Document:

ex10-47

EX 10.47

BUSINESS LOAN AGREEMENT

      
      This Agreement dated as of March 30, 2001, is between Bank of America,
N.A. (the “Bank”) and Global Vacation Group, Inc., a New York corporation (the
“Borrower”).

1. FACILITY NO. ONE: LINE OF CREDIT AMOUNT AND TERMS

      1.1 Line of Credit Amount.

		
	 	      (a) During the availability period described below, the Bank will
provide a line of credit to the Borrower. The amount of the line of
credit (the “Commitment”) is Five Million Dollars ($5,000,000).

		
	 	      (b) This is a revolving line of credit providing for the issuance of
standby letters of credit.

		
	 	      (c) The Borrower agrees not to permit the outstanding amounts of any
letters of credit, including amounts drawn on letters of credit and not
yet reimbursed, to exceed the Commitment.

      1.2 Availability Period. The line of credit is available between the date
of this Agreement and May 1, 2004 (the “Expiration Date”) unless an Event of
Default (as defined in Section 9) exists.

      1.3 Letters of Credit.

		
	 	      (a) This line of credit shall be used for financing standby letters
of credit with a maximum maturity of 365 days but not to extend beyond the
Expiration Date. The standby letters of credit may include a provision
providing that the maturity date will be automatically extended each year
for an additional year unless the Bank gives written notice to the
contrary to the beneficiary in the manner provided therein.

		
	 	      (b) The Borrower agrees:

		
	 	      (i) to pay the Bank an amount equal to any amount drawn under
any letter of credit either (x) immediately after such drawing is
honored and in any event before 4:00 p.m. (Los Angeles time) on the
same Banking Day (as defined in Section 3.5) as such drawing is
honored, or (y) within thirty (30) days of the date such drawing is
honored (an “Advance”), provided that the unpaid principal amount of
such Advance shall bear interest at a fluctuating interest rate equal
to 1% per annum above the Bank’s Prime Rate in effect from time to
time for the initial five (5) days that such Advance is outstanding,
and thereafter, until paid in full, shall bear interest at a
fluctuating interest rate equal to 3% per annum above the Bank’s
Prime Rate in effect from time to time. The Bank’s Prime Rate is the
per annum rate of interest publicly announced from time to time by
the Bank as its Prime Rate. The Prime Rate is set by the Bank based
on various factors, including the Bank’s costs and desired return,
general economic conditions and other factors, and is used as a
reference point for pricing some loans. The Bank may price loans to
its customers at, above or below the Prime Rate. Any change in the
Prime Rate shall take effect at the opening of business on the day
specified in the public announcement of a change in the Bank’s Prime
Rate.

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	 	      (ii) the issuance of any letter of credit and any amendment to a
letter of credit is subject to the Bank’s written approval and must
be in form and content satisfactory to the Bank and in favor of a
beneficiary reasonably acceptable to the Bank.

		
	 	      (iii) to sign the Bank’s form Application and Agreement for
Standby Letter of Credit or any other method agreed to by Bank.

		
	 	      (iv) to pay any standard issuance and/or other standard fees
that the Bank notifies the Borrower will be charged for issuing and
processing letters of credit for the Borrower.

		
	 	      (v) to allow the Bank to automatically charge its checking
account for applicable fees, discounts, and other charges.

		
	 	      (vi) to pay the Bank a non-refundable fee equal to 0.75% per
annum of the outstanding undrawn amount of each standby letter of
credit, payable quarterly in arrears, calculated on the basis of the
average undrawn amount outstanding during the prior quarterly period.
If there is an Event of Default which has occurred and is continuing
under this Agreement, at the Bank’s option upon written notice to the
Borrower, the amount of the fee shall be increased to 2.75% per
annum, effective on the date of occurrence of such Event of Default

2. FEES AND EXPENSES

      2.1 Unused Commitment Fee. The Borrower agrees to pay a fee on any
difference between the Commitment and the amount of credit it actually uses,
determined by the weighted average credit outstanding during the specified
period. The fee will be calculated at 0.25% per year. The calculation of
credit outstanding shall include the undrawn amount of letters of credit. The
fee will be payable quarterly in arrears, commencing July 1, 2001 for the
quarter ending June 30, 2001.

      2.2 Reimbursement Costs. The Borrower agrees to reimburse the Bank for
any reasonable expenses it incurs in the preparation of this Agreement and any
agreement or instrument required by this Agreement. Expenses include, but are
not limited to, reasonable attorneys’ fees, but shall not include any allocated
costs of the Bank’s in-house counsel.

3. DISBURSEMENTS, PAYMENTS AND COSTS

      3.1 Requests for Credit. Each request for an extension of credit will be
made in writing in a manner acceptable to the Bank, or by another means
acceptable to the Bank.

      3.2 Payments.

        
      (a) All payments shall be made in immediately available funds;

        
     
(b) All payments shall be evidenced by records kept by the Bank

      3.3 Telephone and Telefax Authorization.

		
	 	      (a) The Bank may honor telephone requests for repayment, and telefax
requests for the issuance of letters of credit and repayment of any
amounts drawn under letters of credit, given by any one of the individuals
authorized to sign loan agreements on behalf of the Borrower, or any other
individual designated by any one of such authorized signers.

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	 	      (b) Repayments will be withdrawn from the Borrower’s account number
14878-03783 or such other of the Borrower’s accounts with the Bank as
designated in writing by the Borrower.

		
	 	      (c) The Bank will provide written confirmation to the Borrower of
transactions made based on telephone or telefax instructions. The
Borrower agrees to notify the Bank promptly of any discrepancy between the
confirmation and the telephone or telefax instructions.

		
	 	      (d) The Borrower indemnifies and excuses the Bank (including its
officers, employees, and agents) from all liability, loss, and costs in
connection with any act resulting from telephone or telefax instructions
the Bank reasonably believes are made by any individual authorized by the
Borrower to give such instructions. This indemnity and excuse will
survive this Agreement’s termination.

      3.4 Direct Debit.

		
	 	      (a) The Borrower agrees that fees and other amounts due hereunder
will be deducted automatically on the due date from the Borrower’s deposit
account number 14878-03783, or such other of the Borrower’s accounts with
the Bank as designated in writing by the Borrower.

		
	 	      (b) The Borrower will maintain sufficient funds in the account on the
dates the Bank enters debits authorized by this Agreement. If there are
insufficient funds in the account on the date the Bank enters any debit
authorized by this Agreement, the Bank may reverse the debit.

      3.5 Banking Days. Unless otherwise provided in this Agreement, a Banking
Day is a day, other than a Saturday or a Sunday, on which the Bank is open for
business in California. All payments and disbursements which would be due on a
day which is not a Banking Day will be due on the next Banking Day. All
payments received on a day which is not a Banking Day will be applied to the
credit on the next Banking Day.

      3.6 Taxes.

		
	 	      (a) If any payments to the Bank under this Agreement are made from
outside the United States, the Borrower will not deduct any foreign taxes
from any payments it makes to the Bank. If any such taxes are imposed on
any payments made by the Borrower (including payments under this
paragraph), the Borrower will pay the taxes and will also pay to the Bank,
at the time interest is paid, any additional amount which the Bank
specifies as necessary to preserve the after-tax yield the Bank would have
received if such taxes had not been imposed. The Borrower will confirm
that it has paid the taxes by giving the Bank official tax receipts (or
notarized copies) within 30 days after the due date.

		
	 	      (b) Payments made by the Borrower to the Bank will be made without
deduction of United States withholding or similar taxes, except to the
extent required by applicable law. If the Borrower is required to pay
U.S. withholding taxes, the Borrower will pay such taxes in addition to
the amounts due to the Bank under this Agreement. If the Borrower fails
to make such tax payments when due, the Borrower indemnifies the Bank
against any liability for such taxes, as well as for any related interest,
expenses, additions to tax, or penalties asserted against or suffered by
the Bank with respect to such taxes.

      3.7 Additional Costs. The Borrower will pay the Bank, on demand, for the
Bank’s costs or losses arising from any statute or regulation, or any request
or requirement of a regulatory agency which is applicable to all national banks
or a class of all national banks. The costs and losses will be allocated to
the

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 Commitment in a manner determined by the Bank, using any reasonable
method. The costs include the following:

      
      (a) any reserve or deposit requirements; and

      
      (b) any capital requirements relating to the Bank’s assets and
commitments for credit.

      3.8 Interest Calculation. Except as otherwise stated in this Agreement,
all interest and fees, if any, will be computed on the basis of a 360-day year
and the actual number of days elapsed. This results in more interest or a
higher fee than if a 365-day year is used. Installments of principal which are
not paid when due under this Agreement shall continue to bear interest until
paid.

      3.9 Interest Compounding. At the Bank’s sole option in each instance, any
interest, fees or costs which are not paid when due under this Agreement shall
bear interest from the due date at the Bank’s Prime Rate plus two (2)
percentage points. This may result in compounding of interest.

4. CONDITIONS

      The Bank must receive the following items, in form and content acceptable
to the Bank, before it is required to extend any credit to the Borrower under
this Agreement:

      4.1 Authorizations. Evidence that the execution, delivery and performance
by the Borrower of this Agreement and any instrument or agreement required
under this Agreement have been duly authorized.

      4.2 Governing Documents. A copy of the articles of incorporation or
organization for the Borrower.

      4.3 Good Standing. Certificates of good standing for the Borrower from
its state of formation and from the State of California where the Borrower is
qualified to conduct its business.

      4.4 Payment of Fees. Payment of all accrued and unpaid expenses incurred
by the Bank as required by the paragraph entitled “Reimbursement Costs.”

      4.5 Security Agreement. Signed original security agreement which the Bank
requires, together with any collateral in which the Bank requires a possessing
security interest.

      4.6 Legal Opinion. A written opinion from the Borrower’s legal
counsel, covering such matters as the Bank may require. The legal
counsel and the terms of the opinion must be acceptable to the Bank.

5. REPRESENTATIONS AND WARRANTIES

      When the Borrower signs this Agreement, and until the Bank is repaid in
full, the Borrower makes the following representations and warranties. Each
request for an extension of credit constitutes a renewed representation:

      5.1 Organization of Borrower. The Borrower is a corporation duly formed
and existing under the laws of the state of New York. Each subsidiary of the
Borrower including without limitation, the subsidiaries set forth on Exhibit A
hereto (individually a “Subsidiary” and collectively, the
“Subsidiaries”), is a
corporation duly formed and existing under the laws of the state where
organized. Nothing herein shall prohibit any Subsidiary from merging,
liquidating or dissolving as permitted under Section 7.10(b) hereof.

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      5.2 Authorization. This Agreement, and any instrument or agreement
required hereunder, are within the Borrower’s powers, have been duly
authorized, and do not conflict with any of its organizational papers.

      5.3 Enforceable Agreement. This Agreement is a legal, valid and binding
agreement of the Borrower, enforceable against the Borrower in accordance with
its terms, and any instrument or agreement required hereunder from the
Borrower, when executed and delivered, will be similarly legal, valid, binding
and enforceable, except as enforceability thereof may be limited by bankruptcy,
insolvency or other similar laws relating to or affecting enforcement of
creditors§ rights generally or by general equitable principles.

      5.4 Good Standing. In each state in which the Borrower and each
Subsidiary does business, it is properly licensed, in good standing, and, where
required, in compliance with fictitious name statutes, except where the failure
to do so would not have a material adverse effect on the Borrower and its
Subsidiaries taken as a whole.

      5.5 No Conflicts. This Agreement does not conflict with any law
(including, without limitation, Sections 17550 et. seq. of the California
Business and Professions Code), agreement, or obligation by which the Borrower,
or any Subsidiary is bound, including, without limitation that certain Note
Purchase Agreement dated as of June 20, 2000 between the Borrower and GV
Investment LLC and that certain Second Amended and Restated Credit Agreement
dated as of October 28, 1999, as amended, among the Borrower, the banks party
thereto and The Bank of New York, as administrative agent.

      5.6 Collateral. All collateral required in this Agreement is owned by the
Borrower free of any title defects or any liens or interest of others. The
time certificate of deposit pledged by the Borrower to secure its obligations
to the Bank hereunder was purchased with earnings from travel completed in a
prior year.

      5.7 Financial Information. All financial and other information that has
been or will be supplied to the Bank, including the Borrower’s consolidated
financial statement dated as of December 31, 2000, is:

		
	 	      (a) prepared in accordance with accounting principles generally
accepted in the United States, consistently applied, recognizes income
only after it is fully earned, and fairly presents the financial
condition, including all material contingent liabilities, of the Borrower
and its Subsidiaries.

		
	 	      (b) in compliance in all material respects with all government
regulations that apply.

Since December 31, 2000, there has been no material adverse change in the
business condition (financial or otherwise), operations, properties or
prospects of the Borrower and its Subsidiaries taken as a whole.

      5.8 Lawsuits. There is no lawsuit, tax claim or other dispute pending or
threatened against the Borrower or any Subsidiary which, if lost, would
materially impair the Borrower’s and its Subsidiaries financial condition taken
as a whole or ability to repay the loan, except as have been disclosed in
writing to the Bank.

      5.9 Permits, Franchises. The Borrower and each Subsidiary possesses all
permits, memberships, franchises, contracts and licenses required and all
trademark rights, trade name rights, patent rights and fictitious name rights
necessary to enable it to conduct the business in which it is now engaged,
except where the failure to own or possess any of the foregoing would not have
a material adverse effect on the financial condition or operations of the
Borrower and its Subsidiaries taken as a whole.

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      5.10 Other Obligations. Neither the Borrower nor any Subsidiary is in
default on any obligation for borrowed money, any purchase money obligation or
any other material lease, commitment, contract, instrument or obligation,
except as have been disclosed in writing to the Bank.

      5.11 Income Tax Matters. The Borrower has no knowledge of any materially
adverse pending assessments or adjustments of its income tax for any year,
except as have been disclosed in writing to the Bank.

      5.12 No Tax Avoidance Plan. The Borrower’s obtaining of credit from the
Bank under this Agreement does not have as a principal purpose the avoidance of
U.S. withholding taxes.

      5.13 No Event of Default. There is no Event of Default which has occurred
and is continuing.

      5.14 Insurance. The Borrower has obtained, and maintained in effect, the
insurance coverage required in the “Covenants” section of this Agreement.

      5.15 ERISA Plans.

		
	 	      (a) Each Plan (other than a multiemployer plan) is in compliance in
all material respects with the applicable provisions of ERISA, the Code
and other federal or state law, except to the extent that any
non-compliance would not result in a material liability of Borrower. Each
Plan has received a favorable determination letter from the IRS and to the
best knowledge of the Borrower, nothing has occurred which would cause the
loss of such qualification in any case where the failure to be qualified
would result in a material liability of Borrower. The Borrower has
fulfilled its obligations, if any, under the minimum funding standards of
ERISA and the Code with respect to each Plan, except to the extent that
any failure to fulfill such obligation would not result in a material
liability of Borrower, and has not incurred any material liability with
respect to any Plan under Title IV of ERISA.

		
	 	      (b) There are no claims, lawsuits or actions (including by any
governmental authority), and there has been no prohibited transaction or
violation of the fiduciary responsibility rules, with respect to any Plan
which has resulted or could reasonably be expected to result in a material
adverse effect.

		
	 	      (c) With respect to any Plan subject to Title IV of ERISA:

		
	 	      (i) No reportable event has occurred under Section 4043(c) of
ERISA for which the PBGC requires 30-day notice, which would result
in a material liability of Borrower.

		
	 	      (ii) No action by the Borrower or any ERISA Affiliate to
terminate or withdraw from any Plan has been taken and no notice of
intent to terminate a Plan has been filed under Section 4041 of
ERISA, which termination or withdrawal would result in a material
liability of Borrower.

		
	 	      (iii) No termination proceeding has been commenced with respect
to a Plan under Section 4042 of ERISA, and to Borrower’s knowledge,
no event has occurred or condition exists which might constitute
grounds for the commencement of such a proceeding.

		
	 	      (d) The following terms have the meanings indicated for purposes of
this Agreement:

		
	 	      (i) “Code” means the Internal Revenue Code of 1986, as amended
from time to time.

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	 	      (ii) “ERISA” means the Employee Retirement Income Security Act
of 1974, as amended from time to time.

		
	 	      (iii) “ERISA Affiliate” means any trade or business (whether or
not incorporated) under common control with the Borrower within the
meaning of Section 414(b) or (c) of the Code.
	 
	 	      (iv) “PBGC” means the Pension Benefit Guaranty Corporation.

		
	 	      (v) “Plan” means a pension, profit-sharing, or stock bonus plan
intended to qualify under Section 401(a) of the Code, maintained or
contributed to by the Borrower or any ERISA Affiliate, including any
multiemployer plan within the meaning of Section 4001(a)(3) of ERISA.

      5.16 Location of Borrower. The Borrower’s place of business (or, if the
Borrower has more than one place of business, its chief executive office) is
located at the address listed under the Borrower’s signature on this Agreement.

      5.17 Environmental Matters. Neither the Borrower nor any Subsidiary (a)
is in violation of any health, safety, or environmental law or regulation
regarding hazardous substances and (b) is the subject of any claim, proceeding,
notice, or other communication regarding hazardous substances, which could
reasonably be expected to have a material adverse effect on the financial
condition or operations of the Borrower and its Subsidiaries taken as a whole.
“Hazardous substances” means any substance, material or waste that is or
becomes designated or regulated as “toxic,” “hazardous,” “pollutant,” or
“contaminant” or a similar designation or regulation under any federal, state
or local law (whether under common law, statute, regulation or otherwise) or
judicial or administrative interpretation of such, including without limitation
petroleum or natural gas.

6. COLLATERAL

      6.1 Personal Property. The Borrower’s obligations to the Bank under this
Agreement will be secured by personal property the Borrower now owns or will
own in the future listed below. The collateral is further defined in the
security agreement executed by the Borrower.

		
	 	(a) a Bank of America time certificate of deposit in an amount not less
than $5,150,000.00 (or such other investment as the Borrower and the Bank
shall agree).

7. COVENANTS

      The Borrower agrees, so long as credit is available under this Agreement
and until the Bank is repaid in full:

      7.1 Use of Proceeds. To use the proceeds of the Commitment only for the
issuance of standby letters of credit.

      7.2 Financial Information. To provide the following financial information
and statements in form and content reasonably acceptable to the Bank, and such
additional information as reasonably requested by the Bank from time to time:

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	 	      (a) Copies of the Borrower’s Form 10-K Annual Report, Form 10-Q
Quarterly Report and Form 8-K Current Report within 15 days after the date
of filing with the Securities and Exchange Commission.

		
	 	      (b) Promptly, upon sending or receipt, copies of any
management letters and correspondence relating to
management letters, sent or received by the Borrower to or
from the Borrower’s independent auditor.

      7.3 Notices to Bank. To promptly notify the Bank in writing of Borrower’s
knowledge of:

		
	 	      (a) any substantial dispute between the Borrower or any Subsidiary
and any government authority.
	 
	 	      (b) any failure to comply with this Agreement.

		
	 	      (c) any material adverse change in the business condition (financial
or otherwise), operations, properties or prospects of the Borrower and its
Subsidiaries taken as a whole, or in the Borrower’s ability to repay the
credit.

		
	 	      (d) any change in the Borrower’s name, legal structure, place of
business, or chief executive office if the Borrower has more than one
place of business.

		
	 	      (e) any actual contingent liabilities of the Borrower, and any such
contingent liabilities which are reasonably foreseeable.

      7.4 Books and Records. To maintain, and cause each of its Subsidiaries to
maintain, adequate books and records.

      7.5 Compliance with Laws. To comply, and cause each Subsidiary to comply,
with the laws (including any fictitious name statute), regulations, and orders
of any government body with authority over the Borrower’s business and the
business of each Subsidiary, except where failure to comply will not have a
material adverse effect on the Borrower and its Subsidiaries taken as a whole.

      7.6 Preservation of Rights. To maintain and preserve all rights,
privileges, and franchises the Borrower and each Subsidiary now has, except
where the failure to maintain the foregoing will not have a material adverse
effect on the Borrower and its Subsidiaries taken as a whole.

      7.7 Maintenance of Properties. To make any repairs, renewals, or
replacements to keep the Borrower’s properties and the properties of its
Subsidiaries in good working condition, except where the failure to do so will
not have a material adverse effect on the Borrower and its Subsidiaries taken
as a whole.

      7.8 Cooperation. To take any action reasonably requested by the Bank to
carry out the intent of this Agreement.

      7.9 Insurance.

		
	 	      (a) General Business Insurance. To maintain insurance of the kind
customarily carried or maintained under similar circumstances by
corporations of established reputation engaged in similar businesses
covering property damage (including loss of use and occupancy) to any of
the Borrower’s and its Subsidiaries properties, public liability insurance
including coverage for contractual liability,

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	 	product liability and workers’ compensation, and any other insurance
which is usual for the Borrower’s and its Subsidiaries businesses.

		
	 	      (b) Evidence of Insurance. Upon the request of the Bank, to deliver
to the Bank a copy of each insurance policy, or, if permitted by the Bank,
a certificate of insurance listing all insurance in force.

      7.10 Additional Negative Covenants. The Borrower shall not and shall not
permit any Subsidiary to, without the Bank’s written consent, which consent
shall not be unreasonably withheld:

		
	 	      (a) engage in any business activities substantially different from
the present business of the Borrower and its Subsidiaries.

		
	 	      (b) merge, liquidate or dissolve the business of the Borrower or any
Subsidiary, except with or into Borrower or its wholly-owned Subsidiaries.

		
	 	      (c) sell, assign, lease, transfer or otherwise dispose of any assets
for less than fair market value, or enter into any agreement to do so.

		
	 	      (d) sell, assign, lease, transfer or otherwise dispose of all or a
substantial part of the business or the assets of the Borrower.

		
	 	      (e) enter into any sale and leaseback agreement covering any of its
fixed assets; and

		
	 	      (f) voluntarily suspend all or a substantial part of its business
operations.

      7.11 ERISA Plans. With respect to a Plan subject to Title IV of ERISA, to
give prompt written notice to the Bank of:

		
	 	      (a) The occurrence of any reportable event under Section 4043(c) of
ERISA for which the PBGC requires 30-day notice.

		
	 	      (b) Any action by the Borrower or any ERISA Affiliate to terminate or
withdraw from a Plan or the filing of any notice of intent to terminate
under Section 4041 of ERISA.

		
	 	      (c) The commencement of any proceeding with respect to a Plan under
Section 4042 of ERISA.

8. HAZARDOUS WASTE INDEMNIFICATION

      The Borrower will indemnify and hold harmless the Bank from any loss or
liability directly or indirectly arising out of the use, generation,
manufacture, production, storage, release, threatened release, discharge,
disposal or presence of a hazardous substance. This indemnity will apply
whether the hazardous substance is on, under or about the Borrower’s property
or operations or property leased to the Borrower. The indemnity includes but
is not limited to attorneys’ fees (including the reasonable estimate of the
allocated cost of in-house counsel and staff). The indemnity extends to the
Bank, its parent, subsidiaries and all of their directors, officers, employees,
agents, successors, attorneys and assigns. Notwithstanding anything to the
contrary herein, the Borrower shall not have any obligation hereunder to
indemnify the Bank for any loss or liability resulting from the gross
negligence or willful misconduct of the Bank. “Hazardous substances” means any
substance, material or waste that is or becomes designated or regulated as
“toxic,” “hazardous,” “pollutant,” or “contaminant” or a similar designation or
regulation under any federal, state or local law

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 (whether under common law, statute, regulation or otherwise) or judicial
or administrative interpretation of such, including without limitation
petroleum or natural gas. This indemnity will survive repayment of the
Borrower’s obligations to the Bank.

9. DEFAULT

      If any of the following events
(“Event of Default”) occurs and is
continuing, the Bank may do one or more of the following: declare the Borrower
in default, stop making any additional credit available to the Borrower, and
require the Borrower to repay its entire debt immediately and without prior
notice. If an event of default occurs under the paragraph entitled
“Bankruptcy,” below, with respect to the Borrower, then the entire debt
outstanding under this Agreement will automatically be due immediately.

      9.1 Failure to Pay. The Borrower fails to make any payment of principal
and interest when due, or fails to pay any fee or other sum under this
Agreement within five (5) Banking Days of the date when due.

      9.2 False Information. The Borrower has given the Bank information or
representations that are false or misleading in any material respect.

      9.3 Bankruptcy. The Borrower or any Subsidiary files a bankruptcy
petition, a bankruptcy petition is filed against the Borrower or any Subsidiary
or the Borrower or any Subsidiary makes a general assignment for the benefit of
creditors. The default will be deemed cured if any bankruptcy petition filed
against the Borrower or any Subsidiary is dismissed within a period of 30 days
after the filing; provided, however, that the Bank will not be obligated to
extend any additional credit to the Borrower during that period.

      9.4 Receivers. A receiver or similar official is appointed for the
Borrower’s or any Subsidiary’s business, or the business is
terminated.

      9.5 Lien Priority. The Bank fails to have an enforceable first lien on or
security interest in any property given as security for this Agreement.

      9.6 Government Action. Any government authority takes action that
materially adversely affects the financial condition of the Borrower and its
Subsidiaries, taken as a whole, or their ability to repay the credit.

      9.7 Material Adverse Change. A material adverse change occurs in the
business condition (financial or otherwise), operations, properties or
prospects of the Borrower and its Subsidiaries, taken as a whole, or their
ability to repay the credit.

      9.8 Cross-default. Any default occurs and is continuing under any
agreement in connection with any credit the Borrower has obtained from anyone
else or which the Borrower has guaranteed in an amount in excess of One Million
Dollars ($1,000,000.00).

      9.9 Other Bank Agreements. The Borrower fails to meet the conditions of,
or fails to perform any material obligation under any other agreement the
Borrower has with the Bank or any affiliate of the Bank, which is not cured
within any applicable cure period.

      9.10 ERISA Plans. Any one or more of the following events occurs, and
continues unremedied for more than thirty (30) days, with respect to a Plan of
the Borrower subject to Title IV of ERISA, provided such event or events could
reasonably be expected, in the judgment of the Bank, to subject the Borrower to
any tax, penalty or liability (or any combination of the foregoing) which, in
the aggregate, could have a material adverse effect on the financial condition
of the Borrower and its Subsidiaries taken as a whole:

31

		
	 	      (a) A reportable event shall occur under Section 4043(c) of ERISA
with respect to a Plan.

		
	 	      (b) Any Plan termination (or commencement of proceedings to terminate
a Plan) or the full or partial withdrawal from a Plan by the Borrower or
any ERISA Affiliate.

      9.11 Other Breach Under Agreement. The Borrower fails to meet the
conditions of, or fails to perform any obligation under any term of this
Agreement not specifically referred to in this Article, which remains uncured
fifteen (15) days after the Bank shall have notified the Borrower thereof.

10. ENFORCING THIS AGREEMENT; MISCELLANEOUS

      10.1 GAAP. Except as otherwise stated in this Agreement, all financial
information provided to the Bank and all financial covenants will be made under
accounting principles generally accepted in the United States, consistently
applied.

      10.2 California Law. This Agreement is governed by California law.

      10.3 Successors and Assigns. This Agreement is binding on the Borrower’s
and the Bank’s successors and assignees. The Borrower agrees that it may not
assign this Agreement without the Bank’s prior consent. The Bank may sell
participations in or, with the prior written consent of the Borrower, assign
this loan, and may exchange financial information about the Borrower with
actual or potential participants or assignees; provided that such actual or
potential participants or assignees shall agree to treat all financial
information exchanged as confidential. If a participation is sold or the loan
is assigned, the purchaser will have the right of set-off against the Borrower.

      10.4 Arbitration and Waiver of Jury Trial

		
	 	      (a) This paragraph concerns the resolution of any controversies or
claims between the Borrower and the Bank, whether arising in contract,
tort or by statute, including but not limited to controversies or claims
that arise out of or relate to: (i) this Agreement (including any
renewals, extensions or modifications); or (ii) any document related to
this Agreement (collectively a “Claim”).

		
	 	      (b) At the request of the Borrower or the Bank, any Claim shall be
resolved by arbitration in accordance with the Federal Arbitration Act
(Title 9, United States Code) (the “Act”). The Act will apply even though
this Agreement provides that it is governed by the law of a specified
state.

		
	 	      (c) Arbitration proceedings will be determined in accordance with the
Act, the rules and procedures for the arbitration of financial services
disputes of J.A.M.S./Endispute or any successor thereof (“J.A.M.S.”), and
the terms of this paragraph. In the event of any inconsistency, the terms
of this paragraph shall control.

		
	 	      (d) The arbitration shall be administered by J.A.M.S. and conducted
in any state where the Bank office originating the Indebtedness of the
Borrower hereunder is located. All Claims shall be determined by one
arbitrator; however, if the Claim is in excess of Five Million U.S.
Dollars ($5,000,000), upon the request of any party, the Claim shall be
decided by three arbitrators. All arbitration hearings shall commence
within 90 days of the demand for arbitration and close within 90 days of
commencement, and the award of the arbitrator(s) shall be issued within 30
days of the close of the hearing. However, the arbitrator(s), upon a
showing of good cause, may extend the commencement of the hearing for up
to an additional 60 days. The arbitrator(s) shall provide a concise

32

		
	 	written statement of reasons for the award. The arbitration award
may be submitted to any court having jurisdiction to be confirmed and
enforced.

		
	 	      (e) The arbitrator(s) will have the authority to decide whether any
Claim is barred by the statute of limitations and, if so, to dismiss the
arbitration on that basis. For purposes of the application of the statute
of limitations, the service on J.A.M.S. under applicable J.A.M.S. rules of
a notice of claim is the equivalent of the filing of a lawsuit. Any
dispute concerning this arbitration provision or whether a Claim is
arbitrable shall be determined by the arbitrator(s). The arbitrator(s)
shall have the power to award legal fees pursuant to the terms of this
Agreement.

    (f) This paragraph does not limit the right of the Borrower or the Bank
to: (i) exercise self-help remedies, such as but not limited to, setoff, (ii)
initiate judicial or nonjudicial foreclosure against any real or personal
property collateral, (iii) exercise any judicial or power of sale rights, or
(iv) act in a court of law to obtain an interim remedy, such as but not
limited to, injunctive relief, writ of possession or appointment of a receiver,
or additional or supplementary remedies.

		
	 	      (g) The procedure described above will not apply if the Claim, at the
time of the proposed submission to arbitration, arises from or relates to
an obligation to the Bank secured by real property located in California.
In this case, both the Borrower and the Bank must consent to submission of
the Claim to arbitration. If both parties do not consent to arbitration,
the Claim will be resolved as follows: The Borrower and the Bank will
designate a referee (or a panel of referees) selected under the auspices
of J.A.M.S. in the same manner as arbitrators are selected in J.A.M.S.
administered proceedings. The designated referee(s) will be appointed by a
court as provided in California Code of Civil Procedure Section 638 and
the following related sections. The referee (or the presiding referee of
the panel) will be an active attorney or a retired judge. The award that
results from the decision of the referee(s) will be entered as a judgment
in the court that appointed the referee, in accordance with the provisions
of California Code of Civil Procedure Sections 644 and 645.

		
	 	      (h) The filing of a court action is not intended to constitute a
waiver of the right of the Borrower or the Bank, including the suing
party, thereafter to require submittal of the Claim to arbitration.

		
	 	      (i) By agreeing to binding arbitration, the parties irrevocably and
voluntarily waive any right they may have to a trial by jury in respect of
any claim. Furthermore, without intending in any way to limit this
agreement to arbitrate, to the extent any claim is not arbitrated, the
parties irrevocably and voluntarily waive any right they may have to a
trial by jury in respect of such claim. This provision is a material
inducement for the parties entering into this Agreement.

      10.5 Severability; Waivers. If any part of this Agreement is not
enforceable, the rest of the Agreement may be enforced. The Bank retains all
rights, even if it makes a loan after default. If the Bank waives a default,
it may enforce a later default. Any consent or waiver under this Agreement
must be in writing.

      10.6 Attorneys’ Fees. The Borrower shall reimburse the Bank for any
reasonable costs and attorneys’ fees incurred by the Bank in connection with
the enforcement or preservation of any rights or remedies under this Agreement
and any other documents executed in connection with this Agreement, and in
connection with any amendment, waiver, “workout” or restructuring under this
Agreement. In the event of a lawsuit or arbitration proceeding, the prevailing
party is entitled to recover costs and reasonable attorneys’ fees incurred in
connection with the lawsuit or arbitration proceeding, as determined by the
court or arbitrator. In the event that any case is commenced by or against the
Borrower under the Bankruptcy Code (Title 11, United States Code) or any
similar or successor statute, the Bank is entitled to recover costs and
reasonable

33

 attorneys’ fees incurred by the Bank related to the preservation,
protection, or enforcement of any rights of the Bank in such a case. As used
in this paragraph, “attorneys’ fees” includes the costs of the Bank’s in-house
counsel.

      10.7 One Agreement. This Agreement and any related security or other
agreements required by this Agreement, collectively:

		
	 	      (a) represent the sum of the understandings and agreements between
the Bank and the Borrower concerning this credit;

		
	 	      (b) replace any prior oral or written agreements between the Bank and
the Borrower concerning this credit; and

		
	 	      (c) are intended by the Bank and the Borrower as the final, complete
and exclusive statement of the terms agreed to by them.

In the event of any conflict between this Agreement and any other agreements
required by this Agreement, this Agreement will prevail.

      10.8 Indemnification. The Borrower will indemnify and hold the Bank
harmless from any loss, liability, damages, judgments, and costs of any kind
relating to or arising directly or indirectly out of (a) this Agreement or any
document required hereunder, (b) any credit extended or committed by the Bank
to the Borrower hereunder, and (c) any litigation or proceeding related to or
arising out of this Agreement, any such document, or any such credit. This
indemnity includes but is not limited to attorneys’ fees (including the costs
of in-house counsel). This indemnity extends to the Bank, its parent,
subsidiaries and all of their directors, officers, employees, agents,
successors, attorneys, and assigns. This indemnity will survive repayment of
the Borrower’s obligations to the Bank. All sums due to the Bank hereunder
shall be obligations of the Borrower, due and payable immediately without
demand.

      10.9 Confidentiality. The Bank shall hold all nonpublic information
obtained pursuant to the requirements of this Agreement from the Borrower in
accordance with such Bank’s customary procedures for handling confidential
information of this nature and in accordance with safe and sound lending
practices, and shall use such nonpublic information only in connection with the
negotiation, execution, administration, enforcement, assignment and
participation of the transactions contemplated hereunder and the matters
contemplated hereby and by the other loan documents or in connection with other
business now or hereafter existing or contemplated with the Borrower or any of
its Subsidiaries, provided that the Bank in any event may make disclosure (a)
if such information was or becomes generally available to the public other than
by disclosure by the Bank, (b) was or becomes available on from a
non-confidential basis from a source other than the Borrower, (c) to any of its
legal or financial advisors or as reasonably required by a bona fide offeree,
transferee or participant in connection with any contemplated transfer or
participation or any recipient reasonably acceptable to the Borrower or as
required or requested by an governmental or regulatory agency or representative
thereof or pursuant to legal process or other requirement of law or order or as
reasonably required in any litigation to which the Bank is a party, (d) to the
extent reasonably required in connection with the enforcement of this Agreement
or any other loan document and (e) to their affiliates, so long as any such
legal or financial advisor, offeree, transferee or participant or other
approved recipient shall be made aware of the provisions of this Section 10.9
and shall undertake to comply (and undertake to each of any of its offerees,
transferees or participants or other approved recipient to comply) with this
Section 10.9.

      10.10 Notices. All notices required under this Agreement shall be
personally delivered or sent by first class mail, postage prepaid, to the
addresses on the signature page of this Agreement, or to such other addresses
as the Bank and the Borrower may specify from time to time in writing.

34

      10.11 Headings. Article and paragraph headings are for reference only and
shall not affect the interpretation or meaning of any provisions of this
Agreement.

      10.12 Counterparts. This Agreement may be executed in as many
counterparts as necessary or convenient, and by the different parties on
separate counterparts each of which, when so executed, shall be deemed an
original but all such counterparts shall constitute but one and the same
agreement.

This Agreement is executed as of the date stated at the top of the first page.

	 	 	 
	Bank of America, N.A		
Global Vacation Group, Inc.
	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	By: /s/ Laksmi
Wolterding		
By: /s/ Ronald M. Letterman
	Name: Lakshmi Wolterding		
Name: Ronald M. Letterman
	
	
	
	

	Title: Vice President		
Title: President and CEO
	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	
	
	
	

	Address where notices to		
Address where notices to
	
	
	
	

	the Bank are to be sent:		
the Borrower are to be sent:
	
	
	
	

	125 South Market Street		
One North First Street
	
	
	
	

	San Jose, CA 95113		
San Jose, CA 95113

35<PAGE>   1

                                                                     EXHIBIT 4.1

                 ETABLISSEMENTS DELHAIZE FRERES ET CIE "LE LION"
                 In Dutch GEBROEDERS DELHAIZE EN CIE "DE LEEUW"
                       Public company ("Societe Anonyme")
                    at Molenbeek-Saint-Jean, rue Osseghem 53
                     Trade Register of Brussels number 8831.
                     Value Added Tax number BE 402.206.045.

        Coordination of the Articles of Association as of April 25, 2001.

                       PART ONE - CHARACTER OF THE COMPANY

ARTICLE ONE -- FORM AND CORPORATE NAME

The company is a public company ("societe anonyme") calling or having called for
public savings. Its corporate name is "ETABLISSEMENTS DELHAIZE FRERES ET Cie "LE
LION"", in Dutch "GEBROEDERS DELHAIZE EN Cie "DE LEEUW"".

ARTICLE TWO -- CORPORATE PURPOSE

The corporate purpose of the company is the trade of durable or non-durable
merchandise and commodities, of wine and spirits, the manufacture and sale of
all articles of mass consumption, household articles, and others, as well as all
service activities.

The company may carry out in Belgium or abroad all industrial, commercial,
movable, real estate, or financial transactions that favor or expand directly or
indirectly its industry and trade.

It may acquire an interest, by any means whatsoever, in all businesses,
corporations, or enterprises with an identical, similar or related corporate
purpose or which favor the development of its enterprise, acquire raw materials
for it, or facilitate the distribution of its products.

ARTICLE THREE -- REGISTERED OFFICE

The registered office is located at Molenbeek-Saint-Jean, rue Osseghem 53.

It may be transferred to any other location in Belgium by simple decision of the
board of directors.

The company may, by simple decision of the board of directors, establish
administrative offices, branches, workshops, agencies, and seats in Belgium or
elsewhere.

Any change of the registered office is published in the annexes of the Belgian
State Gazette at the initiative of the board of directors.

<PAGE>   2

                                      -2-

                                    Articles of association as of April 25, 2001

ARTICLE FOUR -- DURATION

The duration of the company is unlimited.

The shareholders meeting may decide to wind up the company in compliance with
the procedure applicable for amending the articles of association.

                            PART TWO - SHARE CAPITAL

ARTICLE FIVE -- CAPITAL

The corporate share capital amounts to forty-six millions one hundred seven
thousand six hundred thirty-five euros (EUR 46,107,635,-).

It is divided into 92,215,270 ordinary shares, without nominal value,
representing each 1/92,215,270th of the company assets.

Multiple certificates representative of several ordinary shares may be issued.

The shareholders meeting may decide to split company shares at any time in
compliance with the procedure applicable for amending the articles of
association.

ARTICLE SIX -- HISTORY

1. The company was incorporated with an initial share capital amounting to one
hundred six millions two hundred forty-four thousand six hundred and forty
francs, represented by twenty-nine thousand eight hundred forty-four shares
without nominal value.

2. On March 22, 1962, the general meeting decided to increase the share capital
up to two hundred fifty millions francs, represented by four hundred eighty
thousand shares without nominal value, as recorded in minutes drafted by Mr.
Jacques Van Wetter, Notary in Ixelles.

The initial assets of the public company ("societe anonyme") consisted of all
the properties of private company with limited liability of the shareholders
("societe de personnes a responsabilite limitee") transformed into a public
company, as evaluated on the ground of the balance sheet of the latter company
established on December 31, 1961 after distribution of 1961 profits.

The share capital increase was subscribed to and paid up with cash contribution
in circumstances further detailed in the minutes.

<PAGE>   3
                                      -3-

                                    Articles of association as of April 25, 2001

3. On May 25, 1967, the general meeting decided to increase the share capital up
to two hundred and sixty-two millions five hundred thousand francs by
incorporation of reserves or of capital gains, represented by five hundred four
thousand shares without nominal value, as recorded in minutes drafted by Mr.
Jacques Van Wetter, Notary in Ixelles.

As a result, of such share capital increase, twenty-four thousand new shares
were issued and allotted to existing shareholders, each holder of twenty
existing shares receiving one new share without issue of split share.

4. On May 22, 1969, the general meeting decided to increase the share capital up
to two hundred and seventy-five millions six hundred twenty five thousand francs
by incorporation of reserves or of capital gains, represented by five hundred
twenty-nine thousand two hundred shares without nominal value, as recorded in
minutes drafted by Mr. Jacques Van Wetter, Notary in Ixelles.

As a result, of such share capital increase, twenty-five thousand two hundred
new shares were issued and allotted to existing shareholders, each holder of
twenty existing shares receiving one new share without issue of split share.

5. On May 24, 1973, the general meeting decided to increase the share capital up
to two hundred and eighty-nine millions four hundred six thousand two hundred
and fifty francs by incorporation of reserves or of capital gains, represented
by five hundred fifty-five thousand six hundred sixty shares without nominal
value, as recorded in minutes drafted by Mr. Andre van der Vorst, Notary in
Ixelles.

As a result, of such share capital increase, twenty-six thousand four hundred
sixty new shares were issued and allotted to existing shareholders, each holder
of twenty existing shares receiving one new share without issue of split share.

6. On May 26, 1977, the general meeting decided to increase the share capital
twice in the following way, as recorded in minutes drafted by Mr. Andre van der
Vorst, Notary in Ixelles:

      -  A first raise of fourteen millions four hundred seventy thousand three
         hundred thirteen francs, to the increase share capital up to three
         hundred and three millions eight hundred seventy-six thousand five
         hundred and sixty-three francs by incorporation of reserves or of
         capital gains.

         As a result, of such share capital increase, twenty-seven thousand
         seven hundred eighty-three new shares were issued and freely allotted
         to existing shareholders, each holder of twenty existing shares
         receiving one new share without issue of split share.

      -  A second raise of one hundred ninety-six millions one hundred
         twenty-three thousand four hundred thirty-seven francs, to increase the
         share capital up to five hundred millions by incorporation of reserves
         or capital gains without issue of new shares.

7. On December 27, 1979, the general meeting decided, as recorded in minutes
drafted by Mr. Andre van der Vorst, Notary in Ixelles:

      -  to divide the five hundred eighty-three thousand four hundred
         forty-three shares existing at that time by way of exchange requiring
         the issue of three new shares for each existing share and to authorize
         the issue of multiple receipts evidencing several new shares;

<PAGE>   4

                                      -4-

                                   Articles of association as of April 25, 2001

      -  to raise the share capital by contribution in cash amounting to
         eighty-five millions six hundred ninety-eight thousand one hundred
         seventy-five francs, to increase it from five hundred millions francs
         up to five hundred eighty-five millions six hundred ninety-eight
         thousand one hundred seventy-five francs with the issue of three
         hundred new shares without nominal value. Such shares were issued at
         the unit price of one thousand four hundred francs and offered to
         public subscription in circumstances further detailed in the minutes;

      -  to raise the share capital a second time, in order to increase it from
         five hundred eighty-five millions six hundred ninety-eight thousand one
         hundred seventy-five francs to one billion francs by incorporation of
         the share premium, i.e. three hundred thirty-four millions three
         hundred one thousand eight hundred twenty-five francs, of fifty-six
         millions nine hundred thirty thousand four hundred forty-six francs
         withheld from immune reserves accounts and of twenty-three millions
         sixty-nine thousand five hundred fifty-four francs withheld from an
         available reserve account, without issue of new shares.

8. On May 22, 1986, the general meeting decided to divide the two millions fifty
thousand three hundred twenty-nine shares without nominal value existing at that
time by way of exchange requiring the issue of five new shares for each existing
share and to authorize the issue of multiple receipts evidencing several new
shares, as recorded in minutes drafted by Mr. Andre van der Vorst, Notary in
Ixelles.

9. On May 27, 1992, the general meeting decided to divide the ten millions two
hundred fifty-one thousand six hundred forty-five shares without nominal value
existing at that time by way of exchange requiring the issue of five new shares
for each existing share, as recorded in minutes drafted by Mr. Andre van der
Vorst, Notary in Ixelles.

10. As a result of the exercise of the warrants detached from bonds issued by
the board of directors within the authorized share capital on May 23, 1990, the
share capital was raised by:

      1. three hundred eighty-eight thousand francs as recorded in the minutes
      drafted on July 27, 1992;

      2. one hundred twenty-three thousand eight hundred francs as recorded in
      the minutes drafted on October 26, 1992;

      3. eighteen thousand francs as recorded in the minutes drafted on July 23,
      1993;

      4. fifty-five thousand francs as recorded in the minutes drafted on
      January 25, 1994;

      5. eighty-three thousand francs as recorded in the minutes drafted on
      April 25, 1994;

      6. forty-six thousand francs as recorded in the minutes drafted on October
      25, 1994;

      7. twenty-four thousand francs as recorded in the minutes drafted on
      January 24, 1995;

<PAGE>   5

                                      -5-

                                   Articles of association as of April 25, 2001

      8. three hundred and eighty-eight thousand francs as recorded in the
      minutes drafted on July 26, 1995;

      9. one million seventy-seven thousand seven hundred francs as recorded in
      the minutes drafted on January 25, 1996;

      10. six millions nine hundred seventy-two thousand five hundred francs as
      recorded in the minutes drafted on April 26, 1996;

11. As a result of the exercise of the warrants attached to bonds issued by the
board of directors within the authorized share capital on June 19, 1996, the
share capital was raised by:

      1. three millions eight hundred and sixteen thousand francs as recorded in
      the minutes drafted on June 26, 1998;

      2. six hundred and fourteen thousand francs as recorded in the minutes
      drafted on September 24, 1998;

      3. four hundred eighty-two thousand francs as recorded in the minutes
      drafted on December 24, 1998;

      4. six hundred sixty thousand francs as recorded in the minutes drafted on
      June 25, 1999;

      5. two hundred forty thousand francs as recorded in the minutes drafted on
      September 23, 1999;

      6. one hundred eighty-six thousand francs as recorded in the minutes
      drafted on December 24, 1999;

      7. one hundred sixty-four thousand francs as recorded in the minutes
      drafted on June 23, 2000;

      8. one hundred thirty-two thousand francs as recorded in the minutes
      drafted on September 25, 2000;

      9. two thousand two hundred euros as recorded in the minutes drafted on
      April 25, 2001;

12. On December 15, 2000, the general meeting decided to increase the share
capital up to one billion forty-nine millions four hundred seventy-seven
thousand two hundred ninety-one coma sixty-six francs by incorporation of
reserves and to convert such share capital into twenty-six millions fifteen
thousand eight hundred sixty-two Euros and fifty Cents, as recorded in minutes
drafted by Mr. Benedikt van der Vorst, Notary in Ixelles.

13. Pursuant to the minutes drafted by the Notary Benedikt van der Vorst in
Brussels on April 25, 2001, the share capital has been increased up to an amount
of forty-six millions one hundred five thousand four hundred thirty-five euros
(EUR 46,105,435,-).

<PAGE>   6

                                      -6-

                                   Articles of association as of April 25, 2001

ARTICLE SEVEN -- INDIVISIBILITY OF SHARES

The shares are indivisible and the company recognizes only one owner per share.

If there are joint owners of a share, the company is entitled to suspend the
exercise of the rights vested in this share until such time as one person has
been appointed in writing by all the co-owners to exercise those rights.

The rights vested in shares, which are subject to usufruct or pledge are
exercised respectively by the usufructuary and the owner who has pledged them
unless an agreement to the contrary is signed by all interested parties and
notified to the company.

ARTICLE EIGHT -- MODIFICATION OF SHARE CAPITAL

The shareholders meeting may decide to increase or decrease the share capital in
one or several times in compliance with the procedure provided for by legal
provisions in force.

The board of directors determines the rate and conditions of issuance of new
shares in the event of a share capital increase.

Should the board of directors decide to issue new shares without mention of
nominal value below the par value of the existing shares, such character must be
mentioned in the convening notice to the shareholders meeting.

Should the share capital be increased with an issue premium, the amount of such
premium must be fully paid up upon subscription.

Should the share capital be increased by contributions in cash, the holders of
convertible bonds or of subscription rights may respectively convert their bonds
or exercise their subscription right and possibly benefit from the issuance of
new shares as though they were shareholders, provided such benefit is granted to
existing shareholders.

The board of directors may, at its own discretion, enter into any agreement
providing for the subscription of all or part of the new shares to be issued,
safe for the application of the preemptive rights.

In case of share capital increase, the new shares to be subscribed in cash must
be offered by preference to existing shareholders in proportion to the number of
shares that each one of them owns and in accordance with legal provisions in
force.

However, such preemptive right may be limited or withdrawn by the shareholders
meeting, acting in the interest of the company, in compliance with the procedure
provided for amending the articles of association.

<PAGE>   7
                                      -7-

                                    Articles of association as of April 25, 2001

In such case, a specific mention of this proposal must be made in the convening
notice to the meeting, and the board of directors and the statutory auditor or,
in his absence, a certified public accountant appointed by the board of
directors, must draft the reports provided for by legal provisions in force.
These reports must be deposited at the office of the competent tribunal of
commerce, mentioned in the agenda and communicated to the shareholders.

ARTICLE NINE -- AUTHORIZED CAPITAL

A. The board of directors is authorized to increase the share capital in one or
several times up to the amount of twenty-six millions fifteen thousand eight
hundred and sixty-two euros fifty cents (Eur. 26,015,862.50) on the dates and
pursuant to the terms decided by the board of directors for a period of five
years as from the date of publication of this authorization in the Official
Gazette.

This authorization is renewable according to the terms provided for by law.

The Board is authorized to increase the capital as mentioned above, by
contributions in cash or, to the extent permitted by law, by contributions in
kind, or by incorporation of the available or unavailable reserves or of the
issuance premium account. In the latter cases, such increase may occur with or
without issuance of new shares.

The increase of the share capital may also be achieved by the issuance of
convertible bonds or subscription rights - whether or not attached to other
securities - which may cause the creation of new shares in compliance with the
legal provisions in force.

In case of a share capital increase, the board of directors is authorized to
limit or revoke, in the interest of the company, the preferential right provided
for by legal provisions in force, including rights in favor of one or more
specific individuals, whether or not employees of the company or of its
subsidiaries.

To the extent permitted by law, the board of directors is even authorized to
increase the share capital after it has received notice of a public take-over
bid relating to the company. In such a case, the board of directors is
especially authorized to limit or revoke the preferential right of the
shareholders in favor of specific individuals. Such authorization is granted to
the board of directors for a period of three years from the date of the
extraordinary shareholders meeting of December 15th, 2000. It may be renewed on
the terms provided for by law.

B. Whenever the share capital increase decided by the board of directors
involves an issuance premium, the amount of such premium is, after possible
deduction of costs, allocated to a blocked account which constitutes, together
with the share capital, the guarantee of third parties and may only be reduced
or suppressed by decision of the shareholders meeting under the quorum and
majority requirements provided for a decrease in capital, without prejudice to
the board of directors' ability to incorporate said account into the share
capital by virtue of aforementioned item A.

<PAGE>   8

                                      -8-

                                    Articles of association as of April 25, 2001

ARTICLE NINE, BIS -- ACQUISITION, PLEDGE AND TRANSFER OF OWN SHARES.

The company may acquire or hold in pledge its own shares and transfer the shares
that it may have acquired in compliance with legal provisions in force.

The board of directors is authorized to acquire company's shares, on its behalf,
when it is necessary in order to prevent serious and imminent damage to the
company. Such authorization is granted for a period of three years as from the
date of publication of the present authorization in the Appendix of the Belgian
Official Gazette.

The board of directors is also authorized to transfer own shares previously
acquired by the company when such transfer is necessary to avoid serious and
imminent damage to the company in compliance with legal provisions in force.
Such authorization is granted for a period of three years as from the date of
publication of this authorization in the Appendix of the Belgian Official
Gazette.

Such authorizations are renewable for three years terms.

The Board is likewise authorized to transfer, in accordance with legal
provisions in force, own shares acquired by the company, without prior
authorization from the shareholders meeting.

Acquisitions and transfers of company's shares are also authorized if made by
the company's direct subsidiaries, as provided by legal provisions in force
relating to acquisitions of mother company's shares by subsidiaries.

ARTICLE TEN -- CALLS OF FUNDS

No transfer of shares that have not been fully paid up will occur unless the
transferee has been previously approved of by the board of directors.

The board of directors may call funds relating to shares not fully paid up at
its own discretion.

If a shareholder fails to pay called funds one month after he is sent a notice
by registered mail, he will be required to pay an interest equal to the legal
interest rate as from the day of the due date.

If the shareholder further fails to pay called funds one month after he is sent
a second notice, the board of directors may declare the forfeiture of such
shareholder and have his securities sold on the stock exchange, via the agency
of an investment company or a credit institution, without prejudice to the right
to claim the sum overdue, as well as damages and interest.

The voting rights pertaining to unpaid shares are automatically suspended so
long as called payments duly made and claimable have not been made.

<PAGE>   9

                                      -9-

                                    Articles of association as of April 25, 2001

ARTICLE ELEVEN -- NATURE OF THE SECURITIES

Securities are in bearer form, unless otherwise provided for by law. Bearer
shares bear the signature of two directors at least; those signatures may be
replaced by stamps.

They may be converted into registered securities at the request and expense of
their holder.

                   PART THREE -- ADMINISTRATION AND AUDITING

ARTICLE TWELVE -- COMPOSITION OF THE BOARD OF DIRECTORS

The company is managed by a board consisting of at least three members, whether
shareholders or not, individual or legal entity, appointed for a maximum term of
six years by the shareholders meeting of the shareholders and, at all times,
revocable by the latter.

The director that is a legal entity notifies to the company the identity of the
individual and, as the case may be, of its substitute, appointed to represent
such legal entity permanently at the meetings of the board of directors. Without
prejudice to article 16, such individual may not be chosen among the directors
of the company

Outgoing directors may be reelected.

The term of outgoing yet not elected directors ceases immediately after the
shareholders meeting convened to elect their possible successor.

ARTICLE THIRTEEN -- VACANCY

Should there be one or several vacancies among directors before the end of a
term as a result of death, resignation or any other cause, all remaining
directors are authorized to fill the vacancy temporarily.

In such case, the shareholders meeting provides for the definitive election upon
its first meeting.

The director appointed in the aforementioned circumstances completes the term of
the director he is replacing.

<PAGE>   10

                                      -10-

                                   Articles of association as of April 25, 2001

ARTICLE FOURTEEN -- CHAIRMANSHIP

The board of directors elects a chairman and, possibly, a vice-chairman among
its members.

ARTICLE FIFTEEN -- MEETINGS

The board of directors meets when convened by its chairman and under its
chairmanship or, if the latter is unable to attend, of the vice-chairman as the
case may be, or of a director appointed by his peers.

The board meets every time required by the interest of the company or whenever
requested by two directors.

Meetings will take place at the location indicated in the notice.

Notices of the meetings of the board of directors are properly given notably in
writing, by fax, by electronic mail or by phone.

When necessary, the Board meeting may take place by conference call or any other
means of communication. In such case, it is deemed to take place at the
registered office.

Notice must be made three days in advance safe in case of emergency, which must
be justified in the minutes.

In case of emergency, decisions of the board of directors may be adopted in
writing by unanimity of directors, to the extent permitted by law.

ARTICLE SIXTEEN -- DELIBERATION

The board of directors may only deliberate and resolve if half of its members at
least are present or represented.

Any director who is excused or absent may authorize one of his peers in writing
or by telegram, telex or any other form of written reproduction to represent him
at Board meetings and to vote on his behalf. In such case, the represented
director is deemed present.

However, no director may represent more than one director at a time.

Decisions of the board of directors are adopted by majority vote.

<PAGE>   11

                                      -11-

                                   Articles of association as of April 25, 2001

In case of equality of vote casts, the vote of the chairman of the meeting is
conclusive.

In case of conflict of interests, the directors will comply with legal
provisions in force.

If, during a board of directors meeting complying with the quorum requirement
set forth above, one or more present or represented directors must abstain as a
result of the above paragraph, resolutions are validly adopted by a majority
vote of the other present or represented directors.

ARTICLE SEVENTEEN -- MINUTES

The deliberations of the board of directors are recorded in minutes signed by a
majority of directors participating to the meeting.

Such minutes are recorded in a special register.

Proxies are attached thereto.

Copies or extracts to be presented in court or elsewhere are signed by the
chairman or the vice-chairman, as the case may be, or by two directors.

ARTICLE EIGHTEEN -- POWERS OF THE BOARD

The board of directors is vested with the broadest powers to accomplish all
necessary or useful acts, in order to achieve the purpose of the company.

It is empowered to carry out any act that is not reserved by law to the
shareholders meeting.

It is notably empowered to conclude any loan by means of credit or otherwise,
even by issuance of bonds, provided that they are neither convertible nor with a
subscription right attached, unless expressly authorized to do so by the
shareholders meeting in compliance with legal provisions in force.

ARTICLE NINETEEN -- DELEGATION OF POWER

The board of directors may entrust the day to day management of the company and
its representation relating to such management to one or several directors,
whether they bear the title of managing director or not, or to several officers,
whether chosen among the company's staff or not, that may be granted fix or
proportional pay to be charged on the general expenses of the company. Such
management includes notably the hiring, dismissal and determination of wage of
staff members.

<PAGE>   12

                                      -12-

                                   Articles of association as of April 25, 2001

Such pays, as well as all other terms, notably any severance pay, must be
provided for in a special contract approved of by the board of directors, all
directors in charge of a permanent position in the company abstaining.

Nonetheless, the board of directors approves of the hiring, appointment, and
dismissal of company officers in charge of the corporate and financial policy of
the company, on proposal of the managing directors if any.

The Board is authorized to mandate certain directors or other individuals for
specific deeds. The proxy holder binds the company within terms of his or her
proxy.

The board of directors determines the powers attached to any proxy.

ARTICLE TWENTY -- OTHER POSITION

Managing directors or officers are barred from accepting another managing or
administrative position, whether remunerated or not, from any other entity or
company, unless especially authorized by the board of directors.

A director or officer may consider a position of director for another company
only to the extent such position would not prejudice his duties for the benefit
of the company, which must remain effective and effective at all times.

ARTICLE TWENTY-ONE -- OTHER REMUNERATED POSITIONS

Should a director or any other proxy holders of the company be commissioned in
order to represent the company with another entity or company, the pays and
advantages relating to such position lead to a proportional reduction of his/her
wages.

ARTICLE TWENTY-TWO -- AUDITING

Control over the company must be entrusted to one or more auditors. They are
appointed for a renewable three years term and may be revoked by a shareholders
meeting.

Auditors are chosen among the members, whether natural persons or legal
entities, by the Institute for company auditors [Institut des Reviseurs
d'Entreprises].

The shareholders meeting determines the number of auditors and their
remuneration.

<PAGE>   13
                                      -13-

                                   Articles of association as of April 25, 2001

If there are no auditors or if all auditors are unable to perform their duties,
the board of directors immediately convenes a shareholders meeting in order to
have new auditors appointed.

ARTICLE TWENTY-THREE -- DUTIES OF AUDITORS

Auditors have jointly or individually an unlimited right to audit the financial
situation and the balance sheet and to control whether the operations recorded
in the annual accounts are in compliance with the legal provisions in force and
the articles of association. They are entitled to be provided at any time,
access to or have sent to them the books, correspondence, minutes, and,
generally, all of the documents of the company.

Every six months at least, directors must provide them with an accounting
statement drafted in compliance with the scheme required for balance sheets and
profit and loss accounts.

Auditors must draft a detailed and written report containing all indications
required by law to the attention of the ordinary shareholders meeting.

Auditors may be assisted at their own expense by employees or other persons for
whom they are responsible.

ARTICLE TWENTY-FOUR -- LIABILITY

The directors and auditors will bear no personal liability relating to company
commitments.

They are responsible with respect to their office and to any errors committed in
the course of their management in compliance with legal provisions in force.

ARTICLE TWENTY-FIVE -- INDEMNITY

The shareholders meeting may grant directors, whether they are members of any
permanent committee or not, a fixed or proportional pay to be charged on general
expenses.

Auditors' remuneration consists of a fixed sum determined by the shareholders
meeting at the time of appointment.

Such remuneration may only be modified by unanimous consent of all parties.

<PAGE>   14

                                      -14-

                                   Articles of association as of April 25, 2001

ARTICLE TWENTY-SIX -- REPRESENTATION

The company is represented with respect to all deeds, including those involving
a public servant or a ministerial officer, and in court by two directors acting
jointly. Such directors are not required to evidence a prior decision by the
board of directors vis-a-vis third parties.

However, two directors may also authorize any person of their choice to perform
an isolated, described, and determined act with regard to third parties.

                        PART FOUR -- SHAREHOLDERS MEETINGS

ARTICLE TWENTY-SEVEN -- COMPOSITION AND POWERS

The shareholder meeting, when regularly constituted, represents all of the
company's shareholders.

It is empowered to carry out or ratify all acts performed in the interest of the
company.

It consists of holders of ordinary shares that are entitled to vote either in
person or by proxy in compliance with legal provisions in force.

Decisions adopted by the shareholders meeting bind all shareholders, even those
who were absent or dissident.

ARTICLE TWENTY-EIGHT -- MEETING

The ordinary meeting automatically takes place on the fourth Thursday of May at
3 p.m.

If that date is a public holiday, the meeting takes place on the preceding or
following working day.

An extraordinary meeting may be convened every time it is in the company's
interest. It must be convened at the request of shareholders providing they own
altogether one fifth of shares.

In the latter case, the shareholders will indicate in their request the items to
be included on the agenda, and the board of directors or the college of auditors
must convene a shareholders meeting within six weeks as from the request.

<PAGE>   15

                                      -15-

                                   Articles of association as of April 25, 2001

Ordinary and extraordinary shareholders meeting will take place in one of the
districts of the city of Brussels at the location indicated in the notice.

ARTICLE TWENTY-NINE -- NOTICE

Shareholders meeting, whether ordinary or extraordinary, will meet on notice of
the board of directors or of the college of auditors.

The notice contains the agenda and complies with the formal requirement and the
calendar imposed by legal provisions in force.

The agenda of notices to the ordinary shareholders meeting must include the
following items: discussion on the management and auditors reports, discussion
on the annual accounts, discharge of directors and auditors, re-election and
replacement of outgoing or missing directors and auditors.

ARTICLE THIRTY -- DEPOSIT OF SECURITIES

In order to be admitted to shareholders meeting, registered shareholders must
notify their intention to exercise their rights at the meeting, to the board of
directors no later than four working days before such meeting.

The holders of shares in the bearer form must deposit their securities at the
registered office of the company or at one of the institutions indicated in the
notice in the same timeframe.

The holders of bonds may attend the meeting, yet in an advisory capacity only,
if they have deposited their securities in accordance with this article.

ARTICLE THIRTY-ONE -- REPRESENTATION

All holders of securities entitled to vote may be represented by a proxy at the
shareholders meeting.

However, minors, certified persons, private individuals, and companies may be
represented by their legal or statutory bodies that, in turn, may be represented
by a proxy. Spouses are entitled to represent one another.

The board of directors may decide the proxy formula and demand that it be
deposited at the indicated location no later than four working days before the
meeting.

<PAGE>   16

                                      -16-

                                   Articles of association as of April 25, 2001

ARTICLE THIRTY-TWO -- OFFICE

All shareholders meetings are chaired by the chairman of the board of directors
or, should he not attend, by the vice-chairman if one was elected, by a managing
director or, in absence of the latter, by the eldest accepting attending
director.

The chairman appoints the secretary.

The meeting appoints two observers.

The attending directors complete the office.

ARTICLE THIRTY-THREE -- ADJOURNMENT

The chairman or a majority of directors may decide to adjourn any shareholders
meeting, whether ordinary or extraordinary for three weeks, even if no decision
on the balance sheet must be adopted.

In case of adjournment of a meeting, all decisions taken are cancelled.

Additional securities may be deposited in view of the second meeting.

ARTICLE THIRTY-FOUR -- NUMBER OF VOTES

Each share entitles its holder to cast one vote.

<PAGE>   17

                                      -17-

                                   Articles of association as of April 25, 2001

ARTICLE THIRTY-FIVE -- VOTES

The meeting may not vote on items that were not mentioned on the agenda.

Unless otherwise provided by legal provisions in force, decisions are adopted by
a majority of votes, irrespective of the amount of securities present or
represented at the meeting.

With respect to the appointment of directors or auditors, if no candidate is
elected by a majority of votes, a second ballot is organized between the two
candidates that obtained the highest amount of votes. In case of a tie in the
second ballot, the eldest candidate is elected.

Votes are cast by raising hands or by calling names, unless otherwise decided by
majority of shareholders.

An attendance list, that indicates the name of each shareholder and the amount
of securities it owns, is signed by each shareholder or its proxy before the
meeting starts.

ARTICLE THIRTY-SIX -- MINUTES

The minutes of shareholders meetings are signed by the officers of the meeting
and by any shareholders asking to do so.

Certified copies to be produced in court or elsewhere must be signed by two
directors.

            PART FIVE -- INVENTORY AND ANNUAL ACCOUNTS -- DISTRIBUTION

ARTICLE THIRTY-SEVEN -- INVENTORY AND ANNUAL ACCOUNTS

The fiscal year of the company begins on the first day of January and ends on
the thirty-first day of December.

On the thirty-first day of December of each year, directors draw up both annual
accounts and an inventory in conformity with the legal provisions in force.

Said annual accounts include the balance sheet, the profit and loss statement,
and the annex. They form a complete set.

<PAGE>   18

                                      -18-

                                   Articles of association as of April 25, 2001

These documents are drafted in accordance with the law on accounting and annual
accounts of companies, as well as with its decrees to the extent that the
company must comply with the latter and with the specific legal provisions in
force.

The management report is drafted in compliance with legal provisions in force.

The management report consists of an annual review aiming at informing
shareholders, and as the case may be, of an explanation on the projects adopted
during the year by the board of directors with respect to acquisition or
pledging by the company of its own securities, share capital increase within the
authorized capital, limitation or revocation of shareholders' preemptive rights,
issue of convertible bonds or of bonds with subscription right attached.

The auditors report reviews the audit methods, the book-keeping and the annual
accounts, determine whether the annual accounts fairly depict the company
assets, its financial situation, and its trading results, whether the management
report includes all required information and whether it tallies with the annual
accounts, whether the distribution of profit complies with the articles of
association and legal provisions in force and whether no project or decision
breaks the latter.

Fifteen days prior to the shareholders meeting, shareholders may obtain at the
registered office information about:

      1. the annual accounts;

      2. the list of government funds, shares, bonds, and other securities
         included in the portfolio;

      3. the list of shareholders who have not paid up their shares, with the
         number of shares they own and their domicile;

      4. the management report and the auditors' report.

The annual accounts and the management and auditors' reports are addressed to
registered shareholders with the notice to the general meeting.

Fifteen days before the meeting, all shareholders are entitled to obtain a copy
of the documents mentioned above free of charge upon production of their
security.

<PAGE>   19

                                      -19-

                                   Articles of association as of April 25, 2001

ARTICLE THIRTY-EIGHT -- VOTE ON ANNUAL ACCOUNTS

Shareholders meeting hears the management report and auditing report and
discusses the annual accounts.

Directors answer the questions asked by shareholders with respect to their
report or other items on the agenda.

Auditors answer the questions asked by shareholders with respect to their
report.

The ordinary shareholders meeting votes on the adoption of the annual accounts.

After adoption of the balance sheet, the meetings votes separately on the
discharge of directors and auditors.

Discharge is valid only if the balance sheet contains neither omission, nor
false indication concealing the company's genuine situation and, with respect to
actions undertaken in violation of the articles of association, only if they
have been especially indicated in the notice.

The management report, auditors' report, annual accounts, and all documents
stated in legal provisions in force, are deposited by the board of directors at
the National Bank of Belgium thirty days after they have been approved of by the
shareholders meeting.

ARTICLE THIRTY-NINE -- DISTRIBUTION

Five per cent at least of the net profit is transferred to a legal reserve fund.
When the accumulated legal reserve is equal to one tenth of the capital of the
company, it is no longer compulsory to transfer further percentages of the
profit to the said reserve.

On proposal of the board of directors, the shareholders meeting may decide to
assign sums determined by the latter to the creation of or the increase in
reserve funds or to a carried forward account or decide on a levy on available
reserves or on the carried forward account from previous years.

The balance is distributed to at the rate of ninety-seven and a half percent
"prorata temporis et liberationis" as dividends among all shares representing
share capital and at the rate of two and one half percent among directors of the
board who share this amount pursuant to their own agreement.

<PAGE>   20

                                      -20-

                                   Articles of association as of April 25, 2001

ARTICLE FORTY -- PAYMENT OF DIVIDENDS

Dividends are paid out annually at the places and on the days determined by the
Board of Directors.

The board of directors may decide under its own responsibility to pay interim
dividends to be charged on the profit of the current fiscal year and determine
the date of their payment, in compliance with legal provisions in force.

                     PART SIX -- DISSOLUTION -- LIQUIDATION

ARTICLE FORTY-ONE -- LIQUIDATION

The company may be wound up anticipatively at any time by a shareholders
meeting, voting as provided for amending the articles of association.

If, as a result of losses, the company's net assets amount to less than one half
of the share capital, a shareholders meeting must be convened within at most two
months as from the day where the loss was noticed or should have been noticed
pursuant to legal or statutory duties. Such meeting must vote in compliance with
the procedure provided for by legal provisions in force on, as the case may be,
on a possible liquidation of the company and if needed on other measures
mentioned in the agenda.

The board of directors duly justifies its propositions in a special report
available to shareholders at the registered offices of the company fifteen days
before the meeting.

If, as a result of losses, the company's net assets amount to less than one
fourth of the share capital, the liquidation takes place if it is approved of by
one fourth of the votes cast during the shareholders meeting.

When the net assets amount to less than the legal minimum share capital, any
interested party may seize the tribunal and ask for the liquidation of the
company.

<PAGE>   21

                                      -21-

                                   Articles of association as of April 25, 2001

ARTICLE FORTY-TWO -- WINDING-UP

Should the company be wound-up, what ever the cause or the time may be, the
liquidation is carried out by liquidators appointed by the shareholders meeting
and failing such appointment, by the board of directors in place at that time
acting as a liquidation comity.

To this end, it benefits from the broadest possible powers as authorized by
legal provisions in force.

The shareholders meeting determines the liquidators' remuneration.

During the liquidation of the company, auditors benefit from the same powers
vis-a-vis the liquidator(s) as those they have vis-a-vis the board of directors
pursuant to legal provisions in force.

ARTICLE FORTY-THREE -- SHARING AMONG SHAREHOLDERS

When all debts, charges and liquidation expenses have been settled, the net
assets are used to reimburse shares that are fully paid-up and not amortized.

If all share are not equally paid-up, the liquidators take such disparity into
account before sharing the net assets and reestablish a balance by putting all
share on an equal footing either by calling upon shareholders additional funds
or by reimbursing first such shares that have been paid up in a greater portion
in cash.

The balance is distributed equally among all shares.

                        PART SEVEN -- GENERAL PROVISIONS

ARTICLE FORTY-FOUR -- ELECTION OF DOMICILE

With respect to the execution of these articles of association, any registered
shareholder domiciled in a foreign country, unless it has elected a domicile in
Belgium, any director, auditor, liquidator hereby elects domicile at the
registered office of the company where all communications, notices may be made
or summons served.

<PAGE>   22

                                      -22-

                                   Articles of association as of April 25, 2001

ARTICLE FORTY-FIVE -- GENERAL  LAW

Parties agree to comply with legal provisions in force.

As a result, unless otherwise validly provided, applicable provisions of a law
are deemed to be written in these articles of association and all contrary
provisions in these articles of association are deemed to be erased.

PROVISIONAL MEASURE

1. Securities characterized as "parts sociales" at the time of issue by the
company must from now on be characterized as "actions". The corporate rights
attached thereto will not be modified.

2. The extraordinary general meeting of December fifteenth two thousand
authorized the board of directors to acquire shares of the company, on behalf of
the company, up to a maximum amount of ten per cent of the total number of
issued shares at a minimum unit price of one Euro (Eur. 1) and a maximum unit
price of one hundred and fifty Euros (Eur. 150) for a duration of eighteen
months as from the date of the extraordinary general meeting of December
fifteenth two thousand.

Such authorization also applies to the acquisition of shares by one or more of
its direct subsidiaries within the meaning of legal provisions in force relating
to the acquisition of shares of parent companies by their subsidiaries.

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