Document:

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                                                                  EXHIBIT 10.6

                  FIFTH AMENDMENT, dated as of May 30, 2003 (this
"AMENDMENT"), to the INTERIM CREDIT AGREEMENT, dated as of March 11, 2002 (as
amended by the First Amendment and Waiver, dated as of June 12, 2002, the
Second Amendment, dated as of August 2, 2002, the Third Amendment, dated as
of February 14, 2003, and the Fourth Amendment, dated as of May 9, 2003, and
as further amended, restated, extended, supplemented or otherwise modified in
writing from time to time, the "CREDIT AGREEMENT"), among AIMCO Properties,
L.P., a Delaware limited partnership ("AIMCO"), NHP MANAGEMENT COMPANY, a
District of Columbia corporation ("NHP MANAGEMENT"), and APARTMENT INVESTMENT
AND MANAGEMENT COMPANY, a Maryland corporation (the "REIT") (AIMCO, NHP
Management and the REIT are collectively referred to herein as "BORROWERS"),
LEHMAN COMMERCIAL PAPER INC., as Administrative Agent (in such capacity, the
"ADMINISTRATIVE AGENT"), as Syndication Agent and as a Lender, each lender
from time to time party thereto and LEHMAN BROTHERS INC., as Sole Lead
Arranger and Bookrunner.

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

                  WHEREAS, pursuant to the Credit Agreement, the Lenders have
agreed to make, and have made, certain Loans and other extensions of credit
to the Borrowers;

                  WHEREAS, the Borrower has requested that the Lenders agree
to make certain amendments to the Credit Agreement;

                  WHEREAS, the Lenders have agreed to make such amendments
solely upon the terms and conditions provided for in this Amendment;

                  NOW, THEREFORE, the parties hereto agree as follows:

                  1. DEFINED TERMS. Unless otherwise noted herein, terms
defined in the Credit Agreement and used herein shall have the meanings given
to them in the Credit Agreement.

                  2. AMENDMENTS TO SECTION 1.01 OF THE CREDIT AGREEMENT
(DEFINED TERMS).

                  (a) Section 1.01 of the Credit Agreement is hereby amended
by inserting the following new definitions in the appropriate alphabetical
order:

                  "COLLATERAL AGENT" means Bank of America, in its capacity as
          Collateral Agent under the Intercreditor Agreement and the Borrowers
          Pledge Agreement, or any successor Collateral Agent pursuant to
          Section 11.01(g).

                  "COLLECTIVE OBLIGATIONS" means, collectively, the Obligations
          owing under this Agreement, the obligations owing under the Revolving
          Credit Agreement and the obligations owing under the Term Loan Credit
          Agreement.

                  "FIFTH AMENDMENT" means the Fifth Amendment to the Interim
          Credit Agreement, dated as of May 30, 2003, among Borrowers, Lenders
          and the Administrative Agent.

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                  "FIFTH AMENDMENT EFFECTIVE DATE" means the "Effective Date"
          as defined in the Fifth Amendment.

                  "LENDER GROUP" means, collectively, the Lenders, the Term
          Lenders and the Lenders (as defined in the Revolving Credit
          Agreement).

                  "OMNIBUS BORROWERS PLEDGE AGREEMENT" means the Borrowers
          Pledge Agreement executed and delivered by the Borrower Parties
          party thereto in connection with this Agreement, the Revolving
          Credit Agreement and the Term Loan Credit Agreement, substantially
          in the form of EXHIBIT G-2 annexed hereto, as such Borrowers Pledge
          Agreement may thereafter be amended, supplemented or otherwise
          modified from time to time.

                  "TERM LENDERS" means the lenders from time to time party to
          the Term Loan Credit Agreement.

                  "TERM LOAN CREDIT AGREEMENT" means that certain Term Loan
          Credit Agreement, dated as of May 30, 2003, by and among Borrowers,
          Bank of America, N.A., as administrative agent, and the other
          financial institutions party thereto.

                  "TERM LOAN DOCUMENTS" means the Term Loan Credit Agreement
          and the "Loan Documents" as defined therein, as amended from time
          to time in accordance with the Intercreditor Agreement.

                  (b) Section 1.01 of the Credit Agreement is hereby further
amended by deleting each defined term listed below in its entirety and
replacing it with its respective new definition, as follows:

                  "2003 TERM LOAN" means a term credit facility provided to
          the Borrowers and AIMCO/Bethesda Holdings, Inc. pursuant to that
          certain Term Loan Credit Agreement, dated as of May 30, 2003, by
          and among Borrowers, AIMCO/Bethesda Holdings, Inc., Bank of
          America, as administrative agent, and the financial institutions
          party thereto. The intercreditor relationship between the lenders
          under the 2003 Term Loan, the lenders under the Revolving Credit
          Agreement and the Lenders shall be governed by the Intercreditor
          Agreement.

                  "ADJUSTED TOTAL NOI" means, for any period, Borrowers', the
          Guarantors' and their respective downstream Affiliates' pro-rata
          share of Net Operating Income, including the Borrowers',
          Guarantors' and their respective downstream Affiliates' pro-rata
          share of Net Operating Income from unconsolidated Persons, LESS the
          Capital Expenditure Reserve as of the last day of such period.

                  "BORROWER PARTY" means Borrowers or any Person from time to
          time party to a Loan Document other than (x) Lenders and any
          Affiliates of Lenders, Administrative Agent, Collateral Agent,
          Syndication Agent, or the Lead Arranger; (y) the Lenders (as
          defined in the Revolving Credit Agreement) party to the Revolving
          Credit Agreement; and (z) the Term Lenders party to the Term Loan
          Credit Agreement.

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                  "BORROWERS PLEDGE AGREEMENT" means collectively (i) the
          Borrowers Pledge Agreement executed and delivered by the Borrower
          Parties party thereto on March 11, 2002, substantially in the form
          of EXHIBIT G annexed to the Credit Agreement, and (ii) the Ominibus
          Borrowers Pledge Agreement, as such borrowers pledge agreements may
          thereafter be amended, supplemented or otherwise modified from time
          to time.

                  "COLLATERAL DOCUMENTS" means the Borrowers Pledge Agreement
          and all other instruments or documents delivered by Borrowers or
          any of their Subsidiaries pursuant to this Agreement or any of the
          other Loan Documents in order to grant to Administrative Agent on
          behalf of the Lenders, or Collateral Agent, on behalf of Lender
          Group, a Lien on any real, personal or mixed property of that
          Person as security for all or a portion of the Collective
          Obligations.

                  "GP LOANS" means that certain Indebtedness loaned by AIMCO
          to its Affiliates, whether secured or unsecured, evidenced by GP
          Loan Notes in an aggregate principal amount of approximately
          $469,558,455 outstanding as of March 31, 2003 and such Indebtedness
          is set forth in more detail on SCHEDULE 1.01B hereto.

                  "INTERCREDITOR AGREEMENT" means the Amended and Restated
          Intercreditor and Collateral Agency Agreement entered into as of
          May 30, 2003 between Borrowers, Administrative Agent, borrowers to
          the Term Loan Credit Agreement, Bank of America, N.A., in its
          capacity as administrative agent under the Term Loan Credit
          Agreement, borrowers party to the Revolving Credit Agreement, and
          Revolver Administrative Agent, and Collateral Agent, attached
          hereto as Exhibit L, as amended from time to time, as provided
          therein. The Intercreditor Agreement shall be binding on and inure
          to the benefit of each lender in the Lender Group.

                   "PLEDGED COLLATERAL" means any and all Property upon which
          a Lien is purported to be created by any Collateral Document to
          secure the Collective Obligations of the Borrowers pursuant to the
          Collateral Documents and subject to the Intercreditor Agreement.

                  (c)      Section 1.01 of the Credit Agreement is hereby
further amended by deleting the following definitions in their entirety:

                  (i)      "CASDEN PLEDGED COLLATERAL";

                  (ii)     "PARK LA BREA CONSTRUCTION DEBT";

                  (iii)    "PARK VISTA CONSTRUCTION FINANCING"; and

                  (iv)     "VILLA AZURE CONSTRUCTION FINANCING".

                  (d) Section 1.01 of the Credit Agreement is hereby further
amended by deleting the word "2000" from the definition of "AUDITED FINANCIAL
STATEMENTS" and replacing it with the word "2002".

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                  (e) Section 1.01 of the Credit Agreement is hereby further
amended by deleting the "(i)" and the words "or (ii) which, after giving
effect to the Transaction, will be directly or indirectly owned by Borrowers
or any of their Subsidiaries as a result of or in connection with the
Transaction" from the definition of "CASDEN".

                  (f) Section 1.01 of the Credit Agreement is hereby further
amended by deleting the words "(other than any balances of the Borrowers or
any Subsidiary held by any Lender or lenders under the Revolving Credit
Agreement, so long as such balances are maintained in compliance with
SECTIONS 10.05 and 10.06 herein)" from the definition of "CASH EQUIVALENTS"
and replacing them with the words "(other than any balances of the Borrowers
or any Subsidiary held by any Lender, any Lender (as defined in the Revolving
Credit Agreement) or any Term Lender, so long as such balances are maintained
in compliance with SECTIONS 10.05 and 10.06 herein)".

                  (f) Section 1.01 of the Credit Agreement is hereby further
amended by deleting the words "principal amortization in respect of the
Obligations, (ii)" in their entirety from the definition of "FREE CORPORATE
CASH FLOW", and by deleting the word "(iii)" and replacing it with the word
"(ii)".

                  (g) Section 1.01 of the Credit Agreement is hereby further
amended by deleting the words "EXHIBITS H-1 or H-2" from the definition of
"GUARANTY" and replacing them with the words "EXHIBIT H".

                  (i) Section 1.01 of the Credit Agreement is hereby further
amended by deleting the words "pursuant to the Intra-Company Loan
Subordination Agreement" from the definition of "INTRA-COMPANY DEBT" and
replacing them with the words "in accordance with the terms of the
Intra-Company Loan Subordination Agreement".

                  (j) Section 1.01 of the Credit Agreement is hereby further
amended by deleting the words "forfeiture and" from clause (g) of the
definition of "ORDINARY COURSE LIENS" and replacing them with "forfeiture or"

                  (k) Section 1.01 of the Credit Agreement is hereby further
amended by deleting the word "Casden" from the definition of "PARK LA BREA"
and replacing it with the word "AIMCO".

                  3. AMENDMENT TO SECTION 2.03 OF THE CREDIT AGREEMENT.
Section 2.03(d) shall be amended by adding a new Section 2.03(d)(iii) which
shall read as follows:

                  Notwithstanding anything to the contrary contained herein,
          upon the occurrence of a Payment Default (as defined in the
          Intercreditor Agreement) and during the continuation thereof, each
          payment received pursuant to this SECTION 2.03 shall be applied in
          accordance with and subject to the provisions of the Intercreditor
          Agreement.

                  4. AMENDMENT TO SECTION 5.03 OF THE CREDIT AGREEMENT.
Section 5.03 shall be amended by adding the words ", the Term Loan Documents"
immediately before the words "and the Revolver Loan Documents" at the end
thereof.

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                  5.       AMENDMENTS TO SECTION 5.17 OF THE CREDIT AGREEMENT.

                  (a) Section 5.17(a) of the Credit Agreement is hereby
amended by deleting it in its entirety and substituting in lieu therefor the
following:

                  (a) CREATION, PERFECTION AND PRIORITY OF LIENS. The
          execution and delivery of the Collateral Documents and the
          Intercreditor Agreement by Borrowers and the other applicable
          Borrower Parties, together with (i) the actions taken on or prior
          to the Fifth Amendment Effective Date pursuant to Section
          4.01(a)(xii) and/or Section 24 of the Fifth Amendment, and (ii) the
          delivery to Collateral Agent of any Pledged Collateral together
          with any required stock powers or endorsements not previously
          delivered to Collateral Agent are effective to create in favor of
          Collateral Agent for the benefit of Lender Group, as security for
          the respective Collective Obligations, a valid and perfected first
          priority Lien on all of Pledged Collateral, and all filings and
          other actions necessary or desirable to perfect and maintain the
          perfection and applicable priority status of such Liens have been
          duly made or taken and remain in full force and effect, other than
          the filing or recording of any UCC financing statements delivered
          to Collateral Agent for filing (but not yet filed) and the periodic
          filing of UCC continuation statements in respect of UCC financing
          statements filed by or on behalf of Collateral Agent.

                  (b) Section 5.17(b) of the Credit Agreement is hereby
amended by deleting the words "Administrative Agent" in clauses (i) and (ii)
thereof and replacing them with the words "Collateral Agent".

                  (c) Section 5.17(c) of the Credit Agreement is hereby
amended by deleting it in its entirety and substituting in lieu therefor the
following:

                  ABSENCE OF THIRD-PARTY FILINGS. Except such as may have
          been filed in favor of Collateral Agent as contemplated by Section
          5.17(a) and as filed in favor of Administrative Agent or Revolver
          Administrative Agent on or before the Closing Date, no effective
          UCC financing statement, fixture filing or other instrument similar
          in effect covering all or any part of the Pledged Collateral is on
          file in any filing or recording office;

                  6.       AMENDMENTS TO SECTION 6.02 OF THE CREDIT AGREEMENT.

                  (a) The preamble to Section 6.02 of the Credit Agreement is
hereby amended by deleting it in its entirety and substituting in lieu
therefor the following:

                  Deliver to Administrative Agent and each Lender, or
          Collateral Agent (with respect to Collateral matters set forth in
          clause (b)), in form and detail satisfactory to Administrative
          Agent and the Requisite Lenders, and/or Collateral Agent (as
          applicable):

                  (b) Section 6.02(b) of the Credit Agreement is hereby
amended by deleting clauses (3), (4) and (5) in their entirety and
substituting in lieu therefor the following:

                  (3) an updated SCHEDULE 1.01B (GP Loans), which updated
          schedule will identify each GP Loan and, with respect to each such
          GP Loan, its original amount, carrying

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          value, write-off amount, pro rata share owned (directly or
          indirectly) by Borrowers and such other information as
          Administrative Agent and Collateral Agent may reasonably request
          (upon each delivery of an updated SCHEDULE 1.01B (GP Loans), the
          representations and warranties contained in Section 5.17(a) hereof
          shall be deemed to have been re-made by each Borrower as of the
          date of such delivery, and Borrowers shall deliver to Collateral
          Agent concurrently with the delivery of such updated SCHEDULE 1.01B
          (GP Loans) such Pledged Collateral and the Pledge Amendment (as
          defined in the Borrowers Pledge Agreement) to cause Borrowers to be
          in compliance with Section 5.17(a) hereof as of the date of such
          delivery), (4) an updated SCHEDULE 1.01C (Guarantors), which
          updated schedule will identify each Guarantor and such Guarantor's
          pro rata share of Total Pro Rata NOI (PROVIDED that the Management
          Entities' pro rata shares of Total Pro Rata NOI may be combined for
          purposes of this updated SCHEDULE 1.01C), (5) an updated SCHEDULE
          1.01E (Collateral), which updated schedule will identify all
          Pledged Collateral as of the period covered by such Compliance
          Certificate,

                  7.       AMENDMENTS TO SECTION 6.16 OF THE CREDIT AGREEMENT.

                  (a) Section 6.16(c) of the Credit Agreement is hereby
amended by deleting the words "(A) indicate whether such Person is a Casden
Guarantor, and (B)" and "-1 or H-2, as applicable".

                  (b) Section 6.16(e) of the Credit Agreement is hereby
amended by deleting it in its entirety and substituting in lieu therefor the
following:

                  ADDITIONAL PLEDGED COLLATERAL. With respect to any new
          Guarantor created or acquired after the Fifth Amendment Effective
          Date by the Borrowers or any of their Affiliates, within a
          reasonable time, not to exceed twenty (20) days, following the
          delivery of any guaranty required pursuant to Section 6.16(c), the
          Borrowers or their Affiliates, as applicable, shall execute and
          deliver to the Collateral Agent such amendment to the Borrower
          Pledge Agreement as the Collateral Agent deems reasonably necessary
          or desirable to grant to the Collateral Agent, for the benefit of
          the Lender Group, a perfected first priority security interest in
          the Stock or other equity interest of such new Guarantor in
          accordance with the Borrower Pledge Agreement and deliver to the
          Collateral Agent the certificates representing such Stock or equity
          interests, together with undated stock powers, in blank, executed
          and delivered by a duly authorized officer of the Borrowers or
          their respective Affiliates, as applicable.

                  8.       AMENDMENTS TO SECTION 7.01 OF THE CREDIT AGREEMENT.

                  (a) Section 7.01(d) of the Credit Agreement is hereby
amended by deleting the words "Fourth Amendment Effective Date" and replacing
them with the words "Fifth Amendment Effective Date".

                  (b) Section 7.01(e) of the Credit Agreement is hereby
amended by deleting the words "; PROVIDED, HOWEVER, that with respect to any
real Property which is owned by a Person comprising the Casden Pledged
Collateral, such Secured Indebtedness entered into after

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the Closing Date shall not contain provisions prohibiting or restricting the
pledge of the Pledged Collateral required under the Loan Documents" in their
entirety.

                  9.       AMENDMENTS TO SECTION 7.02 OF THE CREDIT AGREEMENT.

                  (a) Section 7.02(i) of the Credit Agreement is hereby
amended by deleting it in its entirety and substituting in lieu therefor the
following:

                  (x) Liens pursuant to the Collateral Documents in favor of
          the Collateral Agent, for the benefit of the Lender Group, (y)
          Liens under the Revolving Loan Documents, and (z) Negative Pledges
          pursuant to this Agreement, the Revolving Credit Agreement, the
          Term Loan Agreement, the other Loan Documents, the other Term Loan
          Documents and the Revolver Loan Documents, and the Contingent
          Acquisition Notes;

                  (b) Section 7.02(j) of the Credit Agreement is hereby
further amended by deleting the period at the end thereof and replacing it
with ";".

                  (a) Section 7.02 of the Credit Agreement is hereby further
amended by adding a new clause (k) at the end thereof which shall read as
follows:

                  Liens arising from precautionary UCC financing statement
          filings regarding operating leases entered into by the Borrowers and
          their Subsidiaries.

                  10. AMENDMENT TO SECTION 7.03(D) OF THE CREDIT AGREEMENT.
Section 7.03(d) of the Credit Agreement is hereby amended by inserting the
words "in accordance with this SECTION 7.03" immediately after the words
"changes in the equity structure of Subsidiaries".

                  11. AMENDMENT TO SECTION 7.04(C)(II) OF THE CREDIT
AGREEMENT. Section 7.04(c)(ii) of the Credit Agreement is hereby amended by
deleting the words "Administrative Agent" and replacing it with the words
"Collateral Agent".

                  12. AMENDMENT TO SECTION 7.07(A) OF THE CREDIT AGREEMENT.
Section 7.07(a) of the Credit Agreement is hereby amended by inserting the
words "(i) that the Net Issuance Proceeds or Net Disposition Proceeds
referred to in the definition of "Permitted Preferred Stock Redemptions" have
been, or will be, applied as and to the extent required under Section 2.06 of
the Revolving Credit Agreement, and (ii)" immediately after the words
"PROVIDED, THAT, prior to making any Permitted Preferred Stock Redemptions,
Borrowers shall first certify in writing to Administrative Agent ".

                  13. AMENDMENT TO SECTION 7.13(A) OF THE CREDIT AGREEMENT.
Section 7.13(a) of the Credit Agreement is hereby amended by inserting the
words ", the Term Loan Documents" immediately before the words "or the
Revolving Loan Documents".

                  14. AMENDMENT TO SECTION 7.16(A) OF THE CREDIT AGREEMENT.
Section 7.16(a) of the Credit Agreement is hereby amended by deleting it in
its entirety and substituting in lieu therefor the following:

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                  Make any disposition of or encumber, pledge or hypothecate,
          whether directly or indirectly, all or any portion of its interest
          in AIMCO or any Subsidiary at any time or any rights to
          distributions or dividends therefrom other than to AIMCO or a
          Wholly-Owned Subsidiary, other than any pledges of equity interests
          pursuant to the Collateral Documents in connection with this
          Agreement, the Term Loan Credit Agreement and the Revolving Credit
          Agreement, in each case subject to the terms of the Intercreditor
          Agreement;

                  15. AMENDMENT TO SECTION 10.03 OF THE CREDIT AGREEMENT.
Section 10.03 of the Credit Agreement is hereby amended by deleting it in its
entirety and substituting in lieu therefor the following:

                  Borrowers agree (a) to pay or reimburse Administrative
          Agent and Collateral Agent for all reasonable costs and expenses
          incurred in connection with the development, preparation,
          negotiation and execution of the Loan Documents, and the
          development, preparation, negotiation and execution of any
          amendment, waiver, consent, supplement or modification to, any Loan
          Documents, and any other documents prepared in connection herewith
          or therewith, and the consummation and administration of the
          transactions contemplated hereby and thereby, including, without
          limitation, all Attorney Costs and the charges of Intralinks or any
          other electronic document distribution service; PROVIDED, HOWEVER,
          that Administrative Agent shall not seek more than $10,000 from
          Borrowers for reimbursement of travel and travel-related expenses
          through and including the Closing Date; and (b) to pay or reimburse
          Administrative Agent, Collateral Agent and each Lender for all
          costs and expenses incurred in connection with any refinancing,
          restructuring, reorganization (including a bankruptcy
          reorganization) and enforcement or attempted enforcement, or
          preservation of any rights under any Loan Documents, and any other
          documents prepared in connection herewith or therewith, or in
          connection with any refinancing, or restructuring of any such
          documents in the nature of a "workout" or of any insolvency or
          bankruptcy proceeding, including, without limitation, Attorney
          Costs. The foregoing costs and expenses shall include all search,
          filing, recording, title insurance and appraisal charges and fees
          and taxes related thereto, and other out-of-pocket expenses
          incurred by Administrative Agent and the cost of independent public
          accountants and other outside experts retained by Administrative
          Agent, Collateral Agent or any Lender. Such costs and expenses
          shall also include administrative costs of Administrative Agent and
          Collateral Agent reasonably attributable to the administration of
          the Loan Documents, among other things, in connection with the
          matters described in clause (b) above. Any amount payable by
          Borrowers under this Section shall bear interest from the second
          Business Day following the date of demand for payment at the
          Default Rate, unless waived by Administrative Agent. The agreements
          in this Section shall survive repayment of all Obligations.

                  16. AMENDMENT TO SECTION 10.06 OF THE CREDIT AGREEMENT.
Section 10.06 of the Credit Agreement is hereby amended by deleting the word
"Each" at the beginning thereof and replacing it with the words "Subject to
the terms of the Intercreditor Agreement, each".

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                  17. AMENDMENT TO SECTION 10.12 OF THE CREDIT AGREEMENT.
Section 10.12 of the Credit Agreement is hereby amended by deleting the words
"and 10.06" thereof and replacing them with the words ", 10.06 and 11.01(F)".

                  18. AMENDMENT TO SECTION 10.13(A) OF THE CREDIT AGREEMENT.
Section 10.13(a) of the Credit Agreement is hereby amended by deleting the
word "Casden" immediately before the words "Pledged Collateral".

                  19. AMENDMENTS TO SECTION 10.22 OF THE CREDIT AGREEMENT.

                  (a) Section 10.22(b) of the Credit Agreement is hereby
amended by deleting it in its entirety and substituting in lieu therefor the
following:

                  RIGHTS OF ADMINISTRATIVE AGENT AND COLLATERAL AGENT.
          Administrative Agent, or Collateral Agent, as applicable in each
          case, on behalf of the Lenders, may do the following acts or
          omissions from time to time without notice to or consent of any
          Borrower and without receiving payment or other value, nor shall
          the following acts or omissions affect, delay or impair any of the
          obligations pursuant to the Loan Documents or any or all liens and
          encumbrances: (i) Collateral Agent may obtain collateral or
          additional collateral; (ii) Collateral Agent may substitute for any
          or all collateral regardless of whether the same type or greater or
          lesser value; (iii) Collateral Agent may release any or all
          collateral; (iv) Collateral Agent may compromise, delay
          enforcement, fail to enforce, release, settle or waive any rights
          or remedies of Administrative Agent as to any or all collateral;
          (v) Collateral Agent may sell or otherwise dispose of any
          collateral in such manner or order as Collateral Agent determines
          in accordance with the Collateral Documents and the Intercreditor
          Agreement; (vi) Collateral Agent may fail to perfect, fail to
          protect the priority of, and fail to ensure any or all liens or
          encumbrances; (vii) Collateral Agent may fail to inspect, insure,
          maintain, preserve or protect any or all collateral; (viii)
          Administrative Agent may obtain additional obligors for any or all
          obligations pursuant to the Loan Documents; (ix) Administrative
          Agent may increase or decrease any or all obligations or otherwise
          change terms of any or all obligations in accordance with the Loan
          Documents; (x) Administrative Agent may release any Borrower; (xi)
          Administrative Agent or Collateral Agent may compromise, delay
          enforcement, fail to enforce, release, settle or waive any
          obligations of any Borrower with the agreement of that Borrower;
          (xii) Administrative Agent may make advances, or grant other
          financial accommodations to any Borrower; (xiii) Administrative
          Agent or Collateral Agent may fail to file or pursue a claim in any
          bankruptcy, insolvency, reorganization or other proceeding as to
          any or all liens and encumbrances or any or all obligations; (xiv)
          Administrative Agent or Collateral Agent may amend, modify, extend,
          renew, restate, supplement or terminate in whole or in part the
          obligation of any Borrower with the agreement of that Borrower;
          (xv) Administrative Agent or Collateral Agent may take or fail to
          take any other action with respect to any Loan Document or any
          Borrower; and (xvi) Administrative Agent or Collateral Agent may do
          any other acts or make any other omissions that result in the
          extinguishment of the obligation of any Borrower.

                  (b) Section 10.22(f)(v) of the Credit Agreement is hereby
          amended by deleting the last sentence thereof it in its entirety
          and substituting in lieu therefor "The

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          joint and several liability of each Borrower hereunder shall
          continue in full force and effect notwithstanding any absorption,
          merger, amalgamation or any other change whatsoever in the name,
          constitution or place of formation of any of the Borrowers or
          Administrative Agent or Lenders."

                  (c) Section 10.22(f)(vii) of the Credit Agreement is hereby
          amended by deleting the words "without requirement on the part of
          the Administrative Agent, the Lender, or any" in the first sentence
          thereof and substituting in lieu therefor "without requirement on
          the part of Administrative Agent, or any Lender, or any".

                  (d) Section 10.22(f)(viii) of the Credit Agreement is
          hereby amended by deleting the word "Borrower therefor" at the end
          thereof and substituting in lieu therefor "Borrowers therefor".

                  20. AMENDMENT TO SECTION 10.23 OF THE CREDIT AGREEMENT.
Section 10.23 of the Credit Agreement is hereby further amended by adding a
paragraph at the end thereof which shall read as follows:

                  Notwithstanding anything herein to the contrary, the
          information subject to this SECTION 10.23 shall not include, and
          the Administrative Agent and each Lender (and each employee,
          representative or other agent of such Administrative Agent or such
          Lender) may disclose to any and all persons without limitation of
          any kind, any information with respect to the "tax treatment" and
          "tax structure" (in each case, within the meaning of Treasury
          Regulation Section 1.6011-4) of the transactions contemplated
          hereby and all materials of any kind (including opinions or other
          tax analyses) that are provided to the Administrative Agent or such
          Lender relating to such tax treatment and tax structure; provided
          that with respect to any document or similar item that in either
          case contains information concerning the tax treatment or tax
          structure of the transactions as well as other information, this
          sentence shall only apply to the extent such document or similar
          item relates to the tax treatment or tax structure of the Loans and
          transactions contemplated hereby.

                  21. AMENDMENTS TO SECTION 10.25 OF THE CREDIT AGREEMENT.

                  (a) Section 10.25(a) is hereby amended by adding the words
"cause the Collateral Agent to" immediately after the words "(without notice
to, or vote or consent of, any Lender)".

                  (b) Section 10.25(b) is hereby amended by deleting it in
its entirety and substituting in lieu therefor the following:

                  Notwithstanding anything to the contrary contained herein
          or any other Loan Document, when all Obligations have been paid in
          full and all Commitments have terminated or expired, upon request
          of Borrowers, the Administrative Agent shall (without notice to, or
          vote or consent of, any Lender) cause the Collateral Agent to (i)
          take such actions as shall be required to release its security
          interest in all Pledged Collateral (on behalf of the Lenders only),
          and (ii) to release all guarantee obligations under any Loan
          Document (on behalf of the Lenders only). Any such release of

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         guarantee obligations under any Loan Document (on behalf of the
         Lenders only). Any such release of guarantee obligations shall be
         deemed subject to the provision that such guarantee obligations shall
         be reinstated if after such release any portion of any payment in
         respect of the Obligations guaranteed thereby shall be rescinded or
         must otherwise be restored or returned upon the insolvency, bankruptcy,
         dissolution, liquidation or reorganization of Borrowers or any
         Guarantor, or upon or as a result of the appointment of a receiver,
         intervenor or conservator of, or trustee or similar officer for,
         Borrowers or any Guarantor or any substantial part of its property, or
         otherwise, all as though such payment had not been made.

                  22.      ADDITION OF SECTION 11 OF THE CREDIT AGREEMENT. A new
Section 11 shall be added which shall read as follows:

                  SECTION XI.       COLLATERAL AGENT.

                  11.01.   COLLATERAL AGENT.

                  (a)      Each Lender hereby irrevocably appoints, designates
         and authorizes Bank of America, N.A. as Collateral Agent under the
         Intercreditor Agreement and the Collateral Documents with such powers
         as are specifically granted to the Collateral Agent by the terms
         thereof, together with such other powers as are reasonably incidental
         thereto, and expressly authorizes the Collateral Agent as its agent to
         execute, deliver and perform the Collateral Documents and the
         Intercreditor Agreement and to act as Collateral Agent under the
         Collateral Documents (subject to and in accordance with the
         Intercreditor Agreement) and the Intercreditor Agreement and Bank of
         America, N.A. in its individual capacity, accepts such appointment as
         Collateral Agent thereunder by executing the Borrowers Pledge
         Agreement, which appointment is coupled with an interest. Each Lender
         hereby agrees to be bound by provisions of the Intercreditor Agreement
         applicable to a "Lender" therein.

                  (b)      Notwithstanding any provision to the contrary
         contained elsewhere in this Agreement or the Collateral Documents,
         Collateral Agent shall not have any duties or responsibilities, except
         those expressly set forth in this Section 11.01, the Collateral
         Documents and the Intercreditor Agreement, nor shall Collateral Agent
         have or be deemed to have any fiduciary relationship with any Lender,
         and no implied covenants, functions, responsibilities, duties,
         obligations or liabilities shall be read into this Agreement or
         otherwise exist against Collateral Agent. Without limiting the
         generality of the foregoing sentence, the use of the term "agent" in
         the Collateral Documents with reference to Collateral Agent is not
         intended to connote any fiduciary or other implied (or express)
         obligations arising under agency doctrine of any applicable law.
         Instead, such term is used merely as a matter of market custom, and is
         intended to create or reflect only an administrative relationship
         between independent contracting parties.

                  (c)      Collateral Agent may execute any of its duties under
         the Collateral Documents and the Intercreditor Agreement by or through
         agents, employees or attorneys-in-fact and shall be entitled to advice
         of counsel concerning all matters pertaining to such duties. Collateral
         Agent shall not be responsible for the negligence or misconduct of any
         agent or attorney-in-fact that it selects with reasonable care.

                                      11

<Page>

                  (d)      None of Collateral Agent-Related Persons (defined
         below) shall (i) be liable for any action taken or omitted to be taken
         by any of them under or in connection with the Collateral Documents or
         the Intercreditor Agreement or the transactions contemplated thereby
         (except for its own gross negligence or willful misconduct), or (ii) be
         responsible in any manner to any of Lenders for any recital, statement,
         representation or warranty made by Borrowers or any Subsidiary or
         Affiliate of Borrowers, or any officer thereof, contained in this
         Agreement, or in any certificate, report, statement or other document
         referred to or provided for in, or received by Collateral Agent under
         or in connection with, this Agreement, or the validity, effectiveness,
         genuineness, enforceability or sufficiency of this Agreement, or for
         any failure of Borrowers or any other party to any Loan Document to
         perform their obligations hereunder or thereunder. No Collateral
         Agent-Related Person shall be under any obligation to any Lender to
         ascertain or to inquire as to the observance or performance of any of
         the agreements contained in, or conditions of, this Agreement, or to
         inspect the Properties, books or records of any Borrower or any of
         Borrowers' Subsidiaries or Affiliates. "Collateral Agent-Related
         Persons" means Collateral Agent (including any successor agent),
         together with its Affiliates (including, in the case of Collateral
         Agent, Banc of America Securities LLC), and the officers, directors,
         employees, agents and attorneys-in-fact of such Persons and Affiliates.

                  (e)      Collateral Agent shall be entitled to rely, and shall
         be fully protected in relying, upon any writing, resolution, notice,
         consent, certificate, affidavit, letter, telegram, facsimile, telex or
         telephone message, statement or other document or conversation believed
         by it to be genuine and correct and to have been signed, sent or made
         by the proper Person or Persons, and upon advice and statements of
         legal counsel (including counsel to Borrowers), independent accountants
         and other experts selected by Collateral Agent. Collateral Agent shall
         be fully justified in failing or refusing to take any action under this
         Agreement unless it shall first receive such advice or concurrence of
         the Requisite Lenders as it deems appropriate and, if it so requests,
         it shall first be indemnified to its satisfaction by Lenders against
         any and all liability and expense which may be incurred by it by reason
         of taking or continuing to take any such action. Collateral Agent shall
         in all cases be fully protected in acting, or in refraining from
         acting, under the Collateral Documents and the Intercreditor Agreement
         in accordance with a request or consent of the Requisite Lenders, and
         such request and any action taken or failure to act pursuant thereto
         shall be binding upon all Lenders.

                  (f)      Whether or not the transactions contemplated hereby
         are consummated, Lenders shall indemnify upon demand each Collateral
         Agent-Related Person (to the extent not reimbursed by or on behalf of
         Pledgors (as defined in the Borrowers Pledge Agreement) and without
         limiting the obligation of Pledgors to do so), pro rata, and hold
         harmless each Collateral Agent-Related Person from and against any and
         all Indemnified Liabilities incurred by it; PROVIDED, HOWEVER, that no
         Lender shall be liable for the payment to any Collateral Agent-Related
         Person of any portion of such Indemnified Liabilities resulting from
         such Person's gross negligence or willful misconduct; PROVIDED,
         HOWEVER, that no action taken in accordance with the provisions of the
         Intercreditor Agreement shall be deemed to constitute gross negligence
         or willful misconduct for purposes of this Section. Without limitation
         of the foregoing, each Lender shall

                                      12

<Page>

         reimburse Collateral Agent upon demand for its ratable share of any
         costs or out-of-pocket expenses (including Attorney Costs) incurred by
         Collateral Agent after the Closing Date in connection with the
         preparation, execution, delivery, administration, modification,
         amendment or enforcement (whether through negotiations, legal
         proceedings or otherwise) of, or legal advice in respect of rights or
         responsibilities under, the Collateral Documents or the Intercreditor
         Agreement, or any document contemplated by or referred to therein, to
         the extent that Collateral Agent is not reimbursed for such expenses by
         or on behalf of Borrower Parties. The undertaking in this subsection
         shall survive the payment of all Obligations hereunder and the
         resignation or replacement of Collateral Agent.

                  (g)      Collateral Agent may, and at the request of more than
         66 2/3% of the Benefited Parties (as defined in the Intercreditor
         Agreement) shall, resign as Collateral Agent upon thirty (30) days'
         notice to Lenders. If Collateral Agent resigns under the Collateral
         Documents and Intercreditor Agreement, the Majority Benefited Parties
         shall appoint from among the Lenders, Lenders (as defined in the
         Revolving Credit Agreement) or Term Lenders, a successor collateral
         agent, and, so long as no Default or Event of Default has occurred and
         is continuing, such successor collateral agent shall require the
         approval of Borrowers (which approval shall not be unreasonably
         withheld, conditioned or delayed); provided that if no successor
         collateral agent is appointed prior to the effective date of the
         resignation of Collateral Agent, Collateral Agent may appoint, after
         consulting with such Lenders and Borrowers, a successor collateral
         agent from among such Lenders. Upon the acceptance of its appointment
         as successor collateral agent under the Collateral Documents and the
         Intercreditor Agreement, such successor Collateral Agent shall succeed
         to all the rights, powers and duties of the retiring Collateral Agent
         and the term "Collateral Agent" shall mean such successor collateral
         agent and the retiring Collateral Agent's appointment, powers and
         duties as Collateral Agent under the Collateral Documents and the
         Intercreditor Agreement shall be terminated. After any retiring
         Collateral Agent's resignation under the Collateral Documents and the
         Intercreditor Agreement as the collateral agent, the provisions of this
         subsection shall inure to its benefit as to any actions taken or
         omitted to be taken by it while it was Collateral Agent under the
         Collateral Documents and the Intercreditor Agreement. If no successor
         collateral agent has accepted appointment as Collateral Agent by the
         date which is thirty (30) days following a retiring Collateral Agent's
         notice of resignation, the retiring Collateral Agent's resignation
         shall nevertheless thereupon become effective and Majority Benefited
         Parties shall perform all of the duties of Collateral Agent hereunder
         until such time, if any, as the Majority Benefited Parties appoint a
         successor collateral agent as provided for above.

                  23.      AMENDMENT TO EXHIBITS TO THE CREDIT AGREEMENT. The
Exhibits to the Credit Agreement are hereby amended by (i) replacing EXHIBIT G
with a new EXHIBIT G, attached as ANNEX I hereto; (ii) replacing EXHIBITS H-1
and H-2 with a new EXHIBIT H, attached as ANNEX II hereto; (iii) replacing
EXHIBIT I with a new EXHIBIT I, attached as ANNEX III hereto; and (iv) replacing
EXHIBIT J with a new EXHIBIT J, attached as ANNEX IV hereto.

                                      13

<Page>

                  24.      CONDITIONS TO EFFECTIVENESS. This Amendment shall
become effective on the date on which all of the following conditions precedent
have been satisfied or waived (the "EFFECTIVE DATE"):

                  (a)      The Administrative Agent shall have received five
         counterparts hereof duly executed and delivered by each Borrower.

                  (b)      The Administrative Agent shall have received executed
         Lender Consent Letters, substantially in the form of Exhibit A hereto
         ("LENDER CONSENT LETTERS"), from the Requisite Lenders.

                  (c)      Lenders and their respective counsel shall have
         received originally executed copies of one or more favorable written
         opinions of counsel for Borrowers, Guarantors and Pledgors in form and
         substance satisfactory to Administrative Agent and its counsel, dated
         as of the Fifth Amendment Effective Date, with respect to the validity,
         binding effect and enforceability of this Amendment, the Borrowers
         Pledge Agreement, the Guaranty, the Intra-Company Loan Subordination
         Agreement, and the Intercreditor Agreement (collectively, the "AMENDED
         DOCUMENTS") and due authorization, execution and delivery thereof, and
         as to such other matters as Administrative Agent acting on behalf of
         Lenders may request.

                  (d)      On or before the Effective Date, all corporate and
         other proceedings taken or to be taken in connection with this
         Amendment and each of the Amended Documents and all documents
         incidental thereto not previously found acceptable by Administrative
         Agent, acting on behalf of Lenders, and its counsel shall be
         satisfactory in form and substance to Administrative Agent and such
         counsel, and Administrative Agent and such counsel shall have received
         all such counterpart originals or certified copies of such documents as
         Administrative Agent may reasonably request.

                  (e)      Borrowers shall have paid the fees, costs and
         expenses of Administrative Agent's counsel in connection with this
         Amendment and each of the Amended Documents.

                  (f)      The Administrative Agent shall have received evidence
         satisfactory to it and its counsel that the Revolver Administrative
         Agent and the requisite Lenders under the Revolving Credit Agreement
         (i) have modified, or concurrently with the Effective Date will modify,
         the Revolving Credit Agreement, the Borrowers Pledge Agreement, the
         Guaranty, the Intra-Company Loan Subordination Agreement, or the
         Intercreditor Agreement (each as defined in the Revolving Credit
         Agreement) in a manner satisfactory to the Administrative Agent and the
         Requisite Lenders and the Administrative Agent shall have been provided
         with true, correct and complete copies of the documents effecting such
         modifications to the Revolving Credit Agreement and (ii) have consented
         to or waived their right to consent to the Borrowers' and the
         Guarantors' execution and delivery of this Amendment and each of the
         Amended Documents.

                  (g)      The Administrative Agent shall have received evidence
         satisfactory to Administrative Agent that Borrowers shall have taken or
         caused to be taken all such

                                      14

<Page>

         actions, executed and delivered or caused to be executed and delivered
         all such agreements, documents and instruments, and made or caused to
         be made all such filings and recordings and deliveries that may be
         necessary or, in the opinion of Administrative Agent, desirable in
         order to create in favor of Collateral Agent, for the benefit of Lender
         Group, a valid and (upon such filing and recording and delivery)
         perfected first priority security interest in the Pledged Collateral.
         Such actions shall include the following:

                           (A)      delivery to Collateral Agent of accurate and
                  complete schedules to all of the applicable Collateral
                  Documents; and

                           (B)      delivery to Collateral Agent of (a)
                  certificates (which certificates shall be accompanied by
                  irrevocable undated stock powers, duly endorsed in blank and
                  otherwise satisfactory in form and substance to Collateral
                  Agent) representing all capital stock constituting Pledged
                  Collateral pledged pursuant to the Borrowers Pledge Agreement
                  and (b) all promissory notes or other instruments (duly
                  endorsed, where appropriate, in a manner satisfactory to
                  Collateral Agent) constituting Pledged Collateral.

                  (h)      The Administrative Agent shall have received such
         evidence as Administrative Agent may reasonably require to verify that
         each Borrower Party is duly organized or formed, validly existing, in
         good standing and qualified to engage in business in each jurisdiction
         in which it is required to be qualified to engage in business,
         INCLUDING, without limitation, certified copies of each Borrower
         Party's Organization Documents, certificates of good standing and/or
         qualification to engage in business, tax clearance certificates, and
         the like.

                  (i)      The Administrative Agent shall have received a
         certificate signed by a Responsible Officer of Borrowers certifying
         that (A) the conditions specified in SECTIONS 4.01(e) and 4.01(g) have
         been satisfied as of the date hereof and (B) there has been no event or
         circumstances since the date of the Audited Financial Statements which
         has a Material Adverse Effect.

                  (j)      The Administrative Agent shall have received a
         certification and written analysis of the chief financial officer or
         treasurer of Borrowers which, to Administrative Agent's satisfaction,
         evidences that Borrowers are, and shall remain through and including
         the Maturity Date, Solvent after giving effect to the Term Loans and
         the other transactions contemplated hereby.

                  (k)      The Administrative Agent shall have received a fully
         executed (and duly delivered) copy of each of (i) the Term Loan Credit
         Agreement and all other Term Loan Documents; (ii) a replacement Payment
         Guaranty, dated as of even date herewith, duly executed by each
         Guarantor in the form attached as ANNEX II hereto, which new Guaranty
         shall replace, as of the Fifth Amendment Effective Date, each
         Guarantor's existing Payment Guaranty (Non-Casden Guarantors) or
         Payment Guaranty (Casden Guarantors) dated as of March 11, 2002 (as
         applicable) pursuant to which Guarantors have guarantied the
         Obligations; (iii) the Omnibus Borrowers Pledge Agreement, dated as of
         even date herewith, duly executed by all parties thereto in the form
         attached as ANNEX I hereto,

                                      15

<Page>

         pursuant to which Pledgors have pledged certain Pledged Collateral as
         security for the Loan; (iv) an Amended and Restated Intercreditor and
         Collateral Agency Agreement, dated as of even date herewith, duly
         executed by all parties thereto in the form attached as ANNEX IV
         hereto, which Amended and Restated Intercreditor and Collateral Agency
         Agreement shall replace, as of the Fifth Amendment Effective Date, that
         certain Amended and Restated Intercreditor and Subordination Agreement
         dated as of March 11, 2002, by and among Borrowers, Administrative
         Agent, borrowers to the Revolving Credit Agreement, and Bank of
         America, N.A., in its capacity as administrative agent thereunder and
         (v) an Intra-Company Loan Subordination Agreement, dated as of even
         date herewith, duly executed by all parties thereto in the form
         attached as ANNEX III hereto, which Intra-Company Loan Subordination
         Agreement shall replace, as of the Fifth Amendment Effective Date, that
         certain Intra-Company Loan Subordination Agreement dated as of March
         11, 2002, by and among Borrowers and each of the Intra-Company Lenders
         (as defined in the Intra-Company Loan Subordination Agreement).

                  (l)      Lenders and their respective counsel shall have
         received executed resolutions or other action, incumbency certificates
         and/or other certificates of Responsible Officers of each Borrower
         Party as Administrative Agent may require to establish the identities
         of and verify the authority and capacity of each Responsible Officer
         thereof authorized to act as a Responsible Officer thereof.

                  25.      REPRESENTATIONS AND WARRANTIES. Each of the Borrowers
hereby represents and warrants to Administrative Agent and each Lender that
(before and after giving effect to this Amendment):

                  (a)      Each Borrower has all requisite corporate or other
         entity power and authority to enter into this Amendment and the Amended
         Documents and to carry out the transactions contemplated by, and
         perform its obligations under, the Credit Agreement as amended by this
         Amendment (the "AMENDED AGREEMENT") and each Loan Document. Each
         Guarantor and each Pledgor has all requisite corporate or other entity
         power and authority to enter into the Amended Documents, and to carry
         out the transactions contemplated by, and perform its obligations under
         each Loan Document to which it is a party.

                  (b)      The execution and delivery of this Amendment and of
         the Amended Documents and the performance of the Amended Agreement and
         of each other Loan Document have been duly authorized by all necessary
         corporate or other entity action on the part of each Borrower Party
         that is a party thereto. Except as set for on SCHEDULE 25(B) hereto,
         the organizational documents of the Borrowers, Pledgors and Guarantors
         have not been modified in any material respect since May 9, 2003.

                  (c)      The execution, delivery, and performance by each
         Borrower of this Amendment and of the Amended Documents to which it is
         a party and by each Pledgor and Guarantor of each of the Amended
         Documents to which it is a party and compliance with the provisions
         thereof do not and will not (i) violate or conflict with, or result in
         a breach of, or require any consent under (A) any Organization
         Documents of such Borrower Party or any of its Subsidiaries, (B) any
         applicable material Laws, rules, or

                                      16

<Page>

         regulations or any order, writ, injunction, or decree of any
         Governmental Authority or arbitrator, or (C) any Contractual Obligation
         of such Borrower Party or any of its Subsidiaries or by which any of
         them or any of their property is bound or subject, or (ii) constitute a
         default under any such agreement or instrument, or (iii) result in, or
         require, the creation or imposition of any Lien on any of the
         Properties of such Borrower Party or any of its Subsidiaries, except,
         in each case under this clause (c), as provided in SECTION 5.03 of the
         Credit Agreement.

                  (d)      The execution, delivery and performance by each
         Borrower Party of this Amendment and of the Amended Documents to which
         it is a party and by each Pledgor and Guarantor of each of the Amended
         Documents to which it is a party do not and will not require any
         authorization of a Governmental Authority (other than any
         authorizations of a Governmental Authority obtained on or before the
         Effective Date and disclosed in writing to the Lenders).

                  (e)      This Amendment and each of the Amended Documents have
         been duly executed and delivered by each Borrower Party party thereto
         and this Amendment and each of the Amended Documents are the legally
         valid and binding obligations of such Borrower Parties party thereto,
         enforceable against such Borrower Parties in accordance with their
         respective terms, except as may be limited by bankruptcy, insolvency,
         reorganization, moratorium or similar laws relating to or limiting
         creditors' rights generally or by equitable principles relating to
         enforceability.

                  (f)      The representations and warranties in Section V of
         the Credit Agreement are true, correct and complete in all material
         respects on and as of the Effective Date to the same extent as though
         made on and as of that date (or, to the extent such representations and
         warranties specifically relate to an earlier date, were true, correct
         and complete in all material respects on and as of such earlier date).

                  (g)      Borrowers and the other Borrower Parties have
         performed in all material respects all agreements and satisfied all
         conditions which this Amendment, the Credit Agreement and the other
         Loan Documents provide shall be performed or satisfied by Borrowers or
         the other Borrower Parties on or before the Effective Date.

                  (h)      After giving effect to this Amendment, no Default or
         Event of Default has occurred and is continuing, or will result from
         the consummation of the transactions contemplated by this Amendment.

                  26.      PAYMENT OF EXPENSES. The Borrowers jointly and
severally agree to pay or reimburse the Administrative Agent for all of its
reasonable out-of-pocket costs and expenses incurred in connection with this
Amendment, any other documents prepared in connection herewith and the
transactions contemplated hereby, including, without limitation, the reasonable
fees and disbursements of counsel to the Administrative Agent.

                  27.      NO OTHER AMENDMENTS; CONFIRMATION. Except as
expressly provided hereby, all of the terms and provisions of the Credit
Agreement and the other Loan Documents are and shall remain in full force and
effect. The amendments contained herein shall not be

                                      17

<Page>

construed as an amendment of any other provision of the Credit Agreement or the
other Loan Documents or for any purpose except as expressly set forth herein or
a consent to any further or future action on the part of the Borrowers that
would require the waiver or consent of the Administrative Agent or the Lenders.

                  28.      GOVERNING LAW; MISCELLANEOUS. (a) THIS AMENDMENT AND
THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

                  (b)      On and after the Effective Date, each reference in
the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein", or
words of like import referring to the Credit Agreement, and each reference in
the other Loan Documents to the "Credit Agreement", "thereunder", "thereof", or
words of like import referring to the Credit Agreement shall mean and be a
reference to the Amended Agreement.

                  (c)      This Amendment may be executed by one or more of the
parties to this Agreement on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument. A set of the copies of this Amendment, each Amended Document and the
Lender Consent Letters signed by all the parties shall be lodged with the
Borrowers and the Administrative Agent. This Amendment may be delivered by
facsimile transmission of the relevant signature pages hereof.

                  (d)      The execution and delivery of the Lender Consent
Letter by any Lender shall be binding upon each of its successors and assigns
(including assignees of its Loans in whole or in part prior to effectiveness
hereof).

                                      18

<Page>

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

                                    AIMCO PROPERTIES, L.P.

                                    By:      AIMCO-GP, INC.
                                    Its:     General Partner

                                    By:  /S/ Peter K. Kompaniez
                                        ----------------------------------------
                                        Name:   Peter K. Kompaniez
                                        Title:  President

                                    APARTMENT INVESTMENT AND
                                      MANAGEMENT COMPANY

                                    By:  /S/ Peter K. Kompaniez
                                        ----------------------------------------
                                        Name:   Peter K. Kompaniez
                                        Title:  President

                                    NHP MANAGEMENT COMPANY

                                    By:  /S/ Ronald D. Monson
                                        ----------------------------------------
                                        Name:   Ronald D. Monson
                                        Title:  President

<Page>

                                    LEHMAN COMMERCIAL PAPER INC.,
                                      as Administrative Agent

                                    By:  /S/ FRANCIS CHANG
                                         ---------------------------------------
                                        Name:   Francis Chang
                                        Title:  Authorized Signatory<Page>
                                                                    Exhibit 10.7

                  FORM OF AMENDED AND RESTATED PAYMENT GUARANTY

                  This AMENDED AND RESTATED PAYMENT GUARANTY ("GUARANTY") is
made as of May 30, 2003, by the undersigned entities (each a "GUARANTOR") in
favor of LEHMAN COMMERCIAL PAPER INC. ("LCPI"), as Administrative Agent for
itself and the lenders ("LENDERS") from time to time party to the Credit
Agreement (as hereinafter defined) (in such capacity, "ADMINISTRATIVE AGENT"),
which amends and restates each of the Payment Guaranty (Casden Guarantors) and
the Payment Guaranty (Non-Casden), each dated as of March 11, 2002 and as
amended, supplemented or otherwise modified prior to the date hereof, among the
respective parties hereto.

                               FACTUAL BACKGROUND

                  The Lenders have made a $287,000,000 credit facility available
to AIMCO Properties L.P., a Delaware limited partnership ("AIMCO"), NHP
Management Company, a District of Columbia corporation ("NHP MANAGEMENT") and
Apartment Investment and Management Company, a Maryland corporation (the "REIT")
(AIMCO, NHP Management and the REIT are collectively referred to as
"BORROWERS"), in accordance with the Interim Credit Agreement (as amended to
date, the "CREDIT AGREEMENT"), dated as of March 11, 2002, by and among
Borrowers, LCPI (as Administrative Agent, as Syndication Agent and as a lender),
and Lehman Brothers Inc., as Sole Lead Arranger and Bookrunner, and the other
Lenders from time to time party thereto. Capitalized terms used but not defined
herein will have the meanings set forth in the Credit Agreement. As used herein,
the term "FACILITY" shall refer to the credit facility available to the
Borrowers under the Credit Agreement.

                                    GUARANTY

                  1. GUARANTY OF LOAN; ABSOLUTE GUARANTY. Each Guarantor
absolutely, unconditionally and irrevocably guaranties to Administrative Agent
and the Lenders as primary obligors the full payment of the Indebtedness (as
hereinafter defined), and unconditionally agrees to pay to Administrative Agent
and the Lenders the full amount of the Indebtedness. This is a guaranty of
payment, not of collection. If Borrowers default in the payment when due of the
Indebtedness or any part of it, each Guarantor will in lawful money of the
United States pay to Administrative Agent and the Lenders, on demand, all sums
due and owing on the Indebtedness, including all interest, charges, fees and
other sums, costs and expenses.

                  2. LOAN. In this Guaranty, the term "Indebtedness" is broadly
defined to mean and include all primary, secondary, direct, indirect, fixed and
contingent obligations of Borrowers to pay principal, interest (including
post-petition interest in any proceeding under debtor relief laws at the rate or
in the amount otherwise applicable thereto whether or not such interest is an
allowed claim in any such proceeding), prepayment charges, breakage costs, late
charges, loan fees and any other fees, charges, sums, costs and expenses that
may be owing at any time under the Loan Documents, as any or all of such
obligations may from time to time be modified, amended, extended or renewed. If
the amount outstanding under the Indebtedness is determined by a court of
competent jurisdiction, that determination shall be conclusive and

                                       1

<Page>

binding on each Guarantor, regardless of whether such Guarantor was a party
to the proceeding in which the determination was made or not.

                  3. RIGHTS OF ADMINISTRATIVE AGENT AND THE LENDERS. Each
Guarantor authorizes Administrative Agent or any Lender to perform any or all of
the following acts at any time in its sole discretion, all without notice to
such Guarantor and without affecting such Guarantor's obligations under this
Guaranty:

                  (a) Administrative Agent or the Requisite Lenders may alter
         any terms of the Indebtedness or any part of it, including renewing,
         compromising, extending or accelerating, or otherwise changing the time
         for payment of, or increasing or decreasing the rate of interest on,
         the Indebtedness or any part of it.

                  (b) Subject to the Intercreditor Agreement, Administrative
         Agent or any Lender may take and hold security for the Indebtedness or
         this Guaranty, accept additional or substituted security for either,
         and subordinate, exchange, enforce, waive, release, compromise, fail to
         perfect and sell or otherwise dispose of any such security in
         accordance with the terms of the Indebtedness.

                  (c) Subject to the Intercreditor Agreement, Administrative
         Agent or any Lender may direct the order and manner of any sale of all
         or any part of any security now or later to be held for the
         Indebtedness or this Guaranty, and Administrative Agent or any Lender
         may also bid at any such sale.

                  (d) Subject to the Intercreditor Agreement, Administrative
         Agent or any Lender may apply any payments or recoveries from
         Borrowers, Guarantors or any other source, and any proceeds of any
         security, to Borrowers' obligations under the Loan Documents in such
         manner, order and priority as Administrative Agent or such Lender may
         elect, whether or not those obligations are guarantied by this Guaranty
         or secured at the time of the application.

                  (e)      Subject to the Intercreditor Agreement,
         Administrative Agent or any Lender may release
         Borrowers of their liability for the Indebtedness or any part of it.

                  (f) Subject to the Intercreditor Agreement, Administrative
         Agent or any Lender may substitute, add or release any one or more
         Guarantors, other guarantors or endorsers.

                  (g) Subject to the Intercreditor Agreement, in addition to the
         Indebtedness, Administrative Agent or any Lender may extend other
         credit to Borrowers, and may take and hold security for the credit so
         extended, all without affecting any Guarantor's liability under this
         Guaranty.

                  4. GUARANTY TO BE ABSOLUTE. Each Guarantor expressly agrees
that until the Indebtedness is paid and performed in full and each and every
term, covenant and condition of this Guaranty is fully performed, such Guarantor
shall not be released by or because of:

                                       2

<Page>

                  (a) Any act or event (other than payment and performance in
         full of the Indebtedness) which might otherwise discharge, reduce,
         limit or modify such Guarantor's obligations under this Guaranty;

                  (b) Any waiver, extension, modification, forbearance, delay or
         other act or omission of Administrative Agent or any Lender, or its
         failure to proceed promptly or otherwise as against Borrowers, any
         Guarantor or any security;

                  (c) Any action, omission or circumstance that might increase
         the likelihood that such Guarantor may be called upon to perform under
         this Guaranty or that might affect the rights or remedies of such
         Guarantor as against Borrowers;

                  (d)      Any dealings occurring at any time between Borrowers
         and Administrative Agent or any Lender, whether relating to the
         Indebtedness or otherwise; or

                  (e)      Any action of Administrative Agent or any Lender
         described in Section 3 above.

                  Each Guarantor hereby acknowledges that absent this Section 4,
Guarantor might have a defense to the enforcement of this Guaranty as a result
of one or more of the foregoing acts, omissions, agreements, waivers or matters.
Each Guarantor hereby expressly waives and surrenders any defense to its
liability under this Guaranty based upon any of the foregoing acts, omissions,
agreements, waivers or matters. It is the purpose and intent of this Guaranty
that the obligations of each Guarantor under it shall be absolute and
unconditional under any and all circumstances.

                  5. GUARANTORS' WAIVERS.  Each Guarantor waives:

                  (a) All statutes of limitations as a defense to any action or
         proceeding brought against such Guarantor by Administrative Agent or
         any Lender, to the fullest extent permitted by law;

                  (b) Any right it may have to require Administrative Agent or
         any Lender to proceed against Borrowers, proceed against or exhaust any
         security held from Borrowers, or pursue any other remedy in
         Administrative Agent's or any Lender's power to pursue;

                  (c)      Any defense based on any claim that such Guarantor's
         obligations exceed or are more burdensome than those of Borrowers;

                  (d) Any defense based on: (i) any legal disability of
         Borrowers, (ii) any release, discharge, modification, impairment or
         limitation of the liability of Borrowers to Administrative Agent or any
         Lender from any cause, whether consented to by Administrative Agent or
         any Lender or arising by operation of law or from any bankruptcy or
         other voluntary or involuntary proceeding, in or out of court, for the
         adjustment of debtor-creditor relationships ("INSOLVENCY PROCEEDING"),
         and (iii) any rejection or disaffirmance of the Indebtedness, or any
         part of it, or any security held for it, in any such Insolvency
         Proceeding;

                                       3

<Page>

                  (e) Any defense based on any action taken or omitted by
         Administrative Agent or any Lender in any Insolvency Proceeding
         involving Borrowers, including any election to have Administrative
         Agent's or that Lender's claim allowed as being secured, partially
         secured or unsecured, any extension of credit by Lender to Borrowers in
         any Insolvency Proceeding, and the taking and holding by Administrative
         Agent or any Lender of any security for any such extension of credit;

                  (f) All presentments, demands for performance, notices of
         nonperformance, protests, notices of protest, notices of dishonor,
         notices of acceptance of this Guaranty and of the existence, creation,
         or incurring of new or additional indebtedness, and demands and notices
         of every kind except for any demand or notice by Administrative Agent
         or any Lender to each Guarantor expressly provided for in Section 1;

                  (g) Any defense based on or arising out of any defense that
         Borrowers may have to the payment or performance of the Indebtedness or
         any part of it (other than indefeasible payment in full); and

                  (h) Any defense based on or arising out of any action of
         Administrative Agent or any Lender described in Sections 3 or 4 above.

                  6. WAIVERS OF SUBROGATION AND OTHER RIGHTS.

                  (a) During the existence of an Event of Default, subject to
         the Intercreditor Agreement and the other Collateral Documents,
         Administrative Agent or any Lender (subject to SECTION 8.02 of the
         Credit Agreement), without prior notice to or consent of any Guarantor,
         may elect to: (i) foreclose either judicially or nonjudicially against
         any real or personal property security it may hold for the
         Indebtedness, (ii) accept a transfer of any such security in lieu of
         foreclosure, (iii) compromise or adjust the Indebtedness or any part of
         it or make any other accommodation with Borrowers or Guarantors, or
         (iv) exercise any other remedy against Borrowers or any security. No
         such action by Administrative Agent or any Lender shall release or
         limit the liability of Guarantors, who shall remain liable under this
         Guaranty after the action, even if the effect of the action is to
         deprive Guarantors of any subrogation rights, rights of indemnity, or
         other rights to collect reimbursement from Borrowers for any sums paid
         to Administrative Agent or any Lender, whether contractual or arising
         by operation of law or otherwise. Each Guarantor expressly agrees that
         under no circumstances shall it be deemed to have any right, title,
         interest or claim in or to any real or personal property to be held by
         Administrative Agent or any Lender or any third party after any
         foreclosure or transfer in lieu of foreclosure of any security for the
         Indebtedness.

                  (b) Regardless of whether any Guarantor may have made any
         payments to Administrative Agent or any Lender, each Guarantor hereby
         waives: (i) all rights of subrogation, all rights of indemnity, and any
         other rights to collect reimbursement from Borrowers for any sums paid
         to Administrative Agent or any Lender, whether contractual or arising
         by operation of law (including the United States Bankruptcy Code or any
         successor or similar statute) or otherwise, (ii) all rights to enforce
         any remedy that Lender may have against Borrowers, and (iii) all rights
         to participate in any security now or later

                                       4

<Page>

         to be held by Administrative Agent or any Lender for the Indebtedness,
         in each case until the full and indefeasible payment and performance of
         all Indebtedness, and all obligations of the Guarantors hereunder.

                  (c) Each Guarantor waives all rights and defenses arising out
         of an election of remedies by the Administrative Agent or any Lender,
         even though that election of remedies may affect such Guarantor's
         rights of subrogation and reimbursement against the Borrowers by the
         operation of law or otherwise. In addition, each Guarantor waives all
         rights and defenses that such Guarantor may have because the Borrowers'
         indebtedness is secured by real property. This means, among other
         things, that Administrative Agent and the Lenders may collect from any
         Guarantor without first foreclosing on any real or personal property
         collateral pledged by the Borrowers.

                  7. REVIVAL AND REINSTATEMENT. If Administrative Agent or any
Lender is required to pay, return or restore to Borrowers or any other person
any amounts previously paid on the Indebtedness because of any Insolvency
Proceeding of Borrowers, any stop notice or any other reason, the obligations of
Guarantors shall be reinstated and revived and the rights of Administrative
Agent and such Lender shall continue with regard to such amounts, all as though
they had never been paid.

                  8. INFORMATION REGARDING BORROWERS. Before signing this
Guaranty, each Guarantor investigated the financial condition and business
operations of Borrowers and such other matters as such Guarantor deemed
appropriate to assure itself of Borrowers' ability to discharge their
obligations under the Loan Documents. Each Guarantor assumes full responsibility
for that due diligence, as well as for keeping informed of all matters that may
affect Borrowers' ability to pay and perform their obligations to the
Administrative Agent and the Lenders. Neither Administrative Agent nor any
Lender has any duty to disclose to any Guarantor any information which such
party may have or receive about Borrowers' financial condition, business
operations, or any other circumstances bearing on their ability to perform.

                  9. SUBORDINATION. Any rights of Guarantors, whether now
existing or later arising, to receive payment on account of any indebtedness
(including interest) owed to any of them by Borrowers or any Guarantor thereof
or to receive any payment from Borrowers or any such Guarantor other than those
payments or distributions permitted under Sections 7.07 and 7.10 of the Credit
Agreement shall at all times be subordinate as to lien and time of payment and
in all other respects to the full and prior repayment of the Indebtedness. No
Guarantor shall be entitled to enforce or receive payment of any sums hereby
subordinated until the Indebtedness has been paid and performed in full and any
such sums received in violation of this Guaranty shall be received by such
Guarantor in trust for the Administrative Agent and the Lenders.

                  10. FINANCIAL INFORMATION. Each Guarantor shall keep true and
correct financial books and records, using generally accepted accounting
principles which are applicable to the circumstances as of the date of
determination, or such other accounting principles as the Requisite Lenders in
their reasonable judgment may find acceptable from time to time. Each Guarantor
represents, warrants and covenants to Administrative Agent and the Lenders that
all financial information with respect to such Guarantor delivered or to be
delivered to Administrative Agent and the Lenders by Borrowers with respect to
such Guarantor under

                                       5

<Page>

Section 6.01 of the Credit Agreement is or shall be true and correct and
fairly presents or will fairly present the financial position of such
Guarantor for the applicable period in accordance with GAAP except as
otherwise noted therein. Each Guarantor shall promptly provide Administrative
Agent and the Lenders with any additional audited financial information that
such Guarantor may obtain, and such other information concerning its affairs
and properties as Administrative Agent or any Lender may reasonably request,
including, without limitation, signed copies of any tax returns if requested
by Administrative Agent or the Lenders.

                  11. GUARANTORS' REPRESENTATIONS AND WARRANTIES. Each Guarantor
represents and warrants that:

                  (a) All financial statements delivered to Administrative Agent
         or the Lenders were or will be prepared in accordance with generally
         accepted accounting principles which are applicable to the
         circumstances as of the date of determination, or such other accounting
         principles as may be acceptable to the Requisite Lenders at the time of
         their preparation;

                  (b) There has been no material adverse change in such
         Guarantor's financial condition since the dates of the statements most
         recently furnished to Administrative Agent and the Lenders; and

                  (c) All representations and warranties given on behalf of or
         with respect to such Guarantor contained in SECTION 5 of the Credit
         Agreement and in any other Loan Document or certification made in
         connection with the Credit Agreement are true and correct in all
         material respects.

                  12. COVENANTS OF GUARANTORS. Each Guarantor covenants and
agrees that it shall comply with and perform all covenants given on behalf of or
with respect to such Guarantor (whether expressly or as a Subsidiary) contained
in Sections 6 and 7 of the Credit Agreement and in all other Loan Documents.

                  13. INTENTIONALLY OMITTED.

                  14. INTENTIONALLY OMITTED.

                  15. AUTHORIZATION; NO VIOLATION. Each Guarantor is authorized
to execute, deliver and perform under this Guaranty, which is a valid, binding,
and enforceable obligation of such Guarantor in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium, or similar laws affecting creditor's rights
generally or by equitable principles related to enforcability. The execution,
delivery and performance of this Guaranty are not in violation of any applicable
law, regulation or ordinance, or any order or ruling of any court or
governmental agency applicable to such Guarantor. The Guaranty does not conflict
with, or constitute a breach or default under, any agreement to which such
Guarantor is a party.

                  16. ADDITIONAL AND INDEPENDENT OBLIGATIONS. Each Guarantor's
obligations under this Guaranty are in addition to its obligations under any
future guaranties, each of which shall remain in full force and effect until it
is expressly modified or released in a writing signed

                                       6

<Page>

by Administrative Agent and consented to by the Lenders. Each Guarantor's
obligations under this Guaranty are independent of those of Borrowers on the
Indebtedness. Subject to SECTION 8.02 of the Credit Agreement, Administrative
Agent or the Lenders may bring a separate action, or commence a separate
arbitration proceeding against each Guarantor without first proceeding
against Borrowers, any other person or any security that Administrative Agent
or any Lender may hold, and without pursuing any other remedy. None of
Administrative Agent's or any Lender's rights under this Guaranty shall be
exhausted by any action by Administrative Agent or any Lender until the
Indebtedness has been paid and performed in full in cash.

                  17. NO WAIVER; CONSENTS; CUMULATIVE REMEDIES. Each waiver by
Administrative Agent or the Lenders must be in writing, and no waiver shall be
construed as a continuing waiver. No waiver shall be implied from Administrative
Agent's or any Lender's delay in exercising or failure to exercise any right or
remedy against Borrowers, any Guarantor or any security. Consent by
Administrative Agent or the Lenders to any act or omission by Borrowers or any
Guarantor shall not be construed as a consent to any other or subsequent act or
omission, or as a waiver of the requirement for Administrative Agent's or the
Lenders' consent to be obtained in any future or other instance. All remedies of
Administrative Agent and each Lender against Borrowers and any Guarantor are
cumulative.

                  18. INTENTIONALLY OMITTED.

                  19. HEIRS, SUCCESSORS AND ASSIGNS; PARTICIPATIONS. The terms
of this Guaranty shall bind and benefit the heirs, legal representatives,
successors and assigns of Administrative Agent, the Lenders and Guarantors;
PROVIDED, HOWEVER, that no Guarantor may assign this Guaranty, or assign or
delegate any of its rights or obligations under this Guaranty, without the prior
written consent of Administrative Agent in each instance. Without notice to or
the consent of Guarantors, Administrative Agent and any Lender may disclose any
and all information in its possession concerning Guarantors, this Guaranty and
any security for this Guaranty to any actual or prospective purchaser of any
securities issued or to be issued by Administrative Agent or such Lender, and to
any actual or prospective purchaser or assignee of any participation or other
interest in the Indebtedness and this Guaranty; provided each recipient of such
information agrees to be bound by the confidentiality provisions of Section
10.23 of the Credit Agreement for the benefit of the Borrower and the
Guarantors.

                  20. NOTICES.

                  (a) DELIVERY. All notices, requests and other communications
         provided for hereunder shall be in writing (including, unless the
         context expressly otherwise provides, telegraphic, telex, facsimile
         transmission or cable communication) and mailed, telegraphed, telexed
         or delivered to the recipient's address specified on the signature
         pages hereof, or to such other address as shall be designated by such
         party in a written notice to the other party.

                  (b) RECEIPT. All such notices and communications shall, when
         transmitted by overnight delivery, telegraphed, telecopied by
         facsimile, telexed or cabled, be effective when delivered for overnight
         delivery or to the telegraph company, transmitted by

                                       7

<Page>

         telecopier, confirmed by telex answerback or delivered to the cable
         company, respectively, or if delivered, upon delivery.

                  (c) RELIANCE. Administrative Agent and each Lender shall be
         entitled to rely on the authority of any person purporting to be a
         person authorized by Guarantors to give such notice, and neither
         Administrative Agent nor any Lender shall have any liability to any
         Guarantor or any other person on account of any action taken or not
         taken by Administrative Agent or such Lender in reliance upon such
         telephonic or facsimile notice. The obligation of each Guarantor
         hereunder shall not be affected in any way or to any extent by any
         failure by Lender to receive written confirmation of any telephonic or
         facsimile notice or the receipt by Administrative Agent or a Lender of
         a confirmation which is at variance with the terms understood by
         Administrative Agent or such Lender to be contained in the telephonic
         or facsimile notice.

                  21. RULES OF CONSTRUCTION. In this Guaranty, the word
"Borrowers" includes both each named Borrower and any other person who at any
time assumes or otherwise becomes primarily liable for all or any part of the
obligations of the named Borrowers on the Indebtedness. The word "person"
includes any individual, company, trust or other legal entity of any kind. If
this Guaranty is executed by more than one person, the word "Guarantors"
includes all such persons. The word "include(s)" means "include(s), without
limitation," and the word "including" means "including, but not limited to."
When the context and construction so require, all words used in the singular
shall be deemed to have been used in the plural and vice versa. No listing of
specific instances, items or matters in any way limits the scope or generality
of any language of this Guaranty. All headings appearing in this Guaranty are
for convenience only and shall be disregarded in construing this Guaranty.

                  22. GOVERNING LAW. This Guaranty shall be governed by, and
construed and interpreted in accordance with, the laws of the State of New York.

                  23. COSTS AND EXPENSES. If any lawsuit or arbitration is
commenced which arises out of, or which relates to this Guaranty, the Loan
Documents or the Indebtedness, the prevailing party shall be entitled to recover
from each other party such sums as the court or arbitrator may adjudge to be
reasonable attorneys' fees (including allocated costs for services of in-house
counsel) in the action or proceeding, in addition to costs and expenses
otherwise allowed by law. In all other situations, including any Insolvency
Proceeding, each Guarantor jointly and severally agrees to pay all of the
Administrative Agent's and each Lender's costs and expenses, including
attorneys' fees (including allocated costs for services of the Administrative
Agent's and each Lender's in-house counsel) which may be incurred in any effort
to collect or enforce the Indebtedness or any part of it or any term of this
Guaranty. Without limiting any rights of the Administrative Agent or Lenders
under the Credit Agreement and/or the Intercreditor Agreement, all amounts of
any kind due and payable under this Guaranty (whether for principal, interest,
and other costs under the Indebtedness, or for costs, fees, and expenses for
which the Guarantors are directly responsible hereunder, or otherwise) shall
accrue interest from the time the Administrative Agent or the Lenders make
demand therefor hereunder until paid in full in cash to such Administrative
Agent or the Lenders at the Base Rate, as defined in the Credit Agreement, PLUS
3%, except to the extent that any such amounts are then accruing interest under
the Indebtedness, in which case such Base Rate PLUS 3% interest rate shall not
be applied if

                                       8

<Page>

the effect would be to compound the interest to which such obligations are
subject to under the Indebtedness.

                  24. INTENTIONALLY OMITTED.

                  25. INTEGRATION; MODIFICATIONS. This Guaranty (a) integrates
all the terms and conditions mentioned in or incidental to this Guaranty, (b)
supersedes all oral negotiations and prior writings with respect to its subject
matter, and (c) is intended by Guarantors, Administrative Agent and the Lenders
as the final expression of the agreement with respect to the terms and
conditions set forth in this Guaranty and as the complete and exclusive
statement of the terms agreed to by each Guarantor, Administrative Agent and the
Lenders. No representation, understanding, promise or condition shall be
enforceable against any party hereto unless it is contained in this Guaranty.
This Guaranty may not be modified except in a writing signed by both
Administrative Agent (with the consent of the Requisite Lenders) and each
Guarantor, subject to the Intercreditor Agreement. No course of prior dealing,
usage of trade, parol or extrinsic evidence of any nature shall be used to
supplement, modify or vary any of the terms hereof. As between Administrative
Agent and the Lenders only, nothing contained in this Guaranty shall alter the
rights and obligations among Administrative Agent and the Lenders set forth in
the Credit Agreement.

                  26. MISCELLANEOUS. The illegality or unenforceability of one
or more provisions of this Guaranty shall not affect any other provision. Time
is of the essence in the performance of this Guaranty by Guarantors.

                  27. SUBMISSION TO JURISDICTION; WAIVERS. Each Guarantor hereby
irrevocably and unconditionally:

                  (a) submits for itself and its property in any legal action or
         proceeding relating to this Guaranty and the other Loan Documents to
         which it is a party, or for recognition and enforcement of any judgment
         in respect thereof, to the non-exclusive general jurisdiction of the
         courts of the State of New York, the courts of the United States of
         America for the Southern District of New York, and appellate courts
         from any thereof;

                  (b) consents that any such action or proceeding may be brought
         in such courts and waives any objection that it may now or hereafter
         have to the venue of any such action or proceeding in any such court or
         that such action or proceeding was brought in an inconvenient court and
         agrees not to plead or claim the same;

                  (c) agrees that service of process in any such action or
         proceeding may be effected by mailing a copy thereof by registered or
         certified mail (or any substantially similar form of mail), postage
         prepaid, to such Guarantor at its address referred to in Section 20 or
         at such other address of which the Administrative Agent shall have been
         notified pursuant thereto;

                  (d) agrees that nothing herein shall affect the right to
         effect service of process in any other manner permitted by law or shall
         limit the right to sue in any other jurisdiction; and

                                       9

<Page>

                  (e) waives, to the maximum extent not prohibited by law, any
         right it may have to claim or recover in any legal action or proceeding
         referred to in this Section any special, exemplary, punitive or
         consequential damages.

                  28. RELEASES. At the request and sole expense of Borrowers, a
Guarantor shall be released from its obligations hereunder in the event that all
the capital Stock of such Guarantor shall be sold, transferred or otherwise
disposed of in a transaction permitted by the Credit Agreement; provided that
Borrowers shall have delivered to the Administrative Agent, at least ten
Business Days prior to the date of the proposed release, a written request for
release identifying the relevant Guarantor and the terms of the sale or other
disposition in reasonable detail, including the price thereof and any expenses
in connection therewith, together with a certification by Borrowers stating that
such transaction is in compliance with the Credit Agreement and the other Loan
Documents.

                  29. WAIVER OF JURY TRIAL. EACH GUARANTOR AND, BY ACCEPTANCE
HEREOF, EACH OF THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

                  30. PROVISIONAL REMEDIES, SELF-HELP AND FORECLOSURE. No
provision of this Guaranty shall limit the right of any party to exercise
self-help remedies such as setoff, foreclosure against or sale of any real or
personal property collateral or security.

                 [Remainder of page intentionally left blank]

                                       10

<Page>

                  IN WITNESS WHEREOF, the undersigned has executed and delivered
this Guaranty as of the date on the first page.

                      [SIGNATURE PAGES FROM THE COMPANY]

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