Document:

exv10w1

 

Exhibit 10.1

 

 

 

 

CONSENT OF INDEPENDENT AUDITORS

We consent to the incorporation by reference in (i) the Registration Statement
filed on Form F-3 (File No. 333-84226) and in any related Prospectus and (ii)
the Registration Statements on Form S-8 (File Nos: 333-11368, 333-11414,
333-13038, 333-13664, 333-13668, 333-14254, 333-14252, 333-81564 and 333-92220)
of our report dated March 24, 2003, with respect to the consolidated financial
statements and schedules of ING Groep N.V., included in this Annual Report
(Form 20-F) for the year ended December 31, 2002.

Amsterdam, the Netherlands

March 24, 2003

Ernst & Young Accountantsexv10w2

 

Exhibit 10.2

 

 

 

 

CONSENT OF INDEPENDENT AUDITORS

We consent to the incorporation by reference in (i) the Registration Statement
filed on Form F-3 (File No. 333-84226) and in any related Prospectus and (ii)
the Registration Statements on Form S-8 (File Nos: 333-11368, 333-11414,
333-13038, 333-13664, 333-13668, 333-14254, 333-14252, 333-81564 and 333-92220)
of our report dated March 10, 2003, with respect to the consolidated financial
statements of ING Bank N.V., included by reference in this Annual Report (Form
20-F) for the year ended December 31, 2002.

Amsterdam, March 24, 2003

KPMG Accountants B.V.exv10w3

 

Exhibit 10.3

 

 

 

 

CONSENT OF INDEPENDENT AUDITORS

We consent to the incorporation by reference in (i) the Registration Statement
filed on Form F-3 (File No. 333-84226) and in any related Prospectus and (ii)
the Registration Statements on Form S-8 (File Nos: 333-11368, 333-11414,
333-13038, 333-13664, 333-13668, 333-14254, 333-14252, 333-81564 and 333-92220)
of our report dated March 19, 2003, with respect to the consolidated financial
statements of Bank Brussels Lambert SA/NV, not included in ING Groep NV Annual
Report (Form 20-F) for the year ended December 31, 2002.

Brussels, Belgium

March 24, 2003

Ernst & Young Reviseurs d’Enterprises S.C.C.Exhibit 10.86

                                                                  EXECUTION COPY

                       AMENDMENT NO. 1 TO CREDIT AGREEMENT

      AMENDMENT NO.1 dated as of February 28, 2003 to the CREDIT AGREEMENT,
dated as of May 23, 2002, among RAILAMERICA, INC., PALM BEACH RAIL HOLDING,
INC., RAILAMERICA TRANSPORTATION CORP., RAILAMERICA CANADA CORP., RAILINK CANADA
LTD., RAILAMERICA AUSTRALIA FINANCE PTY., LTD., FREIGHT VICTORIA LIMITED,
RAILAMERICA AUSTRALIA PTY., LTD. (collectively, the "Borrowers"), financial
institutions and other Persons from time to time parties thereto, UBS WARBURG
LLC, and MORGAN STANLEY SENIOR FUNDING, INC., as Joint Lead Arrangers and
Bookrunners, MORGAN STANLEY SENIOR FUNDING, INC., as the Syndication Agent for
the Lenders, UBS AG, STAMFORD BRANCH, as Administrative Agent for the Lenders,
THE BANK OF NOVA SCOTIA and CREDIT LYONNAIS, NEW YORK BRANCH, as Documentation
Agents for the Lenders and THE BANK OF NOVA SCOTIA, as Collateral Agent for the
Lenders.

                              W I T N E S S E T H:

      WHEREAS, the parties hereto are party to the Credit Agreement described
above (as in effect immediately prior to the effectiveness hereof, the "Credit
Agreement");

      WHEREAS, the Company has advised the Lenders that it has undertaken, and
intends to undertake, certain tax-related restructurings and related
transactions with respect to certain of its Australian and Canadian
Subsidiaries, all as further described on Exhibit A hereto (the "Restructuring
Transactions"); and

      WHEREAS, the parties hereto wish to make certain technical amendments to
the Credit Agreement to permit the Restructuring Transactions and to waive any
technical Defaults which may have arisen prior to the date hereof with respect
thereto;

      NOW, THEREFORE, the parties hereto agree as follows.

      Section 1. Definitions. Unless otherwise specifically defined in the
recitals above, each term used herein which is defined in the Credit Agreement
shall have the meaning assigned to such term in the Credit Agreement. Each
reference to "hereof", "hereunder", "herein" and "hereby" and each other similar
reference and each reference to "this Agreement" and each other similar
reference

                                       1
<PAGE>

contained in the Credit Agreement shall, on and after the effectiveness of this
Amendment, refer to the Credit Agreement as amended hereby.

      Section 2. Subordinated Debt. The definition of "Subordinated Debt" in
Section 1.1 of the Credit Agreement is amended by inserting after "Senior
Subordinated Notes" the words "but excluding any Indebtedness owed to Holdings,
Intermediate Holdings, the Company or any Restricted Subsidiary".

      Section 3. Capital Stock of RAAPL. Section 7.2.11 of the Credit Agreement
is amended by inserting at the beginning of clause (d) thereof the letter "(i)"
and by inserting, immediately after "Domestic Restricted Subsidiaries" in such
clause (d) the following: ", or (ii) the one-time transfer by the Australian
Term Borrower of one share of the Capital Stock of RAAPL to an individual who is
a Related Party".

      Section 4. Amendments to Organic Documents. Section 7.2.12 of the Credit
Agreement is amended by replacing paragraph (b) thereof to read in its entirety
as follows:

      (b) the Organic Documents, except to the extent that such amendment,
      supplement, waiver or other modification or forebearance pursuant to such
      documents could not reasonably be expected to materially adversely affect
      the rights and remedies of any Secured Party under any Loan Documents or
      the ability of any Obligor to perform its Obligations under any Loan
      Document, it being understood that the amendments to the Organic Documents
      arising out of certain restructuring and tax-related transactions
      disclosed to the Lenders on or prior to February 28, 2003 shall not be
      considered to have had such a materially adverse affect.

      Section 5. Transactions With Affiliates. Section 7.2.13 of the Credit
Agreement is amended by adding immediately after "Affiliates" the words "(other
than the transaction permitted by Section 7.2.11(d)(ii))".

      Section 6. Waiver of Defaults. The Lenders hereby waive any Default or
Event of Default solely to the extent that such Default or Event of Default is a
result of any noncompliance by the Company with Section 7.2.12 arising prior to
the date of effectiveness hereof as a result of any of the Restructuring
Transactions. Other than as specifically provided herein, this Amendment shall
not operate as a waiver or amendment of any right, power or privilege of the
Lenders under the Credit Agreement or of any other term or condition of the
Credit Agreement, nor shall the entering into of this Amendment preclude the
Lenders from refusing to enter into any further waivers or amendments with
respect to the Credit Agreement.

      Section 7. Representations and Warranties. The Company represents and
warrants that (i) the representations and warranties set forth in Article VI of
the Credit Agreement will be true and correct as of the effective date of this

                                       2
<PAGE>

Amendment and (ii) after giving effect to Section 5 hereof, no Default will have
occurred and be continuing on such date.

      Section 8. Fees and expenses. Each of Holdings, Intermediate Holdings and
the Borrower agrees that it will comply with its obligations under Section 11.3
of the Credit Agreement with respect to costs and expenses arising in connection
with this Amendment.

      Section 9. Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of New York.

      Section 10. Counterparts; Effectiveness. (a) This Amendment may be signed
in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

      (b) This Amendment shall become effective upon receipt by the
Administrative Agent of duly executed counterparts hereof signed by Holdings,
Intermediate Holdings, the Borrowers and the Required Lenders (or, in the case
of any such party as to which an executed counterpart or consent shall not have
been received, the Administrative Agent shall have received telegraphic, telex
or other written confirmation from such party of execution of a counterpart
hereof or consent hereto by such party).

                                       3
<PAGE>

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

                                            RAILAMERICA, INC.

                                        By: /s/ Larry W. Bush
                                            ------------------------------------
                                            Name: Larry Bush
                                            Title: Vice-President & Treasurer

                                       4
<PAGE>

                                            PALM BEACH RAIL HOLDING, INC.

                                        By: /s/ Larry W. Bush
                                            ------------------------------------
                                            Name: Larry Bush
                                            Title: Vice-President

                                       5
<PAGE>

                                            RAILAMERICA TRANSPORTATION CORP.

                                        By: /s/ Larry W. Bush
                                            ------------------------------------
                                            Name: Larry Bush
                                            Title: Vice-President

                                       6
<PAGE>

                                            RAILAMERICA CANADA CORP.

                                        By: /s/ Larry W. Bush
                                            ------------------------------------
                                            Name: Larry Bush
                                            Title: Vice-President

                                       7
<PAGE>

                                            RAILINK CANADA LTD.

                                        By: /s/ Larry W. Bush
                                            ------------------------------------
                                            Name: Larry Bush
                                            Title: Vice-President

                                       8
<PAGE>

                                            RAILAMERICA AUSTRALIA FINANCE PTY.
                                            LTD.

                                        By: /s/ Gary O. Marino
                                            ------------------------------------
                                            Name: Gary O. Marino
                                            Title: Chief Executive Officer

                                       9
<PAGE>

                                            FREIGHT VICTORIA LIMITED

                                        By: /s/ Gary O. Marino
                                            ------------------------------------
                                            Name: Gary O. Marino
                                            Title: Chief Executive Officer

                                       10
<PAGE>

                                            RAILAMERICA AUSTRALIA PTY. LTD.

                                        By: /s/ Gary O. Marino
                                            ------------------------------------
                                            Name: Gary O. Marino
                                            Title: Chief Executive Officer

                                       11
<PAGE>

                                            UBS AG, STAMFORD BRANCH

                                        By: /s/ Robert Reuter
                                            ------------------------------------
                                            Name: Robert Reuter
                                            Title: Executive Director

                                        By: /s/ Lynne B. Alfarone
                                            ------------------------------------
                                            Name: Lynne B. Alfarone
                                            Title: Associate Director, Banking
                                            Products Services, US

                                       12
<PAGE>

                                            HANOVER SQUARE CLO LTD.

                                        By: Blackstone Debt Advisors L.P., as
                                            Collateral Manager

                                        By: /s/ Dean Criares
                                            ------------------------------------
                                            Name: Dean Criares
                                            Title: Managing Director

                                       13
<PAGE>

                                            CITIGROUP INVESTMENTS
                                            CORPORATE LOAN FUND INC.

                                        By: Travelers Asset Management
                                            International Company LLC

                                        By: /s/ Denise T. Duffee
                                            ------------------------------------
                                            Name: Denise T. Duffee
                                            Title: Investment Officer

                                       14
<PAGE>

                                            COLUMBUS LOAN FUNDING LTD.

                                        By: Travelers Asset Management
                                            International Company LLC

                                        By: /s/ Denise T. Duffee
                                            ------------------------------------
                                            Name: Denise T. Duffee
                                            Title: Investment Officer

                                       15
<PAGE>

                                            PROMETHEUS INVESTMENT FUNDING
                                            NO. 1 LTD.

                                        By: HVB Credit Advisors LLC

                                        By: /s/ Irv Roa
                                            ------------------------------------
                                            Name: Irv Roa
                                            Title: Director

                                        By: /s/ Elizabeth Tallmadge
                                            ------------------------------------
                                            Name: Elizabeth Tallmadge
                                            Title: Managing Director
                                                   Chief Investment Officer

                                       16
<PAGE>

                                            PROMETHEUS INVESTMENT FUNDING
                                            NO. 2 LTD.

                                        By: HVB Credit Advisors LLC

                                        By: /s/ Irv Roa
                                            ------------------------------------
                                            Name: Irv Roa
                                            Title: Director

                                        By: /s/ Elizabeth Tallmadge
                                            ------------------------------------
                                            Name: Elizabeth Tallmadge
                                            Title: Managing Director
                                                   Chief Investment Officer

                                       17
<PAGE>

                                            DENALI CAPITAL CLO I, LTD.

                                        By: Denali Capital LLC
                                            As portfolio manager

                                        By: /s/ John P. Thacker
                                            ------------------------------------
                                            Name: John P Thacker
                                            Title: Chief Credit Officer

                                       18
<PAGE>

                                            DENALI CAPITAL CLO II, LTD.

                                        By: Denali Capital LLC
                                            As portfolio manager

                                        By: /s/ John P. Thacker
                                            ------------------------------------
                                            Name: John P. Thacker
                                            Title: Chief Credit Officer

                                       19
<PAGE>

                                            DENALI CAPITAL CLO III, LTD.

                                        By: Denali Capital LLC
                                            As portfolio manager

                                        By: /s/ John P. Thacker
                                            ------------------------------------
                                            Name: John P. Thacker
                                            Title: Chief Credit Officer

                                       20
<PAGE>

                                            AMMC CDO II, LIMITED

                                        By: American Money Management Corp.,
                                            as Collateral Manager

                                        By: /s/ David P. Meyer
                                            ------------------------------------
                                            Name: David P. Meyer
                                            Title: Vice President

                                       21
<PAGE>

                                            WELLS FARGO BANK TEXAS,
                                            NATIONAL ASSOCIATION

                                        By: /s/ Anthony C. Frels
                                            ------------------------------------
                                            Name: Anthony C. Frels
                                            Title: Vice President

                                       22
<PAGE>

                                            NATIONWIDE LIFE INSURANCE COMPANY

                                        By: /s/ Wayne T. Frisbee
                                            ------------------------------------
                                            Name: Wayne T. Frisbee
                                            Title: Vice President

                                       23
<PAGE>

                                            NATIONWIDE MUTUAL INSURANCE COMPANY

                                        By: /s/ Wayne T. Frisbee
                                            ------------------------------------
                                            Name: Wayne T. Frisbee
                                            Title: Vice President

                                       24
<PAGE>

                                            TORONTO DOMINION (NEW YORK), INC.

                                        By: /s/ Stacey L. Malek
                                            ------------------------------------
                                            Name: Stacey L Malek
                                            Title: Vice President

                                       25
<PAGE>

                                            THE BANK OF NOVA SCOTIA

                                        By: /s/ Patrick J. Hawes
                                            ------------------------------------
                                            Name: Patrick J. Hawes
                                            Title: Comptroller

                                       26
<PAGE>

                                            LCM I LIMITED PARTNERSHIP

                                        By: Lyon Capital Management LLC, as
                                            Attorney-in-Fact

                                        By: /s/ Farboud Tavangar
                                            ------------------------------------
                                            Name: Farboud Tavangar
                                            Title: Lyon Capital Management
                                            LLC, Senior Portfolio Manager

                                       27
<PAGE>

                                            RZB FINANCE LLC

                                        By: /s/ Astrid Wilke
                                            ------------------------------------
                                            Name: Astrid Wilke
                                            Title: Vice President

                                        By: /s/ John A. Valiska
                                            ------------------------------------
                                            Name: John A. Valiska
                                            Title: Group Vice President

                                       28
<PAGE>

                                            FRANKLIN FLOATING RATE TRUST

                                            FRANKLIN FLOATING RATE DAILY ACCESS
                                            FUND

                                        By: /s/ Richard D'Addario
                                            ------------------------------------
                                            Name: Richard D'Addario
                                            Title: Vice President

                                       29
<PAGE>

                                            FRANKLIN CLO II, LIMITED

                                            FRANKLIN CLO III, LIMITED

                                        By: /s/ Richard D'Addario
                                            ------------------------------------
                                            Name: Richard D'Addario
                                            Title: Senior Vice President

                                       30
<PAGE>

                                            THE GOVERNOR AND COMPANY OF THE
                                            BANK OF IRELAND

                                        By: /s/ Tom Hayes, Mary Connolly
                                            ------------------------------------
                                            Name: Tom Hayes, Mary Connolly
                                            Title: Authorized Signatory

                                       31
<PAGE>

                                            SEQUILS - GLACE BAY, LTD.

                                        By: The Royal Bank of Canada, as
                                            Collateral Manager

                                        By: /s/ Melissa Marano
                                            ------------------------------------
                                            Name: Melissa Marano
                                            Title: Partner

                                       32
<PAGE>

                                            KATONAH III, LTD.

                                        By: /s/ Ralph Della Rocca
                                            ------------------------------------
                                            Name: Ralph Della Rocca
                                            Title: Authorized Officer
                                                   Katonah Capital, L.L.C.,
                                                   as Manager

                                       33
<PAGE>

                                            JUPITER FUNDING TRUST

                                        By: /s/ Kelly W. Warnement
                                            ------------------------------------
                                            Name: Kelly W. Warnement
                                            Title: Authorized Agent

                                       34
<PAGE>

                                            STANWICH LOAN FUNDING LLC

                                        By: /s/ Kelly W. Warnement
                                            ------------------------------------
                                            Name: Kelly W. Warnement
                                            Title: Vice President

                                       35
<PAGE>

                                            WINGED FOOT FUNDING TRUST

                                        By: /s/ Kelly W. Warnement
                                            ------------------------------------
                                            Name: Kelly W. Warnement
                                            Title: Authorized Agent

                                       36
<PAGE>

                                            LONGHORN CDO II, LTD.

                                        By: Merrill Lynch Investment Managers,
                                            L.P., as Investment Advisor

                                        By: /s/ Matthew Wallack
                                            ------------------------------------
                                            Name: Matthew Wallack
                                            Title: Authorized Signatory

                                       37
<PAGE>

                                            HARBOUR TOWN FUNDING LLC

                                        By: /s/ Ann E. Morris
                                            ------------------------------------
                                            Name: Ann E. Morris
                                            Title: Asst. Vice President

                                       38
<PAGE>

                                            RACE POINT CLO, LIMITED

                                        By: Sankaty Advisors, LLC, as
                                            Collateral Manager

                                        By: /s/ Timothy M. Barns
                                            ------------------------------------
                                            Name: Timothy M. Barns
                                            Title: Senior Vice President

                                       39
<PAGE>

                                            GREAT POINT CLO 1999-1 LTD.

                                        By: Sankaty Advisors, LLC, as
                                            Collateral Manager

                                        By: /s/ Timothy M. Barns
                                            ------------------------------------
                                            Name: Timothy Barns
                                            Title: Senior Vice President

                                       40
<PAGE>

                                            CASTLE HILL II - INGOTS, LTD.

                                        By: Sankaty Advisors, LLC, as
                                            Collateral Manager

                                        By: /s/ Timothy M. Barns
                                            ------------------------------------
                                            Name: Timothy Barns
                                            Title: Senior Vice President

                                       41
<PAGE>

                                            CASTLE HILL I - INGOTS, LTD.

                                        By: Sankaty Advisors, LLC, as
                                            Collateral Manager

                                        By: /s/ Timothy M. Barns
                                            ------------------------------------
                                            Name: Timothy M. Barns
                                            Title: Senior Vice President

                                       42
<PAGE>

                                            BRANT POINT II CBO 2000-1 LTD.

                                        By: Sankaty Advisors, LLC, as
                                            Collateral Manager

                                        By: /s/ Timothy M. Barns
                                            ------------------------------------
                                            Name: Timothy M. Barns
                                            Title: Senior Vice President

                                       43
<PAGE>

                                            SANKATY HIGH YIELD PARTNERS III,
                                            L.P.

                                        By: /s/ Timothy M. Barns
                                            ------------------------------------
                                            Name: Timothy M. Barns
                                            Title: Senior Vice President

                                       44
<PAGE>

                                            MORGAN STANLEY SENIOR FUNDING, INC.

                                        By: /s/ Eric H. Coombs
                                            ------------------------------------
                                            Name: Eric H, Coombs
                                            Title: Vice President

                                       45
<PAGE>

                                            AIMCO CLO SERIES 2001-A

                                        By: /s/ Jerry D. Zinkula
                                            ------------------------------------
                                            Name: Jerry D. Zinkula
                                            Title: Authorized Signatory

                                        By: /s/ Chris Goergen
                                            ------------------------------------
                                            Name: Chris Goergen
                                            Title: Authorized Signatory

                                       46
<PAGE>

                                            ALLSTATE LIFE INSURANCE COMPANY

                                        By: /s/ Jerry D. Zinkula
                                            ------------------------------------
                                            Name: Jerry D. Zinkula
                                            Title: Authorized Signatory

                                        By: /s/ Chris Goergen
                                            ------------------------------------
                                            Name: Chris Goergen
                                            Title: Authorized Signatory

                                       47
<PAGE>

                                            AIMCO CDO SERIES 2000-A

                                        By: /s/ Jerry D. Zinkula
                                            ------------------------------------
                                            Name: Jerry D. Zinkula
                                            Title: Authorized Signatory

                                        By: /s/ Chris Goergen
                                            ------------------------------------
                                            Name: Chris Goergen
                                            Title: Authorized Signatory

                                       48
<PAGE>

                                            NATIONAL BANK OF CANADA

                                        By: /s/ Robert Ziger
                                            ------------------------------------
                                            Name: Robert Ziger
                                            Title: Account Manager

                                       49
<PAGE>

                                            CREDIT LYONNAIS NEW YORK BRANCH

                                        By: /s/ Attila Koc
                                            ------------------------------------
                                            Name: Attila Koc
                                            Title: Senior Vice President

                                       50
<PAGE>

                                            SUNAMERICA LIFE INSURANCE COMPANY

                                        By: /s/ John G. Lapham
                                            ------------------------------------
                                            Name: John G. Lapham
                                            Title: Authorized Agent

                                       51
<PAGE>

                                            CANADIAN IMPERIAL BANK OF COMMERCE

                                        By: /s/ William M. Swenson
                                            ------------------------------------
                                            Name: William M. Swenson
                                            Title: Authorized Signatory

                                       52
<PAGE>

                                            GALAXY CLO, 2003-1, LTD.

                                        By: CIBC Inc., as Agent

                                        By: /s/ William M. Swenson
                                            ------------------------------------
                                            Name: William M. Swenson
                                            Title: Authorized Signatory

                                       53
<PAGE>

                                            NATEXIS BANQUES POPULAIRES

                                        By: /s/ William J. Burke
                                            ------------------------------------
                                            Name: William J. Burke
                                            Title: Vice President

                                        By: /s/ Michael J. Storms
                                            ------------------------------------
                                            Name: Michael J. Storms
                                            Title: Associate

                                       54
<PAGE>

                                            KZH SOLEIL LLC

                                        By: /s/ Susan Lee
                                            ------------------------------------
                                            Name: Susan Lee
                                            Title: Authorized Agent

                                       55
<PAGE>

                                            KZH SOLEIL-2 LLC

                                        By: /s/ Susan Lee
                                            ------------------------------------
                                            Name: Susan Lee
                                            Title: Authorized Agent

                                       56
<PAGE>

                                            NOMURA BOND & LOAN FUND

                                        By: UFJ Trust Company of New York, as
                                            Trustee

                                        By: Nomura Corporate Research
                                            and Asset Management Inc., as
                                            Attorney-in-Fact

                                        By: /s/ Elizabeth MacLean
                                            ------------------------------------
                                            Name: Elizabeth MacLean
                                            Title: Vice President

                                       57
<PAGE>

                                            LONG LANE MASTER TRUST II

                                        By: Fleet National Bank, as Trust
                                            Administrator, with respect to
                                            Series Eclipse

                                        By: /s/ Renee Nadler
                                            ------------------------------------
                                            Name: Renee Nadler
                                            Title: Managing Director

                                       58
<PAGE>

                                            ALLIED IRISH BANK PLC

                                        By: /s/ Mags Brennen, Anthony O'Reilly
                                            ------------------------------------
                                            Name: Mags Brennen,
                                                  Anthony O'Reilly
                                            Title: Vice President, Vice
                                                   President

                                       59
<PAGE>

                                            AIB DEBT MANAGEMENT PLC

                                        By: /s/ Mags Brennen, Anthony O'Reilly
                                            ------------------------------------
                                            Name: Mags Brennen,
                                                  Anthony O'Reilly
                                            Title: Vice President, Vice
                                                   President

                                       60
<PAGE>

                                            VAN KAMPEN PRIME RATE INCOME TRUST

                                        By: Van Kampen Investment Advisory Corp.

                                        By: /s/ Howard Tiffen
                                            ------------------------------------
                                            Name: Howard Tiffen
                                            Title: Managing Director

                                       61
<PAGE>

                                            VAN KAMPEN SENIOR INCOME TRUST

                                        By: Van Kampen Investment Advisory Corp.

                                        By: /s/ Howard Tiffen
                                            ------------------------------------
                                            Name: Howard Tiffen
                                            Title: Managing Director

                                       62
<PAGE>

                                            KZH CNC LLC

                                        By: /s/ Susan Lee
                                            ------------------------------------
                                            Name: Susan Lee
                                            Title: Authorized Agent

                                       63
<PAGE>

                                            KZH PONDVIEW LLC

                                        By: /s/ Susan Lee
                                            ------------------------------------
                                            Name: Susan lee
                                            Title: Authorized Agent

                                       64
<PAGE>

                                            KZH WATERSIDE LLC

                                        By: /s/ Susan Lee
                                            ------------------------------------
                                            Name: Susan Lee
                                            Title: Authorized Agent

                                       65

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