Document:

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                              CK WITCO CORPORATION

                            (a Delaware corporation)

                          Floating Rate Notes due 2001

                               PURCHASE AGREEMENT

Dated: March 2, 2000
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                               Table of Contents

PURCHASE AGREEMENT

SECTION 1.     Representations and Warranties by the Company..................2
               (a)  Representations and Warranties............................2

                    (i)     Offering Memorandum...............................2
                    (ii)    Incorporated Documents............................2
                    (iii)   Independent Accountants...........................3
                    (iv)    Financial Statements..............................3
                    (v)     No Material Adverse Change in Business............3
                    (vi)    Good Standing of the Company......................3
                    (vii)   Good Standing of Designated Subsidiaries..........4
                    (viii)  Capitalization....................................4
                    (ix)    Authorization of Agreement........................4
                    (x)     Authorization of the Indenture....................4
                    (xi)    Authorization of the Securities...................4
                    (xii)   Description of the Securities and the Indenture...5
                    (xiii)  Absence of Defaults and Conflicts.................5
                    (xiv)   Absence of Labor Dispute..........................6
                    (xv)    Absence of Proceedings............................6
                    (xvi)   Possession of Intellectual Property...............6
                    (xvii)  Absence of Further Requirements...................6
                    (xviii) Possession of Licenses and Permits................6
                    (xix)   Title to Property.................................7
                    (xx)    Environmental Laws................................7
                    (xxi)   Investment Company Act............................8
                    (xxii)  Similar Offerings.................................8
                    (xxiii) Rule 144A Eligibility.............................8
                    (xxiv)  No General Solicitation...........................8
                    (xxv)   No Registration Required..........................8
                    (xxvi)  Reporting Company.................................8
                    (xxvii) No Directed Selling Efforts.......................8
                    (xxviii)Year 2000.........................................9

               (b)  Officer's Certificates....................................9

SECTION 2.     Sale and Delivery to Initial Purchaser; Closing................9
               (a)  Securities................................................9
               (b)  Payment...................................................9

SECTION 3.     Covenants of the Company......................................10

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               (a)  Offering Memorandum......................................10
               (b)  Notice and Effect of Material Events.....................10
               (c)  Amendment to Offering Memorandum and Supplements.........10
               (d)  Rating of Securities.....................................10
               (e)  DTC......................................................10
               (f)  Use of Proceeds..........................................11
               (g)  Restriction on Sale of Securities........................11

SECTION 4.     Payment of Expenses...........................................11

               (a)  Expenses.................................................11
               (b)  Termination of Agreement.................................11

SECTION 5.     Conditions of Initial Purchaser's Obligations.................11

               (a)  Opinion of Counsel for Company...........................11
               (b)  Opinion of Counsel for Initial Purchaser.................12
               (c)  Officers' Certificate....................................12
               (d)  Accountants' Comfort Letter..............................12
               (e)  Bring-down Comfort Letter................................12
               (f)  Maintenance of Rating....................................12
               (g)  Additional Documents.....................................13
               (h)  Termination of Agreement.................................13

SECTION 6.     Subsequent Offers and Resales of the Securities...............13

               (a)  Offer and Sale Procedures................................13

                    (i)     Offers and Sales only to Qualified
                            Institutional Buyers or Non-U.S. Persons.........13
                    (ii)    No General Solicitation..........................13
                    (iii)   Purchases by Non-Bank Fiduciaries................14
                    (iv)    Subsequent Purchaser Notification................14
                    (v)     Restrictions on Transfer.........................14

               (b)  Covenants of the Company.................................14

                    (i)     Integration......................................14
                    (ii)    Rule 144A Information............................14
                    (iii)   Restriction on Repurchases.......................14

               (c)  Qualified Institutional Buyer............................15
               (d)  Resale Pursuant to Rule 903 of Regulation S or
                    Rule 144A................................................15
               (e)  Additional Representations and Warranties of
                    Initial Purchaser........................................16

SECTION 7.     Indemnification...............................................17

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               (a)  Indemnification of Initial Purchaser.....................17
               (b)  Indemnification of Company...............................17
               (c)  Actions against Parties; Notification....................18

SECTION 8.     Contribution..................................................19

SECTION 9.     Representations, Warranties and Agreements to
               Survive Delivery..............................................20

SECTION 10.    Termination of Agreement......................................20

               (a)  Termination; General.....................................21
               (b)  Liabilities..............................................21

SECTION 11.    Notices.......................................................21

SECTION 12.    Parties.......................................................21

SECTION 13.    GOVERNING LAW AND TIME........................................21

SECTION 14.    Effect of Headings............................................21

SCHEDULES
     Schedule A - Pricing Information...................................Sch A-1

EXHIBITS
     Exhibit A - Form of Opinion of Company's Counsel.......................A-1

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                              CK WITCO CORPORATION
                            (a Delaware corporation)

                                  $25,000,000

                          Floating Rate Notes due 2001

                               PURCHASE AGREEMENT

                                                                   March 2, 2000

MERRILL LYNCH & CO.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
North Tower
World Financial Center
New York, New York 10281

Ladies and Gentlemen:

     CK Witco Corporation, a Delaware corporation (the "Company"),  confirms its
agreement  with  Merrill  Lynch & Co.,  Merrill  Lynch,  Pierce,  Fenner & Smith
Incorporated (the "Initial  Purchaser",),  with respect to the issue and sale by
the Company and the purchase by the Initial Purchaser,  of $25,000,000 aggregate
principal   amount  of  the   Company's   Floating  Rate  Notes  due  2001  (the
"Securities"). The Securities are to be issued pursuant to an indenture dated as
of March 1, 2000 (the  "Indenture")  between the Company and Citibank,  N.A., as
trustee (the  "Trustee").  Securities will be issued to Cede & Co. as nominee of
The Depository Trust Company ("DTC") pursuant to a letter agreement, to be dated
as of the Closing Time (as defined in Section 2(b)) (the "DTC Agreement"), among
the  Company,  the Trustee and DTC.

     The  Company  understands  that the Initial  Purchaser  proposes to make an
offering of the  Securities  on the terms and in the manner set forth herein and
agrees that the Initial  Purchaser  may resell,  subject to the  conditions  set
forth herein,  all or a portion of the  Securities  to  purchasers  ("Subsequent
Purchasers")  at any time after this  Agreement has been executed and delivered.
The Securities are to be offered and sold through the Initial  Purchaser without
being  registered under the Securities Act of 1933, as amended (the "1933 Act"),
in reliance upon exemptions  therefrom.  Pursuant to the terms of the Securities
and the  Indenture,  investors  that  acquire  Securities  may  only  resell  or
otherwise  transfer such Securities if such Securities are hereafter  registered
under the 1933 Act or if an exemption from the registration  requirements of the
1933 Act is  available  (including  the  exemption  afforded by Rule 144A ("Rule
144A") or Regulation S ("Regulation S") of the rules and regulations promulgated
under  the  1933  Act  by  the   Securities   and   Exchange   Commission   (the
"Commission")).

     The Company has prepared and delivered to the Initial Purchaser copies of a
preliminary  offering  memorandum  dated  February  28,  2000 (the  "Preliminary
Offering  Memorandum")  and  has  prepared  and  will  deliver  to  the  Initial
Purchaser,  on the date  hereof or the next  succeeding

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day,  copies of a final  offering  memorandum  dated  March 2, 2000 (the  "Final
Offering Memorandum"),  each for use by the Initial Purchaser in connection with
its  solicitation  of purchases  of, or offering of, the  Securities.  "Offering
Memorandum"  means,  with  respect  to any  date  or  time  referred  to in this
Agreement, the most recent offering memorandum (whether the Preliminary Offering
Memorandum or the Final Offering  Memorandum,  or any amendment or supplement to
either such document), including exhibits, amendments or supplements thereto and
any documents  incorporated  therein by  reference,  which has been prepared and
delivered  by the  Company  to the  Initial  Purchaser  in  connection  with its
solicitation of purchases of, or offering of, the Securities.

     All references in this Agreement to financial  statements and schedules and
other information  which is "contained,"  "included" or "stated" in the Offering
Memorandum  (or other  references  of like  import)  shall be deemed to mean and
include all such financial  statements and schedules and other information which
are incorporated by reference in the Offering Memorandum;  and all references in
this Agreement to amendments or supplements to the Offering  Memorandum shall be
deemed to mean and  include  the  filing of any  document  under the  Securities
Exchange Act of 1934 (the "1934 Act") which is  incorporated by reference in the
Offering  Memorandum.

     SECTION 1. Representations and Warranties by the Company.

     (a) Representations and Warranties.  The Company represents and warrants to
the Initial  Purchaser as of the date hereof and as of the Closing Time referred
to in Section 2(b) hereof, and agrees with the Initial Purchaser, as follows:

          (i) Offering Memorandum.  The Offering Memorandum does not, and at the
     Closing Time will not,  include an untrue  statement of a material  fact or
     omit to state a material  fact  necessary  in order to make the  statements
     therein,  in the light of the circumstances under which they were made, not
     misleading; provided that this representation, warranty and agreement shall
     not apply to statements in or omissions from the Offering  Memorandum  made
     in  reliance  upon and in  conformity  with  information  furnished  to the
     Company  in  writing  by the  Initial  Purchaser  expressly  for use in the
     Offering Memorandum.

          (ii) Incorporated Documents. The Offering Memorandum as delivered from
     time to time shall  incorporate by reference the most recent Annual Reports
     of the Company and its  predecessors on Form 10-K filed with the Commission
     and each Quarterly  Report of the Company and its predecessors on Form 10-Q
     and each  Current  Report of the Company and its  predecessors  on Form 8-K
     filed with the Commission since the filing of the end of the fiscal year to
     which such Annual Report relates.  The documents  incorporated or deemed to
     be  incorporated  by reference in the Offering  Memorandum at the time they
     were or hereafter are filed with the Commission  (as amended,  supplemented
     or superseded  by any later filing made prior to the date hereof)  complied
     and will comply in all material  respects with the requirements of the 1934
     Act and the rules and  regulations of the Commission  thereunder (the "1934
     Act  Regulations"),  and, when read together with the other  information in
     the Offering Memorandum, at the time the Offering Memorandum was issued and
     at the Closing Time, did not and will not include an untrue

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     statement of a material  fact or omit to state a material  fact required to
     be  stated  therein  or  necessary  to  make  the  statements  therein  not
     misleading.

          (iii)  Independent  Accountants.  The  accountants  who  certified the
     financial  statements  and  supporting  schedules  included in the Offering
     Memorandum are independent  public  accountants with respect to the Company
     and its subsidiaries and predecessors  within the meaning of Regulation S-X
     under the 1933 Act.

          (iv) Financial Statements. The financial statements, together with the
     related schedules and notes,  included in the Offering  Memorandum  present
     fairly  the  financial   position  of  the  Company  and  its  consolidated
     subsidiaries  at the  dates  indicated  and the  statement  of  operations,
     stockholders'  equity and cash flows of the  Company  and its  consolidated
     subsidiaries for the periods specified; said financial statements have been
     prepared  in  conformity  with  generally  accepted  accounting  principles
     ("GAAP") applied on a consistent basis throughout the periods involved. The
     supporting  schedules,  if any, included in the Offering Memorandum present
     fairly  in  accordance  with  GAAP the  information  required  to be stated
     therein. The selected financial data and the summary financial  information
     included in the Offering  Memorandum  present fairly the information  shown
     therein and,  where derived from audited  financial  statements,  have been
     compiled  on  a  basis  consistent  with  that  of  the  audited  financial
     statements  included in the Offering  Memorandum.  The pro forma  financial
     statements  of the  Company  and its  subsidiaries  and the  related  notes
     thereto  included  in  the  Offering   Memorandum  have  been  prepared  in
     accordance with the  Commission's  rules and guidelines with respect to pro
     forma  financial  statements  and have been properly  compiled on the bases
     described therein,  and the assumptions used in the preparation thereof are
     reasonable and the adjustments  used therein are appropriate to give effect
     to the transactions and circumstances referred to therein.

          (v) No Material Adverse Change in Business. Since the respective dates
     as of which  information  is given in the  Offering  Memorandum,  except as
     otherwise stated therein,  (A) there has been no material adverse change in
     the  condition,  financial or otherwise,  or in the earnings or business of
     the Company and its subsidiaries  considered as one enterprise,  whether or
     not  arising  in the  ordinary  course of  business  (a  "Material  Adverse
     Effect"),  (B) there have been no transactions  entered into by the Company
     or any of its  subsidiaries,  other  than those in the  ordinary  course of
     business,   which  are  material  with  respect  to  the  Company  and  its
     subsidiaries  considered  as one  enterprise,  and (C)  there  have been no
     dividends paid by the Company,  except for regular  dividends on the common
     stock, par value $.01 per share, of the Company (the "Common Stock").

          (vi) Good Standing of the Company. The Company has been duly organized
     and is validly existing as a corporation in good standing under the laws of
     the state of Delaware and has corporate  power and authority to own,  lease
     and operate its  properties and to conduct its business as described in the
     Offering  Memorandum  and to enter into and perform its  obligations  under
     this Agreement;  and the Company is duly qualified as a foreign corporation
     to transact business and is in good standing in each other  jurisdiction in
     which such qualification is required, whether by reason of the ownership or
     leasing of

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     property or the conduct of business, except where the failure so to qualify
     or to be in good standing would not result in a Material Adverse Effect.

          (vii) Good  Standing of  Designated  Subsidiaries.  Each  "significant
     subsidiary"  of the  Company  (as  such  term is  defined  in Rule  1-02 of
     Regulation  S-X) (each a "Designated  Subsidiary"  and,  collectively,  the
     "Designated  Subsidiaries") has been duly organized and is validly existing
     as a corporation in good standing under the laws of the jurisdiction of its
     incorporation,  has corporate power and authority to own, lease and operate
     its  properties  and to conduct its  business as  described in the Offering
     Memorandum  and is duly  qualified  as a foreign  corporation  to  transact
     business  and is in  good  standing  in each  jurisdiction  in  which  such
     qualification is required, whether by reason of the ownership or leasing of
     property or the conduct of business, except where the failure so to qualify
     or to be in good standing  would not result in a Material  Adverse  Effect;
     except as otherwise disclosed in the Offering Memorandum, all of the issued
     and outstanding  capital stock of each Designated  Subsidiary has been duly
     authorized  and validly  issued,  is fully paid and  non-assessable  and is
     owned by the Company,  directly or through subsidiaries,  free and clear of
     any  security  interest,  mortgage,  pledge,  lien,  encumbrance,  claim or
     equity,  except  when the  failure  to do so would not result in a Material
     Adverse  Effect;  none of the  outstanding  shares of capital  stock of the
     Designated  Subsidiaries  was  issued in  violation  of any  preemptive  or
     similar rights of any securityholder of such Designated Subsidiary.

          (viii) Capitalization.  The authorized, issued and outstanding capital
     stock of the Company is as set forth in the Offering  Memorandum  under the
     caption "Capitalization" (except for subsequent issuances, if any, pursuant
     to this Agreement, pursuant to reservations,  agreements,  employee benefit
     plans referred to in the Offering Memorandum or pursuant to the exercise of
     convertible  securities or options referred to in the Offering Memorandum).
     The shares of issued and outstanding capital stock of the Company have been
     duly  authorized and validly issued and are fully paid and  non-assessable;
     none of the  outstanding  shares of capital stock of the Company was issued
     in  violation  of  the   preemptive   or  other   similar   rights  of  any
     securityholder  of the  Company.

          (ix)  Authorization  of  Agreement.   This  Agreement  has  been  duly
     authorized, executed and delivered by the Company.

          (x)  Authorization  of the  Indenture.  The  Indenture  has been  duly
     authorized  by the Company and,  when executed and delivered by the Company
     and the  Trustee,  will  constitute  a valid and binding  agreement  of the
     Company,  enforceable  against  the Company in  accordance  with its terms,
     except as the enforcement thereof may be limited by bankruptcy,  insolvency
     (including, without limitation, all laws relating to fraudulent transfers),
     reorganization,   moratorium  or  similar  laws  affecting  enforcement  of
     creditors' rights generally and except as enforcement thereof is subject to
     general  principles  of  equity  (regardless  of  whether   enforcement  is
     considered in a proceeding in equity or at law).

          (xi)  Authorization  of the Securities.  The Securities have been duly
     authorized  and, at the Closing  Time,  will have been duly executed by the
     Company  and,  when

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     authenticated,  issued  and  delivered  in the manner  provided  for in the
     Indenture and delivered  against  payment of the purchase price therefor as
     provided in this Agreement,  will constitute valid and binding  obligations
     of the Company,  enforceable  against the Company in accordance  with their
     terms,  except as the  enforcement  thereof  may be limited by  bankruptcy,
     insolvency (including,  without limitation, all laws relating to fraudulent
     transfers) reorganization, moratorium or similar laws affecting enforcement
     of creditors' rights generally and except as enforcement thereof is subject
     to general  principles  of equity  (regardless  of whether  enforcement  is
     considered  in a proceeding  in equity or at law),  and will be in the form
     contemplated by, and entitled to the benefits of, the Indenture.

          (xii) Description of the Securities and the Indenture.  The Securities
     and the Indenture  will conform in all material  respects to the respective
     statements relating thereto contained in the Offering Memorandum.

          (xiii) Absence of Defaults and Conflicts.  Neither the Company nor any
     of its subsidiaries is in violation of its charter or by-laws or in default
     in the performance or observance of any obligation,  agreement, covenant or
     condition contained in any contract,  indenture,  mortgage,  deed of trust,
     loan or credit  agreement,  note, lease or other agreement or instrument to
     which the Company or any of its  subsidiaries is a party or by which or any
     of them may be  bound,  or to which  any of the  property  or assets of the
     Company or any of its  subsidiaries is subject  (collectively,  "Agreements
     and  Instruments")  except  for such  defaults  that  would not result in a
     Material  Adverse  Effect;  and the execution,  delivery and performance of
     this Agreement, the Indenture and the Securities and any other agreement or
     instrument  entered  into or issued or to be entered  into or issued by the
     Company in connection with the transactions  contemplated hereby or thereby
     or in the Offering  Memorandum  and the  consummation  of the  transactions
     contemplated herein and in the Offering Memorandum  (including the issuance
     and sale of the Securities and the use of the proceeds from the sale of the
     Securities as described in the Offering  Memorandum  under the caption "Use
     of Proceeds") and compliance by the Company with its obligations  hereunder
     have been duly authorized by all necessary  corporate action and do not and
     will not,  whether  with or without the giving of notice or passage of time
     or both, conflict with or constitute a breach of, or default or a Repayment
     Event (as defined below) under,  or result in the creation or imposition of
     any lien,  charge or encumbrance upon any property or assets of the Company
     or any of its  subsidiaries  pursuant to, the  Agreements  and  Instruments
     except  for such  conflicts,  breaches  or  defaults  or liens,  charges or
     encumbrances  that,  singly  or in the  aggregate,  would  not  result in a
     Material  Adverse  Effect,  nor will such action result in any  significant
     violation of the provisions of the charter or by-laws of the Company or any
     of its  subsidiaries  or any applicable  law,  statute,  rule,  regulation,
     judgment,   order,   writ  or   decree   of  any   government,   government
     instrumentality or court, domestic or foreign, having jurisdiction over the
     Company or any of its  subsidiaries  or any of their assets,  properties or
     operations.  As used  herein,  a  "Repayment  Event"  means  any  event  or
     condition  which gives the holder of any note,  debenture or other evidence
     of indebtedness (or any person acting on such holder's behalf) the right to
     require the repurchase, redemption or repayment of all or a portion of such
     indebtedness  by the Company or any of its  subsidiaries.

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          (xiv) Absence of Labor Dispute. No labor dispute with the employees of
     the Company or any of its  subsidiaries  exists or, to the knowledge of the
     Company,  is  imminent,  and the  Company is not aware of any  existing  or
     imminent  labor  disturbance  by the  employees of any of its or any of its
     subsidiaries' principal suppliers, manufacturers, customers or contractors,
     which,  in any case,  may  reasonably  be  expected to result in a Material
     Adverse  Effect.

          (xv)  Absence of  Proceedings.  Except as  disclosed  in the  Offering
     Memorandum, there is no action, suit, proceeding,  inquiry or investigation
     before or brought by any court or governmental  agency or body, domestic or
     foreign,  now pending,  or, to the  knowledge  of the Company,  threatened,
     against or  affecting  the Company or any of its  subsidiaries  which might
     reasonably  be expected to result in a Material  Adverse  Effect,  or which
     might  reasonably  be  expected  to  materially  and  adversely  affect the
     properties or assets of the Company and its  subsidiaries as a whole or the
     consummation  of the  transactions  contemplated  by this  Agreement or the
     performance by the Company of its obligations  hereunder.  No pending legal
     or governmental  proceeding to which the Company or any of its subsidiaries
     is a party or of which any of their  respective  property  or assets is the
     subject  which are not  described  in the  Offering  Memorandum,  including
     ordinary routine litigation incidental to the business, could reasonably be
     expected to result in a Material Adverse Effect.

          (xvi)  Possession  of  Intellectual  Property.  The  Company  and  its
     subsidiaries own or possess,  or can acquire on reasonable terms,  adequate
     patents,  patent  rights,  licenses,   inventions,   copyrights,   know-how
     (including   trade  secrets  and  other  unpatented   and/or   unpatentable
     proprietary   or   confidential   information,   systems  or   procedures),
     trademarks,  service  marks,  trade  names or other  intellectual  property
     (collectively,  "Intellectual Property") necessary to carry on the business
     now  operated by them,  except  where the failure to do so would not have a
     Material   Adverse  Effect,   and  neither  the  Company  nor  any  of  its
     subsidiaries  has  received  any  notice  or  is  otherwise  aware  of  any
     infringement  of or conflict with asserted rights of others with respect to
     any  Intellectual  Property  or of any facts or  circumstances  which would
     render any  Intellectual  Property  invalid or  inadequate  to protect  the
     interest  of the  Company  or any of its  subsidiaries  therein,  and which
     infringement  or  conflict  (if the  subject of any  unfavorable  decision,
     ruling or finding) or invalidity or inadequacy, singly or in the aggregate,
     would  result in a  Material  Adverse  Effect.

          (xvii)   Absence  of  Further   Requirements.   No  filing  with,   or
     authorization,    approval,    consent,   license,   order,   registration,
     qualification  or decree of, any court or governmental  authority or agency
     is  necessary  or  required  for  the  performance  by the  Company  of its
     obligations hereunder, in connection with the offering, issuance or sale of
     the  Securities   hereunder  or  the   consummation  of  the   transactions
     contemplated  by  this  Agreement  or for the due  execution,  delivery  or
     performance  of the  Indenture  by the  Company,  except  such as have been
     already obtained.

          (xviii)  Possession  of  Licenses  and  Permits.  The  Company and its
     subsidiaries possess such permits, licenses,  approvals, consents and other
     authorizations  (collectively,   "Governmental  Licenses")  issued  by  the
     appropriate federal,  state, local or foreign regu-

                                       6
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     latory agencies or bodies necessary to conduct the business now operated by
     them,  except where the failure to do so would not have a Material  Adverse
     Effect;  the Company and its  subsidiaries are in compliance with the terms
     and conditions of all such Governmental Licenses,  except where the failure
     so to comply would not, singly or in the aggregate, have a Material Adverse
     Effect;  all of the  Governmental  Licenses are valid and in full force and
     effect,  except where the invalidity of such  Governmental  Licenses or the
     failure of such Governmental  Licenses to be in full force and effect would
     not have a Material Adverse Effect;  and neither the Company nor any of its
     subsidiaries  has  received  any  notice  of  proceedings  relating  to the
     revocation or modification of any such Governmental  Licenses which, singly
     or in the aggregate,  if the subject of an unfavorable decision,  ruling or
     finding, would result in a Material Adverse Effect.

          (xix) Title to Property.  The Company and its  subsidiaries  have good
     and  marketable  title to all real  property  owned by the  Company and its
     subsidiaries  and good title to all other properties owned by them, in each
     case, free and clear of all mortgages,  pledges, liens, security interests,
     claims,  restrictions  or  encumbrances  of any kind except such as (a) are
     described  in  the  Offering  Memorandum,  (b)  do  not,  singly  or in the
     aggregate,  materially  affect  the  value  of  such  property  and  do not
     interfere with the use made and proposed to be made of such property by the
     Company or any of its  subsidiaries or (c) could not reasonably be expected
     to have a Material  Adverse  Effect;  and all of the  leases and  subleases
     material to the business of the Company and its subsidiaries, considered as
     one enterprise,  are in full force and effect,  and neither the Company nor
     any of its  subsidiaries  has any notice of any material  claim of any sort
     that has been  asserted  by anyone  adverse to the rights of the Company or
     any of its  subsidiaries  under any of the  leases or  subleases  mentioned
     above,  or affecting or  questioning  the rights of such the Company or any
     subsidiary  thereof to the continued  possession of the leased or subleased
     premises under any such lease or sublease.

          (xx)   Environmental   Laws.  Except  as  described  in  the  Offering
     Memorandum  and  except  such  matters  as  would  not,  singly  or in  the
     aggregate, result in a Material Adverse Effect, (A) neither the Company nor
     any of its  subsidiaries  is in violation of any federal,  state,  local or
     foreign statute, law, rule, regulation,  ordinance, code, policy or rule of
     common  law or  any  judicial  or  administrative  interpretation  thereof,
     including  any  judicial  or  administrative  order,  consent,   decree  or
     judgment,  relating  to  pollution  or  protection  of  human  health,  the
     environment  (including,  without  limitation,  ambient air, surface water,
     groundwater,  land surface or  subsurface  strata) or wildlife,  including,
     without  limitation,  laws  and  regulations  relating  to the  release  or
     threatened release of chemicals,  pollutants,  contaminants,  wastes, toxic
     substances,   hazardous   substances,   petroleum  or  petroleum   products
     (collectively,  "Hazardous  Materials") or to the manufacture,  processing,
     distribution,  use, treatment,  storage, disposal, transport or handling of
     Hazardous Materials  (collectively,  "Environmental Laws"), (B) the Company
     and  its  subsidiaries  have  all  permits,  authorizations  and  approvals
     required under any applicable Environmental Laws and are each in compliance
     with  their   requirements,   (C)  there  are  no  pending  or   threatened
     administrative,  regulatory or judicial  actions,  suits,  demands,  demand
     letters,   claims,   liens,   notices  of   noncompliance   or   violation,
     investigation or proceedings  relating to any Environmental Law against the
     Company  or any  of its  subsidiaries  and  (D)  there  are  no  events  or
     circumstances  that might  reasonably  be  expected to form the

                                        7
<PAGE>

     basis of an order  for  clean-up  or  remediation,  or an  action,  suit or
     proceeding by any private party or governmental body or agency,  against or
     affecting  the Company or any of its  subsidiaries  relating  to  Hazardous
     Materials or Environmental Laws.

          (xxi)  Investment  Company  Act.  The  Company  is not,  and  upon the
     issuance  and  sale  of the  Securities  as  herein  contemplated  and  the
     application  of the net  proceeds  therefrom  as  described in the Offering
     Memorandum will not be, an "investment  company" or an entity  "controlled"
     by an  "investment  company"  as such terms are  defined in the  Investment
     Company Act of 1940, as amended (the "1940 Act").

          (xxii)  Similar  Offerings.   Neither  the  Company  nor  any  of  its
     affiliates,  as such  term is  defined  in Rule  501(b)  under the 1933 Act
     (each, an "Affiliate"), has, directly or indirectly, solicited any offer to
     buy, sold or offered to sell or otherwise negotiated in respect of, or will
     solicit any offer to buy,  sell or offer to sell or otherwise  negotiate in
     respect  of,  in the  United  States or to any  United  States  citizen  or
     resident, any security which is or would be integrated with the sale of the
     Securities in a manner that would  require the  Securities to be registered
     under the 1933 Act.

          (xxiii) Rule 144A Eligibility.  The Securities are eligible for resale
     pursuant  to Rule 144A and will not be, at the  Closing  Time,  of the same
     class as securities  listed on a national  securities  exchange  registered
     under Section 6 of the 1934 Act, or quoted in a U.S. automated  interdealer
     quotation system.

          (xxiv) No General Solicitation. None of the Company, its Affiliates or
     any person  acting on its or any of their  behalf  (other  than the Initial
     Purchaser,  as to whom the Company makes no representation)  has engaged or
     will engage, in connection with the offering of the Securities, in any form
     of general  solicitation or general  advertising within the meaning of Rule
     502(c) under the 1933 Act.

          (xxv) No Registration  Required.  Subject to compliance by the Initial
     Purchaser with the agreements,  procedures,  representations and warranties
     set forth in Section 6 hereof,  it is not necessary in connection  with the
     offer,  sale and delivery of the Securities to the Initial Purchaser and to
     each Subsequent  Purchaser in the manner contemplated by this Agreement and
     the Offering Memorandum to register the Securities under the 1933 Act or to
     qualify the  Indenture  under the Trust  Indenture  Act of 1939, as amended
     (the "1939 Act").

          (xxvi)  Reporting  Company.  The  Company is subject to the  reporting
     requirements of Section 13 or Section 15(d) of the 1934 Act.

          (xxvii) No Directed Selling Efforts.  With respect to those Securities
     sold in reliance on Regulation S, (A) none of the Company,  its  Affiliates
     or any  person  acting  on its or their  behalf  (other  than  the  Initial
     Purchaser,  as to whom the Company makes no representation)  has engaged or
     will  engage  in  any  directed  selling  efforts  within  the  meaning  of
     Regulation S and (B) each of the Company and its  Affiliates and any person
     acting on its or their behalf (other than the Initial Purchaser, as to whom
     the Company makes no

                                       8
<PAGE>

     representation) has complied and will comply with the offering restrictions
     requirement of Regulation S.

          (xxviii) Year 2000. The Company and its subsidiaries  have implemented
     a comprehensive,  detailed program to analyze and address the risk that the
     computer  hardware and software used by them may be unable to recognize and
     properly execute date-sensitive  functions involving certain dates prior to
     and any dates after  December 31, 1999 (the "Year 2000  Problem"),  and has
     determined  that any such risk that has not been  remedied will be remedied
     on a timely  basis  without  material  expense and will not have a material
     adverse  effect upon the  financial  condition and results of operations of
     the Company and its  subsidiaries,  taken as a whole;  and to the Company's
     best  knowledge,  each  supplier,  vendor,  customer or  financial  service
     organization  used or  serviced by the  Company  and its  subsidiaries  has
     remedied the Year 2000 Problem,  although the failure by any such supplier,
     vendor,  customer or financial service organization to remedy the Year 2000
     Problem  could  have a  Material  Adverse  Effect  on the  Company  and its
     subsidiaries,  taken as a whole.  The  Company  is in  compliance  with the
     Commission's  staff legal  bulletin No. 5 dated January 12, 1998 related to
     Year 2000 compliance.

     (b) Officer's  Certificates.  Any certificate signed by any duly authorized
officer  of the  Company or any of its  subsidiaries  delivered  to the  Initial
Purchaser or counsel to the Initial  Purchaser shall be deemed a  representation
and warranty by the Company to the Initial  Purchaser as to the matters  covered
thereby.

     SECTION 2. Sale and Delivery to Initial Purchaser; Closing.

     (a) Securities.  On the basis of the  representations and warranties herein
contained and subject to the terms and conditions  herein set forth, the Company
agrees to sell to the Initial  Purchaser,  and the Initial  Purchaser  agrees to
purchase from the Company, at the price set forth in Schedule A, $25,000,000 the
aggregate principal amount of Securities.  The Company shall not be obligated to
deliver any of the  Securities  except upon payment for all of the Securities to
be purchased as provided herein.

     (b)  Payment.   Payment  of  the  purchase   price  for,  and  delivery  of
certificates for, the Securities shall be made at the office of Cravath,  Swaine
& Moore,  Worldwide  Plaza,  825 Eighth Avenue,  New York, New York 10019, or at
such  other  place as shall be  agreed  upon by the  Initial  Purchaser  and the
Company,  at 9:00 A.M.  (eastern  time) on March 7, 2000, or such other time not
later than ten  business  days  after  such date as shall be agreed  upon by the
Initial  Purchaser  and the Company  (such time and date of payment and delivery
being herein called the "Closing Time").

     Payment  shall  be made to the  Company  by wire  transfer  of  immediately
available funds to a bank account designated by the Company, against delivery to
the Initial  Purchaser for the account of the Initial  Purchaser of certificates
for the Securities to be purchased by it.

                                       9
<PAGE>

     SECTION 3. Covenants of the Company. The Company covenants with the Initial
Purchaser as follows:

     (a) Offering Memorandum. The Company, as promptly as possible, will furnish
to  the  Initial  Purchaser,  without  charge,  such  number  of  copies  of the
Preliminary   Offering  Memorandum  (until  the  Final  Offering  Memorandum  is
available),  the Final Offering  Memorandum  and any amendments and  supplements
thereto and documents incorporated by reference therein as the Initial Purchaser
may reasonably request.

     (b) Notice and Effect of Material  Events.  Until the  earliest to occur of
(i) the initial  resale by the Initial  Purchaser and (ii) 30 days from the date
hereof (the "End Date"),  the Company will as promptly as practicable notify the
Initial Purchaser, and confirm such notice in writing, of (x) any filing made by
the Company of information  relating to the offering of the Securities  with any
securities  exchange or any other  regulatory  body in the United  States or any
other  jurisdiction,  and (y) prior to the End Date, any material  changes in or
affecting the condition,  financial or otherwise, or the earnings or business of
the Company and its subsidiaries considered as one enterprise which (i) make any
statement  in the  Offering  Memorandum  false  or  misleading  or (ii)  are not
disclosed in the Offering Memorandum. In such event or if during such time prior
to the End Date any event shall occur as a result of which it is  necessary,  in
the reasonable opinion of any of the Company, its counsel, the Initial Purchaser
or counsel for the Initial Purchaser,  to amend or supplement the Final Offering
Memorandum in order that the Final  Offering  Memorandum  not include any untrue
statement of a material fact or omit to state a material fact necessary in order
to make the statements  therein not misleading in the light of the circumstances
then existing, the Company will forthwith amend or supplement the Final Offering
Memorandum by preparing and furnishing to the Initial  Purchaser an amendment or
amendments of, or a supplement or supplements to, the Final Offering  Memorandum
(in form and substance satisfactory in the reasonable opinion of counsel for the
Initial  Purchaser) so that, as so amended or  supplemented,  the Final Offering
Memorandum  will not include an untrue  statement of a material  fact or omit to
state a material fact necessary in order to make the statements  therein, in the
light of the circumstances  existing at the time it is delivered to a Subsequent
Purchaser, not misleading.

     (c)  Amendment to Offering  Memorandum  and  Supplements.  Prior to the End
Date, the Company will advise the Initial Purchaser  promptly of any proposal to
amend or supplement the Offering Memorandum.  Neither the consent of the Initial
Purchaser,  nor the  Initial  Purchaser's  delivery  of any  such  amendment  or
supplement,  shall  constitute  a waiver of any of the  conditions  set forth in
Section 5 hereof.

     (d) Rating of  Securities.  The Company  shall take all  reasonable  action
necessary to enable  Standard & Poor's  Ratings  Services,  a division of McGraw
Hill, Inc. ("S&P"),  and Moody's  Investors Service Inc.  ("Moody's") to provide
their  respective  credit ratings of the  Securities.

     (e) DTC. The Company will cooperate with the Initial  Purchaser and use its
reasonable  best efforts to permit the  Securities  to be eligible for clearance
and settlement through the facilities of DTC.

                                       10
<PAGE>

     (f) Use of Proceeds.  The Company will use the net proceeds  received by it
from  the  sale  of the  Securities  in the  manner  specified  in the  Offering
Memorandum under "Use of Proceeds".

     (g)  Restriction  on Sale of  Securities.  During  a period  ending  on the
earlier of (i) the date that the  initial  distribution  of notes by the Initial
Purchaser is complete and (ii) 30 days from the date of the Offering Memorandum,
the  Company  will  not,  without  the  prior  written  consent  of the  Initial
Purchaser,  directly or indirectly,  issue,  sell, offer or agree to sell, grant
any option for the sale of, or otherwise  dispose of, any other debt  securities
of the Company that are substantially similar to the Securities or securities of
the  Company  that  are  convertible  into,  or  exchangeable  for or  otherwise
represent a right to acquire, the Securities or such other debt securities.

     SECTION 4. Payment of Expenses.

     (a) Expenses. The Company will pay all expenses incident to the performance
of  its  obligations  under  this  Agreement,  including  (i)  the  preparation,
printing,  delivery  to the  Initial  Purchaser  and any filing of the  Offering
Memorandum (including financial statements and any schedules or exhibits and any
document  incorporated therein by reference) and of each amendment or supplement
thereto,  (ii) the  printing  and  delivery  to the  Initial  Purchaser  of this
Agreement,  the  Indenture  and such other  documents  as may be  required to be
printed in connection with the offering, purchase, sale, issuance or delivery of
the Securities, (iii) the preparation, issuance and delivery of the certificates
for the Securities to the Initial  Purchaser,  including any transfer taxes, any
stamp or other  duties  payable  upon the sale,  issuance  and  delivery  of the
Securities  to the  Initial  Purchaser  and  any  charges  of DTC in  connection
therewith, (iv) the fees and disbursements of the Company's counsel, accountants
and other advisors, (v) the reasonable fees and disbursements of counsel for the
Initial Purchaser in connection with the preparation of the Blue Sky Survey, and
any supplement thereto, (vi) the fees and expenses of the Trustee, including the
fees and  disbursements  of  counsel  for the  Trustee  in  connection  with the
Indenture and the Securities,  and (vii) any fees payable in connection with the
rating of the Securities.

     (b)  Termination  of  Agreement.  If this  Agreement is  terminated  by the
Initial  Purchaser in  accordance  with the  provisions  of Section 5 or Section
10(a)(i)  hereof,  the Company shall  reimburse the Initial  Purchaser for their
reasonable   out-of-pocket   expenses,   including  the   reasonable   fees  and
disbursements of counsel for the Initial Purchaser.

     SECTION 5. Conditions of Initial Purchaser's  Obligations.  The obligations
of  the  Initial  Purchaser  hereunder  are  subject  to  the  accuracy  of  the
representations  and warranties of the Company  contained in Section 1 hereof or
in  certificates  of any  officer  of  the  Company  or any of its  subsidiaries
delivered  pursuant to the provisions  hereof, to the performance by the Company
of its covenants and other obligations  hereunder,  and to the following further
conditions:

     (a)  Opinion of Counsel  for  Company.  At the  Closing  Time,  the Initial
Purchaser  shall have received the favorable  opinions,  dated as of the Closing
Time,  of the General  Counsel of the Company and of Wachtell,  Lipton,  Rosen &
Katz,  special  counsel  for the  Company,  in  form  and  substance  reasonably
satisfactory to counsel for the Initial  Purchaser,  substantially to the effect
set forth in Exhibit A hereto.  In giving such opinion such counsel may rely, as
to all matters

                                       11
<PAGE>

governed  by the laws of  jurisdictions  other  than the law of the State of New
York,  the federal law of the United States and the General  Corporation  Law of
the State of Delaware,  upon the opinions of counsel satisfactory to the Initial
Purchaser.  Such counsel may also state that,  insofar as such opinion  involves
factual  matters,  they  have  relied,  to the  extent  they deem  proper,  upon
certificates of officers of the Company and its subsidiaries and certificates of
public officials.

     (b) Opinion of Counsel  for Initial  Purchaser.  At the Closing  Time,  the
Initial  Purchaser  shall have received the favorable  opinion,  dated as of the
Closing Time,  of Cravath,  Swaine & Moore,  counsel for the Initial  Purchaser,
with  respect  to the  matters  set  forth  in (i),  (ii),  (vi)  through  (ix),
inclusive,  (xvi) and the penultimate  paragraph of Exhibit A hereto.  In giving
such opinion such  counsel may rely,  as to all matters  governed by the laws of
jurisdictions  other than the law of the State of New York,  the  federal law of
the United States and the General Corporation Law of the State of Delaware, upon
the opinions of counsel satisfactory to the Initial Purchaser.  Such counsel may
also state that,  insofar as such opinion involves  factual  matters,  they have
relied,  to the extent they deem proper,  upon  certificates  of officers of the
Company and its subsidiaries and certificates of public officials.

     (c) Officers'  Certificate.  At the Closing Time, there shall not have been
since the date hereof or since the respective  dates as of which  information is
given in the  Final  Memorandum,  exclusive  of any  amendments  or  supplements
thereto after the date hereof,  any Material  Adverse Effect or any  development
involving a prospective Material Adverse Effect, and the Initial Purchaser shall
have received a certificate  of the President or a Vice President of the Company
and of the chief financial or chief accounting officer of the Company,  dated as
of the  Closing  Time,  to the effect  that (i) there has been no such  Material
Adverse  Effect or any  development  involving a  prospective  Material  Adverse
Effect, (ii) the representations and warranties in Section 1 hereof are true and
correct with the same force and effect as though expressly made at and as of the
Closing  Time,  and (iii) the  Company  has  complied  with all  agreements  and
satisfied all conditions on its part to be performed or satisfied at or prior to
the Closing Time.

     (d)  Accountants'  Comfort  Letter.  At the time of the  execution  of this
Agreement,  the Initial  Purchaser  shall have  received  from KPMG LLP a letter
dated such date, in form and substance  reasonably  satisfactory  to the Initial
Purchaser, containing statements and information of the type ordinarily included
or as  otherwise  agreed  in  accountants'  "comfort  letters"  to  the  Initial
Purchaser  with  respect  to the  financial  statements  and  certain  financial
information contained in the Offering Memorandum.

     (e) Bring-down  Comfort Letter.  At the Closing Time, the Initial Purchaser
shall have received from KPMG LLP a letter, dated as of the Closing Time, to the
effect that it reaffirms the statements made in the letter furnished pursuant to
subsection (d) of this Section, except that the specified date referred to shall
be a date not more than three business days prior to the Closing Time.

     (f)  Maintenance of Rating.  At the Closing Time,  the Securities  shall be
rated at least  BAA3 by  Moody's  and BBB by S&P,  and the  Company  shall  have
delivered to the Initial  Purchaser a letter dated the Closing  Time,  from each
such rating agency,  or other evidence  satisfactory  to the Initial  Purchaser,
confirming  that the  Securities  have such ratings;  and since the date of this
Agreement, there shall not have occurred a downgrading in the rating assigned to
the Se-

                                       12
<PAGE>

curities or any of the Company's other securities by any "nationally  recognized
statistical  rating  agency",  as that term is  defined  by the  Commission  for
purposes of Rule  436(g)(2)  under the 1933 Act, and no such  securities  rating
agency shall have publicly  announced that it has under  surveillance or review,
with possible negative implications,  its rating of the Securities or any of the
Company's other securities.

     (g)  Additional  Documents.  At the Closing  Time,  counsel for the Initial
Purchaser  shall have been  furnished with such documents as they may reasonably
require for the purpose of enabling  them to pass upon the  issuance and sale of
the Securities as herein  contemplated,  or in order to evidence the accuracy of
any of the  representations  or  warranties,  or the  fulfillment  of any of the
conditions,  herein  contained;  and all  proceedings  taken by the  Company  in
connection  with the issuance and sale of the Securities as herein  contemplated
shall be reasonably  satisfactory in form and substance to the Initial Purchaser
and counsel for the Initial Purchaser.

     (h)  Termination of Agreement.  If any condition  specified in this Section
shall  not have  been  fulfilled  when and as  required  to be  fulfilled,  this
Agreement may be terminated by the Initial Purchaser by notice to the Company at
any time at or prior to the Closing Time, and such termination  shall be without
liability  of any party to any other  party  except as provided in Section 4 and
except that Sections 7, 8 and 9 shall survive any such termination and remain in
full force and effect.

     SECTION 6. Subsequent Offers and Resales of the Securities.

     (a) Offer and Sale Procedures. The Initial Purchaser and the Company hereby
establish and agree to observe the following  procedures in connection  with the
offer and sale of the Securities:

          (i)  Offers  and  Sales  only to  Qualified  Institutional  Buyers  or
     Non-U.S. Persons. Offers and sales of the Securities shall only be made (A)
     to persons whom the offeror or seller  reasonably  believes to be qualified
     institutional   buyers,  as  defined  in  Rule  144A  under  the  1933  Act
     ("Qualified  Institutional  Buyers")  and, if any such person is buying for
     one or more  institutional  accounts  for  which  such  person is acting as
     fiduciary or agent,  only when such person has  represented to it that each
     such  account is a  Qualified  Institutional  Buyer to whom notice has been
     given that such sale or delivery is being made in reliance on Rule 144A and
     in each case, in  transactions  in accordance  with Rule 144A or (B) in the
     case of offers or sales made outside the United States, to non-U.S. persons
     outside the United  States,  as defined in Regulation S under the 1933 Act,
     to whom the offeror or seller  reasonably  believes offers and sales of the
     Securities  may be made in reliance  upon  Regulation S under the 1933 Act.
     The Initial Purchaser agrees that it will not offer, sell or deliver any of
     the Securities in any  jurisdiction  outside the United States except under
     circumstances  that will  result in  compliance  with the  applicable  laws
     thereof,  and  that it will  take at its own  expense  whatever  action  is
     required  to permit  its  purchase  and  resale of the  Securities  in such
     jurisdictions.

          (ii) No  General  Solicitation.  No  general  solicitation  or general
     advertising  (within the meaning of Rule 502(c) under the 1933 Act) will be
     used in the United  States in  connection  with the offering or sale of the
     Securities.

                                       13
<PAGE>

          (iii)  Purchases  by Non-Bank  Fiduciaries.  In the case of a non-bank
     Subsequent  Purchaser of a Security  acting as a fiduciary  for one or more
     third  parties,  each third  party  shall,  in the  judgment of the Initial
     Purchaser,   be  an  Institutional   Accredited  Investor  or  a  Qualified
     Institutional Buyer or a non-U.S. person outside the United States.

          (iv) Subsequent  Purchaser  Notification.  The Initial  Purchaser will
     take reasonable steps to inform,  and cause each of its U.S.  Affiliates to
     take  reasonable  steps to inform,  persons  acquiring  Securities from the
     Initial  Purchaser or  affiliate,  as the case may be, in the United States
     that the Securities (A) have not been and will not be registered  under the
     1933 Act,  (B) are being sold to them without  registration  under the 1933
     Act in reliance on Rule 144A or in accordance  with another  exemption from
     registration  under  the 1933 Act,  as the case may be,  and (C) may not be
     offered,  sold or  otherwise  transferred  except (1) to the  Company,  (2)
     outside the United  States in accordance  with  Regulation S, or (3) inside
     the United  States in  accordance  with (x) Rule 144A to a person  whom the
     seller  reasonably  believes  is a  Qualified  Institutional  Buyer that is
     purchasing  such  Securities  for its own  account or for the  account of a
     Qualified  Institutional Buyer to whom notice is given that the offer, sale
     or  transfer  is being made in  reliance  on Rule 144A or (y)  pursuant  to
     another available exemption from registration under the 1933 Act.

          (v) Restrictions on Transfer.  The transfer restrictions and the other
     provisions set forth in the Offering  Memorandum  under the heading "Notice
     to Investors",  including the legend required  thereby,  shall apply to the
     Securities  except as  otherwise  agreed  by the  Company  and the  Initial
     Purchaser.

     (b)  Covenants  of the  Company.  The  Company  covenants  with the Initial
Purchaser as follows:

          (i)  Integration.  The Company  agrees that it will not and will cause
     its  Affiliates not to,  directly or indirectly,  solicit any offer to buy,
     sell or make any offer or sale of, or  otherwise  negotiate  in respect of,
     securities  of the Company of any class if, as a result of the  doctrine of
     "integration"  referred  to in Rule 502 under the 1933 Act,  such  offer or
     sale  would  render  invalid  (for  the  purpose  of (i)  the  sale  of the
     Securities by the Company to the Initial Purchaser,  (ii) the resale of the
     Securities by the Initial  Purchaser to Subsequent  Purchasers or (iii) the
     resale of the  Securities  by such  Subsequent  Purchasers  to others)  the
     exemption from the  registration  requirements  of the 1933 Act provided by
     Section  4(2)  thereof or by Rule 144A or by  Regulation  S  thereunder  or
     otherwise.

          (ii) Rule 144A  Information.  The  Company  agrees  that,  in order to
     render the Securities  eligible for resale  pursuant to Rule 144A under the
     1933 Act,  while any of the  Securities  remain  outstanding,  it will make
     available,  upon  request,  to any  holder  of  Securities  or  prospective
     purchasers  of Securities  the  information  specified in Rule  144A(d)(4),
     unless the Company  furnishes  information  to the  Commission  pursuant to
     Section 13 or 15(d) of the 1934 Act.

          (iii)  Restriction on  Repurchases.  Until the expiration of two years
     after the original  issuance of the  Securities,  the Company will not, and
     will cause its Affiliates not

                                       14

<PAGE>

     to, resell any Securities  which are "restricted  securities" (as such term
     is defined under Rule 144(a)(3) under the 1933 Act),  whether as beneficial
     owner or otherwise (except as agent acting as a securities broker on behalf
     of and for the account of customers  in the ordinary  course of business in
     unsolicited broker's transactions), except in compliance with the 1933 Act.

     (c) Qualified  Institutional  Buyer. The Initial  Purchaser  represents and
warrants to, and agrees with,  the Company that it is a Qualified  Institutional
Buyer and an "accredited  investor"  within the meaning of Rule 501(a) under the
1933 Act (an "Accredited Investor").

     (d) Resale  Pursuant to Rule 903 of Regulation S or Rule 144A.  The Initial
Purchaser  understands  that  the  Securities  have  not  been  and  will not be
registered  under the 1933 Act and may not be offered or sold  within the United
States  or to,  or for the  account  or  benefit  of,  U.S.  persons  except  in
accordance with Regulation S under the 1933 Act or pursuant to an exemption from
the registration requirements of the 1933 Act. The Initial Purchaser represents,
warrants and agrees,  that,  except as  permitted by Section 6(a) above,  it has
offered and sold  Securities  and will offer and sell  Securities (i) as part of
their  distribution  at any time and (ii)  otherwise  until forty days after the
later of the date upon which the offering of the  Securities  commences  and the
Closing Time,  only in accordance with Rule 903 of Regulation S, Rule 144A under
the 1933 Act or another applicable exemption from the registration  requirements
of the 1933 Act. Accordingly,  neither the Initial Purchaser, its affiliates nor
any persons  acting on their  behalf have engaged or will engage in any directed
selling efforts with respect to the Securities pursuant to Regulation S, and the
Initial  Purchaser,  its  affiliates  and any person acting on their behalf have
complied  and  will  comply  with  the  offering  restriction   requirements  of
Regulation S. The Initial  Purchaser agrees that, at or prior to confirmation of
a sale  of  Securities  pursuant  to  Regulation  S it  will  have  sent to each
distributor,  dealer or person  receiving  a  selling  concession,  fee or other
remuneration  that  purchases  Securities  from  it or  through  it  during  the
restricted  period a  confirmation  or notice  to  substantially  the  following
effect:  The Initial Purchaser  represents,  warrants and agrees with respect to
offers and sales outside the United States that:

          (i) it  understands  that no  action  has been or will be taken in any
     jurisdiction  by the  Company  that would  permit a public  offering of the
     Securities or possession or distribution of either  Memorandum or any other
     offering or publicity  material relating to the Securities,  in any country
     or jurisdiction where action for that purpose is required;

          (ii) it will comply with all applicable  laws and  regulations in each
     jurisdiction in which it acquires,  offers, sells or delivers Securities or
     has in its  possession or distributes  either  Memorandum or any such other
     material, in all cases at its own expense;

          (iii) the  Securities  have not been and will not be registered  under
     the 1933 Act and may not be offered or sold within the United States or to,
     or for the account or benefit of, U.S.  persons  except in accordance  with
     Regulations S under the 1933 Act or pursuant to another  exemption from the
     registration requirements of the 1933 Act;

          (iv) it has (1) not  offered or sold and will not offer or sell in the
     United Kingdom, by means of any document,  any Securities other than to any
     persons whose ordinary business it is to buy and sell shares or debentures,
     whether as a principal or agent, or in

                                       15
<PAGE>

     circumstances  which do not  constitute  an offer to the public  within the
     meaning of the  Companies Act 1985, as amended (2) complied and will comply
     with all  applicable  provisions  of the  Financial  Services Act 1986 with
     respect to anything  done by it in relation to the  Securities  in, from or
     otherwise  involving the United  Kingdom,  and (3) only issued or passed on
     and will only issue and pass onto any  persons in the  United  Kingdom  any
     document  received by it in connection  with the issue of the Securities if
     that  person  is of a kind  described  in  Article  9(3)  of the  Financial
     Services Act 1986 (Investment Advertisement)  (Exemptions) Order 1988 or is
     a person to whom the  document may  otherwise  lawfully by issued or passed
     on;

          (v) it understands  that the Securities  have not been and will not be
     registered  under the Securities and Exchange Law of Japan,  and represents
     that it has not offered or sold, and agrees that it will not offer or sell,
     and Securities,  directly or indirectly in Japan or to or from any resident
     of  Japan  except  (i)  pursuant  to an  exemption  from  the  registration
     requirements  of the  Securities  and  Exchange  Law of  Japan  and (ii) in
     compliance with any other applicable requirements of Japanese Law;

          (vi) At or prior to confirmation  of a sale of Securities  pursuant to
     Regulation  S it will  have  sent to each  distributor,  dealer  or  person
     receiving a selling  concession,  fee or other  remuneration that purchases
     Securities   from  it  or  through  it  during  the  restricted   period  a
     confirmation or notice to substantially the following effect:

               "The Securities covered hereby have not been registered under the
          United States  Securities Act of 1933 (the  "Securities  Act") and may
          not be  offered  or sold  within  the  United  States or to or for the
          account or benefit of U.S.  persons (i) as part of their  distribution
          at any time and (ii) otherwise until forty days after the later of the
          date upon which the offering of the Securities  commenced and the date
          of closing,  except in either case in accordance  with Regulation S or
          Rule 144A under the Securities  Act. Terms used above have the meaning
          given to them by Regulation S."

     Terms  used in the  above  paragraph  have  the  meanings  given to them by
     Regulation S.

     (e) Additional  Representations  and Warranties of Initial  Purchaser.  The
Initial  Purchaser  represents  and agrees  that it has not entered and will not
enter into any contractual  arrangements with respect to the distribution of the
Securities,  except with its affiliates or with the prior written consent of the
Company.  The Initial  Purchaser hereby agrees that, prior to or  simultaneously
with the  confirmation of sale by the Initial  Purchaser to any purchaser of any
of the Securities  purchased by the Initial  Purchaser from the Company pursuant
to this  Agreement,  the Initial  Purchaser shall deliver to all such purchasers
with  addresses in the United  States and, to the extent  required by applicable
law, to other purchasers a copy of the Offering Memorandum (any and amendment or
supplement  thereto  that  the  Company  shall  have  furnished  to the  Initial
Purchaser prior to the date of such confirmation of sale). The Initial Purchaser
further  agrees that,  without the prior  written  consent of the  Company,  the
Initial  Purchaser will not disseminate any written  materials to holders of the
Securities  for or in  connection  with the  transactions  contemplated  by this
Agreement other than the Offering Memorandum.

                                       16
<PAGE>

     SECTION 7. Indemnification.

     (a)  Indemnification of Initial Purchaser.  The Company agrees to indemnify
and hold harmless the Initial  Purchaser  and each person,  if any, who controls
the  Initial  Purchaser  within  the  meaning  of  Section 15 of the 1933 Act or
Section 20 of the 1934 Act as follows:

          (i) against  any and all loss,  liability,  claim,  damage and expense
     whatsoever  (at least  quarterly)  arising out of any untrue  statement  or
     alleged untrue  statement of a material fact  contained in any  Preliminary
     Offering  Memorandum or the Final Offering  Memorandum (or any amendment or
     supplement  thereto),  or the omission or alleged  omission  therefrom of a
     material fact  necessary in order to make the  statements  therein,  in the
     light of the circumstances under which they were made, not misleading;

          (ii) against any and all loss,  liability,  claim,  damage and expense
     whatsoever (at least  quarterly) to the extent of the aggregate amount paid
     in settlement of any litigation,  or any investigation or proceeding by any
     governmental  agency  or body,  commenced  or  threatened,  or of any claim
     whatsoever  based upon any such untrue  statement or omission,  or any such
     alleged  untrue  statement or omission;  provided  that (subject to Section
     7(d) below) any such settlement is effected with the written consent of the
     Company; and

          (iii)  against any and all expense  whatsoever,  (at least  quarterly)
     (including the reasonable fees and  disbursements  of counsel),  reasonably
     incurred in  investigating,  preparing or defending against any litigation,
     or any  investigation  or  proceeding by any  governmental  agency or body,
     commenced or threatened, or any claim whatsoever based upon any such untrue
     statement or omission, or any such alleged untrue statement or omission, to
     the  extent  that any such  expense  is not paid  under (i) or (ii)  above;

          provided,  however,  that this indemnity  agreement shall not apply to
     any loss, liability,  claim, damage or expense to the extent arising out of
     any untrue  statement or omission or alleged  untrue  statement or omission
     made in reliance upon and in conformity with written information  furnished
     to the Company by the Initial  Purchaser  expressly for use in the Offering
     Memorandum  (or any  amendment  thereto);  provided,  further,  that,  with
     respect to any loss, liability, claim, damage or expense arising out of any
     untrue  statement  or  omission  or alleged  untrue  statement  or omission
     contained in any  Preliminary  Offering  Memorandum  or the Final  Offering
     Memorandum  (or  any  amendment  or  supplement  thereto),   the  indemnity
     contained  in this  Section  shall not inure to the  benefit of the Initial
     Purchaser (or any person who controls the Initial  Purchaser) if (i) a copy
     of the Final Offering  Memorandum or amendment or supplement thereto was to
     be sent or given to such  purchasers  with  addresses in the United  States
     and, to the extent required by applicable law, to other  purchasers,  at or
     prior to the written confirmation of the sale of the applicable  Securities
     together with all amendments or supplements  thereto available at such time
     and was not sent or given and (ii) such  untrue  statement  or  omission or
     alleged  untrue  statement or omission was corrected in the Final  Offering
     Memorandum  or in any  amendment or  supplement  thereto  available at such
     time.

     (b)  Indemnification of Company.  The Initial Purchaser severally agrees to
indemnify  and hold  harmless the Company and each person,  if any, who controls
the Company within the

                                       17

<PAGE>

meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act  against any
and all loss,  liability,  claim,  damage and expense described in the indemnity
contained in subsection (a) of this Section, as incurred,  but only with respect
to untrue  statements or omissions,  or alleged untrue  statements or omissions,
made in the Offering  Memorandum in reliance upon and in conformity with written
information  furnished to the Company by the Initial Purchaser expressly for use
in the  Offering  Memorandum,  and shall  reimburse  the Company for any and all
expenses  reasonably incurred by the Company in connection with investigating or
defending or preparing to defend against any such loss, claim, damage, liability
or action.

     (c) Actions against Parties;  Notification.  Each  indemnified  party shall
give notice as promptly as reasonably  practicable to the indemnifying  party of
any action  commenced  against it in  respect of which  indemnity  may be sought
hereunder, but failure to so notify an indemnifying party shall not relieve such
indemnifying  party  from any  liability  hereunder  except to the  extent it is
materially  prejudiced as a result thereof and in any event shall not relieve it
from any liability which it may have otherwise than on account of this indemnity
agreement.  In the case of parties  indemnified  pursuant to Section 7(a) above,
counsel to the  indemnified  parties shall be selected by the Initial  Purchaser
and shall be reasonably  acceptable to the Company,  and, in the case of parties
indemnified  pursuant to Section 7(b) above,  counsel to the indemnified parties
shall be  selected  by the Company  and shall be  reasonably  acceptable  to the
Initial  Purchaser.  An indemnifying party may participate at its own expense in
the defense of any such  action and, to the extent it wishes,  shall be entitled
to assume the defense of any such action with counsel reasonably satisfactory to
the  indemnified  party.  After  notice  from  the  indemnifying  party  to  the
indemnified party of its election to assume the defense of such claim or action,
the indemnifying  party shall not be liable to the indemnified  party under this
Section  7 for  any  legal  or  other  expenses  subsequently  incurred  by  the
indemnified  party in connection  with the defense thereof other than reasonable
costs of investigation;  provided, however, that an indemnified party shall have
the right to employ its own counsel in any such action,  but the fees,  expenses
and other  charges  of such  counsel  for the  indemnified  party will be at the
expense of such  indemnified  party unless (i) the  employment of counsel by the
indemnified party has been authorized in writing by the indemnifying party, (ii)
the indemnified party has reasonably  concluded (based upon advice of counsel to
the indemnified party) that there may be legal defenses available to it or other
indemnified parties that are different from or in addition to those available to
the  indemnifying  party,  (iii) a conflict or potential  conflict exists (based
upon advice of counsel to the indemnified  party) between the indemnified  party
and the indemnifying  party (in which case the indemnifying  party will not have
the right to direct  the  defense  of such  action on behalf of the  indemnified
party)  or  (iv)  the  indemnifying  party  has  not in  fact  employed  counsel
reasonably  satisfactory to the indemnified  party to assume the defense of such
action within a reasonable  time after receiving  notice of the  commencement of
the action, in each of which cases the reasonable fees,  disbursements and other
charges of counsel will be at the expense of the indemnifying  party or parties.
In no event shall counsel to the indemnifying  party (except with the consent of
the  indemnified  party) also be counsel to the  indemnified  party. In no event
shall the indemnifying  parties be liable for fees and expenses of more than one
counsel (in addition to any local  counsel)  separate from their own counsel for
all  indemnified  parties  in  connection  with any one action or  separate  but
similar or  related  actions in the same  jurisdiction  arising  out of the same
general  allegations  or  circumstances.  Each  indemnified  party shall use all
reasonable  efforts to cooperate with the  indemnifying  party in the defense of
any such action or claim. No indemnified party seeking or otherwise eligible for
indemnification  or  contribution  hereunder  will,

                                       18
<PAGE>

without the prior written consent of the indemnifying  party (which shall not be
unreasonably withheld), settle, compromise, consent to the entry of any judgment
in or otherwise  seek to terminate any action,  claim,  suit,  investigation  or
proceeding  pursuant to which  indemnity or  contribution is or may be available
hereunder. No indemnifying party shall, without the prior written consent of the
indemnified parties (which consent shall not be unreasonably  withheld),  settle
or  compromise  or  consent  to the entry of any  judgment  with  respect to any
litigation,  or any  investigation or proceeding by any  governmental  agency or
body,  commenced  or  threatened,  or any claim  whatsoever  in respect of which
indemnification  or contribution could be sought under this Section or Section 8
hereof (whether or not the indemnified  parties are actual or potential  parties
thereto),  unless  such  settlement,  compromise  or  consent  (i)  includes  an
unconditional  release of each indemnified  party from all liability arising out
of such litigation, investigation, proceeding or claim and (ii) does not include
a statement as to or an admission of fault,  culpability  or a failure to act by
or on behalf of any indemnified party. Notwithstanding, this Section 7(c), if at
any time an  indemnified  party shall have requested the  indemnifying  party to
reimburse  the  indemnified  party  for  fees  and  expenses  of  counsel,   the
indemnifying  party  shall  not be  liable  for  any  settlement  of the  nature
contemplated  by  this  Section  7(c)  effected  without  its  consent  if  such
indemnifying party (i) reimburses such indemnified party in accordance with such
request to the  extent it  considers  such  request  to be  reasonable  and (ii)
provides  written  notice to the  indemnified  party  substantiating  the unpaid
balance as unreasonable, in each case prior to the date of such settlement.

     SECTION 8. Contribution.  If the indemnification  provided for in Section 7
hereof is for any reason  unavailable  to or  insufficient  to hold  harmless an
indemnified  party in respect of any  losses,  liabilities,  claims,  damages or
expenses referred to therein,  then each indemnifying  party shall contribute to
the aggregate amount of such losses,  liabilities,  claims, damages and expenses
incurred by such indemnified  party, (i) in such proportion as is appropriate to
reflect the  relative  benefits  received by the Company on the one hand and the
Initial Purchaser on the other hand from the offering of the Securities pursuant
to this  Agreement  or (ii) if the  allocation  provided  by  clause  (i) is not
permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative
fault of the Company on the one hand and of the Initial  Purchaser  on the other
hand in  connection  with the  statements  or omissions  which  resulted in such
losses, liabilities,  claims, damages or expenses, as well as any other relevant
equitable considerations.

     The  relative  benefits  received  by the  Company  on the one hand and the
Initial  Purchaser  on the other hand in  connection  with the  offering  of the
Securities  pursuant  to  this  Agreement  shall  be  deemed  to be in the  same
respective  proportions  as the  total net  proceeds  from the  offering  of the
Securities  pursuant to this Agreement (before deducting  expenses)  received by
the Company,  on the one hand, and the total  underwriting  discount received by
the Initial  Purchaser,  on the other,  bear to the aggregate  initial  offering
price of the Securities.

     The relative fault of the Company on the one hand and the Initial Purchaser
on the other hand shall be  determined  by  reference  to,  among other  things,
whether  any such  untrue or alleged  untrue  statement  of a  material  fact or
omission or alleged  omission to state a material  fact  relates to  information
supplied by the Company or by the Initial  Purchaser  and the parties'  relative
intent,  knowledge,  access to information and opportunity to correct or prevent
such statement or omission.

                                       19
<PAGE>

     The Company and the Initial  Purchaser  agree that it would not be just and
equitable if  contribution  pursuant to this Section were determined by pro rata
allocation or by any other method of  allocation  which does not take account of
the equitable  considerations  referred to above in this Section.  The aggregate
amount of losses,  liabilities,  claims,  damages  and  expenses  incurred by an
indemnified  party  and  referred  to above in this  Section  shall be deemed to
include any legal or other  expenses  reasonably  incurred  by such  indemnified
party in investigating,  preparing or defending  against any litigation,  or any
investigation  or proceeding by any  governmental  agency or body,  commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged untrue
statement or omission or alleged omission.

     Notwithstanding the provisions of this Section, the Initial Purchaser shall
not be  required to  contribute  any amount in excess of the amount by which the
total price at which the Securities  purchased and sold by it hereunder  exceeds
the  amount of any  damages  which the  Initial  Purchaser  has  otherwise  been
required to pay under  Section  7(b) by reason of such untrue or alleged  untrue
statement or omission or alleged omission.

     No person  guilty of  fraudulent  misrepresentation  (within the meaning of
Section 11(f) of the 1933 Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

     For purposes of this Section, each person, if any, who controls the Initial
Purchaser  within the meaning of Section 15 of the 1933 Act or Section 20 of the
1934 Act shall have the same rights to  contribution  as the Initial  Purchaser,
and each person,  if any, who controls the Company within the meaning of Section
15 of the 1933 Act or Section  20 of the 1934 Act shall have the same  rights to
contribution as the Company.

     SECTION 9. Representations,  Warranties and Agreements to Survive Delivery.
Subject to the initial sentence of Section 1(a), all representations, warranties
and agreements contained in this Agreement or in certificates of officers of the
Company  or any of its  subsidiaries  submitted  pursuant  hereto  shall  remain
operative and in full force and effect,  regardless of any investigation made by
or on behalf of the Initial Purchaser or controlling  person, or by or on behalf
of the Company,  and shall  survive  delivery of the  Securities  to the Initial
Purchaser.

     SECTION 10. Termination of Agreement.

     (a)  Termination;   General.  The  Initial  Purchaser  may  terminate  this
Agreement, by notice to the Company, at any time at or prior to the Closing Time
(i) if there has been,  since the time of execution  of this  Agreement or since
the  respective  dates as of which  information  is given in the Final  Offering
Memorandum  exclusive of any  amendment  or  supplement  thereto  after the date
hereof, any material adverse change in the condition, financial or otherwise, or
in the  earnings  or  business  affairs  of the  Company  and  its  subsidiaries
considered as one  enterprise,  whether or not arising in the ordinary course of
business,  or (ii) if there has  occurred  any  material  adverse  change in the
financial markets in the United States or the international  financial  markets,
any outbreak of hostilities or escalation thereof or other calamity or crisis or
any  change  or  development  involving  a  prospective  change in  national  or
international  political,  financial  or economic  conditions,  in each case the
effect of which is such as to make it, in the judgment of the Initial Purchaser,
impracticable to market the Securities or to enforce contracts for the sale of

                                       20
<PAGE>

the  Securities,  or (iii) if trading in any  securities of the Company has been
suspended  or  materially  limited  by the  Commission  or the  New  York  Stock
Exchange, or if trading generally on the American Stock Exchange or the New York
Stock Exchange or in the NASDAQ System has been suspended or materially limited,
or minimum or maximum prices for trading have been fixed,  or maximum ranges for
prices  have been  required,  by any of said  exchanges  or by such system or by
order of the Commission, the National Association of Securities Dealers, Inc. or
any  other  governmental  authority,  or (iv) if a banking  moratorium  has been
declared by either Federal or New York authorities.

     (b) Liabilities.  If this Agreement is terminated pursuant to this Section,
such  termination  shall be without  liability  of any party to any other  party
except as provided in Section 4 hereof, and provided further that Sections 1, 7,
8 and 9 shall  survive  such  termination  and remain in full force and  effect.

     SECTION 11. Notices. All notices and other  communications  hereunder shall
be in  writing  and  shall be  deemed  to have  been  duly  given if  mailed  or
transmitted  by any standard form of  telecommunication.  Notices to the Initial
Purchaser shall be directed to it at North Tower,  World Financial  Center,  New
York, New York 10281,  attention of Greg Kelly,  Vice President;  notices to the
Company shall be directed to it at One American Lane, Greenwich, CT 06831- 2559,
attention of Senior Vice President and General Counsel; with a copy to Wachtell,
Lipton,  Rosen & Katz,  51 West 52nd Street,  New York,  NY 10019,  attention of
Steven A. Cohen, Esq.

     SECTION 12.  Parties.  This Agreement  shall inure to the benefit of and be
binding  upon  the  Initial  Purchaser  and the  Company  and  their  respective
successors.  Nothing  expressed or  mentioned  in this  Agreement is intended or
shall be  construed  to give any  person,  firm or  corporation,  other than the
Initial  Purchaser  and the  Company  and their  respective  successors  and the
controlling  persons and officers and directors  referred to in Sections 7 and 8
and their heirs and legal representatives,  any legal or equitable right, remedy
or  claim  under  or in  respect  of  this  Agreement  or any  provision  herein
contained.  This Agreement and all conditions and provisions hereof are intended
to be for the  sole and  exclusive  benefit  of the  Initial  Purchaser  and the
Company  and their  respective  successors,  and said  controlling  persons  and
officers and  directors and their heirs and legal  representatives,  and for the
benefit of no other person, firm or corporation. No purchaser of Securities from
the Initial Purchaser shall be deemed to be a successor by reason merely of such
purchase.

     SECTION 13. GOVERNING LAW AND TIME. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  SPECIFIED TIMES
OF DAY REFER TO NEW YORK CITY TIME.

     SECTION 14. Effect of Headings. The Article and Section headings herein and
the  Table of  Contents  are for  convenience  only and  shall  not  affect  the
construction hereof.

                                       21
<PAGE>

     If the foregoing is in accordance with your understanding of our agreement,
please  sign and return to the  Company a  counterpart  hereof,  whereupon  this
instrument, along with all counterparts, will become a binding agreement between
the Initial Purchaser and the Company in accordance with its terms.

                                      Very truly yours,

                                      CK WITCO CORPORATION

                                      By:
                                           Title:

CONFIRMED AND ACCEPTED,
as of the date first above written:

MERRILL LYNCH, PIERCE, FENNER & SMITH
   INCORPORATED

     By
       Authorized Signatory

                                       22
<PAGE>

                                   SCHEDULE A

                              CK WITCO CORPORATION

                                  $25,000,000

                          Floating Rate Notes due 2001

     1. The purchase price to be paid by the Initial Purchasers for the Floating
Rate Notes shall be 99.85% of the principal amount thereof.

     2. The interest  rate on the Floating  Rate Notes shall be LIBOR plus 1.00%
per annum.

                                    Sch A-1

<PAGE>

                                                                       Exhibit A

                      FORM OF OPINION OF COMPANY'S COUNSEL
                          TO BE DELIVERED PURSUANT TO
                                 SECTION 5(a)*

     (i) The Company  has been duly  incorporated  and is validly  existing as a
corporation in good standing under the laws of the state of Delaware.1

     (ii) The  Company  has  corporate  power and  authority  to own,  lease and
operate its  properties and to conduct its business as described in the Offering
Memorandum  (except where the failure to have such power and authority would not
have a Material  Adverse  Effect) and to enter into and perform its  obligations
under the Purchase Agreement.1

     (iii) The Company is duly  qualified as a foreign  corporation  to transact
business  and  is  in  good  standing  in  each   jurisdiction   in  which  such
qualification  is  required,  whether by reason of the  ownership  or leasing of
property or the conduct of  business,  except where the failure so to qualify or
to be in good standing would not result in a Material Adverse Effect.2

     (iv) Each Designated  Subsidiary has been duly  incorporated and is validly
existing  as  a  corporation   under  the  laws  of  the   jurisdiction  of  its
incorporation,  has corporate  power and authority to own, lease and operate its
properties and to conduct its business as described in the Offering  Memorandum.
Each  Designated  Subsidiary  organized  under the laws of a state of the United
States  is in good  standing  under  the  laws of its  organization  and is duly
qualified as a foreign  corporation to transact business and is in good standing
in each state in which such qualification is required,  whether by reason of the
ownership  or leasing of property or the conduct of  business,  except where the
failure so to qualify or to be in good  standing  would not result in a Material
Adverse  Effect;  all of the  issued  and  outstanding  capital  stock  of  each
Designated Subsidiary has been duly authorized and validly issued, is fully paid
and non-assessable  and, to the best of our knowledge and information,  is owned
by the Company, directly or through subsidiaries, free and clear of any security
interest, mortgage, pledge, lien, encumbrance, claim or equity.2

     (v) The Purchase Agreement has been duly authorized, executed and delivered
by the Company.1

     (vi) The Indenture has been duly authorized,  executed and delivered by the
Company and (assuming the due  authorization,  execution and delivery thereof by
the  Trustee)  constitutes  a  valid  and  binding  agreement  of  the  Company,
enforceable  against the  Company in  accordance  with its terms,  except as the
enforcement thereof may be limited by bankruptcy, insolvency (in-

----------------------
   * The  paragraphs  followed by footnote 1 will be given  both by  the Company
Counsel  and  WLR&K;  paragraphs  followed  by  footnote  2 will be given by the
Company Counsel only;  paragraphs  followed by footnote 3 will be given by WLR&K
only; and paragraphs  followed by footnote 4 may be divided  between the Company
Counsel and WLR&K.

                                     A - 1
<PAGE>

cluding,  without  limitation,  all  laws  relating  to  fraudulent  transfers),
reorganization,  moratorium  or other  similar  laws  relating  to or  affecting
enforcement of creditors' rights generally,  or by general  principles of equity
(regardless of whether enforcement is considered in a proceeding in equity or at
law).1

     (vii) The Securities are in the form  contemplated  by the Indenture,  have
been duly  authorized  by the  Company  and,  when  executed  by the Company and
authenticated  by the Trustee in the manner provided in the Indenture  (assuming
the due  authorization,  execution and delivery of the Indenture by the Trustee)
and issued and delivered  against payment of the purchase price  therefor,  will
constitute valid and binding obligations of the Company, enforceable against the
Company in accordance with their terms, except as the enforcement thereof may be
limited  by  bankruptcy,  insolvency,  reorganization,   moratorium  (including,
without limitation, all laws relating to fraudulent transfers), or other similar
laws relating to or affecting enforcement of creditor's rights generally,  or by
general principles of equity (regardless of whether enforcement is considered in
a proceeding  in equity or at law),  and will be entitled to the benefits of the
Indenture.1

     (viii) The Securities and the Indenture conform in all material respects to
the descriptions thereof contained in the Offering Memorandum under "Description
of the Notes".3

     (ix) The  documents  incorporated  by reference in the Offering  Memorandum
(other than the financial  statements and supporting  schedules  therein,  as to
which no opinion  need be  rendered),  when they were filed with the  Commission
complied as to form in all material  respects with the  requirements of the 1934
Act and the rules and regulations of the Commission thereunder.2

     (x) There is not pending or, to the best of our  knowledge,  threatened any
action, suit, proceeding, inquiry or investigation,  to which the Company or any
subsidiary is a party, or to which the property of the Company or any subsidiary
thereof is  subject,  before or brought by any court or  governmental  agency or
body, which might reasonably be expected to result in a Material Adverse Effect,
or the consummation of the transactions  contemplated in the Purchase  Agreement
or  the  performance  by  the  Company  of  its  obligations  thereunder  or the
transactions contemplated by the Offering Memorandum.2

     (xi)  The  information  in  the  Offering   Memorandum  under  "Summary-The
Offering"   "Description   of  the   Notes",   "Certain   Federal   Income   Tax
Considerations" and "Exchange Offer; Registration Rights," to the extent that it
constitutes   summaries  of  legal  matters  or  legal  proceedings,   or  legal
conclusions, has been reviewed by us and fairly summarizes the matters described
therein.3

     (xii) All  descriptions  in the Offering  Memorandum of contracts and other
documents  to which  the  Company  or any of its  subsidiaries  are a party  are
accurate in all material  respects;  to the best of our knowledge,  there are no
franchises,  contracts, indentures, mortgages, loan agreements, notes, leases or
other  instruments  that  would be  required  to be  described  in the  Offering
Memorandum  that are not  described  or referred to in the  Offering  Memorandum
other than those  described or referred to therein or  incorporated by reference
thereto,  and the descriptions  thereof or references thereto are correct in all
material respects.2

                                     A - 2
<PAGE>

     (xiii) To the best of our  knowledge,  neither  the  Company nor any of its
subsidiaries  is in  violation  of its  charter or by-laws and no default by the
Company or any of its  subsidiaries  exists in the due performance or observance
of any obligation,  agreement,  covenant or condition contained in any contract,
indenture,   mortgage,  loan  agreement,  note,  lease  or  other  agreement  or
instrument  that is  described  or referred  to in the  Offering  Memorandum  or
incorporated  by reference  therein,  except as would not reasonably be expected
to,  individually  or in the  aggregate,  have a Material  Adverse Effect on the
Company and its subsidiaries, taken as a whole.2

     (xiv) No filing with, or authorization,  approval, consent, license, order,
registration, qualification or decree of, any court or governmental authority or
agency,  domestic  or  foreign  (other  than such as may be  required  under the
applicable  securities laws of the various jurisdictions in which the Securities
will be offered or sold,  as to which we need express no opinion) by the Company
or its  subsidiaries  is  necessary  or  required  in  connection  with  the due
authorization,  execution  and  delivery of the  Purchase  Agreement  or the due
execution,  delivery or  performance  of the Indenture by the Company or for the
offering,  issuance, sale or delivery of the Securities to the Initial Purchaser
or the  resale by the  Initial  Purchaser  in  accordance  with the terms of the
Purchase  Agreement,  provided  that the foregoing is limited to the laws of the
State of New York, the general corporation law of the State of Delaware, and the
laws of the United  States of America,  that,  in our  experience,  are normally
applicable to  transactions  of the type provided in the Purchase  Agreement and
the Registration Rights Agreement.4

     (xv) Assuming  compliance  by all parties with the terms and  conditions of
the Purchase Agreement and Indenture, it is not necessary in connection with the
offer,  sale and delivery of the Securities to the Initial Purchaser and to each
Subsequent  Purchaser in the manner  contemplated by the Purchase  Agreement and
the  Offering  Memorandum  to register the  Securities  under the 1933 Act or to
qualify the Indenture under the Trust Indenture Act.3

     (xvi) The execution,  delivery and  performance of the Purchase  Agreement,
the DTC Agreement,  the Indenture and the Securities and the consummation of the
transactions  contemplated  in  the  Purchase  Agreement  and  in  the  Offering
Memorandum (including the use of the proceeds from the sale of the Securities as
described in the Offering  Memorandum  under the caption "Use Of Proceeds")  and
compliance by the Company with its obligations under the Purchase Agreement, the
Indenture and the  Securities  do not and will not,  whether with or without the
giving of notice or lapse of time or both,  conflict with or constitute a breach
of, or default or  Repayment  Event (as  defined  in Section  1(a)(xiii)  of the
Purchase  Agreement)  under or result in the creation or imposition of any lien,
charge  or  encumbrance  upon any  property  or  assets  of the  Company  or any
subsidiary thereof pursuant to any contract, indenture, mortgage, deed of trust,
loan or credit  agreement,  note,  lease or any other  agreement or  instrument,
known to us, to which the  Company or any of its  subsidiaries  is a party or by
which it or any of them may be bound,  or to which any of the property or assets
of the Company or any subsidiary  thereof is subject (except for such conflicts,
breaches  or defaults or liens,  charges or  encumbrances  that would not have a
Material  Adverse  Effect),  nor will such action result in any violation of (A)
the  charter  or  by-laws  of the  Company  or any of its  subsidiaries,  or any
applicable law,  statute,  rule,  regulation,  judgment,  order, writ or decree,
known to us, of any government, government instrumentality or court, domestic or
foreign,  having  jurisdiction  over  the  Company  or  any  of  its  Designated
Subsidiaries or any of the respective  properties,  assets, or operations or (B)
the General  Corporation Law of the State of Delaware,  the laws of the State of
New York or the laws of the United States

                                     A - 3
<PAGE>

of America.  Such  counsel  need not  express any opinion in this clause  (xvi),
however,  as to (i) the blue sky laws of any  state,  (ii) laws other than those
that, in our  experience,  are normally  applicable to  transactions of the type
provided for by the Purchase Agreement and the Registration  Agreement and (iii)
any consent or authorization  which may have become applicable to the Company as
a result of the Initial Purchaser's involvement in the Purchase Agreement or the
Registration  Rights  Agreement  because  of the  Initial  Purchaser's  legal or
regulatory status or because of any other facts  specifically  pertaining to the
Initial Purchaser.4

     (xvii) The Company is not an "investment company" or an entity "controlled"
by an "investment company," as such terms are defined in the 1940 Act.3

     Nothing has come to our  attention  that would lead us to believe  that the
Offering Memorandum or any amendment or supplement thereto (except for financial
statements and schedules and other  financial data included or  incorporated  by
reference therein or omitted therefrom as to which we need make no statement and
except as to  documents  incorporated  by  reference),  at the time the Offering
Memorandum  was issued,  at the time any such amended or  supplemented  Offering
Memorandum  was issued or at the  Closing  Time,  included or includes an untrue
statement  of a  material  fact or  omitted  or omits to state a  material  fact
necessary  in  order  to  make  the  statements  therein,  in the  light  of the
circumstances under which they were made, not misleading.1

     The  foregoing  opinions  and  statements  may be subject  to  assumptions,
qualifications  and  limitations  customary  in  similar  transactions.

                                     A - 4SUPPLEMENT TO OFFERING MEMORANDUM                 CONFIDENTIAL

                            $600,000,000
                              CKWITCO
                    8 1/2% SENIOR NOTES DUE 2005

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

     The offering memorandum attached hereto is hereby
supplemented by deleting the last two paragraphs on page 41 and
replacing those paragraphs with the following:

     "If we are obligated, we will use our reasonable best
efforts to file a shelf registration statement, as promptly as
practicable after becoming so obligated and use our reasonable
best efforts to cause the shelf registration statement to be
declared effective by the Commission as promptly as practicable
but no later than 150 days after becoming so obligated.  We will
use our reasonable best efforts to keep the shelf registration
statement continuously effective until the second anniversary of
the effective date of the shelf registration statement or such
shorter period that will terminate when all the Registrable Notes
covered by the shelf registration statement have been sold
pursuant thereto or cease to be outstanding or otherwise to be
Registrable Notes.  A holder of notes that sell its notes under
the shelf registration statement generally will be required to be
named as a selling security holder in the related prospectus and
to deliver a prospectus to purchasers, will be subject to certain
of the civil liability provisions under the Securities Act in
connection with such sales and will be bound by the provisions of
the registration rights agreement that are applicable to such
holder (including certain indemnification and contribution
obligations).

If:

 . the Exchange Offer Registration Statement in not filed with the
Commission on or prior to the 75th calendar day following the
date of original issue of the notes,

 .  the Exchange Offer Registration Statement has not been
declared effective on or prior to the 150th calendar day
following the date of original issue of the notes, or

 .  the Exchange Offer is not consummated on or prior to the 180th
calendar day following the date of original issue of the notes or
a shelf registration statement is not declared effective within
150 days after the obligation arises to file the shelf
registration statement.

(each such event referred to in the above clauses, a
"Registration Default"), the interest rate borne by the notes
will increase ("Additional Interest") by 0.25% per annum upon the
occurrence of each Registration Default.  The rate will increase
by an additional 0.25% after each 90-day period that a
Registration Default is continuing, up to a maximum increase of
1.00% per annum.  Following the cure of all Registration Defaults
Additional Interest will cease to accrue and the interest rate
will revert to the original rate."

                 MERRILL LYNCH & CO.

The date of this supplement to the offering memorandum is
March 2, 2000.

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