Document:

<PAGE>

                                                                   Exhibit 10.20

================================================================================

                                 LEASE AGREEMENT

                       Landlord: HEWITT PROPERTIES III LLC

                          Tenant: HEWITT ASSOCIATES LLC

                              as of April 22, 1999

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                            <C>
1.   [Reserved].............................................................................     1
2.   Term and Occupancy.....................................................................     1
3.   Rent...................................................................................     1
4.   Use....................................................................................     2
5.   Maintenance, Repairs and Replacements..................................................     2
6.   Alterations............................................................................     3
7.   Signs..................................................................................     4
8.   Utilities and Services.................................................................     4
9.   Compliance with Law....................................................................     4
10.  Landlord's Title, Authority and Quiet Enjoyment; Tenant's Authority....................     5
11.  Subordination..........................................................................     5
12.  Assignment and Sublease................................................................     5
13.  Lease Extension........................................................................     7
14.  Impositions............................................................................     7
15.  Insurance..............................................................................     9
16.  Destruction and Restoration............................................................    10
17.  Condemnation...........................................................................    12
18.  Default by Tenant......................................................................    15
19.  Landlord's Remedies....................................................................    16
20.  Notices................................................................................    17
21.  Brokerage..............................................................................    18
22.  Estoppel...............................................................................    18
23.  Hazardous Substances...................................................................    18
24.  Surrender..............................................................................    20
25.  Liens..................................................................................    20
26.  Interest...............................................................................    21
27.  Inspections............................................................................    21
28.  Transfer of Landlord's Interest........................................................    21
29.  Indemnity..............................................................................    21
30.  Modification of Lease..................................................................    22
31.  Choice of Law and Interpretation.......................................................    22
32.  Independent Covenant; Net Lease........................................................    22
33.  Entry by Landlord......................................................................    23
34.  Survival of Obligations................................................................    23
35.  Option to Purchase Demised Premises....................................................    23
36.  No Merger..............................................................................    24
</TABLE>

Exhibit A - Legal Description
Exhibit B - Schedule of Rents

                                       i

<PAGE>

         THIS LEASE AGREEMENT (this "Lease") is made as of the 22nd day of
April, 1999 between HEWITT PROPERTIES III LLC, an Illinois limited liability
company, having its principal office at 100 Half Day Road, Lincolnshire,
Illinois 60069 (the "Landlord"), and HEWITT ASSOCIATES LLC, an Illinois limited
liability company, having its principal office at 100 Half Day Road,
Lincolnshire, Illinois 60069 (the "Tenant").

                              W I T N E S S E T H:

Landlord, for and in consideration of the rents, covenants and agreements
hereinafter set forth on the part of Tenant to be paid, kept, observed and
performed does hereby lease unto Tenant, and Tenant does hereby take subject to
the conditions herein expressed, all those parcels of land consisting of
approximately 43 acres situated in Lincolnshire, Illinois, County of Lake and
legally described on Exhibit A attached hereto and made a part hereof (the
"Land"), together with all improvements located on or constructed thereon by
Landlord, which are hereinafter called "Landlord's Improvements." Landlord's
Improvements and all other improvements, machinery, building equipment, fixtures
and other property, real, personal or mixed (except Tenant's trade fixtures),
installed or located thereon, together with all additions, alterations and
replacements thereof are herein collectively, the "Improvements". The Land and
the Improvements are hereinafter collectively referred to as the "Demised
Premises." The parties acknowledge that contemporaneously herewith, Landlord is
issuing $40,000,000 of its Secured Credit Tenant Notes due 2014 (the "Notes")
pursuant to a Note Purchase Agreement (the "Note Agreement") which Notes and
obligations are secured in substantial part by the Lease. Capitalized terms not
otherwise defined herein shall have the meanings set forth in the Note
Agreement.

         1.   [Reserved]

         2. Term and Occupancy. The term of this Lease shall commence on the
date hereof (the "Commencement Date"), and shall end on the date which is the
twentieth (20th) anniversary of the Rent Commencement Date (the "Expiration
Date"), unless the term be extended or earlier terminated as provided herein.

         3.   Rent.

              A.  The annual base rental (the "Base Rent") is set forth on the
         Schedule of Rents attached hereto as Exhibit B. Base Rent shall be paid
         monthly, in arrears, in equal installments (except the first
         installment which is prorated), without offset or deduction commencing
         May 22, 1999 (the "Rent Commencement Date") and on the 22nd day of each
         month through the Expiration Date. Until advised in writing to the
         contrary by Landlord, Tenant shall pay all Base Rent, Additional Rent
         and all other amounts due Landlord hereunder to Harris Trust and
         Savings Bank, 311 West Monroe Street, Chicago, Illinois 60606, Attn:
         Indenture Trust Division.

         B.   Tenant at its option, upon notice as provided below may prepay
Base Rent, if in part, then in an amount sufficient to allow Landlord to prepay
the Notes in an aggregate principal

<PAGE>

amount of $5,000,000 or integral multiples of $100,000 in excess thereof,
together with accrued interest thereon, plus the Make-Whole Amount.

         Notice of prepayment of Base Rent shall be given to Landlord not less
than thirty (30) nor more than sixty (60) days before the date fixed for
prepayment (the "Optional Prepayment Date") and shall be accompanied by
certificate of Tenant certifying as to: (i) the Optional Prepayment Date, (ii)
the aggregate amount to be paid on such Optional Prepayment Date, (iii) the
portion thereof allocable to the prepayment of principal of the Notes by
Landlord, and (iv) the portion thereof allocable to payment of accrued interest
and Make-Whole Amount that Landlord would be required to pay if such prepayment
were made on the date notice is being given hereunder together with the detailed
calculations used in determining the Make-Whole Amount. In addition, promptly
upon becoming able to calculate the portion of the prepayment allocable to
Make-Whole Amount, Tenant shall provide notice to Landlord of its determination
of the amount of such portion. Any notice of prepayment so given, Tenant shall
be obligated to pay Landlord on such Optional Prepayment Date the amount
referred to above. Nothing in this paragraph shall relieve Tenant of its
obligation to pay accrued rent due and payable on any Optional Prepayment Date.

         C.  Upon any prepayment of Base Rent as provided herein or as required
under the Note Agreement, each installment of rent payable during the term shall
be reduced pro rata.

         4.  Use.

         The Demised Premises shall be used and occupied by Tenant as office and
parking space (the "Tenant's Use"). Landlord represents that the Demised
Premises are currently zoned to permit general office and parking use. In
addition, Tenant may use all or any part of the Demised Premises for any lawful
purpose incidental to Tenant's Use then permitted by local zoning ordinances and
the certificate of occupancy provided, however, Tenant may not use or occupy the
Demised Premises, or permit the Demised Premises to be used or occupied in such
a manner as to cause the value or usefulness of the Demised Premises, or any
part thereof, substantially to diminish.

         5.  Maintenance, Repairs and Replacements. During the term of this
Lease, Tenant shall, at Tenant's sole expense, keep the Demised Premises in good
working order, condition and repair as a first class office complex and in
compliance with all applicable laws and shall perform all maintenance thereof
and all necessary repairs and replacements thereto, interior and exterior,
structural and nonstructural, ordinary and extraordinary, foreseen or
unforeseen, of every nature, kind and description. When used in this paragraph,
"repairs" shall include all necessary replacements, renewals, alterations,
additions and betterments. If Tenant cannot keep the Demised Premises or any
portion thereof in good working order, condition and repair, then Tenant shall
replace the same in a first-class manner. Tenant shall comply with manufacturers
recommended schedules for warranty work. All repairs and replacements made by
Tenant shall be at least equal in quality to the original work and shall be made
by Tenant in accordance with all applicable laws. The necessity for or adequacy
of maintenance, repairs and

                                       2

<PAGE>

replacements shall be measured by the standards which are appropriate for
improvements of similar first class office construction.

         6.  Alterations.

         A.  Tenant shall have the right to make any alterations of and
additions to the Improvements (including alterations arising due to casualty or
condemnation), provided in all cases that no Events of Default exist hereunder
and such alterations shall (a) not reduce the gross square footage of the
Improvements, (b) not adversely affect the structural or systemic soundness of
the Improvements, (c) not adversely affect the fair market value of the Demised
Premises, (d) be undertaken with due diligence in a good and workmanlike fashion
consistent with the first class nature of the Demised Premises, (e) not violate
any law, regulation, restriction or requirements of this Lease, and (f) shall,
in the case of alterations, the estimated cost of which exceeds $1,000,000, be
under the supervision of architects/engineers reasonably satisfactory to
Landlord and any mortgagee pursuant to plans and specifications reasonably
approved by Landlord and any mortgagee. Tenant shall deliver to Landlord "as
built" working drawings of any alteration within sixty (60) days of completion
of construction thereof.

         B.  The cost of any alteration shall be paid for by Tenant so that the
Demised Premises and all portions thereof shall at all times be free of liens
for labor and materials supplied to the Demised Premises. The work of any
alteration shall be prosecuted with reasonable dispatch. Tenant shall obtain and
maintain, at its sole cost and expense, during the performance of such work,
worker's compensation insurance covering all persons employed in connection with
the work and with respect to which death or injury claims could be asserted
against Landlord or Tenant or against the Demised Premises or any interest
therein, together with comprehensive general liability insurance for the mutual
benefit of Landlord and Tenant with limits of not less than Three Million
Dollars ($3,000,000) in the event of injury to one person, Ten Million
($10,000,000) Dollars in respect to any one accident or occurrence, and Two
Million Dollars ($2,000,000) for property damage, and "builder's risk" insurance
on a completed value form or other comparable coverage on the work. All such
insurance shall be in a company or companies authorized to do business in the
state in which the Demised Premises are located and rated A-XIII by A.M. Best's
insurance ratings or other comparable and nationally recognized rating entity,
and all such policies of insurance shall be delivered to Landlord endorsed
"Premium Paid" by the company or agency issuing the same prior to the start of
any such construction.

         C.  No change, alteration, restoration or new construction shall be in
or connect the Improvements with any property, building or other improvement
located outside the boundaries of the Land, nor shall the same obstruct or
interfere with any existing easement.

         D.  Tenant shall notify Landlord in writing 30 days prior to commencing
any alterations, additions or improvements to the Demised Premises which have
been approved by Landlord so that Landlord shall have the right to record and
post notices of nonresponsibility on the Demised Premises.

                                       3

<PAGE>

         E.  All improvements and alterations made or installed by Tenant shall
immediately, upon completion or installation thereof, become the property of
Landlord without payment therefor by Landlord, and shall be surrendered to
Landlord on the expiration of the term of this Lease.

         7.  Signs. Tenant may install, at its expense, signs containing
Tenant's name at the Demised Premises, provided that such signs (a) do not cause
any structural or other damage to the Demised Premises; (b) do not violate
applicable governmental laws, ordinances, rules or regulations; (c) do not
violate any existing restrictions affecting the Demised Premises; and (d) are
compatible with the architecture of the Demised Premises and the landscaped
areas.

         8.  Utilities and Services.

         A.  Tenant shall contract for and pay directly for the cost of usage of
all utilities including all charges for water, heat, gas, light, garbage,
electricity, telephone, data, sewage, steam, power or other public or private
utility services. In the event that any charge or fee is required by the state
in which the Demised Premises are located, or any city or other agency,
subdivision, or instrumentality thereof, or by any utility company furnishing
services or utilities to the Demised Premises, as a condition precedent to
furnishing or continuing to furnish utilities or services to the Demised
Premises, such charge or fee shall be deemed to be a utility charge payable by
Tenant.

         B.  Tenant acknowledges that any one or more of the services provided
for herein may be interrupted or suspended by reason of accident, repair,
alterations or improvements necessary to be made, strike, lockout, misuse or
neglect by Tenant or Tenant's agents, employees or invitees, or by shortages of
fuel or other energy supplies to be provided by public or private utilities or
suppliers or by other matters, and Landlord shall not be liable to Tenant
therefor, nor shall Tenant have any right to terminate the Lease or other rights
(including but not limited to any reduction or abatement of rent) against
Landlord in the event of a failure, interruption or suspension of any of the
aforesaid services.

         9.  Compliance with Law. Tenant shall throughout the term of this
Lease, at Tenant's sole cost and expense, comply with or remove or cure any
violation of any applicable laws, orders, statutes, ordinances, rules,
regulations and requirements of federal, state and municipal governments,
including, without limitation, any applicable laws, orders, statutes,
ordinances, rules, regulations and requirements of any federal, state or local
government relating to occupational safety and health (collectively, the "OSHA
Regulations"), all applicable rules and regulations of the Board of Fire
Underwriters and any requirements of the certificate of occupancy or any permit
with respect to the Demised Premises and the sidewalks, curbs, roadways, alleys,
entrances or railroad track facilities, if any, adjacent or appurtenant thereto,
and whether the compliance, curing or removal of any such violation and the
costs and expenses necessitated thereby shall have been foreseen or unforeseen,
ordinary or extraordinary, and whether or not the same shall be presently within
the contemplation of Landlord or Tenant or shall involve any change of
governmental policy, or require structural or extraordinary repairs, alterations
or additions by Tenant and irrespective of the costs thereof. Tenant, at its
sole cost

                                       4

<PAGE>

and expense, shall comply with all agreements, contracts, easements,
restrictions, reservations or covenants, if any, affecting the Demised Premises
or hereafter created by, consented to, or requested by Tenant or Landlord.
Tenant shall also comply with, observe and perform all provisions and
requirements of all policies of insurance at any time in force with respect to
the Demised Premises and shall comply with all development permits issued by
governmental authorities issued in connection with development of the Demised
Premises. Tenant shall procure and maintain all permits and licenses required
for the transaction of Tenant's business at the Demised Premises.

         10. Landlord's Title, Authority and Quiet Enjoyment; Tenant's
             Authority.

         A.  [Reserved]

         B.  So long as Tenant performs each and every term, provision and
condition herein contained on the part of Tenant to be kept and performed,
Tenant shall peacefully and quietly enjoy the Demised Premises without hindrance
or molestation by Landlord or by any other person claiming by, through or under
Landlord, subject to the terms of the Lease.

         C.  Tenant represents and warrants that it has full and complete
authority to enter into this Lease under all of the terms, conditions and
provisions set forth herein.

         D.  Tenant hereby approves the condition of Landlord's title to the
Demised Premises. This Lease shall be subject to all easements, covenants,
conditions and restrictions presently existing or hereafter created upon the
Demised Premises; provided, however, Landlord shall not permit or cause any
easements, covenants, restrictions, conditions or other changes in Landlord's
title which would materially and adversely impact Tenant's Use.

         11. Subordination. The priority of this Lease and the leasehold estate
of Tenant created hereunder are and shall be subject and subordinate to the lien
of any mortgage, deed of trust, sale-leaseback, ground lease or similar
encumbrance, whether such encumbrance is placed against the fee or leasehold
estate, affecting the Demised Premises and to all renewals, modifications,
consolidations, replacements and extensions thereof, and advances thereunder.
Tenant agrees at any time hereafter, upon demand, to execute and deliver any
instruments, releases or other documents that may reasonably be required for the
purpose of subjecting and subordinating this Lease, as above provided, to the
lien of any such mortgage, deed of trust, ground lease, sale-leaseback or
similar encumbrance in a form reasonably acceptable to Tenant and the holder of
such mortgage or instrument.

         12. Assignment and Sublease. Provided there are no Events of Defaults
hereunder or under the Note Agreement, as defined herein and therein, Tenant may
assign this Lease or sublease all or any portion of the Demised Premises subject
to the terms hereof.

         Tenant shall not assign this Lease without the exclusive prior written
consent of Landlord and any mortgagee. Notwithstanding the foregoing, Tenant may
assign this Lease to any person which is a successor to Tenant as permitted by
the terms of the Note Agreement.

                                       5

<PAGE>

         If this Lease is assigned, Lessor may collect Base Rent and Additional
Rent directly from such assignee. If any part of the Demised Premises is sublet
and any Event of Default exists hereunder, Landlord may collect Base Rent and
Additional Rent from such subtenant.

         Any assignment or sublease shall require the assignee or subtenant to
comply with all terms of this Lease except for any sublease term, which shall be
at Tenant's discretion (but in no event extend beyond the term of this Lease),
and a duplicate original of such sublease or assignment shall be delivered to
Landlord at least ten (10) days prior to the commencement of such sublease or
assignment.

         Any assignee shall assume, by instrument in form and content
satisfactory to Landlord, the due performance of all of Tenant's obligations
under this Lease, including any accrued obligations at the time of the effective
date of the assignment, and such assumption agreement shall state that the same
is made by the assignee for the express benefit of Landlord as a third party
beneficiary thereof.

         Each sublease permitted hereby shall be subject and subordinate to all
of the terms, covenants and conditions of this Lease and to all of the rights of
Landlord hereunder; and in the event this Lease shall terminate before the
expiration of such sublease, the sublessee thereunder will, at Landlord's
option, attorn to Landlord and waive any rights the sublessee may have to
terminate the sublease or to surrender possession thereunder, as a result of the
termination of this Lease. No sublease shall be permitted hereby unless as a
condition to effectiveness thereof, Tenant shall have assigned to Landlord and
Landlord shall have effectively assigned to mortgagee such sublease.

         Tenant agrees to pay on behalf of Landlord any and all costs of
Landlord or otherwise occasioned by such assignment or subletting, including
without limitation, the cost of any alteration, addition, improvement or other
renovation or refurbishment to the Demised Premises made in connection with such
assignment or subletting and any cost imposed by any governmental authority in
connection with any of the foregoing.

         No assignment or sublease shall be made unless any guarantor of the
Tenant's obligations or any party responsible for Tenant's obligations shall
give its written consent to such assignment or sublease and confirm that its
obligations shall not be affected by such assignment or sublease, and, provided,
further, that if any modification to the Lease is proposed to be made after such
assignment or sublease, then, at Landlord's or mortgagee's option, all prior
assignors and sublessors, and all such obligated parties, shall be required to
confirm in writing their approval of such modification, and that their
obligations continue as to the Lease as so modified.

         No assignment or subletting under this paragraph shall relieve Tenant
(or any guarantor of Tenant's obligations under the Lease or any assignee) of
its obligations hereunder. Any assignment or subletting of this Lease which is
not in compliance with the provisions of this paragraph shall be of no effect
and void. Except as permitted hereby, Tenant shall not transfer, sublet, assign
or otherwise encumber its interest in the Lease or the Demised Premises.

                                       6

<PAGE>

     Notwithstanding anything contained in this Lease to the contrary and
notwithstanding any consent by Landlord to any sublease of the Demised Premises,
or any portion thereof, or to any assignment of this Lease or of Tenant's
interest or estate in the Demised Premises, no sublessee shall assign its
sublease nor further sublease the Demised Premises, or any portion thereof, and
no assignee shall further assign or sublet its interest in this Lease or its
interest or estate in the Demised Premises, or any portion thereof, without
Landlord's prior written consent in each and every instance which consent may be
withheld or delayed as above provided. No such further assignment or subleasing
shall relieve Tenant from any of Tenant's obligations in this Lease contained.

     13.  Lease Extension. If this Lease shall not have been terminated pursuant
to any provisions hereof and no Events of Default exist hereunder or under the
Note Agreement, then Tenant may, at Tenant's option, extend the term of this
Lease for two (2) successive additional terms of five (5) years each (each an
"Extension Term," collectively the "Extension Terms") commencing on the
expiration of the original term, or the immediately preceding Extension Term, as
the case may be. Tenant may exercise such option by giving Landlord written
notice at least six (6) months prior to the expiration of the original term or
the immediately preceding Extension Term, as the case may be. Upon the giving by
Tenant to Landlord of such written notice and the compliance by Tenant with the
foregoing provisions of this paragraph, this Lease shall be deemed to be
automatically extended upon all the covenants, agreements, terms, provisions and
conditions set forth in this Lease, except that Base Rent for each such
Extension Term shall be the then fair market value for the Demised Premises.

     14.  Impositions.

     A.   Tenant covenants and agrees to pay during the term of this Lease, as
Additional Rent, before any fine, penalty, interest or cost may be added thereto
for the nonpayment thereof, all real estate taxes, special assessments, water
rates and charges, sewer rates and charges, including any sum or sums payable
for present or future sewer or water, charges for public utilities, street
lighting, excise levies, licenses, permits, inspection fees, other governmental
charges, and all other charges or burdens of whatsoever kind and nature
(including costs, fees, and expenses of complying with any restrictive covenants
or similar agreements to which the Demised Premises are now or hereafter
subject) incurred in the use, occupancy, ownership, operation, leasing or
possession of the Demised Premises, without particularizing by any known name or
by whatever name hereafter called, and whether any of the foregoing be general
or special, ordinary or extraordinary, foreseen or unforeseen (all of which are
sometimes herein referred to as "Impositions"), which at any time during the
term may have been or may be assessed, levied, confirmed, imposed upon, or
become a lien on the Demised Premises, or any portion thereof, or any
appurtenance thereto, rents or income therefrom, and such easements or rights as
may now or hereafter be appurtenant or appertain to the use of the Demised
Premises.

     B.   If, at any time during the term of this Lease, any method of taxation
shall be such that there shall be levied, assessed or imposed on Landlord, or on
the Basic Rent or Additional Rent, or on the Demised Premises or on the value of
the Demised Premises, or any portion

                                       7

<PAGE>

thereof, a capital levy, sales or use tax, gross receipts tax or other tax on
the rents received therefrom, or a franchise tax, or an assessment, levy or
charge measured by or based in whole or in part upon such rents or value, Tenant
covenants to pay and discharge the same, it being the intention of the parties
hereto that the rent to be paid hereunder shall be paid to Landlord absolutely
net without deduction or charge of any nature whatsoever foreseeable or
unforeseeable, ordinary or extraordinary, or of any nature, kind or description,
except as in this Lease otherwise expressly provided. Nothing in this Lease
contained shall require Tenant to pay any municipal, state or federal net income
or excess profits taxes assessed against Landlord, or any municipal, state or
federal capital levy, estate succession, inheritance or transfer taxes of
Landlord.

     C.   Tenant covenants to furnish Landlord, on or before the date upon which
any Imposition or other tax, assessment, levy or charge is due and payable,
official receipts of the appropriate taxing authority, or other appropriate
proof satisfactory to Landlord, evidencing the payment of the same.

     D.   Tenant shall have the right at its own expense to contest the amount
or validity, in whole or in part, of any Imposition by appropriate proceedings
diligently conducted in good faith, but only after payment of such Imposition,
unless such payment, or a payment thereof under protest, would operate as a bar
to such contest or interfere materially with the prosecution thereof, in which
event, notwithstanding the provisions hereof, Tenant may postpone or defer
payment of such Imposition if the Demised Premises or any portion thereof would,
by reason of such postponement or deferment, be in danger of being forfeited or
lost. Upon the termination of any such proceedings, Tenant shall pay the amount
of such Imposition or part thereof, if any, as finally determined in such
proceedings, the payment of which may have been deferred during the prosecution
of such proceedings, together with any costs, fees, including attorney's fees,
interest, penalties, fines and other liability in connection therewith. Tenant
shall be entitled to the refund of any Imposition, penalty, fine and interest
thereon received by Landlord which have been paid by Tenant or which have been
paid by Landlord but for which Landlord has been previously reimbursed in full
by Tenant. Landlord shall not be required to join in any proceedings referred to
in this paragraph unless the provisions of any law, rule or regulation at the
time in effect shall require that such proceedings be brought by or in the name
of Landlord, in which event Landlord shall join in such proceedings or permit
the same to be brought in Landlord's name upon compliance with such conditions
as Landlord may reasonably require. Landlord shall not ultimately be subject to
any liability for the payment of any fees, including attorney's fees, costs and
expenses in connection with such proceedings. Tenant agrees to pay all such fees
(including reasonable attorney's fees), costs and expenses or, on demand, to
make reimbursement to Landlord for such payment.

     15.  Insurance.

     A.   During the term of this Lease, during any extension thereof, and
during any holdover period, Tenant shall at its cost and expense procure and
keep in force a policy of comprehensive public liability insurance, with limits
of not less than $5,000,000 for injury to any one person, $25,000,000 as to any
one accident, and $3,000,000 as to property damage, all on a

                                       8

<PAGE>

per occurrence basis which policy shall name Landlord and Landlord's mortgagee,
if any, as additional insureds. Certified copies of such insurance shall be
delivered to Landlord prior to the Commencement Date and shall provide that same
may not be canceled, modified or lowered in amounts without prior written notice
of not less than thirty (30) days to Landlord and Landlord's mortgagee.
Notwithstanding the foregoing, Tenant may insure the foregoing risks under its
blanket policy. Any such liability insurance shall contain a contractual
liability endorsement covering Tenant's indemnification obligations under this
Lease.

     B.   During the term of this Lease and any extension thereof, Tenant, at
its sole cost and expense, shall obtain and continuously maintain in full force
and effect, policies of insurance covering the Improvements constructed,
installed or located on the Demised Premises naming the Landlord, as an
additional insured and loss payee and Landlord's mortgagee, if any, as
mortgagee, against (a) loss or damage by fire; (b) loss or damage from such
other risks or hazards now or hereafter embraced by an "Extended Coverage
Endorsement," or broadest form of "all risk" coverage including, but not limited
to, windstorm, hail, explosion, vandalism, riot and civil commotion, damage from
vehicles, smoke damage, water damage and debris removal; (c) loss for flood; (d)
loss from so-called explosion, collapse and underground hazards; and (e) loss or
damage from such other risks or hazards of a similar or dissimilar nature which
are now or may hereafter be customarily insured against with respect to
improvements similar in construction, design, general location, use and
occupancy to the Improvements. At all times, such insurance coverage shall be in
an amount equal to 100% of the then "full replacement cost" of the Improvements.
"Full Replacement Cost" shall be interpreted to mean the cost of replacing the
improvements without deduction for depreciation or wear and tear, and it shall
include a reasonable sum for architectural, engineering, legal, administrative
and supervisory fees connected with the restoration or replacement of the
Improvements in the event of damage thereto or destruction thereof. If a
sprinkler system shall be located in the Improvements, sprinkler leakage
insurance shall be procured and continuously maintained by Tenant at Tenant's
sole cost and expense. Tenant shall cause to be inserted in the policy of
insurance required by this paragraph a so-called "waiver of subrogation" clause
as to Landlord and Landlord's insurer.

     C.   During the term of this Lease and any extension thereof, Tenant shall
maintain Workman's Compensation Insurance in accordance with the laws of the
State of Illinois.

     D.   Tenant shall maintain insurance coverage (including loss of use and
business interruption coverage) upon Tenant's business and upon all personal
property of Tenant or the personal property of others kept, stored or maintained
on the Demised Premises against loss or damage by fire, windstorm or other
casualties or causes for such amount as Tenant may desire, and Tenant agrees
that such policies shall contain a waiver of subrogation clause as to Landlord
and Landlord's insurer.

     Nothing in this paragraph shall prevent Tenant from taking out insurance of
the kind and in the amount provided for under the preceding paragraphs of this
paragraph under a blanket insurance policy or policies (certified copies thereof
reasonably satisfactory to Landlord shall be delivered to Landlord) which may
cover other properties owned or operated by Tenant as well as the Demised
Premises; provided, however, that any such policy of blanket insurance of the
kind

                                       9

<PAGE>

provided for shall specify therein the amounts thereof exclusively allocated to
the Demised Premises or Tenant shall furnish Landlord and the holder of any fee
mortgage with a written statement from the insurers under such policies
specifying the amounts of the total insurance exclusively allocated to the
Demised Premises; and provided, further, however, that such policies of blanket
insurance shall, as respects the Demised Premises, contain the various
provisions required of such an insurance policy by the foregoing provisions
hereof.

     E.   Tenant shall deliver certified copies of all such insurance to
Landlord prior to the Commencement Date hereof and certified copies and evidence
of payment for all renewal coverage not less than ten (10) days prior to the
expiration of any such insurance. Such policies shall provide (except in case of
general liability insurance) for losses up to $1,000,000 to be adjusted by and
paid to Tenant and losses equal to or in excess of $1,000,000 shall be adjusted
by Tenant subject to the reasonable approval of Landlord and any mortgagee, and,
while the Notes are outstanding, paid to the Agent.

     F.   Tenant hereby releases Landlord (and Landlord's assignees, employees,
agents and servants) and waives any claims it may have against Landlord from any
liability for damage to or destruction of Tenant's trade fixtures, personal
property (including also property under the care, custody, or control of
Tenant), machinery, equipment, furniture, fixtures and business interests on the
Premises, except arising from Landlord's gross negligence. This paragraph shall
apply especially, but not exclusively, to damage or destruction caused by the
flooding of basements or other subsurface areas, or by refrigerators, sprinkling
devices, air conditioning apparatus, water, snow, frost, steam, excessive heat
or cold, falling plaster, broken glass, sewage, gas, odors or noise, or the
bursting or leaking of pipes or plumbing fixtures, and shall apply equally,
whether any such damage results from the act or omission of other tenants or
occupants in the Premises or any other persons, and whether such damage be
caused by or result from any of the aforesaid, or shall be caused by or result
from other, circumstances of a similar or dissimilar nature.

     16.  Destruction and Restoration.

     A.   Tenant covenants and agrees that in case of damage to or destruction
of the Demised Premises after the Commencement Date of the term of this Lease,
by fire or otherwise, Tenant, at its sole cost and expense, shall promptly
restore, repair, replace and rebuild the same as nearly as possible to the
condition that the same were in immediately prior to such damage or destruction
with such changes or alterations (made in conformity with paragraph 6 hereof) as
may be reasonably acceptable to Landlord or required by law. Tenant shall
forthwith give Landlord written notice of such damage or destruction upon the
occurrence thereof and specify in such notice, in reasonable detail, the extent
thereof. Such restoration, repairs, replacements, rebuilding, changes and
alterations, including the cost of temporary repairs for the protection of the
Demised Premises, or any portion thereof, pending completion thereof are
sometimes hereinafter referred to as the "Restoration." The Restoration shall be
carried on and completed in accordance with the provisions and conditions of
this Lease including but not limited to paragraphs 5, 6, 9, and 16 hereof.
Tenant shall, at Tenant's expense, regardless of whether there are sufficient
insurance proceeds therefor, promptly commence and complete with all due

                                       10

<PAGE>

diligence the Restoration to as nearly as possible the condition which existed
prior to such damage or destruction.

     B.   All insurance moneys held by Agent, shall be applied to the payment of
the costs of the Restoration and shall be paid out from time to time as the
Restoration progresses upon the written request of Tenant, accompanied by a
certificate of the architect or a qualified professional engineer in charge of
the Restoration stating that as of the date of such certificate (a) the sum
requested is justly due to the contractors, subcontractors, materialmen,
laborers, engineers, architects, or persons, firms or corporations furnishing or
supplying work, labor, services or materials for such Restoration, or is justly
required to reimburse Tenant for any expenditures made by Tenant in connection
with such Restoration, and when added to all sums previously paid out by
Landlord does not exceed the value of the Restoration performed to the date of
such certificate by all of said parties; (b) except for the amount, if any,
stated in such certificates to be due for work, labor, services or materials,
there is no outstanding indebtedness known to the person signing such
certificate, after due inquiry, which is then due for work, labor, services or
materials in connection with such Restoration, which, if unpaid, might become
the basis of a mechanic's lien or similar lien with respect to the Restoration
or a lien upon the Demised Premises, or any portion thereof; and (c) the costs,
as estimated by the person signing such certificate, of the completion of the
Restoration required to be done subsequent to the date of such certificate in
order to complete the Restoration do not exceed the sum of the remaining
insurance moneys, remaining in the hands of Landlord or Agent, if applicable,
after payment of the sum requested in such certificate.

     As a condition to payment, Tenant shall furnish Landlord or Agent, if
applicable, at the time of any such payment with evidence reasonably
satisfactory to Landlord or Agent, if applicable, that there are no unpaid bills
in respect to any work, labor, services or materials performed, furnished or
supplied in connection with such Restoration. If the insurance moneys in the
hands of Landlord, shall be insufficient to pay the entire costs of the
Restoration, Tenant agrees to pay any deficiency promptly. Tenant shall continue
to be liable for full payment of Base Rent, Additional Rent and any other
amounts due and payable hereunder. Upon completion of the Restoration and
payment in full thereof by Tenant, Landlord or Agent, if applicable, shall
within a reasonable period of time thereafter, turn over to Tenant all insurance
moneys or other moneys then remaining upon submission of proof reasonably
satisfactory to Landlord or Agent, if applicable, that the Restoration has been
paid for in full and the damaged or destroyed Improvements repaired, restored or
rebuilt as nearly as possible to the condition they were in immediately prior to
such damage or destruction, or with such changes or alterations as may be made
in conformity with the terms hereof.

     C.   No destruction of or damage to the Demised Premises, or any portion
thereof, by fire, casualty or otherwise shall permit Tenant to surrender this
Lease or shall relieve Tenant from its liability to pay to Landlord the Base
Rent and Additional Rent payable under this Lease or from any of its other
obligations under this Lease, and Tenant waives any rights now or hereafter
conferred upon Tenant by present or future law or otherwise to quit or surrender
this Lease or the Demised Premises, or any portion thereof, to Landlord or to
any suspension, diminution, abatement or reduction of rent on account of any
such damage or destruction.

                                       11

<PAGE>

     17.  Condemnation.

     A.   If, during the term of this Lease, the entire Demised Premises shall
be taken as the result of the exercise of the power of eminent domain,
condemnation or a deed in lieu of the foregoing (a "Taking"), this Lease and all
right, title and interest of Tenant hereunder shall cease and come to an end on
the date of vesting of title pursuant to such Taking and Landlord shall be
entitled to and shall receive the total award made in such Taking, Tenant hereby
assigning any interest in such award, damages, consequential damages and
compensation to Landlord and Tenant hereby waiving any right Tenant has now or
may have under present or future law to receive any separate award of damages
for its interest in the Demised Premises, or any portion thereof, or its
interest in this Lease.

     In any Taking of the Demised Premises, or any portion thereof, whether or
not this Lease is terminated as in this paragraph provided, Tenant shall not be
entitled to any portion of the award for the Taking of the Demised Premises or
damage to the Improvements, except as otherwise provided herein with respect to
the restoration of the Improvements, or for the estate or interest of Tenant
therein, all such award, damages, consequential damages and compensation being
hereby assigned to Landlord, and Tenant hereby waives any right it now has or
may have under present or future law to receive any separate award of damages
for its interest in the Demised Premises, or any portion thereof, or its
interest in this Lease, except that Tenant shall have, nevertheless, the limited
right to prove in the Taking and to receive any award which may be made for
damages to or condemnation of Tenant's movable trade fixtures and equipment, and
for Tenant's relocation costs in connection therewith.

     B.   If, less than the entire Demised Premises, but more than 15% of the
floor area of the Improvements, or more than 50% of the Land, shall be taken in
any such Taking, this Lease shall, upon vesting of title in the Taking,
terminate as to the portion of the Demised Premises so taken, and Tenant may, at
its option, terminate this Lease as to the remainder of the Demised Premises.
Tenant shall not have the right to terminate this Lease pursuant to the
preceding sentence unless (a) the business of Tenant conducted in the portion of
the Demised Premises taken cannot reasonably be carried on with substantially
the same utility and efficiency in the remainder of the Demised Premises (or any
substitute space securable by Tenant pursuant to clause [b] hereof) and (b)
Tenant cannot construct or secure substantially similar space to the space so
taken, on the Demised Premises. Such termination as to the remainder of the
Demised Premises shall be effected by notice in writing given not more than 60
days after the date of vesting of title in such Taking, and shall specify a date
not more than 60 days after the giving of such notice as the date for such
termination. Upon the date specified in such notice, the term of this Lease, and
all right, title and interest of Tenant hereunder, shall cease and come to an
end. If this Lease is terminated as in this paragraph 17B provided, Landlord
shall be entitled to and shall receive the total award made in such Taking,
Tenant hereby assigning any interest in such award, damages, consequential
damages and compensation to Landlord, and Tenant hereby waiving any right Tenant
has now or may have under present or future law to receive any separate award of
damages for its interest in the Demised Premises, or any portion thereof, or its
interest in this Lease except as otherwise provided in paragraph 17A. The right
of Tenant to terminate this

                                       12

<PAGE>

Lease, as provided in this paragraph 17B, shall be exercisable only upon
condition that no Event of Default exist hereunder or under the Note Agreement,
and such termination upon Tenant's part shall become effective only upon
compliance by Tenant with all such terms, covenants and conditions to the date
of such termination. In the event that Tenant elects not to terminate this Lease
as to the remainder of the Demised Premises, the rights and obligations of
Landlord and Tenant shall be governed by the provisions of paragraph 17C hereof.

         C. If 15%, or less, of the floor area of the Improvements, or 50%, or
less, of the Land, shall be taken in such Taking, or if more than 15% of the
floor area of the Improvements or more than 50% of the Land is taken (but less
than the entire Demised Premises), and this Lease is not terminated as in
paragraph 17B hereof provided, this Lease shall, upon vesting of title in the
Taking, terminate as to the parts so taken, and Tenant shall have no claim or
interest in the award, damages, consequential damages and compensation, or any
part thereof except as otherwise provided in paragraph 17A. Landlord shall be
entitled to and shall receive the total award made in such Taking, Tenant hereby
assigning any interest in such award, damages, consequential damages and
compensation to Landlord, and Tenant hereby waiving any right Tenant has now or
may have under present or future law to receive any separate award of damages
for its interest in the Demised Premises, or any portion thereof, or its
interest in this Lease except as otherwise provided in paragraph 17A. The net
amount of the award (after deduction of all costs and expenses, including
attorney's fees), shall be held by Landlord as trustee or so long as the Notes
remain outstanding, by Agent and applied as hereinafter provided. Tenant, in
such case, covenants and agrees, at Tenant's sole cost and expense (subject to
reimbursement to the extent hereinafter provided), promptly to restore that
portion of the Improvements on the Demised Premises not so taken to a complete
architectural and mechanical unit for the use and occupancy of Tenant as in this
Lease provided. In the event that the net amount of the award (after deduction
of all costs and expenses, including attorney's fees) is insufficient to pay all
costs of such restoration work, Tenant shall deposit with Landlord as trustee
such additional sums as may be required upon the written request of Landlord so
long as Tenant has participated in the Proceedings; provided, however, Landlord
shall retain ultimate control over any final settlement or litigation with the
condemning authority, and provided further that notwithstanding that the net
amount of the award may be insufficient to pay all costs of the restoration
work, Tenant shall continue to be liable for payment of Base Rent, Additional
Rent and any other amount due and payable hereunder, which amounts shall not be
abated except as provided in Paragraph 17E below. The provisions and conditions
in paragraph 6 applicable to changes and alterations shall apply to Tenant's
obligations to restore that portion of the Improvements to a complete
architectural and mechanical unit. Landlord agrees in connection with such
restoration work to apply so much of the net amount of any award (after
deduction of all costs and expenses, including attorney's fees) that may be
received by Landlord and held by Landlord as trustee in any such Proceedings for
physical damage to the Improvements as a result of such taking to the costs of
such restoration work thereof and the said net award for physical damage to the
Improvements as a result of such taking shall be paid out from time to time to
Tenant, or on behalf of Tenant, as such restoration work progresses upon the
written request of Tenant, which shall be accompanied by a certificate of the
architect or the registered professional engineer in charge of the restoration
work stating that (a) the sum requested is justly due to the contractors,
subcontractors, materialmen, laborers, engineers, architects or other persons,
firms or

                                       13

<PAGE>

corporations furnishing or supplying work, labor, services or materials for such
restoration work or as is justly required to reimburse Tenant for expenditures
made by Tenant in connection with such restoration work, and when added to all
sums previously paid out by Landlord as trustee does not exceed the value of the
restoration work performed to the date of such certificate; and (b) the net
amount of any such award for physical damage to the Improvements as a result of
such taking remaining in the hands of Landlord, together with the sums, if any,
deposited by Tenant with Landlord as trustee pursuant to the provisions hereof,
will be sufficient upon the completion of such restoration work to pay for the
same in full. If payment of the award for physical damage to the Improvements as
a result of such taking, as aforesaid, shall not be received by Landlord in time
to permit payments as the restoration work progresses (except in the event of an
appeal of the award by Landlord), Tenant shall not be required to proceed with
any restoration work until payment of such award is received by Landlord;
provided, however, delay in payment of such amount shall not release Tenant of
its obligation to pay Base Rent, Additional Rent and other amounts due and
payable hereunder during any such delay and there shall be no abatement of Base
Rent, Additional Rent or any other amounts except as provided in Paragraph 17E
below. If Landlord appeals an award and payment of the award is delayed pending
appeal, Tenant shall, nevertheless, perform and fully pay for such work without
delay, and payment of the amount to which Tenant would have been entitled had
Landlord not appealed the award (in an amount not to exceed the net award prior
to such appeal) shall be made by Landlord to Tenant as restoration progresses
pursuant to this Paragraph 17C, in which event Landlord shall be entitled to
retain an amount equal to the sum disbursed to Tenant pursuant to the preceding
sentence out of the net award as and when payment of such award is received by
Landlord. Tenant shall also furnish Landlord as trustee with each certificate
hereinabove referred to, together with evidence reasonably satisfactory to
Landlord that there are no unpaid bills in respect to any work, labor, services
or materials performed, furnished or supplied, or claimed to have been
performed, furnished or supplied, in connection with such restoration work, and
that no liens have been filed against the Demised Premises, or any portion
thereof. Landlord as trustee shall not be required to pay out any funds when
there are unpaid bills for work, labor, services or materials performed,
furnished or supplied in connection with such restoration work, or where a lien
for work, labor, services or materials performed, furnished or supplied has been
placed against the Demised Premises, or any portion thereof. Upon completion of
the restoration work and payment in full therefor by Tenant, and upon submission
of proof reasonably satisfactory to Landlord that the restoration work has been
paid for in full and that the Improvements have been restored or rebuilt to a
complete architectural and mechanical unit for the use and occupancy of Tenant
as provided in this Lease, Landlord as trustee shall pay over to Tenant any
portion of the cash deposit furnished by Tenant then remaining; provided,
however, any other amounts awarded in such Proceedings which remain following
restoration of the Demised Premises shall be the property of Landlord and Tenant
shall have no claim thereto.

         D. In the event of any partial termination of this Lease as a result of
any such Taking, Tenant shall pay to Landlord all Base Rent and all Additional
Rent and other charges payable hereunder with respect to that portion of the
Demised Premises so taken in such Taking with respect to which this Lease shall
have terminated justly apportioned to the date of such termination. From and
after the date of vesting of title in such Taking, Tenant shall continue to pay
the Base Rent and Additional Rent and other charges payable hereunder, as in
this Lease

                                       14

<PAGE>

provided, to be paid by Tenant, subject to abatement, if any, as provided for in
paragraph 17E hereof.

         E. In the event of a partial taking of the Demised Premises under
paragraph 17C hereof, or a partial taking of the Demised Premises under
paragraph 17B hereof, followed by Tenant's election not to terminate this Lease,
the Base Rent payable hereunder during the period from and after the date of
vesting of title in such Taking to the termination of this Lease shall not be
reduced unless Tenant shall have completed the restoration work with its own
funds in accordance with the provisions of the Lease and Landlord shall have
applied the net amount of any award to reduce the indebtedness secured by any
financing encumbering the Demised Premises, in which event Base Rent payable
hereunder shall be reduced pro rata.

         F. THE PARTIES HERETO HEREBY ACKNOWLEDGE AND AGREE THAT NOTWITHSTANDING
ANY OTHER PROVISIONS OF THIS LEASE IT IS THE INTENT OF THE PARTIES THAT IF AS A
RESULT OF ANY TAKING THERE IS ANY REDEMPTION OR OTHER REPAYMENT OF THE NOTES AND
THE PROCEEDS RECEIVED FROM SUCH TAKING ARE INSUFFICIENT TO PAY IN FULL ANY
PRINCIPAL, INTEREST OR MAKE-WHOLE AMOUNT, IF ANY, DUE AND PAYABLE ON THE NOTES
ON ACCOUNT OF THE TAKING, THAT THE TENANT SHALL, UPON DEMAND, PAY THE AMOUNT OF
SUCH INSUFFICIENCY.

         18.Default by Tenant.  The occurrence of any one or more of the
following  events shall constitute an "Event of Default" by Tenant:

         A. The failure by Tenant to make any payment of Base Rent, Additional
Rent or any other amount required to be paid by Tenant hereunder, and any
interest for late payment thereof, as and when due, where such failure shall
continue for a period of five (5) days.

         B. The failure by Tenant to observe or perform any of the covenants,
conditions or provisions of paragraphs 12 or 15.

         C. The failure by Tenant to observe or perform any of the covenants,
conditions or provisions of this Lease (except as set forth in paragraphs 18A
and 18B above) where such failure shall continue for a period of thirty (30)
days after Tenant obtains knowledge of such failure or default.

         D. The occurrence of an Event of Default under Section 11 of the Note
Agreement.

         19. Landlord's Remedies. Upon the occurrence of an Event of Default,
Landlord, in addition to other rights or remedies it may have, shall have the
right to terminate this Lease, or without terminating this Lease, terminate
Tenant's right to possession of the Demised Premises, and in either event Tenant
shall immediately surrender possession of the Demised Premises to Landlord and
if Tenant fails to do so, Landlord may, without prejudice to any other remedy it
may have for possession or arrearage of rentals, enter upon and take possession
of the Demised Premises and expel or remove Tenant and any other person who may
be occupying the Demised

                                       15

<PAGE>

Premises or any part thereof, with or without legal proceedings, without being
liable for prosecution or any claim or damage therefor. In such event, Landlord
shall be entitled to recover from Tenant all reasonable damages incurred by
Landlord by reason of such Event of Default, including without limitation, the
cost of recovering possession of the Demised Premises, expenses of reletting
including reasonable renovation and alteration of the Demised Premises,
attorneys, fees, real estate commissions, and any other sum of money, late
charges and damages.

         If Tenant's right to possession of the Demised Premises is terminated
without termination of the Lease, Landlord shall be entitled to enforce all of
Landlord's rights and remedies under the Lease, including the right to recover
the rent as it becomes due hereunder. Should Landlord elect to relet the Demised
Premises or any part thereof, Landlord may do so for such term or terms and at
such rental or rentals and upon such other terms and conditions as Landlord may
deem appropriate. Rental and other amounts received by Landlord in connection
with such reletting shall be applied in such manner and to such parties as
Landlord shall determine. Should such rentals and other amounts received from
such reletting during any month be less than Tenant's obligations hereunder,
Tenant shall pay such deficiency to Landlord. Such deficiency shall be
calculated and paid monthly. No such reentry or taking possession of the Demised
Premises by Landlord shall be construed as an election on its part to terminate
this Lease, unless a written notice of such intention be given to Tenant or
unless the termination thereof be decreed by a court of competent jurisdiction.

         In the event Landlord terminates this Lease in accordance herewith,
Tenant shall be liable and shall pay to Landlord, the sum of all rent and other
payments owed to date to Landlord, all sums owed to date to third parties
(including without limitation, all Impositions) hereunder accrued to the date of
such termination, all amounts required to be spent by Landlord to fulfill any of
Tenant's obligations which Tenant did not fulfill prior to termination by
Landlord, plus, an amount equal to the present value discounted at the Federal
Reserve discount rate of (i) the total rental payments hereunder for the
remaining portion of the term of the Lease, calculated as if such term the
Expiration Date, unless Tenant has extended this Lease, in which case such
calculation shall be as if the term expires on the final day of the Extension
Term then in effect, less (ii) the fair market rental value of the Demised
Premises for such remaining period. Nothing herein contained shall limit or
prejudice the right of Landlord to prove for and obtain, as damages by reason of
such expiration or termination, an amount equal to the maximum allowed by any
statute or rule of law in effect at the time when, and governing the proceedings
in which, such damages are to be proved, whether or not such amount be greater,
equal to or less than the amount of the difference referred to above.
Notwithstanding the foregoing, Landlord and Tenant agree that it is extremely
difficult and impractical to establish the amount of damages Landlord would
sustain upon an Event of Default. The parties hereby agree that a reasonable
estimate of such other amounts necessary to compensate Landlord in such event
and not otherwise included herein is the sum of the principal amount of the
Notes then outstanding plus interest accrued thereon together with the Make
Whole Amount, less the amounts set forth above in this paragraph (the
"Liquidated Damages"). Landlord shall be entitled such Liquidated Damages from
Tenant not as a penalty but as liquidated damages.

                                       16

<PAGE>

         In addition to the aforesaid remedies, Landlord shall be entitled to
pursue any other remedy now or hereafter available to Landlord at equity or
under the laws or judicial decisions of the state where the Demised Premises is
located or by statute or otherwise. All rights and remedies of Landlord herein
enumerated shall be cumulative, and the exercise or the commencement of the
exercise by Landlord of any one or more of such rights or remedies should not
preclude the simultaneous or later exercise by Landlord of any or all other
rights or remedies. Tenant shall pay, upon demand, all of Landlord's costs,
including reasonable attorneys' fees and court costs, incident to the
enforcement of Tenant's obligations hereunder. A receipt by Landlord of rent
with knowledge of the breach of any covenant hereof shall not be deemed a waiver
of such breach, and no waiver by Landlord of any provisions of this Lease shall
be deemed to have been made unless expressed in writing and signed by Landlord.
Without limiting the generality of the foregoing, no failure by Landlord to
insist upon the performance of any of the terms of this Lease or to exercise any
right or remedy consequent upon a breach thereof shall constitute a waiver of
such breach or any of the terms of this Lease, and no express waiver shall
affect any default other than the default specified in the express waiver and
that only for the time and to the extent therein stated. One or more waivers by
Landlord shall not be construed as a waiver of a subsequent breach of the same
covenant, term or condition. In addition to other remedies in this Lease
provided, Landlord shall be entitled to seek a restraint by injunction of the
violation or attempted or threatened violation of the covenants, conditions and
provisions of this Lease.

         20. Notices.  All notices shall be sent by registered mail, return
receipt requested personal delivery,  or by recognized overnight courier
providing proof of delivery, to the following addresses:

         To Landlord:                              To Tenant:

         Hewitt Properties III LLC                 Hewitt Associates LLC
         100 Half Day Road                         100 Half Day Road
         Lincolnshire, Illinois  60069             Lincolnshire, Illinois  60069
         Attn.:  General Counsel                   Attn:  General Counsel

         Any notice shall be deemed to have been given five (5) days after the
date deposited in the United States mail, on the date of personal delivery, or
on the first business day after sending when delivery by recognized overnight
courier providing proof of delivery, in the manner aforesaid. Either party, by
notice to the other, shall have the right to change the addresses for notice(s)
to be sent to such party, and to add or substitute entities to which a copy of
any notice shall be sent by the other party.

         21. Brokerage. Landlord and Tenant acknowledge that no real estate
broker brought about this lease transaction. Landlord hereby indemnifies Tenant
against claims for brokerage fees, commissions or similar compensation by any
party claiming by, through or under Landlord in connection with this Lease, and
Tenant hereby indemnifies Landlord against claims for brokerage fees,
commissions or similar compensation by any party claiming by, through or under
Tenant in connection with this Lease.

                                       17

<PAGE>

         22.   Estoppel. Landlord and Tenant shall, at any time upon not less
than twenty (20) days prior written notice, execute and deliver to a prospective
new landlord, lender, or assignee or subtenant of Tenant, as the case may be, a
statement in writing (i) certifying that this Lease is unmodified and in full
force and effect (or if modified, stating the nature of such modification and
certifying that this Lease, as so modified, is in full force and effect) and the
date to which the rent and other charges are paid in advance, if any, and (ii)
acknowledging that there are not, to the party's knowledge, any uncured defaults
on the part of the other party hereunder, or so specifying such defaults if any
are claimed, and (iii) other reasonable requests that relate to the Lease.

         23.   Hazardous Substances.

         A.    For purposes hereof, "Hazardous Substance" means:

               (i)   "Hazardous Substances" as defined by the Comprehensive
         Environmental Response, Compensation and Liability Act ("CERCLA"), 42
         U.S.C.ss.9601 et. seq., as amended, and all regulations promulgated
         thereunder, the Federal Clean Air Act, as amended (42 U.S.C.ss.7401 et.
         seq.) and the Federal Water Pollution Control Act ("FWPCA"), 33
         U.S.C.ss.1317 et. seq. as amended and all regulations promulgated
         thereunder;

               (ii)  "Hazardous Waste" as defined by the Resource Conservation
         and Recovery Act ("RCRA"), 42 U.S.C.ss.6602 et. seq. as amended and all
         regulations promulgated thereunder;

               (iii) Any pollutant or contaminant or hazardous, dangerous or
         toxic chemicals, materials or substances within the meaning of any
         other applicable federal, state or local law, regulation, ordinance or
         requirement (including consent decrees and administrative orders)
         relating to or imposing liability or standards of conduct concerning
         any hazardous, toxic or dangerous waste, substance or material, all as
         amended or hereafter amended;

               (iv)  Gas, gasoline, oil or other petroleum products;

               (v)   Any radioactive material, including any source, special
         nuclear or by-product material as defined in 42 U.S.C.ss.2011 et. seq.
         as amended or hereafter amended, and all regulations promulgated
         thereunder;

               (vi)  Asbestos; and

               (vii) Anything defined as a hazardous, toxic or radioactive
         material, waste or substance or the use, transportation or disposal of
         which is regulated under applicable law or rules and regulations issued
         pursuant thereof;

                                       18

<PAGE>

(all of the foregoing statutes, laws, ordinance, rules, regulations, and common
law theories being sometimes hereinafter collectively referred to as
"Environmental Laws").

         B.  Tenant shall not allow any Hazardous Substance to be located on the
Demised Premises and shall not conduct or authorize the generation,
transportation, storage, treatment, release or disposal at the Demised Premises,
of any Hazardous Substance other than in quantities incidental to the conduct of
Tenant's Use and in compliance with Environmental Laws; provided, however,
nothing herein contained shall permit Tenant to allow any so-called "acutely
hazardous", "ultra-hazardous", "imminently hazardous chemical substance or
mixture" or comparable Hazardous Substance to be located on or about the Demised
Premises.

         C.  If the presence, release, threat of release, placement on or in the
Demised Premises, or the generation, transportation, storage, treatment, or
disposal at the Demised Premises of any Hazardous Substances as a result of
Tenant's operations at the Demised Premises: (i) gives rise to liability
(including, but not limited to, a response action, remedial action, or removal
action) under Environmental Laws, (ii) causes or threatens to cause a
significant public health effect, or (iii) pollutes or threatens to pollute the
environment, Tenant shall promptly take any and all remedial and removal action
necessary to clean up the Demised Premises and mitigate exposure to liability
arising from the hazardous substance, whether or not required by law.

         D.  Tenant shall indemnify, defend and hold Landlord harmless from all
damages, costs, losses, expenses (including, but not limited to, actual
attorneys fees and engineering fees) arising from or attributable to the
existence of any Hazardous Substances at the Demised Premises as a result of
Tenant's operations at the Demised Premises, and (ii) any breach by Tenant of
any of its covenants contained herein.

         E.  Upon request by Landlord during the term of this Lease, Tenant
shall undertake and submit to Landlord an environmental audit from an
environmental consulting firm reasonably acceptable to Landlord which audit
shall evidence Tenant's compliance herewith. Tenant shall bear the cost of such
environmental audit.

         F.  Landlord or Tenant shall give the other prompt written notice upon
discovery of any Hazardous Substance at or adjacent to the Demised Premises.
Landlord and Tenant's obligations hereunder shall survive termination of the
Lease.

         24. Surrender.

         A.  Upon any termination or expiration of this Lease, Tenant shall
surrender the Demised Premises in the same condition as existed at the Rent
Commencement Date, except for normal wear and tear and damage caused by the fire
or other casualty subject to the terms of this Lease; provided, however, that
nothing in this paragraph is intended to change or diminish Tenant's obligations
under any other part of this Lease. Any damage to the Demised Premises resulting
from the removal of such Alterations shall be repaired by Tenant at Tenant's
expense. If the Demised Premises be not surrendered as above set forth, Tenant
shall indemnify, defend

                                       19

<PAGE>

and hold Landlord harmless against loss or liability resulting from the delay by
Tenant in so surrendering the Demised Premises, including, without limitation
any claim made by any succeeding occupant founded on such delay.

         All property of Tenant not removed on or before the last day of the
term of this Lease shall be deemed abandoned. Tenant shall reimburse Landlord
upon demand for any expenses incurred by Landlord with respect to removal,
storage or disposal of abandoned property and with respect to restoring said
Demised Premises to good order, condition and repair.

         25. Liens. Tenant has no authority, express or implied, to create or
place any lien or encumbrance of any kind or nature whatsoever upon, or in any
manner to bind the interest of Landlord or Tenant in the Demised Premises, or to
charge the rentals payable hereunder for any claim in favor of any person
dealing with Tenant, including those who furnish materials or perform labor for
any construction or repairs, and Tenant covenants and agrees that it shall not
mortgage, encumber or pledge this Lease or any interest therein. The preceding
sentence shall not be construed as prohibiting Tenant from making alterations as
provided above or from permitting any other mechanics or materialmen's lienable
work to be performed as long as such work is not prohibited by this Lease.
Tenant agrees to indemnify and hold Landlord harmless from any lien filed
against the Demised Premises on account of work performed by or on behalf of
Tenant and from any and all losses, costs, damages, expenses, liabilities,
suits, penalties, claims and damages (including attorney fees) arising from or
relating to such lien. After Tenant's receipt of notice or actual knowledge of
the placing of any lien or encumbrance against the Demised Premises, Tenant
shall immediately give Landlord written notice thereof. Tenant shall within ten
(10) days therefrom remove such lien by payment.

         If Tenant shall fail to discharge such mechanic's lien within such
period, then, in addition to any other right or remedy of Landlord, Landlord
may, but shall not be obligated to, discharge the same by paying to the claimant
the amount claimed to be due by procuring the discharge of such lien as to the
Demised Premises by deposit in the court having jurisdiction of such lien, a
cash sum sufficient to secure the discharge of the same, or by the deposit of a
bond or other security with such court sufficient in form, content and amount to
procure the discharge of such lien, or in such other manner as is now or may in
the future be provided by present or future law or the discharge of such lien as
a lien against the Demised Premises. Any amount paid by Landlord, or the value
of any deposit so made by Landlord, together with all costs, fees and expenses
in connection therewith (including attorneys' fees of Landlord), together with
interest thereon at the Default Rate, shall be Additional Rent payable on demand
by Landlord.

         26. Interest. Base Rent, Additional Rent and any other amounts due
Landlord hereunder, if not paid when due, and any other charges payable by
Tenant hereunder not paid when due, including any charges, expenses, liabilities
or fees in connection with a default by Tenant, shall accrue interest (the
"Default Rate") at the greater of (a) the rate of prime (as published in the
Wall Street Journal) plus two percent (2%) per annum or, so long as the Notes
are outstanding, (b) the default rate set forth in the Note Agreement from the
due date until paid, and to be paid to Landlord by Tenant upon demand.

                                       20

<PAGE>

         27. Inspections. Landlord, its agents, employees, contractors, lenders
or prospective lenders, may, after providing Tenant with at least twenty-four
(24) hours prior notice except in an emergency situation, enter the Demised
Premises during business hours (except in an emergency situation), to (a)
exhibit the Demised Premises to prospective purchasers or lenders and perform
due diligence in connection therewith; (b) inspect the Demised Premises to see
that Tenant is complying with its obligations hereunder; and (c) exhibit the
Demised Premises during the last twelve (12) months of the term to prospective
tenants.

         28. Transfer of Landlord's Interest. Tenant acknowledges that Landlord
has the right to transfer its interest in the Demised Premises without the
consent of Tenant and in this Lease, and Tenant agrees that in the event of any
such transfer Landlord shall automatically be released from all liability under
this Lease and Tenant agrees to look solely to such transferee for the
performance of Landlord's obligations hereunder; provided, however, any such
transferee shall be deemed to have assumed the obligations of Landlord hereunder
subject to the conditions and limitations herein contained. Tenant agrees to
look solely to Landlord's interest in the Demised Premises for the recovery of
any judgment from Landlord, it being agreed that Landlord, or if Landlord is a
partnership, its partners whether general or limited, or if Landlord is a
corporation, its directors, officers or shareholders, or if Landlord is a
limited liability company, its members or managers, shall never be personally
liable for such judgment.

         29. Indemnity.

         A.  To the fullest extent allowed by law, Tenant shall at all times
indemnify, defend and hold harmless Landlord and any person claiming by or
through Landlord from and against any and all claims by or on behalf of any
person, firm or corporation, arising from the conduct or management of the
Demised Premises, or from any work or things whatsoever done in or about the
Demised Premises, and will further indemnify, defend and hold Landlord and any
person claiming by or through Landlord harmless against and from any and all
claims arising during the term of this Lease, or arising from any breach or
default on the part of Tenant in the performance of any covenant or agreement on
the part of Tenant to be performed, pursuant to the terms of this Lease, or
arising from, any act or negligence of Tenant, its agents, servants, employees
or licensees, or arising from any accident, injury or damage whatsoever caused
to any person, firm or corporation occurring during the term of this Lease, in
or about the Demised Premises or upon the sidewalk and the land adjacent
thereto, and from and against all costs, attorneys' fees, expenses and
liabilities incurred in or about any such claim or action or proceeding brought
thereon; and in case any action or proceeding be brought against Landlord by
reason of any such claim, Tenant, upon notice from Landlord, covenants to defend
such action or proceeding by counsel reasonably satisfactory to Landlord.

         B.  Landlord shall protect, indemnify and hold Tenant harmless from and
against any and all loss, claims, liability or costs (including court costs and
attorneys' fees) incurred by reason of: (a) any damage to any property or any
injury to any person occurring in or on the Demised Premises to the extent that
such injury or damage shall be caused by the gross negligence or willful
misconduct of Landlord or its agents, servants or employees; provided, however,
that such indemnification shall be limited to the extent of the sum of: (i)
amounts of

                                       21

<PAGE>

insurance proceeds recovered by Landlord under insurance policies carried by
Landlord for such injury or damage, after deductibles, or insurance proceeds
that would have been received in the event Landlord had not elected to
self-insure, and (ii) the deductible amounts for such claims under such
insurance policies.

         The provisions of this paragraph shall survive the termination of this
Lease with respect to any claims or liability occurring prior to such
termination.

         30. Modification of Lease. The terms, covenants and conditions of this
Lease may not be changed orally but only by an instrument in writing signed by
Landlord and Tenant and consented to by mortgagee. The failure of either party
hereto to insist in any one or more cases upon the strict performance of any
term, covenant or condition of this Lease to be performed or observed by the
other party hereto shall not constitute a waiver of relinquishment for the
future of any such term, covenant or condition.

         31. Choice of Law and Interpretation. This Lease shall be governed by
the internal law of the State in which the Demised Premises is situated, without
considering such state's choice of law rules.

         32. Independent Covenant; Net Lease. It is the express intent of
Landlord and Tenant that (a) the obligations of Landlord and Tenant hereunder
shall be separate and independent covenants and agreements and that the Base
Rent and Additional Rent, and all other charges and sums payable by Tenant
hereunder, shall commence at the times provided herein and shall continue to be
payable in all events; (b) all costs or expenses of whatsoever character or
kind, general or special, ordinary or extraordinary, foreseen or unforeseen, and
of every kind and nature whatsoever that may be necessary or required in and
about the Demised Premises, or any portion thereof, and Tenant's possession or
authorized use thereof during the term of this Lease, shall be paid by Tenant
and all provisions of this Lease are to be interpreted and construed in light of
the intention expressed in this paragraph; (c) the Base Rent shall be absolutely
net to Landlord so that this Lease shall yield net to Landlord the Base Rent
during the term of this Lease; (d) all Impositions, insurance premiums, utility
expenses, repair and maintenance expenses, and all other costs, fees, interest,
charges, expenses, reimbursements and obligations of every kind and nature
whatsoever relating to the Demised Premises, or any portion thereof, which may
arise or become due during the term of this Lease, or any extension or renewal
thereof, shall be paid or discharged by Tenant as "Additional Rent."

         33. Entry by Landlord. Tenant agrees to permit Landlord or Landlord's
mortgagee and authorized representatives of Landlord or Landlord's mortgagee to
enter upon the Demised Premises at all reasonable times during ordinary business
hours for the purpose of inspecting the same and making any necessary repairs to
comply with any laws, ordinances, rules, regulations or requirements of any
public body, or the Board of Fire Underwriters, or any similar body. Nothing
herein contained shall imply any duty upon the part of Landlord to do any such
work which, under any provision of this Lease, Tenant may be required to perform
and the performance thereof by Landlord shall not constitute a waiver of
Tenant's default in failing to perform the same. Landlord may, during the
progress of any work, keep and store upon the

                                       22

<PAGE>

Demised Premises all necessary materials, tools and equipment. Landlord shall
not in any event be liable for inconvenience, annoyance, disturbance, loss of
business or other damage to Tenant by reason of making repairs or the
performance of any work in or about the Demised Premises, or on account of
bringing material, supplies and equipment into, upon or through the Demised
Premises during the course thereof, and the obligations of Tenant under this
Lease shall not be thereby affected in any manner whatsoever.

         34. Survival of Obligations. All obligations of Tenant hereunder not
fully performed as of the expiration or earlier termination of the term of this
Lease shall survive the expiration or earlier termination of the term hereof.

         35. Option to Purchase Demised Premises.

         Tenant (but not any subtenant or assignee of Tenant) shall have the
option to purchase the Demised Premises (the "Option") as hereinafter provided.

         A. Tenant shall have the option to purchase the Demised Premises at an
option price (the "Option Price") equal to the greater of (x) the then
outstanding principal amount of the Notes plus accrued interest thereon through
the date of purchase of the Demised Premises together with the Make Whole
Amount, if any or (y) the fair market value of the Demised Premises. Tenant may
only exercise the Option if the Lease is in full force and effect and no
defaults or Events of Default exist at the time Tenant notifies Landlord of the
exercise of the Option and at the time set for closing of the Option. Tenant
shall signify its intent to exercise the Option by delivering to Landlord its
written notice of its exercise of the Option, not later than 60 days prior to
the date stated in such notice as the closing date for such Option (the
"Notice").

         B. "Fair Market Value" shall be determined by mutual agreement of
Landlord and Tenant prior to the delivery of any Notice or if they have not so
agreed at the time of delivery of any such Notice, Fair Market Value shall be
determined by appraisal as provided herein.

            (i) Either party may, by notice to the other, appoint a
         disinterested appraiser. Within 10 days after the service of such
         notice, the other party may in like manner appoint a disinterested
         appraiser and give notice thereof to the party appointing the first
         appraiser. In case of the failure of the other party so to appoint a
         second appraiser, the first appraiser shall be the sole appraiser and
         shall determine the Fair Market Value. If two appraisers are so
         appointed by the parties, they shall promptly attempt to determine the
         Fair Market Value. If the two appraisers are unable to agree on the
         Fair Market Value within 20 days after the second appraiser has been
         appointed, they shall select and appoint in writing a third
         disinterested appraiser and give notice thereof to both parties.

            (ii) Within 15 days after the selection and appointment of the third
         appraiser, the three appraisers shall meet and attempt to determine the
         Fair Market Value. The decision of a majority of the appraisers shall
         determine the Fair Market Value. If a majority of the three appraisers
         are unable to agree on the Fair Market Value within said 15-day period,
         the three appraisers each shall promptly prepare an appraisal of the
         Fair

                                       23

<PAGE>

         Market Value and the three appraisals shall be added together and their
         total being divided by three with the resulting quotient being the Fair
         Market Value. If, however, the low appraisal and/or high appraisal
         varies by more than ten percent (10%) from the middle appraisal, the
         appraisal or appraisals so varying shall be disregarded. If only one
         appraisal is disregarded, the remaining appraisals shall be added
         together and their total divided by two with the resulting quotient
         being the Fair Market Value. If both the low appraisal and the high
         appraisal are disregarded, the middle appraisal shall establish the
         Fair Market Value.

             (iii) Each of the parties shall pay for its own appraiser's fees
         and the parties will each pay half of the fees of the third appraiser
         and all other costs of appraisals.

             (iv)  To be qualified to act as an appraiser under this paragraph,
         a person must be a member of the American Institute of Real Estate
         Appraisers (or if such institute is not in existence at the time in
         question, a member of successor or similar organization) and must have
         minimum of 10 years recent experience in real estate appraisal
         specializing in commercial office buildings in the suburban Chicago,
         Illinois.

             (v)   After the Fair Market Value has been determined, the
         appraisers shall immediately notify the parties and the closing on the
         sale shall occur on the next rent payment date not less than 60 days
         from the date of such notification.

         C.  Upon the date fixed for any purchase, Tenant shall pay to Landlord,
in lawful money of the Untied States, by wire transfer of immediately available
funds or as otherwise directed by Landlord, the purchase price therefor
specified herein together with all Base Rent, Additional Rent and other sums
then due and payable hereunder to and including such date of purchase, and
Landlord shall deliver to Tenant a special warranty deed, and any other
instruments reasonably necessary to convey the title thereto and to assign any
other property then required to be assigned pursuant hereto. Tenant shall pay
all charges incident to such conveyance and assignment, including reasonable
counsel fees, escrow fees, recording fees, title insurance premiums and all
applicable taxes that may be imposed by reason of such conveyance and assignment
and the delivery of said deed and other instruments.

         36. No Merger. There shall be no merger of this Lease or the leasehold
estate created hereby with the fee estate in the Land and Demised Premises by
reason that the same person or entity may acquire, hold or own such estates
directly or indirectly.

                                       24

<PAGE>

     IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Lease as of
the day and year first above written.

                                     LANDLORD:

                                     HEWITT PROPERTIES III LLC

                                     By:/s/ C.L. Connolly III
                                        ----------------------------------------

                                     Title: Manager and Assistant Secretary
                                            ------------------------------------

                                     TENANT:

                                     HEWITT ASSOCIATES LLC

                                     By:/s/ John M. Ryan
                                        ----------------------------------------

                                     Title: Chief Administrative Officer
                                           -------------------------------------

                                       25

<PAGE>

                                    EXHIBIT A

                                Legal Description

                                  See Attached

PIN:     15-13-200-007
         15-13-400-028
         15-13-400-041
         15-13-400-042

Address:          100 Half Day Road
                  Lincolnshire, IL

<PAGE>

PARCEL 1: THAT PART OF LOT 2 (EXCEPT THE WESTERLY 150 FEET THEREOF) LYING NORTH
OF THE CENTER LINE OF THE ROAD IN BROWN'S SUBDIVISION OF THE EAST 1/2 OF THE
SOUTHWEST 1/4 AND THE NORTHWEST 1/4 OF THE SOUTH EAST 1/4 OF SECTION 13,
TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT THEREOF RECORDED OCTOBER 17, 1876 AS DOCUMENT 16002, IN BOOK "A" OF
PLATS, PAGE 39, IN LAKE COUNTY, ILLINOIS.

PARCEL 2: THE WEST 132 FEET OF THE SOUTH 1/2 OF THE NORTHEAST 1/4 OF THE SOUTH
EAST 1/4 OF SECTION 13, TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL
MERIDIAN, (EXCEPTING THEREFROM THAT PART THEREOF LYING SOUTH OF THE CENTER OF
THE STATE ROUTE NO. 22), IN LAKE COUNTY, ILLINOIS.

PARCEL 3: THAT PART OF THE NORTHWEST 1/4 OF THE NORTHEAST 1/4 OF THE SOUTH EAST
1/4 OF SECTION 13, TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL
MERIDIAN, LYING WESTERLY OF THE WESTERLY RIGHT OF WAY LINE OF THE NORTHERN
ILLINOIS TOLL HIGHWAY, IN LAKE COUNTY, ILLINOIS.

PARCEL 4: LOT 1 (EXCEPT THE WESTERLY 150 FEET THEREOF) IN BROWN'S SUBDIVISION OF
THE EAST 1/2 OF THE SOUTHWEST 1/4 AND THE NORTHWEST 1/4 OF THE SOUTH EAST 1/4 OF
SECTION 13, TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN,
ACCORDING TO THE PLAT THEREOF RECORDED OCTOBER 17, 1876 AS DOCUMENT 16002, IN
BOOK "A" OF PLATS, PAGE 39, IN LAKE COUNTY, ILLINOIS.

PARCEL 5: THE WESTERLY 150 FEET OF THAT PART OF LOT 2 LYING NORTH OF THE CENTER
LINE OF THE ROAD IN BROWN'S SUBDIVISION, OF THE EAST 1/2 OF THE SOUTHWEST 1/4
AND THE NORTHWEST 1/4 OF THE SOUTH EAST 1/4 OF SECTION 13, TOWNSHIP 43 NORTH,
RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF
RECORDED OCTOBER 17, 1876 AS DOCUMENT 16002, IN BOOK "A" OF PLATS, PAGE 39, IN
LAKE COUNTY, ILLINOIS.

PARCEL 6: THE WESTERLY 150 FEET OF LOT 1 IN BROWN'S SUBDIVISION, OF THE EAST 1/2
OF THE SOUTHWEST 1/4 AND THE NORTHWEST 1/4 OF THE SOUTH EAST 1/4 OF SECTION 13,
TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO
THE PLAT THEREOF RECORDED OCTOBER 17, 1876 AS DOCUMENT 16002, IN BOOK "A" OF
PLATS, PAGE 39, IN LAKE COUNTY, ILLINOIS.

PARCEL 7: LOT 4 IN BROWN'S SUBDIVISION, OF THE EAST 1/2 OF THE SOUTHWEST 1/4 AND
THE NORTHWEST 1/4 OF THE SOUTH EAST 1/4 OF SECTION 13, TOWNSHIP 43 NORTH, RANGE
11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED
OCTOBER 17, 1876 AS DOCUMENT 16002, IN BOOK "A" OF PLATS, PAGE 39, IN LAKE
COUNTY, ILLINOIS.

PARCEL 8: THAT PART OF THE EAST1/2OF THE NORTHEAST1/4OF SECTION 13, TOWNSHIP 43
NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN,

<PAGE>

                                    EXHIBIT B
                                SCHEDULE OF RENTS

                            HEWITT PROPERTIES III LLC
                      MORTGAGE STYLE AMORTIZATION SCHEDULE
                             August 19, 1998 Closing

         PRINCIPAL                      $ 40,000,000
         ANNUAL INTEREST                        6.89%
         PAYMENT PER PERIOD             $    357,076
         PERIODS PER YEAR                         12             $ 40,000,000
         TERM (PERIODS)                          180
         AVERAGE LIFE (PERIODS)                 8.81
         DURATION (PERIODS)                    75.35

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                         APPLIED TO:
      PMT                                                                PRESENT                                  YEAR-WEIGHT
     DATE    PMT     INTEREST   PRINCIPAL   NEW BALANCE      PAYMENT      VALUE     PROPORTION      DURATION       PRINCIPAL
-----------------------------------------------------------------------------------------------------------------------------
<S>           <C>     <C>       <C>         <C>              <C>         <C>        <C>             <C>           <C>
     Apr-99   0                              40,000,000
     May-99   1       206,700     127,409    39,872,591      334,109     332,392        0.0083        0.0083         127,409
     Jun-99   2       228,935     128,141    39,744,450      357,076     353,213        0.0088        0.0177         256,281
     Jul-99   3       228,199     128,876    39,615,574      357,076     351,196        0.0088        0.0263         386,629
     Aug-99   4       227,459     129,616    39,485,957      357,076     349,191        0.0087        0.0349         518,466
     Sep-99   5       226,715     130,361    39,355,596      357,076     347,198        0.0087        0.0434         651,803
     Oet-99   6       225,967     131,109    39,224,487      357,076     345,216        0.0086        0.0518         786,655
     Nov-99   7       225,214     131,862    39,092,625      357,076     347,245        0.0086        0.0601         923,034
     Dec-99   8       224,457     132,619    38,960,006      357,076     341,285        0.0085        0.0683       1,060,952
     Jan-00   9       223,695     133,381    38,826,626      357,076     339,337        0.0085        0.0764       1,200,425
     Feb-00   10      222,930     134,146    38,692,479      357,076     337,400        0.0084        0.0843       1,341,463
     Mar-00   11      222,159     134,917    38,557,563      357,076     335,474        0.0084        0.0923       1,484,082
     Apr-00   12      221,385     135,691    38,421,872      357,076     337,558        0.0083        0.1001       1,628,294
     May-00   13      220,606     136,470    38,285,401      357,076     331,654        0.0083        0.1078       1,774,114
     Jun-00   14      219,822     137,254    38,148,148      357,076     329,761        0.0082        0.1154       1,921,554
     Jul-00   15      219,034     138,042    38,010,106      357,076     327,878        0.0082        0.1230       2,070,629
     Aug-00   16      218,241     138,835    37,871,271      357,076     326,006        0.0082        0.1304       2,221,352
     Sep-00   17      217,444     139,632    37,731,640      357,076     324,145        0.0081        0.1378       2,373,738
     Oct-00   IS      216,642     140,433    37,591,206      357,076     322,295        0.0081        0.1450       2,527,801
     Nov-00   19      215,836     141,240    37,449,966      357,076     320,455        0.0080        0.1522       2,683,554
     Dec-00   20      215,025     142,051    37,307,916      357,076     318,625        0.0080        0.1593       2,841,013
     Jan-01   21      214,210     142,866    37,165,050      357,076     316,806        0.0079        0.1663       3,000,191
     Feb-0I   22      213,389     143,687    37,021,363      357,076     314,998        0.0079        0.1732       3,161,104
     Mar-01   23      212,564     144,512    36,876,851      337,076     313,199        0.0078        0.1801       3,323,766
     Apr-01   24      211,735     145,341    36,731,510      357,076     311,411        0.0078        0.1868       3,488,191
     May-01   25      210,900     146,176    36,585,334      357,076     309,634        0.0077        0.1935       3,654,395
     Jun-01   26      210,061     147,015    36,438,319      357,076     307,866        0.0077        0.2001       3,822,392
     Jul-01   27      209,217     147,859    36,290,460      357,076     306,108        0.0077        0.2066       3,992,198
     Aug-01   28      208,368     148,708    36,141,752      357,076     304,361        0.0076        0.2131       4,163,828
     Sep-01   29      207,514     149,562    35,992,190      357,076     302,623        0.0076        0.2194       4,337,297
     Oct-01   30      206,655     150,421    35,841,769      357,076     300,896        0.0075        0.2257       4,512,621
     Nov-01   31      205,791     151,284    35,690,485      357,076     299,178        0.0075        0.2319       4,689,816
     Dec-01   32      204,923     152,153    35,538,332      357,076     297,470        0.0074        0.2380       4,868,896
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                         APPLIED TO:
      PMT                                                                PRESENT                                  YEAR-WEIGHT
     DATE    PMT     INTEREST   PRINCIPAL   NEW BALANCE      PAYMENT      VALUE     PROPORTION      DURATION       PRINCIPAL
-----------------------------------------------------------------------------------------------------------------------------
<S>           <C>     <C>       <C>         <C>              <C>         <C>        <C>             <C>           <C>
     Jan-02   33      204,049     153,027    35,385,305      357,076     295,772        0.0074        0.2440       5,049,878
     Feb-02   34      203,171     153,905    35,231,400      357,076     294,083        0.0074        0.2500       5,232,778
     Mar-02   35      202,287     154,789    35,076,611      357,076     292,404        0.0073        0.2559       5,417,612
     Apr-02   36      201,398     155,678    34,920,933      357,076     290,735        0.0073        0.2617       5,604,396
     May-02   37      200,504     156,572    34,764,362      357,076     289,075        0.0072        0.2674       5,793,146
     Jun-02   38      199,605     157,470    34,606,891      357,076     287,425        0.0072        0.2731       5,983,879
     Jul-02   39      198,701     158,375    34,448,517      357,076     285,784        0.0071        0.2786       6,176,611
     Aug-02   40      197,792     159,284    34,289,233      357,076     284,152        0.0071        0.2842       6,371,359
     Sep-02   41      196,877     160,199    34,129,034      357,076     282,530        0.0071        0.2896       6,568,139
     Oct-02   42      195,958     161,118    33,967,916      357,076     280,917        0.0070        0.2950       6,766,970
     Nov-02   43      195,032     162,043    33,805,873      357,076     279,314        0.0070        0.3003       6,967,867
     Dec-02   44      194,102     162,974    33,642,899      357,076     277,719        0.0069        0.3055       7,170,848
     Jan-03   45      193,166     163,910    33,478,989      357,076     276,134        0.0069        0.3106       7,375,930
     Feb-03   46      192,225     164,851    33,314,139      357,076     274,557        0.0069        0.3157       7,583,131
     Mar-03   47      191,279     165,797    33,148,341      357,076     272,990        0.0068        0.3208       7,792,468
     Apr-03   48      190,327     166,749    32,981,592      357,076     271,431        0.0068        0.3257       8,003,959
     May-03   49      189,369     167,707    32,813,886      357,076     269,882        0.0067        0.3306       8,217,621
     Jun-03   50      188,406     168,669    32,645,216      357,076     268,341        0.0067        0.3354       8,433,474
     Jul-03   51      187,438     169,638    32,475,578      357,076     266,809        0.0067        0.3402       8,651,534
     Aug-03   52      186,464     170,612    32,304,966      357,076     265,286        0.0066        0.3449       8,871,820
     Sep-03   53      185,484     171,592    32,133,375      357,076     263,771        0.0066        0.3495       9,094,351
     Oct-03   54      184,499     172,577    31,960,798      357,076     262,266        0.0066        0.3541       9,319,144
     Nov-03   55      183,508     173,568    31,787,230      357,076     260,768        0.0065        0.3586       9,546,219
     Dec-03   56      182,512     174,564    31,612,666      357,076     259,280        0.0065        0.3630       9,775,595
     Jan-04   57      181,509     175,566    31,437,100      357,076     257,799        0.0064        0.3674      10,007,289
     Feb-04   58      180,501     176,575    31,260,525      357,076     256,328        0.0064        0.3717      10,241,322
     Mar-04   59      179,488     177,588    31,082,937      357,076     254,864        0.0064        0.3759      10,477,713
     Apr-04   60      178,468     178,608    70,904,329      357,076     253,409        0.0063        0.3801      10,716,480
     May-04   61      177,442     179,634    30,724,695      357,076     251,963        0.0063        0.3842      10,957,644
     Jun-04   62      176,411     180,665    30,544,030      357,076     250,524        0.0063        0.3883      11,201,224
     Jul-04   63      175,374     181,702    30,362,328      357,076     249,094        0.0062        0.3923      11,447,240
     Aug-04   64      174,330     182,746    30,179,583      357,076     247,672        0.0062        0.3963      11,695,712
     Sep-04   65      173,281     183,795    29,995,788      357,076     246,258        0.0062        0.4002      11,946,660
     Oct-04   66      172,226     184,850    29,810,938      357,076     244,852         40061        0.4040      12,200,104
     Nov-04   67      171,164     185,911    29,625,027      357,076     243,454         40061        0.4078      12,456,064
     Dec-04   68      170,097     186,979    29,438,048      357,076     242,064        0.0061        0.4115      12,714,561
     Jan-05   69      169,023     188,052    29,249,995      357,076     240,683        0.0060        0.4152      12,975,616
     Feb-05   70      167,944     189,132    29,060,863      357,076     239,309        0.0060        0.4188      13,239,250
     Mar-05   71      166,858     190,218    28,870,645      357,076     237,942        0.0059        0.4223      13,505,484
     Apr-05   72      165,766     191,310    28,679,335      357,076     236,584        0.0059        0.4259      13,774,338
     May-05   73      164,667     192,409    28,486,926      357,076     235,233        0.0059        0.4293      14,045,834
     Jun-05   74      163,562     193,513    28,293,413      357,076     233,890         40058        0.4327      14,319,994
     Jul-05   75      162,451     194,625    28,098,788      357,076     232,555         40058        0.4360      14,596,839
     Aug-05   76      161,334     195,742    27,903,046      357,076     231,228         40058        0.4393      14,876,392
     Sep-05   77      160,210     196,866    27,706,180      357,076     229,907        0.0057        0.4426      15,158,673
     Oct-05   78      159,080     197,996    27,508,184      357,076     228,595        0.0057        0.4458      15,443,705
     Nov-05   79      157,943     199,133    27,309,051      357,076     227,290        0.0057        0.4489      15,731,511
     Dec-05   80      156,799     200,276    27,108,775      357,076     225,992        0.0056        0.4520      16,022,112
     Jan-06   81      155,650     201,426    26,907,348      357,076     224,702        0.0056        0.4550      16,315,532
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                         APPLIED TO:
      PMT                                                                PRESENT                                  YEAR-WEIGHT
     DATE    PMT     INTEREST   PRINCIPAL   NEW BALANCE      PAYMENT      VALUE     PROPORTION      DURATION       PRINCIPAL
-----------------------------------------------------------------------------------------------------------------------------
<S>           <C>     <C>       <C>         <C>              <C>         <C>        <C>             <C>           <C>
     Feb-06   82      154,493     202,583    26,704,765      357,076     223,419        0.0056        0.4580      16,611,793
     Mar-06   83      153,330     203,746    26,501,019      357,076     222,144        0.0056        0.4609      16,910,919
     Apr-06   84      152,160     204,916    26,296,104      357,076     220,876        0.0055        0.4638      17,212,931
     May-06   85      150,983     206,092    26,090,011      357,076     219,615        0.0055        0.4667      17,517,855
     Jun-06   86      149,800     207,276    25,882,735      357,076     218,361        0.0055        0.4695      17,825,712
     Jul-06   87      148,610     208,466    25,674,270      357,076     217,114        0.0054        0.4722      18,136,527
     Aug-06   88      147,413     209,663    25,464,607      357,076     215,875        0.0054        0.4749      18,450,324
     Sep-06   89      146,209     210,867    25,253,740      357,076     214,643        0.0054        0.4776      18,767,126
     Oct-06   90      144,999     212,077    25,041,663      357,076     213,417        0.0053        0.4802      19,086,958
     Nov-06   91      143,781     213,295    24,828,368      357,076     212,199        0.0053        0.4828      19,409,844
     Dec-06   92      142,556     214,520    24,613,848      357,076     210,987        0.0053        0.4853      19,735,808
     Jan-07   93      141,325     215,151    24,398,097      357,076     209,783        0.0052        0.4877      20,064,876
     Feb-07   94      140,086     216,990    24,181,107      357,076     208,585        0.0052        0.4902      20,397,072
     Mar-07   95      138,840     218,236    23,962,871      357,076     207,394        0.0052        0.4926      20,732,421
     Apr-07   96      137,587     219,489    23,743,382      357,076     206,210        0.0052        0.4949      21,070,949
     May-07   97      136,327     220,749    23,522,632      357,076     205,033        0.0051        0.4972      21,412,681
     Jun-07   98      135,059     222,017    23,300,616      357,076     203,863        0.0051        0.4995      21,757,642
     Jul-07   99      173,784     223,292    23,077,324      357,076     202,699        0.0051        0.5017      22,105,859
     Aug-07  100      132,502     224,574    22,852,751      357,076     201,542        0.0050        0.5039      22,457,357
     Sep-07  101      131,213     225,863    22,626,888      357,076     200,391        0.0050        0.5060      22,812,162
     Oct-07  102      129,916     227,160    22,399,728      357,076     199,247        0.0050        0.5081      23,170,302
     Nov-07  103      128,612     228,464    22,171,264      357,076     198,110        0.0050        0.5101      23,531,802
     Dec-07  104      127,300     229,776    21,941,488      357,076     196,979        0.0049        0.5121      23,896,690
     Jan-08  105      125,981     231,095    21,710,393      357,076     195,854        0.0049        0.5141      24,264,992
     Feb-08  106      124,654     232,422    21,477,971      357,076     194,736        0.0049        0.5160      24,636,735
     Mar-08  107      123,319     233,757    21,244,214      357,076     193,624        0.0048        0.5179      25,011,948
     Apr-08  108      121,977     235,099    21,009,115      357,076     192,519        0.0048        0.5198      25,390,657
     May-08  109      120,627     236,449    20,772,667      357,076     191,420        0.0048        0.5216      25,772,890
     Jun-08  110      119,270     237,806    20,534,861      357,076     190,327        0.0048        0.5234      26,158,675
     Jul-08  111      117,904     239,172    20,295,689      357,076     189,240        0.0047        0.5251      26,548,041
     Aug-08  112      116,531     240,545    20,055,144      357,076     188,160        0.0047        0.5268      26,941,016
     Sep-08  113      115,150     241,926    19,813,219      357,076     187,086        0.0047        0.5285      27,337,628
     Oct-08  114      113,761     243,315    19,569,904      357,076     186,018        0.0047        0.5302      27,737,907
     Nov-08  115      112,364     244,712    19,725,192      357,076     184,956        0.0046        0.5317      28,141,881
     Dec-08  116      110,959     246,117    19,079,075      357,076     183,900        0.0046        0.5333      28,549,579
     Jan-09  117      109,546     247,530    18,831,544      357,076     182,850        0.0046        0.5348      28,961,031
     Feb-09  118      108,124     248,951    18,582,593      357,076     181,806        0.0045        0.5363      29,376,267
     Mar-09  119      106,695     250,381    18,332,212      357,076     180,768        0.0045        0.5378      29,795,317
     Apr-09  120      105,257     251,818    18,080,394      357,076     179,736        0.0045        0.5392      30,218,210
     May-09  121      103,812     253,264    17,827,129      357,076     178,710        0.0045        0.5406      30,644,977
     Jun-09  122      102,357     254,718    17,572,411      357,076     177,690        0.0044        0.5420      31,075,649
     Jul-09  123      100,895     256,151    17,316,230      357,076     176,676        0.0044        0.5433      31,510,256
     Aug-09  124       99,424     257,652    17,058,578      357,076     175,667        0.0044        0.5446      31,948,829
     Sep-09  125       97,945     259,131    16,799,447      357,076     174,664        0.0044        0.5458      32,391,400
     Oct-09  126       96,457     260,619    16,538,828      357,076     173,667         40043        0.5471      32,838,000
     Nov-09  127       94,960     262,115    16,276,713      357,076     172,676        0.0043        0.5482      33,288,660
     Dec-09  128       93,455     263,620    16,013,092      357,076     171,690        0.0043        0.5494      33,743,413
     Jan-10  129       91,942     265,134    15,747,958      357,076     170,710        0.0043        0.5505      34,202,290
     Feb-10  130       90,420     266,656    15,481,302      357,076     169,375        0.0042        0.5516      34,665,325
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                         APPLIED TO:
      PMT                                                                PRESENT                                  YEAR-WEIGHT
     DATE    PMT     INTEREST   PRINCIPAL   NEW BALANCE      PAYMENT      VALUE     PROPORTION      DURATION       PRINCIPAL
-----------------------------------------------------------------------------------------------------------------------------
<S>           <C>     <C>       <C>         <C>              <C>         <C>        <C>             <C>           <C>
     Mar-10  131       88,888     268,187    15,213,114      357,076     168,766        0.0042        0.5527      35,132,549
     Apr-10  132       87,349     269,727    14,943,387      357,076     167,803        0.0042        0.5537      35,603,995
     May-10  133       85,800     271,276    14,672,111      357,076     166,845        0.0042        0.5548      36,079,698
     Jun-10  134       84,242     272,833    14,399,278      357,076     165,892        0.0041        0.5557      36,559,689
     Jul-10  135       82,676     274,400    14,124,878      357,076     164,945        0.0041        0.5567      37,044,002
     Aug-10  136       81,100     275,976    13,848,902      357,076     164,003        0.0041        0.5576      37,532,672
     Sep-10  137       79,516     277,560    13,571,342      357,076     167,067        0.0041        0.5585      38,025,772
     Oct-10  138       77,922     279,154    13,292,188      357,076     162,136        0.0041        0.5594      38,523,217
     Nov-10  139       76,319     280,757    13,011,432      357,076     161,211        0.0040        0.5602      39,025,161
     Dec-10  140       74,707     282,369    12,729,063      357,076     160,290        0.0040        0.5610      39,571,599
     Jan-11  141       73,086     283,990    12,445,073      357,076     159,175        0.0040        0.5618      40,042,566
     Feb-11  142       71,455     285,620    12,159,453      357,076     158,465        0.0040        0.5626      40,558,098
     Mar-11  143       69,816     287,260    11,872,193      357,076     157,561        0.0039        0.5633      41,078,229
     Apr-11  144       68,166     288,910    11,583,283      357,076     156,661        0.0039        0.5640      41,602,996
     May-11  145       66,507     290,569    11,292,714      357,076     155,767        0.0039        0.5647      42,132,435
     Jun-11  146       64,839     292,237    11,000,478      357,076     154,878        0.0039        0.5653      42,666,583
     Jul-11  147       63,161     293,915    10,706,563      357,076     153,993        0.0038        0.5659      43,205,475
     Aug-11  148       61,474     295,602    10,410,960      357,076     153,114        0.0038        0.5665      43,749,149
     Sep-11  149       59,776     297,300    10,113,661      357,076     152,240        0.0038        0.5671      44,297,641
     Oct-11  150       58,069     299,007     9,814,654      357,076     151,371        0.0038        0.5676      44,850,990
     Nov-11  151       56,352     300,723     9,513,931      357,076     150,507        0.0038        0.5682      45,409,233
     Dec-11  152       54,626     302,450     9,211,481      357,076     149,648        0.0037        0.5687      45,972,408
     Jan-12  153       52,889     304,187     8,907,294      357,076     148,793        0.0037        0.5691      46,540,553
     Feb-12  154       51,143     305,933     8,601,361      357,076     147,944        0.0037        0.5696      47,113,706
     Mar-12  155       49,386     307,690     8,293,671      357,076     147,099        0.0037        0.5700      47,691,907
     Apr-12  156       47,619     309,456     7,984,215      357,076     146,259        0.0037        0.5704      48,275,194
     May-12  157       45,843     311,233     7,672,982      357,076     145,425        0.0036        0.5708      48,863,608
     Jun-12  158       44,056     313,020     7,359,962      357,076     144,594        0.0036        0.5711      49,457,186
     Jul-12  159       42,258     314,817     7,045,144      357,076     143,769        0.0036        0.5715      50,055,970
     Aug-12  160       40,451     316,625     6,728,519      357,076     142,948        0.0036        0.5718      50,660,000
     Sep-12  161       38,633     318,443     6,410,076      357,076     142,132        0.0036        0.5721      51,269,316
     Oct-12  162       36,805     320,271     6,089,805      357,076     141,321        0.0035        0.5723      51,883,959
     Nov-12  163       34,966     322,110     5,767,695      357,076     140,514        0.0035        0.5726      52,503,969
     Dec-12  164       31,116     323,960     5,443,735      357,076     139,712        0.0035        0.5728      53,129,389
     Jan-13  165       31,256     325,820     5,117,915      357,076     138,914        0.0035        0.5730      53,760,260
     Feb-13  166       29,385     327,691     4,790,225      357,076     138,121        0.0035        0.5732      54,396,624
     Mar-13  167       27,504     329,572     4,460,653      357,076     137,332        0.0034        0.5734      55,038,523
     Apr-13  168       25,612     331,464     4,129,188      357,076     136,548        0.0034        0.5735      55,686,001
     May-13  169       23,708     333,367     3,795,821      357,076     135,769        0.0034        0.5736      56,339,099
     Jun-13  170       21,794     335,282     3,460,539      357,076     134,994        0.0034        0.5737      56,997,860
     Jul-13  171       19,869     337,207     3,123,333      357,076     134,223        0.0034        0.5738      57,662,330
     Aug-13  172       17,933     339,143     2,784,190      357,076     133,457        0.0033        0.5739      58,332,550
     Sep-13  173       15,986     341,090     2,443,100      357,076     132,695        0.0033        0.5739      59,008,566
     Oct-13  174       14,027     343,048     2,100,052      357,076     131,937        0.0033        0.5739      59,690,422
     Nov-13  175       12,058     345,018     1,755,034      357,076     131,184        0.0033        0.5739      60,378,163
     Dec-13  176       10,077     346,999     1,408,034      357,076     130,435        0.0033        0.5739      61,071,833
     Jan-14  177        8,084     348,991     1,059,043      357,076     129,691        0.0032        0.5739      61,771,479
     Feb-14  178        6,081     350,995       708,048      357,076     128,950        0.0032        0.5738      62,477,145
     Mar-14  179        4,065     353,010       355,037      357,076     128,214        0.0032        0.5738      63,188,879
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                         APPLIED TO:
      PMT                                                                PRESENT                                  YEAR-WEIGHT
     DATE    PMT     INTEREST   PRINCIPAL   NEW BALANCE      PAYMENT      VALUE     PROPORTION      DURATION       PRINCIPAL
-----------------------------------------------------------------------------------------------------------------------------
<S>           <C>     <C>       <C>         <C>              <C>         <C>        <C>             <C>           <C>
     Apr-14  180        2,039      355,037            0      357,076       127,482      0.0032        0.5737       63,906,725
                              $ 40,000,000                            $ 40,000,059        1.00         75.35  $ 4,227,632,486
</TABLE>

<PAGE>

                       FIRST AMENDMENT TO LEASE AGREEMENT

         THIS FIRST AMENDMENT TO LEASE AGREEMENT (this "Lease") is made as of
the 31st day of May, 2002 between HEWITT PROPERTIES III LLC, an Illinois limited
liability company, having its principal office at 100 Half Day Road,
Lincolnshire, Illinois 60069 (the "Landlord"), and HEWITT ASSOCIATES LLC, an
Illinois limited liability company, having its principal office at 100 Half Day
Road, Lincolnshire, Illinois 60069 (the "Tenant").

                              W I T N E S S E T H:

         Landlord and Tenant have entered into that certain Lease Agreement
dated as of April 22, 1999 ("Lease") for approximately 43 acres situated in
Lincolnshire, Illinois, County of Lake and legally described on Exhibit A
attached hereto and made a part hereof (the "Land"), together with all
improvements located thereon. All capitalized terms used herein and not
otherwise defined shall have the definition provided to them in the Lease.

         Contemporaneously with the execution of the Lease, Landlord issued
$40,000,000 of its Secured Credit Tenant Notes due 2014 (the "Notes") pursuant
to a Note Purchase Agreement (the "Original Note Agreement") which Notes and
obligations are secured in substantial part by the Lease.

         Landlord and the holders of the Notes are amending the Original Note
Agreement and in connection therewith desire to amend the Lease as set forth
herein.

         1. Definition of Note Amendment. The term "Note Agreement" as used in
the Lease as amended hereby and as may be further amended or modified shall mean
that certain Note Purchase Agreement dated as of April 22, 1999 among Landlord,
Tenant and the Purchasers (as such term is defined in the Note Purchase
Agreement) and any and all existing and future modifications, amendments and/or
supplements thereto.

         2. Term and Occupancy. Section 2 of the Lease is hereby deleted and
replaced with the following:

         2. Term and Occupancy. The term of this Lease shall commence on the
         date hereof (the "Commencement Date"), and shall end on the date which
         is the fifteenth (15th) anniversary of the Rent Commencement Date (the
         "Expiration Date"), unless the term be extended or earlier terminated
         as provided herein.

         3. Choice of Law and Interpretation. This Amendment shall be governed
by the internal law of the State of Illinois, without considering such state's
choice of law rules.

         4. Conflict. In the event of any conflict between the terms of this
Amendment and the language of the Lease, the terms of this Amendment shall
control.

<PAGE>

         5. Counterpart. This Amendment may be executed in two or more
counterparts, each of which shall be an original, but all of which taken
together shall constitute one and the same agreement.

         6. Lease Terms Unmodified. Except as set forth above, the Lease shall
remain unmodified and in full force and effect.

         IN WITNESS WHEREOF, Landlord and Tenant have duly executed this
Amendment as of the day and year first above written.

                                    LANDLORD:

                                    HEWITT PROPERTIES III LLC

                                    By:   /s/ C. L. Connolly III
                                          -----------------------------------
                                    Title:   Authorized Representative

                                    TENANT:

                                    HEWITT ASSOCIATES LLC

                                    By:   /s/ C. L. Connolly III
                                          -----------------------------------
                                    Title:   Authorized Representative

                                       27<PAGE>
                                                                   EXHIBIT 10.22
================================================================================

                           THREE YEAR CREDIT AGREEMENT

                         DATED AS OF SEPTEMBER 27, 2002

                                      AMONG

                             HEWITT ASSOCIATES LLC,

                  THE LENDERS FROM TIME TO TIME PARTIES HERETO,

                         HARRIS TRUST AND SAVINGS BANK,
                            AS ADMINISTRATIVE AGENT,

                                BANK OF MONTREAL,
                                   AS ARRANGER

                                       AND

                             BANK OF AMERICA, N.A.,
                              AS SYNDICATION AGENT

================================================================================

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
SECTION          DESCRIPTION                                               PAGE
<C>              <S>                                                       <C>
SECTION 1.       THE CREDIT FACILITIES ...................................   1

  Section 1.1.   Revolving Credit Commitments ............................   1
  Section 1.2.   Letters of Credit .......................................   1
  Section 1.3.   Applicable Interest Rates ...............................   4
  Section 1.4.   Minimum Borrowing Amounts; Maximum Eurodollar Loans .....   6
  Section 1.5.   Manner of Borrowing Loans and Designating Applicable
                   Interest Rates ........................................   6
  Section 1.6.   Interest Periods ........................................   8
  Section 1.7.   Maturity of Loans .......................................   9
  Section 1.8.   Prepayments .............................................   9
  Section 1.9.   Default Rate ............................................  10
  Section 1.10.  The Notes ...............................................  10
  Section 1.11.  Funding Indemnity .......................................  10
  Section 1.12.  Commitment Terminations .................................  11
  Section 1.13.  Substitution of Lenders .................................  11
  Section 1.14.  Swing Loans .............................................  12
  Section 1.15.  Increase in Commitments; Additional Lenders .............  13

SECTION 2.       FEES ....................................................  14

  Section 2.1.   Fees ....................................................  14

SECTION 3.       PLACE AND APPLICATION OF PAYMENTS .......................  16

  Section 3.1.   Place and Application of Payments .......................  16

SECTION 4.       DEFINITIONS; INTERPRETATION .............................  17

  Section 4.1.   Definitions .............................................  17
  Section 4.2.   Interpretation ..........................................  28
  Section 4.3.   Change in Accounting Principles .........................  28

SECTION 5.       REPRESENTATIONS AND WARRANTIES ..........................  29

  Section 5.1.   Organization and Qualification ..........................  29
  Section 5.2.   Subsidiaries ............................................  29
  Section 5.3.   Authority and Validity of Obligations ...................  29
  Section 5.4.   Use of Proceeds; Margin Stock ...........................  30
  Section 5.5.   Financial Reports .......................................  30
  Section 5.6.   No Material Adverse Change ..............................  30
  Section 5.7.   Full Disclosure .........................................  31
  Section 5.8.   Good Title ..............................................  31
  Section 5.9.   Litigation and Other Controversies ......................  31
</TABLE>

<PAGE>

<TABLE>
<C>              <S>                                                       <C>
  Section 5.10.  Taxes ...................................................  31
  Section 5.11.  Approvals ...............................................  31
  Section 5.12.  Affiliate Transactions ..................................  31
  Section 5.13.  Investment Company; Public Utility Holding Company ......  32
  Section 5.14.  ERISA ...................................................  32
  Section 5.15.  Compliance with Laws ....................................  32
  Section 5.16.  Other Agreements ........................................  32
  Section 5.17.  No Default ..............................................  32

SECTION 6.       CONDITIONS PRECEDENT ....................................  33

  Section 6.1.   All Credit Events .......................................  33
  Section 6.2.   Initial Credit Event ....................................  33

SECTION 7.       COVENANTS ...............................................  35

  Section 7.1.   Maintenance of Business .................................  35
  Section 7.2.   Maintenance of Properties ...............................  35
  Section 7.3.   Taxes and Assessments ...................................  35
  Section 7.4.   Insurance ...............................................  35
  Section 7.5.   Financial Reports .......................................  36
  Section 7.6.   Inspection ..............................................  37
  Section 7.7.   Interest Coverage Ratio .................................  38
  Section 7.8.   Tangible Net Worth ......................................  38
  Section 7.9.   Leverage Ratio ..........................................  38
  Section 7.10.  Distributions ...........................................  38
  Section 7.11.  Indebtedness ............................................  38
  Section 7.12.  Liens ...................................................  38
  Section 7.13.  Investments, Acquisitions, Loans, Advances and
                   Guaranties ............................................  39
  Section 7.14.  Use of Proceeds .........................................  40
  Section 7.15.  Mergers, Consolidations and Sales .......................  40
  Section 7.16.  Maintenance of Subsidiaries .............................  41
  Section 7.17.  ERISA ...................................................  41
  Section 7.18.  Compliance with Laws ....................................  41
  Section 7.19.  Burdensome Contracts With Affiliates ....................  41
  Section 7.20.  No Changes in Fiscal Year ...............................  42
  Section 7.21.  Amendments to Articles and Operating Agreement ..........  42

SECTION 8.       EVENTS OF DEFAULT AND REMEDIES ..........................  42

  Section 8.1.   Events of Default .......................................  42
  Section 8.2.   Non-Bankruptcy Defaults .................................  44
  Section 8.3.   Bankruptcy Defaults .....................................  44
  Section 8.4.   Collateral for Undrawn Letters of Credit ................  44
  Section 8.5.   Notice of Default .......................................  45
  Section 8.6.   Expenses ................................................  45
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<C>              <S>                                                       <C>
SECTION 9.       CHANGE IN CIRCUMSTANCES .................................  45

  Section 9.1.   Change of Law ...........................................  45
  Section 9.2.   Unavailability of Deposits or Inability to Ascertain,
                   or Inadequacy of, LIBOR ...............................  46
  Section 9.3.   Increased Cost and Reduced Return .......................  46
  Section 9.4.   Lending Offices .........................................  48
  Section 9.5.   Discretion of Lender as to Manner of Funding ............  48

SECTION 10.      THE ADMINISTRATIVE AGENT ................................  48

  Section 10.1.  Appointment and Authorization of Administrative Agent ...  48
  Section 10.2.  Administrative Agent and its Affiliates .................  48
  Section 10.3.  Action by Administrative Agent ..........................  49
  Section 10.4.  Consultation with Experts ...............................  49
  Section 10.5.  Liability of Administrative Agent; Credit Decision ......  49
  Section 10.6.  Indemnity ...............................................  50
  Section 10.7.  Resignation of Administrative Agent and Successor
                   Administrative Agent ..................................  50
  Section 10.8.  L/C Issuer ..............................................  51
  Section 10.9.  Designation of Additional Agents ........................  51

SECTION 11.      MISCELLANEOUS ...........................................  51

  Section 11.1.  Withholding Taxes .......................................  51
  Section 11.2.  No Waiver, Cumulative Remedies ..........................  53
  Section 11.3.  Non-Business Days .......................................  53
  Section 11.4.  Documentary Taxes .......................................  53
  Section 11.5.  Survival of Representations .............................  53
  Section 11.6.  Survival of Indemnities .................................  53
  Section 11.7.  Sharing .................................................  53
  Section 11.8.  Notices .................................................  54
  Section 11.9.  Counterparts ............................................  54
  Section 11.10. Successors and Assigns ..................................  54
  Section 11.11. Participants ............................................  55
  Section 11.12. Assignments .............................................  55
  Section 11.13. Amendments ..............................................  56
  Section 11.14. Headings ................................................  56
  Section 11.15. Costs and Expenses; Indemnification .....................  57
  Section 11.16. Entire Agreement ........................................  58
  Section 11.17. Governing Law ...........................................  58
  Section 11.18. Severability of Provisions ..............................  58
  Section 11.19. Construction ............................................  58
  Section 11.20. Lender's Obligations Several ............................  58
  Section 11.21. Submission to Jurisdiction; Waiver of Jury Trial ........  58
</TABLE>

                                      -iii-

<PAGE>

EXHIBIT A     --  Notice of Payment Request
EXHIBIT B     --  Notice of Borrowing
EXHIBIT C     --  Notice of Continuation/Conversion
EXHIBIT D-1   --  Revolving Note
EXHIBIT D-2   --  Swing Note
EXHIBIT E     --  Compliance Certificate
EXHIBIT F     --  Assignment and Acceptance
SCHEDULE 1    --  Commitments
SCHEDULE 2    --  Existing Letters of Credit
SCHEDULE 5.2  --  Subsidiaries

                                      -iv-

<PAGE>

                           THREE YEAR CREDIT AGREEMENT

         This Three Year Credit Agreement is entered into as of September 27,
2002, by and among Hewitt Associates LLC, an Illinois limited liability company
(the "Borrower"), the several financial institutions from time to time party to
this Agreement, as Lenders, Harris Trust and Savings Bank, as Administrative
Agent, Bank of Montreal, as Arranger and Bank of America, N.A., as Syndication
Agent, as provided herein. All capitalized terms used herein without definition
shall have the same meanings herein as such terms are defined in Section 4.1
hereof.

                              PRELIMINARY STATEMENT

         The Borrower has requested, and the Lenders have agreed to extend,
certain credit facilities on the terms and conditions of this Agreement.

         NOW, THEREFORE, in consideration of the mutual agreements contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1. THE CREDIT FACILITIES.

         Section 1.1. Revolving Credit Commitments. Subject to the terms and
conditions hereof, each Lender, by its acceptance hereof, severally agrees to
make a loan or loans (individually a "Revolving Loan" and collectively the
"Revolving Loans") in U.S. Dollars to the Borrower from time to time on a
revolving basis up to the amount of such Lender's Revolving Credit Commitment,
subject to any reductions thereof pursuant to the terms hereof, before the
Revolving Credit Termination Date. The sum of the aggregate principal amount of
Revolving Loans, Swing Loans, and L/C Obligations at any time outstanding shall
not exceed the Revolving Credit Commitments in effect at such time. Each
Borrowing of Revolving Loans shall be made ratably by the Lenders in proportion
to their respective Revolver Percentages. As provided in Section 1.5(a) hereof,
the Borrower may elect that each Borrowing of Revolving Loans be either Base
Rate Loans or Eurodollar Loans. Revolving Loans may be repaid and the principal
amount thereof reborrowed before the Revolving Credit Termination Date, subject
to the terms and conditions hereof.

         Section 1.2. Letters of Credit. (a) General Terms. Subject to the
terms and conditions hereof, as part of the Revolving Credit, the L/C Issuer
shall issue standby  letters of credit (each a "Letter of Credit") for the
Borrower's account in an aggregate undrawn  face  amount up to the  L/C
Sublimit. Each Letter of Credit shall be issued by the L/C Issuer, but each
Lender shall be obligated to reimburse the L/C Issuer for such Lender's Revolver
Percentage of the amount of each drawing thereunder and, accordingly, each
Letter of Credit shall constitute usage of the Revolving Credit Commitment of
each Lender pro rata in an amount equal to its Revolver Percentage of the L/C
Obligations then outstanding.Notwithstanding anything herein to the contrary,
the Existing Letters of Credit shall constitute "Letters of Credit" hereunder
for all

<PAGE>

purposes of this Agreement to the same extent and with the same force and effect
as if such Letters of Credit had been issued under this Agreement at the request
of the Borrower.

         (b) Applications. At any time before the Revolving Credit Termination
Date, the L/C Issuer shall, at the request of the Borrower, issue one or more
Letters of Credit in U.S. Dollars, in a form satisfactory to the L/C Issuer and
the Borrower, with expiration dates no later than the earlier of 12 months from
the date of issuance (or which are cancelable not later than 12 months from the
date of issuance and each renewal) or 30 days prior to the Revolving Credit
Termination Date, in an aggregate face amount not to exceed the limits set forth
in the foregoing Sections, upon the receipt of an application duly executed by
the Borrower for the relevant Letter of Credit in the form then customarily
prescribed by the L/C Issuer for the Letter of Credit requested (each an
"Application"). Notwithstanding anything contained in any Application to the
contrary: (i) the Borrower shall pay fees in connection with each Letter of
Credit as set forth in Section 2.1 hereof, (ii) before the occurrence of a
Default or an Event of Default, the L/C Issuer will not call for the funding by
the Borrower of any amount under a Letter of Credit before being presented with
a drawing thereunder, and (iii) if the L/C Issuer is not timely reimbursed for
the amount of any drawing under a Letter of Credit on the date such drawing is
paid, the Borrower's obligation to reimburse the L/C Issuer for the amount of
such drawing shall bear interest (which the Borrower hereby promises to pay)
from and after the date such drawing is paid at a rate per annum equal to the
sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in
effect (computed on the basis of a year of 365 or 366 days, as the case may be,
and the actual number of days elapsed). If the L/C Issuer issues any Letter of
Credit with an expiration date that is automatically extended unless the L/C
Issuer gives notice that the expiration date will not so extend beyond its then
scheduled expiration date, unless the Required Lenders instruct the L/C Issuer
otherwise, the L/C Issuer will give such notice of non-renewal before the time
necessary to prevent such automatic extension if before such required notice
date: (i) the expiration date of such Letter of Credit if so extended would be
after the Revolving Credit Termination Date, (ii) the Revolving Credit
Commitments have been terminated, or (iii) a Default or an Event of Default
exists and the Administrative Agent, at the request, or with the consent of, the
Required Lenders, has given the L/C Issuer instructions not to so permit the
extension of the expiration date of such Letter of Credit. The L/C Issuer agrees
to issue amendments to the Letter(s) of Credit increasing the amount, or
extending the expiration date, thereof at the request of the Borrower subject to
the conditions of Section 7 hereof and the other terms of this Section 1.2.

         (c) The Reimbursement Obligations. Subject to Section 1.2(b) hereof,
the obligation of the Borrower to reimburse the L/C Issuer for all drawings
under a Letter of Credit (a "Reimbursement Obligation") shall be governed by the
Application related to such Letter of Credit, except that reimbursement shall be
made by no later than 2:00 p.m. (Chicago time) on the date when each drawing is
to be paid if the Borrower has been informed of such drawing by the L/C Issuer
on or before 11:00 a.m. (Chicago time) on the date when such drawing is to be
paid or, if notice of such drawing is given to the Borrower after 11:00 a.m. but
prior to 4:00 p.m. (Chicago time) on the date when such drawing is to be paid,
by the end of such day (and if notice is given to the Borrower after 4:00 p.m.
(Chicago time) on such date, then by noon (Chicago time) on the next Business
Day), in immediately available funds at the Administrative Agent's
principal office in Chicago, Illinois or such other office as the Administrative
Agent may designate in

                                      -2-

<PAGE>

writing to the Borrower (who shall thereafter cause to be distributed to the L/C
Issuer such amount(s) in like funds). If the Borrower does not make any such
reimbursement payment on the date due and the Participating Lenders fund their
participations therein in the manner set forth in Section 1.2(d) below, then all
payments thereafter received by the Administrative Agent in discharge of any of
the relevant Reimbursement Obligations shall be distributed in accordance with
Section 1.2(d) below.

     (d) The Participating Interests. Each Lender (other than the Lender acting
as L/C Issuer in issuing the relevant Letter of Credit), by its acceptance
hereof, severally agrees to purchase from the L/C Issuer, and the L/C Issuer
hereby agrees to sell to each such Lender (a "Participating Lender"), an
undivided percentage participating interest (a "Participating Interest"), to the
extent of its Revolver Percentage, in each Letter of Credit issued by, and each
Reimbursement Obligation owed to, the L/C Issuer. Upon any failure by the
Borrower to pay any Reimbursement Obligation at the time required on the date
the related drawing is to be paid, as set forth in Section 1.2(c) above, or if
the L/C Issuer is required at any time to return to the Borrower or to a
trustee, receiver, liquidator, custodian or other Person any portion of any
payment of any Reimbursement Obligation, each Participating Lender shall, not
later than the Business Day it receives a certificate in the form of Exhibit A
hereto from the L/C Issuer (with a copy to the Administrative Agent) to such
effect, if such certificate is received before 1:00 p.m. (Chicago time), or not
later than 1:00 p.m. (Chicago time) the following Business Day, if such
certificate is received after such time, pay to the Administrative Agent for the
account of the L/C Issuer an amount equal to such Participating Lender's
Revolver Percentage of such unpaid or recaptured Reimbursement Obligation
together with interest on such amount accrued from the date the related payment
was made by the L/C Issuer to the date of such payment by such Participating
Lender at a rate per annum equal to: (i) from the date the related payment was
made by the L/C Issuer to the date 2 Business Days after payment by such
Participating Lender is due hereunder, the Federal Funds Rate for each such day
and (ii) from the date 2 Business Days after the date such payment is due from
such Participating Lender to the date such payment is made by such Participating
Lender, the Base Rate in effect for each such day. Each such Participating
Lender shall thereafter be entitled to receive its Revolver Percentage of each
payment received in respect of the relevant Reimbursement Obligation and of
interest paid thereon, with the L/C Issuer retaining its Revolver Percentage
thereof as a Lender hereunder.

     The several obligations of the Participating Lenders to the L/C Issuer
under this Section 1.2 shall be absolute, irrevocable and unconditional under
any and all circumstances whatsoever and shall not be subject to any set-off,
counterclaim or defense to payment which any Participating Lender may have or
have had against the Borrower, the L/C Issuer, the Administrative Agent, any
Lender or any other Person whatsoever. Without limiting the generality of the
foregoing, such obligations shall not be affected by any Default or Event of
Default or by any reduction or termination of any Commitment of any Lender, and
each payment by a Participating Lender under this Section 1.2 shall be made
without any offset, abatement, withholding or reduction whatsoever.

     (e) Indemnification. The Participating Lenders shall, to the extent of
their respective Revolver Percentages, indemnify the L/C Issuer (to the extent
not reimbursed by the Borrower) against any cost, expense (including reasonable
counsel fees and disbursements), claim, demand,

                                      -3-

<PAGE>

action, loss or liability (except such as result from the L/C Issuer's gross
negligence or willful misconduct) that the L/C Issuer may suffer or incur in
connection with any Letter of Credit issued by it. The obligations of the
Participating Lenders under this Section 1.2(e) and all other parts of this
Section 1.2 shall survive termination of this Agreement and of all Applications,
Letters of Credit, and all drafts and other documents presented in connection
with drawings thereunder.

     (f) Manner of Requesting a Letter of Credit. The Borrower shall provide at
least three (3) Business Days' advance written notice to the Administrative
Agent of each request for the issuance of a Letter of Credit, such notice in
each case to be accompanied by an Application for such Letter of Credit properly
completed and executed by the Borrower and, in the case of an extension or an
increase in the amount of a Letter of Credit, a written request therefor, in a
form acceptable to the Administrative Agent and the L/C Issuer, in each case,
together with the fees called for by this Agreement, provided that the stated
amount of the Letter of Credit need not be specified until one (1) Business Day
prior to the requested date of issuance. The Administrative Agent shall promptly
notify the relevant L/C Issuer of the Administrative Agent's receipt of each
such notice and the L/C Issuer shall promptly notify the Administrative Agent
and the Lenders of the issuance of the Letter of Credit so requested.

     Section 1.3. Applicable Interest Rates. (a) Base Rate Loans. Each Base Rate
Loan made or maintained by a Lender shall bear interest during each Interest
Period it is outstanding (computed on the basis of a year of 365 or 366 days, as
the case may be, and the actual days elapsed) on the unpaid principal amount
thereof from the date such Loan is advanced, continued or created by conversion
from a Eurodollar Loan until maturity (whether by acceleration or otherwise) at
a rate per annum equal to the sum of the Applicable Margin plus the Base Rate
from time to time in effect, payable on the last day of its Interest Period and
at maturity (whether by acceleration or otherwise).

     "Base Rate" means for any day the greater of: (i) the rate of interest
announced or otherwise established by the Administrative Agent from time to time
as its prime commercial rate as in effect on such day, with any change in the
Base Rate resulting from a change in said prime commercial rate to be effective
as of the date of the relevant change in said prime commercial rate (it being
acknowledged and agreed that such rate may not be the Administrative Agent's
best or lowest rate), or (ii) the sum of (x) the rate determined by the
Administrative Agent to be the average (rounded upward, if necessary, to the
next higher 1/100 of 1%) of the rates per annum quoted to the Administrative
Agent at approximately 10:00 a.m. (Chicago time) (or as soon thereafter as is
practicable) on such day (or, if such day is not a Business Day, on the
immediately preceding Business Day) by two or more Federal funds brokers
selected by the Administrative Agent for sale to the Administrative Agent at
face value of Federal funds in the secondary market in an amount equal or
comparable to the principal amount owed to the Administrative Agent for which
such rate is being determined, plus (y) 1/2 of 1%.

     (b) Eurodollar Loans. Each Eurodollar Loan made or maintained by a Lender
shall bear interest during each Interest Period it is outstanding (computed on
the basis of a year of 360 days and actual days elapsed) on the unpaid principal
amount thereof from the date such Loan is advanced, continued or created by
conversion from a Base Rate Loan until maturity (whether by acceleration or
otherwise) at a rate per annum equal to the sum of the Applicable

                                      -4-

<PAGE>

Margin plus the Adjusted LIBOR applicable for such Interest Period, payable on
the last day of the Interest Period and at maturity (whether by acceleration or
otherwise), and, if the applicable Interest Period is longer than three months,
on each day occurring every three months after the commencement of such Interest
Period.

     "Adjusted LIBOR" means, for any Borrowing of Eurodollar Loans, a rate per
annum determined in accordance with the following formula:

             Adjusted LIBOR =                  LIBOR
                                 ---------------------------------
                                 1 - Eurodollar Reserve Percentage

     "Eurodollar Reserve Percentage" means, for any Borrowing of Eurodollar
Loans, the daily average for the applicable Interest Period of the maximum rate,
expressed as a decimal, at which reserves (including, without limitation, any
supplemental, marginal, and emergency reserves) are imposed during such Interest
Period by the Board of Governors of the Federal Reserve System (or any
successor) on "eurocurrency liabilities", as defined in such Board's Regulation
D (or in respect of any other category of liabilities that includes deposits by
reference to which the interest rate on Eurodollar Loans is determined or any
category of extensions of credit or other assets that include loans by
non-United States offices of any Lender to United States residents), subject to
any amendments of such reserve requirement by such Board or its successor,
taking into account any transitional adjustments thereto. For purposes of this
definition, the Eurodollar Loans shall be deemed to be "eurocurrency
liabilities" as defined in Regulation D without benefit or credit for any
prorations, exemptions or offsets under Regulation D.

     "LIBOR" means, for an Interest Period for a Borrowing of Eurodollar Loans,
(a) the LIBOR Index Rate for such Interest Period, if such rate is available,
and (b) if the LIBOR Index Rate cannot be determined, the arithmetic average of
the rates of interest per annum (rounded upwards, if necessary, to the nearest
1/100 of 1%) at which deposits in U.S. Dollars in immediately available funds
are offered to the Administrative Agent at 11:00 a.m. (London, England time) 2
Business Days before the beginning of such Interest Period by 3 or more major
banks in the interbank eurodollar market selected by the Administrative Agent
for delivery on the first day of and for a period equal to such Interest Period
and in an amount equal or comparable to the principal amount of the Eurodollar
Loan scheduled to be made by the Administrative Agent as part of such Borrowing.

     "LIBOR Index Rate" means, for any Interest Period, the rate per annum
(rounded upwards, if necessary, to the next higher one hundred-thousandth of a
percentage point) for deposits in U.S. Dollars for a period equal to such
Interest Period, which appears on the Telerate Page 3750 as of 11:00 a.m.
(London, England time) on the day 2 Business Days before the commencement of
such Interest Period.

     "Telerate Page 3750" means the display designated as "Page 3750" on the
Telerate Service (or such other page as may replace Page 3750 on that service or
such other service as may be nominated by the British Bankers' Association as
the information vendor for the purpose of displaying British Bankers'
Association Interest Settlement Rates for U.S. Dollar deposits).

                                      -5-

<PAGE>

     (c) Rate Determinations. The Administrative Agent shall determine, in
accordance with the terms and provisions hereof, each interest rate applicable
to the Loans and the Reimbursement Obligations hereunder, and its determination
thereof shall be prima facie evidence thereof.

     Section 1.4. Minimum Borrowing Amounts; Maximum Eurodollar Loans. Each
Borrowing of Base Rate Loans advanced under the Revolving Credit shall be in an
amount not less than $1,000,000 or such greater amount which is an integral
multiple of $100,000. Each Borrowing of Eurodollar Loans advanced, continued or
converted under the Revolving Credit shall be in an amount equal to $2,000,000
or such greater amount which is an integral multiple of $100,000.

     Section 1.5. Manner of Borrowing Loans and Designating Applicable Interest
Rates. (a) Notice to the Administrative Agent. The Borrower shall give notice to
the Administrative Agent by no later than 10:00 a.m. (Chicago time): (i) at
least 3 Business Days before the date on which the Borrower requests the Lenders
to advance a Borrowing of Eurodollar Loans and (ii) on the date the Borrower
requests the Lenders to advance a Borrowing of Base Rate Loans. The Loans
included in each Borrowing shall bear interest initially at the type of rate
specified in such notice of a new Borrowing. Thereafter, the Borrower may from
time to time elect to change or continue the type of interest rate borne by each
Borrowing or, subject to Section 1.4's minimum amount requirement for each
outstanding Borrowing, a portion thereof, as follows: (i) if such Borrowing is
of Eurodollar Loans, on the last day of the Interest Period applicable thereto,
the Borrower may continue part or all of such Borrowing as Eurodollar Loans or
convert part or all of such Borrowing into Base Rate Loans or (ii) if such
Borrowing is of Base Rate Loans, on any Business Day, the Borrower may convert
all or part of such Borrowing into Eurodollar Loans for an Interest Period or
Interest Periods specified by the Borrower. The Borrower shall give all such
notices requesting the advance, continuation or conversion of a Borrowing to the
Administrative Agent by telephone or telecopy (which notice shall be irrevocable
once given and, if by telephone, shall be promptly confirmed in writing),
substantially in the form attached hereto as Exhibit B (Notice of Borrowing) or
Exhibit C (Notice of Continuation/Conversion), as applicable, or in such other
form acceptable to the Administrative Agent. Notice of the continuation of a
Borrowing of Eurodollar Loans for an additional Interest Period or of the
conversion of part or all of a Borrowing of Base Rate Loans into Eurodollar
Loans must be given by no later than 10:00 a.m. (Chicago time) at least three
(3) Business Days before the date of the requested continuation or conversion.
All such notices concerning the advance, continuation or conversion of a
Borrowing shall specify the date of the requested advance, continuation or
conversion of a Borrowing (which shall be a Business Day), the amount of the
requested Borrowing to be advanced, continued or converted, the type of Loans to
comprise such new, continued or converted Borrowing and, if such Borrowing is to
be comprised of Eurodollar Loans, the Interest Period applicable thereto. The
Borrower agrees that the Administrative Agent may rely on any such telephonic or
telecopy notice given by any person the Administrative Agent reasonably believes
is an Authorized Representative without the necessity of independent
investigation; provided, however, that prior to advancing funds for a Borrowing,
the Administrative Agent has provided to the Borrower a telecopy confirmation of
the Loan, including applicable rate (in the case of Eurodollar Loans only) and
amount. In the event any

                                      -6-

<PAGE>

such notice by telephone conflicts with any written confirmation, the written
confirmation shall govern absent manifest error.

     (b) Notice to the Lenders. The Administrative Agent shall give prompt
telephonic or telecopy notice to each Lender of any notice from the Borrower
received pursuant to Section 1.5(a) above and, if such notice requests the
Lenders to make Eurodollar Loans, the Administrative Agent shall give notice to
the Borrower and each Lender by like means of the interest rate applicable
thereto promptly after the Administrative Agent has made such determination.

     (c) Borrower's Failure to Notify; Automatic Continuations and Conversions.
Any outstanding Borrowing of Base Rate Loans shall automatically be continued
for an additional Interest Period on the last day of its then current Interest
Period unless the Borrower has notified the Administrative Agent within the
period required by Section 1.5(a) that the Borrower intends to convert such
Borrowing, subject to Section 6.1 hereof, into a Borrowing of Eurodollar Loans
or such Borrowing is prepaid in accordance with Section 1.8(a). If the Borrower
fails to give notice pursuant to Section 1.5(a) above of the continuation or
conversion of any outstanding principal amount of a Borrowing of Eurodollar
Loans before the last day of its then current Interest Period within the period
required by Section 1.5(a) or, whether or not such notice has been given, one or
more of the conditions set forth in Section 6.1 for the continuation or
conversion of a Borrowing of Eurodollar Loans would not be satisfied, and such
Borrowing is not prepaid in accordance with Section 1.8(a), such Borrowing shall
automatically be converted into a Borrowing of Base Rate Loans. In the event the
Borrower fails to give notice pursuant to Section 1.5(a) above of a Borrowing
equal to the amount of a Reimbursement Obligation and has not notified the
Administrative Agent by 1:00 p.m. (Chicago time) on the day such Reimbursement
Obligation becomes due that it intends to repay such Reimbursement Obligation
through funds not borrowed under this Agreement, the Borrower shall be deemed to
have requested a Borrowing of Swing Loans, if such Borrowing would not cause the
outstanding Swing Loans to exceed the Swing Line Sublimit, or if the Swing Line
Sublimit would be exceeded, then a Borrowing of Base Rate Loans under the
Revolving Credit on such day in the amount of the Reimbursement Obligation then
due, which Borrowing shall be applied to pay the Reimbursement Obligation then
due.

     (d) Disbursement of Loans. Not later than 1:00 p.m. (Chicago time) on the
date of any requested advance of a new Borrowing, subject to Section 6 hereof,
each Lender shall make available its Loan comprising part of such Borrowing in
funds immediately available at the principal office of the Administrative Agent
in Chicago, Illinois. The Administrative Agent shall promptly deposit the
proceeds of each new Borrowing into the account of the Borrower at the
Administrative Agent's principal office in Chicago, Illinois which is designated
for such purpose.

     (e) Administrative Agent Reliance on Lender Funding. Unless the
Administrative Agent shall have been notified by a Lender prior to (or, in the
case of a Borrowing of Base Rate Loans, by 1:00 p.m. (Chicago time) on) the date
on which such Lender is scheduled to make payment to the Administrative Agent of
the proceeds of a Loan (which notice shall be effective upon receipt) that such
Lender does not intend to make such payment, the Administrative Agent may assume
that such Lender has made such payment when due and the Administrative Agent

                                      -7-

<PAGE>

may in reliance upon such assumption (but shall not be required to) make
available to the Borrower the proceeds of the Loan to be made by such Lender
and, if any Lender has not in fact made such payment to the Administrative
Agent, such Lender shall, on demand, pay to the Administrative Agent the amount
made available to the Borrower attributable to such Lender together with
interest thereon in respect of each day during the period commencing on the date
such amount was made available to the Borrower and ending on (but excluding) the
date such Lender pays such amount to the Administrative Agent at a rate per
annum equal to: (i) from the date the related advance was made by the
Administrative Agent to the date 2 Business Days after payment by such Lender is
due hereunder, the Federal Funds Rate for each such day and (ii) from the date 2
Business Days after the date such payment is due from such Lender to the date
such payment is made by such Lender, the Base Rate in effect for each such day.
If such amount is not received from such Lender by the Administrative Agent
immediately upon demand, the Borrower will, within three (3) Business Days of
demand, repay to the Administrative Agent the proceeds of the Loan attributable
to such Lender with interest thereon at a rate per annum equal to the federal
funds rate, but without such payment being considered a payment or prepayment of
a Loan under Section 1.11 hereof so that the Borrower will have no liability
under such Section with respect to such payment.

     Section 1.6. Interest Periods. As provided in Section 1.5(a) and 1.14
hereof, at the time of each request to advance, continue or create by conversion
a Borrowing of Eurodollar Loans or Swing Loans, the Borrower shall select an
Interest Period applicable to such Loans from among the available options. The
term "Interest Period" means the period commencing on the date a Borrowing of
Loans is advanced, continued or created by conversion and ending: (a) in the
case of Base Rate Loans, on the last day of the calendar quarter (i.e., the last
day of March, June, September or December, as applicable) in which such
Borrowing is advanced, continued or created by conversion (or on the last day of
the following calendar quarter if such Loan is advanced, continued or created by
conversion on the last day of a calendar quarter), (b) in the case of a
Eurodollar Loan, 1, 2, 3 or 6 months thereafter, and (c) in the case of a Swing
Loan, on the date 1 to 7 days thereafter as mutually agreed to by the Borrower
and the Administrative Agent; provided, however, that:

          (a) any Interest Period for a Borrowing of Revolving Loans or Swing
     Loans consisting of Base Rate Loans that otherwise would end after the
     Revolving Credit Termination Date shall end on the Revolving Credit
     Termination Date;

          (b) no Interest Period with respect to any portion of the Revolving
     Loans or Swing Loans shall extend beyond the Revolving Credit Termination
     Date;

          (c) whenever the last day of any Interest Period would otherwise be a
     day that is not a Business Day, the last day of such Interest Period shall
     be extended to the next succeeding Business Day, provided that, if such
     extension would cause the last day of an Interest Period for a Borrowing of
     Eurodollar Loans to occur in the following calendar month, the last day of
     such Interest Period shall be the immediately preceding Business Day; and

                                      -8-

<PAGE>

          (d) for purposes of determining an Interest Period for a Borrowing of
     Eurodollar Loans, a month means a period starting on one day in a calendar
     month and ending on the numerically corresponding day in the next calendar
     month; provided, however, that if there is no numerically corresponding day
     in the month in which such an Interest Period is to end or if such an
     Interest Period begins on the last Business Day of a calendar month, then
     such Interest Period shall end on the last Business Day of the calendar
     month in which such Interest Period is to end.

     Section 1.7. Maturity of Loans. Each Revolving Loan and Swing Loan, both
for principal and interest, shall mature and become due and payable by the
Borrower on the Revolving Credit Termination Date.

     Section 1.8. Prepayments. (a) The Borrower shall have the right of
prepaying without premium or penalty (except as set forth in Section 1.11 below)
and in whole or in part (but, if in part, then: (i) if such Borrowing is of Base
Rate Loans, in an amount not less than $1,000,000, (ii) if such Borrowing is of
Eurodollar Loans, in an amount not less than $2,000,000, and (iii) in each case,
in an amount such that the minimum amount required for a Borrowing pursuant to
Section 1.4 and 1.14 hereof remains outstanding) any Borrowing of Eurodollar
Loans at any time upon 3 Business Days prior notice by the Borrower to the
Administrative Agent or, in the case of a Borrowing of Base Rate Loans, notice
delivered by the Borrower to the Administrative Agent no later than 10:00 a.m.
(Chicago time) on the date of prepayment.

     (b) The Borrower shall, on each date the Revolving Credit Commitments are
reduced pursuant to Section 1.12 hereof, prepay the Revolving Loans, Swing
Loans, and, if necessary, prefund the L/C Obligations by the amount, if any,
necessary to reduce the sum of the aggregate principal amount of Revolving
Loans, Swing Loans, and L/C Obligations then outstanding to the amount to which
the Revolving Credit Commitments have been so reduced.

     (c) Unless the Borrower otherwise directs, prepayments of Loans under this
Section 1.8 shall be applied first to Borrowings of Base Rate Loans until
payment in full thereof with any balance applied to Borrowings of Eurodollar
Loans in the order in which their Interest Periods expire. Each prepayment of
Loans under this Section 1.8 shall be made by the payment of the principal
amount to be prepaid and, in the case of any Eurodollar Loans or Swing Loans,
accrued interest thereon to the date of prepayment together with any amounts due
the Lenders under Section 1.11 hereof. Each prefunding of L/C Obligations shall
be made in accordance with Section 8.4 hereof.

     (d) The Administrative Agent will promptly advise each Lender of any notice
of prepayment it receives from the Borrower.Any amount of Revolving Loans and
Swing Loans paid or prepaid before the Revolving Credit Termination Date may,
subject to the terms and conditions of this Agreement, be borrowed, repaid and
borrowed again.

     Section 1.9. Default Rate. Notwithstanding anything to the contrary
contained in Section 1.3 hereof, while any Event of Default exists or after
acceleration, the Borrower shall pay interest (after as well as before entry of
judgment thereon to the extent permitted by law) on the principal amount of all
Loans owing by it at a rate per annum equal to the sum of 2.0% plus the

                                      -9-

<PAGE>

Applicable Margin plus the Base Rate from time to time in effect; provided,
however, that in the absence of acceleration, any adjustments pursuant to this
Section shall be made at the election of the Administrative Agent, acting at the
request or with the consent of the Required Lenders, with written notice to the
Borrower. While any Event of Default exists or after acceleration, interest
shall be paid on demand of the Administrative Agent at the request or with the
consent of the Required Lenders.

     Section 1.10. The Notes. (a) The Revolving Loans made to the Borrower by a
Lender shall be evidenced by a single promissory note of the Borrower issued to
such Lender in the form of Exhibit D-1 hereto. Each such promissory note is
hereinafter referred to as a "Revolving Note" and collectively such promissory
notes are referred to as the "Revolving Notes."

     (b) The Swing Loans made to the Borrower by the Administrative Agent shall
be evidenced by a single promissory note of the Borrower issued to the
Administrative Agent in the form of Exhibit D-2 hereto. Such promissory note is
hereinafter referred to as the "Swing Note."

     (c) Each Lender shall record on its books and records or on a schedule to
its appropriate Note the amount of each Loan advanced, continued or converted by
it, all payments of principal and interest and the principal balance from time
to time outstanding thereon, the type of such Loan, and, for any Eurodollar Loan
or Swing Loan, the Interest Period and the interest rate applicable thereto. The
record thereof, whether shown on such books and records of a Lender or on a
schedule to the relevant Note, shall be prima facie evidence as to all such
matters; provided, however, that the failure of any Lender to record any of the
foregoing or any error in any such record shall not limit or otherwise affect
the obligation of the Borrower to repay all Loans made to it hereunder together
with accrued interest thereon. At the request of any Lender and upon such Lender
tendering to the Borrower the appropriate Note to be replaced, the Borrower
shall furnish a new Note to such Lender to replace any outstanding Note, and at
such time the first notation appearing on a schedule on the reverse side of, or
attached to, such Note shall set forth the aggregate unpaid principal amount of
all Loans, if any, then outstanding thereon.

     Section 1.11. Funding Indemnity. If any Lender shall incur any loss, cost
or expense (including, without limitation, any loss, cost or expense incurred by
reason of the liquidation or re-employment of deposits or other funds acquired
by such Lender to fund or maintain any Eurodollar Loan or Swing Loan bearing
interest at a fixed rate or the relending or reinvesting of such deposits or
amounts paid or prepaid to such Lender, but excluding lost profits or other
consequential or incidental damages or expenses) as a result of:

          (a) any payment, prepayment or conversion of a Eurodollar Loan or
     Swing Loan bearing interest at a fixed rate on a date other than the last
     day of its Interest Period,

          (b) any failure (because of a failure to meet the conditions of
     Section 7 or otherwise) by the Borrower to borrow or continue a Eurodollar
     Loan or Swing Loan bearing interest at a fixed rate, or to convert a Base
     Rate Loan into a Eurodollar Loan or Swing Loan bearing interest at a fixed
     rate, on the date specified in a notice given pursuant to Section 1.5(a) or
     1.14 hereof,

                                      -10-

<PAGE>

          (c) any failure by the Borrower to make any payment of principal on
     any Eurodollar Loan or Swing Loan bearing interest at a fixed rate when due
     (whether by acceleration or otherwise), or

          (d) any acceleration of the maturity of a Eurodollar Loan or Swing
     Loan bearing interest at a fixed rate as a result of the occurrence of any
     Event of Default hereunder,

then, within 15 days after the demand of such Lender, the Borrower shall pay to
such Lender such amount as will reimburse such Lender for such loss, cost or
expense. If any Lender makes such a claim for compensation, it shall provide to
the Borrower, with a copy to the Administrative Agent, a certificate setting
forth the amount of such loss, cost or expense in reasonable detail (including
an explanation of the basis for and the computation of such loss, cost or
expense).

     Section 1.12. Commitment Terminations. (a) Optional Revolving Credit
Terminations. The Borrower shall have the right at any time and from time to
time, upon 5 Business Days prior written notice to the Administrative Agent, to
terminate the Revolving Credit Commitments without premium or penalty and in
whole or in part, any partial termination to be (i) in an amount not less than
$5,000,000 and (ii) allocated ratably among the Lenders in proportion to their
respective Revolver Percentages, provided that the Revolving Credit Commitments
may not be reduced to an amount less than the sum of the aggregate principal
amount of Revolving Loans and of L/C Obligations then outstanding. Any
termination of the Revolving Credit Commitments below the L/C Sublimit or Swing
Line Sublimit then in effect shall reduce the L/C Sublimit and Swing Line
Sublimit, as applicable, by a like amount. The Administrative Agent shall give
prompt notice to each Lender of any such termination of the Revolving Credit
Commitments.

     (b) Mandatory Revolving Credit Terminations. The Revolving Credit
Commitments shall terminate and all Obligations not sooner paid shall become due
and payable on the Revolving Credit Termination Date.

     (c) Any termination of the Commitments pursuant to this Section 1.12 may
not be reinstated.

     Section 1.13. Substitution of Lenders. Upon the receipt by the Borrower of
(a) a claim from any Lender for compensation under Section 9.3 or 11.1 hereof,
(b) notice by any Lender to the Borrower of any illegality pursuant to Section
9.1 hereof or (c) in the event any Lender is in default in any material respect
with respect to its obligations under the Loan Documents (any such Lender
referred to in clause (a), (b) or (c) above being hereinafter referred to as an
"Affected Lender"), the Borrower may, in addition to any other rights the
Borrower may have hereunder or under applicable law, require, at any such
Affected Lender's expense, any such Affected Lender to assign, at par plus
accrued interest and fees, without recourse, all of its interest, rights, and
obligations hereunder (including all of its Commitments and the Loans and
participation interests in Letters of Credit and other amounts at any time owing
to it hereunder and the other Loan Documents) to a bank or other institutional
lender specified by the Borrower, provided that

                                      -11-

<PAGE>

(i) such assignment shall not conflict with or violate any law, rule or
regulation or order of any court or other governmental authority, (ii) the
Borrower shall have received the written consent of the Administrative Agent,
which consent shall not be unreasonably withheld, to such assignment, (iii) the
Borrower shall have paid to the Affected Lender all monies (together with
amounts due such Affected Lender under Section 1.11 hereof as if the Loans owing
to it were prepaid rather than assigned) other than such principal, interest,
and fees accrued and owing to it hereunder, and (iv) the assignment is entered
into in accordance with the other requirements of Section 11.12 hereof.

     Section 1.14. Swing Loans. (a) Generally. Subject to the terms and
conditions hereof, as part of the Revolving Credit, the Administrative Agent
agrees to make loans to the Borrower under the Swing Line (individually a "Swing
Loan" and collectively the "Swing Loans") which shall not in the aggregate at
any time outstanding exceed the Swing Line Sublimit. The Swing Loans may be
availed of the Borrower from time to time and borrowings thereunder may be
repaid and used again during the period ending on the Revolving Credit
Termination Date; provided that each Swing Loan must be repaid on the last day
of the Interest Period applicable thereto. Each Swing Loan shall be in a minimum
amount of $300,000 or such greater amount which is an integral multiple of
$100,000.

     (b) Interest on Swing Loans. Each Swing Loan shall bear interest until
maturity (whether by acceleration or otherwise) at a rate per annum equal to (i)
the sum of the Base Rate plus the Applicable Margin for Base Rate Loans under
the Revolving Credit as from time to time in effect or (ii) the Administrative
Agent's Quoted Rate (each computed on the basis of a year of 365 or 366 days, as
the case may be, for the actual number of days elapsed). Interest on each Swing
Loan shall be due and payable prior to such maturity on the last day of each
Interest Period applicable thereto.

     (c) Requests for Swing Loans. The Borrower shall give the Administrative
Agent prior notice (which may be written or oral) no later than 12:00 Noon
(Chicago time) on the date upon which a Borrower requests that any Swing Loan be
made, of the amount and date of such Swing Loan, and the Interest Period
requested therefor. Within 30 minutes after receiving such notice, the
Administrative Agent shall in its discretion quote an interest rate to the
Borrower at which the Administrative Agent would be willing to make such Swing
Loan available to the Borrower for the Interest Period so requested (the rate so
quoted for a given Interest Period being herein referred to as "Administrative
Agent's Quoted Rate"). The Borrower acknowledges and agrees that the interest
rate quote is given for immediate and irrevocable acceptance. If the Borrower
does not so immediately accept the Administrative Agent's Quoted Rate for the
full amount requested by the Borrower for such Swing Loan, the Administrative
Agent's Quoted Rate shall be deemed immediately withdrawn and such Swing Loan
shall bear interest at the rate per annum determined by adding the Applicable
Margin for Base Rate Loans under the Revolving Credit to the Base Rate as from
time to time in effect. Subject to the terms and conditions hereof, the proceeds
of such Swing Loan shall be made available to the Borrower on the date so
requested at the offices of the Administrative Agent in Chicago, Illinois.
Anything contained in the foregoing to the contrary notwithstanding, (i) the
obligation of the Administrative Agent to make Swing Loans shall be subject to
all of the terms and conditions of this Agreement and (ii) the

                                      -12-

<PAGE>

Administrative Agent shall not be obligated to make more than one Swing Loan
during any one day.

     (d) Refunding Loans. In its sole and absolute discretion, the
Administrative Agent may at any time, on behalf of the Borrower (which hereby
irrevocably authorizes the Administrative Agent to act on its behalf for such
purpose) and with notice to the Borrower, request each Lender to make a
Revolving Loan in the form of a Base Rate Loan in an amount equal to such
Lender's Revolver Percentage of the amount of the Swing Loans outstanding on the
date such notice is given. Unless an Event of Default described in Section
8.1(i) or 8.1(j) exists with respect to the Borrower, regardless of the
existence of any other Event of Default, each Lender shall make the proceeds of
its requested Revolving Loan available to the Administrative Agent, in
immediately available funds, at the Administrative Agent's principal office in
Chicago, Illinois, before 12:00 Noon (Chicago time) on the Business Day
following the day such notice is given. The proceeds of such Borrowing of
Revolving Loans shall be immediately applied to repay the outstanding Swing
Loans.

     (e) Participations. If any Lender refuses or otherwise fails to make a
Revolving Loan when requested by the Administrative Agent pursuant to Section
1.14(d) above (because an Event of Default described in Section 8.1(i) or 8.1(j)
exists with respect to the Borrower or otherwise), such Lender will, by the time
and in the manner such Revolving Loan was to have been funded to the
Administrative Agent, purchase from the Administrative Agent an undivided
participating interest in the outstanding Swing Loans in an amount equal to its
Revolver Percentage of the aggregate principal amount of Swing Loans that were
to have been repaid with such Revolving Loans. Each Lender that so purchases a
participation in a Swing Loan shall thereafter be entitled to receive its
Revolver Percentage of each payment of principal received on the Swing Loan and
of interest received thereon accruing from the date such Lender funded to the
Administrative Agent its participation in such Loan. The several obligations of
the Lenders under this Section shall be absolute, irrevocable, and unconditional
under any and all circumstances whatsoever and shall not be subject to any
set-off, counterclaim or defense to payment which any Lender may have or have
had against the Borrower, any other Lender or any other Person whatever. Without
limiting the generality of the foregoing, such obligations shall not be affected
by any Default or Event of Default or by any reduction or termination of the
Commitments of any Lender, and each payment made by a Lender under this Section
shall be made without any offset, abatement, withholding or reduction
whatsoever.

     Section 1.15. Increase in Commitments; Additional Lenders. (a) The Borrower
may, upon at least 30 days' notice to the Administrative Agent (which shall
promptly provide a copy of such notice to the Lenders), and provided that the
Borrower has not previously terminated all or any portion of the Revolving
Credit Commitments pursuant to Section 1.12 hereof, propose to increase the
aggregate amount of the Revolving Credit Commitments to an amount not to exceed
$100,000,000 (the amount of any such increase, the "Commitment Increase"). Each
Lender party to this Agreement at such time shall have the right (but no
obligation), for a period of 15 days following its receipt of such notice from
the Administrative Agent, to elect by notice to the Borrower and the
Administrative Agent to increase its Revolving Credit Commitment by a principal
amount up to that amount which bears the same ratio to the Commitment Increase
as its then existing Revolving Credit Commitment bears to the aggregate
Revolving Credit

                                      -13-

<PAGE>

Commitments then existing. Any Lender which does not respond to such notice
within such 15 day period shall be deemed to have elected not to increase its
Revolving Credit Commitment.

     (b) If any Lender party to this Agreement shall not elect to increase its
Revolving Credit Commitment by the full amount permitted by subsection (a) of
this Section, the Borrower with the consent of the Administrative Agent may
designate one or more other banks or other financial institutions (which may be,
but need not be, one or more of the existing Lenders) which at the time agree in
the case of any such bank that is an existing Lender to increase its Revolving
Credit Commitment and, in the case of any other such bank (an "Additional
Lender"), to become a party to this Agreement. The sum of the increases in the
Revolving Credit Commitments of the existing Lenders pursuant to this subsection
(b) plus the Revolving Credit Commitments of the Additional Lenders shall not in
the aggregate exceed the unsubscribed amount of the Commitment Increase.

     (c) An increase in the aggregate amount of the Revolving Credit Commitments
pursuant to this Section 1.15 shall become effective upon the receipt by the
Administrative Agent of an agreement in form and substance satisfactory to the
Administrative Agent signed by the Borrower, by each Additional Lender and by
each other Lender whose Revolving Credit Commitment is to be increased, setting
forth the new Revolving Credit Commitments of such Lenders and setting forth the
agreement of each Additional Lender to become a party to this Agreement and to
be bound by all the terms and provisions hereof, together with such evidence of
appropriate corporate authorization on the part of the Borrower with respect to
the Commitment Increase as the Administrative Agent may reasonably request.

     (d) Upon the effectiveness of any increase in the aggregate amount of the
Revolving Credit Commitments pursuant to this Section 1.15, Schedule 1 shall be
deemed amended reflecting the increases of the Revolving Credit Commitments of
existing Lenders and the addition of the new Revolving Credit Commitments of the
Additional Lenders (if any). Concurrently with the effectiveness of such
increase, each Lender shall fund its pro rata share of the outstanding Revolving
Loans and overdue reimbursement obligations relating to Letters of Credit, if
any, to the Administrative Agent so that after giving effect thereto each
Lender,including the Additional Lenders (if any), holds a pro rata share of the
outstanding Revolving Loans and obligations relating to Letters of Credit and
the Borrower shall pay to each Lender all amounts due under Section 1.11 hereof
as a result of any prepayment of any outstanding Eurodollar Loans resulting from
any Lender's funding of Revolving Loans previously funded by other Lenders.

SECTION 2. FEES.

     Section 2.1. Fees. (a) Revolving Credit Facility Fee. The Borrower shall
pay to the Administrative Agent for the ratable account of the Lenders in
accordance with their Revolver Percentages a facility fee at the rate per annum
equal to the Applicable Margin (computed on the basis of a year of 365-366 days
and the actual number of days elapsed) on the average daily Revolving Credit
Commitments, whether or not in use. Such facility fee shall be payable quarterly
in arrears on the last day of each March, June, September, and December in each
year (commencing on the first such date occurring after the date hereof) and on
the Revolving Credit

                                      -14-

<PAGE>

Termination Date, unless the Revolving Credit Commitments are terminated in
whole on an earlier date, in which event the facility fee for the period to the
date of such termination in whole shall be paid on the date of such termination.

     (b) Letter of Credit Fees. Quarterly in arrears, on the last day of each
March, June, September, and December, commencing on the first such date
occurring after the date hereof, the Borrower shall pay to the Administrative
Agent, for the ratable benefit of the Lenders in accordance with their Revolver
Percentages, a letter of credit fee at a rate per annum equal to the Applicable
Margin (computed on the basis of a year of 360 days and the actual number of
days elapsed) in effect during each day of such quarter applied to the daily
average face amount of Letters of Credit outstanding during such quarter. In
addition, the Borrower shall pay to the L/C Issuer for its own account the L/C
Issuer's standard drawing, negotiation, amendment, and other administrative fees
for each Letter of Credit. Such standard fees referred to in the preceding
sentence may be established by the L/C Issuer from time to time.

     (c) Utilization Fee. For every day during which (x) the sum of (i) the
aggregate principal amount of all Revolving Loans outstanding hereunder, (ii)
the aggregate principal amount of all outstanding Swing Loans hereunder, (iii)
the L/C Obligations hereunder, and (iv) the aggregate principal amount of Loans
outstanding under the 364-Day Credit Agreement exceeds (y) 50% of the sum of the
Commitments hereunder and the Commitments under and as defined in the 364-Day
Credit Agreement, the Borrower shall pay to the Administrative Agent for the
ratable account of the Lenders hereunder according to their proportionate
holdings of the amounts described in the foregoing clauses (x)(i) through
(x)(iii) (or, with respect to clause (x)(iii), participations therein), a
utilization fee (the "Utilization Fee") on all of the amounts described in
clause (x)(i), (ii) and (iii) above at the rate of 0.125% per annum. Accrued
Utilization Fees shall be due and payable in arrears on September 30, 2002, on
the last day of each calendar quarter thereafter and on the Revolving Credit
Termination Date, unless the Commitments hereunder and under the 364-Day Credit
Agreement are terminated in whole on an earlier date, in which event the fee for
the period to but not including the date of such termination shall be paid in
whole on the date of such termination.

     (d) Administrative Agent Fees. The Borrower shall pay to the Administrative
Agent, for its own use and benefit, the fees agreed to between the
Administrative Agent and the Borrower in a fee letter dated September 27, 2002
or as otherwise agreed to in writing between them.

     (e) Fee Calculations. All fees payable under Section 2.1(a) and (c) hereof
shall be computed on the basis of a year of 365 or 366 days, as applicable, for
the actual number of days elapsed.

SECTION 3. PLACE AND APPLICATION OF PAYMENTS.

     Section 3.1. Place and Application of Payments. All payments of principal
of and interest on the Loans and the Reimbursement Obligations, and of all other
Obligations payable by the Borrower under this Agreement and the other Loan
Documents, shall be made by the Borrower to the Administrative Agent by no later
than 12:00 Noon (Chicago time) on the due

                                      -15-

<PAGE>

date thereof at the office of the Administrative Agent in Chicago, Illinois (or
such other location as the Administrative Agent may designate to the Borrower)
for the benefit of the Lender or Lenders entitled thereto. Any payments received
after such time shall be deemed to have been received by the Administrative
Agent on the next Business Day. All such payments shall be made in U.S. Dollars,
in immediately available funds at the place of payment, in each case without
deduction, set-off or counterclaim. The Administrative Agent will promptly
thereafter cause to be distributed (and the Borrower shall have no
responsibility, obligation or liability with respect to such distribution) like
funds relating to the payment of principal or interest on Loans and on
Reimbursement Obligations in which the Lenders have purchased Participating
Interests ratably to the Lenders and like funds relating to the payment of any
other amount payable to any Lender to such Lender, in each case to be applied in
accordance with the terms of this Agreement.

     Anything contained herein to the contrary notwithstanding, all payments and
collections received in respect of the Obligations by the Administrative Agent
or any of the Lenders after the Obligations have been declared, or have become,
immediately due and payable following an Event of Default, shall be remitted to
the Administrative Agent and distributed as follows:

          (a) first, to the payment of any outstanding costs and expenses
     incurred by the Administrative Agent in protecting, preserving or enforcing
     rights under the Loan Documents, and in any event all costs and expenses of
     a character which the Borrower has agreed to pay the Administrative Agent
     under Section 11.15 hereof (such funds to be retained by the Administrative
     Agent for its own account unless it has previously been reimbursed for such
     costs and expenses by the Lenders, in which event such amounts shall be
     remitted to the Lenders to reimburse them for payments theretofore made to
     the Administrative Agent);

          (b) second, to the payment of principal and interest on the Swing Note
     until paid in full;

          (c) third, to the payment of any outstanding interest and fees due
     under the Loan Documents to be allocated pro rata in accordance with the
     aggregate unpaid amounts owing to each holder thereof;

          (d) fourth, to the payment of principal on the Notes, unpaid
     Reimbursement Obligations, together with amounts to be held by the
     Administrative Agent as collateral security for any outstanding L/C
     Obligations pursuant to Section 8.4 hereof (until the Administrative Agent
     is holding an amount of cash equal to the then outstanding amount of all
     such L/C Obligations), and Hedging Liability, the aggregate amount paid to,
     or held as collateral security for, the Lenders and, in the case of Hedging
     Liability, their Affiliates to be allocated pro rata in accordance with the
     aggregate unpaid amounts owing to each holder thereof;

          (e) fifth, to the payment of all other unpaid Obligations and all
     other indebtedness, obligations, and liabilities of the Borrower and its
     Subsidiaries to be

                                      -16-

<PAGE>

     allocated pro rata in accordance with the aggregate unpaid amounts owing to
     each holder thereof; and

          (f) sixth, to the Borrower or whoever else may be lawfully entitled
     thereto.

SECTION 4. DEFINITIONS; INTERPRETATION.

     Section 4.1. Definitions. The following terms when used herein shall have
the following meanings:

     "364-Day Credit Agreement" means that certain 364-Day Credit Agreement
dated as of even date herewith among the Borrower, the lenders party thereto and
the Administrative Agent.

     "Acquired Business" means the entity or assets acquired by the Borrower or
a Subsidiary in an Acquisition occurring after the Closing Date.

     "Acquisition" means any transaction or series of related transactions for
the purpose of or resulting, directly or indirectly, in (a) the acquisition of
all or substantially all of the assets of a Person, or of any business or
division of a Person, (b) the acquisition of in excess of 50% of the capital
stock, partnership interests, membership interests or equity of any Person
(other than a Person that is a Subsidiary), or otherwise causing any Person to
become a Subsidiary, or (c) a merger or consolidation or any other combination
with another Person (other than a Person that is a Subsidiary) provided that the
Borrower or the Subsidiary is the surviving entity.

     "Adjusted LIBOR" is defined in Section 1.3(b) hereof.

     "Administrative Agent" means Harris Trust and Savings Bank and any
successor pursuant to Section 10.7 hereof.

     "Administrative Agent's Quoted Rate" is defined in Section 1.14(c) hereof.

     "Affiliate" means any Person directly or indirectly controlling or
controlled by, or under direct or indirect common control with, another Person,
provided that, when used in reference to the Borrower and its Subsidiaries, an
"Affiliate" of such Person be deemed to exclude any Subsidiary of such Person. A
Person shall be deemed to control another Person for the purposes of this
definition if such Person possesses, directly or indirectly, the power to
direct, or cause the direction of, the management and policies of the other
Person, whether through the ownership of voting securities, common directors,
trustees or officers, by contract or otherwise; provided that, in any event for
purposes of this definition, any Person that owns, directly or indirectly, 5% or
more of the securities having the ordinary voting power for the election of
directors or governing body of a corporation or 5% or more of the partnership or
other ownership interest of any other Person (other than as a limited partner of
such other Person) will be deemed to control such corporation or other Person.

     "Agreement" means this Three Year Credit Agreement, as the same may be
amended, modified, restated or supplemented from time to time pursuant to the
terms hereof.

                                      -17-

<PAGE>

     "Applicable Margin" means, with respect to Loans, Reimbursement
Obligations, and the facility fees and letter of credit fees payable under
Section 2.1 hereof, until the first Pricing Date, the rates per annum shown
opposite Level II below, and thereafter from one Pricing Date to the next the
Applicable Margin means the rates per annum determined in accordance with the
following schedule:

<TABLE>
<CAPTION>
                                      APPLICABLE MARGIN FOR      APPLICABLE MARGIN FOR
                                       BASE RATE LOANS AND        EURODOLLAR LOANS AND
             LEVERAGE RATIO FOR           REIMBURSEMENT           LETTER OF CREDIT FEE        APPLICABLE MARGIN FOR
  LEVEL      SUCH PRICING DATE        OBLIGATIONS SHALL BE:            SHALL BE:              FACILITY FEE SHALL BE:

<S>        <C>                        <C>                        <C>                          <C>
   III     Greater  than or equal               0%                      0.725%                        0.15%
           to 1.50 to 1.0

    II     Less   than   1.50  to               0%                      0.625%                        0.125%
           1.0,  but greater than
           or  equal  to  0.75 to
           1.0

    I      Less than 0.75 to 1.0                0%                      0.525%                        0.10%
</TABLE>

For purposes hereof, the term "Pricing Date" means, for any fiscal quarter of
the Borrower ending on or after September 30, 2002, the date on which the
Administrative Agent is in receipt of the Borrower's most recent financial
statements (and, in the case of the year-end financial statements, audit report)
for the fiscal quarter then ended, pursuant to Section 7.5 hereof. The
Applicable Margin shall be established based on the Leverage Ratio for the most
recently completed fiscal quarter and the Applicable Margin established on a
Pricing Date shall remain in effect until the next Pricing Date. If the Borrower
has not delivered its financial statements by the date such financial statements
(and, in the case of the year-end financial statements, audit report) are
required to be delivered under Section 7.5 hereof, until such financial
statements and audit report are delivered, the Applicable Margin shall be the
highest Applicable Margin (i.e., the Leverage Ratio shall be deemed to be
greater than 1.50 to 1.0). If the Borrower subsequently delivers such financial
statements before the next Pricing Date, the Applicable Margin established by
such late delivered financial statements shall take effect from the date of
delivery until the next Pricing Date. In all other circumstances, the Applicable
Margin established by such financial statements shall be in effect from the
Pricing Date that occurs immediately after the end of the fiscal quarter covered
by such financial statements until the next Pricing Date. Each determination of
the Applicable Margin made by the Administrative Agent in accordance with the
foregoing shall be conclusive and binding on the Borrower and the Lenders if
reasonably determined.

     "Application" is defined in Section 1.2(b) hereof.

     "Articles" is defined in Section 5.1 hereof.

     "Authorized Representative" means those persons shown on the list of
employees provided by the Borrower pursuant to Section 6.2 hereof or on any
update of any such list provided by the Borrower to the Administrative Agent, or
any further or different employees of

                                      -18-

<PAGE>

the Borrower so named by any Authorized Representative of the Borrower in a
written notice to the Administrative Agent, but not to exceed five such persons
at any time.

     "Base Rate" is defined in Section 1.3(a) hereof.

     "Base Rate Loan" means a Loan bearing interest at a rate specified in
Section 1.3(a) hereof.

     "Borrower" is defined in the introductory paragraph of this Agreement.

     "Borrowing" means the total of Loans of a single type advanced, continued
for an additional Interest Period, or converted from a different type into such
type by the Lenders under a Credit on a single date and, in the case of
Eurodollar Loans, for a single Interest Period. Borrowings of Loans are made and
maintained ratably from each of the Lenders under a Credit according to their
Percentages of such Credit. A Borrowing is "advanced" on the day Lenders advance
funds comprising such Borrowing to the Borrower, is "continued" on the date a
new Interest Period for the same type of Loans commences for such Borrowing, and
is "converted" when such Borrowing is changed from one type of Loans to the
other, all as requested by the Borrower pursuant to Section 1.5(a) hereof.
Borrowings of Swing Loans are made by the Administrative Agent in accordance
with the procedures set forth in Section 1.14 hereof.

     "Business Day" means any day (other than a Saturday or Sunday) on which
banks are not authorized or required to close in Chicago, Illinois and, if the
applicable Business Day relates to the advance or continuation of, or conversion
into, or payment of a Eurodollar Loan, on which banks are dealing in U.S. Dollar
deposits in the interbank eurodollar market in London, England and Nassau,
Bahamas.

     "Capital Lease" means any lease of Property which in accordance with GAAP
is required to be capitalized on the balance sheet of the lessee.

     "Capitalized Lease Obligation" means, for any Person, the amount of the
liability shown on the balance sheet of such Person in respect of a Capital
Lease determined in accordance with GAAP.

     "Change of Control" means at any time:

          (i) HAI ceases to own, directly or indirectly, 100% of the membership
     interests of the Borrower;

          (ii) any Person becomes the beneficial owner of securities of the
     Parent representing 20% or more of the then outstanding Voting Stock of the
     Parent;

          (iii) any Person becomes the beneficial owner of securities of HAI
     representing more than 40% of the then outstanding Voting Stock of HAI;

                                      -19-

<PAGE>

          (iv) the failure of Continuing Directors to constitute a majority of
     the board of directors (or similar governing body) of HAI; or

          (v) any "Change of Control" (or words of like import), as defined in
     any agreement or indenture relating to any issue of Indebtedness for
     Borrowed Money of the Borrower, shall occur.

     For purposes of the definition of Change of Control, "Person" shall have
the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act as
supplemented by Section 13(d)(3) of the Exchange Act; provided, however, that
Person shall not include the Parent or any Wholly-Owned Subsidiary.

     "Closing Date" means the date of this Agreement or such later Business Day
upon which each condition described in Section 6.2 shall be satisfied or waived
in a manner acceptable to the Administrative Agent in its discretion.

     "Code" means the Internal Revenue Code of 1986, as amended, and any
successor statute thereto.

     "Collateral Account" is defined in Section 8.4 hereof.

     "Commitments" means the Revolving Credit Commitments.

     "Compliance Certificate" means a certificate in the form of Exhibit E
hereto.

     "Continuing Directors" means, initially, all members of the board of
directors (or similar governing body) of HAI on the Closing Date. At and after
the time of the first election of members after the Closing Date, and thereafter
at and after the time of each subsequent election of members, the defined term
"Continuing Directors" shall be deemed also to include any member whose initial
nomination for election was approved by a majority of the members who were
Continuing Directors at the time of such nomination.

     "Controlled Group" means all members of a controlled group of corporations
and all trades or businesses (whether or not incorporated) under common control
which, together with the Borrower or any of its Subsidiaries, are treated as a
single employer under Section 414 of the Code.

     "Credit" means either of the Revolving Credit or the Swing Line.

     "Credit Event" means the advancing of any Loan, the continuation of or
conversion into a Eurodollar Loan, or the issuance of, or extension of the
expiration date or increase in the amount of, any Letter of Credit.

     "Damages" means all damages including, without limitation, punitive
damages, liabilities, costs, expenses, losses, diminutions in value, fines,
penalties, demands, claims, cost recovery actions, lawsuits, administrative
proceedings, orders, response action, removal and

                                      -20-

<PAGE>

remedial costs, compliance costs, investigation expenses, consultant fees,
attorneys' and paralegals' fees and litigation expenses.

     "Default" means any event or condition the occurrence of which would, with
the passage of time or the giving of notice, or both, constitute an Event of
Default.

     "Domestic Subsidiary" means each Subsidiary of the Borrower which is
organized under the laws of the United States of America or any State thereof.

     "EBITDA" means, with reference to any period, Net Income for such period
plus all amounts deducted in arriving at such Net Income amount in respect of
(i) Interest Expense for such period, plus (ii) federal, state and local income
taxes for such period, plus (iii) all amounts properly charged for depreciation
of fixed assets and amortization of intangible assets during such period on the
books of the Borrower and its Subsidiaries, but excluding from such amount any
gains on sales of assets recognized during such period.

     "Eligible Line of Business" means any business engaged in as of the date of
this Agreement by the Borrower or any of its Subsidiaries or any business
reasonably related to such a business.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended, or any successor statute thereto.

     "Eurodollar Loan" means a Loan bearing interest at the rate specified in
Section 1.3(b) hereof.

     "Eurodollar Reserve Percentage" is defined in Section 1.3(b) hereof.

     "Event of Default" means any event or condition identified as such in
Section 8.1 hereof.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     "Existing Letters of Credit" means the letters of credit set forth in
Schedule 2 hereto.

     "Federal Funds Rate" means the fluctuating interest rate per annum
described in part (x) of clause (ii) of the definition of Base Rate appearing in
Section 1.3(a) hereof.

     "Foreign Subsidiary" means each Subsidiary that is not a Domestic
Subsidiary.

     "GAAP" means generally accepted accounting principles as in effect from
time to time, applied by the Borrower and its Subsidiaries on a basis consistent
with that employed in the preparation of the Borrower's financial statements
furnished to the Lenders described in Section 5.5 hereof.

     "Guaranty" by any Person means all obligations (other than endorsements in
the ordinary course of business of negotiable instruments for deposit or
collection) of such Person

                                      -21-

<PAGE>

guaranteeing any Indebtedness, dividend or other financial obligation
(including, without limitation, limited or full recourse obligations in
connection with sales of receivables or any other Property) of any other Person
(the "primary obligor") in any manner, whether directly or indirectly,
including, without limitation, all obligations incurred through an agreement,
contingent or otherwise, by such Person: (i) to purchase such Indebtedness or
obligation or any Property or assets constituting security therefor, (ii) to
advance or supply funds (x) for the purchase or payment of such Indebtedness or
obligation, or (y) to maintain working capital or other balance sheet condition,
or otherwise to advance or make available funds for the purchase or payment of
such Indebtedness or obligation, or (iii) to lease property or to purchase
Securities or other property or services primarily for the purpose of assuring
the owner of such Indebtedness or obligation of the ability of the primary
obligor to make payment of the Indebtedness or obligation, or (iv) otherwise to
assure the owner of the Indebtedness or obligation of the primary obligor
against loss in respect thereof. For the purpose of all computations made under
this Agreement, the amount of a Guaranty in respect of any obligation shall be
deemed to be equal to the maximum aggregate amount of such obligation at the
time the amount of the Guaranty is being determined or, if the Guaranty is
limited to less than the full amount of such obligation, the maximum aggregate
potential liability under the terms of the Guaranty at the time the amount of
the Guaranty is being determined.

     "HAI" means Hewitt Associates, Inc., a Delaware corporation.

     "Harris Bank" means Harris Trust and Savings Bank, in its individual
capacity.

     "Hostile Acquisition" means the acquisition of the capital stock or other
equity interests of a Person through a tender offer or similar solicitation of
the owners of such capital stock or other equity interests which has not been
approved (prior to such acquisition) by resolutions of the Board of Directors of
such Person or by similar action if such Person is not a corporation, and as to
which such approval has not been withdrawn.

     "Indebtedness" means for any Person, (i) obligations of such Person for
borrowed money, (ii) obligations of such Person representing the deferred
purchase price of property or services other than accounts payable arising in
the ordinary course of business on terms customary in the trade, (iii)
obligations of such Person evidenced by notes, acceptances, or other instruments
of such Person or pursuant to letters of credit issued for such Person's
account, (iv) obligations, whether or not assumed, secured by Liens or payable
out of the proceeds or production from Property now or hereafter owned or
acquired by such Person, (v) Capitalized Lease Obligations of such Person, and
(vi) obligations or "Indebtedness" described in the foregoing clauses (i)
through (v) for which such Person is obligated pursuant to a Guaranty.

     "Interest Coverage Ratio" means, as of any date, the ratio of (x) the sum
of (i) EBITDA for the then most-recently ended four fiscal quarters of the
Borrower, plus (ii) Rental Expense for such four fiscal quarters to (y) the sum
of (i) Interest Expense for such four fiscal quarters, plus (ii) Rental Expense
for such four fiscal quarters.

     "Interest Expense" means with reference to any period, the sum of all
interest charges (including imputed interest charges with respect to Capitalized
Lease Obligations, but excluding

                                      -22-

<PAGE>

such interest expense not payable in cash, including without limitation
amortization of debt discount and debt issuance costs not paid in cash) of the
Borrower and its Subsidiaries for such period determined in accordance with
GAAP.

     "Interest Period" is defined in Section 1.6 hereof.

     "L/C Issuer" means Harris Trust and Savings Bank.

     "L/C Obligations" means the aggregate undrawn face amounts of all
outstanding Letters of Credit and all unpaid Reimbursement Obligations.

     "L/C Sublimit" means $25,000,000, as reduced pursuant to the terms hereof.

     "Lenders" means and includes Harris Trust and Savings Bank and the other
financial institutions from time to time party to this Agreement, including each
assignee Lender pursuant to Section 11.12 hereof.

     "Lending Office" is defined in Section 9.4 hereof.

     "Letter of Credit" is defined in Section 1.2(a) hereof.

     "Leverage Ratio" means, on any date, the ratio of (i) Total Debt on and as
of such date to (ii) EBITDA for then most-recently ended four fiscal quarters of
the Borrower (taken as a single accounting period).

     "LIBOR" is defined in Section 1.3(b) hereof.

     "Lien" means any mortgage, lien, security interest, pledge, charge or
encumbrance of any kind in respect of any Property, including the interests of a
vendor or lessor under any conditional sale, Capital Lease or other title
retention arrangement.

     "Loan" means any Revolving Loan or Swing Loan, whether outstanding as a
Base Rate Loan or Eurodollar Loan or otherwise, each of which is a "type" of
Loan hereunder.

     "Loan Documents" means this Agreement, the Notes, the Applications, and
each other instrument or document to be delivered hereunder or thereunder or
otherwise in connection therewith.

     "Material Adverse Effect" means (a) a material adverse change in, or
material adverse effect upon, the operations, business, Property, condition
(financial or otherwise) or prospects of the Borrower or of the Borrower and its
Subsidiaries taken as a whole, (b) a material impairment of the ability of the
Borrower or any Subsidiary to perform its material obligations under any Loan
Document or (c) a material adverse effect upon the legality, validity, binding
effect or enforceability against the Borrower or any Subsidiary of any Loan
Document or the rights and remedies of the Administrative Agent and the Lenders
thereunder.

                                      -23-

<PAGE>

     "Material Plan" is defined in Section 8.1(g) hereof.

     "Moody's" means Moody's Investors Service, Inc.

     "Net Cash Proceeds" means, with respect to any offering of equity
securities of a Person or any capital or equity contribution to a Person, cash
and cash equivalent proceeds received by or for such Person's account, net of
reasonable legal, underwriting, and other fees and expenses incurred as a direct
result thereof, but excluding, in respect of any transaction or series of
related and substantially contemporaneous transactions in which a portion of
such proceeds received are required, as a condition of such transaction or
transactions, to be and are disgorged by the recipient thereof, the amount of
any such proceeds so disgorged.

     "Net Income" means, with reference to any period, the net income (or net
loss) of the Borrower and its Subsidiaries for such period as computed on a
consolidated basis in accordance with GAAP, and, without limiting the foregoing,
after deduction from gross income of all expenses and reserves, including
reserves for all taxes on or measured by income, but excluding any extraordinary
profits or losses and also excluding any taxes on such profits.

     "Net Worth" means, at any time the same is to be determined, the sum of all
equity and retained earnings of the Borrower (and its Subsidiaries, on a
consolidated basis), determined in accordance with GAAP.

     "Notes" means and includes the Revolving Notes and the Swing Note.

     "Obligations" means all obligations of the Borrower to pay principal and
interest on the Loans, all Reimbursement Obligations owing under the
Applications, all fees and charges payable hereunder, and all other payment
obligations of the Borrower or any of its Subsidiaries arising under or in
relation to any Loan Document, in each case whether now existing or hereafter
arising, due or to become due, direct or indirect, absolute or contingent, and
howsoever evidenced, held or acquired.

     "Operating Agreement" is defined in Section 5.1 hereof.

     "Parent" means Hewitt Holdings LLC, an Illinois limited liability company.

     "Participating Interest" is defined in Section 1.2(d) hereof.

     "Participating Lender" is defined in Section 1.2(d) hereof.

     "PBGC" means the Pension Benefit Guaranty Corporation or any Person
succeeding to any or all of its functions under ERISA.

     "Percentage" means for any Lender its Revolver Percentage.

     "Permitted Acquisition" means any Acquisition with respect to which all
(except as noted below) of the following conditions shall have been satisfied:

                                      -24-

<PAGE>

          (a) if the Total Consideration for such Acquisition exceeds
     $10,000,000, the Acquired Business is in an Eligible Line of Business (it
     being understood that if the Total Consideration for such Acquisition is
     $10,000,000 or less, the Acquired Business need not be in an Eligible Line
     of Business);

          (b) the Acquisition shall not be a Hostile Acquisition;

          (c) the Borrower shall have provided the Administrative Agent and the
     Lenders with, or directed such parties to the appropriate public location
     for, copies of any filings (with all exhibits) by HAI or any of its
     Subsidiaries with the Securities and Exchange Commission relating to such
     Acquisition;

          (d) after giving effect to the Acquisition, no Default or Event of
     Default shall exist, including with respect to the covenants contained in
     Sections 7.7, 7.8 and 7.9 on a pro forma basis; and

          (e) after giving effect to the Acquisition, the Total Debt of the
     Borrower and its Subsidiaries (including any indebtedness of the Acquired
     Business assumed in the Acquisition) shall not exceed 50% of the sum of the
     Total Debt and Net Worth of the Borrower and its Subsidiaries (such Net
     Worth also to be calculated on a pro forma basis after giving effect to the
     Acquisition).

     "Person" means an individual, partnership, corporation, limited liability
company, association, trust, unincorporated organization or any other entity or
organization, including a government or agency or political subdivision thereof.

     "Plan" means any employee pension benefit plan covered by Title IV of ERISA
or subject to the minimum funding standards under Section 412 of the Code that
either (a) is maintained by a member of the Controlled Group for employees of a
member of the Controlled Group or (b) is maintained pursuant to a collective
bargaining agreement or any other arrangement under which more than one employer
makes contributions and to which a member of the Controlled Group is then making
or accruing an obligation to make contributions or has within the preceding five
plan years made contributions.

     "Prior Credit Agreement" means that certain Revolving and Term Credit
Agreement dated as of May 28, 1996, as amended, among the Borrower, the lenders
party thereto and Harris Trust and Savings Bank, as Administrative Agent.

     "Property" means, as to any Person, all types of real, personal, tangible,
intangible or mixed property owned by such Person whether or not included in the
most recent balance sheet of such Person and its subsidiaries under GAAP.

     "Reimbursement Obligation" is defined in Section 1.2(c) hereof.

                                      -25-

<PAGE>

     "Rental Expense" means, with reference to any period, the aggregate amount
of fixed rentals and other consideration payable by the Borrower and its
Subsidiaries during such period under all leases of Property (other than Capital
Leases), determined in accordance with GAAP.

     "Required Lenders" means, as of the date of determination thereof, Lenders
holding, collectively, more than 66-2/3% of the aggregate Revolving Credit
Commitments or, if the aggregate Revolving Credit Commitments have been
terminated, Lenders holding, collectively, more than 66-2/3% of the aggregate
principal amount of outstanding Loans and Participating Interests in Letters of
Credit.

     "Responsible Officer" means any of the chief executive officer, chief
financial officer, general counsel or chief administrative officer of the
Borrower.

     "Restricted Subsidiary" shall mean any Subsidiary of the Borrower which, as
of the time of determination of whether such Subsidiary is a Restricted
Subsidiary, either accounts for 5% or more of total revenues of the Borrower and
its Subsidiaries for the most recent four full fiscal quarters of the Borrower
then ended or accounts for 5% or more of the total assets of the Borrower and
its Subsidiaries at the time of determination.

     "Revolver Percentage" means, for each Lender, the percentage of the
Revolving Credit Commitments represented by such Lender's Revolving Credit
Commitment or, if the Revolving Credit Commitments have been terminated, the
percentage held by such Lender (including through participation interests in
Reimbursement Obligations) of the aggregate principal amount of all Revolving
Loans and L/C Obligations then outstanding.

     "Revolving Credit" means the credit facility for making Revolving Loans and
issuing Letters of Credit described in Sections 1.1 and 1.2 hereof.

     "Revolving Credit Commitment" means, as to any Lender, the obligation of
such Lender to make Revolving Loans and to participate in Letters of Credit
issued for the account of the Borrower hereunder in an aggregate principal or
face amount at any one time outstanding not to exceed the amount set forth
opposite such Lender's name on Schedule 1 attached hereto and made a part
hereof, as the same may be reduced or modified at any time or from time to time
pursuant to the terms hereof. The Borrower and the Lenders acknowledge and agree
that the Revolving Credit Commitments of the Lenders aggregate $50,000,000 on
the date hereof.

     "Revolving Credit Termination Date" means September 27, 2005, or such
earlier date on which the Revolving Credit Commitments are terminated in whole
pursuant to Section 1.12, 8.2 or 8.3 hereof.

     "Revolving Loan" is defined in Section 1.1 hereof and, as so defined,
includes a Base Rate Loan or a Eurodollar Loan, each of which is a "type" of
Revolving Loan hereunder.

     "Revolving Note" is defined in Section 1.10 hereof.

                                      -26-

<PAGE>

     "S&P" means Standard & Poor's Ratings Services Group, a division of The
McGraw-Hill Companies, Inc.

     "SEC" means the Securities and Exchange Commission.

     "Security" has the same meaning as in Section 2(l) of the Securities Act of
1933, as amended.

     "Subsidiary" means, as to any particular parent corporation or
organization, any other corporation or organization more than 50% of the
outstanding Voting Stock of which is at the time directly or indirectly owned by
such parent corporation or organization or by any one or more other entities
which are themselves subsidiaries of such parent corporation or organization.
Unless otherwise expressly noted herein, the term "Subsidiary" means a
Subsidiary of the Borrower or of any of its direct or indirect Subsidiaries.

     "Swing Line" means the credit facility for making one or more Swing Loans
described in Section 1.14 hereof.

     "Swing Line Sublimit" means $5,000,000, as reduced pursuant to the terms
hereof.

     "Swing Loan" and "Swing Loans" each is defined in Section 1.14 hereof.

     "Swing Note" is defined in Section 1.10 hereof.

     "Tangible Net Worth" means, at any time the same is to be determined, (a)
the sum of all equity and retained earnings of the Borrower (and its
Subsidiaries, on a consolidated basis), determined in accordance with GAAP, less
(b) the sum of (i) the aggregate book value of all assets of the Borrower and
its Subsidiaries which would be classified as intangible assets under GAAP,
including, without limitation, goodwill, patents, trademarks, trade names,
copyrights, franchises and deferred charges (including, without limitation,
unamortized debt discount and expense, organization costs and deferred research
and development expense) and similar assets, and (ii) the write-up of assets of
the Borrower and its Subsidiaries above cost, determined on a consolidated basis
in accordance with GAAP.

     "Total Assets" means the aggregate of all items which would be listed as
assets on a balance sheet of the Borrower and its Subsidiaries prepared on a
consolidated basis in accordance with GAAP.

     "Total Consideration" means the total amount (but without duplication) of
(a) cash paid in connection with any Acquisition, plus (b) indebtedness payable
to the seller in connection with such Acquisition, plus (c) the fair market
value of any equity securities, including any warrants or options therefor,
delivered in connection with any Acquisition, plus (d) the amount of
indebtedness assumed in connection with such Acquisition.

                                      -27-

<PAGE>

     "Total Debt" means, at any time the same is to be determined, the aggregate
of all Indebtedness of the Borrower and its Subsidiaries determined without
duplication on a consolidated basis.

     "Unfunded Vested Liabilities" means, for any Plan at any time, the amount
(if any) by which the present value of all vested nonforfeitable accrued
benefits under such Plan exceeds the fair market value of all Plan assets
allocable to such benefits, all determined as of the then most recent valuation
date for such Plan, but only to the extent that such excess represents a
potential liability of a member of the Controlled Group to the PBGC or the Plan
under Title IV of ERISA.

     "Unused Revolving Credit Commitments" means, at any time, the difference
between the Revolving Credit Commitments then in effect and the aggregate
outstanding principal amount of Revolving Loans and L/C Obligations.

     "U.S. Dollars" and "$" each means the lawful currency of the United States
of America.

     "Voting Stock" of any Person means capital stock or other equity interests
of any class or classes (however designated) having ordinary power for the
election of directors or other similar governing body of such Person, other than
stock or other equity interests having such power only by reason of the
happening of a contingency.

     "Welfare Plan" means a "welfare plan" as defined in Section 3(1) of ERISA.

     "Wholly-owned Subsidiary" means a Subsidiary of which all of the issued and
outstanding shares of capital stock (other than directors' qualifying shares as
required by law) or other equity interests are owned by the Borrower and/or one
or more Wholly-owned Subsidiaries within the meaning of this definition.

     Section 4.2. Interpretation. The foregoing definitions are equally
applicable to both the singular and plural forms of the terms defined. The words
"hereof", "herein", and "hereunder" and words of like import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement. All references to time of day herein are references
to Chicago, Illinois, time unless otherwise specifically provided. Where the
character or amount of any asset or liability or item of income or expense is
required to be determined or any consolidation or other accounting computation
is required to be made for the purposes of this Agreement, it shall be done in
accordance with GAAP except where such principles are inconsistent with the
specific provisions of this Agreement.

     Section 4.3. Change in Accounting Principles. If, after the date of this
Agreement, there shall occur any change in GAAP from those used in the
preparation of the financial statements referred to in Section 5.5 hereof and
such change shall result in a change in the method of calculation of any
financial covenant, standard or term found in this Agreement, either the
Borrower or the Required Lenders may by notice to the Lenders and the Borrower,
respectively, require that the Lenders and the Borrower negotiate in good faith
to amend such covenants, standards, and term so as equitably to reflect such
change in accounting principles, with the desired result being that the criteria
for evaluating the financial condition of the Borrower and its

                                      -28-

<PAGE>

Subsidiaries shall be the same as if such change had not been made. No delay by
the Borrower or the Required Lenders in requiring such negotiation shall limit
their right to so require such a negotiation at any time after such a change in
accounting principles. Until any such covenant, standard, or term is amended in
accordance with this Section 4.3, financial covenants shall be computed and
determined in accordance with GAAP in effect prior to such change in accounting
principles. Without limiting the generality of the foregoing, the Borrower shall
neither be deemed to be in compliance with any financial covenant hereunder nor
out of compliance with any financial covenant hereunder if such state of
compliance or noncompliance, as the case may be, would not exist but for the
occurrence of a change in accounting principles after the date hereof.

SECTION 5. REPRESENTATIONS AND WARRANTIES.

     The Borrower represents and warrants to the Lenders as follows:

     Section 5.1. Organization and Qualification. The Borrower is duly
organized, validly existing and in good standing as a limited liability company
under the laws of the State of Illinois created pursuant to its Articles of
Organization (the "Articles") and its Operating Agreement (the "Operating
Agreement"), has full and adequate power to own its Property and conduct its
business as now conducted, and is duly licensed or qualified and in good
standing in each jurisdiction in which the failure to be so licensed or
qualified could reasonably be expected to have a Material Adverse Effect.

     Section 5.2. Subsidiaries. Each Subsidiary is duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it is
incorporated or organized, as the case may be, has full and adequate power to
own its Property and conduct its business as now conducted, and is duly licensed
or qualified and in good standing in each jurisdiction in which the nature of
the business conducted by it or the nature of the Property owned or leased by it
requires such licensing or qualifying. Schedule 5.2 hereto identifies each
Subsidiary, the jurisdiction of its incorporation or organization, as the case
may be, the percentage of issued and outstanding shares of each class of its
capital stock or other equity interests owned by the Borrower and its
Subsidiaries and, if such percentage is not 100% (excluding directors'
qualifying shares as required by law), a description of each class of its
authorized capital stock and other equity interests and the number of shares of
each class issued and outstanding. All of the outstanding shares of capital
stock and other equity interests of each Subsidiary are validly issued and
outstanding and fully paid and nonassessable and all such shares and other
equity interests indicated on Schedule 5.2 as owned by the Borrower or a
Subsidiary are owned, beneficially and of record, by the Borrower or such
Subsidiary free and clear of all Liens. There are no outstanding commitments or
other obligations of any Restricted Subsidiary to issue, and no options,
warrants or other rights of any Person to acquire, any shares of any class of
capital stock or other equity interests of any Restricted Subsidiary. Each
Domestic Subsidiary which is a Restricted Subsidiary (if any) is identified on
Schedule 5.2. As of the Closing Date, no Domestic Subsidiaries which are
Restricted Subsidiaries exist.

     Section 5.3. Authority and Validity of Obligations. The Borrower has full
right and authority to enter into this Agreement and the other Loan Documents to
which it is a party, to

                                      -29-

<PAGE>

make the borrowings herein provided for, to issue Notes in evidence thereof, and
to perform all of its obligations hereunder and under the other Loan Documents.
Without limiting the generality of the foregoing, the Borrower has full right,
power and authority to make the borrowings herein provided for and to issue its
Notes in evidence thereof and to apply for the issuance of Letters of Credit.
The Loan Documents have been duly authorized, executed and delivered by the
Borrower and constitute valid and binding obligations of the Borrower
enforceable in accordance with their terms except as enforceability may be
limited by bankruptcy, insolvency, fraudulent conveyance or similar laws
affecting creditors' rights generally and general principles of equity
(regardless of whether the application of such principles is considered in a
proceeding in equity or at law); and this Agreement and the other Loan Documents
do not, nor does the performance or observance by the Borrower of any of the
matters and things herein or therein provided for, contravene or constitute a
default under any provision of law or any judgment, injunction, order or decree
binding upon the Borrower or any provision of the Articles or the Operating
Agreement of the Borrower or any covenant, indenture or agreement of or
affecting the Borrower or any of its Properties, or result in the creation or
imposition of any Lien on any Property of the Borrower.

     Section 5.4. Use of Proceeds; Margin Stock. The Borrower shall use the
proceeds of the Loans and other extensions of credit made available hereunder to
refinance any obligations outstanding under the Prior Credit Agreement, for its
general working capital purposes and for such other legal and proper purposes as
are consistent with all applicable laws, the Borrower's Articles and Operating
Agreement and the terms of this Agreement. Neither the Borrower nor any
Subsidiary is engaged in the business of extending credit for the purpose of
purchasing or carrying margin stock (within the meaning of Regulation U of the
Board of Governors of the Federal Reserve System), and no part of the proceeds
of any Loan or any other extension of credit made hereunder will be used to
purchase or carry any such margin stock or to extend credit to others for the
purpose of purchasing or carrying any such margin stock.

     Section 5.5. Financial Reports. The consolidated balance sheet of the
Borrower and its Subsidiaries as at September 30, 2001, and the related
consolidated statements of income, retained earnings and cash flows of the
Borrower and its Subsidiaries for the fiscal year then ended, and accompanying
notes thereto, which financial statements are accompanied by the audit report of
Ernst & Young LLP, independent public accountants, and the unaudited interim
consolidated balance sheet of the Borrower and its Subsidiaries as at June 30,
2002 and the related consolidated statements of income, retained earnings and
cash flows of the Borrower and its Subsidiaries for the nine months then ended,
heretofore furnished to the Lenders, fairly present the consolidated financial
condition of the Borrower and its Subsidiaries as at said dates and the
consolidated results of their operations and cash flows for the periods then
ended in conformity with generally accepted accounting principles applied on a
consistent basis. Neither the Borrower nor any of its Subsidiaries has
contingent liabilities which are material to it other than as indicated on such
financial statements or, with respect to future periods, on the financial
statements furnished pursuant to Section 7.5 hereof.

     Section 5.6. No Material Adverse Change. Since September 30, 2001, there
has been no Material Adverse Effect, except for changes disclosed to the
Administrative Agent and the Lenders in writing prior to the Closing Date. The
parties agree that the Lenders were

                                      -30-

<PAGE>

appropriately notified of the acquisition of Bacon & Woodrow, LLP and the
initial public offering of the equity in HAI, and changes in corporate form
required as a result thereof.

     Section 5.7. Full Disclosure. The Borrower has delivered true and correct
copies of its Articles and the Operating Agreement to the Lenders and said
Articles and Operating Agreement remain in full force and effect and have not
been revised or amended. The statements and information furnished to the Lenders
in connection with the negotiation of this Agreement and the other Loan
Documents and the commitments by the Lenders to provide all or part of the
financing contemplated hereby do not contain any untrue statements of a material
fact or omit a material fact necessary to make the material statements contained
herein or therein not misleading, the Lenders acknowledging that as to any
projections furnished to Lenders, the Borrower only represents that the same
were prepared on the basis of information and estimates the Borrower believed to
be reasonable.

     Section 5.8. Good Title. The Borrower and its Subsidiaries each have good
and defensible title to their assets as reflected on the most recent
consolidated balance sheet of the Borrower and its Subsidiaries furnished to the
Lenders (except for sales of assets by the Borrower and its Subsidiaries in the
ordinary course of business), subject to no Liens other than such thereof as are
permitted by Section 7.12 hereof.

     Section 5.9. Litigation and Other Controversies. There is no litigation or
governmental proceeding or labor controversy pending, nor to the knowledge of
the Borrower threatened, against the Borrower or any Subsidiary which if
adversely determined would result in a Material Adverse Effect.

     Section 5.10. Taxes. All tax returns required to be filed by the Borrower
or any of its Subsidiaries in any jurisdiction have, in fact, been filed, and
all taxes, assessments, fees and other governmental charges upon the Borrower or
any of its Subsidiaries or upon any of their respective Properties, income or
franchises, which are shown to be due and payable in such returns, have been
paid. The Borrower does not know of any proposed additional tax assessment
against it or its Subsidiaries for which adequate provision in accordance with
GAAP has not been made on its accounts. Adequate provisions in accordance with
GAAP for taxes on the books of the Borrower and each of its Subsidiaries have
been made for all open years, and for its current fiscal period. The United
States income tax returns of the Borrower and its Subsidiaries have been closed
by the Internal Revenue Service through the fiscal year ended September 30,
1998.

     Section 5.11. Approvals. No authorization, consent, license, or exemption
from, or filing or registration with, any court or governmental department,
agency or instrumentality, nor any approval or consent of the members or
stockholders of the Borrower or any other Person, is or will be necessary to the
valid execution, delivery or performance by the Borrower of this Agreement or
any other Loan Document.

     Section 5.12. Affiliate Transactions. Neither the Borrower nor any of its
Subsidiaries is a party to any contracts or agreements with any of its
Affiliates on terms and conditions which are less favorable to the Borrower or
such Subsidiary than would be usual and customary in similar

                                      -31-

<PAGE>

contracts or agreements between Persons not affiliated with each other other
than management fees payable by Hewitt Services LLC and the Parent to the
Borrower.

     Section 5.13. Investment Company; Public Utility Holding Company. Neither
the Borrower nor any of its Subsidiaries is an "investment company" or a company
"controlled" by an "investment company" within the meaning of the Investment
Company Act of 1940, as amended, or a "public utility holding company" within
the meaning of the Public Utility Holding Company Act of 1935, as amended. The
Borrower is not in breach of the preceding sentence despite the fact that the
Borrower is an Affiliate of AHA Investment Funds, Inc., a registered open-end
investment company, for whom it acts as an investment consultant, and the
Borrower, which acts as its administrator and shareholder servicing
Administrative Agent, and Hewitt Services LLC, an Affiliate of the Borrower that
acts as its distributor, are Affiliates of Hewitt Series Trust, a registered
open-end investment company.

     Section 5.14. ERISA. The Borrower and each other member of its Controlled
Group has fulfilled its obligations under the minimum funding standards of and
is in compliance in all material respects with ERISA and the Code to the extent
applicable to it and has not incurred any liability to the PBGC or a Plan under
Title IV of ERISA other than a liability to the PBGC for premiums under Section
4007 of ERISA. Neither the Borrower nor any of its Subsidiaries has any
contingent liabilities with respect to any post-retirement benefits under a
Welfare Plan, other than liability for continuation coverage described in
Article 6 of Title I of ERISA and except for post-retirement benefit obligations
for retiree health care benefits estimated to be less than $4,000,000 in total
as of June 30, 2001.

     Section 5.15. Compliance with Laws. The Borrower and its Subsidiaries each
are in compliance with the requirements of all federal, state and local laws,
rules and regulations applicable to or pertaining to their Properties or
business operations (including, without limitation, the Occupational Safety and
Health Act of 1970, the Americans with Disabilities Act of 1990, and laws and
regulations establishing quality criteria and standards for air, water, land and
toxic or hazardous wastes and substances) non-compliance with any of which laws,
rules or regulations could have a Material Adverse Effect. Neither the Borrower
nor any of its Subsidiaries has received notice to the effect that its
operations are not in compliance with any of the requirements of applicable
federal, state or local environmental, health and safety statutes and
regulations or are the subject of any governmental investigation evaluating
whether any remedial action is needed to respond to a release of any toxic or
hazardous waste or substance into the environment, which non-compliance or
remedial action could have a Material Adverse Effect.

     Section 5.16. Other Agreements. Neither the Borrower nor any of its
Subsidiaries is in default under the terms of any covenant, indenture or
agreement of or affecting the Borrower, any such Subsidiary or any of their
Properties, which default if uncured would have a Material Adverse Effect.

     Section 5.17. No Default. No Default or Event of Default has occurred and
is continuing.

                                      -32-

<PAGE>

SECTION 6. CONDITIONS PRECEDENT.

     The obligation of each Lender to advance, continue or convert any Loan
(other than the continuation of, or conversion into, a Base Rate Loan) or of the
L/C Issuer to issue, extend the expiration date (including by not giving notice
of non-renewal) of or increase the amount of any Letter of Credit under this
Agreement, shall be subject to the following conditions precedent:

     Section 6.1. All Credit Events. At the time of each Credit Event hereunder:

          (a) each of the representations and warranties set forth herein and in
     the other Loan Documents shall be and remain true and correct as of said
     time, except to the extent the same expressly relate to an earlier date, in
     which case the same shall be and remain true and correct as of such earlier
     date;

          (b) the Borrower and each Subsidiary shall be in compliance with all
     of the terms and conditions hereof and of the other Loan Documents, and no
     Default or Event of Default shall have occurred and be continuing or would
     occur as a result of such Credit Event;

          (c) in the case of a Borrowing the Administrative Agent shall have
     received the notice required by Section 1.5 hereof, in the case of the
     issuance of any Letter of Credit the L/C Issuer shall have received a duly
     completed Application for such Letter of Credit together with any fees
     called for by Section 2.1 hereof, and, in the case of an extension or
     increase in the amount of a Letter of Credit, a written request therefor in
     a form acceptable to the L/C Issuer together with fees called for by
     Section 2.1 hereof; and

          (d) such Credit Event shall not violate any order, judgment or decree
     of any court or other authority or any provision of law or regulation
     applicable to the Administrative Agent or any Lender (including, without
     limitation, Regulation U of the Board of Governors of the Federal Reserve
     System) as then in effect.

     Each request for a Borrowing hereunder and each request for the issuance
of, increase in the amount of, or extension of the expiration date of, a Letter
of Credit shall be deemed to be a representation and warranty by the Borrower on
the date on such Credit Event as to the facts specified in subsections (a)
through (c), both inclusive, of this Section.

     Section 6.2. Initial Credit Event. Before or concurrently with the initial
Credit Event:

          (a) The Administrative Agent shall have received for each Lender the
     favorable written opinion of counsel for the Borrower (which opinion may be
     rendered by a member of the Borrower's law department) and a supplemental
     opinion of Chapman and Cutler, each of which shall be in form and substance
     satisfactory to the Administrative Agent and the Lenders;

                                      -33-

<PAGE>

          (b) The Administrative Agent shall have received copies of the
     Borrower's Articles and Operating Agreement, certified in each instance by
     its secretary or an assistant secretary (or its equivalent);

          (c) The Administrative Agent shall have received copies, certified by
     the secretary or assistant secretary (or its equivalent) of the Borrower,
     of all legal documents or proceedings taken in connection with the
     execution and delivery of this Agreement and the other Loan Documents;

          (d) The Administrative Agent shall have received an incumbency
     certificate from the secretary or assistant secretary (or its equivalent)
     of the Borrower, which shall identify by name and title and bear the
     signature of the individuals authorized to sign the Loan Documents to which
     the Borrower is a party;

          (e) The Administrative Agent shall have received for each Lender such
     Lender's duly executed Notes of the Borrower dated the date hereof and
     otherwise in compliance with the provisions hereof;

          (f) The Administrative Agent shall have received for each Lender a
     list of the Borrower's Authorized Representatives;

          (g) All legal matters incident to the execution and delivery of the
     Loan Documents shall be satisfactory to the Lenders and their counsel;

          (h) The Administrative Agent shall have received a good standing
     certificate for the Borrower (dated as of a date acceptable to the
     Administrative Agent) from the office of the secretary of state of its
     state of organization, dated not earlier than ten days prior to the Closing
     Date;

          (i) The Administrative Agent shall have received such other
     agreements, instruments, documents, certificates and opinions as the Agent
     or the Lenders may reasonably request;

          (j) The Administrative Agent shall have received for itself and for
     the Lenders the initial fees, if any, contemplated by Section 2.1 hereof;

          (k) The Borrower shall have Tangible Net Worth of not less than
     $125,000,000 on the Closing Date;

          (l) The commitments under the Prior Credit Agreement shall have been
     terminated and all outstanding obligations thereunder shall have been paid
     or shall be paid with the proceeds of such initial Credit Event; and

          (m) The Borrower, the Administrative Agent and the lenders party
     thereto shall have entered into the 364-Day Credit Agreement.

                                      -34-

<PAGE>

SECTION 7. COVENANTS.

     The Borrower agrees that, so long as any credit is available to or in use
by the Borrower hereunder, except to the extent compliance in any case or cases
is waived in writing pursuant to the terms of Section 11.13 hereof:

     Section 7.1. Maintenance of Business. The Borrower shall, and shall cause
each of its Subsidiaries to, preserve and maintain its existence. The Borrower
shall, and shall cause each of its Subsidiaries to, preserve and keep in force
and effect all licenses, permits and franchises necessary to the proper conduct
of its business. The Borrower shall not, nor shall it permit any of its
Restricted Subsidiaries to, engage in any business activities substantially
different from its present business, any other Eligible Line of Business, or any
business reasonably related thereto, provided that, (i) in the case of any
Subsidiary acquired in a Permitted Acquisition, such acquired Subsidiary (and
its permitted successors) may also engage in the type of business activities in
which such acquired Subsidiary was engaged immediately prior to such Permitted
Acquisition, or any business reasonably related thereto, and (ii) in the case of
a Person holding assets of an Acquired Business following a Permitted
Acquisition, such Person may also engage in the type of business activities in
which such Acquired Business was engaged immediately prior to such Permitted
Acquisition, or any business reasonably related thereto. In addition to the
foregoing, the Borrower may create a new Subsidiary in order to act as a captive
insurance company to insure risks incurred by the Parent, HAI, the Borrower or
any of their Subsidiaries (but not any other Persons) in their respective
businesses.

     Section 7.2. Maintenance of Properties. The Borrower shall maintain,
preserve and keep its property, plant and equipment in good repair, working
order and condition (ordinary wear and tear excepted) and shall from time to
time make all needful and proper repairs, renewals, replacements, additions and
betterments thereto so that at all times the efficiency thereof shall be fully
preserved and maintained, and the Borrower shall cause each of its Subsidiaries
to do so in respect of Property owned or used by it.

     Section 7.3. Taxes and Assessments. The Borrower shall duly pay and
discharge, and shall cause each of its Subsidiaries to duly pay and discharge,
all taxes, rates, assessments, fees and governmental charges upon or against it
or its Properties, in each case before the same become delinquent and before
penalties accrue thereon, unless and to the extent that the same are being
contested in good faith and by appropriate proceedings which prevent enforcement
of the matter under contest and adequate reserves in accordance with GAAP are
provided therefor.

     Section 7.4. Insurance. The Borrower shall insure and keep insured, and
shall cause each of its Subsidiaries to insure and keep insured, with good and
responsible insurance companies, all insurable Property owned by it which is of
a character usually insured by Persons similarly situated and operating like
Properties against loss or damage from such hazards and risks, and in such
amounts, as are insured by Persons similarly situated and operating like
Properties; and the Borrower shall insure, and shall cause each of its
Subsidiaries to insure, such other hazards and risks (including employers' and
public liability risks) with good and responsible insurance companies as and to
the extent usually insured by Persons similarly situated and conducting similar
businesses. The foregoing insurance requirements may be met

                                      -35-

<PAGE>

through the captive insurance company described in Section 7.1 hereof with
respect to such risks as are reasonably acceptable to the Administrative Agent;
provided that the coverage limits of insurance policies written by the captive
insurance company may not exceed $25,000,000 in the aggregate at any time and
the premiums charged by the captive insurance company in any fiscal year may not
exceed two times its statutory surplus as of the end of such fiscal year. The
Borrower shall upon request furnish to the Agent or any Lender a certificate
setting forth in summary form the nature and extent of the insurance maintained
pursuant to this Section.

     Section 7.5. Financial Reports. The Borrower shall, and shall cause each
Subsidiary to, maintain a standard system of accounting in accordance with GAAP
and shall furnish to the Agent, each Lender and each of their duly authorized
representatives such information respecting the business and financial condition
of the Borrower and its Subsidiaries as the Agent or such Lender may reasonably
request; and without any request, shall furnish to the Lenders:

          (a) as soon as available, and in any event within forty-five (45) days
     (in the case of the first three fiscal quarters in each fiscal year) or
     ninety (90) days (in the case of the last fiscal quarter in each fiscal
     year) after the close of each quarterly accounting period of the Borrower,
     a copy of the consolidated balance sheet of the Borrower and its
     Subsidiaries as of the close of such period and the consolidated statements
     of profit and loss and cash flows of the Borrower and its Subsidiaries for
     such period, each in reasonable detail showing in comparative form the
     figures for the corresponding date and period in the previous fiscal year,
     prepared by the Borrower and certified to by the chief financial officer of
     the Borrower;

          (b) as soon as available, and in any event within ninety (90) days
     after the close of each annual accounting period of the Borrower, a copy of
     the annual audit report for the Borrower and its Subsidiaries as of the
     close of such period with accompanying financial statements (including
     consolidated balance sheet and profit and loss and cash flow statements of
     the Borrower and its Subsidiaries for such period), and accompanying notes
     thereto, each in reasonable detail showing in comparative form the figures
     for the previous fiscal year, accompanied by an unqualified opinion thereon
     of Ernst & Young LLP or another firm of independent public accountants of
     recognized national standing, selected by the Borrower and satisfactory to
     the Required Lenders, to the effect that the financial statements have been
     prepared in accordance with GAAP and present fairly in accordance with GAAP
     the consolidated financial condition of the Borrower and its Subsidiaries
     as of the close of such fiscal year and the results of their operations and
     cash flows for the fiscal year then ended and that an examination of such
     accounts in connection with such financial statements has been made in
     accordance with generally accepted auditing standards and, accordingly,
     such examination included such tests of the accounting records and such
     other auditing procedures as were considered necessary in the
     circumstances; and

          (c) within the period provided in subsection (b) above, the written
     statement of the accountants who certified the audit report thereby
     required that in the course of their audit they have obtained no knowledge
     of any Default or Event of Default, or, if

                                      -36-

<PAGE>

     such accountants have obtained knowledge of any such Default or Event of
     Default, they shall disclose in such statement the nature and period of the
     existence thereof;

          (d) promptly after receipt thereof, any additional written reports,
     management letters or other detailed information contained in writing
     concerning significant aspects of the Borrower's or any Subsidiary's
     operations and financial affairs given to it by its independent public
     accountants;

          (e) promptly upon the filing thereof, copies of all registration
     statements, periodic reports or other reports the Borrower or any
     Subsidiary files with the Securities and Exchange Commission; and

          (f) promptly after knowledge thereof shall have come to the attention
     of any Responsible Officer of the Borrower, written notice of (i) any
     Reportable Event as defined in Section 4043 of ERISA and the regulations
     issued thereunder, other than any such event as to which the PBGC has by
     regulation waived the requirement of Section 4043(a) of ERISA that it be
     notified within 30 days of the occurrence of such event, (ii) any
     threatened or pending litigation or governmental proceeding or labor
     controversy against the Borrower or any Subsidiary which, if adversely
     determined, would have a Material Adverse Effect, (iii) any material
     adverse change in the condition (financial or otherwise) or operations of
     the Borrower or any Subsidiary, or (iv) the occurrence of any Default or
     Event of Default hereunder.

Each of the financial statements furnished to the Bank pursuant to subsections
(a) and (b) of this Section shall be accompanied by a written certificate in the
form attached hereto as Exhibit E signed by the chief financial officer of the
Borrower to the effect that to the best of the chief financial officer's
knowledge and belief no Default or Event of Default has occurred during the
period covered by such statements or, if any such Default or Event of Default
has occurred during such period, setting forth a description of such Default or
Event of Default and specifying the action, if any, taken by the Borrower to
remedy the same. Such certificate shall also set forth the calculations
supporting such statements in respect of Sections 7.7, 7.8 and 7.9 of this
Agreement.

     Section 7.6. Inspection. The Borrower shall, and shall cause each of its
Subsidiaries to, permit the Agent, each Lender and each of their duly authorized
representatives and agents to visit and inspect any of the Properties, corporate
books and financial records of the Borrower and each such Subsidiary, to examine
and make copies of the books of accounts and other financial records of the
Borrower and each such Subsidiary, and to discuss the affairs, finances and
accounts of the Borrower and each such Subsidiary with, and to be advised as to
the same by, its officers and independent public accountants (and by this
provision the Borrower hereby authorizes such accountants to discuss with the
Agent and such Lenders the finances and affairs of the Borrower and of each
Subsidiary) at such reasonable times and reasonable intervals as the Agent or
any such Lender may designate. Prior to the occurrence and continuance of a
Default or Event of Default hereunder, the costs and expenses of such
inspections shall be borne by the Lenders.

                                      -37-

<PAGE>

     Section 7.7. Interest Coverage Ratio. The Borrower will not, as of the last
day of any fiscal quarter of the Borrower, permit the Interest Coverage Ratio to
be less than 2.0 to 1.0.

     Section 7.8. Tangible Net Worth. The Borrower will at all times have
Tangible Net Worth of not less than the Minimum Required Amount. For purposes
hereof, the "Minimum Required Amount" shall mean, from the Closing Date through
September 30, 2002, $125,000,000, and thereafter shall mean (x) the greater of
(i) $125,000,000 or (ii) the Borrower's Tangible Net Worth as of September 30,
2002 less $40,000,000, plus (y) on and after January 1, 2003, 30% of the
aggregate Net Income (without deduction for losses) earned during each fiscal
quarter of the Borrower ending on and after December 31, 2002, plus (z) 80% of
the amount of the Net Cash Proceeds received by the Borrower from any equity
issuance by, or capital or equity contribution to, the Borrower after the
Closing Date.

     Section 7.9. Leverage Ratio. The Borrower will not, as of the last day of
any fiscal quarter of the Borrower, permit the Leverage Ratio to exceed 2.25 to
1.00.

     Section 7.10. Distributions. The Borrower will not during any fiscal year
declare or pay any distributions to HAI or any other Person if at the time of
any such distribution a Default or Event of Default shall have occurred and be
continuing hereunder or would occur as a result thereof.

     Section 7.11. Indebtedness. The Borrower shall not, nor shall it permit any
Subsidiary to, issue, incur, assume, create or have outstanding any
Indebtedness; provided, however, that the foregoing provisions shall not
restrict nor operate to prevent:

          (a) the Obligations of the Borrower owing to the Lenders;

          (b) Capitalized Lease Obligations; and

          (c) other Indebtedness in an aggregate principal amount at any time
     outstanding not to exceed $250,000,000.

     Section 7.12. Liens. The Borrower shall not, nor shall it permit any of its
Subsidiaries to, create, incur or permit to exist any Lien of any kind on any
Property owned by the Borrower or any such Subsidiary; provided, however, that
this Section shall not apply to nor operate to prevent:

          (a) Liens arising by statute in connection with worker's compensation,
     unemployment insurance, old age benefits, social security obligations,
     taxes, assessments, statutory obligations or other similar charges, good
     faith cash deposits in connection with tenders, contracts or leases to
     which the Borrower or any Subsidiary is a party or other cash deposits
     required to be made in the ordinary course of business, provided in each
     case that the obligation is not for borrowed money and that the obligation
     secured is not overdue or, if overdue, is being contested in good faith by
     appropriate proceedings which prevent enforcement of the matter under
     contest and adequate reserves have been established therefor;

                                      -38-

<PAGE>

          (b) mechanics', workmen's, materialmen's, landlords', carriers', or
     other similar Liens arising in the ordinary course of business with respect
     to obligations which are not due or which are being contested in good faith
     by appropriate proceedings which prevent enforcement of the matter under
     contest;

          (c) the pledge of assets for the purpose of securing an appeal, stay
     or discharge in the course of any legal proceeding, provided that the
     aggregate amount of liabilities of the Borrower and its Subsidiaries
     secured by a pledge of assets permitted under this subsection, including
     interest and penalties thereon, if any, shall not be in excess of
     $5,000,000 at any one time outstanding; and

          (d) other Liens encumbering Property of the Borrower and its
     Subsidiaries with a book value not in excess of 5% Total Assets.

     Section 7.13. Investments, Acquisitions, Loans, Advances and Guaranties.
The Borrower shall not, nor shall it permit any Subsidiary to, directly or
indirectly, make, retain or have outstanding any investments (whether through
purchase of stock or obligations or otherwise) in, or loans or advances (other
than for travel advances and other similar cash advances made to employees in
the ordinary course of business) to, any other Person, undertake any
Acquisition, or be or become liable as endorser, guarantor, surety or otherwise
for any debt, obligation or undertaking of any other Person, or otherwise agree
to provide funds for payment of the obligations of another, or supply funds
thereto or invest therein or otherwise assure a creditor of another against
loss, or apply for or become liable to the issuer of a letter of credit which
supports an obligation of another, or subordinate any claim or demand it may
have to the claim or demand of any other Person; provided, however, that the
foregoing provisions shall not apply to nor operate to prevent:

          (a) investments in direct obligations of the United States of America
     or of any agency or instrumentality thereof whose obligations constitute
     full faith and credit obligations of the United States of America, provided
     that any such obligations shall mature within eighteen months of the date
     of issuance thereof;

          (b) investments in commercial paper rated at least P-1 by Moody's and
     at least A-1 by S&P maturing within 365 days of the date of issuance
     thereof;

          (c) investments in certificates of deposit issued by any United States
     commercial bank having capital and surplus of not less than $50,000,000
     which have a maturity of one year or less, investments in high grade
     municipal securities, investments in other money market instruments with a
     maturity of one year or less and rated A or better and investments in
     mutual funds which invest only in short term government securities,
     certificates of deposit, high grade commercial paper and similar high grade
     money market instruments and high grade municipal securities;

          (d) endorsement of items for deposit or collection of commercial paper
     received in the ordinary course of business;

                                      -39-

<PAGE>

          (e) the guaranties by the Borrower of the indebtedness of its
     Subsidiaries permitted under Section 7.11(c) hereof;

          (f) the Borrower's investments from time to time in its Subsidiaries,
     and investments made from time to time by a Subsidiary in one or more of
     its Subsidiaries, provided that (x) the incremental additional investments
     of the Borrower in its Subsidiaries after the Closing Date comprised of
     funds advanced from the Borrower to such Subsidiaries, whether in the form
     of contributions to equity capital or loans or advances, plus (y) the
     aggregate value of Property transferred from the Borrower to its
     Subsidiaries (in excess of any cash consideration or consideration in the
     form of Property of a type similar to that transferred received from such
     Subsidiaries therefor) pursuant to Section 7.15(b) hereof after the Closing
     Date, shall not exceed 5% of Total Assets at any time of determination;

          (g) investments, loans, advances and guaranties in addition to those
     otherwise permitted by this Section 7.13, provided that the aggregate
     amount of such investments, loans, advances and guaranties does not at any
     time exceed $50,000,000; and

          (h) Permitted Acquisitions.

In determining the amount of investments, Acquisitions, loans, advances and
guarantees permitted under this Section, investments and Acquisitions shall
always be taken at the original cost thereof (regardless of any subsequent
appreciation or depreciation therein), loans and advances shall be taken at the
principal amount thereof then remaining unpaid, and guarantees shall be taken at
the amount of obligations guaranteed thereby.

     Section 7.14. Use of Proceeds. The Borrower shall use the credit extended
under this Agreement solely for the purposes set forth in, or otherwise
permitted by, Section 5.4 hereof.

     Section 7.15. Mergers, Consolidations and Sales. The Borrower shall not,
nor shall it permit any Restricted Subsidiary to, be a party to any merger or
consolidation, or during any fiscal year sell, transfer, lease or otherwise
dispose of (whether in a single transaction or in multiple transactions) all or
any part of its Property, including any disposition of Property as part of a
sale and leaseback transaction, or in any event sell or discount (with or
without recourse) any of its notes or accounts receivable; provided, however,
that this Section shall not apply to nor operate to prevent:

          (a) the sale or lease of inventory in the ordinary course of business;

          (b) the sale, transfer, lease or other disposition of Property of the
     Borrower and its Subsidiaries to one another in the ordinary course of its
     business;

          (c) the merger of any Subsidiary with and into the Borrower or any
     other Subsidiary, provided that, in the case of any merger involving the
     Borrower, the Borrower is the corporation surviving the merger;

                                      -40-

<PAGE>

          (d) the sale of delinquent notes or accounts receivable in the
     ordinary course of business for purposes of collection only (and not for
     the purpose of any bulk sale or securitization transaction);

          (e) the sale, transfer or other disposition of any tangible personal
     property that, in the reasonable business judgment of the Borrower or its
     Subsidiary, has become obsolete or worn out, and which is disposed of in
     the ordinary course of business;

          (f) sales or other dispositions (whether as part of a sale and
     leaseback transaction or otherwise) of fixed assets within 180 days of the
     acquisition thereof; and

          (g) the sale, transfer, lease or other disposition of Property of the
     Borrower or any Restricted Subsidiary (including any disposition of
     Property as part of a sale and leaseback transaction but excluding
     dispositions permitted pursuant to the preceding clause (f)) in an amount
     for the Borrower and its Restricted Subsidiaries aggregating not more,
     during any fiscal year of the Borrower, than 5% of Total Assets as of the
     last day of the immediately preceding fiscal year computed on a
     consolidated basis in accordance with GAAP.

     Section 7.16. Maintenance of Subsidiaries. The Borrower shall not, nor
shall it permit any Restricted Subsidiary to, issue, assign, sell or transfer,
any shares of capital stock of a Restricted Subsidiary; provided that the
foregoing shall not operate to prevent the issuance, sale and transfer to any
person of any shares of capital stock of a Restricted Subsidiary solely for the
purpose of qualifying, and to the extent legally necessary to qualify, such
person as a director of such Restricted Subsidiary.

     Section 7.17. ERISA. The Borrower shall, and shall cause each of its
Subsidiaries to, promptly pay and discharge all obligations and liabilities
arising under ERISA of a character which if unpaid or unperformed might result
in the imposition of a Lien against any of its Properties. The Borrower shall,
and shall cause each of its Subsidiaries to, promptly notify the Agent and each
Lender of (i) the occurrence of any reportable event (as defined in ERISA) with
respect to a Plan, (ii) receipt of any notice from the PBGC of its intention to
seek termination of any Plan or appointment of a trustee therefor, (iii) its
intention to terminate or withdraw from any Plan, and (iv) the occurrence of any
event with respect to any Plan which would result in the incurrence by the
Borrower or any such Subsidiary of any material liability, fine or penalty, or
any material increase in the contingent liability of the Borrower or any such
Subsidiary with respect to any post-retirement Welfare Plan benefit.

     Section 7.18. Compliance with Laws. The Borrower shall, and shall cause
each of its Subsidiaries to, comply in all respects with the requirements of all
federal, state and local laws, rules, regulations, ordinances and orders
applicable to or pertaining to their Properties or business operations,
non-compliance with which could have a Material Adverse Effect or could result
in a Lien upon any of their Property except as permitted under Section 7.12
hereof.

     Section 7.19. Burdensome Contracts With Affiliates. The Borrower shall not,
nor shall it permit any Subsidiary to, enter into any contract, agreement or
business arrangement with any of

                                      -41-

<PAGE>

its Affiliates (other than with Wholly-Owned Subsidiaries) or the Parent on
terms and conditions which are less favorable to the Borrower or such Subsidiary
than would be usual and customary in similar contracts, agreements or business
arrangements between Persons not affiliated with each other other than
management fees payable by Hewitt Services LLC and the Parent to the Borrower.

     Section 7.20. No Changes in Fiscal Year. The Borrower shall not, nor shall
it permit any Subsidiary to, change its fiscal year from its present basis
without the prior written consent of the Required Lenders, except that the
Borrower may change its fiscal year end to December 31 provided that, prior to
such change becoming effective, the Borrower and the Required Lenders have
entered into an amendment to the provisions of this Agreement with respect to
the effects of such change on the provisions hereof.

     Section 7.21. Amendments to Articles and Operating Agreement. The Borrower
shall not amend or modify its Articles or Operating Agreement in any manner
which might materially and adversely affect the rights of the Lenders or any
holder of the Notes hereunder (it being agreed that amendments for the purpose
of admitting additional members, or reflecting deaths, retirements,
resignations, withdrawals or removals of members will not be deemed to have such
an adverse effect and amendments permitting members to incorporate and such
corporations to become members of the Borrower shall not be deemed to have such
an adverse effect).

SECTION 8. EVENTS OF DEFAULT AND REMEDIES.

     Section 8.1. Events of Default. Any one or more of the following shall
constitute an Event of Default:

          (a) default (x) in the payment when due of the principal amount of any
     Loan or of any Reimbursement Obligation or (y) for a period of five (5)
     Business Days in the payment when due of interest or of any other
     Obligation, provided that the making of a Base Rate or Swing Loan or
     conversion of a Loan into a Base Rate Loan under the circumstances
     described in Section 1.5(c) hereof shall not, in and of itself, constitute
     a default in the payment when due of the principal amount of a Loan or of a
     Reimbursement Obligation, or;

          (b) default in the observance or performance of any covenant set forth
     in Sections 7.1 (with respect to the existence of the Borrower),
     7.5(f)(iv), 7.7, 7.8, 7.9, 7.10, 7.11 (with respect to the Borrower), 7.12
     (with respect to Liens voluntarily entered into by the Borrower), 7.14,
     7.15, 7.16, 7.17 or 7.21 hereof; or

          (c) default in the observance or performance of any other provision
     hereof or of any other Loan Document (x) which, in the case of a default
     with respect to Sections 7.11 (with respect to a Subsidiary), 7.12 (with
     respect to Liens voluntarily entered into by a Subsidiary), 7.13, 7.19 or
     7.20 hereof, is not remedied within fifteen (15) days, and (y) in the case
     of any other default, is not remedied within thirty (30) days, in the case
     of defaults described in clauses (x) and (y), after the earlier of (i) the
     date on

                                      -42-

<PAGE>

     which such failure shall first become known to any officer of the Borrower
     or (ii) written notice thereof is given to the Borrower by the Agent or any
     Lender; or

          (d) any representation or warranty made or deemed (pursuant to Section
     6.1 hereof) made by the Borrower herein or in any other Loan Document, or
     in any statement or certificate furnished by it pursuant hereto or thereto,
     or in connection with any extension of credit made hereunder, proves untrue
     in any material respect as of the date of the issuance or making thereof;
     or

          (e) (x) an Event of Default shall occur under the 364-Day Credit
     Agreement, or (y) default shall occur under any evidence of Indebtedness
     issued, assumed or guaranteed by the Borrower or any Subsidiary aggregating
     $10,000,000 or more or under any indenture, agreement or other instrument
     under which the same may be issued, and such default shall continue for a
     period of time sufficient to permit the acceleration of the maturity of any
     such Indebtedness (whether or not such maturity is in fact accelerated) or
     any such Indebtedness shall not be paid when due (whether by lapse of time,
     acceleration or otherwise); or

          (f) any judgment or judgments, writ or writs, or warrant or warrants
     of attachment, or any similar process or processes in an aggregate amount
     in excess of $250,000 shall be entered or filed against the Borrower or any
     Subsidiary or against any of their Property and which remains unvacated,
     unbonded, unstayed or unsatisfied for a period of sixty (60) days; or

          (g) the Borrower or any member of its Controlled Group shall fail to
     pay when due an amount or amounts aggregating in excess of $50,000 which it
     shall have become liable to pay to the PBGC or to a Plan under Title IV of
     ERISA; or notice of intent to terminate a Plan or Plans having aggregate
     Unfunded Vested Liabilities in excess of $50,000 (collectively, a "Material
     Plan") shall be filed under Title IV of ERISA by the Borrower or any other
     member of its Controlled Group, any plan administrator or any combination
     of the foregoing; or the PBGC shall institute proceedings under Title IV of
     ERISA to terminate or to cause a trustee to be appointed to administer any
     Material Plan or a proceeding shall be instituted by a fiduciary of any
     Material Plan against the Borrower or any member of its Controlled Group to
     enforce Section 515 or 4219(c)(5) of ERISA and such proceeding shall not
     have been dismissed within thirty (30) days thereafter; or a condition
     shall exist by reason of which the PBGC would be entitled to obtain a
     decree adjudicating that any Material Plan must be terminated; or

          (h) dissolution or termination of the existence of the Borrower or any
     Restricted Subsidiary; or

          (i) the Borrower or any Subsidiary shall (i) have entered
     involuntarily against it an order for relief under the United States
     Bankruptcy Code, as amended, (ii) not pay, or admit in writing its
     inability to pay, its debts generally as they become due, (iii) make an
     assignment for the benefit of creditors, (iv) apply for, seek, consent to,
     or acquiesce in, the appointment of a receiver, custodian, trustee,
     examiner, liquidator or similar official

                                      -43-

<PAGE>

     for it or any substantial part of its Property, (v) institute any
     proceeding seeking to have entered against it an order for relief under the
     United States Bankruptcy Code, as amended, to adjudicate it insolvent, or
     seeking dissolution, winding up, liquidation, reorganization, arrangement,
     adjustment or composition of it or its debts under any law relating to
     bankruptcy, insolvency or reorganization or relief of debtors or fail to
     file an answer or other pleading denying the material allegations of any
     such proceeding filed against it, or (vi) fail to contest in good faith any
     appointment or proceeding described in Section 8.1(j) hereof; or

          (j) a custodian, receiver, trustee, examiner, liquidator or similar
     official shall be appointed for the Borrower or any Subsidiary or any
     substantial part of any of their Property, or a proceeding described in
     Section 8.1(i)(v) shall be instituted against the Borrower or any
     Subsidiary, and such appointment continues undischarged or such proceeding
     continues undismissed or unstayed for a period of ninety (90) days; or

          (k) a Change of Control shall have occurred.

     Section 8.2. Non-Bankruptcy Defaults. When any Event of Default other than
those described in subsections (i) or (j) of Section 8.1 hereof has occurred and
is continuing, the Administrative Agent shall, by written notice to the
Borrower: (a) if so directed by the Required Lenders, terminate the remaining
Commitments and all other obligations of the Lenders hereunder on the date
stated in such notice (which may be the date thereof); (b) if so directed by the
Required Lenders, declare the principal of and the accrued interest on all
outstanding Loans and all other amounts due under the Loan Documents to be
forthwith due and payable and thereupon all outstanding Loans, including both
principal and interest thereon, shall be and become immediately due and payable
together with all other amounts payable under the Loan Documents without further
demand, presentment, protest or notice of any kind; and (c) if so directed by
the Required Lenders, demand that the Borrower immediately pay to the
Administrative Agent, subject to Section 8.4, the full amount then available for
drawing under each or any Letter of Credit, and the Borrower agrees to
immediately make such payment. The Administrative Agent, after giving notice to
the Borrower pursuant to Section 8.1(c) or this Section 8.2, shall also promptly
send a copy of such notice to the other Lenders, but the failure to do so shall
not impair or annul the effect of such notice.

     Section 8.3. Bankruptcy Defaults. When any Event of Default described in
subsections (i) or (j) of Section 8.1 hereof has occurred and is continuing,
then all outstanding Loans shall immediately become due and payable together
with all other amounts payable under the Loan Documents without presentment,
demand, protest or notice of any kind, the obligation of the Lenders to extend
further credit pursuant to any of the terms hereof shall immediately terminate
and the Borrower shall immediately pay to the Administrative Agent, subject to
Section 8.4, the full amount then available for drawing under all outstanding
Letters of Credit.

     Section 8.4. Collateral for Undrawn Letters of Credit. (a) If the
prepayment of the amount available for drawing under any or all outstanding
Letters of Credit is required under Section 1.8(b) or under Section 8.2 or 8.3
above, the Borrower shall forthwith pay the amount

                                      -44-

<PAGE>

required to be so prepaid, to be held by the Administrative Agent as provided in
subsection (b) below.

     (b) All amounts prepaid pursuant to subsection (a) above shall be held by
the Administrative Agent in one or more separate collateral accounts (each such
account, and the credit balances, properties, and any investments from time to
time held therein, and any substitutions for such account, any certificate of
deposit or other instrument evidencing any of the foregoing and all proceeds of
and earnings on any of the foregoing being collectively called the "Collateral
Account") as security for, and for application by the Administrative Agent (to
the extent available) to, the reimbursement of any payment under any Letter of
Credit then orthereafter made by the Administrative Agent, and to the payment of
the unpaid balance of any other Obligations. The Collateral Account shall be
held in the name of and subject to the exclusive dominion and control of the
Administrative Agent for the benefit of the Administrative Agent, the Lenders,
and the L/C Issuer. If and when requested by the Borrower, and for the benefit
of the Borrower (to the extent the amounts on deposit in the Collateral Account
exceed the Obligations secured thereby), the Administrative Agent shall invest
funds held in the Collateral Account from time to time in direct obligations of,
or obligations the principal of and interest on which are unconditionally
guaranteed by, the United States of America with a remaining maturity of
eighteen months or less, provided that the Administrative Agent is irrevocably
authorized to sell investments held in the Collateral Account when and as
required to make payments out of the Collateral Account for application to
amounts due and owing from the Borrower to the L/C Issuer, the Administrative
Agent or the Lenders; provided, however, that if (i) the Borrower shall have
made payment of all such obligations referred to in subsection (a) above, (ii)
all relevant preference or other disgorgement periods relating to the receipt of
such payments have passed, and (iii) no Letters of Credit, Commitments, Loans or
other Obligations remain outstanding hereunder, then the Administrative Agent
shall release to the Borrower any remaining amounts held in the Collateral
Account.

     Section 8.5. Notice of Default. The Administrative Agent shall give notice
to the Borrower under Section 8.1(c) hereof promptly upon being requested to do
so by any Lender and shall thereupon notify all the Lenders thereof.

     Section 8.6. Expenses. The Borrower agrees to pay to the Administrative
Agent and each Lender, and any other holder of any Note outstanding hereunder,
all costs and expenses reasonably incurred or paid by the Administrative Agent
and such Lender or any such holder, including reasonable attorneys' fees and
court costs, in connection with any Default or Event of Default by the Borrower
hereunder or in connection with the enforcement of any of the Loan Documents
(including all such costs and expenses incurred in connection with any
proceeding under the United States Bankruptcy Code involving the Borrower or any
Subsidiary as a debtor thereunder).

SECTION 9. CHANGE IN CIRCUMSTANCES.

     Section 9.1. Change of Law. Notwithstanding any other provisions of this
Agreement or any Note, if at any time any adoption of or change in applicable
law or regulation or in the interpretation thereof makes it unlawful for any
Lender to make or continue to maintain any

                                      -45-

<PAGE>

Eurodollar Loans or to perform its obligations as contemplated hereby, such
Lender shall promptly give notice thereof to the Borrower and such Lender's
obligations to make or maintain Eurodollar Loans under this Agreement shall be
suspended until it is no longer unlawful for such Lender to make or maintain
Eurodollar Loans. The Borrower shall prepay on demand the outstanding principal
amount of any such affected Eurodollar Loans, together with all interest accrued
thereon and all other amounts then due and payable to such Lender under this
Agreement; provided, however, subject to all of the terms and conditions of this
Agreement, the Borrower may then elect to borrow the principal amount of the
affected Eurodollar Loans from such Lender by means of Base Rate Loans from such
Lender, which Base Rate Loans shall not be made ratably by the Lenders but only
from such affected Lender.

     Section 9.2. Unavailability of Deposits or Inability to Ascertain, or
Inadequacy of, LIBOR. If on or prior to the first day of any Interest Period for
any Borrowing of Eurodollar Loans:

          (a) the Administrative Agent determines that deposits in U.S. Dollars
     (in the applicable amounts) are not being offered to it in the interbank
     eurodollar market for such Interest Period, or that by reason of
     circumstances affecting the interbank eurodollar market adequate and
     reasonable means do not exist for ascertaining the applicable LIBOR, or

          (b) the Required Lenders advise the Administrative Agent that (i)
     LIBOR as determined by the Administrative Agent will not adequately and
     fairly reflect the cost to such Lenders of funding their Eurodollar Loans
     for such Interest Period or (ii) that the making or funding of Eurodollar
     Loans become impracticable,

then the Administrative Agent shall forthwith give notice thereof to the
Borrower and the Lenders, whereupon until the Administrative Agent notifies the
Borrower that the circumstances giving rise to such suspension no longer exist,
the obligations of the Lenders to make Eurodollar Loans shall be suspended,
provided that the Lenders shall thereupon be deemed to have waived any prior
notice period for the Borrowing of a Base Rate Loan to substitute for any such
Eurodollar Loan.

     Section 9.3. Increased Cost and Reduced Return. (a) If, on or after the
date hereof, the adoption of any applicable law, rule or regulation, or any
change therein, or any change in the interpretation or administration thereof by
any governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by any Lender (or its
Lending Office) with any request or directive (whether or not having the force
of law) of any such authority, central bank or comparable agency:

          (i) shall subject any Lender (or its Lending Office) to any tax, duty
     or other charge with respect to its Eurodollar Loans, its Notes, its
     Letter(s) of Credit, or its participation in any thereof, any Reimbursement
     Obligations owed to it or its obligation to make Eurodollar Loans, issue a
     Letter of Credit, or to participate therein, or shall change the basis of
     taxation of payments to any Lender (or its Lending Office) of the principal
     of or interest on its Eurodollar Loans, Letter(s) of Credit, or
     participations

                                      -46-

<PAGE>

     therein or any other amounts due under this Agreement or any other Loan
     Document in respect of its Eurodollar Loans, Letter(s) of Credit, any
     participation therein, any Reimbursement Obligations owed to it, or its
     obligation to make Eurodollar Loans, or issue a Letter of Credit, or
     acquire participations therein (except for changes in the rate of tax on
     the overall net income of such Lender or its Lending Office imposed by the
     jurisdiction in which such Lender's principal executive office or Lending
     Office is located); or

          (ii) shall impose, modify or deem applicable any reserve, special
     deposit or similar requirement (including, without limitation, any such
     requirement imposed by the Board of Governors of the Federal Reserve
     System, but excluding with respect to any Eurodollar Loans any such
     requirement included in an applicable Eurodollar Reserve Percentage)
     against assets of, deposits with or for the account of, or credit extended
     by, any Lender (or its Lending Office) or shall impose on any Lender (or
     its Lending Office) or on the interbank market any other condition
     affecting its Eurodollar Loans, its Notes, its Letter(s) of Credit, or its
     participation in any thereof, any Reimbursement Obligation owed to it, or
     its obligation to make Eurodollar Loans, or to issue a Letter of Credit, or
     to participate therein;

and the result of any of the foregoing is to increase the cost to such Lender
(or its Lending Office) of making or maintaining any Eurodollar Loan, issuing or
maintaining a Letter of Credit, or participating therein, or to reduce the
amount of any sum received or receivable by such Lender (or its Lending Office)
under this Agreement or under any other Loan Document with respect thereto, by
an amount deemed by such Lender to be material, then, within 30 days after
demand by such Lender (with a copy to the Administrative Agent), the Borrower
shall be obligated to pay to such Lender such additional amount or amounts as
will compensate such Lender for such increased cost or reduction, provided that
no Lender may claim compensation for any such amount incurred or accrued more
than 90 days prior to the date of its demand for payment hereunder except to the
extent, if any, that the applicable adoption or change retroactively imposes
such increased cost or reduction on such party with respect to periods more than
90 days prior to such date of demand for payment.

     (b) If, after the date hereof, any Lender or the Administrative Agent shall
have determined that the adoption of any applicable law, rule or regulation
regarding capital adequacy, or any change therein, or any change in the
interpretation or administration thereof by any governmental authority, central
bank or comparable agency charged with the interpretation or administration
thereof, or compliance by any Lender (or its Lending Office) or any corporation
controlling such Lender with any request or directive regarding capital adequacy
(whether or not having the force of law) of any such authority, central bank or
comparable agency, has had the effect of reducing the rate of return on such
Lender's or such corporation's capital as a consequence of its obligations
hereunder to a level below that which such Lender or such corporation could have
achieved but for such adoption, change or compliance (taking into consideration
such Lender's or such corporation's policies with respect to capital adequacy)
by an amount deemed by such Lender to be material, then from time to time,
within 30 days after demand by such Lender (with a copy to the Administrative
Agent), the Borrower shall pay to such Lender such additional amount or amounts
as will compensate such Lender for such

                                      -47-

<PAGE>

reduction,provided that no Lender may claim compensation for any such amount
incurred or accrued more than 90 days prior to the date of its demand for
payment hereunder except to the extent, if any, that the applicable adoption or
change retroactively imposes such increased cost or reduction on such party with
respect to periods more than 90 days prior to such date of demand for payment.

     (c) A certificate of a Lender claiming compensation under this Section 9.3,
outlining the applicable change, law, rule or regulation, and setting forth the
additional amount or amounts to be paid to it hereunder shall be conclusive if
reasonably determined. In determining such amount, such Lender may use any
reasonable averaging and attribution methods.

     Section 9.4. Lending Offices. Each Lender may, at its option, elect to make
its Loans hereunder at the branch, office or affiliate specified on the
appropriate signature page hereof (each a "Lending Office") for each type of
Loan available hereunder or at such other of its branches, offices or affiliates
as it may from time to time elect and designate in a written notice to the
Borrower and the Administrative Agent. To the extent reasonably possible, a
Lender shall designate an alternative branch or funding office with respect to
its Eurodollar Loans to reduce any liability of the Borrower to such Lender
under Section 9.3 hereof or to avoid the unavailability of Eurodollar Loans
under Section 9.2 hereof, so long as such designation is not otherwise
disadvantageous to the Lender.

     Section 9.5. Discretion of Lender as to Manner of Funding. Notwithstanding
any other provision of this Agreement, each Lender shall be entitled to fund and
maintain its funding of all or any part of its Loans in any manner it sees fit,
it being understood, however, that for the purposes of this Agreement all
determinations hereunder with respect to Eurodollar Loans shall be made as if
each Lender had actually funded and maintained each Eurodollar Loan through the
purchase of deposits in the interbank eurodollar market having a maturity
corresponding to such Loan's Interest Period, and bearing an interest rate equal
to LIBOR for such Interest Period.

SECTION 10. THE ADMINISTRATIVE AGENT.

     Section 10.1. Appointment and Authorization of Administrative Agent. Each
Lender hereby appoints Harris Trust and Savings Bank as the Administrative Agent
under the Loan Documents and hereby authorizes the Administrative Agent to take
such action as Administrative Agent on its behalf and to exercise such powers
under the Loan Documents as are delegated to the Administrative Agent by the
terms thereof, together with such powers as are reasonably incidental thereto.
The Lenders expressly agree that the Administrative Agent is not acting as a
fiduciary of the Lenders in respect of the Loan Documents, the Borrower or
otherwise, and nothing herein or in any of the other Loan Documents shall result
in any duties or obligations on the Administrative Agent or any of the Lenders
except as expressly set forth herein.

     Section 10.2. Administrative Agent and its Affiliates. The Administrative
Agent shall have the same rights and powers under this Agreement and the other
Loan Documents as any other Lender and may exercise or refrain from exercising
such rights and power as though it were not the Administrative Agent, and the
Administrative Agent and its affiliates may accept deposits from, lend money to,
and generally engage in any kind of business with the Borrower or any

                                      -48-

<PAGE>

Affiliate or Subsidiary of the Borrower as if it were not the Administrative
Agent under the Loan Documents. The term "Lender" as used herein and in all
other Loan Documents, unless the context otherwise clearlyrequires, includes the
Administrative Agent in its individual capacity as a Lender. References in
Section 1 hereof to the Administrative Agent's Loans, or to the amount owing to
the Administrative Agent for which an interest rate is being determined, refer
to the Administrative Agent in its individual capacity as a Lender.

     Section 10.3. Action by Administrative Agent. If the Administrative Agent
receives from the Borrower a written notice of an Event of Default pursuant to
Section 7.5 hereof, the Administrative Agent shall promptly give each of the
Lenders written notice thereof. The obligations of the Administrative Agent
under the Loan Documents are only those expressly set forth therein. Without
limiting the generality of the foregoing, the Administrative Agent shall not be
required to take any action hereunder with respect to any Default or Event of
Default, except as expressly provided in Sections 8.2 and 8.5. Unless and until
the Required Lenders give such direction, the Administrative Agent may (but
shall not be obligated to) take or refrain from taking such actions as it deems
appropriate and in the best interest of all the Lenders. In no event, however,
shall the Administrative Agent be required to take any action in violation of
applicable law or of any provision of any Loan Document, and the Administrative
Agent shall in all cases be fully justified in failing or refusing to act
hereunder or under any other Loan Document unless it first receives any further
assurances of its indemnification from the Lenders that it may require,
including prepayment of any related expenses and any other protection it
requires against any and all costs, expense, and liability which may be incurred
by it by reason of taking or continuing to take any such action. The
Administrative Agent shall be entitled to assume that no Default or Event of
Default exists, except with respect to defaults in the payment of principal,
interest or fees required to be paid to the Administrative Agent for the account
of the Lenders, unless notified in writing to the contrary by a Lender or the
Borrower. In all cases in which the Loan Documents do not require the
Administrative Agent to take specific action, the Administrative Agent shall be
fully justified in using its discretion in failing to take or in taking any
action thereunder. Any instructions of the Required Lenders, or of any other
group of Lenders called for under the specific provisions of the Loan Documents,
shall be binding upon all the Lenders and the holders of the Obligations.

     Section 10.4. Consultation with Experts. The Administrative Agent may
consult with legal counsel, independent public accountants, and other experts
selected by it and shall not be liable for any action taken or omitted to be
taken by it in good faith in accordance with the advice of such counsel,
accountants or experts selected by it with reasonable care.

     Section 10.5. Liability of Administrative Agent; Credit Decision. Neither
the Administrative Agent nor any of its directors, officers or employees shall
be liable for any action taken or not taken by it in connection with the Loan
Documents: (i) with the consent or at the request of the Required Lenders or
(ii) in the absence of its own gross negligence or willful misconduct. Neither
the Administrative Agent nor any of its directors, officers, agents or employees
shall be responsible for or have any duty to ascertain, inquire into or verify:
(i) any statement, warranty or representation made in connection with this
Agreement, any other Loan Document or any Credit Event; (ii) the performance or
observance of any of the covenants or agreements of the Borrower or any
Subsidiary contained herein or in any other Loan Document;

                                      -49-

<PAGE>

(iii) the satisfaction of any condition specified in Section 6 hereof, except
receipt of items required to be delivered to the Administrative Agent; or (iv)
the validity, effectiveness, genuineness, enforceability, perfection, value,
worth or collectibility hereof or of any other Loan Document or of any other
documents or writing furnished in connection with any Loan Document; and the
Administrative Agent makes no representation of any kind or character with
respect to any such matter mentioned in this sentence. The Administrative Agent
may execute any of its duties under any of the Loan Documents by or through
employees, agents, and attorneys-in-fact and shall not be answerable to the
Lenders for the default or misconduct of any such agents or attorneys-in-fact
selected with reasonable care. The Administrative Agent shall not incur any
liability by acting in reliance upon any notice, consent, certificate, other
document or statement (whether written or oral) believed by it to be genuine or
to be sent by the proper party or parties. In particular and without limiting
any of the foregoing, the Administrative Agent shall have no responsibility for
confirming the accuracy of any compliance certificate or other document or
instrument received by it under the Loan Documents. The Administrative Agent may
treat the payee of any Note as the holder thereof until written notice of
transfer shall have been filed with the Administrative Agent signed by such
payee in form satisfactory to the Administrative Agent. Each Lender acknowledges
that it has independently and without reliance on the Administrative Agent or
any other Lender, and based upon such information, investigations and inquiries
as it deems appropriate, made its own credit analysis and decision to extend
credit to the Borrower in the manner set forth in the Loan Documents. It shall
be the responsibility of each Lender to keep itself informed as to the
creditworthiness of the Borrower and its Subsidiaries, and the Administrative
Agent shall have no liability to any Lender with respect thereto.

     Section 10.6. Indemnity. The Lenders shall ratably, in accordance with
their respective Percentages, indemnify and hold the Administrative Agent, and
its directors, officers, employees, agents, and representatives harmless from
and against any liabilities, losses, costs or expenses suffered or incurred by
it under any Loan Document or in connection with the transactions contemplated
thereby, regardless of when asserted or arising, except to the extent they are
promptly reimbursed for the same by the Borrower and except to the extent that
any event giving rise to a claim was caused by the gross negligence or willful
misconduct of the party seeking to be indemnified. The obligations of the
Lenders under this Section shall survive termination of this Agreement. The
Administrative Agent shall be entitled to offset amounts received for the
account of a Lender under this Agreement against unpaid amounts due from such
Lender to the Administrative Agent hereunder (whether as fundings of
participations, indemnities or otherwise), but shall not be entitled to offset
against amounts owed to the Administrative Agent by any Lender arising outside
of this Agreement and the other Loan Documents.

     Section 10.7. Resignation of Administrative Agent and Successor
Administrative Agent. The Administrative Agent may resign at any time by giving
written notice thereof to the Lenders and the Borrower. Upon any such
resignation of the Administrative Agent, the Required Lenders shall have the
right to appoint a successor Administrative Agent. If no successor
Administrative Agent shall have been so appointed by the Required Lenders, and
shall have accepted such appointment, within 30 days after the retiring
Administrative Agent's giving of notice of resignation then the retiring
Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent, which may be any Lender hereunder or any commercial bank

                                      -50-

<PAGE>

organized under the laws of the United States of America or of any State thereof
and having a combined capital and surplus of at least $200,000,000. Upon the
acceptance of its appointment as the Administrative Agent hereunder, such
successor Administrative Agent shall thereupon succeed to and become vested with
all the rights and duties of the retiring Administrative Agent under the Loan
Documents, and the retiring Administrative Agent shall be discharged from its
duties and obligations thereunder. After any retiring Administrative Agent's
resignation hereunder as Administrative Agent, the provisions of this Section 10
and all protective provisions of the other Loan Documents shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent, but no successor Administrative Agent shall in any event
be liable or responsible for any actions of its predecessor. If the
Administrative Agent resigns and no successor is appointed, the rights and
obligations of such Administrative Agent shall be automatically assumed by the
Required Lenders and the Borrower shall be directed to make all payments due
each Lender hereunder directly to such Lender. If no Administrative Agent is
appointed within five (5) days of such resignation, the Administrative Agent
shall reimburse, on a pro rata basis, any annual administrative agent's fees
paid to the Administrative Agent acting in such capacity, including without
limitation, those described in Section 2.1(d).

     Section 10.8. L/C Issuer. The L/C Issuer shall act on behalf of the Lenders
with respect to any Letters of Credit issued by it and the documents associated
therewith. The L/C Issuer shall have all of the benefits and immunities (i)
provided to the Administrative Agent in this Section 10 with respect to any acts
taken or omissions suffered by the L/C Issuer in connection with Letters of
Credit issued by it or proposed to be issued by it and the Applications
pertaining to such Letters of Credit as fully as if the term "Administrative
Agent", as used in this Section 10, included the L/C Issuer with respect to such
acts or omissions and (ii) as additionally provided in this Agreement with
respect to such L/C Issuer.

     Section 10.9. Designation of Additional Agents. The Administrative Agent
shall have the continuing right, for purposes hereof, at any time and from time
to time to designate one or more of the Lenders (and/or its or their Affiliates)
as "syndication agents," "documentation agents," "arrangers" or other
designations for purposes hereto, but such designation shall have no substantive
effect, and such Lenders and their Affiliates shall have no additional powers,
duties or responsibilities as a result thereof.

SECTION 11. MISCELLANEOUS.

     Section 11.1. Withholding Taxes. (a) Payments Free of Withholding. Except
as otherwise required by law and subject to Section 11.1(b) hereof, each payment
by the Borrower under this Agreement or the other Loan Documents shall be made
without withholding for or on account of any present or future taxes (other than
overall net income taxes on the recipient) imposed by or within the jurisdiction
in which the Borrower is domiciled, any jurisdiction from which the Borrower
makes any payment, or (in each case) any political subdivision or taxing
authority thereof or therein. If any suchwithholding is so required of the
Borrower (or the Administrative Agent, on its behalf) by applicable law or
regulation, the Borrower (or the Administrative Agent, on its behalf) shall make
the withholding, pay the amount withheld to the appropriate governmental
authority before penalties attach thereto or interest accrues thereon and the

                                      -51-

<PAGE>

Borrower shall forthwith pay such additional amount as may be necessary to
ensure that the net amount actually received by each Lender and the
Administrative Agent free and clear of such taxes (including such taxes on such
additional amount) is equal to the amount which that Lender or the
Administrative Agent (as the case may be) would have received had such
withholding not been made. If the Administrative Agent or any Lender pays any
amount in respect of any such taxes, penalties or interest, the Borrower shall
reimburse the Administrative Agent or such Lender for that payment on demand in
the currency in which such payment was made. If the Borrower pays any such
taxes, penalties or interest, it shall deliver official tax receipts evidencing
that payment or certified copies thereof to the Lender or Administrative Agent
on whose account such withholding was made (with a copy to the Administrative
Agent if not the recipient of the original) on or before the thirtieth day after
payment.

     (b) U.S. Withholding Tax Exemptions. Each Lender that is not a United
States person (as such term is defined in Section 7701(a)(30) of the Code) shall
submit to the Borrower and the Administrative Agent on or before the date the
initial Credit Event is made hereunder or, if later, the date such financial
institution becomes a Lender hereunder, two duly completed and signed copies of
(i) either Form W-8 BEN (relating to such Lender and entitling it to a complete
exemption from withholding under the Code on all amounts to be received by such
Lender, including fees, pursuant to the Loan Documents and the Obligations) or
Form W-8 ECI (relating to all amounts to be received by such Lender, including
fees, pursuant to the Loan Documents and the Obligations) of the United States
Internal Revenue Service or (ii) solely if such Lender is claiming exemption
from United States withholding tax under Section 871(h) or 881(c) of the Code
with respect to payments of "portfolio interest", a Form W-8 BEN, or any
successor form prescribed by the Internal Revenue Service, and a certificate
representing that such Lender is not a bank for purposes of Section 881(c) of
the Code, is not a 10-percent shareholder (within the meaning of Section
871(h)(3)(B) of the Code) of the Borrower and is not a controlled foreign
corporation related to the Borrower (within the meaning of Section 864(d)(4) of
the Code). Thereafter and from time to time, each Lender shall submit to the
Borrower and the Administrative Agent such additional duly completed and signed
copies of one or the other of such Forms (or such successor forms as shall be
adopted from time to time by the relevant United States taxing authorities) and
such other certificates as may be (i) requested by the Borrower in a written
notice, directly or through the Administrative Agent, to such Lender and (ii)
required under then-current United States law or regulations to avoid or reduce
United States withholding taxes on payments in respect of all amounts to be
received by such Lender, including fees, pursuant to the Loan Documents or the
Obligations. Upon the request of the Borrower or the Administrative Agent, each
Lender that is a United States person (as such term is defined in Section
7701(a)(30) of the Code) shall submit to the Borrower and the Administrative
Agent a certificate to the effect that it is such a United States person.

     (c) Inability of Lender to Submit Forms. If any Lender determines, as a
result of any change in applicable law, regulation or treaty, or in any official
application or interpretation thereof, that it is unable to submit to the
Borrower or the Administrative Agent any form or certificate that such Lender is
obligated to submit pursuant to subsection (b) of this Section 11.1 or that such
Lender is required to withdraw or cancel any such form or certificate previously
submitted or any such form or certificate otherwise becomes ineffective or
inaccurate, such Lender shall promptly notify the Borrower and Administrative
Agent of such fact and the Lender

                                      -52-

<PAGE>

shall to that extent not be obligated to provide any such form or certificate
and will be entitled to withdraw or cancel any affected form or certificate, as
applicable.

     Section 11.2. No Waiver, Cumulative Remedies. No delay or failure on the
part of the Administrative Agent or any Lender or on the part of the holder or
holders of any of the Obligations in the exercise of any power or right under
any Loan Document shall operate as a waiver thereof or as an acquiescence in any
default, nor shall any single or partial exercise of any power or right preclude
any other or further exercise thereof or the exercise of any other power or
right. The rights and remedies hereunder of the Administrative Agent, the
Lenders and of the holder or holders of any of the Obligations are cumulative
to, and not exclusive of, any rights or remedies which any of them would
otherwise have.

     Section 11.3. Non-Business Days. If any payment hereunder becomes due and
payable on a day which is not a Business Day, the due date of such payment shall
be extended to the next succeeding Business Day on which date such payment shall
be due and payable. In the case of any payment of principal falling due on a day
which is not a Business Day, interest on such principal amount shall continue to
accrue during such extension at the rate per annum then in effect, which accrued
amount shall be due and payable on the next scheduled date for the payment of
interest.

     Section 11.4. Documentary Taxes. The Borrower agrees to pay on demand any
documentary, stamp or similar taxes payable in respect of this Agreement or any
other Loan Document, including interest and penalties, in the event any such
taxes are assessed, irrespective of when such assessment is made and whether or
not any credit is then in use or available hereunder.

     Section 11.5. Survival of Representations. All representations and
warranties made herein or in any other Loan Document or in certificates given
pursuant hereto or thereto shall survive the execution and delivery of this
Agreement and the other Loan Documents, and shall continue in full force and
effect with respect to the date as of which they were made as long as any credit
is in use or available hereunder.

     Section 11.6. Survival of Indemnities. All indemnities and other provisions
relative to reimbursement to the Lenders of amounts sufficient to protect the
yield of the Lenders with respect to the Loans and Letters of Credit, including,
but not limited to, Sections 1.11, 9.3, and 11.15 hereof, shall survive the
termination of this Agreement and the other Loan Documents and the payment of
the Obligations.

     Section 11.7. Sharing. Each Lender agrees with each other Lender a party
hereto that if such Lender shall receive and retain any payment,whether by
application of deposit balances or otherwise, on any of the Loans or
Reimbursement Obligations in excess of its ratable share of payments on all such
Obligations then outstanding to the Lenders, then such Lender shall purchase for
cash at face value, but without recourse, ratably from each of the other Lenders
such amount of the Loans or Reimbursement Obligations, or participations
therein, held by each such other Lenders (or interest therein) as shall be
necessary to cause such Lender to share such excess payment ratably with all the
other Lenders; provided, however, that if any such purchase is made

                                      -53-

<PAGE>

by any Lender, and if such excess payment or part thereof is thereafter
recovered from such purchasing Lender, the related purchases from the other
Lenders shall be rescinded ratably and the purchase price restored as to the
portion of such excess payment so recovered, but without interest. For purposes
of this Section, amounts owed to or recovered by the L/C Issuer in connection
with Reimbursement Obligations in which Lenders have been required to fund their
participation shall be treated as amounts owed to or recovered by the L/C Issuer
as a Lender hereunder.

     Section 11.8. Notices. Except as otherwise specified herein, all notices
hereunder and under the other Loan Documents shall be in writing (including,
without limitation, notice by telecopy) and shall be given to the relevant party
at its address or telecopier number set forth below, or such other address or
telecopier number as such party may hereafter specify by notice to the
Administrative Agent and the Borrower given by courier, by United States
certified or registered mail, by telecopy or by other telecommunication device
capable of creating a written record of such notice and its receipt. Notices
under the Loan Documents to the Lenders and the Administrative Agent shall be
addressed to their respective addresses or telecopier numbers set forth on the
signature pages hereof, and to the Borrower to:

                           Hewitt Associates LLC
                           100 Half Day Road
                           Lincolnshire, Illinois  60069
                           Attention: Mr. Dan DeCanniere
                           Telephone: (847) 295-5000
                           Telecopy:  (847) 295-9127

Each such notice, request or other communication shall be effective (i) if given
by telecopier, when such telecopy is transmitted to the telecopier number
specified in this Section or on the signature pages hereof and a confirmation of
such telecopy has been received by the sender, (ii) if given by mail, 5 days
after such communication is deposited in the mail, certified or registered with
return receipt requested, addressed as aforesaid or (iii) if given by any other
means, when delivered at the addresses specified in this Section or on the
signature pages hereof; provided that any notice given pursuant to Section 1
hereof shall be effective only upon receipt.

     Section 11.9. Counterparts. This Agreement may be executed in any number
of counterparts, and by the different parties hereto on separate counterpart
signature pages, and all such counterparts taken together shall be deemed to
constitute one and the same instrument.

     Section 11.10. Successors and Assigns. This Agreement shall be binding
upon the Borrower and its successors and assigns, and shall inure to the benefit
of the Administrative Agent and each of the Lenders and the benefit of their
respective successors and assigns, including any subsequent holder of any of the
Obligations. The Borrower may not assign any of its rights or obligations under
any Loan Document without the written consent of all of the Lenders.

     Section 11.11. Participants. Each Lender shall have the right at its own
cost to grant participations (to be evidenced by one or more agreements or
certificates of participation) in the

                                      -54-

<PAGE>

Loans made and/or Reimbursement Obligations and/or Commitments held by such
Lender at any time and from time to time to one or more other Persons; provided
that no such participation shall relieve any Lender of any of its obligations
under this Agreement, and such Lender shall remain fully liable with respect to
all of its obligations and duties hereunder, and, provided, further that no
such participant shall have any rights under this Agreement except as provided
in this Section, and the Administrative Agent shall have no obligation or
responsibility to such participant. Any agreement pursuant to which such
participation is granted shall provide that the granting Lender shall retain
the sole right and responsibility to enforce the obligations of the Borrower
under this Agreement and the other Loan Documents including, without limitation,
the right to approve any amendment, modification or waiver of any provision of
the Loan Documents, except that such agreement may provide that such Lender
will not agree to any modification, amendment or waiver of the Loan Documents
that would reduce the amount of or postpone any fixed date for payment of any
Obligation in which such participant has an interest. Any party to which such a
participation has been granted shall have the benefits of Section 1.11 and
Section 9.3 hereof. The Borrower authorizes each Lender to disclose to any
participant or prospective participant under this Section any financial or other
information pertaining to the Borrower or any Subsidiary, provided that, prior
to any such disclosure, such participant or prospective participant has agreed
to keep such information confidential pursuant to the terms of a written
confidentiality letter or agreement in the form customarily used by the
disclosing Lender for such purpose.

     Section 11.12. Assignments. (a) Each Lender shall have the right at any
time, with the prior consent of the Administrative Agent and, so long as no
Default or Event of Default then exists, the Borrower (which consent of the
Borrower shall not be unreasonably withheld or delayed, and which consent of
the Borrower shall not be required with respect to  assignments to Lenders or
to financial institutions which are wholly-owned Subsidiaries of the assigning
Lender's ultimate parent corporation) to assign all or any part of its rights
and obligations under the Loan Documents (including, without limitation, the
indebtedness evidenced by the Notes then held by such assigning Lender, together
with an equivalent percentage of its obligation to make Loans and participate
in Letters of Credit) to one or more commercial banks or other financial
institutions or investors, provided that, unless otherwise agreed to by the
Administrative Agent, such assignment shall be of a fixed percentage (and not
by its terms of varying percentage) of the assigning Lender's rights and
obligations under the Loan Documents; provided, however, that in order to make
any such assignment (i) unless the assigning Lender is assigning all of its
Commitments, outstanding Loans and interests in Letters of Credit, the assigning
Lender shall retain at least $10,000,000 in unused Commitments, outstanding
Loans and interests in Letters of Credit, (ii) the assignee Lender shall have
Commitments, outstanding Loans and interests in Letters of Credit of at least
$5,000,000, (iii) each such assignment shall be evidenced by a written
agreement (substantially in the form attached hereto as Exhibit F or in such
other form acceptable to the Administrative Agent) executed by such assigning
Lender, such assignee Lender or Lenders, the Administrative Agent and, if
required as provided above, the Borrower, which agreement shall specify in each
instance the portion of the Obligations which are to be assigned to the assignee
Lender and the portion of the Commitments of the assigning Lender to be assumed
by the assignee Lender, and (iv) the assigning Lender shall pay to the
Administrative Agent a processing fee of $3,500 and any out-of-pocket attorneys'
fees and expenses incurred by the Administrative Agent in connection with any
such assignment

                                      -55-

<PAGE>

agreement. Any such assignee shall become a Lender for all purposes hereunder
to the extent of the rights and obligations under the Loan Documents it assumes
and the assigning Lender shall be released from its obligations, and will have
released its rights, under the Loan Documents to the extent of such assignment.
The address for notices to such assignee Lender shall be as specified in the
assignment agreement executed by it. Promptly upon the effectiveness of any
such assignment agreement, the Borrower shall execute and deliver replacement
Notes to the assignee Lender and the assigning Lender in the respective amounts
of their Commitments (or assigned principal amounts, as applicable) after
giving effect to the reduction occasioned by such assignment (all such Notes to
constitute "Notes" for all purposes of the Loan Documents), and the assignee
Lender shall thereafter surrender to the Borrower its old Notes. The Borrower
authorizes each Lender to disclose to any purchaser or prospective purchaser of
an interest in the Loans and interest in Letters of Credit owed to it or its
Commitments under this Section any financial or other information pertaining to
the Borrower or any Subsidiary.

          (b) Any Lender may at any time pledge or grant a security interest in
all or any portion of its rights under this Agreement to secure obligations of
such Lender to a Federal Reserve Bank, and this Section shall not apply to any
such pledge or grant of a security interest; provided that no such pledge or
grant of a security interest shall release a Lender from any of its obligations
hereunder or substitute any such pledgee or secured party for such Lender as a
party hereto.

     Section 11.13. Amendments. Any provision of this Agreement or the other
Loan Documents may be amended or waived if, but only if, such amendment or
waiver is in writing and is signed by (a) the Borrower, (b) the Required
Lenders, and (c) if the rights or duties of the Administrative Agent are
affected thereby, the Administrative Agent; provided that:

                   (i) no amendment or waiver pursuant to this Section 11.13
         shall (A) increase any Commitment of any Lender without the consent of
         such Lender or (B) reduce the amount of or postpone the date for any
         scheduled payment of any principal of or interest on any Loan or of
         any Reimbursement Obligation or of any fee payable hereunder without
         the consent of the Lender to which such payment is owing or which has
         committed to make such Loan or Letter of Credit (or participate
         therein) hereunder; and

                  (ii) no amendment or waiver pursuant to this Section 11.13
         shall, unless signed by each Lender, increase the aggregate Commitments
         of the Lenders (except as specifically provided in Section 1.15
         hereof), change the definitions of Revolving Credit Termination Date
         or Required Lenders, change the provisions of this Section 11.13, or
         affect the number of Lenders required to take any action hereunder or
         under any other Loan Document.

     Section 11.14. Headings. Section headings used in this Agreement are for
reference only and shall not affect the construction of this Agreement.

     Section 11.15. Costs and Expenses; Indemnification. The Borrower agrees
to pay all costs and expenses of the Administrative Agent in connection with the
preparation, negotiation, syndication, and administration of the Loan Documents,
including, without limitation, the

                                      -56-

<PAGE>

reasonable fees and disbursements of counsel to the Administrative Agent, in
connection with the preparation and execution of the Loan Documents, and any
amendment, waiver or consent related thereto, whether or not the transactions
contemplated herein are consummated. The Borrower further agrees to indemnify
the Administrative Agent, each Lender, and their respective directors, officers
and employees against all losses, claims, damages, penalties, judgments,
liabilities and expenses (including, without limitation, all reasonable expenses
of litigation or preparation therefor, whether or not the indemnified Person is
a party thereto, or any settlement arrangement arising from or relating to any
such litigation) which any of them may pay or incur arising out of or relating
to any Loan Document or any of the transactions contemplated thereby or the
direct or indirect application or proposed application of the proceeds of any
Loan or Letter of Credit, other than those which arise from the gross negligence
or willful misconduct of the party claiming indemnification, provided, however,
that the Borrower shall not be required to indemnify any Person for any losses,
claims, damages, penalties, judgments, liabilities or expenses incurred by such
Person:

         (i) in any litigation or other adversarial proceeding in which the
         Borrower or one of its Subsidiaries is the party opposing the Person to
         be indemnified, to the extent that (or in connection with any counts or
         parts of such litigation or other adversarial proceeding with respect
         to which) a court of competent jurisdiction has entered a final
         judgment in favor of the Borrower or such Subsidiary, it being
         understood that if such final judgment is in favor of the Borrower or
         such Subsidiary on some counts or parts of such litigation or other
         adversarial proceeding and in favor of the Person to be indemnified on
         other counts or parts, the Borrower shall only be obligated to pay a
         share of such Person's costs and expenses proportionate to the number
         of counts or parts of the litigation or other adversarial proceeding
         with respect to which a final judgment has been rendered in favor of
         such Person, or

         (ii) as a result of the Borrower's failure to receive the proceeds of
         any Borrowing because such Borrowing is not deposited by the
         Administrative Agent to the account of the Borrower designated for such
         purpose in accordance with the provisions of Section 1.5(d) hereof.

The Borrower, upon demand by the Administrative Agent or a Lender at any time,
shall reimburse the Administrative Agent or such Lender for any legal or other
expenses incurred in connection with investigating or defending against any of
the foregoing (including any settlement costs relating to the foregoing), except
if the same is directly due to the gross negligence or willful misconduct of the
party to be indemnified, or one of the exclusions in the foregoing clauses (i)
and (ii) applies, it being understood that such legal and other expenses (or a
proportionate share thereof, as described in said clause (i)) shall, in a
proceeding of the type described in said clause (i), be due and payable by the
Borrower upon the entry of a final judgment of a court of competent jurisdiction
in favor of the Person to be indemnified, or as otherwise agreed by the Borrower
and the Administrative Agent. The obligations of the Borrower under this Section
shall survive the termination of this Agreement.

                                      -57-

<PAGE>

     Section 11.16. Entire Agreement. The Loan Documents constitute the entire
understanding of the parties thereto with respect to the subject matter thereof
and any prior agreements, whether written or oral, with respect thereto are
superseded hereby.

     Section 11.17. Governing Law. This Agreement and the other Loan Documents,
and the rights and duties of the parties hereto, shall be construed and
determined in accordance with the internal laws of the State of Illinois.

     Section 11.18. Severability of Provisions. Any provision of any Loan
Document which is unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such unenforceability without
invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction. All rights, remedies
and powers provided in this Agreement and the other Loan Documents may be
exercised only to the extent that the exercise thereof does not violate any
applicable mandatory provisions of law, and all the provisions of this Agreement
and other Loan Documents are intended to be subject to all applicable mandatory
provisions of law which may be controlling and to be limited to the extent
necessary so that they will not render this Agreement or the other Loan
Documents invalid or unenforceable.

     Section 11.19. Construction. Nothing contained herein shall be deemed or
construed to permit any act or omission which is prohibited by the terms of any
Collateral Document, the covenants and agreements contained herein being in
addition to and not in substitution for the covenants and agreements contained
in the Collateral Documents.

     Section 11.20. Lender's Obligations Several. The obligations of the Lenders
hereunder are several and not joint. Nothing contained in this Agreement and no
action taken by the Lenders pursuant hereto shall be deemed to constitute the
Lenders a partnership, association, joint venture or other entity.

     Section 11.21. Submission to Jurisdiction; Waiver of Jury Trial. The
Borrower hereby submits to the nonexclusive jurisdiction of the United States
District Court for the Northern District of Illinois and of any Illinois State
court sitting in the City of Chicago for purposes of all legal proceedings
arising out of or relating to this Agreement, the other Loan Documents or the
transactions contemplated hereby or thereby. The Borrower irrevocably waives,
to the fullest extent permitted by law, any objection which it may now or
hereafter have to the laying of the venue of any such proceeding brought in
such a court and any claim that any such proceeding brought in such a court has
been brought in an inconvenient forum. THE BORROWER, THE ADMINISTRATIVE AGENT,
AND THE LENDERS HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED THEREBY.

                           [SIGNATURE PAGES TO FOLLOW]

                                      -58-

<PAGE>

     This Agreement is entered into between us for the uses and purposes herein
above set forth as of the date first above written.

                                       HEWITT ASSOCIATES LLC

                                       By /s/ C. L. Connolly III
                                         -----------------------
                                       Name  C. L. Connolly III
                                             -------------------
                                       Title Secretary
                                             -------------------

                                       S-1

<PAGE>

                                       "LENDERS"

                                       HARRIS TRUST AND SAVINGS BANK, in its
                                         individual capacity as a Lender, as
                                         L/C Issuer, and as Administrative Agent

                                       By /s/ Joann L. Homan
                                          -------------------
                                       Name  Joann L. Homan
                                             ----------------
                                       Title Vice President
                                             ----------------

                                       Address:

                                       111 West Monroe Street
                                       Chicago, Illinois  60603
                                       Attention:  Ms. Joann L. Holman
                                       Telephone:  (312) 461-2800
                                       Telecopy:   (312) 293-5068

                                       S-2

<PAGE>

                                       BANK OF AMERICA, N.A.

                                       By /s/ Robert Mauriello
                                          ----------------------
                                       Name  Robert Mauriello
                                             -------------------
                                       Title Principal
                                             -------------------

                                       100 North Tryon Street, 17th Floor
                                       NC1-007-17-15
                                       Charlotte, NC  28255
                                       Attention:  Mr. Robert Mauriello
                                       Telephone:  (704) 386-9134
                                       Telecopier: (704) 388-0960

                                      S-3

<PAGE>

                                       WELLS FARGO BANK, NATIONAL ASSOCIATION

                                       By /s/ Daniel A. Toll
                                         -------------------
                                       Name  Daniel A. Toll
                                             ---------------
                                       Title Vice President
                                             ---------------

                                       230 West Monroe Street, Suite 2900
                                       Chicago, Illinois  60606
                                       Attention:   Mr. Daniel A. Toll
                                       Telephone:   (312) 762-9013
                                       Telecopier:  (312) 795-9388

                                       S-4

<PAGE>

                                       WACHOVIA BANK, N.A.

                                       By /s/ Christa P. Holland
                                          ----------------------
                                       Name  Christa P. Holland
                                             -------------------
                                       Title Vice President
                                             -------------------

                                       191 Peachtree Street, N.E.
                                       Atlanta, Georgia 30303
                                       Attention:    Ms. Christa Holland
                                       Telephone:   (404) 332-4168
                                       Telecopier:  (404) 332-4058

                                       S-5

<PAGE>

                                    Exhibit A

                            Notice of Payment Request

                                     [Date]

[Name of Lender]
[Address]

Attention:

     Reference is made to the Three Year Credit Agreement, dated as of September
27, 2002, among Hewitt Associates LLC, the Lenders party thereto, and Harris
Trust and Savings Bank, as Administrative Agent (the "Credit Agreement").
Capitalized terms used herein and not defined herein have the meanings assigned
to them in the Credit Agreement. [The Borrower has failed to pay its
Reimbursement Obligation in the amount of $____________. Your Revolver
Percentage of the unpaid Reimbursement Obligation is $_____________] or
[________________________ has been required to return a payment by the Borrower
of a Reimbursement Obligation in the amount of $_______________. Your Revolver
Percentage of the returned Reimbursement Obligation is $_______________.]

                                    Very truly yours,

                                    ________________________________________ ,
                                    as L/C Issuer

                                    By
                                      Name ___________________________________
                                      Title___________________________________

<PAGE>

                                    Exhibit B

                               Notice of Borrowing

                                                         Date:  __________, ____

To:    Harris Trust and Savings Bank, as Administrative Agent for the Lenders
       parties to the Three Year Credit Agreement dated as of September 27,
       2002 (as extended, renewed, amended or restated from time to time, the
       "Credit Agreement"), among Hewitt Associates LLC, certain Lenders which
       are signatories thereto, and Harris Trust and Savings Bank, as
       Administrative Agent

Ladies and Gentlemen:

        The undersigned, Hewitt Associates LLC (the "Borrower"), refers to the
Credit Agreement, the terms defined therein being used herein as therein
defined, and hereby gives you notice irrevocably, pursuant to Section 1.5 of the
Credit Agreement, of the Borrowing specified below:

                    1.  The Business Day of the proposed Borrowing is
        ___________, ____.

                    2.  The aggregate amount of the proposed Borrowing is
        $______________.

                    3.  The Borrowing is to be comprised of $___________ of
        [Base Rate] [Eurodollar] Loans.

                   [4.  The duration of the Interest Period for the Eurodollar
        Loans included in the Borrowing shall be ____________ months.]

        The undersigned hereby certifies that the following statements are true
on the date hereof, and will be true on the date of the proposed Borrowing,
before and after giving effect thereto and to the application of the proceeds
therefrom:

                   (a)  the representations and warranties of the Borrower
        contained in Section 6 of the Credit Agreement are true and correct as
        though made on and as of such date, except to the extent such
        representations and warranties relate to an earlier date; and

                   (b)  no Default or Event of Default has occurred and is
        continuing or would result from such proposed Borrowing.

                                            Hewitt Associates LLC

                                            By
                                               Name ____________________________
                                               Title ___________________________

<PAGE>

                                    Exhibit C

                        Notice of Continuation/conversion

                                                       Date:  ____________, ____

To:    Harris Trust and Savings Bank, as Administrative Agent for the Lenders
       parties to the Three Year Credit Agreement dated as of September 27, 2002
       (as extended, renewed, amended or restated from time to time, the "Credit
       Agreement") among Hewitt Associates LLC, certain Lenders which are
       signatories thereto, and Harris Trust and Savings Bank, as Administrative
       Agent

Ladies and Gentlemen:

        The undersigned, Hewitt Associates LLC (the "Borrower"), refers to the
Credit Agreement, the terms defined therein being used herein as therein
defined, and hereby gives you notice irrevocably, pursuant to Section 1.5 of the
Credit Agreement, of the [conversion] [continuation] of the Loans specified
herein, that:

                    1.  The conversion/continuation Date is __________, ____.

                    2.  The aggregate amount of the Revolving Loans to be
        [converted] [continued] is $______________.

                    3.  The Loans are to be [converted into] [continued as]
        [Eurodollar] [Base Rate] Loans.

                    4.  [If applicable:] The duration of the Interest Period for
        the Revolving Loans included in the [conversion] [continuation] shall
        be _________ months.

        The undersigned hereby certifies that the following statements are true
on the date hereof, and will be true on the proposed conversion/continuation
date, before and after giving effect thereto and to the application of the
proceeds therefrom:

                   (a)  the representations and warranties of the Borrower
        contained in Section 6 of the Credit Agreement are true and correct as
        though made on and as of such date, except to the extent such
        representations and warranties relate to an earlier date; provided,
        however, that this condition shall not apply to the conversion of an
        outstanding Eurodollar Loan to a Base Rate Loan; and

                   (b)  no Default or Event of Default has occurred and is
        continuing, or would result from such proposed [conversion]
        [continuation].

                                       Hewitt Associates LLC

                                       By
                                         Name _______________________________
                                         Title ______________________________

<PAGE>

                                   Exhibit D-1

                                 Revolving Note

U.S. $_______________                                         September 27, 2002

         for Value Received, the undersigned, Hewitt Associates LLC, an Illinois
limited liability company (the "Borrower"), hereby promises to pay to the order
of ____________________ (the "Lender") on the Revolving Credit Termination Date
of the hereinafter defined Credit Agreement, at the principal office of Harris
Trust and Savings Bank, as Administrative Agent, in Chicago, Illinois, in
immediately available funds, the principal sum of ___________________ Dollars
($__________) or, if less, the aggregate unpaid principal amount of all
Revolving Loans made by the Lender to the Borrower pursuant to the Credit
Agreement, together with interest on the principal amount of each Revolving Loan
from time to time outstanding hereunder at the rates, and payable in the manner
and on the dates, specified in the Credit Agreement.

         This Note is one of the Revolving Notes referred to in the Three Year
Credit Agreement dated as of September 27, 2002 among the Borrower, Harris Trust
and Savings Bank, as Administrative Agent and the Lenders party thereto (the
"Credit Agreement"), and this Note and the holder hereof are entitled to all the
benefits provided for thereby or referred to therein, to which Credit Agreement
reference is hereby made for a statement thereof. All defined terms used in this
Note, except terms otherwise defined herein, shall have the same meaning as in
the Credit Agreement. This Note shall be governed by and construed in accordance
with the internal laws of the State of Illinois.

         Voluntary prepayments may be made hereon, certain prepayments are
required to be made hereon, and this Note may be declared due prior to the
expressed maturity hereof, all in the events, on the terms and in the manner as
provided for in the Credit Agreement.

         The Borrower hereby waives demand, presentment, protest or notice of
any kind hereunder.

                                    Hewitt Associates LLC

                                    By
                                       Name ____________________________
                                       Title ___________________________

<PAGE>

                                   Exhibit D-2

                                   Swing Note

U.S. $5,000,000                                               September 27, 2002

         For Value Received, the undersigned, Hewitt Associates LLC, an Illinois
limited liability company (the "Borrower"), hereby promises to pay to the order
of Harris Trust and Savings Bank (the "Lender") on the Revolving Credit
Termination Date of the hereinafter defined Credit Agreement, at the principal
office of Harris Trust and Savings Bank, as Administrative Agent, in Chicago,
Illinois, in immediately available funds, the principal sum of Five Million and
00/100 Dollars ($5,000,000) or, if less, the aggregate unpaid principal amount
of all Swing Loans made by the Lender to the Borrower pursuant to the Credit
Agreement, together with interest on the principal amount of each Swing Loan
from time to time outstanding hereunder at the rates, and payable in the manner
and on the dates, specified in the Credit Agreement.

         This Note is the Swing Note referred to in the Three Year Credit
Agreement dated as of September 27, 2002 among the Borrower, the Lenders party
thereto, and Harris Trust and Savings Bank, as Administrative Agent for the
Lenders (the "Credit Agreement"), and this Note and the holder hereof are
entitled to all the benefits provided for thereby or referred to therein, to
which Credit Agreement reference is hereby made for a statement thereof. All
defined terms used in this Note, except terms otherwise defined herein, shall
have the same meaning as in the Credit Agreement. This Note shall be governed by
and construed in accordance with the internal laws of the State of Illinois.

         Voluntary prepayments may be made hereon, certain prepayments are
required to be made hereon, and this Note may be declared due prior to the
expressed maturity hereof, all in the events, on the terms and in the manner as
provided for in the Credit Agreement.

         The Borrower hereby waives demand, presentment, protest or notice of
any kind hereunder.

                                            Hewitt Associates Llc

                                            By
                                               Name _________________________
                                               Title ________________________

<PAGE>

                                    Exhibit E

                              Hewitt Associates LLC

                             Compliance Certificate

To:      Harris Trust and Savings Bank, as
         Administrative Agent under, and the
         Lenders party to, the Credit Agreement
         described below

         This Compliance Certificate is furnished to the Administrative Agent
and the Lenders pursuant to that certain Credit Agreement dated as of September
27, 2002 among us (the "Credit Agreement"). Unless otherwise defined herein, the
terms used in this Compliance Certificate have the meanings ascribed thereto in
the Credit Agreement.

         The Undersigned hereby certifies that:

          1.  I am the duly elected ____________ of Hewitt Associates LLC;

          2.  I have reviewed the terms of the Credit Agreement and I have made,
or have caused to be made under my supervision, a detailed review of the
transactions and conditions of the Borrower and its Subsidiaries during the
accounting period covered by the attached financial statements;

          3.  The examinations described in paragraph 2 did not disclose, and I
have no knowledge of, the existence of any condition or the occurrence of any
event which constitutes a Default or Event of Default during or at the end of
the accounting period covered by the attached financial statements or as of the
date of this Compliance Certificate, except as set forth below;

          4.  The financial statements required by Section 7.5 of the Credit
Agreement and being furnished to you concurrently with this Compliance
Certificate are true, correct and complete as of the date and for the periods
covered thereby; and

          5.  Schedule I hereto sets forth financial data and computations
evidencing the Borrower's compliance with certain covenants of the Credit
Agreement, all of which data and computations are, to the best of my knowledge,
true, complete and correct and have been made in accordance with the relevant
Sections of the Credit Agreement.

         Described below are the exceptions, if any, to paragraph 3 by listing,
in detail, the nature of the condition or event, the period during which it has
existed and the action which the Borrower has taken, is taking, or proposes to
take with respect to each such condition or event:

<PAGE>

         _______________________________________________________
         _______________________________________________________
         _______________________________________________________
         _______________________________________________________

         The foregoing certifications, together with the computations set forth
in Schedule I hereto and the financial statements delivered with this
Certificate in support hereof, are made and delivered this ______ day of
__________________ 20___.

                                                    ____________________________

                                                    By
                                                       Name ____________________
                                                       Title ___________________

                                      -2-

<PAGE>

                                   Schedule I
                            to Compliance Certificate

                              Hewitt Associates LLC

                             Compliance Calculations
               for Credit Agreement dated as of September 27, 2002

                    Calculations as of _____________, _______

<TABLE>
<S>                                                                             <C>

A.  Interest Coverage Ratio (Section 7.7)

    1.   Net Income for past 4 quarters                                         $___________

    2.   Interest Expense for past 4 quarters                                   $___________

    3.   Income taxes for past 4 quarters                                       $___________

    4.   Depreciation and Amortization Expense for past 4 quarters              $___________

    5.   Sum of lines A1, A2, A3, and A4                                        $___________

    6.   Gains on sales of assets in past 4 quarters                            $___________

    7.   Difference of Line A5 minus Line A6 ("EBITDA")                         $___________

    8.   Rental Expense for past 4 quarters                                     $___________

    9.   Sum of Lines A7  and A8                                                $___________

    10.  Interest Expense for past 4 quarters                                   $___________

    11.  Sum of Lines A8 and A10                                                $___________

    12.  Ratio of Line A9 to Line A11                                             ____:1.0

    13.  Line A12 ratio must not be less than                                      2.0:1.0

    14.  The Borrower is in compliance (circle yes or no)                           yes/no

B.  Tangible Net Worth (Section 7.8)

    1.   Tangible Net Worth                                                     $___________

    2.   If, on or prior to September 30, 2002, $125,000,000 - or -
         If after September 30, 2002, the greater of (i) $125,000,000
         or (ii) Borrower's Tangible Net Worth on September 30,
         2002 less $40,000,000                                                  $___________

    3.   30% of aggregate positive Net Income for fiscal quarters
         ending December 31, 2002 and thereafter                                $___________
</TABLE>

<PAGE>

<TABLE>
<S>                                                                             <C>
    4.   80% of the amount of the Net Cash Proceeds (subject to
         exclusions in such defined term) received by the Borrower
         from any equity issuance by or capital or equity contribution
         to the Borrower after the Closing Date                                 $___________

    5.   Sums of Lines B2, B3 and B4 ("Minimum Required Amount")                $___________

    6. The Borrower is in compliance (circle yes or no)                             yes/no

C.  Leverage Ratio (Section 7.9)

    1.   Total Debt                                                             $___________

    2.   Net income for past 4 quarters                                         $___________

    3.   Interest Expense for past 4 quarters                                   $___________

    4.   Income taxes for past 4 quarters                                       $___________

    5.   Depreciation and Amortization Expense for past 4 quarters              $___________

    6.   Sum of lines C2, C3, C4 and C5                                         $___________

    7.   Gains on sales of assets in past 4 quarters                            $___________

    8.   Difference of Line C6 minus Line C7 ("EBITDA")                         $___________

    9.   Ratio of Line C1 to Line C8                                              ____:1.0

    10.  Line C9 ratio must not exceed                                            2.25:1.0

    11.  The Borrower is in compliance (circle yes or no)                           yes/no
</TABLE>

                                      -2-

<PAGE>

                                    Exhibit F

                            Assignment and Acceptance

                          Dated _____________, _______

         Reference is made to the Three Year Credit Agreement dated as of
September 27, 2002 (the "Credit Agreement") among Hewitt Associates LLC, the
Lenders (as defined in the Credit Agreement) and Harris Trust and Savings Bank,
as Administrative Agent for the Lenders (the "Administrative Agent"). Terms
defined in the Credit Agreement are used herein with the same meaning.

         ______________________________________________________ (the "Assignor")
and _________________________ (the "Assignee") agree as follows:

                    1.  The Assignor hereby sells and assigns to the Assignee,
         and the Assignee hereby purchases and assumes from the Assignor, a
         _______% interest in and to all of the Assignor's rights and
         obligations under the Credit Agreement as of the Effective Date (as
         defined below), including, without limitation, such percentage interest
         in the Assignor's Commitments as in effect on the Effective Date and
         the Loans, if any, owing to the Assignor on the Effective Date and the
         Assignor's Percentage of any outstanding L/C Obligations.

                    2.  The Assignor (i) represents and warrants that as of the
         date hereof (A) its Revolving Credit Commitment is $_______________,
         (B) the aggregate outstanding principal amount of Revolving Loans made
         by it under the Credit Agreement that have not been repaid is
         $___________ and a description of the interest rates and interest
         periods of such Loans is attached as Annex 1 hereto, and (C) the
         aggregate principal amount of Assignor's Percentage of outstanding L/C
         Obligations is $___________; (ii) represents and warrants that it is
         the legal and beneficial owner of the interest being assigned by it
         hereunder and that such interest is free and clear of any adverse
         claim, lien, or encumbrance of any kind; (iii) makes no representation
         or warranty and assumes no responsibility with respect to any
         statements, warranties or representations made in or in connection with
         the Credit Agreement or the execution, legality, validity,
         enforceability, genuineness, sufficiency or value of the Credit
         Agreement or any other instrument or document furnished pursuant
         thereto; and (iv) makes no representation or warranty and assumes no
         responsibility with respect to the financial condition of the Borrower
         or any Subsidiary or the performance or observance by the Borrower or
         any Subsidiary of any of their respective obligations under the Credit
         Agreement or any other instrument or document furnished pursuant
         thereto.

                    3.  The Assignee (i) confirms that it has received a copy of
         the Credit Agreement, together with copies of the most recent financial
         statements delivered to the Lenders pursuant to Section 7.5(a) and (b)
         thereof and such other documents and

<PAGE>

     information as it has deemed appropriate to make its own credit analysis
     and decision to enter into this Assignment and Acceptance; (ii) agrees that
     it will, independently and without reliance upon the Administrative Agent,
     the Assignor or any other Lender and based on such documents and
     information as it shall deem appropriate at the time, continue to make its
     own credit decisions in taking or not taking action under the Credit
     Agreement; (iii) appoints and authorizes the Administrative Agent to take
     such action as Administrative Agent on its behalf and to exercise such
     powers under the Credit Agreement and the other Loan Documents as are
     delegated to the Administrative Agent by the terms thereof, together with
     such powers as are reasonably incidental thereto; (iv) agrees that it will
     perform in accordance with their terms all of the obligations which by the
     terms of the Credit Agreement are required to be performed by it as a
     Lender; and (v) specifies as its lending office (and address for notices)
     the offices set forth beneath its name on the signature pages hereof.

          4.  As consideration for the assignment and sale contemplated in Annex
     1 hereof, the Assignee shall pay to the Assignor on the Effective Date in
     Federal funds an amount agreed upon between the Assignor and the Assignee.
     It is understood that commitment and/or letter of credit fees accrued to
     the Effective Date with respect to the interest assigned hereby are for the
     account of the Assignor and such fees accruing from and including the date
     hereof are for the account of the Assignee. Each of the Assignor and the
     Assignee hereby agrees that if it receives any amount under the Credit
     Agreement which is for the account of the other party hereto, it shall
     receive the same for the account of such other party to the extent of such
     other party's interest therein and shall promptly pay the same to such
     other party.

          5.  The effective date for this Assignment and Acceptance shall be
     ___________ (the "Effective Date"). Following the execution of this
     Assignment and Acceptance, it will be delivered to the Administrative Agent
     for acceptance and recording by the Administrative Agent and, if required,
     the relevant Borrower.

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

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

          8.  In accordance with Section 11.12 of the Credit Agreement, the
     Assignor and the Assignee request and direct that the Administrative Agent
     prepare and cause the relevant Borrower to execute and deliver to the
     Assignee the relevant Notes payable to

                                       -2-

<PAGE>

     the Assignee in the amount of its Commitments and new Notes to the Assignor
     in the amount of its Commitments after giving effect to this assignment.

          9.  This Assignment and Acceptance shall be governed by, and construed
     in accordance with, the laws of the State of Illinois.

                                      [Assignor Lender]

                                      By
                                          Name_____________________________
                                          Title____________________________

                                      [Assignee Lender]

                                      By
                                          Name_____________________________
                                          Title____________________________

                                      Lending office (and address for notices):

Accepted and consented this
____ day of _____________

Hewitt Associates LLC

By ________________________________
   Name____________________________
   Title___________________________

Accepted and consented to by the Administrative Agent this
_______ day of _________________

Harris Trust and Savings Bank, as Administrative Agent

By ________________________________
   Name____________________________
   Title___________________________

                                       -3-

<PAGE>

                                     Annex I
                          to Assignment and Acceptance

<TABLE>
<S>                     <C>                 <C>                  <C>
 Principal Amount       Type of Loan        Interest Rate        Maturity Date
</TABLE>

                                       -4-

<PAGE>

                                   Schedule 1

                                   Commitments

<TABLE>
<CAPTION>
                                           Revolving Credit          Swing Line
              Name of Lender                 Commitment              Commitment
<S>                                        <C>                       <C>
      Harris Trust and Savings Bank        $14,583,333.33            $ 5,000,000

      Bank of America, N.A.                $14,583,333.33

      Wells Fargo Bank, National           $10,416,666.67
        Association

      Wachovia Bank, N.A.                  $10,416,666.67

             Total                         $   50,000,000            $ 5,000,000
                                           ==============            ===========
</TABLE>

<PAGE>

                                   Schedule 2

                           Existing Letters of Credit
                               (U.S. Dollar Only)

                                      None.

<PAGE>

                                  Schedule 5.2

                                  Subsidiaries

                                See Attached List

<PAGE>

                International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                        Number of
     Country         City            Company Name                                   Structure                           Associates
                                                                                                                        ----------
<S>              <C>               <C>                             <C>                                                  <C>
Argentina        Buenos Aires      Hewitt Associates, S.A.         Wholly-owned subsidiary of                                13
                                                                   Hewitt Associates LLC as of 10/1/2000.
                                                                   John Ryan holds 1 share
                                                                   (Original j.v. agreement dated 1984; terminated
                                                                   1994 and replaced by Supplemental agreement dated
                                                                   12/12/94 with Alberto Fastman to form new j.v.
                                                                   Buyout agreement signed and 7,200 Class A shares
                                                                   transferred from Alberto Fastman on  3/9/01.)

Australia        Sydney            Hewitt Associates Pty.          Wholly-owned subsidiary of                                18
                                   Limited                         Hewitt Associates LLC
                 Melbourne                                         (Wholly-owned as of 3/10/97. Prior to 1997, j. v. was      9
                                                                   Jacques Martin Hewitt. (MMelbourne office opened
                                                                   in 1997)

Austria          Vienna            Hewitt Associates GmbH          Wholly owned subsidiary of Hewitt Associates LLC          11
                                                                   (Wholly owned as of 10/1/2000. Hans Rutkowski's
                                                                   30% share purchased Nov. 1999. Paul Roettig's 30%
                                                                   share purchased effective as of 10/1/2000 although
                                                                   final paperwork not completed until 11/2001.
                                                                   Original j. v. agreement dated May 1997

Belgium          Brussels          Hewitt Associates, S.A.         Wholly-owned subsidiary of Hewitt Associates LLC          52
                                                                   (as of 9/30/97)

                                   Hewitt Associates (Europe)      New HQ entity for Europe.
                                   SPR                             (Incorporated 11/27/01)
</TABLE>

<PAGE>

                                                                    CONFIDENTIAL

                International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                         Number of
   Country            City          Company Name                                    Structure                            Associates
                                                                                                                         ----------
<S>              <C>             <C>                              <C>                                                    <C>
Brazil           Sao Paulo       Hewitt Associates S.C.           40% held by Hewitt Associates LLC, (60,000
                                 Limitada                         shares), 59% held by Huggard Caine e Associades
                                                                  S.C. Ltda. (88,500 shares) and 1% owned by Andrea
                                                                  Huggard Caine Reti (1,500 shares) (Joint venture
                                                                  agreement dated 1995)

Canada           Calgary         Hewitt Associates                Canadian general partnership. General partnership          13
                 Montreal                                         interest held by Hewitt Associates LLC through              5
                 Regina                                           3038402 Nova Scotia Company. Remaining general              8
                 Toronto                                          partnership interests held by Canadian owners             324
                 Vancouver                                        through professional service corporations.                 74

                                 James P. Marshall, a Hewitt      Investment advisory services practice in Canada            19
                                 Company (Although not a
                                 separate entity, for purposes
                                 of Investment Advisory
                                 Services, we operate under an
                                 assumed name.)

                                 Hewitt Associates Corp.          Wholly-owned subsidiary of Hewitt Associates LLC
                                 (formerly 3038402 Nova          (continuing from the amalgamation of 3025288 Nova
                                 Scotia Company)                  Scotia Co., James P. Marshall, Inc. and 976344
                                                                  Ontario Limited as part of the James P. Marshall, Inc.
                                                                  acquisition- May 2000.) This is the entity that holds
                                                                  Hewitt Associates LLC's partnership interest in
                                                                  Hewitt Associates in Canada.

                                 Alberta Actuarial Group, Inc     Wholly-owned subsidiary of 3038402 Nova Scotia
                                                                  Company. Capital stock of AAG acquired 2/7/02. In
                                                                  process of amalgamating into 3038402, at which time
                                                                  AAG will cease to exist as a separate entity.
</TABLE>

                                      -2-

<PAGE>

                                                                    CONFIDENTIAL

                International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                          Number of
   Country          City              Company Name                                   Structure                           Associates
                                                                                                                         ----------
<S>            <C>                 <C>                           <C>                                                      <C>
                                   3409635 Canada Inc. and       Wholly-owned subsidiaries of Hewitt Associates
                                   3412822 Canada Inc.           LLC (non-operating cos.)
                                   (inactive companies)

                                   Hewitt Management Services,   Dissolved January 2000
                                   L.P.

                                   Hewitt Management Ltd.        Owned by the family trusts of each Vancouver,
                                   (formerly The Coles Group)    Canada owner. (began as a j.v. in late `97 or early `98;
                                                                 wholly-owned as of 1/1/99)

Chile          Santiago            Hewitt Associates (Chile)     99% Hewitt Associates LLC                                      9
                                   Limitada                      1% Hewitt Holdings LLC
                                                                 (Buyout Effective 1/1/99: original j.v agreement
                                                                 dated 1995)

China          Hong Kong           Hewitt Associates LLC         Branch of Hewitt Associates LLC                               35

               Beijing             Hewitt Associates Consulting  Wholly owned branch of Shanghai company.                      11
                                   (Shanghai) Co. Ltd. Beijing   (Office established 1/7/97 as a branch of Hong Kong
                                   Branch                        office; became a branch of the Shanghai entity
                                                                 7/12/02.)

               Guangzhou           Hewitt Associates Consulting  Wholly-owned branch of Shanghai company.                       5
                                   (Shanghai) Co., Ltd           (Paperwork to form branch signed 8/15/2001. Office
                                   Guangzhou Branch              officially opened 2/1/02)

               Shanghai            Hewitt Associates Consulting  Wholly-owned subsidiary of Hewitt Associates LLC              47
                                   (Shanghai) Co. Ltd. [official (Originally established as a j. v. in 1997 - Company
                                   Chinese name: Han Wei Te      name was Hewitt East Gate Consulting (Shanghai)
                                   Zi Xun (Shanghai) You Xian    Co. Ltd. Buyout of Irv and Yong-Ling Beiman
                                   Gong Si]                      effective 8/19/98)
</TABLE>

                                      -3-

<PAGE>

                                                                    CONFIDENTIAL

               International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                          Number of
     Country            City          Company Name                                    Structure                          Associates
                                                                                                                         ----------
<S>                  <C>             <C>                               <C>                                               <C>
Czech Republic       Prague          Hewitt Associates GmbH,           Satellite office of Austrian company.
                                     organizacni slozka                (office established April 21, 1997)                     6

Dominican Republic   Santo Domingo   Hewitt Associates Latin America,  Wholly-owned by Hewitt Associates Caribe, Inc.          6
                                     Inc.                              (Incorporated as a Puerto Rico corporation Oct.
                                                                       5, 1999.)

France               Paris           Hewitt Associates SARL            Wholly-owned subsidiary of Hewitt Associates LLC       91

                     Paris           Finance Arbitrage SAS             Wholly-owned subsidiary of Hewitt Associates
                                                                       SARL
                                                                       (Purchase agreement signed July 5, 2002.
                                                                       Acquisition ompleted July 17, 2002 - 400
                                                                       shares (80%) purchased from Institutionnels
                                                                       Finance SA, which purchased 100 shares (20%)
                                                                       from Mr. Vincent Puche and, in turn, sold
                                                                       those 100 shares to Hewitt Associates SARL.
                                                                       Purchase price 2,134,285 Euros. 1,920,950
                                                                       Euros paid July 5, 2002 and 213,335 Euros due
                                                                       1 October 2002

                                     Hewitt Associates LLC             Former European HQ branch of HA LLC.
                                                                       (Dissolved as of 10/1/2000 when EHQ moved to
                                                                       Brussels.)

Germany              Wiesbaden       Hewitt Associates GmbH            Wholly-owned subsidiary                                58
                                                                       96.5% held by Hewitt Associates LLC and 3.5%
                                                                       held by Hewitt Holdings LLC

Greece               Athens          Hewitt Bacon & Woodrow            35% held by Hewitt Bacon & Woodrow Ltd.               ???
                                     (Greece) SA)                      32.5% held by Panagiotis Zambellis 16.25% held
                                     (formerly Athens Actarial         by George Kendouris 16.25% held by Sergio
                                     SA)                               Tefarikis (named changed 9/2002)
</TABLE>

                                      -4-

<PAGE>

                                                                    CONFIDENTIAL

                International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                          Number of
   Country         City             Company Name                                      Structure                           Associates
                                                                                                                          ----------
<S>           <C>                <C>                                <C>                                                   <C>
Guernsey      St. Peter Port     Bacon & Woodrow                    15% held by Bacon & Woodrow Partnerships Ld.              ???
(Channel                                                            (44 units)
Islands)                                                            34% held by Stephen Ainsworth (100 units)
                                                                    34% held by Rodney Benjamin (100 units) 17% held
                                                                    by PatMerriman (50 units)

Hungary       Budapest           Hewitt Inside Consulting Human     25% held by Hewitt Associates LLC and                      17
                                 Tanacsado Korlatolt Felelossegu    75% held by INSIDE HOLDINGS
                                 Tarsasato                          [Joint venture effective as of 8/1/2001. Agreements
                                 (short name:  Hewitt Inside        signed. Original satellite office of Hewitt Associates
                                 Consulting Kft.)                   GmbH (Austria) established in Budapest on 12/7/98
                                                                    folded into the new joint venture.]

India         New Delhi          Hewitt Associates (India) Pvt.     Wholly owned subsidiary of Hewitt Associates LLC           59
                                 Ltd.                               (Original j.v. of Noble & Hewitt established 1/14/95.
                                                                    Wholly-owned effective as of 10/1/99; buyout
                                                                    finalized/funded 5/1/2000)

              Bangalore                                             Office established 7/15/94 prior to j. v                   23

              Gurgaon                                               Office established 2002                                    78

              Mumbai                                                Office established 4/15/95                                 30

                                 India Life Hewitt Ltd.             37.2% held by Hewitt Associates (India) Pvt. Ltd.
                                                                    62.8% held by India Life Asset Management
                                                                    Company Ltd
                                                                    (Investment effective 1/30/02. Directors: Sumer
                                                                    Datta and Sanjiv Anand from Hewitt Associates plus
                                                                    2 nominees of India Life and 2 nominees of VIEW)
</TABLE>

                                      -5-

<PAGE>

                                                                    CONFIDENTIAL

                International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                           Number of
  Country               City         Company Name                                Structure                                Associates
                                                                                                                          ----------
<S>                <C>            <C>                            <C>                                                      <C>
Indonesia          Jakarta        PT Hewitt Konsultan            Wholly-owned subsidiary                                       6
                                  Indonesia                      99% held by Hewitt Associates LLC
                                                                 1% held by Hewitt Holdings LLC

Ireland            Dublin         Hewitt Bacon & Woodrow         Wholly-owned subsidiary of Hewitt Bacon Woodrow              19
                                  (Ireland) Limited (the         Ltd.
                                  operating company)

                                  Hewitt Associates Limited      Business, assets, liabilities, shares transferred to
                                  (entity owned by HA in UK -    HB&W (Ireland) Ltd.
                                  now dormant)

                                  Bacon & Woodrow                Wholly-owned by B&W Partnerships Ltd. in the U.K
                                  Partnerships (Ireland) Limited (Incorporatef May 3, 2002)
                                  (a holding compancy)

                                  Delany Bacon & Woodrow         Subsidiary owned
                                                                 90% by B&W Partnerships Ltd and
                                                                 10% by B&W Partnerships (Ireland) Limited

Ireland (cont'd)                  Kerr Henderson Bacon &         Subsidiary owned
                                  Woodrow Limited                50% by Bacon & Woodrow Partnerships Ltd.
                                                                 50% Kerr Henderson (Financial Services) Ltd.

Italy              Milan          Hewitt Associates Srl          Wholly-owned subsidiary of Hewitt Associates LLC              6
                                                                 (99.58% HA and 0.42% John Ryan - Incorporated
                                                                 3/23/89)

Japan              Tokyo          Hewitt Associates Kabushiki    Wholly-owned subsidiary of Hewitt Associates LLC             27
                                  Gaisya                         (originally began as Cambridge Hewitt
                                  (translates as Hewitt          International, Inc. in 1987, buyout and new company
                                  Associates Co. Ltd.)           name as of 1/1/96)
</TABLE>

                                      -6-

<PAGE>

                                                                    CONFIDENTIAL

                International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                     Number of
  Country            City                 Company Name                      Structure                                Associates
                                                                                                                     ----------
<S>         <C>                    <C>                             <C>                                               <C>
Mauritius      Port Louis          Bacon, Woodrow & Legris         33.33% held by Bacon & Woodrow Partnerships
                                   Limited                         Limited (in the U.K.)
                                                                   33.33% held by Yvan Legris 33.33% held by
                                                                   Bernard Yen

Malaysia       Kuala Lumpur        Hewitt Associates SDN.          Wholly-owned subsidiary of Hewitt Associates LLC       23
                                   BHD.

Mexico         Mexico City         Hewitt Associates de Mexico     Wholly-owned subsidiary of Hewitt Associates LLC
                                   S. de R.L. de C.V.              (30 Darwin building holding co.)

                                   Empresas Hewitt S. de R.L.      Subsidiary owned
                                   de C.V.                         99% by Hewitt Associates LLC
                                                                   1% by Hewitt Holdings LLC

                                   Hewitt Associates S.C.          Partnership owned                                      36
                                   (the operating company)         99% by Hewitt Mexicana S. de R.L. de C.V. 1 % by
                                                                   Empresas Hewitt Associates S. de R.L. de C.V.

                                   Hewitt Mexicana S. de R.L.      Subsidiary owned
                                   de C.V.                         99% by Hewitt Associates LLC
                                   (a holding company)             1% by Hewitt Holdings LLC

Netherlands    Amsterdam           Hewitt Heijnis & Koelman B.V.   40% held by Hewitt Associates LLC                      68
               Eindhoven                                           60% held by 6 individuals and their 6 participating
               Rotterdam                                           B.V.s (Rob Middelbos's, shares purchased 6/11/2001     39
               Utrecht                                             from Middelbos Participaties B.V. upon his
                                                                   retirement - in process to become wholly owned as      53
                                                                   of 9/31/02)

                                                                                                                          24

</TABLE>

                                       -7-

<PAGE>

                                                                    CONFIDENTIAL

                International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                        Number of
  Country            City                 Company Name                      Structure                                   Associates
                                                                                                                        ----------
<S>            <C>                 <C>                             <C>                                                  <C>
                                     Hewitt & Koelman,              50/50 joint venture (will be absorbed into HHK)
                                     International B.V.

New Zealand       Wellington         Hewitt Associates              Wholly-owned subsidiary of Hewitt Associates LLC         1
                                                                    (Wholly-owned as of 10/1/98--original j.v.
                                                                    agreement dated 2/1/96)

                  Auckland                                          Branch office opened 6/1/00.                             3

Philippines       Manila             Hewitt Associates, Inc.        Wholly-owned subsidiary of Hewitt Associates LLC        15
                                                                    as of 9/30/00

                                                                    (Paperwork for buyout finalized as of 9/30/01. For
                                                                    book purposes, buyout effective as of 9/30/00.
                                                                    Original j. v. agreement dated 8/1/97)

Poland            Warsaw             Hewitt Associates Sp. z o.o.   Wholly-owned subsidiary of Hewitt Associates LLC        12
                                                                    (Established April, 1997)

Portugal          Lisbon             Hewitt Associates, LLC         Wholly-owned subsidiary of Hewitt Associates LLC         7
                                     Sucursal en Portugal           (Established 1999)

Puerto Rico       San Juan           Hewitt Associates Caribe,      40% held by Hewitt Associates LLC (80 shares) 55%       76
                                     Inc.                           held by Bettye Baldwin (100 shares) and
                                                                    5% held by Orlando Mercado (10 shares)
                                                                    (Joint venture agreement dated 4/23/90)

Singapore         Singapore          Hewitt Associates Pte. Ltd.    Wholly-owned subsidiary of Hewitt Associates LLC        22
                                                                    (Incorporated 3/23/89)

Slovenia          Ljubljana          Hewitt Associates GmbH (see    Satellite office of Austrian Company                     2
                                     Austria)                       (office established 3/17/97)
</TABLE>

                                       -8-

<PAGE>

                                                                    CONFIDENTIAL

                International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                         Number of
  Country            City                 Company Name                      Structure                                    Associates
                                                                                                                         ----------
<S>         <C>                    <C>                             <C>                                                   <C>
South Korea      Seoul               Hewitt Associates Korea        Wholly-owned subsidiary of Hewitt Associates LLC         12
                                     Yuhan Hoesa                    (Established 3/22/99)

                                     (translation: Hewitt
                                     Associates Korea, LLC)

Spain            Madrid              Hewitt Associates, S.A.        Wholly-owned subsidiary of Hewitt Associates LLC         13
                                                                    (Established 6/20/89)

Sweden           Stockholm           Hewittl/Loneanalyser A.B.      49% Hewitt Associates LLC (490 shares)                   34
                                                                    51% Loneanalyser A.B. (510 shares)
                                                                    (Agreement signed May 1, 1999. The share capital is
                                                                    SEKI00,000 divided into 1,000 shares.)

Switzerland      Neuchatel           PRASA Hewitt S.A.              Recognized as a wholly-owned subsidiary of Hewitt        12
                 Geneva                                             Associates LLC as of 1/1/2000.
                 Zurich                                             (Original j. v. dated 12/19/86)                          17
                                                                    (3,630 shares total.- 363 shares transferred 1/1/2000
                                                                    then 363 shares to be transferred on 1/1 each year       15
                                                                    through 2009. October 31, 2000 - 342 shares
                                                                    purchased from Marc Zioerjen and 216 shares
                                                                    purchased from Gion Caviezel upon  their termination
                                                                    effective 11/30/00.; January 2002 - 64 shares
                                                                    purchased from Nicolas May on his terminationn
                                                                    effective 3/1/2002)

Thailand         Bangkok             Hewitt Associates (Thailand)   Wholly owned subsidiary as of 10/1/97 Hewitt             15
                                     Limited                        Associates LLC
                                                                    57,007 shares Hewitt Holdings LLC
                                                                    1 share J. Ryan, R. Virmani, D. Gifford, L. Connolly,
                                                                    S. Tiensilakul
</TABLE>

                                       -9-

<PAGE>

                                                                    CONFIDENTIAL

               International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                           Number of
   Country               City                  Company Name                                   Structure                   Associates
                                                                                                                          ----------
<S>             <C>                     <C>                           <C>                                                 <C>
                                                                      5 shares (prior to 1997 operated as a j.v.
                                                                      with CSN under agreement dated 7/1/90)

United          Birmingham Bristol      Hewitt Bacon & Woodrow        Wholly-owned subsidiary of Hewitt Associates              91
Kingdom         Cardiff (Wales)         Limited                       LLC (Merger completed June 5, 2002)                       71
                Epsom - Crossways                                                                                               35
                       Parkside                                                                                                 93
                       Renaissance                                                                                             330
                       Rosebery Hemel                                                                                           59
                Hempstead Leeds                                                                                                156
                London Bridge St.                                                                                              538
                Albans                                                                                                          60
                                                                                                                               250
                                                                                                                               125

                                        Subsidiaries:
                                        -------------

                                        Hewitt Associates Ltd.          The business, assets, liabilities, and shares in
                                                                        Hewitt Associates Ltd. were transferred into
                                                                        Hewitt Bacon & Woodrow Limited.

                                        Hewitt Bacon & Woodrow          Wholly-owned subsidiary of Hewitt Bacon & Woodrow
                                        Properties Company              Ltd.

                                        Bacon & Woodrow Limited         Wholly-owned subsidiary of Hewitt Bacon & Woodrow
                                                                        Ltd.

                                        Bacon & Woodrow Service         Wholly-owned subsidiaries of Bacon & Woodrow Ltd.
                                        Co. Limited

                                        Hewitt Bacon & Woodrow
                                        Financial
</TABLE>

                                      -10-

<PAGE>

                                                                    CONFIDENTIAL

               International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                           Number of
   Country               City                  Company Name                                   Structure                   Associates
                                                                                                                          ----------
<S>             <C>                     <C>                           <C>                                                 <C>
                                        Services Limited

                                        PFA Systems Limited

                                        Pension Central Library
                                        Limited

                                        - Cockman Consultants &
                                          Partners Limited

                                        - Bacon & Woodrow             Wholly-owned subsidiary of Bacon & Woodrow
                                          Partnerships Limited        Ltd.

                                        - Executive Remuneration      50% Bacon & Woodrow Partnerships Ltd. 50%
                                          Review Limited              New Bridge Street Consultants

                                        - Hewitt Bacon & Woodrow      50% Bacon & Woodrow Partnerships Ltd. 50%
                                                                      Kerr Henderson (Financial Services) Ltd.
                                                                      Wholly-owned by Bacon & Woodrow
                                                                      Partnerships Limited

                                        Dormant:

                                        Bacon & Woodrow
                                        Associates Limited

                                        Bacon & Woodrow
                                        Consulting Limited

                                        Bacon & Woodrow               Dormant wholly-owned subsidiaries of
                                        Insurance Consulting          Bacon & Woodrow Limited
</TABLE>

                                      -11-

<PAGE>

                                                                    CONFIDENTIAL

               International Operations of Hewitt Associates LLC

<TABLE>
<CAPTION>
                                                                                                                           Number of
   Country               City                  Company Name                                   Structure                   Associates
                                                                                                                          ----------
<S>             <C>                     <C>                           <C>                                                 <C>
                                        Limited
                                        Triskel Communications
                                        Limited

                                        PFA Administration Limited

                                        Bacon & Woodrow Pension
                                        Administration Services
                                        Limited

                                        Bacon & Woodrow Investment
                                        Services Limited

                                        55 East Street Ltd. (non-
                                        trading trustee co.) Bacon
                                        & Woodrow Trustees Limited
                                        (non-trading trustee co.)

Venezuela       Caracas                 Hewitt Associates             Wholly-owned by Hewitt Associates Caribe, Inc.               6
                                                                                                                               -----
                                                                      (Incorporated in June 1997)

                                                                      Total International Associates                           3,526
</TABLE>

                                      -12-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]