. This Agreement shall be construed in
accordance with and governed for all purposes by the laws and public policy
(other than conflict of laws principles) of the State of Arizona applicable to
contracts executed and to be wholly performed within such state.

                  11.6. Arbitration. Any dispute or controversy arising under or
in connection with this Agreement, including any claim arising out of or in
connection with any termination of the Executive's employment, shall be settled
exclusively by arbitration in Phoenix, Arizona in accordance with the rules of
the American Arbitration Association then in effect. Judgment may be entered on
the arbitrator's award in any court having jurisdiction.

                  11.7. Further Assurances. Each of the parties agrees to
execute, acknowledge, deliver and perform, and cause to be executed,
acknowledged, delivered and performed, at any time and from time to time, as the
case may be, all such further acts, deeds, assignments, transfers, conveyances,
powers of attorney and assurances as may be reasonably necessary to carry out
the provisions or intent of this Agreement.

                  11.8 Severability. The parties have carefully reviewed the
provisions of this Agreement and agree that they are fair and equitable.
However, in light of the possibility of differing interpretations of law and
changes in circumstances, the parties agree that if any one or more of the
provisions of this Agreement shall be determined by a court of competent

                                       8
<PAGE>
jurisdiction to be invalid, void or unenforceable, the remainder of the
provisions of this Agreement shall, to the extent permitted by law, remain in
full force and effect and shall in no way be affected, impaired or invalidated.
Moreover, if any of the provisions contained in this Agreement is determined by
a court of competent jurisdiction to be excessively broad as to duration,
activity, geographic application or subject, it shall be construed, by limiting
or reducing it to the extent legally permitted, so as to be enforceable to the
extent compatible with then applicable law.

                  11.9 Amendment and Restatement. This Agreement is an amendment
and restatement of that certain Severance and Retention Agreement dated October
9, 2001 (the "Original Agreement"). Upon the full execution of this Agreement,
the Original Agreement shall be deemed to be null and void.

                         [SIGNATURES BEGIN ON NEXT PAGE]

                                       9
<PAGE>
                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.

                                    CSK AUTO, INC.

                                    By:_______________________________________
                                             Name:
                                             Title:

                                    EXECUTIVE

                                    __________________________________________
                                    Lon Novatt

                                       10
<PAGE>
                                                          (Amended and Restated)

                                                                       EXHIBIT A

                                  Date of Notification:_________________________

                                 GENERAL RELEASE

         This is a General Release (this "Release") executed by _____________
(the "Executive") pursuant to Section 5 of the Severance and Retention Agreement
dated as of ________ __, 2001 (the "Retention Agreement") between CSK Auto,
Inc., an Arizona corporation (the "Company"), and the Executive.

         WHEREAS, the Company and the Executive intend that the terms and
conditions of the Retention Agreement and this Release shall govern all issues
related to the Executive's employment and termination of employment by the
Company;

         WHEREAS, the Executive has had at least 21 days to consider the form of
this Release.

         WHEREAS, the Company advised the Executive in writing to consult with a
lawyer before signing this Release;

         WHEREAS, the Executive has represented and hereby reaffirms that the
Executive has disclosed to the Company any information in the Executive's
possession concerning any conduct involving the Company or its affiliates that
the Executive has any reason to believe involves any false claims to the United
States or is or may be unlawful or violates the policies of the Company in any
respect;

         WHEREAS, the Executive acknowledges that the consideration to be
provided to the Executive under the Retention Agreement is sufficient to support
this Release;

         WHEREAS, the Executive represents that the Executive has not filed any
charges, claims or lawsuits against the Company involving any aspect of the
Executive's employment which have not been terminated as of the date of this
Release; and

         WHEREAS, the Executive understands that the Company regards the
representations by the Executive as material and that the Company is relying on
these representations in paying amounts to the Executive pursuant to the
Retention Agreement.

         THEREFORE, the Executive agrees as follows:

         1. The Executive, on behalf of the Executive and anyone claiming
through the Executive, including the Executive's heirs, assigns and agents,
releases and discharges the Company and its directors, officers, employees,
subsidiaries, affiliates and agents, and the predecessors, successors and
assigns of any of them (the "Released Parties"), from each and every claim,
action or right of any sort, in law or in equity, known or unknown, asserted or

                                      A-1
<PAGE>
unasserted, foreseen or unforeseen, arising on or before the Effective Date (as
defined in Section 7 hereof).

                  (a) This Release includes, but is not limited to: any claim of
discrimination on the basis of race, sex, religion, marital status, sexual
orientation, national origin, handicap or disability, age, veteran status,
special disabled veteran status or citizenship status; any other claim based on
a statutory prohibition or common law doctrine; any claim arising out of or
related to the Executive's employment with the Company, the terms and conditions
thereof or the termination or cessation thereof; any express or implied
employment contract, any other express or implied contract affecting terms and
conditions of the Executive's employment or the termination or cessation
thereof, or a covenant of good faith and fair dealing; any tort claims and any
personal gain with respect to any claim arising under the qui tam provisions of
the False Claims Act, 31 U.S.C. 3730.

                  (b) The Executive represents that the Executive understands
this Release, that rights and claims under the Age Discrimination in Employment
Act of 1967, as amended, the Civil Rights Act of 1964, as amended, the Civil
Rights Act of 1991, the Civil Rights Act of 1866, the Older Workers' Benefit
Protection Act, the Family and Medical Leave Act, the Americans with
Disabilities Act and the Executive Retirement Income Security Act of 1974 are
among the rights and claims against the Released Parties the Executive is
releasing, and that the Executive understands that the Executive is not
releasing any rights or claims arising after the Effective Date.

                  (c) The Executive further agrees never to sue the Released
Parties or cause the Released Parties to be sued regarding any matter within the
scope of this Release. If the Executive violates this Release by suing any of
the Released Parties or causing any of the Released Parties to be sued, the
Executive agrees to pay all costs and expenses of defending against the suit
incurred by the Released Parties, including reasonable attorneys' fees.

                  (d) The Executive expressly represents and warrants that the
Executive is the sole owner of the actual or alleged claims, demands, rights,
causes of action and other matters that are released herein, that the same have
not been transferred or assigned or caused to be transferred or assigned to any
other person, firm, corporation or other entity, and that the Executive has the
full right and power to grant, execute and deliver this Release.

         2. The Executive acknowledges that the Executive is bound by the
provisions of Section 6 of the Retention Agreement.

         3. The Executive understands that any and all Company covenants which
relate to Company obligations to the Executive following any Change of Control
Date (as defined in the Retention Agreement), including but not limited to the
payments set forth in the Retention Agreement, are contingent on the Executive's
satisfaction of the Executive's obligations under this Release.

         4. The Executive agrees that he or she will cooperate fully with the
Company in connection with any and all existing or future litigation or
investigations brought by or against

                                     2
<PAGE>
the Company or any of its affiliates, agents, officers, directors or employees,
whether administrative, civil or criminal in nature, in which and to the extent
the Company deems the Executive's cooperation necessary. The Executive
understands that the Company will reimburse the Executive for reasonable
out-of-pocket expenses incurred as a result of such cooperation. Nothing herein
shall prevent the Executive from communicating with or participating in any
government investigation. The Executive will act in good faith to furnish the
information and cooperation required by this Section 4 and the Company will act
in good faith so that the requirement to furnish such information and
cooperation does not create a hardship for the Executive.

         5. The Executive agrees, subject to any obligations the Executive may
have under applicable law, that the Executive will not make or cause to be made
any statements that disparage, are inimical to, or damage the reputation of the
Company or any of its affiliates, subsidiaries, agents, officers, directors or
Executives. In the event such a communication is made to anyone, including but
not limited to the media, public interest groups and publishing companies, it
will be considered a material breach of the terms of the Retention Agreement and
this Release and the Executive will be required to reimburse the Company for any
and all payments made under the terms of the Retention Agreement and all
commitments to make additional payments to the Executive will be null and void.

         6. The Company is not obligated to offer employment to the Executive
(or to accept services or the performance of work from the Executive directly or
indirectly) now or in the future.

         7. The Executive may revoke this Release in writing within seven days
of signing it. This release will not take effect until the Effective Date. If
the Executive revokes this Release, all of its provisions and the payment
provisions of the Retention Agreement shall be void and unenforceable. The
"Effective Date" shall be the day after the end of the revocation period
described in this Section 7 hereof.

         8. The Executive shall keep strictly confidential all the terms and
conditions, including amounts, in the Retention Agreement and this Release and
shall not disclose them to any person other than the Executive's spouse, the
Executive's legal or financial advisor or United States governmental officials
who seek such information in the course of their official duties, unless
compelled by law to do so. If a person not a party to the Retention Agreement
requests or demands, by subpoena or otherwise, that the Executive disclose or
produce the Retention Agreement or this Release or any terms or conditions
thereof, the Executive shall immediately notify the Company and shall give the
Company an opportunity to respond to such notice before taking any action or
making any decision in connection with such request or subpoena.

         9. The Retention Agreement and this Release constitute the entire
understanding between the parties. The Executive has not relied on any oral
statements that are not included in the Retention Agreement or this Release.

         10. In the event that any provision of this Agreement is determined to
be legally invalid or unenforceable by any court of competent jurisdiction, and
cannot be modified to be

                                       3
<PAGE>
enforceable, the affected provision shall be stricken from the Agreement, and
the remaining terms of the Agreement and its enforceability shall remain
unaffected.

         11. This Release shall be construed, interpreted and applied in
accordance with the law of the State of Arizona (other than conflict of laws
principles).

                                          EXECUTIVE

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

Date:
     -------------------------------

                                       4

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