Document:

Unassociated Document

 

PUBLISHED
CUSIP NUMBER: 17187MAA8

CREDIT
AGREEMENT

Dated as
of February 16, 2005

among

CINCINNATI
BELL INC.,

as the
Borrower,

Certain
Subsidiaries of the Borrower

from time
to time party hereto,

as
Guarantors,

BANK
OF AMERICA, N.A.,

as
Administrative Agent and an L/C Issuer,

PNC
BANK, NATIONAL ASSOCIATION

as
Swingline Lender and an L/C Issuer,

and

The Other
Lenders party hereto

BANC
OF AMERICA SECURITIES LLC

and

CREDIT
SUISSE FIRST BOSTON

as

Joint
Lead Arrangers and Joint Book Managers

TABLE OF
CONTENTS

 

	
      Section
	 	
      Page

	 	 	 
	
      ARTICLE
      I DEFINITIONS AND ACCOUNTING TERMS
	
      1

	
      1.01
	
      Defined
      Terms
	
      1

	
      1.02
	
      Other
      Interpretive Provisions
	
      34

	
      1.03
	
      Accounting
      Terms
	
      35

	
      1.04
	
      Rounding
	
      36

	
      1.05
	
      Times
      of Day
	
      36

	
      1.06
	
      Letter
      of Credit Amounts
	
      36

	
      ARTICLE
      II THE COMMITMENTS AND CREDIT EXTENSIONS
	
      36

	
      2.01
	
      Revolving
      Loans
	
      36

	
      2.02
	
      Borrowings,
      Conversions and Continuations of Committed Loans
	
      37

	
      2.03
	
      Letters
      of Credit
	
      38

	
      2.04
	
      Swingline
      Loans
	
      47

	
      2.05
	
      Prepayments
	
      50

	
      2.06
	
      Termination
      or Reduction of Aggregate Revolving Commitments
	
      51

	
      2.07
	
      Repayment
      of Loans
	
      51

	
      2.08
	
      Interest
	
      52

	
      2.09
	
      Fees
	
      52

	
      2.10
	
      Computation
      of Interest and Fees
	
      53

	
      2.11
	
      Evidence
      of Debt
	
      53

	
      2.12
	
      Payments
      Generally; Administrative Agent's Clawback
	
      54

	
      2.13
	
      Sharing
      of Payments by Lenders
	
      55

	
      ARTICLE
      III TAXES, YIELD PROTECTION AND ILLEGALITY
	
      56

	
      3.01
	
      Taxes
	
      56

	
      3.02
	
      Illegality
	
      59

	
      3.03
	
      Inability
      to Determine Rates
	
      59

	
      3.04
	
      Increased
      Costs
	
      60

	
      3.05
	
      Compensation
      for Losses; Breakage Payments
	
      62

	
      3.06
	
      Mitigation
      Obligations; Replacement of Lenders
	
      62

	
      3.07
	
      Survival
	
      63

	
      ARTICLE
      IV GUARANTY
	
      63

	
      4.01
	
      The
      Guaranty
	
      63

	
      4.02
	
      Obligations
      Unconditional
	
      64

	
      4.03
	
      Reinstatement
	
      65

	
      4.04
	
      Certain
      Additional Waivers
	
      65

	
      4.05
	
      Remedies
	
      65

	
      4.06
	
      Rights
      of Contribution
	
      66

	
      4.07
	
      Guarantee
      of Payment; Continuing Guarantee
	
      66

	
      ARTICLE
      V CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	
      66

	
      5.01
	
      Conditions
      of Closing Date and Initial Credit Extension
	
      66

	
      5.02
	
      Conditions
      to all Credit Extensions
	
      69

 

 

i

 

 

	
      ARTICLE
      VI REPRESENTATIONS AND WARRANTIES
	
      69

	
      6.01
	
      Existence,
      Qualification and Power
	
      70

	
      6.02
	
      Authorization;
      No Contravention
	
      70

	
      6.03
	
      Governmental
      Authorization; Other Consents
	
      70

	
      6.04
	
      Binding
      Effect
	
      70

	
      6.05
	
      Financial
      Statements; No Material Adverse Effect
	
      71

	
      6.06
	
      Litigation
	
      72

	
      6.07
	
      No
      Default
	
      72

	
      6.08
	
      Ownership
      of Property; Liens
	
      72

	
      6.09
	
      Environmental
      Compliance
	
      72

	
      6.10
	
      Insurance
	
      73

	
      6.11
	
      Taxes
	
      73

	
      6.12
	
      ERISA
      Compliance
	
      73

	
      6.13
	
      Capital
      Structure/Subsidiaries
	
      73

	
      6.14
	
      Margin
      Regulations; Investment Company Act; Public Utility Holding Company
      Act
	
      74

	
      6.15
	
      Disclosure
	
      74

	
      6.16
	
      Compliance
      with Laws
	
      75

	
      6.17
	
      Intellectual
      Property
	
      75

	
      6.18
	
      Solvency
	
      75

	
      6.19
	
      Telecommunications
      Regulatory Matters
	
      75

	
      ARTICLE
      VII AFFIRMATIVE COVENANTS
	
      76

	
      7.01
	
      Financial
      Statements
	
      76

	
      7.02
	
      Certificates;
      Other Information
	
      77

	
      7.03
	
      Notices
      and Information
	
      78

	
      7.04
	
      Payment
      of Obligations
	
      78

	
      7.05
	
      Preservation
      of Existence, Etc.
	
      79

	
      7.06
	
      Maintenance
      of Properties
	
      79

	
      7.07
	
      Maintenance
      of Insurance
	
      79

	
      7.08
	
      Compliance
      with Laws and Contractual Obligations
	
      79

	
      7.09
	
      Books
      and Records
	
      80

	
      7.10
	
      Inspection
      Rights
	
      80

	
      7.11
	
      Use
      of Proceeds
	
      80

	
      7.12
	
      Additional
      Guarantors
	
      80

	
      7.13
	
      Further
      Assurances
	
      82

	
      ARTICLE
      VIII NEGATIVE COVENANTS
	
      82

	
      8.01
	
      Liens
	
      83

	
      8.02
	
      Investments
	
      85

	
      8.03
	
      Indebtedness
	
      88

	
      8.04
	
      Fundamental
      Changes
	
      91

	
      8.05
	
      Dispositions
	
      91

	
      8.06
	
      Restricted
      Payments
	
      92

	
      8.07
	
      Change
      in Nature of Business
	
      93

	
      8.08
	
      Transactions
      with Affiliates and Insiders
	
      94

	
      8.09
	
      Burdensome
      Agreements
	
      94

	
      8.10
	
      Use
      of Proceeds
	
      95

	
      8.11
	
      Financial
      Covenants
	
      95

 

 

ii

 

	
      8.12
	
      Prepayment
      of Other Indebtedness, Amendment of Documents, Etc.
	
      96

	
      8.13
	
      Organization
      Documents; Fiscal Year
	
      97

	
      8.14
	
      Ownership
      of Subsidiaries
	
      97

	
      8.15
	
      Negative
      Covenants Applicable to Wireless Holdco
	
      98

	
      8.16
	
      Designated
      Senior Indebtedness.
	
      98

	
      ARTICLE
      IX EVENTS OF DEFAULT AND REMEDIES
	
      98

	
      9.01
	
      Events
      of Default
	
      98

	
      9.02
	
      Remedies
      Upon Event of Default
	
      101

	
      9.03
	
      Application
      of Funds
	
      101

	
      ARTICLE
      X ADMINISTRATIVE AGENT
	
      102

	
      10.01
	
      Appointment
      and Authority
	
      102

	
      10.02
	
      Rights
      as a Lender
	
      103

	
      10.03
	
      Exculpatory
      Provisions
	
      103

	
      10.04
	
      Reliance
      by Administrative Agent
	
      104

	
      10.05
	
      Delegation
      of Duties
	
      104

	
      10.06
	
      Resignation
      of Administrative Agent
	
      105

	
      10.07
	
      Non
      Reliance on Administrative Agent and Other Lenders
	
      106

	
      10.08
	
      No
      Other Duties, Etc.
	
      106

	
      10.09
	
      Administrative
      Agent May File Proofs of Claim
	
      106

	
      10.10
	
      Collateral
      and Guaranty Matters
	
      107

	
      ARTICLE
      XI MISCELLANEOUS
	
      108

	
      11.01
	
      Amendments,
      Etc.
	
      108

	
      11.02
	
      Notices.
      Effectiveness of Electronic Communications
	
      112

	
      11.03
	
      No
      Waiver; Cumulative Remedies
	
      113

	
      11.04
	
      Expenses;
      Indemnity; Damage Waiver
	
      114

	
      11.05
	
      Payments
      Set Aside
	
      115

	
      11.06
	
      Successors
      and Assigns
	
      116

	
      11.07
	
      Treatment
      of Certain Information; Confidentiality
	
      120

	
      11.08
	
      Set
      off
	
      120

	
      11.09
	
      Interest
      Rate Limitation
	
      121

	
      11.10
	
      Counterparts;
      Integration; Effectiveness
	
      121

	
      11.11
	
      Survival
      of Representations and Warranties
	
      122

	
      11.12
	
      Severability
	
      122

	
      11.13
	
      Replacement
      of Lenders
	
      122

	
      11.14
	
      Governing
      Law; Jurisdiction; Etc.
	
      123

	
      11.15
	
      Waiver
      of Jury Trial
	
      124

	
      11.16
	
      Term
      of Agreement
	
      124

	
      11.17
	
      USA
      PATRIOT Act Notice
	
      124

	
      11.18
	
      Subordination
      of Intercompany Debt
	
      125

	
      11.19
	
      Matters
      Related to Existing Indentures
	
      125

	
      11.20
	
      Permitted
      Receivables Financings
	
      125

 

iii

SCHEDULES

 

	
      1.01A
	
      Existing
      Letters of Credit

	
      1.01B
	
      Guarantors

	
      2.01
	
      Commitments
      and Applicable Percentages

	
      6.03
	
      Required
      Consents, Authorizations, Notices and Filings

	
      6.13(a)
	
      Corporate
      Structure

	
      6.13(b)
	
      Subsidiaries

	
      8.01
	
      Existing
      Liens

	
      8.02
	
      Existing
      Investments

	
      8.03
	
      Existing
      Indebtedness

	
      11.02
	
      Administrative
      Agent's Office, Certain Addresses for Notices

	
      11.06
	
      Processing
      and Recordation Fees

 

EXHIBITS

 

	
      A
	
      Form
      of Committed Loan Notice

	
      B
	
      Form
      of Swingline Loan Notice

	
      C
	
      Form
      of Revolving Note

	
      C-1
	
      Form
      of Swingline Note

	
      D
	
      Form
      of Compliance Certificate

	
      E
	
      Form
      of Joinder Agreement

	
      F
	
      Form
      of Assignment and Assumption

 

iv

CREDIT
AGREEMENT

This
CREDIT AGREEMENT (as amended, modified, restated or supplemented from time to
time, the "Agreement") is
entered into as of February 16, 2005 by and among CINCINNATI BELL INC., an
Ohio corporation (together
with any permitted successors and assigns, the
"Borrower"), the
Guarantors (as defined herein),
the Lenders
(as defined herein), and BANK OF AMERICA, N.A., as Administrative Agent and an
L/C Issuer, and PNC BANK, NATIONAL ASSOCIATION, as Swingline Lender and an L/C
Issuer.

The
Borrower has requested that the Lenders provide a revolving credit facility in
an aggregate amount of $250,000,000 for the purposes hereinafter set forth, and
the Lenders are willing to do so on the terms and conditions set forth
herein.

In
consideration of the mutual covenants and agreements herein contained, and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto covenant and agree as follows:

ARTICLE
I

DEFINITIONS
AND ACCOUNTING TERMS

1.01 Defined
Terms.

As used
in this Agreement, the following terms shall have the meanings set forth
below:

"1993
Senior Note Documents" means
the 1993 Senior Notes, the 1993 Senior Note Indenture, and any other agreements,
indentures and instruments pursuant to which the 1993 Senior Notes
issued.

"1993
Senior Note Indenture" means
the Indenture, dated as of July 1, 1993, between the Borrower, as
issuer, and The Bank of New York, as Trustee.

"1993
Senior Notes" means
the Borrower's 71⁄4% Senior Notes due 2023 issued pursuant to the 1993 Senior Note
Indenture.

"2003
83⁄8% Junior Note Documents" means
the 2003 83⁄8% Junior Notes, the 2003 83⁄8% Junior Note Indenture, and any other
agreements, indentures and instruments pursuant to which the 2003 83⁄8% Junior
Notes are issued.

"2003
83⁄8% Junior Note Indenture" means
the Indenture, dated as of November 19, 2003, by and among the
Borrower, as issuer, the guarantors party thereto and The Bank of New York, as
trustee.

"2003
83⁄8% Junior Notes" means
the Borrower's 83⁄8% Senior Subordinated Notes due 2014 issued pursuant to the
2003 83⁄8% Junior Note Indenture.

1

"2003
16% Junior Note Documents" means
the 2003 16% Junior Notes, the 2003 16% Junior Note Indenture, the 2003 16%
Junior Note Purchase Agreement, the Warrants, the Warrant Agreement and any
other agreements, indentures and instruments pursuant to which the 2003 16%
Junior Notes or the Warrants are issued.

"2003
16% Junior Note Indenture" means
the Indenture, dated as of March 26, 2003, by and among the Borrower,
as issuer, the guarantors party thereto and The Bank of New York, as
trustee.

"2003
16% Junior Note Purchase Agreement" means
the Purchase Agreement dated as of December 9, 2002 among the
Borrower, GS Mezzanine Partners II, L.P. and GS Mezzanine Partners II Offshore,
L.P.

"2003
16% Junior Notes" means
the Borrower's 16% Senior Subordinated Discount Notes due 2009 issued pursuant
to the 2003 16% Junior Note Indenture.

"2003
Senior Note Documents" means
the 2003 Senior Notes, the 2003 Senior Note Indenture, and any other agreements,
indentures and instruments pursuant to which the 2003 Senior Notes
issued.

"2003
Senior Note Indenture" means
the Indenture, dated as of July 11, 2003, by and among the Borrower,
as issuer, the guarantors party thereto and The Bank of New York, as
Trustee.

"2003
Senior Notes" means
the Borrower's 71⁄4%
Senior
Notes due 2013 issued by the Borrower pursuant to the 2003 Senior Note
Indenture.

"2005
Junior Note Documents" means
the 2005 Junior Notes, the 2003 83⁄8% Junior Note Indenture, and any other
agreements, indentures and instruments pursuant to which the 2005 Junior Notes
are issued.

"2005
Junior Notes" means
the Borrower's 83⁄8% Senior Subordinated Notes due 2014 issued on the Closing Date
pursuant to the 2003 83⁄8% Junior Note Indenture.

"2005
Senior Note Documents" means
the 2005 Senior Notes, the 2005 Senior Note Indenture, and any other agreements,
indentures and instruments pursuant to which the 2005 Senior Notes
issued.

"2005
Senior Note Indenture"
means the
Indenture, dated as of the Closing Date, by and among the Borrower, as issuer,
and The Bank
of New York, as
trustee.

"2005
Senior Notes" means
the Borrower's 7% Senior Notes due 2015 issued by the Borrower pursuant to the
2005 Senior Note Indenture.

"Acquisition" means,
with respect to any Person, the acquisition by such Person, in a single
transaction or in a series of related transactions, of substantially all of the
Capital Stock or all or 

2

substantially
all of the Property, or a business unit or product line, of another Person,
whether or not involving a merger or consolidation with such other Person and
whether for cash, property, services, assumption of Indebtedness, securities or
otherwise.

"Administrative
Agent" means
Bank of America in its capacity as administrative agent under any of the Loan
Documents, or any successor administrative agent.

"Administrative
Agent's Office" means
the Administrative Agent's address and, as appropriate, account as set forth on
Schedule 11.02, or such
other domestic address or account as the Administrative Agent may from time to
time notify the Borrower and the Lenders.

"Administrative
Questionnaire" means
an Administrative Questionnaire in a form supplied by the Administrative
Agent.

"Affiliate" means,
with respect to any Person, another Person that directly, or indirectly through
one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

"Aggregate
Revolving Commitments" means
the Revolving Commitments of all the Lenders. The initial amount of the
Aggregate Revolving Commitments in effect on the Closing Date is TWO HUNDRED AND
FIFTY MILLION DOLLARS ($250,000,000).

"Agreement"
has the
meaning assigned to such term in the heading hereof.

"Applicable
Percentage" means
as to each Lender, with respect to such Lender's Revolving Commitment at any
time, the percentage (carried out to the ninth decimal place) of the Aggregate
Revolving Commitments represented by such Lender's Revolving Commitment at such
time; provided that if
the commitment of each Lender to make Revolving Loans and the obligation of each
L/C Issuer to make L/C Credit Extensions have been terminated pursuant to
Section 9.02 or if
the Revolving Commitments have expired, then the Applicable Percentage of each
Lender shall be determined based on the Applicable Percentage of such Lender
most recently in effect, giving effect to any subsequent assignments. The
initial Applicable Percentage of each Lender is set forth opposite the name of
such Lender on Schedule 2.01 or in
the Assignment and Assumption pursuant to which such Lender becomes a party
hereto, as applicable.

"Applicable
Rate" means,
for the purposes of calculating (a) the Letter of Credit Fees for the
purposes of Section 2.03(i),
(b) the interest rate applicable to Eurodollar Rate Loans for the purposes
of Section 2.08(a),
(c) the interest rate applicable to Base Rate Loans for the purposes of
Section 2.08(a), and
(d) the Commitment Fee for the purposes of Section 2.09(a), the
following percentages per annum, based upon the Consolidated Total Leverage
Ratio as set forth in the most recent Compliance Certificate received by the
Administrative Agent pursuant to Section 7.02(b) for the
four-quarter period ending as of the last day of the fiscal quarter to which
such Compliance Certificate relates:

3

 

	 	 	
      Applicable
      Rates

	 	 	
      For
      Revolving Loans 
	
      For
      Letter of Credit Fees
	
      For
      Commitment Fee

	
      Pricing
      Level
	
      Consolidated
      Total Leverage 

      Ratio
	
      Eurodollar
      

      Rate
      Loans
	
      Base
      Rate 

      Loans

	
      1
	
      <
      3.0 to 1.0
	
      1.25%
	
      0.25%
	
      1.25%
	
      0.50%

	
      2
	
      >
      3.0 to 1.0

      but

      <
      3.5 to 1.0
	
      1.50%
	
      0.50%
	
      1.50%
	
      0.50%

	
      3
	
      >
      3.5 to 1.0

      but

      <
      4.0 to 1.0
	
      1.75%
	
      0.75%
	
      1.75%
	
      0.50%

	
      4
	
      >
      4.0 to 1.0

      but

      <
      4.5 to 1.0
	
      2.00%
	
      1.00%
	
      2.00%
	
      0.50%

	
      5
	
      >
      4.5 to 1.0
	
      2.25%
	
      1.25%
	
      2.25%
	
      0.50%

 

 

Any
increase or decrease in the Applicable Rate for Revolving Loans resulting from a
change in the Consolidated Total Leverage Ratio shall become effective as of the
first Business Day immediately following the date a Compliance Certificate is
delivered pursuant to Section 7.02(b);
provided,
however, that if
a Compliance Certificate is not delivered when due in accordance with such
Section, then Pricing Level 5 shall apply during the period commencing on the
first Business Day after the date on which such Compliance Certificate was
required to have been delivered and ending on the date on which delivered.
Notwithstanding the foregoing, the Applicable Rate in effect from the Closing
Date through the date on which the Borrower is required to deliver the required
financial statements and Compliance Certificate for the fiscal quarter ending on
or about December 31, 2004 shall be no lower than the Applicable Rate
determined based upon Pricing Level 4.

"Arrangers" means
Banc of America Securities LLC and Credit Suisse First Boston, acting in their
capacities as joint lead arranger and joint book manager, and "Arranger" means
either of them.

"Assignee
Group" means
two or more Eligible Assignees that are Affiliates of one another.

"Assignment
and Assumption" means
an assignment and assumption entered into by a Lender and an Eligible Assignee
(with the consent of any party whose consent is required by Section 11.06(b)), and
accepted by the Administrative Agent, in substantially the form of Exhibit F or any
other form approved by the Administrative Agent.

"Attributable
Indebtedness" means,
on any date, (a) in respect of any Capital Lease of any Person, the
capitalized amount thereof that would appear on a balance sheet of such Person
prepared as of such date in accordance with GAAP, and (b) in respect of any
Synthetic Lease Obligation, the capitalized amount of the remaining lease
payments under the relevant lease that would appear on a balance sheet of such
Person prepared as of such date in accordance with GAAP if such lease were
accounted for as a Capital Lease.

4

"Attributed
Principal Amount" means,
on any day, with respect to any Permitted Receivables Financing, the aggregate
principal, stated or invested amount of notes, bonds or other debt instruments,
beneficial interests in a trust, undivided ownership interests in receivables or
other securities issued for cash consideration by the relevant Receivables
Financing SPC to
Receivables Financiers the proceeds of which are used to finance, in whole or in
part, the purchase by such Receivables
Financing SPC of
Transferred Assets in such Permitted
Receivables Financing.

"Audited
Financial Statements" means
the audited consolidated balance sheet of the Borrower and its Subsidiaries for
the fiscal year ended December 31, 2003, and the related consolidated
statements of income or operations, shareholders' equity and cash flows for such
fiscal year of the Borrower and its Subsidiaries, including the notes
thereto.

"Availability
Period" means,
with respect to the Revolving Commitments, the period from the Closing Date to
the earliest of (a) the Maturity Date, (b) the date of termination of
the Aggregate Revolving Commitments pursuant to Section 2.06 and
(c) the date of termination of the commitment of each Lender to make Loans
and of the obligation of each L/C Issuer to make L/C Credit Extensions pursuant
to Section 9.02.

"Bank
of America" means
Bank of America, N.A. and its successors.

"Bankruptcy
Code" means
the Bankruptcy Code in Title 11 of the United States Code, as amended, modified,
succeeded or replaced from time to time.

"Base
Rate" means
for any day a fluctuating rate per annum equal to the higher of (a) the
Federal Funds Rate plus 1/2 of
1% and (b) the rate of interest in effect for such day as publicly
announced from time to time by Bank of America as its "prime rate." The "prime
rate" is a rate set by Bank of America based upon various factors including Bank
of America's costs and desired return, general economic conditions and other
factors, and is used as a reference point for pricing some loans, which may be
priced at, above, or below such announced rate. Any change in such rate
announced by Bank of America shall take effect at the opening of business on the
day specified in the public announcement of such change.

"Base
Rate Committed Loan" means a
Committed Loan that is a Base Rate Loan.

"Base
Rate Loan" means a
Loan that bears interest based on the Base Rate.

"Base
Rate Revolving Loan" means a
Revolving Loan that is a Base Rate Loan.

"Borrower" has the
meaning specified in the
heading hereof.

"Borrowing" means a
Committed Borrowing or a Swingline Borrowing, as the context may
require.

"Business
Day" means
any day other than a Saturday, Sunday or other day on which commercial banks are
authorized to close under the Laws of, or are in fact closed in, the state where
the Administrative Agent's Office is located and, if such day relates to any
Eurodollar 

5

Rate
Loan, means any such day on which dealings in Dollar deposits are conducted by
and between banks in the London interbank eurodollar market.

"Businesses" means,
at any time, a collective reference to the businesses operated by the
Consolidated Parties at such time.

"Calculation
Date" means
the date of the applicable Specified Transaction which gives rise to the
requirement to calculate the financial covenants set forth in Section 8.11(a)-(d) on a Pro
Forma Basis.

"Calculation
Period" means,
in respect of any Calculation Date, the period of four fiscal quarters of the
Borrower ended as of the last day of the most recent fiscal quarter of the
Borrower preceding such Calculation Date for which the Administrative Agent
shall have received the Required Financial Information.

"Capital
Lease"
means, as
applied to any Person, any lease of any Property (whether real, personal or
mixed) by that Person as lessee which, in accordance with GAAP, is required to
be accounted for as a capital lease on the balance sheet of that
Person.

"Capital
Stock" means
(a) in the case of a corporation, capital stock, (b) in the case of an
association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of capital stock, (c) in
the case of a partnership, partnership interests (whether general or limited),
(d) in the case of a limited liability company, membership interests and
(e) any other interest or participation that confers on a Person the right
to receive a share of the profits and losses of, or distributions of assets of,
the issuing Person.

"Cash
Collateral" has the
meaning specified in Section 2.03(g).

"Cash
Collateralize" has the
meaning specified in Section 2.03(g).

"Cash
Equivalents" means,
as at any
date, (a) securities
issued or directly and fully guaranteed or insured by the United States or any
agency or instrumentality thereof (provided that the full faith and credit of
the United States is pledged in support thereof) having maturities of not more
than two years
from the
date of acquisition, (b) Dollar denominated time deposits and certificates
of deposit of (i) any Lender, (ii) any domestic commercial bank of
recognized standing having capital and surplus in excess of $500,000,000
or a
commercial bank organized under the laws of any other country that is a member
of the OECD having total assets in excess of $500,000,000 (or its
foreign currency equivalent at the time) or
(iii) any bank whose short-term commercial paper rating from S&P is at
least A-1 or the equivalent thereof or from Moody's is at least P-1 (or, if
at any time neither S&P nor Moody's shall be rating such obligations, then
an equivalent rating from such other nationally recognized rating service
acceptable to the Administrative Agent) or the
equivalent thereof (any such bank being an "Approved Bank"), in each case with
maturities of not more than one year from the date of acquisition,
(c) commercial paper and variable or fixed rate notes issued by any
Approved Bank (or by the parent company thereof) or any variable rate notes
issued by, or guaranteed by, any domestic corporation rated A-2 (or the
equivalent thereof) or better by S&P or P-2 (or the equivalent thereof) or
better by Moody's 

6

(or, if
at any time neither S&P nor Moody's shall be rating such obligations, then
an equivalent rating from such other nationally recognized rating service
acceptable to the Administrative Agent) and
maturing within one year of the date of acquisition, (d) repurchase
obligations
with a term of not more than 30 days for underlying securities of the types
described in clause (a) above entered into with (x) any bank meeting
the qualifications specified in clause (b) above or (y) any primary
government securities dealer reporting to the Market Reports Division of the
Federal Reserve Bank of New York, (e) direct obligations issued by any
state of the United States of America or any political subdivision of any such
state or any public instrumentality thereof maturing, or subject to tender at
the option of the holder thereof, within 90 days after the date of acquisition
thereof, provided that, at
the time of acquisition, the long-term debt of such state, political subdivision
or public instrumentality has a rating of A (or higher) from S&P or A-2 (or
higher) from Moody's (or, if at any time neither S&P nor Moody's shall be
rating such obligations, then an equivalent rating from such other nationally
recognized rating service acceptable to the Administrative Agent),
(f) overnight bank deposits and bankers' acceptances at any commercial bank
organized in the United States having capital and surplus in excess of
$500,000,000 or a
commercial bank organized under the laws of any other country that is a member
of the OECD having total assets in excess of $500,000,000 (or its
foreign currency equivalent at the time), (g) deposits available for
withdrawal on demand with a commercial bank organized in the United States
having capital and surplus in excess of $500,000,000 or a
commercial bank organized under the laws of any other country that is a member
of the OECD having total assets in excess of $500 million) or its foreign
currency equivalent at the time) and
(h) Investments, classified in accordance with GAAP as current assets, in
money market funds which comply with the criteria set forth in Securities and
Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, as
amended, the portfolios of which are limited to Investments of the character
described in the foregoing clauses (a) through (g).

"CBET" means
Cincinnati Bell Extended Territories LLC, an Ohio limited liability company and
a Wholly Owned Subsidiary of CBT.

"CBT" means
Cincinnati Bell Telephone Company LLC, an Ohio limited liability company and a
Wholly Owned Subsidiary of the Borrower.

"CBT
1993 Indenture" means
the Indenture, dated as of October 27, 1993, among CBT, as issuer, the
Borrower, as guarantor, and the Bank of New York, as trustee.

"CBT
1998 Indenture" means
the Indenture, dated as of November 30, 1998, among CBT, as issuer,
the Borrower, as guarantor, and the Bank of New York, as trustee.

"CBT
Indentures" means a
collective reference to the CBT 1993 Indenture and the CBT 1998 Indenture, and
"CBT
Indenture" means
either of them.

"CBT
Note Documents" means a
collective reference to the CBT Notes, the CBT Indentures, and any
other agreements, indentures and instruments pursuant to which any CBT Notes are
issued.

7

"CBT
Notes" means a
collective reference to (a) the medium term notes issued by CBT pursuant to
the CBT 1993 Indenture and (b) CBT's 6.30% Debentures issued pursuant to
the CBT 1998 Indenture.

"CBT
Subsidiaries" means a
collective reference to Cincinnati Bell Telecommunication Services LLC, CBET and
each other direct or indirect Subsidiary of CBT, and "CBT
Subsidiary" means
any of them.

"Change
in Law" means
the occurrence, after the date of this Agreement, of any of the following:
(a) the adoption or taking effect of any law, rule, regulation or treaty,
(b) any change in any law, rule, regulation or treaty or in the
administration, interpretation or application thereof by any Governmental
Authority or (c) the making or issuance of any request, guideline or
directive (whether or not having the force of law) by any Governmental
Authority.

"Change
of Control" means
an event or series of events by which:

(a) any
"person" or "group" (as such terms are used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, but excluding any employee benefit plan of
such person or its subsidiaries, and any person or entity acting in its capacity
as trustee, agent or other fiduciary or administrator of any such plan) becomes
the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Securities
Exchange Act of 1934, except that a person or group shall be deemed to have
"beneficial ownership" of all securities that such person or group has the right
to acquire (such right, an "option
right"),
whether such right is exercisable immediately or only after the passage of
time), directly or indirectly, of 35% or more of the equity securities of the
Borrower entitled to vote for members of the board of directors or equivalent
governing body of the Borrower on a fully-diluted basis (and taking into account
all such securities that such person or group has the right to acquire pursuant
to any option right); or

(b) during
any period of 24 consecutive months, a majority of the members of the board of
directors or other equivalent governing body of the Borrower cease to be
composed of individuals (i) who were members of that board or equivalent
governing body on the first day of such period, (ii) whose election or
nomination to that board or equivalent governing body was approved by
individuals referred to in clause (i) above constituting at the time of
such election or nomination at least a majority of that board or equivalent
governing body or (iii) whose election or nomination to that board or other
equivalent governing body was approved by individuals referred to in
clauses (i) and (ii) above constituting at the time of such election or
nomination at least a majority of that board or equivalent governing body
(excluding, in the case of both clause (ii) and clause (iii), any
individual whose initial nomination for, or assumption of office as, a member of
that board or equivalent governing body occurs as a result of an actual or
threatened solicitation of proxies or consents for the election or removal of
one or more directors by any person or group other than a solicitation for the
election of one or more directors by or on behalf of the board of directors);
or

8

(c) there
shall occur a "Change of Control" (or any comparable term) under, and as defined
in, any Senior Note Indenture, either CBT Indenture, any Junior Note Indenture
and/or the documents evidencing or governing any other Subordinated
Indebtedness.

"Cingular" means
Cingular Wireless LLC (f/k/a AT&T Wireless Services, Inc.)

"Closing
Date" means
the first date all the conditions precedent in Section 5.01 are
satisfied or waived in accordance with Section 10.01.

"Code" means
the Internal Revenue Code of 1986, as amended.

"Collateral" means a
collective reference to all Property with
respect to which Liens in
favor of the Collateral Agent
(for the ratable benefit of the Lenders) are purported to be granted pursuant
to and in
accordance with the terms
of the Collateral Documents.

"Collateral
Agent" means
Bank of America, in its capacity as collateral agent under the Collateral
Documents, together
with any successors or assigns.

"Collateral
Documents" means a
collective reference to the Security Agreements and such other security
documents as may be executed and delivered by the Loan Parties pursuant to the
terms of Sections 7.12 and
7.13.

"Committed
Borrowing" means a
borrowing consisting of simultaneous Loans of the same Type and, in the case of
Eurodollar Rate Loans, having the same Interest Period made by each of the
Lenders pursuant to Section 2.01.

"Committed
Loan" means
each Revolving Loan.

"Committed
Loan Notice" means a
notice of (a) a Committed Borrowing, (b) a conversion of Committed
Loans from one Type to the other, or (c) a continuation of Eurodollar Rate
Loans, pursuant to Section 2.02(a), which,
if in writing, shall be substantially in the form of Exhibit A.

"Commitment" means,
as to each Lender, the Revolving Commitment of such Lender.

"Compliance
Certificate" means a
certificate substantially in the form of Exhibit D.

"Consolidated
Capital Expenditures"
means, for any
period, for the Consolidated
Parties
on a consolidated basis, all
capital expenditures made during such period, as determined in accordance with
GAAP; provided,
however,
that Consolidated
Capital Expenditures shall
not include Acquisitions.

"Consolidated
Cash
Taxes"
means, for any
period, for the Consolidated
Parties
on a consolidated basis, the
aggregate of all
income taxes, as
determined in accordance with GAAP, to the
extent the same are paid in cash during such period.

9

"Consolidated
EBITDA"
means,
for any period, for the
Consolidated
Parties
on a
consolidated basis, an amount equal to Consolidated Net Income for such period
plus, without
duplication (a) the following to the extent deducted in calculating such
Consolidated Net Income: (i) Consolidated Interest Charges for such period,
(ii) the provision for Federal, state, local and foreign income taxes
payable by the Borrower and its Subsidiaries, (iii) depreciation and
amortization expense, (iv) other non-cash items and (v) restructuring
charges in respect of cash payments relating to the Borrower's workforce
reduction restructuring plan reported on the Borrower's Form 8-K filed with
the SEC on November 3, 2004, taken on or before
December 31, 2007, in an aggregate amount not to exceed
$20,000,000, minus
(b) the following to the extent included in calculating such Consolidated
Net Income: (i) Federal, state, local and foreign income tax credits,
(ii) all non-cash items increasing Consolidated Net Income and
(iii) all charges and expenses (other than charges and expenses relating to
the Disposition of the Borrower's broadband business in an aggregate amount not
exceeding $35,000,000 in the aggregate) which represent a cash realization in
respect of any non-cash item that was added back to Consolidated Net Income in
the calculation of Consolidated EBITDA for any prior period.

"Consolidated
Fixed Charge Coverage Ratio" means,
as of the last day of any fiscal quarter of the Consolidated Parties, the ratio
for the four fiscal quarter period ending on such date, of (a) the sum of
(i) Consolidated EBITDA minus
(ii) Consolidated Capital Expenditures minus
(iii) Consolidated Cash Taxes to (b) the sum of (i) Consolidated
Interest Charges plus
(ii) Consolidated Scheduled Funded Debt Payments.

"Consolidated
Funded Indebtedness" means,
as of any date of determination, for the Consolidated
Parties
on a consolidated basis, without duplication, the sum of (a) the principal
portion of all obligations for borrowed money, (b) the principal portion of
all obligations evidenced by bonds, debentures, notes or similar instruments, or
upon which interest payments are customarily made, (c) the principal
portion of all obligations under conditional sale or other title retention
agreements relating to Property purchased by the Consolidated Parties (other
than customary reservations or retentions of title under agreements with
suppliers entered into in the ordinary course of business), (d) the
principal portion of all obligations issued or assumed as the deferred purchase
price of Property or services purchased by the Consolidated Parties (other than
trade debt incurred in the ordinary course of business and due within six months
of the incurrence thereof) which would appear as liabilities on a balance sheet
of the Consolidated Parties, (e) the Attributable Indebtedness with respect
to Capital Leases and Synthetic Lease Obligations, (f) all direct and
contingent reimbursement obligations in respect of financial letters of credit,
including, without duplication, all unreimbursed drafts drawn thereunder
(less the
amount of any cash collateral securing any such letters of credit),
(g) the principal component or liquidation preference of all preferred
Capital Stock issued by such Person and which by the terms thereof could at any
time prior to the Maturity Date (other than pursuant to a change of control
provision that is defined no more broadly that the definition of "Change of
Control" set forth in Section
1.01) be (at
the request of the holders thereof or otherwise) subject to mandatory sinking
fund payments, mandatory redemption or other acceleration,
(h) the outstanding Attributed Principal Amount under any Permitted
Receivables Financing (all such Indebtedness of the types described in the
forgoing clauses (a) through (h), as to any Person, "Funded
Indebtedness"),
(i) all Funded Indebtedness of others secured by (or for which the holder
of such Funded Indebtedness has an existing right, contingent or otherwise, to
be secured 

10

by) any
Lien on, or payable out of the proceeds of production from, Property owned or
acquired by the Consolidated Parties, whether or not the obligations secured
thereby have been assumed, (j) all Guarantees with respect to Funded
Indebtedness of another Person and (k) the Funded Indebtedness of any
partnership or unincorporated joint venture in which a Consolidated Party a
general partner or a joint venturer to the extent such Indebtedness is recourse
to a Consolidated Party.

"Consolidated
Interest Charges" means,
for any period, for the
Consolidated
Parties
on a consolidated basis,
the sum
of (a) all interest expenses of the Consolidated
Parties
in
connection with borrowed money (excluding all Indebtedness and payment
obligations referred to in clause (f) of the definition of Indebtedness herein,
and including capitalized interest, the interest component under Capital Leases
and the implied interest component of Permitted Receivables Financings and
Synthetic Lease Obligations) or in connection with the deferred purchase price
of assets, in each case to the extent treated as interest in accordance with
GAAP, (b) the portion of rent expense with respect to such period under
capital leases that is treated as interest in accordance with GAAP, and
(c) cash dividends paid in respect of Permitted Preferred Stock and Other
Permitted Equity, but excluding in each case for purposes of clauses (a), (b)
and (c) above, (i) any
amortization of original issue discount, (ii) the interest portion of any
deferred payment obligation, (iii) any other interest not payable in cash,
(iv) any financing fees or other charges or expenses, or the amortization
thereof, incurred in connection with the issuance of any Indebtedness or
preferred Capital Stock or
the obtaining of any
amendment, waiver or other modification in respect of any Indebtedness or
preferred Capital Stock, (v) to the extent included in "interest expense"
in accordance with GAAP, any penalties paid or payable in connection with the
prepayment of any Indebtedness and (vi) all non-cash interest expense due
to the initial recording of any expense item in respect of an obligation
classified as a debt obligation under FASB Interpretation No. 45 and all
subsequent non-cash adjustments to such amount. For purposes of the foregoing,
interest shall be determined after giving effect to any net payments made or
received by the Borrower and its Subsidiaries with respect to Swap Contracts on
a consolidated basis for any period.

"Consolidated
Interest Coverage Ratio"
means, as
of the last day of any fiscal quarter of the Consolidated Parties, the
ratio, for the
four fiscal quarter period ending on such date, of
(a) Consolidated
EBITDA to (b) Consolidated
Interest Charges.

"Consolidated
Net Income" means,
for any period, for the Consolidated Parties on a consolidated basis, net income
(excluding extraordinary items) after interest expense, income taxes and
depreciation and amortization, all as determined in accordance with
GAAP.

"Consolidated
Parties" means
a
collective reference to the Borrower and the Subsidiaries of the Borrower, and
"Consolidated
Party" means
any one of them.

"Consolidated
Scheduled Funded Debt Payments"
means,
for any period, for the Consolidated
Parties
on a consolidated basis, the sum of all scheduled payments of principal on
Consolidated Funded Indebtedness, as determined in accordance with GAAP. For
purposes of this definition, "scheduled payments of principal" (a) shall be
determined
without giving effect to any reduction of such scheduled
payments resulting from the application of any voluntary or mandatory prepayments
made during the applicable period, (b) shall be deemed to include,
to the extent 

11

amortizing
during such period, the Attributable Indebtedness in respect of Capital Leases
and Synthetic Lease Obligations and (c) shall not include any voluntary
prepayments or mandatory prepayments required pursuant to Section 2.05.

"Consolidated
Senior Indebtedness"
means, as
of any date of determination, for the Consolidated
Parties
on a consolidated basis, without duplication, the sum of the following:
(a) the principal portion of the Obligations under the Loan Documents,
(b) the principal portion of Consolidated Funded Indebtedness that is not
expressly subordinated to the Obligations under the Loan Documents and Secured
Hedge Agreements and is secured by any collateral (including, without
limitation, the Attributed Principal Amount under any Permitted Receivables
Financing), (c) the principal portion of Consolidated Funded Indebtedness
which is recourse to any Excluded Subsidiary or to any Property of any Excluded
Subsidiary, but excluding any Indebtedness owed to any Consolidated Party and
(d) to the
extent then due and payable,
the Swap
Termination Value under Secured Hedge Agreements to which the Borrower or any
Subsidiary is a party.

"Consolidated
Senior Leverage Ratio" means,
as of the
last day of any fiscal quarter of the Consolidated Parties, the ratio
of (a) Consolidated Senior Indebtedness as of such date to
(b) Consolidated EBITDA for the
four fiscal quarter period ending on such date.

"Consolidated
Total Assets"
means, as
of the last day of any fiscal year of the Consolidated Parties for the
Consolidated
Parties
on a consolidated basis, total
assets as determined in accordance with GAAP.

"Consolidated
Total Leverage Ratio"
means, as
of the last day of any fiscal quarter of the Consolidated Parties, the ratio
of (a) Consolidated
Funded Indebtedness as of such date to (b) Consolidated
EBITDA for the
four fiscal quarter period ending on such date.

"Contractual
Obligation" means,
as to any Person, any provision of any security issued by such Person or of any
agreement, instrument or other consensual undertaking to which such Person is a
party or by which it or any of its Property is bound.

"Control" means
the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability
to exercise voting power, by contract or otherwise. "Controlling" and
"Controlled" have
meanings correlative thereto.

"Credit
Extension" means
each of the following: (a) a
Borrowing and (b) an L/C
Credit Extension.

"Debt
Issuance" means
the issuance by any Consolidated Party of any Indebtedness of the type referred
to in clause (a) or (b) of the definition thereof set forth in this
Section 1.01.

"Debtor
Relief Laws" means
the Bankruptcy Code of the United States, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors,
moratorium, rearrangement, receivership, insolvency, reorganization, or similar
debtor relief Laws of the 

12

United
States or other applicable jurisdictions from time to time in effect and
affecting the rights of creditors generally.

"Default" means
any event or condition that constitutes an Event of Default or that, with the
giving of any notice, the passage of a stated grace period, or both, would be an
Event of Default. It is understood and agreed that the institution of any
proceeding under any Debtor Relief Law relating to any Consolidated Party (other
than an Immaterial Subsidiary) or to all or any material part of its Property
without the consent of such Person shall constitute an immediate Default that
with the passage of the 60-calendar day period referred to in Section 9.01(g) would be
an Event of Default.

"Default
Rate" means
(a) when used with respect to Obligations other than Letter of Credit Fees,
an interest rate equal to (i) the Base Rate plus
(ii) the Applicable Rate, if any, applicable to Base Rate Loans
plus
(iii) 2% per annum; provided,
however, that
with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest
rate equal to the interest rate (including any Applicable Rate) otherwise
applicable to such Loan plus 2% per annum, and (b) when used with respect
to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per
annum.

"Defaulting
Lender" means
any Lender that (a) has
failed to fund any portion of the Loans or participations in L/C Obligations or
participations in Swingline Loans required to be funded by it hereunder within
one Business Day of the date required to be funded by it hereunder,
(b) has
otherwise failed to pay over to the Administrative Agent or any other Lender any
other amount required to be paid by it hereunder within one Business Day of the
date when due, unless the subject of a good faith dispute, or (c) has been
deemed insolvent or become the subject of a bankruptcy or insolvency
proceeding.

"Discretionary
L/C Issuer" has the
meaning specified in Section 2.03(b)(v).

"Disposition" or
"Dispose" means
any disposition (including pursuant to a Sale and Leaseback Transaction) of any
or all of the Property (including without limitation the Capital Stock of a
Subsidiary) of any Consolidated Party whether by sale, lease, licensing,
transfer or otherwise; provided,
however, that
the term "Disposition" shall be deemed to exclude any Equity
Issuance.

"Dollar" and
"$" mean
lawful money of the United States.

"Domestic
Subsidiary" means
any Subsidiary that is organized under the laws of any political subdivision of
the United States.

"Eligible
Assignee" means
(a) a Lender; (b) an Affiliate of a Lender; and (c) any other
bank or financial institution approved by (i) the Administrative Agent and
the L/C Issuers, and (ii) unless an Event of Default has occurred and is
continuing, the Borrower (each such approval not to be unreasonably withheld or
delayed); provided that
notwithstanding the foregoing, "Eligible Assignee" shall not include the
Borrower or any of the Borrower's Affiliates or Subsidiaries.

13

"Environmental
Laws" means
any and all Federal, state, local, and foreign statutes, laws, regulations,
ordinances, rules, judgments, orders, decrees, agreements or other
legally-binding governmental restrictions relating to pollution and the
protection of the environment or the release of any hazardous materials,
substances or wastes into the environment, including those related to hazardous
materials, substances or wastes, air emissions and discharges of hazardous
materials, substances or wastes to waste or public systems.

"Environmental
Liability" means
any liability, contingent or otherwise (including any liability for damages,
costs of environmental remediation, fines, penalties or indemnities), of the
Borrower, any other Loan Party or any of their respective Subsidiaries directly
or indirectly resulting from or based upon (a) violation
of any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment or disposal of any
Hazardous Materials, (c) exposure
to any Hazardous Materials, (d) the
release or threatened release of any Hazardous Materials into the environment or
(e) any
contract, agreement or other consensual arrangement pursuant to which liability
is assumed or imposed with respect to any of the foregoing.

"Equity
Issuance" means
any issuance by any Consolidated Party to any Person of (a) shares of its
Capital Stock, (b) any shares of its Capital Stock pursuant to the exercise
of options or warrants, (c) any shares of its Capital Stock pursuant to the
conversion of any debt securities to equity or the conversion of any class
equity securities to any other class of equity securities or (d) any
options or warrants relating to its Capital Stock. The term "Equity Issuance"
shall not be deemed to include any Disposition.

"ERISA" means
the Employee Retirement Income Security Act of 1974.

"ERISA
Affiliate" means
any trade or business (whether or not incorporated) under common control with
the Borrower within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to
Section 412 of the Code).

"ERISA
Event" means
any of the following events that the Borrower knows or could reasonably be
expected to know occurred: (a) a
Reportable Event with respect to a Pension Plan; (b) a
withdrawal by the Borrower or any ERISA Affiliate from a Pension Plan subject to
Section 4063 of ERISA during a plan year in which it was a substantial
employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of
operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a
complete or partial withdrawal by the Borrower or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is in
reorganization; (d) the
filing of a notice of intent to terminate, the treatment of a Pension Plan
amendment as a termination under Sections 4041 or 4041A of ERISA, or the
commencement of proceedings by the PBGC to terminate a Pension Plan or
Multiemployer Plan; (e) an event
or condition which constitutes grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan
or Multiemployer Plan; or (f) the
imposition of any liability under Title IV of ERISA, other than for PBGC
premiums due but not delinquent under Section 4007 of ERISA, upon the
Borrower or any ERISA Affiliate.

14

"Eurodollar
Rate" means,
for any Interest Period with respect to a Eurodollar Rate Loan, the rate per
annum equal to the British Bankers Association LIBOR Rate ("BBA
LIBOR"), as
published by Reuters (or other commercially available source providing
quotations of BBA LIBOR as designated by the Administrative Agent from time to
time) at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, for Dollar deposits (for delivery on the
first day of such Interest Period) with a term equivalent to such Interest
Period. If such rate is not available at such time for any reason, then the
"Eurodollar Rate" for such Interest Period shall be the rate per annum
determined by the Administrative Agent to be the rate at which deposits in
Dollars for delivery on the first day of such Interest Period in same day funds
in the approximate amount of the Eurodollar Rate Loan being made, continued or
converted by Bank of America and with a term equivalent to such Interest Period
are offered by Bank of America's London Branch to major banks in the London
interbank eurodollar market at their request at approximately 11:00 a.m. (London
time) two Business Days prior to the commencement of such Interest
Period.

"Eurodollar
Rate Loan" means a
Loan that bears interest at a rate based on the Eurodollar Rate.

"Event
of Default" has the
meaning specified in Section 9.01.

"Excluded
Disposition" means,
with respect to any Consolidated Party, any Disposition consisting of
(a) the
sale, lease, license, transfer or other disposition of Property in the ordinary
course of such Consolidated
Party's
business, (b) the sale, lease, license, transfer or other disposition of
machinery and equipment no longer used or useful in the conduct of such
Consolidated
Party's
business, (c) any
sale,
lease, license, transfer or other disposition of
Property by such Consolidated Party to any Loan Party, (d) if
such Consolidated Party is an Excluded Subsidiary (other than CBT or any CBT
Subsidiary), any
sale,
lease, license, transfer or other disposition of
Property by such Consolidated Party to any other Excluded Subsidiary, (e) any
sale, lease,
license, transfer or other disposition of
Property by CBT to a CBT Subsidiary, by a CBT Subsidiary to CBT, or among CBT
Subsidiaries, (f) the sale, lease, transfer or other disposition of
equipment that, in the aggregate for all such equipment during any fiscal year,
has a fair market value or book value, which ever is greater, of not more that
$1,000,000,
(g) any Involuntary Disposition by
such Consolidated
Party,
(h) any
Disposition by such Consolidated Party constituting a Permitted Investment,
(i) any
Disposition of Transferred Assets by such
Consolidated Party in
connection with a Permitted Receivables Financing, (j) the sale or discount
without recourse of delinquent accounts receivable or notes receivable for
collection purposes, or the conversion or exchange of delinquent accounts
receivable into or for notes receivable in connection with the compromise or
collection thereof, each in the ordinary course of business and not intended to
constitute a financing arrangement, (k) the disposition of cash or
investment securities in the ordinary course of management of the investment
portfolio of the applicable Consolidated Party, (l) any sale or granting of
any interest in conduits, fibers, dark fiber or an indefeasible right to use
dark fiber or fiber capacity, (m) subleases of real Property and licenses
of Intellectual Property, in each case entered into in the ordinary course of
business and not intended to constitute a financing arrangement; (n) any
Wireless Disposition; and (o) any exchange
of assets to the extent qualifying for like kind treatment under Section 1031 of
the Code.

15

"Excluded
Subsidiaries" means,
subject to Section
7.12,
(a) CBT and CBET, (b) Wireless LLC, (c) the Mutual
Subsidiaries, (d) each Receivables Financings SPC, (e) each Foreign
Subsidiary, (f) each Subsidiary created or acquired after the Closing Date
as a Joint Venture, or that becomes a Joint Venture as a result of a permitted
Disposition, and (g) each Subsidiary created or acquired after the Closing
Date in respect of which (i) the
Borrower shall have advised the Administrative Agent that it would be a
violation of applicable law for such Subsidiary to become a Loan Party or
(ii) the Administrative Agent shall have determined that the contractual,
operational, expense, tax or regulatory consequences or difficulty of causing
such Subsidiary to become a Guarantor would not, in light of the benefits to
accrue to the Lenders, justify such Subsidiary becoming a Loan Party, and
"Excluded
Subsidiary" means
any one of them.

"Excluded
Taxes" means,
with respect to the Administrative Agent, any Lender, any L/C Issuer or any
other recipient of any payment to be made by or on account of any obligation of
the Borrower hereunder, (a) Taxes imposed on or measured by its overall net
income (however denominated), and franchise Taxes imposed on it (in lieu of net
income Taxes), by the jurisdiction (or any political subdivision thereof) under
the laws of which such recipient is organized or in which its principal office
is located or, in the case of any Lender, in which its applicable Lending Office
is located, (b) any branch profits Taxes imposed by the United States or
any similar Tax imposed by any other jurisdiction in which the Borrower is
located and (c) in the case of a Foreign Lender (other than an assignee
pursuant to a request by the Borrower under Section 11.13), any
withholding Tax that is imposed on amounts payable to such Foreign Lender at the
time such Foreign Lender becomes a party hereto (or designates a new Lending
Office) or is attributable to such Foreign Lender's failure or inability (other
than as a result of a Change in Law) to comply with Section 3.01(e), except
to the extent that such Foreign Lender (or its assignor, if any) was entitled,
at the time of designation of a new Lending Office (or assignment), to receive
additional amounts from the Borrower with respect to such withholding Tax
pursuant to Section 3.01(a).

"Existing
Credit Agreement" means
that certain Third Amendment and Restatement of Credit Agreement dated as of
November 17, 2003, as amended, among the Borrower and BCSI, Inc., a
Delaware corporation, as the borrowers thereunder, a syndicate of lenders, Bank
of America, N.A., as syndication agent for the lenders, CitiCorp USA, Inc., as
administrative agent for the lenders, Credit Suisse First Boston and The Bank of
New York, as co-documentation agents for the lenders, PNC Bank, N.A., Citigroup
Global Markets, Inc. and Banc of America Securities LLC, as joint lead arrangers
and joint book managers, the various other agents and arrangers party
thereto.

"Existing
Letters of Credit" means
the letters of credit described on Schedule
1.01A.

"FCC" means
the Federal Communications Commission or any successor commission or agency of
the United States of America having jurisdiction over the federal
telecommunications licensing of any Consolidated Party.

16

"Federal
Funds Rate" means,
for any day, the rate per annum (rounded upward, if necessary, to a whole
multiple of 1/100 of 1%) equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged
by Federal funds brokers on such day, as published by the Federal Reserve Bank
of New York on the Business Day next succeeding such day; provided that
(a) if such day is not a Business Day, the Federal Funds Rate for such day
shall be such rate on such transactions on the next preceding Business Day as so
published on the next succeeding Business Day, and (b) if no such rate is
so published on such next succeeding Business Day, the Federal Funds Rate for
such day shall be the average rate charged to Bank of America on such day on
such transactions as determined by the Administrative Agent.

"Fee
Letters" means a
collective reference to (a) the fee letter agreement, dated
January 12, 2005, among the Borrower, the Administrative Agent and
Banc of America Securities LLC, and (b) the fee letter agreement, dated
January 12, 2005, between the Borrower and Credit Suisse First
Boston.

"Foreign
Lender" means
any Lender that is organized under the laws of a jurisdiction other than that in
which the Borrower is resident for tax purposes. For purposes of this
definition, the United States, each State thereof and the District of Columbia
shall be deemed to constitute a single jurisdiction.

"Foreign
Subsidiary" means
any Subsidiary of a Consolidated Party that is not a Domestic
Subsidiary.

"FRB" means
the Board of Governors of the Federal Reserve System of the United
States.

"Fully
Satisfied" means,
with respect to the Obligations as of any date, that, as of such date,
(a) all principal of and interest accrued to such date which constitute
Obligations shall have been paid in full in cash, (b) all fees, expenses
and other amounts then due and payable which constitute Obligations shall have
been paid in cash, (c) all outstanding Letters of Credit shall have been
(i) terminated, (ii) fully Cash Collateralized, (iii) secured by
one or more letters of credit on terms and conditions, and with one or more
financial institutions, reasonably satisfactory to the applicable L/C Issuer(s)
or (iv) continued under a credit facility that in part or in whole replaces
or refinances this Agreement or otherwise treated in a manner satisfactory to
the applicable L/C Issuer(s), in either case, pursuant to an arrangement
resulting in the simultaneous termination (in a manner satisfactory to the
Administrative Agent, in its sole discretion) of the participations of the
Lenders under this Agreement in such Letters of Credit, and (d) the
Commitments shall have expired or been terminated in full.

"Fund" means
any Person (other than a natural person) that is (or will be) engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar
extensions of credit in the ordinary course of its business.

 

"Funded
Indebtedness" has the
meaning assigned to such term in the definition of Consolidated Funded
Indebtedness in Section 1.01.

 

17

 

"GAAP" means
generally accepted accounting principles in the United States set forth in the
opinions and pronouncements of the Accounting Principles Board and the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or such other principles as may be
approved by a significant segment of the accounting profession in the United
States, as in effect from time to time.

"Governmental
Approval" means,
with respect to any Person, any license, permit, or certificate of public
convenience and necessity issued to such Person by the FCC, any State PUC or any
other Governmental Authority in connection with the operation of the
Businesses.

"Governmental
Authority" means
the government of the United States or any other nation, or of any political
subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government (including any supra-national bodies
such as the European Union or the European Central Bank).

"Guarantee" means,
as to any Person, any (a) any obligation, contingent or otherwise, of such
Person guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other obligation payable or performable by another Person (the
"primary obligor") in any manner, whether directly or indirectly, and including
any obligation of such Person, direct or indirect, (i) to purchase or pay
(or advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation, (ii) to purchase or lease Property, securities or
services for the purpose of assuring the obligee in respect of such Indebtedness
or other obligation of the payment or performance of such Indebtedness or other
obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of
the primary obligor so as to enable the primary obligor to pay such Indebtedness
or other obligation, or (iv) entered into for the primary purpose of
assuring in any other manner the obligee in respect of such Indebtedness or
other obligation of the payment or performance thereof or to protect such
obligee against loss in respect thereof (in whole or in part), or (b) any
Lien on any assets of such Person securing any Indebtedness or other obligation
of any other Person, whether or not such Indebtedness or other obligation is
assumed by such Person (or any right, contingent or otherwise, of any holder of
such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be
deemed to be an amount equal to the stated or determinable amount of the related
primary obligation, or portion or limited amount thereof, in respect of which
such Guarantee is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by the guaranteeing
Person in good faith. The term "Guarantee" as a verb has a corresponding
meaning.

"Guarantors" means a
collective reference to the Subsidiaries of the Borrower identified as
"Guarantors" on the signature pages hereto, and each other Person that
subsequently becomes a Guarantor by executing a Joinder Agreement as
contemplated by Section 7.12, and
"Guarantor" means
any one of them. A list of the Guarantors as of the Closing Date is set forth on
Schedule 1.01B.

18

 

"Guaranty" means
the Guarantee made by the Guarantors in favor of the Administrative Agent and
the Lenders pursuant to Article IV.

 

 

"Hazardous
Materials" means
all explosive or radioactive substances or wastes and all hazardous or toxic
substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated
biphenyls, radon gas, infectious or medical wastes and all other substances or
wastes of any nature regulated pursuant to any Environmental Law.

"Honor
Date" has the
meaning specified in Section 2.03(c)(i).

"Immaterial
Subsidiary" means
any Subsidiary in respect of which (a) the portion of Consolidated Total
Assets (determined as of the last day of the most recent fiscal year of the
Borrower with respect to which the Administrative
Agent has
received the Required Financial Information) attributable thereto (on an
unconsolidated basis) is less than 5% of Consolidated Total Assets as of such
date or (b) the portion of Consolidated EBITDA (determined as of the
last day of the most
recent fiscal year of the Borrower with respect to which the Administrative
Agent has
received the Required Financial Information for the
fiscal year ending on such date) attributable
thereto (on an unconsolidated basis) is less than 5% of Consolidated EBITDA for
such fiscal year; provided,
however, the
occurrence of any event or condition of the types referred in any of
subsections (g), (h), (i) or (k) of Section 9.01 with
respect to more than three Immaterial Subsidiaries concurrently shall (subject
to any applicable grace period) constitute an Event of Default notwithstanding
any other provision to the contrary set forth in this Agreement if the portion
of Consolidated Total Assets (determined as provided above) attributable to all
of such Immaterial Subsidiaries taken together would constitute more than 15% of
Consolidated Total Assets as of the applicable date or if the portion of
Consolidated EBITDA (determined as provided above) attributable to all of such
Immaterial Subsidiaries taken together would constitute more than 15% of
Consolidated EBITDA for the applicable fiscal year

"Incremental
Facilities" and
"Incremental
Facility" shall
each have the meaning specified in Section 11.01(b).

"Indebtedness"
means,
with respect to any Person, without duplication, (a) all obligations of
such Person for borrowed money, (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person under conditional sale or other title retention
agreements relating to Property purchased by such Person (other than customary
reservations or retentions of title under agreements with suppliers entered into
in the ordinary course of business), (d) all obligations of such Person
issued or assumed as the deferred purchase price of Property or services
purchased by such Person (other than trade debt incurred in the ordinary course
of business and due within six months of the incurrence thereof) which would
appear as liabilities on a balance sheet of such Person, (e) the
Attributable Indebtedness of such Person with respect to Capital Leases and
Synthetic Lease Obligations, (f) all net obligations of such Person under
Swap Contracts, (g) all direct and contingent reimbursement obligations in
respect of financial letters of credit, including, without duplication, all
unreimbursed drafts drawn thereunder (less the
amount of any cash collateral securing any such letters of credit),
(h) the principal component or liquidation preference of all preferred
Capital Stock issued by such Person and which by the terms thereof 

 

 

19

 

could at
any time prior to the Maturity Date (other than pursuant to a change of control
provision that is defined no more broadly that the definition of "Change of
Control" set forth in Section
1.01) be (at
the request of the holders thereof or otherwise) subject to mandatory sinking
fund payments, mandatory redemption or other acceleration, (i) the
outstanding Attributed Principal Amount under any Permitted Receivables
Financing, (j) all Indebtedness of others secured by (or for which the
holder of such Indebtedness has an existing right, contingent or otherwise, to
be secured by) any Lien on, or payable out of the proceeds of production from,
Property owned or acquired by such Person, whether or not the obligations
secured thereby have been assumed, (k) all Guarantees of such Person with
respect to Indebtedness of another Person and (l) the Indebtedness of any
partnership or unincorporated joint venture in which such Person is a general
partner or a joint venturer to the extent such Indebtedness is recourse to such
Person. The
amount of any net obligation under any Swap Contract on any date shall be deemed
to be the Swap Termination Value thereof as of such date.

 

"Indemnified
Taxes" means
Taxes, other than Excluded Taxes, arising from any payment or obligation
hereunder or under any other Loan Document or from the execution, delivery or
enforcement of, or otherwise with respect to, this Agreement or any other Loan
Document.

"Indemnitee" has the
meaning specified in Section 11.04(b).

"Information" has the
meaning specified in Section 11.07.

"Intellectual
Property" has the
meaning specified in Section 6.17.

"Interest
Payment Date" means,
(a) as to any Loan other than a Base Rate Loan, the last day of each
Interest Period applicable to such Loan and the Maturity Date; provided,
however, that if
any Interest Period for a Eurodollar Rate Loan exceeds three months, the
respective dates that fall every three months after the beginning of such
Interest Period shall also be Interest Payment Dates; and (b) as to any
Base Rate Loan (including a Swingline Loan), the last Business Day of each
March, June, September and December and the Maturity
Date.

"Interest
Period" means,
as to each Eurodollar Rate Loan, the period commencing on the date such
Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar
Rate Loan and ending on the date one, two, three or six months thereafter, as
selected by the Borrower in its Committed Loan Notice, or such other period that
is 12 months or less requested by the Borrower and consented to by all the
Lenders; provided
that:

(i) any
Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day
falls in another calendar month, in which case such Interest Period shall end on
the next preceding Business Day;

 

(ii) any
Interest Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month
at the end of such Interest Period) shall end on the last Business Day of the
calendar month at the end of such Interest Period; and

 

20

(iii) no
Interest Period shall extend beyond the Maturity Date.

"Investment"
in any
Person means (a) any Acquisition of such Person or its Property,
(b) any other acquisition of Capital Stock, bonds, notes, debentures,
partnership, joint ventures or other ownership interests or other securities of
such other Person, (c) any deposit with, or advance, loan or other
extension of credit to, such Person (other than deposits made in connection with
the purchase of equipment inventory and supplies in the ordinary course of
business) or (d) any other capital contribution to or investment in such
Person, including, without limitation, any Guarantee incurred for the benefit of
such Person, but excluding any Restricted Payment to such Person. Investments
which are capital contributions or purchases of Capital Stock which have a right
to participate in the profits of the issuer thereof or are purchases of other
Property shall be valued at the amount (or, in the case of any Investment made
with Property other than cash, the fair market value of such Property) actually
contributed or paid (including cash and
non-cash consideration and any
assumption of Indebtedness) to purchase such Capital Stock or other Property as
of the date of such contribution or payment less the amount of all returns of
capital in respect of such Investment (including, without limitation, pursuant
to the Disposition or liquidation of all or part of such Investment) through and
including the date of determination. Investments which are loans, advances,
extensions of credit or Guarantees shall be valued at the principal amount of
such loan, advance or extension of credit outstanding as of the date of
determination or, as applicable, the principal amount of the loan or advance
outstanding as of the date of determination actually guaranteed by such
Guarantees. An exchange of assets will be deemed not to constitute an
"Investment" to the extent qualifying for like kind treatment under Section 1031
of the Code.

"Involuntary
Disposition" means
any loss of, damage to or destruction of, or
any condemnation or other taking for public use of, any
Property of any Consolidated Party.

"IRS" means
the United States Internal Revenue Service.

"ISP" means,
with respect to any Letter of Credit, the "International Standby Practices 1998"
published by the Institute of International Banking Law & Practice (or such
later version thereof as may be in effect at the time of issuance).

"Issuer
Documents" means
with respect to any Letter of Credit, the Letter of Credit Application, and any
other document, agreement and instrument entered into by the applicable L/C
Issuer and the Borrower (or any Subsidiary) or in favor the applicable L/C
Issuer and relating to any such Letter of Credit.

 

"Joinder
Agreement" means a
Joinder Agreement substantially in the form of Exhibit E hereto,
executed and delivered by a new Guarantor in accordance with the provisions of
Section 7.12.

"Joint
Venture" means
any corporation,
limited liability company, trust,
joint venture, company or partnership which is not a Subsidiary as of the
Closing Date and in respect which (a) any of the Consolidated Parties makes (or
is deemed to make pursuant to the last paragraph of 

21

Section 8.02) an
Investment after the
Closing Date that
results in one or more Consolidated Parties holding no more than 90% and no less
than 10% of the Capital Stock of such Person.

"Junior
Note Documents" means a
collective reference to the 2003 83⁄8% Junior Note Documents, the 2003 16% Junior
Note Documents and the 2005 Junior Note Documents.

"Junior
Note Indentures" means a
collective reference to the 2003 83⁄8% Junior Note Indenture and the 2003 16%
Junior Note Indenture.

"Junior
Notes" means a
collective reference to the 2003 83⁄8% Junior Notes, the 2003 16% Junior Notes and
the 2005 Junior Notes.

"Laws" means,
collectively, all international, foreign, Federal, state and local statutes,
treaties, rules, guidelines, regulations, ordinances, codes and administrative
or judicial precedents or authorities, including the interpretation or
administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable
administrative orders, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority, in each case
whether or not having the force of law.

"L/C
Advance" means,
with respect to each Lender, such Lender's funding of its participation in any
L/C Borrowing in accordance with its Applicable Percentage.

"L/C
Borrowing" means
an extension of credit resulting from a drawing under any Letter of Credit which
has not been reimbursed on the date when such drawing is made or refinanced as a
Borrowing of Revolving Loans.

"L/C
Credit Extension" means,
with respect to any Letter of Credit, the issuance thereof or extension of the
expiry date thereof, or the increase of the amount thereof.

"L/C
Issuer" means
each of Bank of America and PNC, each in its capacity as an issuer of Letters of
Credit hereunder, any Discretionary L/C Issuer, or any successor to Bank of
America, PNC or any Discretionary L/C Issuer that becomes an issuer of Letters
of Credit hereunder.

"L/C
Obligations" means,
as at any date of determination, the aggregate amount available to be drawn
under all outstanding Letters of Credit plus the
aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For the
purposes of computing the amount available to 

be drawn
under any Letter of Credit, the amount of such Letter of Credit shall be
determined in accordance with Section 1.06. For all
purposes of this Agreement, if on any date of determination a Letter of Credit
has expired by its terms but any amount may still be drawn thereunder by reason
of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed
to be "outstanding" in the amount so remaining available to be
drawn.

"Lenders" means a
collective reference to the Persons identified as "Lenders" on the signature
pages hereto, together with any Person that subsequently becomes a Lender by way
of 

22

assignment
in accordance with the terms of Section 11.06,
together with their respective successors, other than any Person that ceases to
be a Lender as a result of an assignment in accordance with the terms of
Section 11.06 or
Section 11.13 or an
amendment of this agreement in accordance with the terms of Section 11.01, and
"Lender" means
any one of them, and, as
the context requires, includes the Swingline Lender.

"Lending
Office" means,
as to any Lender, the office or offices of such Lender described as such in such
Lender's Administrative Questionnaire, or such other office or offices as a
Lender may from time to time notify the Borrower and the Administrative
Agent.

"Letter
of Credit" means
any standby letter of credit issued hereunder and shall include the Existing
Letters of Credit.

"Letter
of Credit Application" means
an application and agreement for the issuance or amendment of a Letter of Credit
in the form from time to time in use by the applicable L/C Issuer.

"Letter
of Credit Fee" has the
meaning specified in Section 2.03(i).

"Letter
of Credit Expiration Date" means
the day that is 7 days prior to the Maturity Date then in effect (or, if such
day is not a Business Day, the next preceding Business Day).

"Letter
of Credit Sublimit" means
an amount equal to $40,000,000. The Letter of Credit Sublimit is part of, and
not in addition to, the Aggregate Revolving Commitments.

"Lien" means
any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, or preference, priority or other
security interest or preferential arrangement in the nature of a security
interest of any kind or nature whatsoever (including any conditional sale or
other title retention agreement, any easement, right of way or other encumbrance
on title to real property, and any financing lease having substantially the same
economic effect as any of the foregoing).

"Loan" means
any extension of credit by a Lender to the Borrower under Article II in the
form of a Revolving Loan and/or a Swingline Loan, as the context may require.
The term "Loan" also
shall mean, as
appropriate, any
portion of the Revolving Loans bearing interest at the same rate of interest and
having an Interest Period which begins and ends on the same date.

"Loan
Documents" means
this Agreement, each Note, each Letter of Credit, each Issuer Document, each
Joinder Agreement, the Collateral Documents and the Fee Letters.

"Loan
Parties" means,
collectively, the Borrower and each Guarantor, and "Loan
Party" means
any one of them.

"Material
Adverse Effect" means
(a) a material adverse change in, or a material adverse effect upon, the
operations, business, properties, liabilities (actual or contingent), or
condition (financial or otherwise) of the Borrower and its Subsidiaries taken as
a whole; (b) a material 

23

adverse
impairment of the ability of the Loan Parties, taken as a whole, to perform
their material obligations under the Loan Documents; or (c) a material
adverse effect upon the rights or remedies, taken as a whole, of the
Administrative Agent or the Lenders under the Loan Documents.

"Material
Contract" means,
with respect to any Person, each contract or other arrangement to which such
Person is a party for which breach, nonperformance, cancellation or failure to
renew could reasonably be expected to have a Material Adverse
Effect.

"Maturity
Date" means,
as to the Revolving Loans, Letters of Credit (and the related L/C Obligations),
February 16, 2010; provided,
however, that if
on or before the date that is six months prior to the maturity date of the 2003
16% Junior Notes (such date, the "Accelerated
Maturity Date"), such
notes have not been refinanced, repaid or prepaid or extended to a date later
than the Maturity Date applicable to the Revolving Loans, the Maturity Date as
to the Revolving Loans, Letters of Credit (and the related L/C Obligations)
hereunder shall mean the Accelerated Maturity Date.

"Moody's" means
Moody's Investors Service, Inc. and any successor thereto.

"Multiemployer
Plan" means
any employee benefit plan of the type described in Sections 3(37) and
4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is
obligated to make contributions, or during the preceding five plan years, has
made or been obligated to make contributions.

"Mutual
Subsidiaries" means,
collectively, (i) Mutual Signal Holding Corporation, a Delaware
corporation, (ii) Mutual Signal Corporation, a New York corporation,
(iii) Mutual Signal Corporation of Michigan, a New York corporation, and
(iv) MSM Associates Limited Partnership, a Delaware limited
partnership.

"Non-Pledged
Subsidiaries"
means, subject
to Section
7.12,
(a) the
Mutual Subsidiaries, (b) the CBT Subsidiaries, (c) Wireless LLC,
(d) each Subsidiary of an Excluded Subsidiary created or acquired by such
Excluded Subsidiary after the Closing Date, (e) each Receivables Financing
SPC, (f) each
Subsidiary created or acquired after the Closing Date as a Joint Venture, or
that becomes a Joint Venture as a result of a permitted Disposition,
and
(g) each other
Subsidiary
created or acquired after the Closing Date in respect of which (i) the
Borrower shall have advised the Administrative Agent that it would be a
violation of applicable law for the Capital Stock of such
Subsidiary to be pledged or (ii) the Administrative Agent shall have
determined that the contractual, operational, expense, tax or regulatory
consequences or difficulty of the Capital Stock of such Subsidiary being pledged
would not, in light of the benefits to accrue to the Lenders, justify such
pledge, and "Non-Pledged
Subsidiary" means
any one of them.

"Non-Shared
Collateral Security Agreement" means
the Non-Shared Collateral Security and Pledge Agreement, dated as of the Closing
Date, among the Loan Parties signatories thereto and the Collateral
Agent.

"Note"
means any
Revolving Note or the Swingline Note, as the context may
require.

24

"Obligations" means
all advances to, and debts, liabilities, obligations, covenants and duties of,
any Loan Party arising under (a) any Loan Document with respect to any Loan
or Letter of Credit, (b) any Secured Hedge Agreement, and (c) all
obligations under any Treasury Management Agreement between any Loan Party and
any Lender or Affiliate of a Lender, in each case whether direct or indirect,
absolute or contingent, due or to become due, now existing or hereafter arising
and including interest, expenses, costs and fees that accrue after the
commencement by or against any Loan Party or any Affiliate thereof of any
proceeding under any Debtor Relief Laws naming such Person as the debtor in such
proceeding, regardless of whether such interest and fees are allowed claims in
such proceeding

"Operating
Lease" means,
as applied to any Person, any lease (including, without limitation, leases which
may be terminated by the lessee at any time) of any Property (whether real,
personal or mixed) which is not a Capital Lease other than any such lease in
which that Person is the lessor.

"Organization
Documents" means,
(a) with respect to any corporation, the certificate or articles of
incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited
liability company, the certificate or articles of formation or organization and
operating agreement; and (c) with respect to any partnership, joint
venture, trust or other form of business entity, the partnership, joint venture
or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its
formation or organization with the applicable Governmental Authority in the
jurisdiction of its formation or organization and, if applicable, any
certificate or articles of formation or organization of such
entity.

"Other
Permitted Equity" means
any Capital Stock of the Borrower other than common stock that (a) is a
security that is not guaranteed or secured and ranks junior in right of payment
to the Obligations, the Senior Notes, the Junior Notes and any Subordinated
Indebtedness in all respects, (b) has a term extending to at least August
16, 2010 and is not mandatorily redeemable or putable prior to such date (other
than pursuant to a "change of control" that is defined no more broadly than the
definition of "Change of Control" set forth in Section 1.01), and
(c)  if convertible or exchangeable, is convertible or exchangeable into
the common stock of the Borrower or other Capital Stock of the Borrower
satisfying the conditions of clauses (a) and (b) of this
definition.

"Other
Taxes" means
all present or future stamp or documentary Taxes or any other excise or Property
Taxes, charges or similar levies arising from any payment made hereunder or
under any other Loan Document or from the execution, delivery or enforcement of,
or otherwise with respect to, this Agreement or any other Loan
Document.

"Outstanding
Amount" means
(a) with respect to Revolving Loans and Swingline Loans on any date, the
aggregate outstanding principal amount thereof after giving effect to any
borrowings and prepayments or repayments of Revolving Loans or Swingline Loans
as the case may be, occurring on such date; and (b) with respect to any L/C
Obligations on any date, the 

25

amount of
such L/C Obligations on such date after giving effect to any L/C Credit
Extension occurring on such date and any other changes in the aggregate amount
of the L/C Obligations as of such date, including as a result of any
reimbursements by the Borrower of Unreimbursed Amounts.

"Participant" has the
meaning specified in Section 11.06(d).

"PBGC" means
the United States Pension Benefit Guaranty Corporation.

"Pension
Plan" means
any "employee pension benefit plan" (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to
Title IV of ERISA and is sponsored or maintained by the Borrower or any
ERISA Affiliate or to which the Borrower or any ERISA Affiliate contributes or
has an obligation to contribute, or in the case of a multiple employer or other
plan described in Section 4064(a) of ERISA, has made contributions at any
time during the immediately preceding five plan years.

"Permitted
Acquisition" means
an Acquisition by the Borrower or any Subsidiary of the Borrower permitted
pursuant to the terms of Section 8.02(h).

"Permitted
Investments" means,
at any time, Investments by the Consolidated Parties permitted to exist at such
time pursuant to the terms of Section 8.02.

"Permitted
Liens" means,
at any time, Liens in respect of Property of the Consolidated Parties permitted
to exist at such time pursuant to the terms of Section 8.01.

"Permitted
Preferred Stock" means
the 63⁄4% Cumulative Convertible Preferred Stock of the Borrower.

"Permitted
Receivables Financing" means
any
transaction or series of transactions that may be entered into by the Borrower
or any Subsidiary pursuant to which it may sell, convey, contribute to capital
or otherwise transfer (which sale, conveyance, contribution to capital or
transfer may include or be supported by the grant of a security interest)
Transferred Assets (a) to any Receivables Financier, which transfer is
funded in whole or in part, directly or indirectly, by the incurrence or
issuance by the transferee or any successor transferee of Indebtedness,
fractional undivided interests or other securities that are to receive payments
from, or that represent interests in, the cash flow derived from such
Transferred Assets or interests in such Transferred
Assets, or (b) directly to one or more investors or other purchasers (other
than the Borrower or any Subsidiary), it being understood that a Permitted
Receivables Financing may involve (i) one or more sequential transfers or
pledges of the same Transferred Assets, or interests therein, e.g., a sale,
conveyance or other transfer to a Receivables Financing SPC followed by a pledge
of the Transferred Assets to secure Indebtedness incurred by the Receivables
Financing SPC, and all such transfers, pledges and Indebtedness incurrences
shall be part of and constitute a single Permitted Receivables Financing, and
(ii) periodic transfers or pledges of Transferred Assets and/or revolving
transactions in which new Transferred Assets, or interests therein, are
transferred or pledged upon collection of previously transferred or pledged
Transferred Assets, or interests therein, provided that any
such transactions shall provide for 

26

recourse
to such Subsidiary (other than any Receivables Financing SPC) or the Borrower
(as applicable) only in respect of the cash flows in respect of such Transferred
Assets and to the extent of other customary securitization undertakings in the
United States, and provided further that the
aggregate Attributed Principal Amount for all Permitted Receivables Financings
at any time outstanding shall not exceed $150,000,000.

"Person" means
any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or
other entity.

"Pledge
Agreements" means a
collective reference to the Non-Shared Collateral Pledge Agreement and the
Shared Collateral Pledge Agreement.

"PNC" means
PNC Bank, National Association and its successors.

"Pro
Forma Basis" means,
in connection with the calculation as of the applicable Calculation Date
(utilizing the principles set forth in Section 1.03(c))
of the
financial covenants set forth in Section 8.11(a)-(d) in
respect of a proposed transaction (a "Specified
Transaction") as of
the date on which such Specified Transaction is to be effected, the
making of such calculation after giving effect on a pro forma
basis to:

(a) the
consummation of such Specified
Transaction as of the
first day of the applicable Calculation Period;

(b) the
assumption, incurrence or issuance of any Indebtedness by any of the
Consolidated Parties (including any Person which became a Subsidiary pursuant to
or in connection with such Specified
Transaction) in
connection with such Specified
Transaction, as if
such Indebtedness had been assumed, incurred or issued (and the proceeds thereof
applied) on the first day of such Calculation Period (with any such
Indebtedness bearing interest at a floating rate being deemed to have an implied
rate of interest for the applicable period equal to the rate which is or would
be in effect with respect to such Indebtedness as of the applicable Calculation
Date);

(c) the
permanent repayment, retirement or redemption of any Indebtedness (other than
revolving Indebtedness, except to the extent accompanied by a permanent
commitment reduction) by any of the Consolidated Parties (including any Person
which became a Subsidiary pursuant to or in connection with such Specified
Transaction) in
connection
with such Specified
Transaction, as if
such Indebtedness had been repaid, retired or redeemed on the first day of such
Calculation Period;

(d) other
than in connection with such Specified
Transaction, any assumption,
incurrence or issuance of any Indebtedness (other than Indebtedness in an
aggregate amount not to exceed $10,000,000 which may be disregarded for purposes
of this paragraph (d)) by any of the Consolidated Parties after the first
day of the applicable Calculation Period, as if such Indebtedness had been
assumed, incurred or issued (and the proceeds thereof applied) on the first day
of such Calculation Period (with any
such Indebtedness bearing interest at a floating rate being deemed to have an
implied rate of 

27

interest
for the applicable period equal to the weighted average of the interest rates
actually in effect with respect to such Indebtedness during the portion of such
period that such Indebtedness was outstanding);
and

(e) other
than in connection with such Specified
Transaction, the
permanent repayment, retirement or redemption of any Indebtedness (other than
revolving Indebtedness, except to the extent accompanied by a permanent
commitment reduction and other than other Indebtedness in an aggregate amount
not to exceed $10,000,000 which may be disregarded for purposes of this
paragraph (e)) by any of the Consolidated Parties after the first day of
the applicable Calculation Period, as if such Indebtedness had been repaid,
retired or redeemed on the first day of such Calculation Period.

"Pro
Forma Compliance Certificate" means a
certificate of a Responsible Officer of the Borrower delivered to the
Administrative Agent in connection with Specified Transaction, such certificate
to contain reasonably detailed calculations satisfactory to the Administrative
Agent, upon giving effect to the applicable Specified Transaction on a Pro Forma
Basis, of the financial covenants set forth in Section 8.11(a)-(d) for the
applicable Calculation Period.

"Property" means
any interest in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible.

"Real
Properties" means,
at any time, a collective reference to each of the facilities and real
Properties owned, leased or operated by the Consolidated Parties at such
time.

"Receivables
Financier" means
any
Person that is not the Borrower or any Subsidiary or Affiliate of the Borrower
(other than a Receivables Financing SPC).

"Receivables
Financing SPC" shall
mean, in respect of any Permitted Receivables Financing, any Subsidiary or
Affiliate of the Borrower to which any Consolidated Party sells, contributes or
otherwise conveys any Transferred Assets in connection with such Permitted
Receivables Financing.

"Register" has the
meaning specified in Section 11.06(c).

"Registered
Public Accounting Firm" has the
meaning specified in the Securities Laws and shall be independent of the
Borrower as prescribed by the Securities Laws.

"Related
Parties" means,
with respect to any Person, such Person's Affiliates and the partners,
directors, officers, employees, agents and advisors of such Person and of such
Person's Affiliates

"Remaining
Present Value" means,
as of any date with respect to any lease, the present value as of such date of
the scheduled future lease payments with respect to such lease, determined with
a discount rate equal to a market rate of interest for such lease, as reasonably
determined by the Borrower at the time such lease is entered
into.

28

"Reportable
Event" means
any of the events set forth in Section 4043(c) of ERISA, other than events
for which the 30-day notice period has been waived.

"Request
for Credit Extension" means
(a) with respect to a Committed Borrowing, conversion or continuation of
Committed Loans, a Committed Loan Notice, (b) with respect to an L/C Credit
Extension, a Letter of Credit Application, and (c) with respect to a
Swingline Loan, a Swingline Loan Notice.

"Required
Financial Information" means,
with respect to each fiscal period or quarter of the Borrower, (a) the
financial statements required to be delivered pursuant to subsection (a) or
(b) of Section 7.01 for such
fiscal period or quarter, and (b) the certificate of a
Responsible Officer of the
Borrower required by Section 7.02(b) to be
delivered with the financial statements described in clause (a)
above.

"Required
Lenders"
means, at
any time, Lenders holding in the aggregate more than 50% of (a) the
unfunded Commitments (and participations therein) and the
outstanding Loans,
L/C Obligations and participations therein or (b) if the Commitments have
been terminated, the outstanding Loans, L/C Obligations and participations
therein. The
unfunded Commitments of, and the outstanding Loans, L/C
Obligations and participations therein held or
deemed held by, any Defaulting Lender shall be excluded for purposes of making a
determination of Required Lenders.

"Responsible
Officer" means
the chief executive officer, president, chief financial officer, principal
accounting officer, treasurer or assistant treasurer of a Loan Party (or the
equivalent of any of the foregoing). Any document delivered hereunder that is
signed by a Responsible Officer of a Loan Party shall be conclusively presumed
to have been authorized by all necessary corporate, partnership and/or other
action on the part of such Loan Party and such Responsible Officer shall be
conclusively presumed to have acted on behalf of such Loan Party.

"Restricted
Payment"
means,
with respect to any Person, (a) any dividend or other payment or
distribution, direct or indirect, on account of any shares of any class of
Capital Stock of such Person, now or hereafter outstanding (including without
limitation any payment in connection with any dissolution, merger, consolidation
or disposition involving any Consolidated Party), or to the holders, in their
capacity as such, of any shares of any class of Capital Stock of such Person,
now or hereafter outstanding, (b) any redemption, retirement, sinking fund
or similar payment, purchase or other acquisition for value, direct or indirect,
of any shares of any class of Capital Stock of such Person,
now or hereafter outstanding, and (c) any payment made to retire, or to
obtain the surrender of, any outstanding warrants, options or other rights to
acquire shares of any class of Capital Stock of such Person, now or hereafter
outstanding;
provided that no such dividend, distribution, redemption, retirement,
acquisition or other payment shall constitute a "Restricted Payment" to the
extent made solely with the Capital Stock of such Person.

"Revolving
Commitment" means,
as to each Lender, its obligation to (a) make Revolving Loans to the
Borrower pursuant to Section 2.01,
(b) purchase participations in L/C Obligations and (c) purchase
participations in Swingline Loans, in an aggregate principal amount at any one
time outstanding not to exceed the amount set forth opposite such Lender's name
on 

29

Schedule 2.01 or in
the Assignment and Assumption pursuant to which such Lender becomes a party
hereto, as applicable, as such amount may be adjusted from time to time in
accordance with this Agreement.

"Revolving
Loan" has the
meaning specified in Section 2.01.

"Revolving
Note" has the
meaning specified in Section 2.11(a).

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

"Sale
and Leaseback Transaction" means
any arrangement pursuant to which any Consolidated Party, directly or
indirectly, becomes liable as lessee, guarantor or other surety with respect to
any lease, whether an Operating Lease or a Capital Lease, of any Property
(a) which such Consolidated Party has sold or transferred (or is to sell or
transfer) to a Person which is not a Consolidated Party and (b) which such
Consolidated Party intends to use for substantially the same purpose as any
other Property which has been substantially contemporaneously sold or
transferred (or is to be sold or transferred) by such Consolidated Party to
another Person which is not a Consolidated Party.

"SEC" means
the Securities and Exchange Commission, or any Governmental Authority succeeding
to any of its principal functions.

"Secured
Hedge Agreement" means
any Swap Contract of a Loan Party that (a) is in effect on the Closing Date
with a counterparty that is a Lender or an Affiliate of a Lender as of the
Closing Date or (b) is entered into after the Closing Date with a
counterparty that is a Lender or an Affiliate of a Lender at the time such Swap
Contract is entered into.

"Securities
Laws" means
the Securities Act of 1933, the Securities Exchange Act of 1934, the
Sarbanes-Oxley Act of 2002 and the applicable accounting and auditing
principles, rules, standards and practices promulgated, approved or incorporated
by the SEC or the Public Company Accounting Oversight Board, as each of the
foregoing may be amended and in effect on any applicable date
hereunder.

"Security
Agreements" means a
collective reference to the Non-Shared Collateral Security Agreement and the
Shared Collateral Security Agreement.

"Senior
Note Documents" means a
collective reference to the 1993 Senior Note Documents, the 2003 Senior Note
Documents and the 2005 Senior Note Documents.

"Senior
Note Indentures" means a
collective reference to the 1993 Senior Note Indenture, the 2003 Senior Note
Indenture and the 2005 Senior Note Indenture, and "Senior
Note Indenture" means
any one of them.

"Senior
Notes" means a
collective reference to the 1993 Senior Notes, the 2003 Senior Notes and the
2005 Senior Notes.

30

"Shared
Collateral Security Agreement" means
the Shared Collateral Security and Pledge Agreement, dated as of the Closing
Date, among the Borrower and the Collateral Agent.

"Solvent" or
"Solvency" means,
with respect to any Person as of a particular date, that on such date
(a) such Person is able to pay its debts and other liabilities, contingent
obligations and other commitments as they mature in the ordinary course of
business, (b) such Person does not intend to, and does not believe that it
will, incur debts or liabilities beyond such Person's ability to pay as such
debts and liabilities mature in their ordinary course, (c) such Person is
not engaged in a business or a transaction, and is not about to engage in a
business or a transaction, for which such Person's Property would constitute
unreasonably small capital after giving due consideration to the prevailing
practice in the industry in which such Person is engaged or is to engage,
(d) the fair value of the Property of such Person is greater than the total
amount of liabilities, including, without limitation, contingent liabilities, of
such Person and (e) the present fair salable value of the assets of such
Person is not less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute and matured. In
computing the amount of contingent liabilities at any time, it is intended that
such liabilities will be computed at the amount which, in light of all the facts
and circumstances existing at such time, represents the amount that can
reasonably be expected to become an actual or matured liability.

"Specified
Transaction" shall
have the meaning assigned to such term in the
definition of "Pro Forma Basis" set forth in this Section 1.01.

"Spectrum
Assets" means
any spectrum license granted by the FCC.

"State
PUC" means
any state Governmental Authority having utility or communications regulatory
authority over any Consolidated Party, or any applicable successor
agency.

"Subordinated
Indebtedness" means,
collectively, (a) Indebtedness arising under the Junior Note Indentures and
the Junior Notes, and (b) any other Indebtedness of any of the Consolidated
Parties which by its terms is subordinated in right of payment to the
Obligations on terms, taken as a whole, no less favorable to the Lenders in any
material respect than those set forth in the 2003 83⁄8% Junior
Note Indenture, as in effect on the Closing Date.

"Subsidiary" of a
Person means a corporation, partnership, joint venture, limited liability
company or other business entity of which a majority of the shares of Capital
Stock having ordinary
voting power for the election of directors or other governing body (other than
Capital Stock having such power only by reason of the happening of a
contingency) are at the time beneficially owned, or the management of which is
otherwise controlled, directly, or indirectly through one or more
intermediaries, or both, by such Person. Unless otherwise specified, all
references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a
Subsidiary or Subsidiaries of the Borrower.

"Swap
Contract" means
any and all rate swap transactions, basis swaps, credit derivative transactions,
forward rate transactions, commodity swaps, commodity options, forward commodity
contracts, equity or equity index swaps or options, bond or bond price or bond
index 

31

swaps or
options or forward bond or forward bond price or forward bond index
transactions, interest rate options, forward foreign exchange transactions, cap
transactions, floor transactions, collar transactions, currency swap
transactions, cross-currency rate swap transactions, currency options, spot
contracts, or any other similar transactions or any combination of any of the
foregoing (including any options to enter into any of the foregoing), whether or
not any such transaction is governed by or subject to any master
agreement.

"Swap
Termination Value" means,
in respect of any one or more Swap Contracts, after taking into account the
effect of any netting agreement relating to such Swap Contracts, (a) for
any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination
value(s), and (b) for any date prior to the date referenced in
clause (a), the amount(s) determined as the mark-to-market value(s) for
such Swap Contracts, as determined based upon one or more mid-market or other
readily available quotations provided by any recognized dealer in such Swap
Contracts (which may include a Lender or any Affiliate of a
Lender).

"Swingline" means
the revolving credit facility made available by the Swingline Lender pursuant to
Section 2.04.

"Swingline
Borrowing" means a
borrowing of a Swingline Loan pursuant to Section 2.04.

"Swingline
Lender" means
PNC, in its capacity as provider of Swingline Loans, or any successor Swingline
lender hereunder.

"Swingline
Loan" has the
meaning specified in Section 2.04(a).

"Swingline
Loan Notice" means a
notice of a Swingline Borrowing pursuant to Section 2.04(b), which,
if in writing, shall be substantially in the form of Exhibit B.

"Swingline
Note" has the
meaning specified in Section
2.04(g).

"Swingline
Sublimit" means
an amount equal to the lesser of (a) $25,000,000 and (b) the Aggregate
Revolving Commitments. The Swingline Sublimit is part of, and not in addition
to, the Aggregate Revolving Commitments.

"Synthetic
Lease Obligation" means
the monetary obligation of a Person under a so-called synthetic, off-balance
sheet or tax retention lease, including, without limitation, any financing lease
or other agreement for the use or possession of Property creating obligations
that do not appear on the balance sheet of such Person but which are
characterized as the indebtedness of such Person for U.S. tax purposes (without
regard to accounting treatment).

"Taxes" means
all present or future taxes, levies, imposts, duties, deductions, withholdings,
assessments, fees or other charges imposed by any Governmental Authority,
including any interest, additions to tax or penalties applicable
thereto.

"Threshold
Amount" means
$35,000,000.

32

"Total
Revolving Outstandings" means
the aggregate Outstanding Amount of all Revolving Loans, all Swingline Loans and
all L/C Obligations.

"Transferred
Assets" means
any accounts receivable, notes receivable, rights to future lease payments or
residuals (collectively, the "Receivables") owed
to or owned by the Borrower or any Subsidiary (whether now existing or arising
or acquired in the future), all collateral securing such Receivables, all
contracts and contract rights, purchase orders, security interests, financing
statements or other documentation in respect of such Receivables and all
guarantees or other obligations in respect of such Receivables, all proceeds of
such Receivables and other assets which are of the type customarily granted or
transferred in connection with securitization transactions involving receivables
similar to such Receivables.

"Treasury
Management Agreement" means
any agreement governing the provision of treasury or cash management services,
including deposit accounts, funds transfer, automated clearinghouse, zero
balance accounts, returned check concentration, controlled disbursement,
lockbox, account reconciliation and reporting and trade finance
services.

"Type" means,
with respect to any Revolving Loan, its character as a Base Rate Loan or a
Eurodollar Rate Loan.

"United
States" and
"U.S." mean
the United States of America.

"Unreimbursed
Amount" has the
meaning specified in Section 2.03(c)(i).

"Warrant
Agreement" means
the Warrant Agreement dated as of March 26, 2003 among the Borrower,
GS Mezzanine Partners II, L.P. and GS Mezzanine Partners II Offshore,
L.P.

"Warrants" means
the warrants to purchase shares of the common Capital Stock of the Borrower
pursuant to the terms of the Warrant Agreement.

"Wholly
Owned Subsidiary" means,
with respect to any Person, any other Person 100% of whose Capital Stock (other
than directors; qualifying shares or nominee or other similar shares required
pursuant to applicable Laws) is at the time owned by such Person directly or
indirectly through other Persons 100% of whose Capital Stock (other than
directors; qualifying shares or nominee
or other similar shares required pursuant to applicable Laws) is at the time
owned, directly or indirectly, by such Person.

"Wireless
Acquisition" means
the
acquisition by the Borrower or another Loan Party (or Person that becomes a Loan
Party contemporaneously with the consummation of such acquisition) of the
Capital Stock of Wireless LLC from Cingular pursuant to the Wireless
Acquisition Agreement.

"Wireless
Acquisition Agreement" means
an agreement entered into by the Borrower or one or more other Loan Parties
pursuant to which such Person(s) has(ve) the right to acquire any or all of the
Capital Stock of Wireless LLC that is not held by Wireless
Holdco.

33

"Wireless
Co." means
Cincinnati Bell Wireless Company, an Ohio corporation and a Wholly Owned
Subsidiary of the Borrower.

"Wireless
Disposition" means
the (a) any Disposition of all or any portion of the Capital Stock of
Wireless LLC held by the Consolidated Parties and/or all or any portion of the
Property of Wireless LLC or (b) the contribution by the Consolidated Parties of
all or part of the Capital Stock of Wireless LLC and/or all or any portion of
the Property of Wireless LLC to a new wireless Joint Venture.

"Wireless
Holdco" means
Cincinnati Bell Wireless Holdings LLC, a Delaware limited liability company and
a Wholly Owned Subsidiary of Wireless Co.

"Wireless LLC" means
Cincinnati Bell Wireless LLC, an Ohio limited liability company and a
direct Subsidiary of Wireless Holdco.

1.02 Other
Interpretive Provisions.

With
reference to this Agreement and each other Loan Document, unless otherwise
specified herein or in such other Loan Document:

(a) The
definitions of terms herein shall apply equally to the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms. The words
"include,"
"includes" and
"including" shall
be deemed to be followed by the phrase "without limitation." The word
"will" shall
be construed to have the same meaning and effect as the word "shall." Unless
the context requires otherwise, (i) any definition of or reference to any
agreement, instrument or other document (including any Organization Document)
shall be construed as referring to such agreement, instrument or other document
as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein
or in any other Loan Document), (ii) any reference herein to any Person
shall be construed to include such Person's successors and assigns,
(iii) the words "herein,"
"hereof" and
"hereunder," and
words of similar import when used in any Loan Document, shall be construed to
refer to such Loan Document in its entirety and not to any particular provision
thereof, (iv) all references
in a Loan Document to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to,
the Loan Document in which such references appear, and (v) any reference to
any law shall include all statutory and regulatory provisions consolidating,
amending replacing or interpreting such law and any reference to any law or
regulation shall, unless otherwise specified, refer to such law or regulation as
amended, modified or supplemented from time to time.

(b) In the
computation of periods of time from a specified date to a later specified date,
the word "from" means
"from
and including;" the
words "to" and
"until" each
mean "to but
excluding;" and
the word "through" means
"to and
including."

34

 

(c) Section headings
herein and in the other Loan Documents are included for convenience of reference
only and shall not affect the interpretation of this Agreement or any other Loan
Document.

1.03 Accounting
Terms.

(a) Generally.
Except
as
otherwise specifically prescribed herein, all accounting terms not specifically
defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be
submitted pursuant to this Agreement shall be prepared in conformity with, GAAP
applied on a consistent basis, as in effect from time to time, applied in a
manner consistent with that used in preparing the Audited Financial Statements
(with such changes as may be approved by the Borrower's accountants, subject to
subsection (b) of this Section 1.03);
provided,
however,
that
calculations of Attributable Indebtedness under any Synthetic Lease Obligations
or the implied interest component of any Synthetic Lease Obligations shall be
made by the Borrower in accordance with accepted financial practice and
consistent with the terms of such Synthetic Lease Obligations.

(b) Changes
in GAAP. If at
any time any change in GAAP would affect the computation of any financial ratio
or requirement set forth in any Loan Document, the application of any
representation or warranty or any other provision hereof and either the Borrower
or the Required Lenders shall so request, the Administrative Agent, the Lenders
and the Borrower shall negotiate in good faith to amend such ratio or
requirement to preserve the original intent thereof in light of such change in
GAAP (subject to the approval of the Required Lenders); provided that, if any
party shall so request, then until so amended, (i) such ratio or
requirement shall continue to be computed in accordance with GAAP prior to such
change therein and (ii) the Borrower shall provide to the Administrative
Agent and the Lenders financial statements and other documents required under
this Agreement or as reasonably requested hereunder setting forth a
reconciliation between calculations of such ratio or requirement made before and
after giving effect to such change in GAAP.

(c) Effect
of Dispositions and Acquisitions.
Notwithstanding
the above, the parties hereto acknowledge and agree that, for purposes of all
calculations made under the financial covenants set forth in Section 8.11
(including without limitation for purposes of the definitions of "Applicable
Rate" and "Pro Forma Basis" set forth in Section 1.01),
(i) after consummation of any
Disposition of any Subsidiary or business or line of business (other than
Dispositions for consideration in an aggregate amount for all such Disposition
not to exceed $50,000,000) (A) income statement items (whether positive or
negative) and capital expenditures attributable
to the Property disposed of shall be excluded and (B) Indebtedness which is
retired shall be excluded and deemed to have been retired as of the first day of
the applicable period and (ii) after consummation of any Acquisition of any
Subsidiary or business or line of business (other than Acquisitions for
consideration in an aggregate amount for all such Acquisitions not to exceed
$50,000,000) (A) income statement items (whether positive or negative) and
capital expenditures
attributable to the Person or Property acquired shall, to the extent not
otherwise included in such income statement items for the Consolidated Parties
in accordance with GAAP or in accordance with any defined terms set forth in
Section 1.01, be included to the extent relating to any period

35

applicable
in such calculations, (B) to the extent not retired in connection with such
Acquisition, Indebtedness of the Person or Property acquired shall be deemed to
have been incurred as of the first day of the applicable period and
(C) pro forma adjustments may be included to the extent that such
adjustments would give effect to items that are (1) directly attributable
to such transaction, (2) expected to have a continuing impact on
the
Consolidated
Parties and
(3) factually supportable.

1.04 Rounding.

Any
financial ratios required to be maintained by the Borrower pursuant to this
Agreement shall be calculated by dividing the appropriate component by the other
component, carrying the result to one place more than the number of places by
which such ratio is expressed herein and rounding the result up or down to the
nearest number within the number of places by which such ratio is expressed
herein (with a rounding-up if there is no nearest number).

1.05 Times
of Day.

Unless
otherwise specified, all references herein to times of day shall be references
to Eastern time (daylight or standard, as applicable).

1.06 Letter
of Credit Amounts.

Unless
otherwise specified herein, the amount of a Letter of Credit at any time shall
be deemed to be the stated amount of such Letter of Credit in effect at such
time; provided,
however, that
with respect to any Letter of Credit that, by its terms or the terms of any
Issuer Document related thereto, provides for one or more automatic increases in
the stated amount thereof, the amount of such Letter of Credit shall be deemed
to be the maximum stated amount of such Letter of Credit after giving effect to
all such increases, whether or not such maximum stated amount is in effect at
such time.

ARTICLE
II

THE
COMMITMENTS AND CREDIT EXTENSIONS

2.01 Revolving
Loans.

Subject
to the terms and conditions set forth herein, each Lender severally agrees to
make loans (each such loan, a "Revolving
Loan") to the
Borrower from time to time, on any Business Day during the Availability Period,
in an aggregate amount not to exceed at any time outstanding the amount of such
Lender's Revolving Commitment; provided,
however, that
after giving effect to any Borrowing of Revolving Loans, (i) the Total
Revolving Outstandings shall not exceed the Aggregate Revolving
Commitments, and (ii) the aggregate Outstanding Amount of the Revolving
Loans of any Lender, plus such
Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus such Lender's Applicable Percentage of the Outstanding Amount of all
Swingline Loans shall not exceed such Lender's Revolving Commitment. Within the
limits of each Lender's Revolving Commitment, and subject to the other terms and
conditions 

36

hereof,
the Borrower may borrow under this Section 2.01, prepay
under Section 2.05(a), and
reborrow under this Section 2.01.
Revolving Loans may be Base Rate Loans or Eurodollar Rate Loans, as further
provided herein.

2.02 Borrowings,
Conversions and Continuations of Committed Loans.

(a) Each
Committed Borrowing, each conversion of Committed Loans from one Type to the
other, and each continuation of Eurodollar Rate Loans shall be made upon the
irrevocable notice from the Borrower to the Administrative Agent, which may be
given by telephone (provided that such telephonic notice complies with the
information requirements of the form of Committed Loan Notice attached hereto).
Each such notice must be received by the Administrative Agent not later than
11:00 a.m. (i) three Business Days prior to the requested date of any
Borrowing of, conversion to or continuation of Eurodollar Rate Loans, and
(ii) on the requested date of any Borrowing of Base Rate Committed Loans;
provided that if
the Borrower wishes to request Eurodollar Rate Loans having an Interest Period
other than one, two, three or six months in duration as provided in the
definition of "Interest Period," the applicable notice must be received by the
Administrative Agent not later than 11:00 a.m. four Business Days prior to the
requested date of such Borrowing, conversion or continuation, whereupon
(x) the Administrative Agent shall give prompt notice to the Lenders of
such request and determine whether the requested Interest Period is acceptable
to all of them, and (y) not later than 11:00 a.m., three Business Days
before the requested date of such Borrowing, conversion or continuation, the
Administrative Agent shall notify the Borrower (which notice may be by
telephone) whether or not the requested Interest Period has been consented to by
all the Lenders. Each
telephonic notice by the Borrower pursuant to this Section 2.02(a) must be
confirmed promptly by delivery to the Administrative Agent of a written
Committed Loan Notice, appropriately completed and signed by a Responsible
Officer of the Borrower. Each Borrowing of, conversion to or continuation of
Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole
multiple of $1,000,000 in excess thereof. Except as provided in Section 2.03(c) and
Section 2.04(c), each
Borrowing of or conversion to Base Rate Committed Loans shall be in a principal
amount of $500,000 or a whole multiple of $100,000 in excess 

thereof.
Each Committed Loan Notice (whether telephonic or written) shall specify
(i) whether the Borrower is requesting a Committed Borrowing, a conversion
of Committed Loans from one Type to the other, or a continuation of Eurodollar
Rate Loans, (ii) the requested date of the Borrowing, conversion or
continuation, as the case may be (which shall be a Business Day), (iii) the
principal amount of Committed Loans to be borrowed, converted or continued,
(iv) the Type of Committed Loans to be borrowed or to which existing
Committed Loans are to be converted, and (v) if applicable, the duration of
the Interest Period with respect thereto. If the Borrower fails to specify a
Type of Committed Loan in a Committed Loan Notice or if the Borrower fails to
give a timely notice requesting a conversion or continuation, then the
applicable Committed Loans shall be made as, or converted to, Base Rate Loans.
Any such automatic conversion to Base Rate Loans shall be effective as of the
last day of the Interest Period then in effect with respect to the applicable
Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to,
or continuation of Eurodollar Rate Loans in any such Committed Loan Notice, but
fails to specify an Interest Period, it will be deemed to have specified an
Interest Period of one month.

37

(b) Following
receipt of a Committed Loan Notice, the Administrative Agent shall promptly
notify each Lender of the amount of its Applicable Percentage of the applicable
Committed Loans, and if no timely notice of a conversion or continuation is
provided by the Borrower, the Administrative Agent shall notify each Lender of
the details of any automatic conversion to Base Rate Loans described in the
preceding subsection. In the case of a Committed Borrowing, each Lender shall
make the amount of its Committed Loan available to the Administrative Agent in
immediately available funds at the Administrative Agent's Office not later than
1:00 p.m. on the Business Day specified in the applicable Committed Loan
Notice. Upon satisfaction of the applicable conditions set forth in Section 5.02 (and, if
such Borrowing is the initial Credit Extension, Section 5.01), the
Administrative Agent shall make all funds so received available to the Borrower
in like funds as received by the Administrative Agent either by
(i) crediting the account of the Borrower on the books of Bank of America
with the amount of such funds or (ii) wire transfer of such funds, in each
case in accordance with instructions provided to (and reasonably acceptable to)
the Administrative Agent by the Borrower; provided,
however, that
if, on the date a Committed Loan Notice with respect to a Borrowing consisting
of Revolving Loans is given by the Borrower, there are L/C Borrowings
outstanding, then the proceeds of such Borrowing first shall be applied to the
payment in full of any such L/C Borrowings, and second, shall be made available
to the Borrower as provided above.

(c) Subject
to Section 3.05, a
Eurodollar Rate Loan may be continued or converted only on the last day of an
Interest Period for such Eurodollar Rate Loan. During the existence of a
Default, no Loans may be requested as, converted to or continued as Eurodollar
Rate Loans having Interest Periods greater than one month without the consent of
the Required Lenders. During the existence of an Event of Default, no Loans may
be converted to or continued as Eurodollar Rate Loans without the consent of the
Required Lenders.

(d) The
Administrative Agent shall promptly notify the Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurodollar Rate Loans upon
determination of such interest rate. At any time that Base Rate Loans are
outstanding, the Administrative Agent
shall notify the Borrower and the Lenders of any change in Bank of America's
prime rate used in determining the Base Rate promptly following the public
announcement of such change.

(e) After
giving effect to all Committed Borrowings, all conversions of Committed Loans
from one Type to the other, and all continuations of Committed Loans as the same
Type, there shall not be more than twelve Interest Periods in effect with
respect to Revolving Loans.

2.03 Letters
of Credit.

(a) The
Letter of Credit Commitment.

(i) Subject
to the terms and conditions set forth herein, (A) each applicable L/C
Issuer agrees, in reliance upon the agreements of the Lenders set forth in this
Section 2.03,
(1) from time to time on any Business Day during the period from the
Closing Date until the Letter of Credit Expiration Date, to issue Letters of
Credit for the account of the Borrower or its Subsidiaries, and to amend or
extend Letters of Credit previously issued by it, in accordance with
subsection (b) below, and (2) to honor drawings under the Letters of
Credit; and (B) the Lenders 

38

severally
agree to participate in Letters of Credit issued for the account of the Borrower
or its Subsidiaries and any drawings thereunder; provided that
after giving effect to any L/C Credit Extension with respect to any Letter of
Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate
Revolving Commitments, (y) the aggregate Outstanding Amount of the
Revolving Loans of any Lender, plus such
Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus such Lender's Applicable Percentage of the Outstanding Amount of all
Swingline Loans shall not exceed such Lender's Revolving Commitment, or
(z) the Outstanding Amount of the L/C Obligations shall not exceed the
Letter of Credit Sublimit. Each request by the Borrower for the issuance or
amendment of a Letter of Credit shall be deemed to be a representation by the
Borrower that the L/C Credit Extension so requested complies with the conditions
set forth in the proviso to the preceding sentence. Within the foregoing limits,
and subject to the terms and conditions hereof, the Borrower's ability to obtain
Letters of Credit shall be fully revolving, and accordingly the Borrower may,
during the foregoing period, obtain Letters of Credit to replace Letters of
Credit that have expired or that have been drawn upon and reimbursed. On the
Closing Date, each L/C Issuer that has issued an Existing Letters of Credit
shall be deemed, without further action by any party hereto, to have granted to
each Lender and each Lender shall be deemed to have purchased from such L/C
Issuer a participation in such Letter of Credit in accordance with paragraph
(b)(ii) below.
On and after the Closing Date, each Existing Letter of Credit shall constitute a
Letter of Credit for the purposes hereof.

(ii) No L/C
Issuer shall issue any Letter of Credit if:

(A) subject
to Section 2.03(b)(iii), the
expiry date of such requested Letter of Credit would occur more than twelve
months after the date of issuance or last
extension, unless
the Required Lenders have approved such expiry date; or

(B) the
expiry date of such requested Letter of Credit would occur after the Letter of
Credit Expiration Date, unless all the Lenders have approved such expiry
date;

(iii) No L/C
Issuer shall be under any obligation to issue any Letter of Credit
if:

(A) any
order, judgment or decree of any Governmental Authority or arbitrator shall by
its terms purport to enjoin or restrain the applicable L/C Issuer from issuing
such Letter of Credit, or any Law applicable to such L/C Issuer or any request
or directive (whether or not having the force of law) from any Governmental
Authority with jurisdiction over such L/C Issuer shall prohibit, or request that
such L/C Issuer refrain from, the issuance of letters of credit generally or
such Letter of Credit in particular or shall impose upon such L/C Issuer with
respect to such Letter of Credit any restriction, reserve or capital requirement
(for which such L/C Issuer is not otherwise compensated hereunder) not in effect
on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed loss,
cost or expense which was not applicable on the Closing Date and which such L/C
Issuer in good faith deems material to it;

39

(B) the
issuance of such Letter of Credit would violate one or more policies of such L/C
Issuer applicable
to all applicants for Letters of Credit from such L/C Issuer; or

(C) except as
otherwise agreed by the Administrative Agent and the applicable L/C Issuer,
such
Letter of Credit is in an initial stated amount less than $500,000.

(D) such
Letter of Credit is to be denominated in a
currency other than Dollars; or

(E) such
Letter of Credit contains any provision for automatic reinstatement of the
stated amount after any drawing thereunder;

(iv) No L/C
Issuer shall increase or extend any Letter of Credit issued by it if such L/C
Issuer would not be permitted at such time to issue such Letter of Credit in its
increased or extended form under the terms hereof.

(v) No L/C
Issuer shall be under any obligation to amend any Letter of Credit if
(A) such L/C Issuer would have no obligation at such time to issue such
Letter of Credit in its amended form under the terms hereof, or (B) the
beneficiary of such Letter of Credit does not accept the proposed amendment to
such Letter of Credit.

(b) Procedures
for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of
Credit.

(i) Each
Letter of Credit shall be issued or amended, as the case may be, upon the
request of the Borrower delivered to the applicable L/C Issuer (with a copy to
the Administrative Agent) in the form of a Letter of Credit Application,
appropriately completed and signed by a Responsible Officer of the Borrower.
Such Letter of Credit Application must be received by the applicable
L/C Issuer not later than 11:00 a.m. at least two Business Days (or such
later date and time as such L/C Issuer may agree in a particular instance in its
sole discretion) prior to the proposed issuance date or date of amendment, as
the case may be, and notice of the proposed issuance or amendment of such Letter
of Credit shall be delivered to the Administrative Agent contemporaneously
therewith. In the case of a request for an initial issuance of a Letter of
Credit, such Letter of Credit Application shall specify in form and detail
satisfactory to the applicable L/C Issuer: (A) the proposed issuance date
of the requested Letter of Credit (which shall be a Business Day); (B) the
amount thereof; (C) the expiry date thereof; (D) the name and address
of the beneficiary thereof; (E) the documents to be presented by such
beneficiary in case of any drawing thereunder; and (F) such other matters
as the applicable L/C Issuer may require. In the case of a request for an
amendment of any outstanding Letter of Credit, such Letter of Credit Application
shall specify in form and detail satisfactory to the applicable L/C Issuer
(1) the Letter of Credit to be amended; (2) the proposed date of
amendment thereof (which shall be a Business Day); (3) the nature of the
proposed amendment; and (4) such other matters as the applicable L/C Issuer
may require. Additionally, the Borrower shall furnish to the applicable L/C
Issuer such other documents and information pertaining to such requested Letter
of Credit 

40

issuance
or amendment, including any Issuer Documents, as the applicable L/C Issuer may
require.

(ii) Promptly
after receipt of any Letter of Credit Application, the applicable L/C Issuer
will provide the Administrative Agent with a copy thereof. Unless the applicable
L/C Issuer has received written notice from the Administrative Agent at least
one Business Day prior to the requested date of issuance or amendment of the
applicable Letter of Credit that one or more of the applicable conditions
contained in Article V shall
not then be satisfied, the applicable L/C Issuer shall, on the requested date,
issue a Letter of Credit for the account of the Borrower (or the applicable
Subsidiary) or enter into the applicable amendment, as the case may be, in each
case in accordance with such L/C Issuer's usual and customary business
practices. Immediately upon the issuance of each Letter of Credit or amendment
thereof, each Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the applicable L/C Issuer a risk
participation in such Letter of Credit in an amount equal to the product of such
Lender's Applicable Percentage times the
amount of such Letter of Credit.

(iii) If the
Borrower so requests in any applicable Letter of Credit Application, the
applicable L/C
Issuer may, in its sole and absolute discretion, agree to issue a Letter of
Credit that has automatic extension provisions (each, an "Auto-Extension
Letter of Credit");
provided that any
such Auto-Extension Letter of Credit must permit the applicable L/C
Issuer to prevent any such extension at least once in each twelve-month period
(commencing with the date of issuance of such Letter of Credit) by giving prior
notice to the beneficiary thereof not later than a day (the "Non-Extension
Notice Date") in
each such twelve-month period to be agreed upon at the time such Letter of
Credit is issued. Unless otherwise directed by the applicable L/C
Issuer, the Borrower shall not be required to make a specific request to the
applicable L/C
Issuer for any such extension. Once an Auto-Extension Letter of Credit has been
issued, the Lenders shall be deemed to have authorized (but may not require) the
applicable L/C
Issuer to permit the extension of such Letter of Credit at any time to an expiry
date not later than the Letter of Credit Expiration Date; provided,
however, that
the applicable L/C
Issuer shall not permit
any such extension if (A) the applicable L/C
Issuer has determined that it would not be permitted, or would
have no obligation at such time to issue such Letter of Credit in its revised
form under the terms hereof (by reason of the provisions of clause (ii) or
(iii) of Section 2.03(a) or
otherwise), or (B) it has received notice (which may be by telephone or in
writing) on or before the day that is five Business Days before the
Non-Extension Notice Date (1) from the Administrative Agent that the
Required Lenders have elected not to permit such extension or (2) from the
Administrative Agent that one or more of the applicable conditions specified in
Section 5.02 is not
then satisfied, and in each case directing the applicable L/C
Issuer not to permit such extension.

(iv) Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of
Credit to an advising bank with respect thereto or to the beneficiary thereof,
the applicable L/C Issuer will also deliver to the Borrower and the
Administrative Agent a true and complete copy of such Letter of Credit or
amendment.

(v) Any
Lender with a Revolving Commitment (in such capacity, a "Discretionary
L/C Issuer") may
from time to time, at the written request of the Borrower (with a copy to the

41

Administrative
Agent), and in such Lender's sole discretion, agree to issue one or more Letters
of Credit for the account of the Borrower on the same terms and conditions in
all respects as are applicable to the Letters of Credit issued by the then
existing L/C Issuer(s) hereunder by executing and delivering to the
Administrative Agent a written agreement to such effect, among (and in form and
substance satisfactory to) the Borrower, the Administrative Agent and such
Discretionary L/C Issuer. With respect to each of the Letters of Credit issued
(or to be issued) thereby, each of the Discretionary L/C Issuers shall have all
of the same rights and obligations under and in respect of this Agreement and
the other Loan Documents, and shall be entitled to all of the same benefits
(including, without limitation, the rights, obligations and benefits set forth
in Sections 2.04,
9.03 and
11.01), as are
afforded to the then existing L/C Issuers hereunder and thereunder. The
Administrative Agent shall promptly notify each of the Lenders with a Revolving
Commitment of the appointment of any Discretionary L/C Issuer. Each
Discretionary L/C Issuer shall provide to the Administrative Agent, on a monthly
basis, a report that details the activity with respect to each Letter of Credit
issued by such Discretionary L/C Issuer (including an indication of the maximum
amount then in effect with respect to each such Letter of Credit).

(c) Drawings
and Reimbursements; Funding of Participations.

(i) Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing
under such Letter of Credit, the applicable L/C Issuer shall notify the Borrower
and the Administrative Agent thereof and of the date that the L/C Issuer is to
make payment under the applicable Letter of Credit (such payment date, the
"Honor
Date"). Not
later than 12:00 noon on the Honor Date (if the Borrower has received notice of
such drawing prior to 10:00 a.m. on the Honor Date), the Borrower shall
reimburse the applicable L/C Issuer through the Administrative Agent in an
amount equal to the amount of such drawing; provided,
however, if such
notice has not been received by the Borrower prior to 10:00 a.m. on the Honor
Date, the Borrower shall so reimburse the applicable L/C Issuer through the
Administrative Agent not later than 12:00 noon on the Business Day immediately
following the day that the Borrower receives such notice.
If the
Borrower fails to so reimburse the applicable L/C Issuer by such time, the
Administrative Agent shall promptly notify each Lender of the Honor Date, the
amount of the unreimbursed drawing
(the "Unreimbursed
Amount"), and
the amount of such Lender's Applicable Percentage thereof. In such event, the
Borrower shall be deemed to have requested a Borrowing of Base Rate Revolving
Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed
Amount, without regard to the minimum and multiples specified in Section 2.02 for the
principal amount of Base Rate Committed Loans, but subject to the amount of the
unutilized portion of the Aggregate Revolving Commitments and the conditions set
forth in Section 5.02 (other
than the delivery of a Committed Loan Notice). Any notice given by the
applicable L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be
given by telephone if immediately confirmed in writing; provided that the
lack of such an immediate confirmation shall not affect the conclusiveness or
binding effect of such notice.

 

(ii) Each
Lender shall upon any notice pursuant to Section 2.03(c)(i) make
funds available to the Administrative Agent for the account of the applicable
L/C Issuer at the Administrative Agent's Office in an amount equal to its
Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m.
on the Business Day specified in such notice by the Administrative Agent,
whereupon, subject to the provisions of Section 2.03(c)(iii), each

 

42

 

Lender
that so makes funds available shall be deemed to have made a Base Rate Revolving
Loan to the Borrower in such amount. The Administrative Agent shall remit the
funds so received to the applicable L/C Issuer.

(iii) With
respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing
of Base Rate Revolving Loans because the conditions set forth in Section 5.02 (other
than delivery of a Committed Loan Notice) cannot be satisfied or for any other
reason, the Borrower shall be deemed to have incurred from the applicable L/C
Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so
refinanced, which L/C Borrowing shall be due and payable on demand (together
with interest) and shall bear interest at the Default Rate. In such event, each
Lender's payment to the Administrative Agent for the account of the applicable
L/C Issuer pursuant to Section 2.03(c)(ii) shall be
deemed payment in respect of its participation in such L/C Borrowing and shall
constitute an L/C Advance from such Lender in satisfaction of its participation
obligation under this Section 2.03.

(iv) Until
each Lender funds its Revolving Loan or L/C Advance pursuant to this
Section 2.03(c) to
reimburse the applicable L/C Issuer for any amount drawn under any Letter of
Credit, interest in respect of such Lender's Applicable Percentage of such
amount shall be solely for the account of the applicable L/C
Issuer.

(v) Each
Lender's obligation to make Revolving Loans or L/C Advances to reimburse the
applicable L/C Issuer for amounts drawn under Letters of Credit, as contemplated
by this Section 2.03(c), shall
be absolute and unconditional and shall not be affected by any circumstance,
including (A) any setoff, counterclaim, recoupment, defense or other right
which such Lender may have against the applicable L/C Issuer, the Borrower or
any other Person for any reason whatsoever; (B) the occurrence or
continuance of a Default, or (C) any other occurrence, event or condition,
whether or not similar to any of the foregoing; provided,
however, that
each Lender's obligation to make Revolving Loans pursuant to this Section 2.03(c) is
subject to the conditions set forth in Section 5.02 (other
than delivery by the Borrower of a Committed Loan Notice). No such making of an
L/C Advance shall relieve or otherwise impair the
obligation of the Borrower to reimburse the applicable L/C Issuer for the amount
of any payment made by the applicable L/C Issuer under any Letter of Credit,
together with interest as provided herein.

(vi) If any
Lender fails to make available to the Administrative Agent for the account of
the applicable L/C Issuer any amount required to be paid by such Lender pursuant
to the foregoing provisions of this Section 2.03(c) by the
time specified in Section 2.03(c)(ii), the
applicable L/C Issuer shall be entitled to recover from such Lender (acting
through the Administrative Agent), on demand, such amount with interest thereon
for the period from the date such payment is required to the date on which such
payment is immediately available to the applicable L/C Issuer at a rate per
annum equal to the Federal Funds Rate from time to time in effect. A certificate
of the applicable L/C Issuer submitted to any Lender (through the Administrative
Agent) with respect to any amounts owing under this clause (vi) shall be
conclusive absent manifest error.

43

(d) Repayment
of Participations.

(i) At any
time after the applicable L/C Issuer has made a payment under any Letter of
Credit and has received from any Lender such Lender's L/C Advance in respect of
such payment in accordance with Section 2.03(c), if the
Administrative Agent receives for the account of the applicable L/C Issuer any
payment in respect of the related Unreimbursed Amount or interest thereon
(whether directly from the Borrower or otherwise, including proceeds of Cash
Collateral applied thereto by the Administrative Agent), the Administrative
Agent will distribute to such Lender its Applicable Percentage thereof
(appropriately adjusted, in the case of interest payments, to reflect the period
of time during which such Lender's L/C Advance was outstanding) in the same
funds as those received by the Administrative Agent.

(ii) If any
payment received by the Administrative Agent for the account of the applicable
L/C Issuer pursuant to Section 2.03(c)(i) is
required to be returned under any of the circumstances described in Section 11.06
(including pursuant to any settlement entered into by the applicable L/C Issuer
in its discretion), each Lender shall pay to the Administrative Agent for the
account of the applicable L/C Issuer its Applicable Percentage thereof on demand
of the Administrative Agent, plus interest
thereon from the date of such demand to the date such amount is returned by such
Lender, at a rate per annum equal to the Federal Funds Rate from time to time in
effect.

(e) Obligations
Absolute. The
obligation of the Borrower to reimburse the applicable L/C Issuer for each
drawing under each Letter of Credit and to repay each L/C Borrowing shall be
absolute, unconditional and irrevocable, and shall be paid strictly in
accordance with the terms of this Agreement under all circumstances, including
the following:

(i) any lack
of validity or enforceability of such Letter of Credit, this Agreement, or any
other Loan Document;

(ii) the
existence of any claim, counterclaim, set-off, defense or other right that the
Borrower or any Subsidiary may have at any time against any beneficiary or any
transferee of such Letter of Credit (or any Person for whom any such beneficiary
or any such transferee may be acting), the applicable L/C Issuer or any other
Person, whether in connection with this Agreement, the transactions contemplated
hereby or by such Letter of Credit or any agreement or instrument relating
thereto, or any unrelated transaction;

(iii) any
draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect
or any statement therein being untrue or inaccurate in any respect; or any loss
or delay in the transmission or otherwise of any document required in order to
make a drawing under such Letter of Credit;

 

 

44

 

(iv) any
payment by the applicable L/C Issuer under such Letter of Credit against
presentation of a draft or certificate that does not strictly comply with the
terms of such Letter of Credit; or any payment made by the applicable L/C Issuer
under such Letter of Credit to any Person purporting to be a trustee in
bankruptcy, debtor-in-possession, assignee for the benefit of creditors,
liquidator, receiver or other representative of or successor to any beneficiary
or any transferee of such Letter of Credit, including any arising in connection
with any proceeding under any Debtor Relief Law; or

(v) any other
circumstance or happening whatsoever, whether or not similar to any of the
foregoing, including any other circumstance that might otherwise constitute a
defense available to, or a discharge of, the Borrower or any
Subsidiary.

The
Borrower shall promptly examine a copy of each Letter of Credit and each
amendment thereto that is delivered to it and, in the event of any claim of
noncompliance with the Borrower's instructions or other irregularity, the
Borrower will promptly notify the applicable L/C Issuer. The Borrower shall be
conclusively deemed to have waived any such claim against the applicable L/C
Issuer and its correspondents unless such notice is given as
aforesaid.

(f) Role
of L/C Issuer. Each
Lender and the Borrower agree that, in paying any drawing under a Letter of
Credit, the applicable L/C Issuer shall not have any responsibility to obtain
any document (other than any sight draft, certificates and documents expressly
required by the Letter of Credit) or to ascertain or inquire as to the validity
or accuracy of any such document or the authority of the Person executing or
delivering any such document. None of the applicable L/C Issuer, any Related
Party of such L/C Issuer, nor any of the respective correspondents, participants
or assignees of the applicable L/C Issuer shall be liable to any Lender for
(i) any action taken or omitted in connection herewith in the absence of
gross negligence or willful misconduct; or (ii) the due execution,
effectiveness, validity or enforceability of any document or instrument related
to any Letter of Credit or Letter of Credit Application. The Borrower hereby
assumes all risks of the acts or omissions of any beneficiary or transferee with
respect to its use of any Letter of Credit; provided,
however, that
this assumption is not intended to, and shall not, preclude the Borrower's
pursuing such rights and remedies
as it may have against the beneficiary or transferee at law or under any other
agreement. None of the applicable L/C Issuer, any Agent-Related Person, nor any
of the respective correspondents, participants or assignees of the applicable
L/C Issuer, shall be liable or responsible for any of the matters described in
clauses (i) through (v) of Section 2.03(e);
provided,
however, that
anything in such clauses to the contrary notwithstanding, the Borrower may have
a claim against the applicable L/C Issuer, and the applicable L/C Issuer may be
liable to the Borrower, to the extent, but only to the extent, of any direct, as
opposed to consequential or exemplary, damages suffered by the Borrower which
the Borrower proves were caused by the applicable L/C Issuer's willful
misconduct or gross negligence or the applicable L/C Issuer's willful failure to
pay under any Letter of Credit after the presentation to it by the beneficiary
of a sight draft and certificate(s) strictly complying with the terms and
conditions of a Letter of Credit. In furtherance and not in limitation of the
foregoing, the applicable L/C Issuer may accept documents that appear on their
face to be in order, without responsibility for further investigation,
regardless of any notice or information to the contrary, and the applicable L/C
Issuer shall not be responsible for the validity or sufficiency of any
instrument transferring or assigning or purporting to transfer or assign a
Letter of Credit or the rights or benefits thereunder 

45

or
proceeds thereof, in whole or in part, which may prove to be invalid or
ineffective for any reason.

(g) Cash
Collateral. Upon
the request of the Administrative Agent, if, as of the Letter of Credit
Expiration Date, any Letter of Credit for any reason remains outstanding and
partially or wholly undrawn, and the Administrative Agent or the Required
Lenders so request, the Borrower shall immediately Cash Collateralize the then
Outstanding Amount of all L/C Obligations (in an amount equal to such
Outstanding Amount determined as of the date of such L/C Borrowing or the Letter
of Credit Expiration Date, as the case may be). Section 2.05 and
Section 9.02(c) set
forth certain additional requirements to deliver Cash Collateral hereunder. For
purposes of this Section 2.03,
Section 2.05 and
Section 9.02(c),
"Cash
Collateralize" means
to pledge and deposit with or deliver to the Administrative Agent, for the
benefit of the applicable L/C Issuer and the Lenders, as collateral for the L/C
Obligations, cash or deposit account balances pursuant to documentation in form
and substance satisfactory to the Administrative Agent and the applicable L/C
Issuer (which documents are hereby consented to by the Lenders). Derivatives of
such term have corresponding meanings. "Cash
Collateral" means
cash or deposit account balances used to Cash Collateralize an obligation, and
all proceeds thereof. The Borrower hereby grants to the Administrative Agent,
for the benefit of the applicable L/C Issuer and the Lenders, a security
interest in all such cash, deposit accounts and all balances therein and all
proceeds of the foregoing. Cash Collateral shall be maintained in blocked,
non-interest bearing deposit accounts at Bank of America.

(h) Applicability
of ISP. Unless
otherwise expressly agreed by the applicable L/C Issuer and the Borrower when a
Letter of Credit is issued (including any such agreement applicable to an
Existing Letter of Credit), the rules of the ISP shall apply to each Letter of
Credit.

(i) Letter
of Credit Fees. The
Borrower shall pay to the Administrative Agent for the account of each Lender in
accordance with its Applicable Percentage a Letter of Credit fee (the
"Letter
of Credit Fee") for
each Letter of Credit accruing at the Applicable Rate in effect from

time to
time multiplied
by the
daily amount available to be drawn under such Letter of Credit. For the purposes
of computing the daily amount available to be drawn under any Letter of Credit,
the amount of such Letter of Credit shall be determined in accordance with
Section 1.06. Letter
of Credit Fees shall be (i) computed on a quarterly basis in arrears, and
(ii) due and payable on the first Business Day after the end of each March,
June, September and December, commencing with the first such date to occur
after the issuance of such Letter of Credit, on the Letter of Credit Expiration
Date and thereafter on demand. Notwithstanding anything to the contrary
contained herein, while any Event of Default exists, all Letter of Credit Fees
shall accrue at the Default Rate.

(j) Fronting
Fee and Processing Charges Payable to L/C Issuer. The
Borrower shall pay directly to the applicable L/C Issuer for its own account a
fronting fee for each Letter of Credit in such amount as may be agreed to by the
Borrower and the applicable L/C Issuer. Such fronting fee shall be
(i) computed on a quarterly basis in arrears, and (ii) due and payable
on the tenth Business Day after the end of each March,
June, September and December in respect of the most recently-ended quarterly
period (or portion thereof, in the case of the first payment),

46

commencing
with the first such date to occur after the issuance of such Letter of Credit,
on the Letter of Credit Expiration Date and thereafter on demand. For the
purposes of computing the daily amount available to be drawn under any Letter of
Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.06. In
addition, the Borrower shall pay directly to the applicable L/C Issuer for its
own account the customary issuance, presentation, amendment and other processing
fees, and other standard costs and charges, of the applicable L/C Issuer
relating to letters of credit as from time to time in effect. Such customary
fees and standard costs and charges are due and payable on demand and are
nonrefundable.

(k) Conflict
with Issuer Documents. In the
event of any conflict between the terms hereof and the terms of any Issuer
Documents, the terms hereof shall control.

(l) Letters
of Credit Issued for Subsidiaries.
Notwithstanding that a Letter of Credit issued or outstanding hereunder is in
support of any obligations of, or is for the account of, a Subsidiary, the
Borrower shall be obligated to reimburse the applicable L/C
Issuer hereunder for any and all drawings under such Letter of Credit. The
Borrower hereby acknowledges that the issuance of Letters of Credit for the
account of Subsidiaries inures to the benefit of the Borrower, and that the
Borrower's business derives substantial benefits from the businesses of such
Subsidiaries.

2.04 Swingline
Loans

(a) The
Swingline. Subject
to the terms and conditions set forth herein, the Swingline Lender agrees, in
reliance upon the agreements of the other Lenders set forth in this Section 2.04, to make
loans (each such loan, a "Swingline
Loan") to the
Borrower from time to time on any Business Day during the Availability Period in
an aggregate amount not to exceed at any time outstanding the amount of the
Swingline Sublimit, notwithstanding the fact that such Swingline Loans, when
aggregated with the Applicable Percentage of the Outstanding Amount of Revolving
Loans and L/C Obligations of the Lender acting as Swingline Lender, may exceed
the amount of such Lender's Commitment; provided,
however, that
after giving effect to any Swingline
Loan, (i) the Total Revolving Outstandings shall not exceed the Aggregate
Revolving Commitments, and (ii) the aggregate Outstanding Amount of the
Committed Loans of any Lender (other than the Swingline Lender), plus such
Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus such
Lender's Applicable Percentage of the Outstanding Amount of all Swingline Loans
shall not exceed such Lender's Commitment, and provided,
further, that
the Borrower shall not use the proceeds of any Swingline Loan to refinance any
outstanding Swingline Loan. Within the foregoing limits, and subject to the
other terms and conditions hereof, the Borrower may borrow under this
Section 2.04, prepay
under Section 2.05, and
reborrow under this Section 2.04.
Immediately upon the making of a Swingline Loan, each Lender shall be deemed to,
and hereby irrevocably and unconditionally agrees to, purchase from the
Swingline Lender a risk participation in such Swingline Loan in an amount equal
to the product of such Lender's Applicable Percentage times the
amount of such Swingline Loan.

(b) Borrowing
Procedures. Each
Swingline Borrowing shall be made upon the Borrower's irrevocable notice to the
Swingline Lender and the Administrative Agent, which may 

47

be given
by telephone. Each such notice must be received by the Swingline Lender not
later than 1:00 p.m. on the requested borrowing date (or such later time as the
Swingline Lender shall agree to in the case of any Swingline Borrowing) with a
copy to the Administrative Agent, and shall specify (i) the amount to be
borrowed, which shall be a minimum of $100,000 or a whole multiple of $10,000 in
excess thereof and (ii) the requested borrowing date, which shall be a
Business Day. Each such telephonic notice must be confirmed promptly by delivery
to the Swingline Lender and the Administrative Agent of a written Swingline Loan
Notice, appropriately completed and signed by a Responsible Officer of the
Borrower. Promptly after receipt by the Swingline Lender of any telephonic
Swingline Loan Notice, the Swingline Lender will confirm with the Administrative
Agent (by telephone or in writing) that the Administrative Agent has also
received such Swingline Loan Notice and, if not, the Swingline Lender will
notify the Administrative Agent (by telephone or in writing) of the contents
thereof. Unless the Swingline Lender has received notice (by telephone or in
writing) from the Administrative Agent within one hour of the Borrower's notice
requesting a Swingline Borrowing (A) directing the Swingline Lender not to
make such Swingline Loan as a result of the limitations set forth in the proviso
to the first sentence of Section 2.04(a), or
(B) that one or more of the applicable conditions specified in Article V is not
then satisfied (a copy of which notice shall be delivered simultaneously to the
Borrower by the Administrative Agent), then, subject to the terms and conditions
hereof, the Swingline Lender will, promptly by in any event not later than 2:00
p.m. on the borrowing date specified in such Swingline Loan Notice, make the
amount of its Swingline Loan available to the Borrower in immediately available
funds.

(c) Refinancing
of Swingline Loans.

(i) The
Swingline Lender at any time in its sole and absolute discretion may request, on
behalf of the Borrower (which hereby irrevocably authorizes the Swingline Lender
to so request on its behalf), that each Lender make a Base Rate Revolving Loan
in an amount equal to such Lender's Applicable Percentage of the amount of
Swingline Loans then outstanding. Such request shall be made in writing (which
written request shall be deemed to be a Committed Loan Notice for purposes
hereof) and in accordance with the requirements of Section 2.02, without
regard to
the minimum and multiples specified therein for the principal amount of Base
Rate Loans, but subject to the unutilized portion of the Aggregate Commitments
and the conditions set forth in Section 5.02. The
Swingline Lender shall furnish the Borrower with a copy of the applicable
Committed Loan Notice promptly after delivering such notice to the
Administrative Agent. Each Lender shall make an amount equal to its Applicable
Percentage of the amount specified in such Committed Loan Notice available to
the Administrative Agent in immediately available funds for the account of the
Swingline Lender at the Administrative Agent's Office not later than 10:00 a.m.
on the day specified in such Committed Loan Notice (which day shall be not
sooner than the first Business Day following the date on which such Committed
Loan Notice is delivered), whereupon, subject to Section 2.04(c)(ii), each
Lender that so makes funds available shall be deemed to have made a Base Rate
Revolving Loan to the Borrower in such amount. The Administrative Agent shall
remit the funds so received to the Swingline Lender.

(ii) If for
any reason any Swingline Loan cannot be refinanced by such a Committed Borrowing
in accordance with Section 2.04(c)(i), the
request for Base Rate Revolving Loans submitted by the Swingline Lender as set
forth herein shall be deemed to be a request by the 

48

Swingline
Lender that each of the Lenders fund its risk participation in the relevant
Swingline Loan and each Lender's payment to the Administrative Agent for the
account of the Swingline Lender pursuant to Section 2.04(c)(i) shall be
deemed payment in respect of such participation.

(iii) If any
Lender fails to make available to the Administrative Agent for the account of
the Swingline Lender any amount required to be paid by such Lender pursuant to
the foregoing provisions of this Section 2.04(c) by the
time specified in Section 2.04(c)(i), the
Swingline Lender shall be entitled to recover from such Lender (acting through
the Administrative Agent), on demand, such amount with interest thereon for the
period from the date such payment is required to the date on which such payment
is immediately available to the Swingline Lender at a rate per annum equal to
the greater of the Federal Funds Rate and a rate determined by the Swingline
Lender in accordance with banking industry rules on interbank compensation. A
certificate of the Swingline Lender submitted to any Lender (through the
Administrative Agent) with respect to any amounts owing under this
clause (iii) shall be conclusive absent manifest error.

(iv) Each
Lender's obligation to make Revolving Loans or to purchase and fund risk
participations in Swingline Loans pursuant to this Section 2.04(c) shall be
absolute and unconditional and shall not be affected by any circumstance,
including (A) any set-off, counterclaim, recoupment, defense or other right
which such Lender may have against the Swingline Lender, the Borrower or any
other Person for any reason whatsoever, (B) the occurrence or continuance
of a Default, or (C) any other occurrence, event or condition, whether or
not similar to any of the foregoing; provided,
however, that
each Lender's obligation to make Revolving Loans pursuant to this Section 2.04(c) is
subject to the conditions set forth in Section 5.02. No such
funding of risk participations shall relieve or otherwise impair the obligation
of the Borrower to repay Swingline Loans, together with interest as provided
herein.

(d) Repayment
of Participations.

(i) At any
time after any Lender has purchased and funded a risk participation in a
Swingline Loan, if the Swingline Lender receives any payment on account of such
Swingline Loan, the Swingline Lender will distribute to such Lender its
Applicable Percentage of such payment (appropriately adjusted, in the case of
interest payments, to reflect the period of time during which such Lender's risk
participation was funded) in the same funds as those received by the Swingline
Lender.

(ii) If any
payment received by the Swingline Lender in respect of principal or interest on
any Swingline Loan is required to be returned by the Swingline Lender under any
of the circumstances described in Section 11.06
(including pursuant to any settlement entered into by the Swingline Lender in
its discretion), each Lender shall pay to the Swingline Lender its Applicable
Percentage thereof on demand of the Administrative Agent, plus interest thereon
from the date of such demand to the date such amount is returned, at a rate per
annum equal to the Federal Funds Rate. The Administrative Agent will make such
demand upon the request of the Swingline Lender. The obligations of the Lenders
under this clause shall survive payment in full of the Obligations and the
termination of this Agreement.

49

(e) Interest
for Account of Swingline Lender. The
Swingline Lender shall be responsible for invoicing the Borrower for interest on
the Swingline Loans. Until each Lender funds its Base Rate Revolving Loan or
risk participation pursuant to this Section 2.04 to
refinance such Lender's Applicable Percentage of any Swingline Loan, interest in
respect of such Applicable Percentage shall be solely for the account of the
Swingline Lender.

(f) Payments
Directly to Swingline Lender. The
Borrower shall make all payments of principal and interest in respect of the
Swingline Loans directly to the Swingline Lender.

(g) Swingline
Note. The
Swingline Loans shall be evidenced by a duly executed promissory note of the
Borrower to the Swingline Lender in the form of Exhibit
C-1.

2.05 Prepayments.

(a) Voluntary
Prepayments of Loans.

	 	
      (i)
	
      Committed
      Loans.
      The Borrower may, upon notice to the Administrative Agent, at any time or
      from time (i) voluntarily prepay Base Rate Committed Loans in whole
      or in part without premium or penalty, and (ii) subject to
      Section 3.05,
      voluntarily prepay Eurodollar Rate Loans in whole or in part without
      premium or penalty; provided
      that (i) such notice must be received by the Administrative Agent not
      later than 11:00 a.m. (A) three Business Days prior to any date
      of prepayment of Eurodollar Rate Loans and (B) on the date of
      prepayment of Base Rate Committed Loans; (ii) any prepayment of
      Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a
      whole multiple of $1,000,000 in excess thereof (or, if less, the entire
      principal amount thereof then outstanding); and  (iii) any
      prepayment of Base Rate Committed Loans shall be in a principal amount of
      $500,000 or a whole multiple of $100,000 in excess thereof (or, if less,
      the entire principal amount thereof then outstanding). Each such notice
      shall specify the date and amount of such prepayment and the Type(s) of
      Committed Loans to be prepaid. The Administrative Agent will promptly
      notify each Lender of its receipt of each such notice, and of the amount
      of such Lender's Applicable Percentage of such prepayment. If such notice
      is given by the Borrower, the Borrower shall make such prepayment and the
      payment amount specified in such notice shall be due and payable on the
      date specified therein; provided
      that if a notice of prepayment is given in connection with a conditional
      notice of termination of the Revolving Commitments as contemplated by
      Section 2.06(b),
      then such notice of prepayment may be revoked if such notice of
      termination is revoked in accordance with Section 2.06.
      Any prepayment of a Eurodollar Rate Loan shall be accompanied by all
      accrued interest on the amount prepaid, together with any additional
      amounts required pursuant to Section 3.05.
      Each such prepayment shall be applied to the Committed Loans of the
      Lenders in accordance with their respective Applicable
      Percentages.

 

	 	
      (ii)
	
      Swingline
      Loans.
      The Borrower may, upon notice to the Swingline Lender (with a copy to the
      Administrative Agent), at any time or from time to time, voluntarily
      

50

prepay
Swingline Loans in whole or in part without premium or penalty; provided that
(i) such notice must be received by the Swingline Lender and the
Administrative Agent not later than 11:00 a.m. (or such later time as may be
acceptable to the Swingline Lender) on the date of the prepayment, and
(ii) any such prepayment shall be in a minimum principal amount of
$100,000. Each such notice shall specify the date and amount of such prepayment.
If such notice is given by the Borrower, the Borrower shall make such prepayment
and the payment amount specified in such notice shall be due and payable on the
date specified therein.

(b) Mandatory
Prepayments. If for
any reason the Total Revolving Outstandings at any time exceed the Aggregate
Revolving Commitments then in effect, the Borrower shall immediately prepay
Revolving Loans and/or Cash Collateralize the L/C Obligations in an aggregate
amount equal to such excess; provided,
however, that
the Borrower shall not be required to Cash Collateralize the L/C Obligations
pursuant to this Section 2.05(b)) unless
after the prepayment in full of the Revolving Loans the Total Revolving
Outstandings exceed the Aggregate Revolving Commitments then in
effect.

2.06 Termination
or Reduction of Aggregate Revolving Commitments.

The
Borrower may, upon notice to the Administrative Agent, terminate the Aggregate
Revolving Commitments, or from time to time permanently reduce the Aggregate
Revolving Commitments; provided that
(i) any such
notice shall be received by the Administrative Agent not later than
1:00 p.m. three Business Days prior to the date of termination or
reduction, (ii) any such
partial reduction shall be in an aggregate amount of $10,000,000 or any whole
multiple of $1,000,000 in excess thereof and (iii) the
Borrower shall not terminate or reduce the Aggregate Revolving
Commitments if, after giving effect thereto and to any concurrent prepayments
hereunder, the Total Revolving Outstandings would exceed the Aggregate Revolving
Commitments. The Administrative Agent will promptly notify the Lenders of any
such notice of termination or reduction of the Aggregate Revolving Commitments.
Any reduction of the Aggregate Revolving Commitments shall be applied to the
Revolving Commitment of each Lender according to its Applicable Percentage. All
commitment fees accrued until the effective date of any termination of the
Aggregate Revolving Commitments shall be paid on the effective date of such
termination. A notice of termination of all the Revolving Commitments delivered
by the Borrower may state that such notice is conditioned upon the effectiveness
of other credit facilities, in which case such notice may be revoked by such
Borrower (by notice to the Administrative Agent on or prior to the specified
effective date) if such condition is not satisfied.

2.07 Repayment
of Loans.

(a) Revolving
Loans. The
Borrower shall repay to the Lenders on the Maturity Date the aggregate principal
amount of Revolving Loans outstanding on such date.

(b) Swingline
Loans. The
Borrower shall repay each Swingline Loan on the earlier to occur of (i) the
date that is fifteen (15) Business Days after such Loan is made (or, provided
that 

51

the
aggregate outstanding amount of all Swingline Loans does not exceed $5,000,000,
such later date as shall be acceptable to the Swingline Lender) and
(ii) the Maturity Date.

2.08 Interest.

(a) Subject
to the provisions of subsection (b) below, (i) each Eurodollar Rate
Loan shall bear interest on the outstanding principal amount thereof for each
Interest Period at a rate per annum equal to the Eurodollar Rate for such
Interest Period plus the
Applicable Rate; and (ii) each Base Rate Committed Loan shall bear interest
on the outstanding principal amount thereof from the applicable borrowing date
at a rate per annum equal to the Base Rate plus the
Applicable Rate and (iii) each Swingline Loan shall bear interest on the
outstanding principal amount thereof from the applicable borrowing date at a
rate per annum equal to the Base Rate plus the Applicable Rate.

(b) (i) If any
amount of principal of any Loan is not paid when due (without regard to any
applicable grace periods), whether at stated maturity, by acceleration or
otherwise, such amount shall thereafter bear interest at a fluctuating interest
rate per annum at all times equal to the Default Rate to the fullest extent
permitted by applicable Laws.

(ii) If any
amount (other than principal of any Loan) payable by the Borrower under any Loan
Document is not paid when due (without regard to any applicable grace periods),
whether at stated maturity, by acceleration or otherwise, then, unless
otherwise agreed to by the Required Lenders, such
amount shall thereafter bear interest at a fluctuating interest rate per annum
at all times equal to the Default Rate to the fullest extent permitted by
applicable Laws.

(iii) Accrued
and unpaid interest on past due amounts (including interest on past due
interest) shall be due and payable upon demand.

(c) Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest
hereunder shall be due and payable in accordance with the terms hereof before
and after judgment, and before and after the commencement of any proceeding
under any Debtor Relief Law.

2.09 Fees.

In
addition to certain fees described in subsections (i) and (j) of
Section 2.03:

(a) Commitment
Fee. The
Borrower shall pay to the Administrative Agent for the account of each Lender in
accordance with its Applicable Percentage, a commitment fee accruing at the
Applicable Rate in effect from time to time multiplied
by the
actual daily amount by which the Aggregate Revolving Commitments exceed the sum
of (i) the
Outstanding Amount of Revolving Loans and (ii) the
Outstanding Amount of L/C Obligations. The commitment fee shall accrue at all
times during the Availability Period, including at any time during which one or
more of the conditions in Article V is

52

not met,
and shall be due and payable quarterly in arrears on the last Business Day of
each March, June, September and December, commencing with the first such
date to occur after the Closing Date, and on the Maturity Date.

(b) Other
Fees. The
Borrower shall pay (i) to the Arrangers and the Administrative Agent for
their own respective accounts fees in the amounts and at the times specified in
the Fee Letters, and (ii) to the Lenders such fees as shall have been
separately agreed upon in writing in the amounts and at the times so specified.
In each case such fees shall be fully earned when paid and shall not be
refundable for any reason whatsoever.

2.10 Computation
of Interest and Fees.

All
computations of interest for Base Rate Loans when the Base Rate is determined by
Bank of America's "prime rate" shall be made on the basis of a year of 365 or
366 days, as the case may be, and actual days elapsed. All other computations of
fees and interest shall be made on the basis of a 360-day year and actual days
elapsed (which results in more fees or interest, as applicable, being paid than
if computed on the basis of a 365-day year). Interest shall accrue on each Loan
for the day on which the Loan is made, and shall not accrue on a Loan, or any
portion thereof, for the day on which the Loan or such portion is paid,
provided that any
Loan that is repaid on the same day on which it is made shall, subject to
Section 2.12(a), bear
interest for one day. Each determination by the Administrative Agent of an
interest rate or fee hereunder shall be conclusive and binding for all purposes,
absent manifest error.

2.11 Evidence
of Debt.

(a) The
Credit Extensions made by each Lender shall be evidenced by one or more accounts
or records maintained by such Lender and by the Administrative Agent in the
ordinary course of business. The accounts or records maintained by the
Administrative Agent and each Lender shall be conclusive absent demonstrable
error of the amount of the Credit Extensions made by the Lenders to the Borrower
and the interest and payments thereon. Any failure to so record or any error in
doing so shall not, however, limit or otherwise affect the obligation of the
Borrower hereunder to pay any amount owing with respect to the Obligations. In
the event of any conflict between the accounts and records maintained by any
Lender and the accounts and records of the Administrative Agent in respect of
such matters, the accounts and records of the Administrative Agent shall control
in the absence of manifest error. Upon the request of any Lender made through
the Administrative Agent, the Borrower shall execute and deliver to such Lender
(through the Administrative Agent) a promissory note which shall evidence such
Lender's Revolving Loans in addition to such accounts or records. Each such
promissory note shall be in the form of Exhibit C (a
"Revolving
Note"). Each
Lender may attach schedules to its Revolving Note and endorse thereon the date,
Type (if applicable), amount and maturity of its Loans and payments with respect
thereto.

(b) In
addition to the accounts and records referred to in subsection (a), each
Lender and the Administrative Agent shall maintain in accordance with its usual
practice accounts or records evidencing the purchases and sales by such Lender
of participations in Letters of Credit 

53

and
Swingline Loans. In the event of any conflict between the accounts and records
maintained by the Administrative Agent and the accounts and records of any
Lender in respect of such matters, the accounts and records of the
Administrative Agent shall control in the absence of demonstrable
error.

2.12 Payments
Generally; Administrative Agent's Clawback.

(a) General. All
payments to be made by the Borrower shall be made without deduction for any
counterclaim, defense, recoupment or setoff. Except as otherwise expressly
provided herein, all payments by the Borrower hereunder shall be made to the
Administrative Agent, for the account of the respective Lenders to which such
payment is owed, at the Administrative Agent's Office in Dollars and in
immediately available funds not later than 2:00 p.m. on the date specified
herein. The Administrative Agent will promptly distribute to each Lender its
Applicable Percentage (or other applicable share as provided herein) of such
payment in like funds as received by wire transfer to such Lender's Lending
Office. All payments received by the Administrative Agent after 4:00 p.m.
may, in the discretion of the Administrative Agent, be deemed to have been
received on the next succeeding Business Day and any applicable interest or fee
shall continue to accrue. If any payment to be made by the Borrower shall come
due on a day other than a Business Day, payment shall be made on the next
following Business Day, and such extension of time shall be reflected in
computing interest or fees, as the case may be.

(b) (i) Funding
by Lenders; Presumption by Administrative Agent. Unless
the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Committed Borrowing of Eurodollar Rate Loans (or, in the
case of any Committed Borrowing of Base Rate Loans, prior to 12:00 noon on the
date of such Committed Borrowing) that such Lender will not make available to
the Administrative Agent such Lender's share of such Committed Borrowing, the
Administrative Agent may assume that such Lender has made such share available
on such date in accordance with Section 2.02 (or, in
the case of a Committed Borrowing of Base Rate Loans, that such Lender has made
such share available in accordance with and at the time required by Section 2.02) and
may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share
of the applicable Committed Borrowing available to the Administrative Agent,
then the applicable Lender and the Borrower severally agree to pay to the
Administrative Agent forthwith on demand such corresponding amount in
immediately available funds with interest thereon, for each day from and
including the date such amount is made available to the Borrower to but
excluding the date of payment to the Administrative Agent, at (A) in the
case of a payment to be made by such Lender, the greater of the Federal Funds
Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation and (B) in the case of a
payment to be made by the Borrower, the interest rate applicable to Base Rate
Loans. If the Borrower and such Lender shall pay such interest to the
Administrative Agent for the same or an overlapping period, the Administrative
Agent shall promptly remit to the Borrower the amount of such interest paid by
the Borrower for such period. If such Lender pays its share of the applicable
Committed Borrowing to the Administrative Agent, then the amount so paid shall
constitute such Lender's Loan included in such Committed Borrowing. Any

54

payment
by the Borrower shall be without prejudice to any claim the Borrower may have
against a Lender that shall have failed to make such payment to the
Administrative Agent.

(ii) Payments
by Borrower; Presumptions by Administrative Agent. Unless
the Administrative Agent shall have received notice from the Borrower prior to
the date on which any payment is due to the Administrative Agent for the account
of the Lenders or the L/C Issuers hereunder that the Borrower will not make such
payment, the Administrative Agent may assume that the Borrower has made such
payment on such date in accordance herewith and may, in reliance upon such
assumption, distribute to the Lenders or the L/C Issuers, as the case may be,
the amount due. In such event, if the Borrower has not in fact made such
payment, then each of the Lenders or L/C Issuers, as the case may be, severally
agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender or such L/C Issuer, in immediately available funds
with interest thereon, for each day from and including the date such amount is
distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank
compensation.

A notice
of the Administrative Agent to any Lender or the Borrower with respect to any
amount owing under this subsection (b) shall be conclusive, absent manifest
error.

(c) Failure
to Satisfy Conditions Precedent. If any
Lender makes available to the Administrative Agent funds for any Loan to be made
by such Lender as provided in the foregoing
provisions of this Article II, and
such funds are not made available to the Borrower by the Administrative Agent
because the conditions to the applicable Credit Extension set forth in
Article V are not
satisfied or waived in accordance with the terms hereof, the Administrative
Agent shall return such funds (in like funds as received from such Lender) to
such Lender, without interest.

(d) Obligations
of Lenders Several. The
obligations of the Lenders hereunder to make Committed Loans and to fund
participations in Letters of Credit and Swingline Loans and to make payments
pursuant to Section 11.04(c) are
several and not joint. The failure of any Lender to make any Committed Loan, to
fund any such participation or to make any payment under Section 11.04(c) on any
date required hereunder shall not relieve any other Lender of its corresponding
obligation to do so on such date, and no Lender shall be responsible for the
failure of any other Lender to so make its Committed Loan, purchase its
participation or make its payment pursuant to Section 11.04(c).

(e) Funding
Source. Nothing
herein shall be deemed to obligate any Lender to obtain the funds for any Loan
in any particular place or manner or to constitute a representation by any
Lender that it has obtained or will obtain the funds for any Loan in any
particular place or manner.

2.13 Sharing
of Payments by Lenders.

If any
Lender shall, by exercising any right of setoff or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of the
Committed Loans made by it, or 

55

the
participations in L/C Obligations or in Swingline Loans held by it resulting in
such Lender's receiving payment of a proportion of the aggregate amount of such
Committed Loans or participations and accrued interest thereon greater than its
pro rata share
thereof as provided herein, then the Lender receiving such greater proportion
shall (a) notify the Administrative Agent of such fact, and
(b) purchase (for cash at face value) participations in the Loans and
subparticipations in L/C Obligations and Swingline Loans of the other Lenders,
or make such other adjustments as shall be equitable, so that the benefit of all
such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective
Committed Loans and other amounts owing them, provided
that:

(i) if any
such participations or subparticipations are purchased and all or any portion of
the payment giving rise thereto is recovered, such participations or
subparticipations shall be rescinded and the purchase price restored to the
extent of such recovery, without interest; and

(ii) the
provisions of this Section shall not be construed to apply to (x) any
payment made by the Borrower pursuant to and in accordance with the express
terms of this Agreement or (y) any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its
Committed Loans or subparticipations in L/C Obligations or Swingline Loans to
any assignee or participant, other than to the Borrower or any Subsidiary
thereof (as to which the provisions of this Section shall apply).

Each Loan
Party consents to the foregoing and agrees, to the extent it may effectively do
so under applicable law, that any Lender acquiring a participation pursuant to
the foregoing arrangements may exercise against such Loan Party rights of setoff
and counterclaim with respect to such participation as fully as if such Lender
were a direct creditor of such Loan Party in the amount of such
participation.

ARTICLE
III

TAXES,
YIELD PROTECTION AND ILLEGALITY

3.01 Taxes.

(a) Payments
Free of Taxes. Any and
all payments by or on account of any obligation of the Borrower hereunder or
under any other Loan Document shall be made free and clear of and without
reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if
the Borrower shall be required by applicable law to deduct any Indemnified Taxes
(including any Other Taxes) from such payments, then (i) the sum payable
shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section)
the Administrative Agent, Lender or L/C Issuer, as the case may be, receives an
amount equal to the sum it would have received had no such deductions been made,
(ii) the Borrower shall make such deductions and (iii) the Borrower
shall timely pay the full amount deducted to the relevant Governmental Authority
in accordance with applicable law.

56

(b) Payment
of Other Taxes by the Borrower. Without
limiting the provisions of subsection (a) above, the Borrower shall timely
pay any Other Taxes to the relevant Governmental Authority in accordance with
applicable law.

(c) Indemnification
by the Borrower. The
Borrower shall indemnify the Administrative Agent, each Lender and each L/C
Issuer, within 10 days after demand therefor, for the full amount of any
Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes
imposed or asserted on or attributable to amounts payable under this Section)
paid by the Administrative Agent, such Lender or such L/C Issuer, as the case
may be, and any penalties, interest and reasonable expenses arising therefrom or
with respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability and setting forth in
reasonable detail the calculation and basis for such payment or liability
delivered to the Borrower by a Lender or an L/C Issuer (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on
behalf of a Lender or an L/C Issuer, shall be conclusive absent manifest
error.

(d) Evidence
of Payments. As soon
as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrower to a Governmental Authority, the Borrower shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by
such 

Governmental
Authority evidencing such payment, a copy of the return reporting such payment
or other evidence of such payment reasonably satisfactory to the Administrative
Agent.

(e) Status
of Lenders. Any
Foreign Lender that is entitled to an exemption from or reduction of withholding
tax under the law of the jurisdiction in which the Borrower is resident for tax
purposes, or any treaty to which such jurisdiction is a party, with respect to
payments hereunder or under any other Loan Document shall deliver to the
Borrower (with a copy to the Administrative Agent), at the time or times
prescribed by applicable law or reasonably requested by the Borrower or the
Administrative Agent, such properly completed and executed documentation
prescribed by applicable law as will permit such payments to be made without
withholding or at a reduced rate of withholding. In addition, any Lender, if
requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the
Borrower or the Administrative Agent as will enable the Borrower or the
Administrative Agent to determine whether or not such Lender is subject to
backup withholding or information reporting requirements. Each Lender shall
promptly notify the Borrower at any time it determines that it is no longer in a
position to provide any such previously delivered documentation to the
Borrower.

57

Without
limiting the generality of the foregoing, in the event that the Borrower is
resident for tax purposes in the United States, any Foreign Lender shall deliver
to the Borrower and the Administrative Agent (in such number of copies as shall
be requested by the recipient) on or prior to the date on which such Foreign
Lender becomes a Lender under this Agreement (and from time to time thereafter
upon the request of the Borrower or the Administrative Agent, but only if such
Foreign Lender is legally entitled to do so), whichever of the following is
applicable:

(i) duly
completed copies of Internal Revenue Service Form W-8BEN claiming eligibility
for benefits of an income tax treaty to which the United States is a
party,

(ii) duly
completed copies of Internal Revenue Service Form W-8ECI,

(iii) in the
case of a Foreign Lender claiming the benefits of the exemption for portfolio
interest under section 881(c) of the Code, (x) a certificate to the effect
that such Foreign Lender is not (A) a "bank" within the meaning of section
881(c)(3)(A) of the Code, (B) a "10 percent shareholder" of the Borrower
within the meaning of section 881(c)(3)(B) of the Code, or (C) a
"controlled foreign corporation" described in section 881(c)(3)(C) of the Code
and (y) duly completed copies of Internal Revenue Service Form W-8BEN,
or

(iv) any other
form prescribed by applicable law as a basis for claiming exemption from or a
reduction in United States Federal withholding tax duly completed together with
such supplementary documentation as may be prescribed by applicable law to
permit the Borrower to determine the withholding or deduction required to be
made.

Each
Lender and L/C Issuer that is a United States Person, as defined in Section
7701(a)(30) of the Code (other than Persons that are corporations or otherwise
exempt from United
States backup withholding Tax), shall deliver at the time(s) and in the
manner(s) prescribed by applicable law, to the Borrower and the Administrative
Agent (as applicable), a properly completed and duly executed United States
Internal Revenue Form W-9 or any successor form, certifying that such Person is
exempt from United States backup withholding Tax on payments made
hereunder.

(f) Treatment
of Certain Refunds. If the
Administration Agent, any Lender or any L/C Issuer shall become aware that it is
entitled to claim a refund from a Governmental Authority in respect of the
Indemnified Taxes or Other Taxes paid by the Borrower pursuant to this Section
3.01, the Administrative Agent or such Lender or such L/C Issuer, as applicable,
shall promptly notify the Borrower of the availability of such refund claim and,
if the Administrative Agent or such Lender or L/C Issuer, as applicable,
determines in good faith that making a claim for a refund will not have an
adverse effect on its Taxes or business operations, shall, within 60 days after
receipt of a request by the Borrower, make a claim to such Governmental
Authority for such refund. If the Administrative Agent, any Lender or any L/C
Issuer determines, in its sole discretion, that it has received a refund of any
Taxes or Other Taxes as to which it has been indemnified by the Borrower or with
respect to which the Borrower has paid additional amounts pursuant to this
Section, it shall pay to the Borrower an amount equal to 

58

such
refund (but only to the extent of indemnity payments made, or additional amounts
paid, by the Borrower under this Section with respect to the Taxes or Other
Taxes giving rise to such refund), net of all out-of-pocket expenses of the
Administrative Agent, such Lender or such L/C Issuer, as the case may be, and
without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund), provided that the
Borrower, upon the request of the Administrative Agent, such Lender or such L/C
Issuer, agrees to repay the amount paid over to the Borrower (plus any
penalties, interest or other charges imposed by the relevant Governmental
Authority) to the Administrative Agent, such Lender or such L/C Issuer in the
event the Administrative Agent, such Lender or such L/C Issuer is required to
repay such refund to such Governmental Authority. This subsection shall not be
construed to require the Administrative Agent, any Lender or such L/C Issuer to
make available its tax returns (or any other information relating to its taxes
that it deems confidential) to the Borrower or any other Person.

3.02 Illegality.

If any
Lender determines that any Law has made it unlawful, or that any Governmental
Authority has asserted that it is unlawful, for any Lender or its applicable
Lending Office to make, maintain or fund Eurodollar Rate Loans, or to determine
or charge interest rates based upon the Eurodollar Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to
purchase or sell, or to take deposits of, Dollars in the London interbank
market, then, on notice thereof by such Lender to the Borrower through the
Administrative Agent, any obligation of such Lender to make or continue
Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans
shall be suspended until such Lender notifies the Administrative Agent and the
Borrower that the circumstances giving rise to such determination no longer
exist. Upon receipt of such notice, the Borrower shall, upon demand from such
Lender (with a copy to the Administrative Agent), prepay or, if applicable,
convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either on
the last day of the Interest 

Period
therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate
Loans to such day, or immediately, if such Lender may not lawfully continue to
maintain such Eurodollar Rate Loans. Upon any such prepayment or conversion, the
Borrower shall also pay accrued interest on the amount so prepaid or
converted.

3.03 Inability
to Determine Rates.

If the
Required Lenders determine that for any reason in connection with any request
for a Eurodollar Rate Loan or a conversion to or continuation thereof that
(a) Dollar deposits are not being offered to banks in the London interbank
eurodollar market for the applicable amount and Interest Period of such
Eurodollar Rate Loan, (b) adequate and reasonable means do not exist for
determining the Eurodollar Rate for any requested Interest Period with respect
to a proposed Eurodollar Rate Loan, or (c) the Eurodollar Rate for any
requested Interest Period with respect to a proposed Eurodollar Rate Loan does
not adequately and fairly reflect the cost to such Lenders of funding such Loan,
the Administrative Agent will promptly so notify the Borrower and each Lender.
Thereafter, the obligation of the Lenders to make or continue into new interest
periods Eurodollar Rate Loans shall be suspended until the Administrative Agent
(in its sole discretion or upon the instruction of the Required Lenders) revokes
such notice. Upon receipt of such notice, 

59

the
Borrower may revoke any pending request for a Borrowing of, conversion to or
continuation of Eurodollar Rate Loans or, failing that, will be deemed to have
converted such request into a request for a Borrowing of Base Rate Loans in the
amount specified therein.

3.04 Increased
Costs.

(a) Increased
Costs Generally. If any
Change in Law shall:

(i) impose,
modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with or for
the account of, or credit extended or participated in by, any Lender (except any
reserve requirement contemplated
by Section 3.04(e)) or any
L/C Issuer;

(ii) subject
any Lender or any L/C Issuer to any tax of any kind whatsoever with respect to
this Agreement, any Letter of Credit, any participation in a Letter of Credit or
any Eurodollar Rate Loan made by it, or change the basis of taxation of payments
to such Lender or such L/C Issuer in respect thereof (except for Indemnified
Taxes or Other Taxes covered by Section 3.01 and the
imposition of, or any change in the rate of, any Excluded Tax payable by such
Lender or such L/C Issuer); or

(iii) impose on
any Lender or such L/C Issuer or the London interbank market any other
condition, cost or expense affecting this Agreement or Eurodollar Rate Loans
made by such Lender or any Letter of Credit or participation
therein;

and the
result of any of the foregoing shall be to increase the cost to such Lender of
making or maintaining any Eurodollar Rate Loan (or of maintaining its obligation
to make any such Loan), or to increase the cost to such Lender or such L/C
Issuer of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of
Credit), or to reduce the amount of any sum received or receivable by such
Lender or such L/C Issuer hereunder (whether of principal, interest or any other
amount) then the Borrower will pay to such Lender or such L/C Issuer, as the
case may be, such additional amount or amounts as will compensate such Lender or
such L/C Issuer, as the case may be, for such additional costs incurred or
reduction suffered, in each case upon receipt of a written request of such
Lender or such L/C Issuer showing the computation of such amount in reasonable
detail and certifying that it is the general practice of such Lender or such L/C
Issuer to charge such amount to its borrowers.

(b) Capital
Requirements. If any
Lender or any L/C Issuer determines that any Change in Law affecting such Lender
or such L/C Issuer or any Lending Office of such Lender or such Lender's or such
L/C Issuer's holding company, if any, regarding capital requirements has or
would have the effect of reducing the rate of return on such Lender's or such
L/C Issuer's capital or on the capital of such Lender's or such L/C Issuer's
holding company, if any, as a consequence of this Agreement, the Commitments of
such Lender or the Loans made by, or participations in Letters of Credit held
by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a level
below that which such Lender or such L/C Issuer or such Lender's or such L/C
Issuer's holding company could have achieved but for such Change in Law (taking
into 

60

consideration
such Lender's or such L/C Issuer's policies and the policies of such Lender's or
such L/C Issuer's holding company with respect to capital adequacy), then from
time to time the Borrower will pay to such Lender or such L/C Issuer, as the
case may be, such additional amount or amounts as will compensate such Lender or
such L/C Issuer or such Lender's or such L/C Issuer's holding company for any
such reduction suffered, in each case upon receipt of a written request of such
Lender or L/C Issuer showing the computation of such amount in reasonable detail
and certifying that it is the general practice of such Lender or L/C Issuer to
charge such amount to its borrowers.

(c) Certificates
for Reimbursement. A
certificate of a Lender or an L/C Issuer setting forth the amount or amounts
necessary to compensate such Lender or such L/C Issuer or its holding company,
as the case may be, as specified in subsection (a) or (b) of this
Section
3.04, showing
the computation of such amount or amounts in reasonable detail and delivered to
the Borrower shall be conclusive absent demonstrable error. The Borrower shall
pay such Lender or such L/C Issuer, as the case may be, the amount shown as due
on any such certificate within 10 days after receipt thereof.

(d) Delay
in Requests. Failure
or delay on the part of any Lender or any L/C Issuer to demand compensation
pursuant to the foregoing provisions of this Section shall not constitute a
waiver of such Lender's or such L/C Issuer's right to demand such compensation,
provided that the
Borrower shall not be required to compensate a Lender or such L/C Issuer
pursuant to the foregoing provisions of this Section for any increased costs
incurred or reductions suffered more than six months prior to the date that such
Lender or such L/C Issuer, as the case may be, notifies the Borrower of the
Change in Law giving rise to such increased costs or reductions and of such
Lender's or such L/C Issuer's intention to claim compensation therefor (except
that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the six-month period referred to above shall be extended to
include the period of retroactive effect thereof).

(e) Reserves
on Eurodollar Rate Loans. The
Borrower shall pay to each Lender, as long as such Lender shall be required to
maintain reserves with respect to liabilities or assets consisting of or
including Eurocurrency funds or deposits (currently known as "Eurocurrency
liabilities"), additional interest on the unpaid principal amount of each
Eurodollar Rate Loan equal to the actual costs of such reserves allocated to
such Loan by such Lender (as determined by such Lender reasonably and in good
faith, which determination shall be conclusive absent demonstrable error), which
shall be due and payable on each date on which interest is payable on such Loan,
provided the
Borrower shall have received at least 10 days' prior notice (with a copy to the
Administrative Agent) of such additional interest from such Lender together with
a computation in reasonable detail of such additional interest. If a Lender
fails to give notice 10 days prior to the relevant Interest Payment Date, such
additional interest shall be due and payable 10 days from receipt of such
notice.

61

3.05 Compensation
for Losses; Breakage Payments.

Upon
demand of any Lender (with a copy to the Administrative Agent) from time to
time, the Borrower shall promptly compensate such Lender for and hold such
Lender harmless from any loss, cost or expense incurred by it as a result
of:

(a) any
continuation, conversion, payment or prepayment of any Loan other than a Base
Rate Loan on a day other than the last day of the Interest Period for such Loan
(whether voluntary, mandatory, automatic, by reason of acceleration, or
otherwise);

(b) any
failure by the Borrower (for a reason other than the failure of such Lender to
make a Loan) to prepay, borrow, continue or convert any Loan other than a Base
Rate Loan on the date or in the amount notified by the Borrower; or

(c) any
assignment of a Eurodollar Rate Loan on a day other than the last day of the
Interest Period therefor as a result of a request by the Borrower pursuant to
Section 11.13;

Such
loss, cost or expense to any Lender shall be deemed to equal an amount
determined by such Lender to be the excess, if any, of (i) the amount of
interest which would have accrued on the principal amount of such Loan had such
event not occurred, at the Eurodollar Rate that would have been applicable to
such Loan, for the period from the date of such event to the last day of the
then current Interest Period therefor (or, in the case of a failure to borrow,
convert or continue, for the period that would have been the Interest Period for
such Loan), over (ii) the amount of interest which would accrue on such
principal amount for such period at the interest rate which such Lender would
offer were it to offer, at the commencement of such period, for dollar deposits
of a comparable amount and period from major banks in the London interbank
eurodollar market. A certificate of any Lender setting forth in reasonable
detail any amount or amounts that such Lender is entitled to receive pursuant to
this Section
3.05 shall be
delivered to the Borrower and shall be conclusive absent demonstrable error.
The
Borrower shall also pay any customary administrative fees charged by the
Administrative Agent in connection with the foregoing.

3.06 Mitigation
Obligations; Replacement of Lenders.

(a) Designation
of a Different Lending Office. If any
Lender requests compensation under Section 3.04, or the
Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01, or if
any Lender gives a notice pursuant to Section 3.02, then
such Lender shall use reasonable efforts to designate a different Lending Office
for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in
the judgment of such Lender, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 3.01 or
3.04, as the
case may be, in the future, or eliminate the need for the notice pursuant to
Section 3.02, as
applicable, and (ii) in each case, would not subject such Lender to any
unreimbursed cost or expense and would not otherwise be disadvantageous in

62

any
significant respect to such Lender. The Borrower hereby agrees to pay all
reasonable costs and expenses incurred by any Lender in connection with any such
designation or assignment.

(b) Replacement
of Lenders. If any
Lender requests compensation under Section 3.04, or if
the Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01, the
Borrower may replace such Lender in accordance with Section 11.13.

3.07 Survival.

All of
the Borrower's obligations under this Article III shall
survive termination of the Aggregate Revolving Commitments and repayment of all
other Obligations hereunder.

ARTICLE
IV

GUARANTY

4.01 The
Guaranty.

Each of
the Guarantors hereby jointly and severally guarantees to each Lender, each
applicable Affiliate of a Lender that is party to a Secured Hedge Agreement or a
Treasury Management Agreement (and each Person (and/or each applicable Affiliate
thereof) that ceases to be a Lender as a result of an assignment in accordance
with the terms of Section 11.06 or
Section 11.13 or an
amendment of this agreement in accordance with the terms of Section 11.01 that is
party to a Secured Hedge Agreement), the Collateral Agent and the Administrative
Agent as hereinafter provided, as primary obligor and not as surety, the prompt
payment of the Obligations in full when due (whether at stated maturity, as a
mandatory prepayment, by acceleration, as a mandatory cash collateralization or
otherwise) strictly in accordance with the terms thereof. The Guarantors hereby
further agree that if any of the Obligations are not paid in full when due
(whether at stated maturity, as a mandatory prepayment, by acceleration, as a
mandatory cash collateralization or otherwise), the Guarantors will, jointly and
severally, promptly pay the same, without any demand or notice whatsoever, and
that in the case of any extension of time of payment or renewal of any of the
Obligations, the same will be promptly paid in full when due (whether at

extended
maturity, as a mandatory prepayment, by acceleration, as a mandatory cash
collateralization or otherwise) in accordance with the terms of such extension
or renewal.

Notwithstanding
any provision to the contrary contained herein or in any other of the Loan
Documents or Secured Hedge Agreements or Treasury Management Agreements,
the
obligations of each Guarantor under
this Agreement and the other Loan Documents shall be
limited to an aggregate amount equal to the largest amount that would not render
such obligations subject to avoidance under the Debtor Relief Laws or any
comparable provisions of any applicable state law.

63

4.02 Obligations
Unconditional.

The
obligations of the Guarantors under Section 4.01 are
joint and several, absolute and unconditional, irrespective of the value,
genuineness, validity, regularity or enforceability of any of the Loan
Documents, Secured
Hedge Agreements or
Treasury Management Agreements, or any other agreement or instrument referred to
therein, or any substitution, release, impairment or exchange of any other
guarantee of or security for any of the Obligations, and, to the fullest extent
permitted by applicable law, irrespective of any other circumstance whatsoever
which might otherwise constitute a legal or equitable discharge or defense of a
surety or guarantor, it being the intent of this Section 4.02 that the
obligations of the Guarantors hereunder shall be absolute and unconditional
under any and all circumstances. Each Guarantor agrees that its rights of
subrogation, indemnity, reimbursement or contribution against the Borrower or
any other Guarantor for amounts paid under this Article IV shall
not be enforceable until, and shall be subordinate and subject in right of
payment to, the Obligations, until such time as the Obligations have been Fully
Satisfied. Without limiting the generality of the foregoing, it is agreed that,
to the fullest extent permitted by law, the occurrence of any one or more of the
following shall not alter or impair the liability of any Guarantor hereunder
which shall remain absolute and unconditional as described above:

(a) at any
time or from time to time, without notice to any Guarantor, the time for any
performance of or compliance with any of the Obligations shall be extended, or
such performance or compliance shall be waived;

(b) any of
the acts mentioned in any of the provisions of any of the Loan Documents, any
Secured
Hedge Agreement or any
Treasury Management Agreement between any Consolidated Party and any Lender, or
any Affiliate of a Lender, or any other agreement or instrument referred to in
the Loan Documents or such Secured
Hedge Agreements shall
be done or omitted;

(c) the
maturity of any of the Obligations shall be accelerated, or any of the
Obligations shall be modified, supplemented or amended in any respect, or any
right under any of the Loan Documents, any Secured
Hedge Agreement or any
Treasury Management Agreement between any Consolidated Party and any Lender, or
any Affiliate of a Lender, or any other agreement or instrument referred to in
the Loan Documents or such Secured
Hedge Agreements or such
Treasury Management Agreements shall be waived or any other guarantee of any of
the Obligations or any security therefor shall be released, impaired or
exchanged in whole or in part or otherwise dealt with;

(d) any Lien
granted to, or in favor of, the Administrative Agent, the Collateral Agent or
any Lender or Lenders as security for any of the Obligations shall fail to
attach or be perfected; or

(e) any of
the Obligations shall be determined to be void or voidable (including, without
limitation, for the benefit of any creditor of any Guarantor) or shall be
subordinated to the claims of any Person (including, without limitation, any
creditor of any Guarantor).

64

With
respect to its obligations hereunder, each Guarantor hereby expressly waives
diligence, presentment, demand of payment, protest and all notices whatsoever,
and any requirement that the Administrative Agent, the Collateral Agent or any
Lender exhaust any right, power or remedy or proceed against any Person under
any of the Loan Documents, any Secured
Hedge Agreement or any
Treasury Management Agreement between any Consolidated Party and any Lender, or
any Affiliate of a Lender, or any other agreement or instrument referred to in
the Loan Documents or such Secured
Hedge Agreements or such
Treasury Management Agreements, or against any other Person under any other
guarantee of, or security for, any of the Obligations.

4.03 Reinstatement.

The
obligations of the Guarantors under this Article IV shall be
automatically reinstated if and to the extent that for any reason any payment by
or on behalf of any Person in respect of the Obligations is rescinded or must be
otherwise restored by any holder of any of the Obligations, whether as a result
of any proceedings in bankruptcy or reorganization or otherwise, and each
Guarantor agrees that it will indemnify the Administrative Agent, the Collateral
Agent and each Lender on demand for all reasonable costs and expenses
(including, without limitation, fees and expenses of counsel) incurred by the
Administrative Agent, the Collateral Agent or such Lender in connection with
such rescission or restoration, including any such costs and expenses incurred
in defending against any claim alleging that such payment constituted a
preference, fraudulent transfer or similar payment under any bankruptcy,
insolvency or similar law.

4.04 Certain
Additional Waivers.

Each
Guarantor agrees that such Guarantor shall have no right of recourse to security
for the Obligations, except through the exercise of rights of subrogation
pursuant to Section 4.02 and
through the exercise of rights of contribution pursuant to Section 4.06.

4.05 Remedies.

The
Guarantors agree that, to the fullest extent permitted by law, as between the
Guarantors, on the one hand, and the Administrative Agent, the Collateral Agent
and the Lenders, on the other hand, the Obligations may be declared to be
forthwith due and payable as provided in Section 9.02 (and
shall be deemed to have become automatically due and payable in the
circumstances provided in said Section 9.02) for
purposes of Section 4.01
notwithstanding any stay, injunction or other prohibition preventing such
declaration (or preventing the Obligations from becoming automatically due and
payable) as against any other Person and that, in the event of such declaration
(or the 

Obligations
being deemed to have become automatically due and payable), the Obligations
(whether or not due and payable by any other Person) shall forthwith become due
and payable by the Guarantors for purposes of Section 4.01.
The
Guarantors acknowledge and agree that their obligations hereunder are secured in
accordance with the terms of the Collateral Documents and that the Lenders may
exercise their remedies thereunder in accordance with the terms
thereof.

65

4.06 Rights
of Contribution.

The
Guarantors hereby agree as among themselves that, in connection with payments
made hereunder, each Guarantor shall have a right of contribution from each
other Guarantor in accordance with applicable Law. Such contribution rights
shall be subordinate and subject in right of payment to the Obligations until
such time as the Obligations have been Fully Satisfied, and none of the
Guarantors shall exercise any such contribution rights until the Obligations
have been Fully Satisfied.

4.07 Guarantee
of Payment; Continuing Guarantee.

The
guarantee in this Article IV is a
guaranty of payment and not of collection, is a continuing guarantee, and shall
apply to all Obligations whenever arising.

ARTICLE
V

CONDITIONS
PRECEDENT TO CREDIT EXTENSIONS

5.01 Conditions
of Closing Date and Initial Credit Extension.

The
occurrence of the Closing Date, the effectiveness of this Agreement and the
obligation of each L/C Issuer and each Lender to make its initial Credit
Extension hereunder is subject to satisfaction of the following conditions
precedent:

(a) Loan
Documents, Organization Documents, Etc. The
Administrative Agent's receipt of the following, each of which shall be
originals or telecopies (followed promptly by originals) unless otherwise
specified, each properly executed by a Responsible Officer of the signing Loan
Party, each dated the Closing Date (or, in the case of certificates of
governmental officials, a recent date before the Closing Date) and each in form
and substance satisfactory to the Administrative Agent and each of the
Lenders:

(i) executed
counterparts of this
Agreement and the other Loan Documents;

(ii) a
Revolving Note executed by the Borrower in favor of each Lender, and a Swingline
Note in favor of the Swingline Lender;

(iii) copies of
the Organization Documents of each Loan Party certified
to be true and complete as of a recent date by the appropriate Governmental

Authority
of the state or other jurisdiction of its incorporation or organization, where
applicable, and certified by a secretary or assistant secretary of such Loan
Party to be true and correct as of the Closing Date;

(iv) such
certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers of each Loan Party as

66

the
Administrative Agent may require evidencing the identity, authority and capacity
of each Responsible Officer thereof authorized to act as a Responsible Officer
in connection with this Agreement and the other Loan Documents to which such
Loan Party is a party; and

(v) such
documents and certifications as the Administrative Agent may reasonably require
to evidence that each Loan Party is duly organized or formed, and is validly
existing, in good standing and qualified to engage in business in the
jurisdiction of its incorporation or organization.

(b) Opinions
of Counsel. The
Administrative Agent shall have received, in each case dated as of the Closing
Date and in form
and substance reasonably satisfactory to the Administrative
Agent:

(i) a
legal opinion
of Cravath, Swaine & Moore LLP, special counsel
for the Loan Parties;
and

(ii) a legal
opinion of The
Law Offices of Thomas W. Bosse, PLLC, Esq., special Ohio counsel for each
Loan
Party
organized in the State of Ohio.

(c) Personal
Property Collateral. The
Administrative Agent shall have received:

(i) searches
of Uniform Commercial Code filings in the jurisdiction of organization of each
Loan Party and the chief executive office of each Loan Party, and copies of the
financing statements on file in such jurisdictions and evidence that no Liens
exist other than Permitted Liens;

(ii) all
certificates evidencing any certificated Capital Stock pledged
to the Collateral Agent pursuant to the Security Agreement, together with duly
executed in blank, undated stock powers attached thereto (unless, with respect
to the pledged Capital Stock of any Foreign Subsidiary, such Capital Stock is
uncertificated such stock powers are deemed unnecessary by the Administrative
Agent in its reasonable discretion under the law of the jurisdiction of
incorporation of such Person);

(iii) searches
of ownership of, and Liens on, Intellectual Property of each
Loan Party in the
appropriate governmental offices;
and

(iv) all
instruments in the possession of any of the Loan Parties evidencing any
Indebtedness owed by an Excluded Subsidiary to a Loan Party, 

together
with such allonges or assignments as may be necessary to perfect the Collateral
Agent's security interest in such Indebtedness.

(d) Officer's
Certificates. The
Administrative
Agent
shall have received a certificate or certificates executed by a Responsible
Officer of the Borrower as of the Closing Date, in form and substance
satisfactory to the Administrative
Agent,
stating that 

67

(i) the
conditions specified in Section 5.02(a) and
(b) have
been satisfied, (ii) all
governmental, shareholder and third party consents and approvals, if any, with
respect to the Loan Documents and the transactions contemplated thereby have
been obtained (and attaching copies thereof), and (iii) no action, suit,
investigation or proceeding is pending or threatened in any court or before any
arbitrator or governmental instrumentality that purports to affect any Loan
Party or any transaction contemplated by the Loan Documents, if such action,
suit, investigation or proceeding could reasonably be expected to have a
Material Adverse Effect.

(e) Solvency. The
Administrative
Agent
shall have received a certificate executed by a Responsible Officer of the
Borrower as of the Closing Date, in form and substance satisfactory to the
Administrative
Agent,
regarding the Solvency of the Consolidated Parties on a consolidated
basis.

(f) Fees. Any
fees required to be paid on or before the Closing Date shall have been
paid.

(g) Attorney
Costs. The
Borrower shall have paid all reasonable fees, charges and disbursements of
counsel of the Administrative Agent to the extent invoiced prior to or on the
Closing Date, plus such
additional amounts of such fees, charges and disbursements as shall constitute
its reasonable estimate of such fees, charges and disbursements incurred or to
be incurred by it through the closing proceedings (provided that such estimate
shall not thereafter preclude a final settling of accounts between the Borrower
and the Administrative Agent).

(h) Existing
Credit Agreement. The
Administrative Agent shall have received evidence,
in form and substance satisfactory to the Administrative Agent, that the
Existing Credit Agreement has been or concurrently with the Closing Date is
being terminated and all Liens securing obligations under the Existing Credit
Agreement have been or concurrently with the Closing Date are being
released.

(i) Proceeds
of 2005 Senior Notes and the 2005 Junior Notes. The
Borrower shall have contemporaneously received gross proceeds of at least
$300,000,000 from the issuance by the Borrower of (i) the 2005 Senior Notes and
(ii) the 2005 Junior Notes, in each case on the terms contemplated by the latest
draft thereof posted to Intralinks prior to the Closing Date, with no changes
therefrom other than such as the Administrative Agent shall have determined are
not materially adverse to the Lenders. The Administrative Agent shall have
received a copy, certified by a Responsible Officer of the Borrower as true and
complete of the 2005 Senior Note Indenture and the applicable 

supplement
to the 2003 83⁄8%
Junior
Note Indenture, each as originally executed and delivered, together with all
schedules and exhibits thereto.

(j) Accuracy
of Representations and Warranties.
The
representations and warranties of the Borrower and each other Loan Party
contained in Article VI or any
other Loan Document, or which are contained in any document furnished at any
time 

68

under or
in connection herewith or therewith, shall be true and correct in all material
respects on and as of the Closing Date.

(k) No
Default. No
Default shall exist, or would result from, such proposed Credit Extension or
from the application of the proceeds thereof.

5.02 Conditions
to all Credit Extensions.

The
obligation of each Lender to honor any Request for Credit Extension (other than
a Committed Loan Notice requesting only a conversion of Committed Loans to the
other Type, or a continuation of Eurodollar Rate Loans), is subject to the
following conditions precedent:

(a) The
representations and warranties of the Borrower and each other Loan Party
contained in Article VI or any
other Loan Document, or which are contained in any certification or
representation provided in writing to the Administrative Agent or the Collateral
Agent by a Responsible Officer of a Loan Party under or in connection with this
Agreement or any other Loan Document, shall be true and correct in all material
respects on and as of the date of such Credit Extension, except to the extent
that such representations and warranties specifically refer to an earlier date,
in which case they shall be true and correct in all material respects as of such
earlier date, and except that for purposes of this Section 5.02, the
representations and warranties contained in subsections (a) and (b) of
Section 6.05 shall be
deemed to refer to the most recent statements furnished pursuant to
clauses (a) and (b), respectively, of Section 7.01.

(b) No
Default shall exist, or would result from, such proposed Credit
Extension.

(c) The
Administrative Agent and, if applicable, the applicable L/C Issuer or the
Swingline Lender shall have received a Request for Credit Extension in
accordance with the requirements hereof.

Each
Request for Credit Extension (other than a Committed Loan Notice requesting only
a conversion of Committed Loans to the other Type or a continuation of
Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a
representation and warranty that the conditions specified in Section 5.02(a),
(b) and
(c) have
been satisfied on and as of the date of the applicable Credit
Extension.

ARTICLE
VI

REPRESENTATIONS
AND WARRANTIES

The
Borrower represents and warrants to the Administrative Agent and the Lenders
that:

69

6.01 Existence,
Qualification and Power.

Each
Consolidated Party (a) is duly organized or formed, validly existing and in
good standing (to the extent applicable in its jurisdiction) under the Laws of
the jurisdiction of its incorporation or organization, (b) has all
requisite power and authority and all requisite governmental licenses,
authorizations, consents and approvals to (i) own its assets and carry on
its business and (ii) execute, deliver and perform its obligations under
the Loan Documents, if any, to which it is a party and (c) is duly
qualified and is licensed and in good standing (to the extent applicable in its
jurisdiction) under the Laws of each jurisdiction where its ownership, lease or
operation of properties or the conduct of its business requires such
qualification or license; except in each case referred to in clause (b)(i)
or (c), to the extent that failure to do so could not reasonably be expected to
have a Material Adverse Effect.

6.02 Authorization;
No Contravention.

The
execution, delivery and performance by each Loan Party of each Loan Document to
which such Person is party, have been duly authorized by all necessary corporate
or other organizational action, and do not and will not (a) contravene the
terms of any of such Person's Organization Documents; (b) conflict with or
result in any breach or contravention of, or result in or require the creation
of any Lien under, or require any payment to be made under (i) except for
Liens under the Loan Documents and the lien creation requirements of the 1993
Senior Note Indenture, any
Material Contract to which such Person is a party or affecting such Person or
the Property of such Person or any of its Subsidiaries or (ii) any order,
injunction, writ or decree of any Governmental Authority or any arbitral award
to which such Person or its property is subject; or (c) violate any Law
(including, without limitation, Regulation U or Regulation X issued by
the FRB). Each Loan Party and each Subsidiary thereof is in compliance in all
material respects with all Contractual Obligations, except to the extent that
failure to do so could not reasonably be expected to have a Material Adverse
Effect

6.03 Governmental
Authorization; Other Consents.

No
approval, consent, exemption, authorization, or other action by, or notice to,
or filing with, any Governmental Authority or any other Person is necessary or
required in connection with the execution, delivery or performance by, or
enforcement against, any Loan Party of this Agreement or any other Loan
Document, except
for (a) consents, authorizations, notices and filings described in
Schedule 6.03, all of
which have been obtained or made or have the status described in such
Schedule 6.03
and
(b) filings to perfect the Liens created by the Collateral
Documents.

6.04 Binding
Effect.

This
Agreement has been, and each other Loan Document, when delivered hereunder, will
have been, duly executed and delivered by each Loan Party that is party thereto.
This Agreement constitutes, and each other Loan Document when so delivered will
constitute, a legal, valid and binding obligation of such Loan Party,
enforceable against each Loan Party that is party thereto in accordance with its
terms except as
enforceability may be limited by applicable 

70

Debtor
Relief Laws and by general equitable principles (whether enforcement is sought
by proceedings in equity or at law).

6.05 Financial
Statements; No Material Adverse Effect.

(a) The
Audited Financial Statements (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein; (ii) fairly present the financial condition of the
Consolidated
Parties as of the
date thereof and their results of operations for the period covered thereby in
accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein; and (iii) show all material
indebtedness and other liabilities, direct or contingent, of the Consolidated
Parties as of
the date thereof, including liabilities for taxes, material commitments and
Indebtedness, in each case to the extent required to be disclosed by
GAAP.

(b) The
unaudited consolidated and consolidating balance sheet of the Consolidated
Parties dated
September 30, 2004 and the related consolidated and consolidating
statements of income or operations, shareholders' equity and cash flows for the
fiscal quarter ended on that date (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein, and (ii) fairly present the financial condition of
the Consolidated
Parties as of
the date thereof and their results of operations for the period covered thereby,
subject, in the case of clauses (i) and (ii), to the absence of footnotes
and to normal year-end audit adjustments.

(c) During the
period from December 31, 2003 to and including the Closing Date, there
has been no sale, transfer or other disposition by any Consolidated Party of any
material part of the business or Property of the Consolidated Parties, taken as
a whole, and no purchase or other acquisition by any of them of any business or
property (including any Capital Stock of any other Person) material in relation
to the consolidated financial condition of the Consolidated Parties, taken as a
whole, in each case, which is not reflected in the foregoing financial
statements or in the notes thereto and has not otherwise been disclosed in
writing to the Lenders on or prior to the Closing Date.

(d) The
financial statements delivered pursuant to Section 7.01(a) and
(b) have
been prepared in accordance with GAAP (except as may otherwise be permitted
under Section 7.01(a) and
(b)) and
present fairly (on the basis disclosed in the footnotes to such financial
statements) the consolidated (and, in the case of the annual statements,
consolidating) financial condition, results of operations and cash flows of the
Consolidated Parties as of such date and for such periods.

(e) There has
not occurred a material adverse change in the business, assets, properties,
liabilities (actual or contingent), operations or condition (financial or
otherwise) of the Borrower and its Subsidiaries, taken as a whole, since the
date of the Audited Financial Statements.

71

6.06 Litigation.

There are
no actions, suits, proceedings, claims or disputes pending or, to the knowledge
of the Loan Parties, threatened or contemplated, at law, in equity, in
arbitration or before any Governmental Authority, by or against any Consolidated
Party or against any of its properties or revenues that (a) purport to
affect or pertain to this Agreement or any other Loan Document, or any of the
transactions the consummation of which is a condition precedent to the Closing
Date, or (b) either individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect.

6.07 No
Default.

No
Default has occurred and is continuing or would result from the consummation of
the transactions contemplated by this Agreement or any other Loan
Document.

6.08 Ownership
of Property; Liens.

Each
Consolidated Party has good record and marketable title in fee simple to, or
valid leasehold interests in, or other applicable rights in, all real property
necessary or used in the ordinary conduct of its business, except for such
defects in title as could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. The property of the Consolidated
Parties is subject to no Liens, other than Permitted Liens.

6.09 Environmental
Compliance.

Except in
each case as where the existence and/or occurrence of any of the following could
not reasonably be expected to have a Material Adverse Effect:

(a) All
operations of each Consolidated Party at the Real Properties are in compliance
with all applicable Environmental Laws, no Consolidated Party has violated any
Environmental Law with respect to the Real Properties or the Businesses, no
Consolidated Party has caused, and, to the knowledge of the Responsible Officers
of the Loan Parties, no other Person has caused, any conditions relating to the
Real Properties or the Businesses that could give rise to liability under any
applicable Environmental Laws.

(b) No
Consolidated Party has received any written notice of, or inquiry from any
Governmental Authority regarding, any violation, alleged violation,
non-compliance, liability or alleged liability pursuant to Environmental Laws
with regard to any of the Real Properties or the Businesses.

(c) Hazardous
Materials have not been transported or disposed of from the Real Properties, or
generated, treated, stored or disposed of at, on or under any of the Real
Properties or any other location, in each case by or on behalf of any
Consolidated Party, or, to the knowledge of the Responsible Officers of the Loan
Parties, by any other Person on behalf of a Consolidated Party, in violation of,
or in a manner that would give rise to liability under, any applicable
Environmental Law.

72

(d) No
judicial proceeding or governmental or administrative action is pending or, to
the knowledge of the Responsible Officers of the Loan Parties, threatened, under
any Environmental Law to which any Consolidated Party is or will be named as a
party, nor are any Consolidated Parties subject to any consent decrees, consent
orders, administrative orders, or other administrative or judicial requirements
outstanding under any Environmental Law.

(e) There has
been no release, or threat of release, of Hazardous Materials at or from the
Real Properties, or arising from or related to the operations (including,
without limitation, disposal) of any Consolidated Party, or, to the knowledge of
the Responsible Officers of the Loan Parties, of any other Person in connection
with the Real Properties or otherwise in connection with the Businesses, in
violation of or in amounts or in a manner that would give rise to liability
under Environmental Laws.

6.10 Insurance.

The
properties of the Borrower and its Subsidiaries are insured with financially
sound and reputable insurance companies not Affiliates of the Borrower, in such
amounts, with such deductibles and covering such risks as are customarily
carried by companies engaged in similar businesses and owning similar properties
in localities where the Borrower or the applicable Subsidiary
operates.

6.11 Taxes.

The
Consolidated Parties have filed all Federal, state and other tax returns and
reports required to be filed, and have paid all Federal, state and other taxes,
assessments, fees and other governmental charges levied or imposed upon them or
their properties, income or assets otherwise due and payable, except (a) those
which are being contested in good faith by appropriate proceedings and for which
adequate reserves have been provided in accordance with GAAP, or (b) to the
extent that failure to do so could not reasonably be expected to result in
Material Adverse Effect. There is no proposed tax assessment against the
Borrower or any Subsidiary that would, if made, have a Material Adverse
Effect.

6.12 ERISA
Compliance.

No ERISA
Event has occurred or is reasonably expected to occur that, when taken together
with all other such ERISA Events for which liability is reasonably expected to
occur, could reasonably be expected to result in a Material Adverse
Effect.

6.13 Capital
Structure/Subsidiaries.

The
corporate capital and ownership structure of the Consolidated Parties as of the
Closing Date is as described in Schedule 6.13(a). Set
forth on Schedule 6.13(b) is a
complete and accurate list as of the Closing Date with respect to each of the
direct and indirect Subsidiaries of the Borrower of (i) jurisdiction of
incorporation or formation, (ii) number of shares of each class of

73

Capital
Stock outstanding, (iii) number and percentage of outstanding shares of
each class owned (directly or indirectly) by the Consolidated Parties and
(iv) number and effect, if exercised, of all outstanding options, warrants,
rights of conversion or purchase and all other similar rights with respect
thereto as of the Closing Date. The outstanding Capital Stock of all such
Persons is validly issued, fully paid and non-assessable and is owned by the
Consolidated Parties, directly or indirectly, in the manner set forth on
Schedule 6.13(b), free
and clear of all Liens (other than those arising under or contemplated in
connection with the Loan Documents). Other than as set forth in Schedule 6.13(b), none of
the Borrower's Subsidiaries has outstanding any securities convertible into or
exchangeable for its Capital Stock nor does any such Person have outstanding any
rights to subscribe for or to purchase or any options for the purchase of, or
any agreements providing for the issuance (contingent or otherwise) of, or any
calls, commitments or claims of any character relating to its Capital Stock
(other than Wireless LLC). As of the Closing Date, the Borrower has no Foreign
Subsidiaries.

6.14 Margin
Regulations; Investment Company Act; Public Utility Holding Company
Act.

(a) The
Borrower is not engaged and will not engage, principally or as one of its
important activities, in the business of purchasing or carrying margin stock
(within the meaning of Regulation U issued by the FRB), or extending credit
for the purpose of purchasing or carrying margin stock.

(b) None of
the Loan Parties (i) is a "holding company," or a "subsidiary company" of a
"holding company," or an "affiliate" of a "holding company" or of a "subsidiary
company" of a "holding company," within the meaning of the Public Utility
Holding Company Act of 1935, (ii) is or is required to be registered as an
"investment company" under the Investment Company Act of 1940 or (iii) is
subject
to regulation under any other Law which limits its ability to incur
Indebtedness.

6.15 Disclosure.

The
Borrower has disclosed to the Administrative Agent and the Lenders all
agreements, instruments and corporate or other restrictions to which it or any
of its Subsidiaries is subject, and all other matters known to it that are not
disclosed in its public filings with the SEC and that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Effect.
No written report, financial statement, certificate or other information
furnished by or on behalf of any Loan Party to the Administrative Agent or any
Lender in connection with the transactions contemplated hereby and the
negotiation of this Agreement or delivered hereunder or under any other Loan
Document (in each case, as modified or supplemented from time to time
by other
information so furnished, and taken together with the information disclosed in
the Borrower's public filings with the SEC, as such information is modified or
supplemented by other information so disclosed) contains any material
misstatement of fact or omits to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading; provided that,
with respect to projected financial information, the Borrower represents only
that such information was prepared in good faith based upon assumptions believed
to be reasonable at the time.

74

6.16 Compliance
with Laws.

Each
Consolidated Party is in compliance in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its Properties, except in such instances in which
(a) such requirement of Law or order, writ, injunction or decree is being
contested in good faith by appropriate proceedings or (b) the failure to
comply therewith, either individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect.

6.17 Intellectual
Property.

Each
Consolidated Party owns, or has the legal right to use, all material trademarks,
service marks, trade names, trade dress, patents, copyrights, technology,
know-how and processes (the "Intellectual
Property")
necessary for each of them to conduct its business as currently conducted. No
claim has been asserted and is pending by any Person challenging or questioning
the use of the Intellectual Property or the validity or effectiveness of the
Intellectual Property, nor does any Loan Party know of any such claim, and, to
the knowledge of the Responsible Officers of the Loan Parties, the use of the
Intellectual Property by any Consolidated Party or the granting of a right or a
license in respect of the Intellectual Property from any Consolidated Party does
not infringe on the rights of any Person, except for such claims and
infringements that, in the aggregate, could not reasonably be expected to have a
Material Adverse Effect.

6.18 Solvency.

The
Consolidated Parties are Solvent on a consolidated basis.

6.19 Telecommunications
Regulatory Matters.

(a) Each
Consolidated Party has obtained all material Governmental Approvals of any
Governmental Authority having jurisdiction over such Consolidated Party, which
Government Approvals are necessary for the operation of the Businesses. All
Governmental Approvals of such Consolidated Party are in full force and effect,
are duly issued in the name of, or validly assigned to, such Consolidated Party
and such Consolidated Party has the power and authority to operate thereunder,
except in each case to the extent the failure thereof could not reasonably be
expected to result in a Material Adverse Effect.

(b) No
consent or approval of, or notification to, the FCC, a State PUC or any other
Governmental Authority responsible for telecommunications matters is required in
connection 

with the
consummation of this Agreement of the making of the Loans, except where the
failure to obtain such consent or approval, or to give such notification could
not reasonably be expected to result in a Material Adverse Effect.

(c) There are
no proceedings pending or, to the knowledge of the Borrower, threatened from or
before the FCC, a State PUC or any other Governmental Authority responsible for
telecommunications matters naming any of the Consolidated Parties, that either

75

individually
or in the aggregate could reasonably be expected to result in a Material Adverse
Effect.

ARTICLE
VII

AFFIRMATIVE
COVENANTS

So long
as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall not be Fully Satisfied, or any Letter of Credit shall remain
outstanding, the Borrower shall, and shall cause each Subsidiary
to:

7.01 Financial
Statements.

Deliver
to the Administrative Agent:

(a) after the
end of each fiscal year of the Borrower, the Borrower shall provide to the
Administrative Agent, as soon as available, but in any event within 15 days
after it files or is required to file the same with the SEC (whether or not
required by the reporting requirements of Section 13 or 15(d) of the Exchange
Act), a
consolidated balance sheet of the Consolidated Parties as at the end of such
fiscal year, and the related consolidated statements of income or operations,
shareholders' equity and cash flows for such fiscal year, setting forth in each
case in comparative form the figures for the previous fiscal year, all in
reasonable detail and prepared in accordance with GAAP, audited and accompanied
by a report and opinion of a Registered Public Accounting Firm of nationally
recognized standing, which report and opinion shall be prepared in accordance
with generally accepted auditing standards and shall not be subject to any
"going concern" or like qualification, together with unaudited consolidating
statements certified by a Responsible Officer of the Borrower to the effect that
such consolidating statements are fairly stated in all material respects when
considered in relation to the consolidated financial statements of the Borrower
and its Subsidiaries; and

(b) after the
end of each of the first three fiscal quarters of each fiscal year of the
Borrower, the Borrower shall provide to the Administrative Agent, as soon as
available, but in any event within 15 days after it files or is required to file
the same with the SEC (whether or not required by the reporting requirements of
Section 13 or 15(d) of the Exchange Act), a consolidated balance sheet of the
Consolidated Parties as at the end of such fiscal quarter, and the related
consolidated statements of income or operations, shareholders' equity and cash
flows for such fiscal quarter and for the portion of the Borrower's fiscal year
then ended, setting forth in each case in comparative form the figures
for the corresponding fiscal quarter of the previous fiscal year and the
corresponding portion of the previous fiscal year, all in reasonable detail,
such consolidated statements to be certified by a Responsible Officer of the
Borrower as fairly presenting the financial condition, results of operations,
shareholders' equity and cash flows of the Consolidated Parties in accordance
with GAAP, subject only to normal year-end audit adjustments and the absence of
footnotes.

76

7.02 Certificates;
Other Information.

Deliver
to the Administrative Agent:

(a) concurrently
with the delivery of the financial statements referred to in Section 7.01(a), a
certificate of its independent certified public accountants (which may be
limited to accounting matters) certifying such financial
statements;

(b) concurrently
with the delivery of the financial statements referred to in Section 7.01(a) and
(b)
(commencing with the delivery of the financial statements for the fiscal quarter
ended March 31, 2005), a duly completed Compliance Certificate signed
by a Responsible Officer of the Borrower;

(c) at least
30 days after the end of each fiscal year of the Borrower, an annual business
plan and budget of the Consolidated Parties containing, among other things, pro
forma financial statements for the next fiscal year, beginning with an annual
business plan and budget for fiscal year 2006;

(d) promptly
after the same are available, copies of each annual report, proxy or financial
statement or other report or communication sent to the stockholders of the
Borrower, and copies of all annual, regular, periodic and special reports and
registration statements which the Borrower may file or be required to file with
the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934;
and

(e) promptly,
such additional information regarding the business, financial or corporate
affairs of the Borrower or any Subsidiary, or compliance with the terms of the
Loan Documents, as the Administrative Agent or any Lender may from time to time
reasonably request.

Documents
required to be delivered pursuant to Section 7.01 or
Section 7.02 may be
delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Borrower posts such documents, or
provides a link thereto, on the Borrower's website on the Internet at the
website address listed on Schedule 11.02;
(ii) on which such documents are posted on the Borrower's behalf on an
Internet or intranet website, if any, to which each Lender and the
Administrative Agent are offered access (whether a commercial, third-party
website or whether sponsored by the Administrative Agent) or (iii) on which such
documents become available on the website of the SEC at http://www/sec/gov;
provided
that the Borrower shall notify the Administrative Agent (by telecopier or
electronic mail) of the posting of any such documents (other than those referred
to in clause (d) above that have been posted to the SEC's
website) and provide to the Administrative Agent by electronic mail electronic
versions of such documents. Notwithstanding anything contained herein, in every
instance the Borrower shall be required to provide paper copies of the
Compliance Certificates required by Section 7.02(b) to the
Administrative Agent. Except for such Compliance Certificates, the
Administrative Agent shall have no obligation to request the delivery or to
maintain copies of the documents referred to above, and in any event shall have
no responsibility to monitor 

77

compliance
by the Borrower with any such request for delivery, and each Lender shall be
solely responsible for requesting delivery to it or maintaining its copies of
such documents.

7.03 Notices
and Information.

(a) Promptly
notify the Administrative Agent of the occurrence of any Default known to any
Responsible Officer of the Borrower and the nature thereof.

(b) Promptly
notify the Administrative Agent and each Lender of any matter that has resulted
or could reasonably be expected to result in a Material Adverse Effect,
including those resulting from (i) breach or non-performance of, or any
default under, a Contractual Obligation of any Consolidated Party; (ii) any
dispute, litigation, investigation, proceeding or suspension between any
Consolidated Party and any Governmental Authority; or (iii) the
commencement of, or any material development in, any litigation or proceeding
affecting any Consolidated Party, including pursuant to any applicable
Environmental Laws.

(c) Promptly
notify the Administrative Agent of the occurrence of any ERISA Event that could
reasonably be expected to result in liability of the Borrower and its
Subsidiaries in an aggregate amount exceeding the Threshold Amount.

(d) Promptly
notify the Administrative Agent of any material change in internal accounting
policies or internal financial reporting practices by any Consolidated Party
that will have a material effect on financial statement results.

(e) At the
time of delivery of the financial statements and reports provided for in
Section 7.01(a),
deliver
to the Administrative Agent a report
signed by an
Responsible Officer of the
Borrower setting forth (i) a list of registration numbers for all material
patents, trademarks, service marks, trade names and copyrights awarded to any
Loan Party since the last day of the immediately preceding fiscal year and
(ii) a list of all material patent applications, trademark applications,
service mark applications, trade name applications and copyright applications
submitted by any Loan Party since the last day of the immediately preceding
fiscal year and the status of each such application, all in such form as shall
be reasonably satisfactory to the Administrative Agent.

Each
notice pursuant to this Section 7.03(a) through
(d) shall be
accompanied by a statement of a Responsible Officer of the Borrower setting
forth details of the occurrence referred to therein and stating what action the
Borrower has taken and proposes to take with respect thereto. Each notice
pursuant to Section 7.03(a) shall
describe with particularity any and all provisions of this Agreement and any
other Loan Document that have been breached.

7.04 Payment
of Obligations.

Except to
the extent that the failure to do so could not reasonably be expected to result
in a Material Adverse Effect, pay and discharge as the same shall become due and
payable, all its obligations (other than Indebtedness) and liabilities,
including (a) all Tax liabilities, assessments and governmental charges or
levies upon it or its Properties or assets, unless the same are being

78

contested
in good faith by appropriate proceedings and adequate reserves in accordance
with GAAP are being maintained by the applicable Consolidated Party;
(b) all lawful claims which, if unpaid, would by law become a Lien upon any
material portion of its Property; and (c) all Indebtedness, as and when due
and payable, but subject to any subordination provisions contained in any
instrument or agreement evidencing such Indebtedness, and except to the extent
that non-payment thereof does not result in an Event of Default under
Section
9.01(f).

7.05 Preservation
of Existence, Etc.

(a) Preserve,
renew and maintain in full force and effect its legal existence and good
standing under the Laws of the jurisdiction of its organization except in a
transaction permitted by Section 8.04 or
Section 8.05, except
to the extent that failure to do so could not reasonably be expected to result
in a Material Adverse Effect; (b) take all reasonable action to maintain
all rights, privileges, permits, licenses and franchises necessary or desirable
in the normal conduct of its business; and (c) preserve or renew all of its
material registered copyrights, patents, trademarks, trade names and service
marks, except to the extent that failure to do so could not reasonably be
expected to result in a Material Adverse Effect.

7.06 Maintenance
of Properties.

(a) Maintain,
preserve and protect all of its material properties and equipment necessary in
the operation of its business in good working order and condition, ordinary wear
and tear excepted; (b) make all necessary repairs thereto and renewals and
replacements thereof; and (c) use the standard of care typical in the
industry in the operation and maintenance of its facilities.

7.07 Maintenance
of Insurance.

Maintain
in full force and effect insurance in such amounts, covering such risks and
liabilities and with such deductibles or self-insurance retentions as are in
accordance with normal industry practice (it being understood that, to the
extent consistent with prudent business practices of Person carrying on a
similar business in a similar location as the Consolidated Parties, a program of
self-insurance for first or other loss layers may be utilized in an aggregate
amount not to exceed $50,000,000).

7.08 Compliance
with Laws and Contractual Obligations.

Comply
with the requirements of all Laws, all Contractual Obligations and all orders,
writs, injunctions and decrees applicable to it or to its business or Property,
except in such instances
in which (a) such requirement of Law, Contractual Obligation or order,
writ, injunction or decree is being contested in good faith by appropriate
proceedings; or (b) the failure to comply therewith could not reasonably be
expected to have a Material Adverse Effect.

79

7.09 Books
and Records.

(a) Maintain
proper books of record and account, in which entries in conformity with GAAP
shall be made of all financial transactions and matters involving the assets and
business of the Loan Party or such Subsidiary, as the case may be; and
(b) maintain such books of record and account in material conformity with
all applicable requirements of any Governmental Authority having regulatory
jurisdiction over the Loan Party or such Subsidiary, as the case may
be.

7.10 Inspection
Rights.

Permit
representatives and independent contractors of the Administrative Agent and the
Lenders to visit and inspect any of its Properties, to examine its corporate,
financial and operating records, and, with the prior written consent of the
Borrower (not to be unreasonably withheld) make copies thereof or abstracts
therefrom, and to discuss its affairs, finances and accounts with its directors,
officers, and independent public accountants, all at such reasonable times
during normal business hours and as often as may be reasonably desired, upon
reasonable advance notice to the Borrower, and, at any time when an Event of
Default has occurred and is continuing, at the expense of the
Borrower.

7.11 Use
of Proceeds.

Use the
proceeds of the Credit Extensions for general corporate purposes, in each case
not in contravention of any Law or of any Loan Document, and including on the
Closing Date to refinance in part existing Indebtedness of the Consolidated
Parties and to pay certain transaction costs incurred in connection with such
refinancing and obtaining the agreement of the holders of the 2003 Senior Notes
to the first supplemental indenture dated as of January 28, 2005, to the 2003
Senior Note Indenture.

7.12 Additional
Guarantors.

(a) General. Notify
the Administrative Agent at the time that any Person becomes a Subsidiary of a
Loan Party, and within 30 days thereafter (or such later date as the
Administrative Agent shall agree in its reasonable discretion), (i) unless
such Person is an Excluded Subsidiary, cause such Person to (A) become a
Guarantor by executing and delivering to the Administrative Agent a Joinder
Agreement, and (B) deliver to the Administrative Agent items of the types
referred to for each of the initial Loan Parties pursuant to Section 5.01, all in
form, content and scope reasonably satisfactory to the Administrative Agent and
(ii) unless such Person is a Non-Pledged Subsidiary, cause the Capital
Stock of such Person owned by the Loan Parties to be pledged to the Collateral
Agent (for the benefit of the Lenders) as and to the extent required by
Section 7.13.

(b) CBT
and CBET.
Notwithstanding any provision to the contrary set forth herein or in any other
Loan Document, at such time, if ever, that (i) CBT and/or CBET, as
applicable, ceases to be subject to all applicable Laws, including all
regulations relating to telecommunications businesses by all Governmental
Authorities which prohibit, restrict or 

80

require
regulatory approval for (A) the pledging of assets or (B) the
incurrence of Indebtedness and (ii) any action described in either of
clause (A) or (B) above could not, in the determination of the Borrower
reasonably exercised, be expected to result in any such Governmental Authority
taking an action or refusing to take an action which action or refusal to take
any action could have a material adverse effect on CBT and/or CBET, as
applicable, then (x)(1) CBT and/or CBET, as applicable, shall cease to be
an Excluded Subsidiary and (2) each applicable CBT Subsidiary shall cease
to be a Non-Pledged Subsidiary and (y) the Loan Parties shall within 30
days thereafter (or such later date as the Administrative Agent shall agree in
its reasonable discretion) (1) cause CBT and/or CBET, as applicable, to
(I) become a Guarantor by executing and delivering to the Administrative
Agent a Joinder Agreement, and (II) deliver to the Administrative Agent
items of the types referred to for each of the initial Loan Parties pursuant to
Section 5.01, all in
form, content and scope reasonably satisfactory to the Administrative Agent and
(2) cause the Capital Stock of each CBT Subsidiary owned by it to be
pledged to the Collateral Agent (for the benefit of the Lenders) as and to the
extent required by Section 7.13.

(c) Wireless LLC.
Notwithstanding any provision to the contrary set forth herein or in any other
Loan Document, but subject to applicable Laws, including all regulations
relating to telecommunications businesses by all Governmental Authorities which
prohibits, restricts or requires regulatory approval for the pledging of assets,
upon the closing of the Wireless Acquisition, (i) Wireless LLC shall
cease to be an Excluded Subsidiary and a Non-Pledged Subsidiary and
(ii) the Loan Parties shall within 30 days thereafter (or such later date
as the Administrative Agent shall agree in its reasonable discretion)
(A) cause Wireless LLC to (1) become a Guarantor by executing and
delivering to the Administrative Agent a Joinder Agreement, and (2) deliver
to the Administrative Agent items of the types referred to for each of the
initial Loan Parties pursuant to Section 5.01, all in
form, content and scope reasonably satisfactory to the Administrative Agent, and
(B) cause all of the Capital Stock of Wireless LLC owned by the Loan
Parties to be pledged to the Collateral Agent (for the benefit of the Lenders)
as and to the extent required by Section 7.13.
Notwithstanding the provisions of this Section 7.12(c), in the
event that Wireless LLC becomes a Guarantor as contemplated by the
immediately preceding sentence and thereafter any Wireless Disposition involving
the Disposition of all or any portion of the Capital Stock of Wireless LLC
is consummated, then the
Administrative
Agent
shall take such action as contemplated by Section 10.10 to
evidence the release of the Collateral Agent's Lien on the Property and Capital
Stock of Wireless LLC, and the
release of Wireless LLC
from all
of its obligations under the Loan Documents and, automatically,
Wireless LLC shall, if applicable, be deemed to be an Excluded Subsidiary
and a Non-Pledged Subsidiary.

(d) Other
Excluded Subsidiaries; Non-Pledged Subsidiaries.
Notwithstanding any provision to the contrary set forth herein or in any other
Loan Document, but subject to applicable Laws, including all regulations
relating to telecommunications businesses by all Governmental
Authorities which prohibits, restricts or requires regulatory approval for the
pledging of assets:

(i) in the
event that (A) any Subsidiary which is an Excluded Subsidiary by virtue of
clause (f) of the definition of "Excluded Subsidiaries" set forth in
Section 1.01 becomes
a Wholly Owned Subsidiary, (B) any Subsidiary which is an Excluded

81

Subsidiary
by virtue of clause (g)(i) of the definition of "Excluded Subsidiaries" set
forth in Section 1.01 could
become a Loan Party without causing a violation of applicable law or
(C) the Administrative Agent shall have reasonably determined as a result
of a change in fact, law or circumstance that any Subsidiary which is an
Excluded Subsidiary by virtue of clause (g)(ii) of the definition of
"Excluded Subsidiaries" set forth in Section 1.01 should
become a Loan Party, then (1) such Subsidiary shall cease to be an Excluded
Subsidiary and (2) the Loan Parties shall within 30 days after receipt of
notice of such determination (or such later date as the Administrative Agent
shall agree in its reasonable discretion) cause such Subsidiary to become a
Guarantor by executing and delivering to the Administrative Agent a Joinder
Agreement and deliver to the Administrative Agent items of the types referred to
for each of the initial Loan Parties pursuant to Section 5.01, all in
form, content and scope reasonably satisfactory to the Administrative Agent;
or

(ii) in the
event that (A) any Subsidiary which is a Non-Pledged Subsidiary by virtue
of clause (f) of the definition of "Non-Pledged Subsidiaries" set forth in
Section 1.01 becomes
a Wholly Owned Subsidiary, (B) the Capital Stock of any Subsidiary which is
a Non-Pledged Subsidiary by virtue of clause (g)(i) of the definition of
"Non-Pledged Subsidiaries" set forth in Section 1.01 could be
pledged to the Collateral Agent without causing a violation of applicable law or
(C) the Administrative Agent shall have reasonably determined as a result
of a change in fact, law or circumstance that the Capital Stock of any
Subsidiary which is a Non-Pledged Subsidiary by virtue of clause (g)(ii) of
the definition of "Non-Pledged Subsidiaries" set forth in Section 1.01 should
be pledged to the Collateral Agent, then (1) such Subsidiary shall cease to
be a Non-Pledged Subsidiary and (2) the Loan Parties shall within 30 days
after receipt of notice of such determination (or such later date as the
Administrative Agent shall agree in its reasonable discretion) cause the Capital
Stock of such Subsidiary to be pledged to the Collateral Agent (for the benefit
of the Lenders) as and to the extent required by Section 7.13.

7.13 Further
Assurances.

Cause
(i) all
of the issued
and outstanding Capital
Stock of each Domestic Subsidiary (other than any Non-Pledged Subsidiary) owned
by the Loan Parties and (ii) 66% of the issued
and outstanding Capital
Stock of each Foreign Subsidiary (other than any Non-Pledged Subsidiary)
directly owned by each Loan Party to be subject at all times to a valid and
perfected, first priority Lien (subject only to Permitted Liens) in favor of the
Collateral Agent pursuant to the terms and conditions of the Collateral
Documents.

ARTICLE
VIII

NEGATIVE
COVENANTS

So long
as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall not be Fully Satisfied, or any Letter of Credit shall remain
outstanding, the Borrower shall not, nor shall it permit any Subsidiary to,
directly or indirectly:

82

8.01 Liens.

Create,
incur, assume or suffer to exist any Lien upon any of its Property, whether now
owned or hereafter acquired, other than the following:

(a) Liens
pursuant to any Loan Document;

(b) Liens
existing on the date hereof and listed on Schedule 8.01 and any
renewals or extensions thereof, provided that
(i) such Lien shall not apply to any other Property of the Consolidated
Parties, (ii) the maximum amount secured or benefited thereby is not
increased, and (iii) any renewal or extension of the obligations secured or
benefited thereby is permitted by Section 8.03;

(c) Liens for
Taxes, assessments or governmental charges or levies not yet due or which are
being contested in good faith and by appropriate proceedings, if adequate
reserves with respect thereto are maintained on the books of the applicable
Person in accordance with GAAP;

(d) statutory
Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen
and suppliers and other Liens imposed by law or pursuant to customary
reservations or retentions of title arising in the ordinary course of business,
provided that
such Liens secure only amounts not yet due and payable or, if due and payable,
are unfiled and no other action has been taken to enforce the same or are being
contested in good faith by appropriate proceedings for which adequate reserves
determined in accordance with GAAP have been established;

(e) pledges
or deposits in the ordinary course of business in connection with workers'
compensation, unemployment insurance and other social security legislation,
other than any Lien imposed by ERISA;

(f) deposits
to secure the performance of bids, trade contracts and leases (other than
Indebtedness), statutory obligations, surety and appeal bonds, performance bonds
and other obligations of a like nature, in each case incurred in the ordinary
course of business;

(g) easements,
rights-of-way, restrictions and other similar encumbrances affecting real
Property which, in the aggregate, are not substantial in amount, and which
do not in
any case materially detract from the value of the Property subject thereto or
materially interfere with the ordinary conduct of the business of the applicable
Person;

(h) Liens
securing judgments for the payment of money not constituting an Event of Default
under Section 9.01(i);

(i) Liens
securing Indebtedness permitted under Section 8.03(e) or
(n),
provided that
(i) such Liens do not at any time encumber any Property other than the

83

Property
financed by such Indebtedness, (ii) the Indebtedness secured thereby does
not, at the time incurred, exceed the cost or fair market value, whichever is
lower, of the Property being acquired, constructed or improved on the date of
acquisition, construction or improvement, as applicable, and
(iii) such
Liens attach to such Property concurrently with or within 180 days after the
acquisition or
completion of construction or improvement, as
applicable,
thereof;

(j) subleases
of real Property and licenses of Intellectual Property granted to other Persons,
in each case (i) entered into in the ordinary course of its business, (ii) not
intended to constitute a financing arrangement, and (iii) not
interfering in any material respect with the business of any Consolidated
Party;

(k) any
interest of title
of a lessor under, and Liens arising from UCC financing statements (or
equivalent filings, registrations or agreements in foreign jurisdictions)
relating to, leases permitted by this Agreement;

(l) Liens
in favor of
customs and revenue authorities arising as a matter of law to secure payment of
customs duties in connection with the importation of goods;

(m) Liens
deemed to exist
in connection with Investments in repurchase agreements permitted under
Section 8.02;

(n) normal
and customary rights
of setoff upon deposits of cash in favor of banks or other depository
institutions;

(o) Liens of
a collection bank
arising under Section 4-210 of the Uniform Commercial Code on items in the
course of collection;

(p) Liens
existing or deemed to exist in connection with any Permitted Receivables
Financing, but only to the extent that any such Lien relates to the applicable
Transferred Assets purported to be sold, contributed, financed or otherwise
conveyed or pledged pursuant to such transaction;

(q) Liens of
sellers of goods to the Borrower and any of its Subsidiaries arising under
Article 2 of the Uniform
Commercial Code or
similar provisions of applicable law in the ordinary course of business,
covering only the goods sold and securing only the unpaid purchase price for
such goods and related expenses;

(r) any
interest of title of a buyer in connection with, and Liens arising
from Uniform Commercial Code financing statements relating to, a sale of
receivables permitted by this Agreement;

(s) any Lien
on Property not owned by the Borrower or any Subsidiary on the Closing Date that
is in existence at the time that such Property is acquired by the Borrower or
any Subsidiary or at the time that the Person that owns such Property becomes a
Subsidiary, provided that
such Lien is not created in contemplation of, or in 

84

connection
with, such acquisition or such Person becoming a Subsidiary, as the case may
be;

(t) Liens,
leases, and grants of indefeasible rights of use, rights of use and similar
rights in respect of capacity, dark fiber and similar assets of the Consolidated
Parties in the ordinary course of business either existing as of the Closing
Date or as permitted pursuant to Section 8.05;
and

(u) other
Liens (other than Liens on Capital Stock of any Subsidiary) securing
Indebtedness or other obligations in an aggregate principal amount not to exceed
$20,000,000 at any time outstanding.

8.02 Investments.

Make any
Investments, except:

(a) Investments
held by such Loan Party or such Subsidiary in the form of Cash
Equivalents;

(b) Investments
existing as of the Closing Date and set forth in Schedule 8.02;

(c) Investments
consisting of advances or loans to directors, officers, employees, agents,
customers or suppliers in an aggregate principal amount (including Investments
of such type set forth in Schedule 8.02) not to
exceed $30,000,000 at any time outstanding;

(d) Investments
in any Person which is a Loan Party prior to giving effect to such
Investment;

(e) Investments
consisting of extensions of credit in the nature of accounts receivable or notes
receivable arising from the grant of trade credit in the ordinary course of
business, and Investments received in satisfaction or partial satisfaction
thereof from financially troubled account debtors to the extent reasonably
necessary in order to prevent or limit loss;

(f) Guarantees
constituting Indebtedness permitted by Section 8.03 (other
than Section 8.03(c)), to the
extent such Guarantees also constitute Investments;

(g) the
Wireless Acquisition and (without
double-counting for purposes of determining compliance with the numerical limit
applicable hereunder) Investments in one or more Wholly Owned Subsidiaries to
enable such Subsidiaries to make the Wireless Acquisition; provided that
(i) the aggregate cash consideration paid by the Consolidated Parties does
not exceed $125,000,000 and (ii) upon consummation thereof,
Wireless LLC shall be a Wholly Owned Subsidiary of the
Borrower;

(h) Investments
consisting of an
Acquisition (other than the Wireless Acquisition) by the
Borrower or any Subsidiary of the Borrower and (without 

85

double-counting
for purposes of determining compliance with the numerical limit applicable
hereunder) Investments in Wholly-Owned Subsidiaries to enable such Subsidiaries
to make such Acquisitions; provided
that

(i) the
Property acquired (or the Property of the Person acquired) in such Acquisition
is used
or useful in the same or a similar line of business as the Borrower and its
Subsidiaries were engaged in on the Closing Date (or any reasonable extensions
or expansions thereof);

(ii) in the
case of an Acquisition of the Capital Stock of another Person, the board of
directors (or other comparable governing body) of such other Person shall have
duly approved such Acquisition;

(iii) if the
aggregate purchase price to be paid by the Borrower and/or its Subsidiaries in
connection with such Acquisition exceeds $50,000,000, the
Borrower shall have delivered to the Administrative
Agent a
Pro Forma Compliance Certificate demonstrating that, upon giving
effect to such Acquisition on a Pro Forma Basis, the Loan Parties would be in
compliance with the financial covenants set forth in Section 8.11 as of the
most recent fiscal
quarter end with
respect to which the Administrative
Agent has
received the Required Financial Information;

(iv) no
Default shall have occurred and be continuing both before and immediately after
the time such Acquisition is consummated;

(v) if such
transaction involves the purchase of an interest in a partnership between the
Borrower (or a Subsidiary of the Borrower) as a general partner and entities
unaffiliated with the Borrower or such Subsidiary as the other partners, absent
any adverse tax consequences for the Borrower or any Subsidiary, such
transaction shall be effected by having such equity interest acquired by a
holding Person directly or indirectly wholly-owned by the Borrower and newly
formed for the sole purpose of effecting such transaction;

(vi) the
aggregate consideration
(including cash and
non-cash consideration, any
assumption of Indebtedness and any earn-out payments, but excluding consideration
consisting of (A) any Capital Stock of the Borrower issued to
the
seller of the Capital Stock or Property acquired in such Acquisition,
(B) amounts not in excess of the aggregate cumulative proceeds of
any
Equity Issuance by the Borrower consummated
subsequent to the Closing Date and not
more than 365 days prior to the date that such Acquisition is
consummated,
provided that
such amounts have not previously served as the basis for allowing a Restricted
Payment pursuant to Section 8.06(d), any
other Acquisition pursuant to this subsection (h)(vi) or any prepayment
under Section
8.12(b)(ii), and
(C) amounts not in excess of the aggregate cumulative proceeds of
any
Disposition, Excluded Disposition or Involuntary Disposition consummated
subsequent to the Closing Date and not more than 365 days prior to the date that
such Acquisition is 

86

consummated,
provided that
such amounts have not previously served as the basis for allowing a Restricted
Payment pursuant to Section 8.06(e) or any
other Acquisition pursuant to this subsection (h)(vi)) paid by
the Consolidated Parties for all
such Acquisitions occurring after the Closing Date (net, in the case of each
such Acquisition, of return of capital received at or prior to the time of
determination) shall not exceed $250,000,000;

(i) Investments
made with the proceeds of an Equity Issuance by the Borrower so long as the
proceeds thereof are not otherwise required to be applied to the prepayment of
the Loans pursuant to the terms of this Agreement;

(j) Investments
in a Receivables Financing SPC made in connection with a Permitted Receivables
Financing;

(k) Investments
in Foreign Subsidiaries in an aggregate outstanding amount at any time for all
such Investments made after the Closing Date pursuant to this
subsection (l) not to exceed $5,000,000;

(l) in
addition to the Wireless Acquisition, (i) Investments in Wireless LLC
resulting in Wireless LLC owning Spectrum Assets in an aggregate
outstanding amount at any time for all such Investments made after the Closing
Date pursuant to this subsection (l)(i) not to exceed $200,000,000 and
(ii) other Investments in Wireless LLC in an aggregate outstanding
amount at any time for all such Investments made after the Closing Date pursuant
to this subsection (l)(ii) not to exceed $30,000,000;

(m) Investments
in CBT and in any Subsidiary of CBT;

(n) Investments
in Excluded Subsidiaries consisting of Guarantees of operating leases entered
into in the ordinary course of business or of other obligations not constituting
Indebtedness incurred in the ordinary course of business;

(o) loans and
advances by Loan Parties to Excluded Subsidiaries evidenced by promissory notes
that have been pledged and delivered to the Administrative Agent in accordance
with the terms of the Security Agreement;

(p) Investments
in Joint Ventures (in addition to Investments permitted pursuant to clauses (g),
(l), (n) and (o) above and any Wireless Disposition) in an aggregate outstanding
amount at any time for all such Investments made after the Closing Date not to
exceed $200,000,000; provided,
however, that no
more $50,000,000 of such Investments may be made in Joint Ventures which are not
Subsidiaries;

(q) Investments
by Subsidiaries which are Joint Ventures;

(r) Investments
by BRFS LLC in a Consolidated Party and/or by a Consolidated Party in BRFS, in
each case made in the form of intercompany debt and for 

87

cash
management purposes in connection with cash management system of the Borrower
and its Subsidiaries;

(s) to the
extent constituting or resulting in an Investment, any Wireless Disposition;
and

(t) other
Investments not otherwise permitted by this Section 8.02 in an
aggregate outstanding amount at any time for all such Investments made after the
Closing Date pursuant to this subsection (t) not to exceed
$30,000,000.

Notwithstanding
any provision to the contrary set forth in this Agreement (including, without
limitation, the definition of "Joint Venture" set forth in Section 1.01), the
Disposition by any of the Consolidated Parties of any portion (but not all) of
the Capital Stock of any Wholly Owned Subsidiary acquired or created after the
Closing Date shall be deemed to constitute an Investment in a Joint Venture in
an amount equal to the book value of the Capital Stock of such Person retained
by the Consolidated Parties immediately after giving effect to such
Disposition.

8.03 Indebtedness.

Create,
incur, assume or suffer to exist any Indebtedness, except:

(a) Indebtedness
under the Loan Documents (including Indebtedness in respect of any Incremental
Facility established in accordance with the terms of Section 11.01(b));

(b) Indebtedness
of the Borrower and its Subsidiaries outstanding on the Closing Date and set
forth in Schedule 8.03, and
renewals, refinancings, replacements and extensions thereof that do not
(i) increase
the amount of such Indebtedness (except by the amount of a reasonable premium or
other reasonable amount paid, and fees and expenses reasonably incurred, in
connection therewith), (ii) shorten
the final maturity or the average life to maturity of such
Indebtedness or
(iii) cause
the terms
of subordination, if any, taken as a whole, of such Indebtedness
to be
materially less favorable to the Lenders than the terms of subordination, taken
as a whole, under the 2003 83⁄8%
Junior
Note Indenture, as in effect on the Closing Date;

(c) intercompany
Indebtedness and
Guarantees with respect to Indebtedness, so long as in each case the related
Investment made by the holder of such Indebtedness or by the provider of such
Guarantee, as applicable, is permitted under Section 8.02 (other
than Section 8.02(f));

(d) obligations
(contingent or otherwise) of the Borrower or any Subsidiary existing or arising
under any Swap Contract, provided that
(i) such obligations are (or were) entered into by such Person in the
ordinary course of business for the purpose of directly hedging or mitigating
risks associated with liabilities, commitments, investments, assets, or Property
held or reasonably anticipated by such Person, or changes in the value of
securities issued by such Person (including Swap Agreements entered into in
order to 

88

effectively
cap, collar or exchange interest rates (from fixed to floating rates, from one
floating rate to another floating rate or otherwise) with respect to any
interest-bearing liability or investment of the Borrower or any Subsidiary), and
not for purposes of speculation and (ii) such Swap Contract does not
contain any provision exonerating the non-defaulting party from its obligation
to make payments on outstanding transactions to the defaulting
party;

(e) purchase
money Indebtedness (excluding obligations in respect of Capital Leases and
Synthetic Lease Obligations) hereinafter incurred by the Borrower or any of its
Subsidiaries in an aggregate principal amount that, when taken together with
the
Remaining Present Value of outstanding leases (other than Capital Leases and
Synthetic Leases) relating to Sale and Leaseback Transactions entered into in
accordance with Section 8.05(ii),
does not
exceed $100,000,000 at any one time outstanding;

(f) unsecured
Indebtedness of the Borrower arising under the 2005 Senior Note Documents and,
to the extent relating to the 2005 Junior Notes, the 2005 Junior Note Documents
(and unsecured Guarantees thereof by any Guarantor), in an aggregate principal
amount for all such Indebtedness at any time outstanding pursuant to this
subsection (f) not to exceed $350,000,000, and renewals, refinancings,
replacements and extensions thereof that do not (i) increase
the amount of such Indebtedness (except by the amount of a reasonable premium or
other reasonable amount paid, and fees and expenses reasonably incurred, in
connection therewith), (ii) shorten
the final maturity or the average life to maturity of such
Indebtedness or (iii)
in the
case of any renewal, refinancing, replacement or extension of the 2005 Junior
Notes, cause the terms of subordination, taken as a whole, of such Indebtedness
to be materially less favorable to the Lenders than the terms of subordination,
taken as a whole, under the 2003 83⁄8% Junior Note Indenture, as in effect on the
Closing Date;

(g) obligations
of the Borrower or any of its Subsidiaries in
connection with any Permitted Receivables Financing, to the extent such
obligations constitute Indebtedness;

(h) Indebtedness
of any Person in existence at the time that such Person becomes a Subsidiary
after the Closing Date, provided that
such Indebtedness is not created
in contemplation of or in connection with such Person becoming a
Subsidiary, and
renewals, refinancings, replacements and extensions thereof that do not
(i) increase
the amount of such Indebtedness (except by the amount of a reasonable premium or
other reasonable amount paid, and fees and expenses reasonably incurred, in
connection therewith) or (ii) shorten
the final maturity or the average life to maturity of such
Indebtedness;

(i) Indebtedness
arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument drawn against insufficient funds in the ordinary
course of business and extinguished within two Business Days of its
incurrence;

89

 

(j) Guarantees
of obligations of any Consolidated Party for customary indemnification, purchase
price adjustments and similar obligations arising under purchase and sale
agreements entered into in respect of Acquisitions and Dispositions permitted
under Section 8.02 or
Section 8.05, as
applicable, and reimbursement obligations of any Consolidated Party in respect
of letters of credit, surety bonds and performance bonds delivered in connection
therewith;

(k) Indebtedness
of Excluded Subsidiaries in an aggregate principal amount which shall not, at
the time when created, incurred or assumed, exceed $200,000,000 at any time
outstanding;

(l) additional
unsecured Indebtedness of the Borrower (and unsecured Guarantees thereof by any
Guarantor), provided that
(i) the terms,
taken as a whole, of any such Indebtedness,
and of any agreement entered into and of any instrument issued in connection
therewith, are not materially less favorable to the Consolidated Parties or the
Lenders than the terms of documents governing or evidencing the 2005 Senior
Notes, as in effect on the Closing Date, (ii) either (A) the proceeds
of such Indebtedness are used to refinance then existing Indebtedness of the
Borrower or (B) the
Borrower shall have delivered to the Administrative Agent a Pro Forma Compliance
Certificate demonstrating that, upon giving
effect on a Pro Forma Basis to the incurrence of such additional Indebtedness
and to the concurrent retirement of any other Indebtedness of any Consolidated
Party, the Loan Parties would be in compliance with the financial covenants set
forth in Section 8.11(a)-(d) as of the
most recent fiscal
quarter end with
respect to which the Administrative Agent has received the Required Financial
Information and (iii) in the case of Indebtedness
incurred
pursuant to clause (ii)(B) above,
the aggregate principal amount of all such Indebtedness incurred after the
Closing Date (together with any accumulated, pay-in-kind, or capitalized
interest thereon) shall not exceed $200,000,000;

(m) additional
unsecured Subordinated Indebtedness of the Borrower (and unsecured Guarantees
thereof by any Guarantor that are subordinated to the Obligations on identical
terms), provided that
(i) the terms,
taken as a whole, of any such
Subordinated
Indebtedness, and of any agreement entered into and of any instrument issued in
connection therewith, are not materially less favorable to the Consolidated
Parties or the Lenders than the terms of documents governing or evidencing the
2003 83⁄8% Junior
Notes, as in effect on the Closing Date, and (ii) either (A) the
proceeds of such Subordinated
Indebtedness
are used to refinance then existing Subordinated Indebtedness of the Borrower or
(B) the
Borrower shall have delivered to the Administrative Agent a Pro Forma Compliance
Certificate demonstrating that, upon giving
effect on a Pro Forma Basis to the incurrence of such additional Subordinated
Indebtedness and to the concurrent retirement of any other Indebtedness of any
Consolidated Party, the Loan Parties would be in compliance with the financial
covenants set forth in Section 8.11(a)-(d) as of the
most recent fiscal
quarter end with
respect to which the Administrative Agent has received the Required Financial
Information;

(n) Indebtedness
arising under Capital Leases and Synthetic Leases hereinafter incurred by the
Borrower or any of its Subsidiaries in an aggregate principal amount that,

90

when
taken together with the
Remaining Present Value of outstanding Capital Leases and Synthetic Leases
relating to Sale and Leaseback Transactions entered into in accordance with
Section 8.05(ii),
does not
exceed $25,000,000 at any one time outstanding;

(o) other
unsecured Indebtedness of Loan Parties in an aggregate principal amount which
shall not exceed $25,000,000 at any time outstanding;
and

(p) other
unsecured Indebtedness
maturing after the Maturity Date, provided that
100% of the net
proceeds of such Indebtedness are used to repay, refinance or replace
Indebtedness outstanding under this Agreement and the Notes.

Notwithstanding
any provision to the contrary set forth in this Section 8.03, the
aggregate outstanding principal amount of all Indebtedness incurred by the
Excluded Subsidiaries (other than (i) Indebtedness owed to any Consolidated
Party and (ii) renewals, refinancings, replacements and extensions of
Indebtedness existing on the Closing Date and permitted by Section
8.03(b)), at any
time on or after the Closing Date shall not exceed an amount equal to
(i) $250,000,000 minus
(ii) the then outstanding Attributed Principal Amount under any Permitted
Receivables Financing.

8.04 Fundamental
Changes.

Except in
connection with an Excluded Disposition, merge,
dissolve, liquidate, consolidate with or into another Person, or Dispose of
(whether in one transaction or in a series of transactions) all or substantially
all of its assets (whether now owned or hereafter acquired) to or in favor of
any Person;
provided that,
notwithstanding the foregoing provisions of this Section 8.04 but
subject to the terms of Sections 7.12 and
7.13,
(a) the Borrower may merge or consolidate with any of its Subsidiaries
provided that the Borrower shall be the continuing or surviving Person,
(b) any Loan Party other than the Borrower may merge or consolidate with
any other Loan Party or the Borrower, (c) any Consolidated Party which is
not a Loan Party may be merged or consolidated with or into any Loan Party
provided that the continuing or surviving Person shall be a Loan Party,
(d) any Consolidated Party which is not a Loan Party may be merged or
consolidated with or into any other Consolidated Party which is not a Loan
Party, (e) any Subsidiary of the Borrower may merge with any Person that is
not a Loan Party in connection with a Disposition permitted under Section 8.05,
(f) the Borrower or any Subsidiary of the Borrower may merge with any
Person (other than a Consolidated Party with which it could not merge under any
of clauses (a) through (e)) in connection with a Permitted Acquisition provided
that, if such transaction involves the Borrower, the
Borrower shall be the continuing or surviving corporation, (g) any Wholly
Owned Subsidiary of the Borrower may dissolve, liquidate or wind up its affairs
at any time provided that such dissolution, liquidation or winding up, as
applicable, could not reasonably be expected to have a Material Adverse Effect
and (h) ZoomTown.com Inc. may merge with CBT or any CBT
Subsidiary.

8.05 Dispositions.

Make any
Disposition other than (a) an Excluded Disposition, and (b) so long as
no Default or Event of Default shall have occurred and be continuing or would be
directly or indirectly caused as a result thereof, other
Dispositions; provided that
(i) at least 50% of the 

91

consideration
paid in connection therewith shall be in cash or Cash Equivalents, such payment
to be made within five Business Days after the consummation of transaction, and
the aggregate amount of all consideration paid or to be paid in connection
therewith shall be in an amount not less than the fair market value of the
Property disposed of, (ii) such transaction is not a Sale and Leaseback
Transaction unless, after
giving effect to the entering into of the applicable lease in connection
therewith, the Remaining Present Value of such lease, when taken together with
the aggregate then outstanding principal amount of all Indebtedness incurred
pursuant to Section 8.03(e) or
(n) and the
Remaining Present Value of outstanding leases previously entered into pursuant
to this clause (ii), would not exceed $25,000,000,
(iii) such transaction does not involve the Disposition of a part but not
all of the Capital Stock of any Consolidated Party that does not result in an
Investment that is permitted under Section 8.02,
(iv) such transaction does not involve a Disposition of receivables other
than receivables owned by or attributable to other Property concurrently being
disposed of in a transaction otherwise permitted under this Section 8.05,
(v) the fair market value of all of the assets sold or otherwise Disposed
of in all such transactions after the Closing Date (other than Sale and
Leaseback Transactions permitted hereunder) shall not exceed $75,000,000 per
fiscal year, and (vi) if the fair market value of the Property Disposed of
in any single Disposition (or in any series of related Dispositions) exceeds
$50,000,000, the
Borrower shall have delivered to the Administrative Agent a Pro Forma Compliance
Certificate demonstrating that, upon giving
effect on a Pro Forma Basis to such transaction (including any proposed use of
the proceeds thereof for debt reduction or the making of any Investment), the
Loan Parties would be in compliance with the financial covenants set forth in
Section 8.11(a)-(d),
as of the
most recent fiscal
quarter end with
respect to which the Administrative Agent has received the Required Financial
Information.

8.06 Restricted
Payments.

Make,
directly or indirectly, any Restricted Payment, except that:

(a) each
Consolidated Party may make Restricted Payments (directly or indirectly) to any
other Consolidated Party that is a Loan Party;

(b) each
Subsidiary of the Borrower may declare and make ratable dividend payments or
other distributions to holders of the Capital Stock of such Person.

(c) so long
as no Default
or Event of Default has occurred and is continuing or would arise immediately
after giving effect thereof, the Borrower may:

(i) declare
and pay scheduled dividend payments on the Permitted Preferred Stock and the
Other Permitted Equity;

(ii) (A) make
payments pursuant to stock option plans or other stock related benefit plans
(1) approved by the Board of Directors of the Borrower and (2) in the
ordinary course of business made to directors, officers and employees of the
Borrower to repurchase Capital Stock of the Borrower held by such Persons in
case of resignation, the cessation or employment or retirement of such Person
(by death, disability or otherwise); and (B) purchase or repurchase Capital
Stock of 

92

the
Borrower with the proceeds received by it from the exercise of rights under such
plans by directors, officers and employees; and

(iii) refinance
Permitted Preferred Stock or Other Permitted Equity with the proceeds of Other
Permitted Equity; and

(d) so long
as no Default
or Event of Default has occurred and is continuing or would be directly or
indirectly caused as a result thereof, the Borrower may make other Restricted
Payments, provided that (i) both before and after giving effect to any such
Restricted Payment, the Loan Parties would be in compliance on a Pro Forma Basis
with the financial covenants set forth in Section 8.11 as of
the most recent fiscal quarter end with respect to which the Administrative
Agent has received the Required Financial Information and (ii) at the time
that such Restricted Payment is made, the aggregate amount of all such other
Restricted Payments made after the Closing Date, when taken together with all
prepayments of Indebtedness made by the Consolidated Parties pursuant to
Section 8.12(b)(ii) (other
than Restricted Payments and prepayments of Indebtedness made pursuant to
Section 8.12(b)(ii) made
with (A) amounts not in excess of the
aggregate cumulative proceeds of any
Equity Issuance by the Borrower consummated
subsequent to the Closing Date and
not more
than 365 days prior to the date of such
Restricted Payment, provided that
such amounts have not previously served as the basis for allowing any other
Restricted Payment made pursuant to this subsection (d), an Acquisition
made pursuant to Section 8.02(h)(vi) or a
prepayment of Indebtedness made pursuant to Section 8.12(b)(ii), or
(B) amounts not in excess of the aggregate cumulative proceeds of
any
Disposition, Excluded Disposition or Involuntary Disposition consummated
subsequent to the Closing Date and not more than 365 days prior to the date
of such
Restricted Payment,
provided that
such amounts have not previously served as the basis for allowing a Restricted
Payment made pursuant to this subsection (d), an Acquisition made pursuant
to Section 8.02(h)(vi) or a
prepayment of Indebtedness made pursuant to Section 8.12(b)(ii)) shall
not exceed at any time that the Consolidated Total Leverage Ratio as set
forth in the most recent Compliance Certificate then received by the
Administrative Agent pursuant to Section 7.02(b) for the
four-quarter period ending as of the last day of the fiscal quarter to which
such Compliance Certificate relates is (A) greater than 4.00 to 1.00,
$75,000,000, (B) less than or equal to 4.00 to 1.00 but greater than 3.75
to 1.00, $125,000,000, (C) less than or equal to 3.75 to 1.00 but greater
than 3.50 to 1.00, $150,000,000, (D) less than or equal to 3.50 to 1.00 but
greater than 3.25 to 1.00, $175,000,000, and (E) less than or equal to 3.25
to 1.00, $225,000,000.

8.07 Change
in Nature of Business.

Engage in
any material line of business substantially different from those lines of
business conducted by the Borrower and its Subsidiaries on the Closing Date or
any business substantially related or incidental thereto.

93

8.08 Transactions
with Affiliates and Insiders.

Enter
into or
permit to exist any transaction or series of transactions with any officer,
director or Affiliate of such Person other than (a) transactions among Loan
Parties, (b) intercompany transactions expressly permitted by Section 8.02,
Section 8.03,
Section 8.04,
Section 8.05 or
Section 8.06,
(c) normal compensation and reimbursement of expenses of officers and
directors, indemnification of officers and directors in respect of their
services as such which indemnification is either required or permitted under the
applicable corporate law of the applicable Consolidated Party's jurisdiction of
incorporation or organization, and Investments permitted under Section 8.02(c),
(d) in connection with Permitted Receivables Financings, (e) to the
extent not permitted by clause (b) of this Section 8.08, other
Restricted Payments permitted under Section 8.06 and
(f) except as otherwise specifically limited in this Agreement, other
transactions which are entered into in the ordinary course of such Person's
business consistent with past practices or on terms and conditions substantially
as favorable to such Person as would be obtainable by it in a comparable
arms-length transaction with a Person is not an officer, director or
Affiliate.

8.09 Burdensome
Agreements.

(a) Enter
into any Contractual Obligation that encumbers or restricts the ability of any
such Person to (i) pay dividends or make any other distributions to any
Loan
Party on
its Capital Stock or with respect to any other interest or participation in, or
measured by, its profits, (ii) pay any Indebtedness or other obligation
owed to any Loan
Party,
(iii) make loans or advances to any Loan
Party,
(iv) sell, lease or transfer any of its Property to any Loan
Party or
(v) except in respect of any Subsidiary which is not a Guarantor,
(A) pledge
its Property
pursuant
to the Loan Documents
or any renewals, refinancings, exchanges, refundings or extension thereof or
(B) act as a
Loan Party pursuant to the Loan Documents
or any renewals, refinancings, exchanges, refundings or extension thereof,
except (in respect of any of the matters referred to in clauses (i)-(v)(A)
above) for (1) this Agreement and the other Loan
Documents,
(2) the Senior Note Documents, (3) the Junior Note Documents,
(4) any
document or instrument governing Indebtedness incurred pursuant to Section 8.03(e) or
(n), provided that any
such restriction contained therein relates only to the asset or assets
constructed or acquired in connection therewith, (5) any
document or instrument governing Indebtedness incurred pursuant to
subsection (g), (h), (k), (l), (m) or (o) of Section
8.03,
(6) any document or instrument governing Indebtedness incurred to renew,
refinance, replace or extend any Indebtedness governed by any document or
instrument otherwise permitted to contain any such Contractual Obligation
pursuant to this Section 8.09,
(7) any Permitted Lien or any document or instrument governing any
Permitted Lien, provided that any
such restriction contained therein relates only to the asset or assets subject
to such Permitted Lien; or (8) customary restrictions and conditions
contained in any
agreement relating to the sale of any Property permitted under Section 8.05 pending
the consummation of such sale;

(b) Enter
into any Contractual Obligation (other than the
documents governing or evidencing the Obligations, the 1993 Senior Note
Indenture and the
CBT Indentures) that requires
the grant of a Lien by any Consolidated Party on any Collateral to secure
obligations arising under such
Contractual Obligation.

94

8.10 Use
of Proceeds.

Use the
proceeds of any Credit Extension, whether directly or indirectly, and whether
immediately, incidentally or ultimately, to purchase or carry margin stock
(within the meaning of Regulation U of the FRB) or to extend credit to
others for the purpose of purchasing or carrying margin stock or to refund
indebtedness originally incurred for such purpose.

8.11 Financial
Covenants.

(a) Consolidated
Total Leverage Ratio. Permit
the Consolidated Total Leverage Ratio as of the end of any fiscal quarter of the
Borrower to be greater than the ratio set forth below opposite such fiscal
quarter:

	
      Fiscal
      Quarter Ended
	
      Ratio

	
      March 31,
      2005
	
      5.00:1.00

	
      June 30,
      2005
	
      5.00:1.00

	
      September 30,
      2005
	
      5.00:1.00

	
      December 31,
      2005
	
      5.00:1.00

	
      March 31,
      2006
	
      5.00:1.00

	
      June 30,
      2006
	
      5.00:1.00

	
      September 30,
      2006
	
      5.00:1.00

	
      December 31,
      2006
	
      5.00:1.00

	
      March 31,
      2007
	
      4.75:1.00

	
      June 30,
      2007
	
      4.75:1.00

	
      September
      30, 2007
	
      4.75:1.00

	
      December
      31, 2007
	
      4.75:1.00

	
      March
      31, 2008
	
      4.75:1.00

	
      June 30,
      2008
	
      4.75:1.00

	
      September 30,
      2008
	
      4.75:1.00

	
      December 31,
      2008
	
      4.75:1.00

	
      Each
      fiscal quarter ended thereafter
	
      4.50:1.00

(b) Consolidated
Senior Leverage Ratio. Permit
the Consolidated Senior Leverage Ratio as of the end of any fiscal quarter of
the Borrower to be greater than the ratio set forth below opposite such fiscal
quarter:

	
      Fiscal
      Quarter Ended
	
      Ratio

	
      March 31,
      2005
	
      2.50:1.00

	
      June 30,
      2005
	
      2.50:1.00

	
      September 30,
      2005
	
      2.50:1.00

	
      December 31,
      2005
	
      2.50:1.00

	
      March 31,
      2006
	
      2.25:1.00

	
      June 30,
      2006
	
      2.25:1.00

	
      September 30,
      2006
	
      2.25:1.00

	
      December 31,
      2006
	
      2.25:1.00

	
      Each
      fiscal quarter ended
	
      2.00:1.00

95

	
      Fiscal
      Quarter Ended
	
      Ratio

	
      thereafter
	 

(c) Consolidated
Interest Coverage Ratio. Permit
the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of
the Borrower to be less than the ratio set forth below opposite such fiscal
quarter:

	
      Fiscal
      Quarter Ended
	
      Ratio

	
      March 31,
      2005
	
      2.00:1.00

	
      June 30,
      2005
	
      2.00:1.00

	
      September 30,
      2005
	
      2.00:1.00

	
      December 31,
      2005
	
      2.00:1.00

	
      March 31,
      2006
	
      2.25:1.00

	
      June 30,
      2006
	
      2.25:1.00

	
      September 30,
      2006
	
      2.25:1.00

	
      December 31,
      2006
	
      2.25:1.00

	
      Each
      fiscal quarter ended thereafter
	
       

      2.50:1.00

(d) Consolidated
Fixed Charge Coverage Ratio. Permit
the Consolidated Fixed Charge Coverage Ratio as of the end of any fiscal quarter
of the Borrower to be less than 1.20 to 1.00.

8.12 Prepayment
of Other Indebtedness, Amendment of Documents, Etc.

Permit
any Consolidated Party to:

(a) if any
Default or Event of Default has occurred and is continuing or would arise
immediately after giving effect thereto as a result thereof, amend or
modify any of the terms of any Junior Note Document or Senior Note Document if
such amendment or modification would add or change any terms in a manner adverse
to the Consolidated Parties or the Lenders, or shorten the final maturity or
average life to maturity thereof or require any principal payment to be made
sooner than originally scheduled or increase the interest rate applicable
thereto;

(b) make (or
give any notice with respect thereto) any voluntary, optional or other
non-scheduled payment, prepayment, redemption, acquisition for value (including
without limitation, by way of depositing money or securities with the trustee
with respect thereto before due for the purpose of paying when due), refund,
refinance or exchange of the 2005 Senior Notes, the 2005 Junior Notes or the
2003
83⁄8%
Junior
Notes, except
for (i) a refinancing of any
such Indebtedness
to the extent permitted pursuant to Section 8.03 (in each
case whether or not mandatory), and (ii) other prepayments of such
Indebtedness not otherwise permitted by this subsection (b), provided that, at
the time that such prepayment is made, the aggregate amount of all such other
prepayments under this clause (ii) made after the Closing Date, when taken
together with all Restricted Payments made by the Consolidated Parties pursuant
to Section 8.06(d) (other
than Restricted Payments made pursuant to Section 8.06(d) or
prepayments of Indebtedness made pursuant to this Section 8.12(b)(ii) made
with (A) amounts not in excess of the
aggregate cumulative proceeds of any
Equity Issuance by the Borrower consummated
subsequent to the 

 

 

 

96

 

Closing
Date and
not more
than 365 days prior to the date of such
prepayment, provided that
such amounts have not previously served as the basis for allowing any Restricted
Payment made pursuant to Section 8.06(d), an
Acquisition made pursuant to Section 8.02(h)(vi) or a
prepayment made pursuant to this Section 8.12(b)(ii), or
(B) amounts not in excess of the aggregate cumulative proceeds of
any
Disposition, Excluded Disposition or Involuntary Disposition consummated
subsequent to the Closing Date and not more than 365 days prior to the date
of such
prepayment,
provided that
such amounts have not previously served as the basis for allowing a Restricted
Payment made pursuant to Section 8.06(b), an
Acquisition made pursuant to Section 8.02(h)(vi) or a
prepayment made pursuant to this Section 8.12(b)(ii)), shall
not exceed at any time that the Consolidated Total Leverage Ratio as set
forth in the most recent Compliance Certificate then received by the
Administrative Agent pursuant to Section 7.02(b) for the
four-quarter period ending as of the last day of the fiscal quarter to which
such Compliance Certificate relates is (A) greater than 4.00 to 1.00,
$75,000,000, (B) less than or equal to 4.00 to 1.00 but greater than 3.75
to 1.00, $125,000,000, (C) less than or equal to 3.75 to 1.00 but greater
than 3.50 to 1.00, $150,000,000, (D) less than or equal to 3.50 to 1.00 but
greater than 3.25 to 1.00, $175,000,000, and (E) less than or equal to 3.25
to 1.00, $225,000,000;

(c) except as
otherwise provided in subsection (b) above, make any payments in respect of
Subordinated Indebtedness in violation of the relevant subordination provisions;
or

(d) enter to
any Contractual Obligation or amend or modify any of the terms of either CBT
Indenture if the effect of such Contractual Obligation, amendment or
modification would (i) encumber
or restrict the ability of CBT to (i) pay dividends or make any other
distributions to the any Loan
Party on
its Capital Stock or with respect to any other interest or participation in, or
measured by, its profits, (ii) pay any Indebtedness or other obligation
owed to any Loan
Party,
(iii) make loans or advances to any Loan
Party, or
(iv) sell, lease or transfer any of its Property to any Loan
Party.

8.13 Organization
Documents; Fiscal Year.

Permit
any Consolidated Party (other than a Joint Venture) to (a) amend, modify or
change its Organization Documents in a manner materially adverse to the Lenders
or (b) change its fiscal year.

8.14 Ownership
of Subsidiaries.

Notwithstanding
any other provisions of this Agreement to the contrary, permit any Consolidated
Party to (a) permit
any Person (other than the Borrower or any Wholly Owned Subsidiary
of the Borrower) to own any Capital Stock of any Loan
Party, CBT, any CBT Subsidiary, except
(i) to qualify directors where required by applicable law or to
satisfy other requirements of applicable law with respect to the ownership of
Capital Stock of Foreign Subsidiaries, and (ii) as a
result of or in connection with an Investment not prohibited under Section 8.02 or a
dissolution, merger, consolidation or Disposition of all or any portion of the
Property or Capital Stock of a Subsidiary not
prohibited by
Section 8.02,
Section 8.04 or
Section 8.05,
(b) permit
any Subsidiary (other than any Joint Venture or any Wholly Owned Subsidiary) to
issue or have outstanding any shares of preferred Capital Stock (other than

97

preferred
Capital Stock held by any Loan Party, CBT or any CBT Subsidiary or
(c) permit, create, incur, assume or suffer to exist any Lien on any
Capital Stock of any Subsidiary of the Borrower, except for Permitted
Liens.

8.15 Negative
Covenants Applicable to Wireless Holdco.

Notwithstanding
any other provision of this Article VIII, until
such time as Wireless LLC shall have become a Guarantor, permit Wireless
Holdco to enter into or conduct any business, or engage in any activity
(including, without limitation, any action or transaction that is restricted
under Article VIII without
regard to any of the enumerated exceptions to such covenants) other than
providing general management services to Wireless LLC, holding the Capital
Stock of Wireless LLC, exercising the voting rights and obligations as a
member of Wireless LLC, holding and operating the Spectrum Assets,
performing any obligations under the Loan Documents and engaging in other
activities incidental and directly related to its existence and the
foregoing.

8.16 Designated
Senior Indebtedness.

The
Borrower hereby agrees and acknowledges that all Obligations shall be
"Designated Senior Indebtedness" (or any comparable term) for purposes of and as
defined in each Junior Note Indenture and any documents governing any other
Subordinated Indebtedness of the Borrower or any of its Subsidiaries in respect
of which such term (or comparable term) has relevance.

ARTICLE
IX

EVENTS
OF DEFAULT AND REMEDIES

9.01 Events
of Default.

Any of
the following shall constitute an Event of Default:

(a) Non-Payment. The
Borrower or any other Loan Party fails to pay (i) when and
as required to be paid herein, any amount of principal of any Loan or any L/C
Obligation, or (ii) within
three days after the same becomes due, any interest on any Loan or on any L/C
Obligation, any fee due hereunder or any other amount payable hereunder or under
any other Loan Document; or

(b) Specific
Covenants. Any
Loan Party fails to perform or observe any term, covenant or agreement contained
in Section 7.03(a) or
Article VIII;
or

(c) Certain
Reporting Covenants. Any
Loan Party fails to perform or observe any term, covenant or agreement contained
in any of Section 7.01,
7.02(a) or
7.02(b) and any
such failure continues for 15 days after (i) a Responsible Officer of the
Borrower has knowledge of such failure or (ii) notice thereof from the
Administrative Agent to the Borrower (which notice will be given at the request
of any Lender); or

98

(d) Other
Defaults. Any
Loan Party fails to perform or observe any other covenant or agreement (not
specified in subsection (a), (b) or (c) above) contained in any Loan
Document on its part to be performed or observed and such failure continues for
30 days after (i) a Responsible Officer of the Borrower has knowledge of
such failure or (ii) notice thereof from the Administrative Agent to the
Borrower (which notice will be given at the request of any Lender);
or

(e) Representations
and Warranties. Any
representation, warranty, certification or statement of fact made or deemed made
by or on behalf of the Borrower or any other Loan Party herein, in any other
Loan Document, or in any document delivered in connection herewith or therewith
shall be incorrect or misleading in any material respect when made or deemed
made; or

(f) Cross-Default.
(i) Any
Loan Party
(A) fails to
make any payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee
(other than Indebtedness hereunder and Indebtedness under Swap Contracts) having
an aggregate principal amount (including amounts owing to all creditors under
any combined or syndicated credit arrangement) of more than the Threshold
Amount, or (B) fails to
observe or perform any other agreement or condition relating to any such
Indebtedness or contained in any instrument or agreement evidencing, securing or
relating thereto, or any other event occurs, the effect of which default or
other event is to cause, or to permit the holder or holders of such Indebtedness
or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on
behalf of such holder or holders or beneficiary or beneficiaries) to cause, with
the giving of notice if required, such Indebtedness to become due (automatically
or otherwise), prior to its stated maturity; provided that
this clause (i) shall not apply to secured Indebtedness that becomes due as
a result of the voluntary sale or transfer of the Property or assets securing
such Indebtedness or (ii) there
occurs (other than on a voluntary basis) under any Swap Contract an Early
Termination Date (as defined in such Swap Contract) resulting from
(A) any event
of default under such Swap Contract as to which the Borrower or any Subsidiary
is the Defaulting Party (as defined in such Swap Contract) or (B) any
Termination Event (as so defined) under such Swap Contract as to which the
Borrower or any Subsidiary is an Affected Party (as so defined) and, in either
event, the Swap Termination Value owed by the Borrower or such Subsidiary as a
result thereof is greater than the Threshold Amount; or

(g) Insolvency
Proceedings, Etc. The
Borrower or any Subsidiary (other than an Immaterial Subsidiary) institutes or
consents to the institution of any proceeding under any Debtor Relief Law, or
makes an assignment for the benefit of creditors; or applies for or consents to
the appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer for it or for all or any material part of its
Property; or any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer is appointed without the application or consent
of such Person and the appointment continues undischarged or unstayed for 60
calendar days; or any proceeding under any Debtor Relief Law relating to any
such Person or to all or any material part of its 

99

Property
is instituted without the consent of such Person and continues undismissed or
unstayed for 60 calendar days, or an order for relief is entered in any such
proceeding; or

(h) Inability
to Pay Debts; Attachment.
(i) The
Borrower or any Subsidiary (other than an Immaterial Subsidiary) becomes unable
or admits in writing its inability or fails generally to pay its debts as they
become due, or (ii) any writ
or warrant of attachment or execution or similar process is issued or levied
against all or any material part of the property of any such Person and is not
released, vacated or fully bonded within 30 days after its issue or levy;
or

(i) Judgments. There
is entered against the Borrower or any Subsidiary (other than an Immaterial
Subsidiary) any one or more final judgments or orders for the payment of money
in an aggregate amount exceeding the Threshold Amount (to the extent not covered
by independent third-party insurance), and (i) enforcement
proceedings are lawfully commenced by any creditor upon such judgment or order,
or (ii) there is
a period of 60 consecutive days during which such judgment is unpaid and a stay
of enforcement of such judgment, by reason of a pending appeal or otherwise, is
not in effect; or

(j) ERISA. An
ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which
has resulted or could reasonably be expected to result in a Material Adverse
Effect; or

(k) Invalidity
of Loan Documents; Guarantees.
(i) Any
material Loan Document, at any time after its execution and delivery and for any
reason other than as expressly permitted hereunder or satisfaction in full of
all the Obligations, ceases to be in full force and effect; or any Loan Party
contests in any manner the validity or enforceability of any Loan Document
(other than any Issuer Document); or any Loan Party denies that it has any or
further liability or obligation under any Loan Document (other than any Issuer
Document), or purports to revoke, terminate or rescind any Loan Document (other
than any Issuer Document); or (ii) except
as the result of or in connection with a dissolution, merger or disposition of
all or part of the assets or Capital Stock of a Subsidiary not
prohibited by
Section 8.04 or
Section 8.05, the
Guaranty given by any Subsidiary
(other than an Immaterial Subsidiary) hereunder
or any provision thereof shall cease to be in full force and effect, or any
Guarantor hereunder or any Person acting by or on behalf of such Guarantor shall
deny or disaffirm such Guarantor's obligations under its Guaranty,
or any Subsidiary
(other than an Immaterial Subsidiary) shall
default in the due performance or observance of any term, covenant or agreement
on its part to be performed or observed pursuant to its Guaranty;
or

(l) Change
of Control. There
occurs any Change of Control.

100

9.02 Remedies
Upon Event of Default.

If any
Event of Default occurs and is continuing, the Administrative Agent shall, at
the request of, or may, with the consent of, the Required Lenders, take any or
all of the following actions:

(a) declare
the commitment of each Lender to make Loans and any obligation of all L/C
Issuers to make L/C Credit Extensions to be terminated, whereupon such
commitments and obligation shall be terminated;

(b) declare
the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any
other Loan Document to be immediately due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly
waived by the Borrower;

(c) require
that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to
the then Outstanding Amount thereof); and

(d) exercise
on behalf of itself and the Lenders all rights and remedies available to it and
the Lenders under the Loan Documents;

provided,
however, that
upon the occurrence of an Event
of Default specified in Section 9.01(g) with
respect to the Borrower, the
obligation of each Lender to make Loans and any obligation of all L/C Issuers to
make L/C Credit Extensions shall automatically terminate, the unpaid principal
amount of all outstanding Loans and all interest and other amounts as aforesaid
shall automatically become due and payable, and the obligation of the Borrower
to Cash Collateralize the L/C Obligations as aforesaid shall automatically
become effective, in each case without further act of the Administrative Agent
or any Lender.

9.03 Application
of Funds.

After the
acceleration of the Obligations as provided for in Section 9.02(b) (or
after the Loans have automatically become immediately due and payable and the
L/C Obligations have automatically been required to be Cash Collateralized as
set forth in the proviso to Section 9.02), any
amounts received on account of the Obligations shall be applied by the
Administrative Agent in the following order:

First, to
payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including fees, charges and disbursements of counsel
to the Administrative
Agent and amounts payable under Article III) payable
to the Administrative Agent and the Collateral Agent, each in its capacity as
such, ratably among them in proportion to the amounts described in this clause
First payable
to them;

Second, to
payment of that portion of the Obligations constituting fees, indemnities and
other amounts (other than principal, interest and Letter of Credit Fees) payable
to the Lenders 

101

(including
fees, charges and disbursements of counsel to the respective Lenders and the
respective L/C Issuers and amounts payable under Article III),
ratably among them in proportion to the respective amounts described in this
clause Second payable
to them;

Third, to
payment of that portion of the Obligations constituting accrued and unpaid
Letter of Credit Fees and interest on the Loans, L/C Borrowings and other
Obligations, ratably among the Lenders and the L/C Issuers in proportion to the
respective amounts described in this clause Third payable
to them;

Fourth, to
payment of that portion of the Obligations constituting unpaid principal of the
Loans, L/C Borrowings, obligations under Swap Contracts between any Loan Party
and any Lender of Affiliate of any Lender, obligations under an Treasury
Management Agreement between any Loan Party and any Lender of Affiliate of any
Lender and to Cash Collateralize the undrawn amounts of Letters of Credit,
ratably among such parties in proportion to the respective amounts described in
this clause Fourth held by
them;

Last, the
balance, if any, after all of the Obligations have been indefeasibly paid in
full, to the Borrower or as otherwise required by Law.

Subject
to Section 2.03(c), amounts
used to Cash Collateralize the aggregate undrawn amount of Letters of Credit
pursuant to clause Fourth above
shall be applied to satisfy drawings under such Letters of Credit as they occur.
If any amount remains on deposit as Cash Collateral after all Letters of Credit
have either been fully drawn or expired, such remaining amount shall be applied
to the other Obligations, if any, in the order set forth above. If at any time
after any Obligation shall have been Cash Collateralized no Event of Default
shall be continuing, the Administrative Agent shall promptly return to the
Borrower all the Cash Collateral.

ARTICLE
X

ADMINISTRATIVE
AGENT

10.01 Appointment
and Authority.

(a) Each of
the Lenders and each L/C Issuer hereby irrevocably appoints Bank of America to
act on its behalf as the Administrative Agent hereunder and under the other Loan
Documents and authorizes the Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to the Administrative Agent
by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. Each of the Lenders hereby irrevocably appoints
Bank of America to act on its behalf as the Collateral Agent hereunder and under
the other Loan Documents and authorizes the Collateral Agent to take such
actions
on its behalf and to exercise such powers as are delegated to the Collateral
Agent by the terms hereof or thereof, together with such actions and powers as
are reasonably incidental thereto. The Lenders and the Agents agree that the
Collateral Agent shall be entitled to all of the benefits and privileges of this
Article
X to the
same extent as the Administrative Agent. The provisions of this Article are
solely for the benefit of the Administrative Agent, the Collateral

102

Agent,
the Lenders and the L/C Issuers, and neither
the Borrower nor any other Loan Party shall have
rights as a third party beneficiary of any of such provisions.

10.02 Rights
as a Lender.

The
Person serving as the Administrative Agent hereunder shall have the same rights
and powers in its capacity as a Lender as any other Lender and may exercise the
same as though it were not the Administrative Agent and the term "Lender" or
"Lenders" shall, unless otherwise expressly indicated or unless the context
otherwise requires, include the Person serving as the Administrative Agent
hereunder in its individual capacity. Such Person and its Affiliates may accept
deposits from, lend money to, act as the financial advisor or in any other
advisory capacity for and generally engage in any kind of business with the
Borrower or any Subsidiary or other Affiliate thereof as if such Person were not
the Administrative Agent hereunder and without any duty to account therefor to
the Lenders.

10.03 Exculpatory
Provisions.

The
Administrative Agent shall not have any duties or obligations except those
expressly set forth herein and in the other Loan Documents. Without limiting the
generality of the foregoing, the Administrative Agent:

(a) shall not
be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing;

(b) shall not
have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or
by the other Loan Documents that the Administrative Agent is required to
exercise as directed in writing by the Required Lenders (or such other number or
percentage of the Lenders as shall be expressly provided for herein or in the
other Loan Documents), provided that the
Administrative Agent shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable law;
and

(c) shall
not, except as expressly set forth herein and in the other Loan Documents, have
any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to the Borrower or any of its Affiliates that is
communicated to or obtained by the Person serving as the Administrative Agent or
any of its Affiliates in any capacity.

The
Administrative Agent shall not be liable for any action taken or not taken by it
(i) with the consent or at the request of the Required Lenders (or such
other number or percentage
of the Lenders as shall be necessary, or as the Administrative Agent shall
believe in good faith shall be necessary, under the circumstances as provided in
Sections 11.01 and
9.02) or
(ii) in the absence of its own gross negligence or willful misconduct. The
Administrative Agent shall be deemed not to have knowledge of any

103

Default
unless and until notice describing such Default is given to the Administrative
Agent by the Borrower, a Lender or an L/C Issuer.

The
Administrative Agent shall not be responsible for or have any duty to ascertain
or inquire into (i) any statement, warranty or representation made in or in
connection with this Agreement or any other Loan Document, (ii) the
contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set
forth herein or therein or the occurrence of any Default, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any
other Loan Document or any other agreement, instrument or document or
(v) the satisfaction of any condition set forth in Article V or
elsewhere herein, other than to confirm receipt of items expressly required to
be delivered to the Administrative Agent.

10.04 Reliance
by Administrative Agent.

The
Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) believed by
it to be genuine and to have been signed, sent or otherwise authenticated by the
proper Person. The Administrative Agent also may rely upon any statement made to
it orally or by telephone and believed by it to have been made by the proper
Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, or the issuance
of a Letter of Credit, that by its terms must be fulfilled to the satisfaction
of a Lender or the applicable L/C Issuer, the Administrative Agent may presume
that such condition is satisfactory to such Lender or the applicable L/C Issuer
unless the Administrative Agent shall have received notice to the contrary from
such Lender or the applicable L/C Issuer prior to the making of such Loan or the
issuance of such Letter of Credit. The Administrative Agent may consult with
legal counsel (who may be counsel for the Borrower), independent accountants and
other experts selected by it, and shall not be liable for any action taken or
not taken by it in accordance with the advice of any such counsel, accountants
or experts.

10.05 Delegation
of Duties.

The
Administrative Agent may perform any and all of its duties and exercise its
rights and powers hereunder or under any other Loan Document by or through any
one or more sub-agents appointed by the Administrative Agent. The Administrative
Agent and any such sub-agent may perform any and all of its duties and exercise
its rights and powers by or through their respective Related Parties. The
exculpatory provisions of this Article shall apply to any such sub-agent and to
the Related Parties of the Administrative Agent and any such sub-agent,
and shall
apply to their respective activities in connection with the syndication of the
credit facilities provided for herein as well as activities as Administrative
Agent.

104

10.06 Resignation
of Administrative Agent.

The
Administrative Agent may at any time give notice of its resignation to the
Lenders, the L/C Issuers and the Borrower. Upon receipt of any such notice of
resignation, the Required Lenders shall have the right, in consultation with the
Borrower, to appoint a successor, which shall be a bank with an office in the
United States, or an Affiliate of any such bank with an office in the United
States. If no such successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the
retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may on behalf of the Lenders and the L/C Issuers, appoint a
successor Administrative Agent meeting the qualifications set forth above;
provided that if
the Administrative Agent shall notify the Borrower and the Lenders that no
qualifying Person has accepted such appointment, then such resignation shall
nonetheless become effective in accordance with such notice and (1) the
retiring Administrative Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents (except
that in the case of any collateral security held by the Administrative Agent on
behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the
retiring Administrative Agent shall continue to hold such collateral security
until such time as a successor Administrative Agent is appointed)
and
(2) all payments, communications and determinations provided to be made by,
to or through the Administrative Agent shall instead be made by or to each
Lender and each L/C Issuer directly, until such time as the Required Lenders
appoint a successor Administrative Agent as provided for above in this Section.
Upon the acceptance of a successor's appointment as Administrative Agent
hereunder, such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring (or retired)
Administrative Agent, and the retiring Administrative Agent shall be discharged
from all of its duties and obligations hereunder or under the other Loan
Documents (if not already discharged therefrom as provided above in this
Section). The fees payable by the Borrower to a successor Administrative Agent
shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrower and such successor. After the retiring Administrative
Agent's resignation hereunder and under the other Loan Documents, the provisions
of this Article and Section 10.04 shall
continue in effect for the benefit of such retiring Administrative Agent, its
sub-agents and their respective Related Parties in respect of any actions taken
or omitted to be taken by any of them while the retiring Administrative Agent
was acting as Administrative Agent.

Any
resignation by Bank of America as Administrative Agent pursuant to this Section
shall also constitute its resignation as an L/C Issuer. Upon the acceptance of a
successor's appointment as Administrative Agent hereunder, (a) such
successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring L/C Issuer, (b) the retiring L/C
Issuer shall be discharged from all of their respective duties and obligations
hereunder or under the other Loan Documents, and (c) the successor L/C
Issuer shall issue letters of credit in substitution for the Letters of Credit,
if any, outstanding at the time of such succession or make other arrangements
satisfactory to the retiring L/C Issuer to effectively assume the obligations of
the retiring L/C Issuer with respect to such Letters of Credit.

105

10.07 Non-Reliance
on Administrative Agent and Other Lenders.

Each
Lender and each L/C Issuer acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender or any of their
Related Parties and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this
Agreement. Each Lender and each L/C Issuer also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other
Lender or any of their Related Parties and based on such documents and
information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or based upon this Agreement,
any other Loan Document or any related agreement or any document furnished
hereunder or thereunder.

10.08 No
Other Duties, Etc..

Anything
herein to the contrary notwithstanding, none of the Book Managers, Arrangers or
agents listed on the cover page hereof shall have any powers, duties or
responsibilities under this Agreement or any of the other Loan Documents, except
in its capacity, as applicable, as the Administrative Agent, a Lender or an L/C
Issuer hereunder.

10.09 Administrative
Agent May File Proofs of Claim.

In case
of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to any Loan Party, the Administrative Agent (irrespective of
whether the principal of any Loan or L/C Obligation shall then be due and
payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on the Borrower)
shall be entitled and empowered, by intervention in such proceeding or
otherwise

(a) to file
and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, L/C Obligations and all other Obligations that
are owing and unpaid and to file such other documents as may be necessary or
advisable in order to have the claims of the Lenders, the L/C Issuers and the
Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the L/C Issuers and the
Administrative Agent and their respective agents and counsel and all other
amounts due the Lenders, the L/C Issuers and the Administrative Agent under
Section 2.03(i) and
(j),
Section 2.08 and
Section 11.04) allowed
in such judicial proceeding; and

(b) to
collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same;

and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Lender and each L/C Issuer to make such payments to the Administrative Agent
and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders and the L/C Issuer(s), to pay to

the
Administrative Agent any amount due for the reasonable compensation, expenses,

106

disbursements
and advances of the Administrative Agent and its agents and counsel, and any
other amounts due the Administrative Agent under Sections 2.08 and
11.04.

Nothing
contained herein shall be deemed to authorize the Administrative Agent to
authorize or consent to or accept or adopt on behalf of any Lender or any L/C
Issuer any plan of reorganization, arrangement, adjustment or composition
affecting the Obligations or the rights of any Lender or to authorize the
Administrative Agent to vote in respect of the claim of any Lender in any such
proceeding.

10.10 Collateral
and Guaranty Matters.

The
Lenders and the L/C Issuers irrevocably authorize and direct each of the
Administrative Agent and/or Collateral Agent, as applicable:

(a) to
release (i) any Lien on any Property granted to or held by the Collateral
Agent under any Loan Document (A) upon
termination of the Aggregate Revolving Commitments and payment in full of all
Obligations outstanding under the Loan Documents (other than contingent
indemnification obligations) and the expiration, termination or Cash
Collateralization of all Letters of Credit, (B) that is
transferred or to be transferred as part of or in connection with any
Disposition permitted hereunder or under any other Loan Document or
(C) subject
to Section 11.01, if
approved, authorized or ratified in writing by the Required Lenders,
(ii) any Lien on the Capital Stock of any Subsidiary that becomes a
Non-Pledged Subsidiary at any time after the Closing Date as a result of a
transaction permitted hereunder and (iii) any Lien on the Property or
Capital Stock of Wireless LLC contemplated by Section 7.12(c), upon
the consummation of a Wireless Disposition;

(b) to
subordinate any Lien on any Property granted to or held by the Collateral Agent
under any Loan Document to the holder of any Lien on such Property that is
permitted by Section 8.01(i);
and

(c) to
release any Guarantor from its obligations under the Guaranty (i) if such
Person ceases to be a Subsidiary as a result of a transaction permitted
hereunder or (ii) if such Person (including, without limitation,
Wireless LLC, as contemplated by Section 7.12(c)) becomes
an Excluded Subsidiary at any time after the Closing Date as a result of a
transaction permitted hereunder.

In
connection with any termination or release pursuant to this Section 10.10, the
Administrative Agent and/or the Collateral Agent shall promptly execute and
deliver to the Borrower or any Subsidiary, at the Borrower's or such
Subsidiary's expense, all documents that the Borrower or such Subsidiary shall
reasonably request to evidence such termination or release. Effective
immediately upon any Loan Party ceasing to be a Subsidiary or ceasing to be a
Guarantor, such Loan Party shall cease to be a party to this Agreement. Upon
request by the Administrative Agent at any time, the Required Lenders will
confirm in writing the Administrative Agent's and/or Collateral Agent's, as
applicable, authority to release or subordinate its interest in particular types
or items of Property, or to release any Guarantor from its obligations under the

107

Guaranty
pursuant to this Section 10.10; provided that the
failure to obtain such confirmation shall not derogate from the rights of the
Borrower and the Subsidiaries under this Section 10.10.

ARTICLE
XI

MISCELLANEOUS

11.01 Amendments,
Etc.

(a) General. No
amendment or waiver of any provision of this Agreement or any other Loan
Document, and no consent to any departure by the Borrower or any other Loan
Party therefrom, shall be effective, except, in the case of this Agreement,
pursuant to an agreement or agreements in writing entered into by the Borrower,
each Loan Party upon which such agreement will place additional obligation or
from the rights of which such agreement will derogate and the and the Required
Lenders or, in the case of any other Loan Document, pursuant to an agreement or
agreements in writing entered into by the Administrative Agent and the Loan
Parties or other Subsidiaries that are parties thereto, in each case with the
consent of the Required Lenders, and each such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given; provided,
however,
that:

(i) no such
amendment, waiver or consent shall, without the written consent of each Lender
affected thereby:

(A) extend or
increase the Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 9.02)
(it being
understood and agreed that a waiver of any condition precedent set forth in
Section 5.02 or of
any Default or Event of Default or mandatory reduction in the Commitments shall
not constitute a change in the terms of any Commitment of any
Lender);

(B) postpone
any date fixed by this Agreement or any other Loan Document for any payment
(excluding mandatory prepayments) of principal, interest, fees or other amounts
due to the Lenders (or any of them) hereunder or under any other Loan
Document;

(C) reduce or
forgive the principal of, or the rate of interest specified herein on, any Loan
or L/C Borrowing, or any fees or other amounts payable hereunder or under any
other Loan Document; provided,
however, that
only the consent of the Required Lenders shall be necessary to amend the
definition of "Default Rate" or to waive any obligation of the Borrower to pay
interest or Letter of Credit Fees at the Default Rate;

(D) change
Section 2.13 or
Section 9.03 in a
manner that would alter the pro rata sharing of payments required
thereby;

(E) except as
contemplated by paragraph (b) below, change the definition of "Required
Lenders," any provision of this Section 11.01(a)(i) or any

108

other
provision hereof specifying the number or percentage of Lenders required to
amend, waive or otherwise modify any rights hereunder or make any determination
or grant any consent hereunder;

(F) (i) except
as the result of or in connection with a Disposition not prohibited by
Section 8.05, release
all or substantially all of the Collateral and (ii) except as otherwise
provided in Section 10.10, release
all or substantially all of the Guarantors;

(G) release
the Borrower from its obligations under the Loan Documents;

(ii) (A) no
Default or Event of Default existing at the time of any proposed Credit
Extension under the Revolving Commitments may be waived for the purposes of
satisfying the condition precedent set forth in Section 5.02(b) in
respect of such proposed Credit Extension without the consent at such time of
Lenders holding in the aggregate at least a majority of the Revolving
Commitments; provided,
however, this
Section 11.01(a)(ii)(A) shall
not be applicable until such time as the aggregate principal amount of all
Incremental Facilities consisting of one or more term loan tranches, if any,
exceeds the Aggregate Revolving Commitments then in effect; and (B) without
the consent of each Lender holding a Revolving Commitment or any outstanding
Revolving Loans or participations (whether funded or not) in L/C Obligations
(and/or participations therein), no
amendment, waiver or consent relating to this Section 11.01(a)(ii) shall be
effective;

(iii) (A) no
amendment, waiver or consent shall, unless in writing and signed by each
affected L/C Issuer in addition to the Lenders required above, affect the rights
or duties of an L/C Issuer under this Agreement or any Issuer Document relating
to any Letter of Credit issued or to be issued by it; and (B) no amendment,
waiver or consent shall, unless in writing and signed by the Swingline Lender in
addition to the Lenders required above, affect the rights or duties of the
Swingline Lender under this Agreement

(iv) no
amendment, waiver or consent shall, unless in writing and signed by the
Administrative Agent in addition to the Lenders required above, affect the
rights or duties of the Administrative Agent under this Agreement or any other
Loan Document;

(v) no
amendment, waiver or consent shall, unless in writing and signed by the
Collateral Agent in addition to the Lenders required above, affect the rights or
duties of the Collateral Agent under this Agreement or any other Loan Document;
and

(vi) the Fee
Letters may be amended, or rights or privileges thereunder waived, in each case
in a writing executed only by the parties thereto.

Notwithstanding
the foregoing, (A) any provision of this Agreement may be amended by an
agreement in writing entered into by the Borrower, the Required Lenders and the
Administrative Agent
(and, if their rights or obligations are affected thereby, the L/C Issuers and
the Swingline Lender) if (i) by the terms of such agreement the Commitment of
each Lender not consenting to the amendment provided for therein shall terminate
upon the effectiveness of such amendment 

109

and (ii)
at the time such amendment becomes effective, each Lender not consenting thereto
receives payment in full of the principal of and interest accrued on each Loan
made by it and all other amounts owing to it or accrued for its account under
this Agreement, and (B) any waiver, amendment or modification of this Agreement
that by its terms affects the rights or duties under this Agreement of the
Lenders under one or more tranches but not under any other tranche may be
effected by an agreement or agreements in writing entered into by the Borrower
and the requisite percentage in interest of the affected tranche or tranches of
Lenders that would be required to consent thereto under this Section
11.01 if such
tranche or tranches of Lenders were the only tranche or tranches of Lenders
hereunder at the time.

(b) Incremental
Facilities.

(i)  For the
avoidance of doubt and notwithstanding any
provision to the contrary set forth in this Agreement or any other Loan
Document, this
Agreement may be amended (or amended and restated) at any time and from time to
time to increase the Aggregate Revolving Commitments or to establish one or more
separate tranches of term loans (each such increase to the Revolving Commitments
and/or establishment of a new tranche term loans being referred to herein as an
"Incremental
Facility," and
all of such increases and establishments being referred to collectively as the
"Incremental
Facilities") to be
made to the Borrower by an agreement in writing entered into by the Borrower,
the Administrative Agent and each Person (including any Lender) that shall agree
to provide any such increase to the Revolving Commitments or such separate
tranches of term loans (but without the consent of any other Lender), and each
such Person that shall not already be a Lender shall, at the time such agreement
becomes effective, become a Lender with the same effect as if it had originally
been a Lender under this Agreement with the Revolving Commitment and/or term
loan set forth in such agreement; provided,
however, that:
(A) without the consent of the Required Lenders, the aggregate principal
amount of increases in the Revolving Commitments and/or separate term loans
effected pursuant to this Section 11.01(b) shall
not exceed $500,000,000; (B) no Default or Event of Default shall exist at
the time of the amendment giving effect to any such increase in the Revolving
Commitments and/or the making of a separate term loan, as applicable, becomes
effective; and (C) no Lender shall be obligated to participate in any such
increase by increasing its own commitment hereunder unless such Lender elects to
do so in its sole discretion at the time of such increase. The terms applicable
to any additional Revolving Commitments or term loans shall be the same as those
applicable to the initial Revolving Commitments (after giving effect to any
amendment in connection with the establishment of such additional Revolving
Commitments or term loans), except in respect of pricing, amortization and
maturity; provided,
however, that
(A) each such Incremental Facility structured as a separate term loan
tranche may be provided the right to ratable (with each other Incremental
Facility structured as a separate term loan tranche) prepayment in connection
with any voluntary or mandatory prepayment, (B) no more than 20% of the
initial principal amount of any Incremental Facility structured as a separate
term loan tranche shall amortize (pursuant to schedule amortization) prior to
the Maturity
Date, and (C) the final maturity date of any Incremental Facility
structured as a separate term loan tranche shall not occur prior to the Maturity
Date or the final maturity 

110

date of
any other then existing Incremental Facility structured as a separate term loan
tranche.

(ii)  Any such
amendment (or amendment and restatement) effected pursuant to Section 11.01(b)(i) shall
amend the provisions of this Agreement and the other Loan Documents to set forth
the terms of each Incremental Facility established thereby (including the amount
and the final maturity thereof, any provisions relating to the amortization or
mandatory prepayment thereof, the interest to accrue and be payable thereon and
any fees to be payable in respect thereof (in each case subject to any
applicable restrictions set forth in subsection (i) of this Section 11.01(b)) and to
effect such other changes (including changes to the provisions of Section 11.01(a),
Section 2.05 and the
definition of "Required Lenders") as the Borrower and the Administrative Agent
shall deem necessary or advisable in connection with the establishment of any
such Incremental Facility; provided,
however, that no
such agreement shall: (A) effect any change described in any of
clauses (A), (B), (C), (F) and (G) of Section 11.01(a) without
the consent of each Person required to consent to such change under such clause
(it being agreed, however, that any increase in the Aggregate Revolving
Commitments or establishment of any Incremental Facility consisting of a
separate tranche of term loans will not, of itself, be deemed to effect any of
the changes described in clauses (A), (B), (C), (F) and (G) of Section 11.01(a)(i), and
that modifications to Section 2.12,
Section
9.03 or the
definition of "Required Lenders" or other provisions relating to voting
provisions to provide the Persons providing the applicable Incremental Facility
with the benefit of such provisions will not, by themselves, be deemed to effect
any of the changes described in clauses (D) and (E) of Section 11.01(a)(i)), or
(B) amend Article VII,
VIII or
IX in any
manner that by its terms benefits one or more tranches, but not all tranches, of
Loans or Commitments without the prior written consent of Lenders holding a
majority in interest of the Revolving Commitments then existing, if the Lenders
holding Revolving Commitments are not so benefited, and of Lenders holding a
majority in interest of each separate tranche of term loans then existing and
not so benefited, (it being agreed that no provision requiring the Borrower to
prepay term loans of one or more Incremental Facilities with the proceeds of
Dispositions, Involuntary Dispositions, Debt Issuances, Equity Issuances or with
the proceeds of excess cash flow will be deemed to violate this clause). The
loans, commitments and borrowings of any Incremental Facility established
pursuant to this Section 11.01(b) shall
constitute Loans, Commitments and Borrowings under, and shall be entitled to all
the benefits afforded by, this Agreement and the other Loan Documents, and
shall, without limiting the foregoing, benefit equally and ratably from the
Guaranty set forth in Article IV
hereunder and the security interests and Liens created by the Collateral
Documents, and the Borrower shall take any actions reasonably required by the
Administrative Agent to ensure and/or demonstrate that the requirements of this
sentence are satisfied after the establishment of any such Incremental
Facility.

(c) Voting
Rights of Defaulting Lenders.
Notwithstanding anything to the contrary herein, no Defaulting Lender shall have
any right to approve or disapprove any amendment, waiver or
consent hereunder, except that the Commitment of such Lender may not be
increased or extended without the consent of such Lender.

111

(d) Voting
Rights of Lenders During Bankruptcy Proceedings.
Notwithstanding the fact that the consent of all the Lenders is required in
certain circumstances as set forth above, (x) each Lender is entitled to vote
as such Lender sees fit on any bankruptcy reorganization plan that affects the
Loans, and each Lender acknowledges that the provisions of Section 1126(c)
of the Bankruptcy Code supersedes the unanimous consent provisions set forth
herein and (y) the Required Lenders shall determine whether or not to allow
a Loan Party to use cash collateral in the context of a bankruptcy or insolvency
proceeding and such
determination shall be binding on all of the Lenders.

11.02 Notices.
Effectiveness of Electronic Communications.

(a) Notices
Generally. Except
in the case of notices and other communications expressly permitted to be given
by telephone (and except as provided in subsection (b) below), all notices
and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by telecopier as follows, and all notices and other
communications expressly permitted hereunder to be given by telephone shall be
made to the applicable telephone number, as follows:

(i) if to the
Borrower, the Administrative Agent, the Collateral Agent or Bank of America, in
its capacity as an L/C Issuer, to the address, telecopier number, electronic
mail address or telephone number specified for such Person on Schedule 11.02;
and

(ii) if to any
other Lender or L/C Issuer, to the address, telecopier number, electronic mail
address or telephone number specified in its Administrative
Questionnaire.

Notices
sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices sent by
telecopier shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have
been given at the opening of business on the next business day for the
recipient). Notices delivered through electronic communications to the extent
provided in subsection (b) below, shall be effective as provided in such
subsection (b).

(b) Electronic
Communications. Notices
and other communications to the Lenders and the L/C Issuers hereunder may be
delivered or furnished by electronic communication (including e-mail and
Internet or intranet websites) pursuant to procedures approved by the
Administrative Agent, provided that the
foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to
Article II if such
Lender or such L/C Issuer, as applicable, has notified the Administrative Agent
that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent or the Borrower may, in its discretion,
agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it, provided that
approval of such procedures may be limited to particular notices or
communications.

112

Unless
the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the
sender's receipt of an acknowledgement from the intended recipient (such as by
the "return receipt requested" function, as available, return e-mail or other
written acknowledgement), provided that if
such notice or other communication is not sent during the normal business hours
of the recipient, such notice or communication shall be deemed to have been sent
at the opening of business on the next business day for the recipient, and
(ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at
its e-mail address as described in the foregoing clause (i) of notification
that such notice or communication is available and identifying the website
address therefor.

(c) Change
of Address, Etc. Each of
the Borrower, the Administrative Agent, the Collateral Agent, the Swingline
Lender and each L/C Issuer may change its address, telecopier or telephone
number for notices and other communications hereunder by notice to the other
parties hereto. Each other Lender may change its address, telecopier or
telephone number for notices and other communications hereunder by notice to the
Borrower, the Administrative Agent, the Collateral Agent, the Swingline Lender
and each L/C Issuer. In addition, each Lender agrees to notify the
Administrative Agent from time to time to ensure that the Administrative Agent
has on record (i) an effective address, contact name, telephone number,
telecopier number and electronic mail address to which notices and other
communications may be sent and (ii) accurate wire instructions for such
Lender.

(d) Reliance
by Administrative Agent, L/C Issuer and Lenders. The
Administrative Agent, the Collateral Agent, each L/C Issuer and the Lenders
shall be entitled to rely and act upon any notices (including telephonic
Committed Loan Notices and Swingline Loan Notices) purportedly given by or on
behalf of the Borrower even if (i) such notices were not made in a manner
specified herein, were incomplete or were not preceded or followed by any other
form of notice specified herein, or (ii) the terms thereof, as understood
by the recipient, varied from any confirmation thereof. The Borrower shall
indemnify the Administrative Agent, each L/C Issuer, each Lender and the Related
Parties of each of them from all losses, costs, expenses and liabilities
resulting from the reliance by such Person on each notice purportedly given by
or on behalf of the Borrower. All telephonic notices to and other telephonic
communications with the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such
recording.

11.03 No
Waiver; Cumulative Remedies.

No
failure by any Lender, any L/C Issuer, the Collateral Agent or the
Administrative Agent to exercise, and no delay by any such Person in exercising,
any right, remedy, power or privilege hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

113

11.04 Expenses;
Indemnity; Damage Waiver.

(a) Costs
and Expenses. The
Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by
the Administrative Agent, the Collateral Agent and their Affiliates (including
the reasonable fees, charges and disbursements of counsel for the Administrative
Agent or Collateral Agent), in connection with the syndication of the credit
facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Loan Documents or
any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be
consummated), (ii) all reasonable out-of-pocket expenses incurred by each
L/C Issuer in connection with the issuance, amendment, renewal or extension of
any Letter of Credit or any demand for payment thereunder and (iii) all
out-of-pocket expenses incurred by the Administrative Agent, the Collateral
Agent, any Lender or any L/C Issuer (including the fees, charges and
disbursements of any counsel for the Administrative Agent, Collateral Agent any
Lender or any L/C Issuer), in
connection with the enforcement or protection of its rights (A) in
connection with this Agreement and the other Loan Documents, including its
rights under this Section, or (B) in connection with the Loans made or
Letters of Credit issued hereunder, including all such out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of such
Loans or Letters of Credit.

(b) Indemnification
by the Borrower. The
Borrower shall indemnify the Administrative Agent (and any sub-agent thereof),
Collateral Agent (and any sub-agent thereof), each Lender and each L/C Issuer,
and each Related Party of any of the foregoing Persons (each such Person being
called an "Indemnitee")
against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities and related expenses (including the fees, charges and
disbursements of any counsel for any Indemnitee),
incurred by any Indemnitee or asserted against any Indemnitee by any third party
or by the Borrower or any other Loan Party arising out of, in connection with,
or as a result of (i) the execution or delivery of this Agreement, any
other Loan Document or any agreement or instrument contemplated hereby or
thereby, the performance by the parties hereto of their respective obligations
hereunder or thereunder or the consummation of the transactions contemplated
hereby or thereby, or, in the case of the Administrative Agent (and any
sub-agent thereof) and its Related Parties only, the administration of this
Agreement and the other Loan Parties, (ii) any Loan or Letter of Credit or
the use or proposed use of the proceeds therefrom (including any refusal by any
L/C Issuer to honor a demand for payment under a Letter of Credit if the
documents presented in connection with such demand do not strictly comply with
the terms of such Letter of Credit), (iii) any actual or alleged presence
or release of Hazardous Materials on or from any property owned or operated by
the Borrower or any of its Subsidiaries, or any Environmental Liability related
in any way to the Borrower or any of its Subsidiaries, or (iv) any actual
or prospective claim, litigation, investigation or proceeding relating to any of
the foregoing, whether based on contract, tort or any other theory, whether
brought by a third party or by the Borrower or any other Loan Party, and
regardless of whether any Indemnitee is a party thereto; provided that
such indemnity shall not, as to any Indemnitee, be available to the extent that
such losses, claims, damages, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of
such
Indemnitee or its Related Parties or (y) result from a claim brought by the
Borrower or any 

 

114

 

other
Loan Party against an Indemnitee for breach of contract, if the Borrower or such
Loan Party has obtained a final and nonappealable judgment in its favor on such
claim as determined by a court of competent jurisdiction.

(c) Reimbursement
by Lenders. To the
extent that the Borrower for any reason fails to indefeasibly pay any amount
required under subsection (a) or (b) of this Section to be paid by it to
the Administrative Agent (or any sub-agent thereof), the Collateral Agent (or
any sub-agent thereof), each L/C Issuer or any Related Party of any of the
foregoing, each Lender severally agrees to pay to the Administrative Agent (or
any such sub-agent), the Collateral Agent (or any such sub-agent), each L/C
Issuer or such Related Party, as the case may be, such Lender's Applicable
Percentage (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought) of such unpaid amount, provided that the
unreimbursed expense or indemnified loss, claim, damage, liability or related
expense, as the case may be, was incurred by or asserted against the
Administrative Agent (or any such sub-agent), the Collateral Agent (or any such
sub-agent) or the applicable L/C Issuer in its capacity as such, or against any
Related Party of any of the foregoing acting for the Administrative Agent (or
any such sub-agent), the Collateral Agent (or any such sub-agent) or the
applicable L/C Issuer in connection with such capacity. The obligations of the
Lenders under this subsection (c) are subject to the provisions of
Section 2.12(d).

(d) Waiver
of Consequential Damages, Etc. To the
fullest extent permitted by applicable law, the Borrower shall not assert, and
hereby waives, any claim against any Indemnitee, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or
actual damages) arising out of, in connection with, or as a result of, this
Agreement, any other Loan Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Loan or Letter of
Credit or the use of the proceeds thereof. No Indemnitee referred to in
subsection (b) above shall be liable for any damages arising from the use
by unintended recipients of any information or other materials distributed by it
through telecommunications, electronic or other information transmission systems
in connection with this Agreement or the other Loan Documents or the
transactions contemplated hereby or thereby.

(e) Payments. All
amounts due under this Section
11.04 shall be
payable not later than ten Business Days after demand therefor.

(f) Survival. The
agreements in this Section shall survive the resignation of the Administrative
Agent, the Collateral Agent and any
L/C Issuer, the
replacement of any Lender, the termination of the Aggregate Revolving
Commitments and the repayment, satisfaction or discharge of all the other
Obligations.

11.05 Payments
Set Aside.

To the
extent that any payment by or on behalf of the Borrower is made to the
Administrative Agent, the Collateral Agent, any L/C Issuer or any Lender, or the
Administrative Agent, the Collateral Agent, any L/C Issuer or any Lender
exercises its right of setoff, and such payment
or the proceeds of such setoff or any part thereof is subsequently invalidated,
declared 

115

to be
fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by the Administrative Agent, the Collateral Agent, such
L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver
or any other party, in connection with any proceeding under any Debtor Relief
Law or otherwise, then (a) to the extent of such recovery, the obligation
or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such
setoff had not occurred, and (b) each Lender and each L/C Issuer severally
agrees to pay to the Administrative Agent upon demand its applicable share
(without duplication) of any amount so recovered from or repaid by the
Administrative Agent, plus interest thereon from the date of such demand to the
date such payment is made at a rate per annum equal to the Federal Funds Rate
from time to time in effect. The obligations of the Lenders and the L/C Issuers
under clause (b) of the preceding sentence shall survive the payment in
full of the Obligations and the termination of this Agreement.

11.06 Successors
and Assigns.

(a) The
provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby,
except that neither the Borrower nor any other Loan Party may assign or
otherwise transfer any of its rights or obligations hereunder without the prior
written consent of the Administrative Agent and each Lender, and no Lender may
assign or otherwise transfer any of its rights or obligations hereunder except
(i) to an
Eligible Assignee in accordance with the provisions of subsection (b) of
this Section, (ii) by way of
participation in accordance with the provisions of subsection (d) of this
Section, or (iii) by way of
pledge or assignment of a security interest subject to the restrictions of
subsection (f) of this Section (and any other attempted assignment or
transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in subsection (d) of this Section and,
to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable
right, remedy or claim under or by reason of this Agreement.

(b) Assignments
by Lenders. Any
Lender may at any time assign to one or more Eligible Assignees all or a portion
of its rights and obligations under this Agreement (including all or a portion
of its Commitment and the Loans (including for purposes of this
subsection (b), participations in L/C Obligations and in Swingline Loans)
at the time owing to it); provided
that

(i) except
in the case of an assignment of the entire remaining amount of the assigning
Lender's Commitment and the Loans at the time owing to it or in the case of an
assignment to a Lender or an Affiliate of a Lender, the aggregate amount of the
Commitment (which for this purpose includes Loans outstanding thereunder) or, if
the Revolving Commitments are not then in effect, the outstanding principal
balance of the Loans of the assigning Lender subject to each such assignment,
determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to the Administrative Agent or, if "Trade Date" is
specified in the Assignment and Assumption, as of the Trade Date, shall not be
less than $5,000,000 unless each of the Administrative Agent
and, so long as no Event of Default has occurred and is continuing, the Borrower

116

otherwise
consents (each such consent not to be unreasonably withheld or delayed);
provided,
however, that
concurrent assignments to members of an Assignee Group and concurrent
assignments from members of an Assignee Group to a single Eligible Assignee (or
to an Eligible Assignee and members of its Assignee Group) will be treated as a
single assignment for purposes of determining whether such minimum amount has
been met;

(ii) each
partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender's rights and obligations under this Agreement with respect
to the Loans or the Commitment assigned, except that this clause (ii) shall
not apply to rights in respect of the Swingline Loans;

(iii) any
assignment of a Revolving Commitment must be approved by the Administrative
Agent, the Swingline Lender and each L/C Issuer unless the Person that is the
proposed assignee is itself a Lender (whether or not the proposed assignee would
otherwise qualify as an Eligible Assignee); and

(iv) the
parties to each assignment shall execute and deliver to the Administrative Agent
an Assignment and Assumption, together with a processing and recordation fee of
in the amount, if any, required as set forth in Schedule 11.06, and the
Eligible Assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire.

Subject
to acceptance and recording thereof by the Administrative Agent pursuant to
subsection (c) of this Section
11.06, from
and after the effective date specified in each Assignment and Assumption, the
Eligible Assignee thereunder shall be a party to this Agreement and, to the
extent of the interest assigned by such Assignment and Assumption, have the
rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning
Lender's rights and obligations under this Agreement, such Lender shall cease to
be a party hereto but shall continue to be entitled to the benefits of
Sections 3.01,
3.04,
3.05, and
11.04 with
respect to facts and circumstances occurring prior to the effective date of such
assignment). Upon request, the Borrower (at its expense) shall execute and
deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this
subsection shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with
subsection (d) of this Section.

(c) Register. The
Administrative Agent, acting solely for this purpose as an agent of the
Borrower, shall maintain at the Administrative Agent's Office a copy of each
Assignment and Assumption delivered to it and a register for the recordation of
the names and addresses of the Lenders, and the Commitments of, and principal
amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the
terms hereof from time to time (the "Register"). The
entries
in the Register shall be conclusive, and the Borrower, the Administrative Agent
and the 

117

Lenders
may treat each Person whose name is recorded in the Register pursuant to the
terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for
inspection by each of the Borrower and the L/C Issuers at any reasonable time
and from time to time upon reasonable prior notice. In addition, at any time
that a request for a consent for a material or other substantive change to the
Loan Documents is pending, any Lender may request and receive from the
Administrative Agent a copy of the Register.

(d) Participations. Any
Lender may at any time, without the consent of, or notice to, the Borrower or
the Administrative Agent, sell participations to any Person (other than a
natural person or the Borrower or any of the Borrower's Affiliates or
Subsidiaries) (each, a "Participant") in all
or a portion of such Lender's rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans (including such
Lender's participations in L/C Obligations and/or Swingline Loans) owing to it);
provided that
(i) such Lender's obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrower, the
Administrative Agent, the Lenders and the L/C Issuers shall continue to deal
solely and directly with such Lender in connection with such Lender's rights and
obligations under this Agreement.

Any
agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision
of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, waiver or other modification
described in the first proviso to Section 11.01 that
affects such Participant. Subject to subsection (e) of this Section, the
Borrower agrees that each Participant shall be entitled to the benefits of
Sections 3.01,
3.04 and
3.05 to the
same extent as if it were a Lender and had acquired its interest by assignment
pursuant to subsection (b) of this Section. To the extent permitted by law,
each Participant also shall be entitled to the benefits of Section 11.08 as though
it were a Lender, provided such
Participant agrees to be subject to Section 2.12 as
though it were a Lender.

(e) Limitation
on Participation Rights. A
Participant shall not be entitled to receive any greater payment under
Section 3.01 or
3.04 than the
applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to
such Participant is made with the Borrower's prior written consent. A
Participant that would be a Foreign Lender or a Lender not otherwise exempt from
backup withholding and information reporting if it were a Lender shall not be
entitled to the benefits of Section 3.01 unless
the Borrower is notified of the participation sold to such Participant and such
Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e)
as though
it were a Lender.

(f) Certain
Pledges. Any
Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement (including under its Note, if any) to
secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank; provided that no
such pledge or assignment shall release such Lender from any of

118

its
obligations hereunder or substitute any such pledgee or assignee for such Lender
as a party hereto.

(g) Electronic
Execution of Assignments. The
words "execution," "signed," "signature," and words of like import in any
Assignment and Assumption shall be deemed to include electronic signatures or
the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature or the
use of a paper-based recordkeeping system, as the case may be, to the extent and
as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.

(h) Resignation
Swingline Lender after Assignment.
Notwithstanding anything to the contrary contained herein, if at any time PNC
assigns all of its Commitment and Loans pursuant to subsection (b) above,
PNC may, upon 30 days' notice to the Borrower and the Lenders, resign as
Swingline Lender. In the event of any such resignation as Swingline Lender, the
Borrower shall be entitled to appoint from among the Lenders a successor
Swingline Lender hereunder; provided,
however, that no
failure by the Borrower to appoint any such successor shall affect the
resignation of PNC as Swingline Lender. If PNC resigns as Swingline Lender, it
shall retain all the rights of the Swingline Lender provided for hereunder with
respect to Swingline Loans made by it and outstanding as of the effective date
of such resignation, including the right to require the Lenders to make Base
Rate Committed Loans or fund risk participations in outstanding Swingline Loans
pursuant to Section 2.04(c)). Upon
the appointment of a successor Swingline Lender, such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the
retiring Swingline Lender.

(i) Resignation
as an L/C Issuer after Assignment.
Notwithstanding anything to the contrary contained herein, if at any time Bank
of America, PNC or any other Lender that is also acting as an L/C Issuer
hereunder assigns all of its Commitment and Loans pursuant to
subsection (b) above, Bank of America, PNC or such Lender may, upon 30
days' notice to the Borrower and the Lenders, resign as an L/C Issuer. In the
event of any such resignation as an L/C Issuer, the Borrower shall be entitled
to appoint from among the Lenders a successor L/C Issuer hereunder; provided,
however, that no
failure by the Borrower to appoint any such successor shall affect the
resignation of Bank of America, PNC or such Lender as an L/C Issuer. If Bank of
America, PNC or such other Lender resigns as an L/C Issuer, it shall retain all
the rights, powers, privileges and duties of an L/C Issuer hereunder with
respect to all Letters of Credit outstanding as of the effective date of its
resignation as an L/C Issuer and all L/C Obligations with respect thereto
(including the right to require the Lenders to make Base Rate Committed Loans or
fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). Upon
the appointment of a successor L/C Issuer, (a) such successor shall succeed
to and become vested with all of the rights, powers, privileges and duties of
the retiring L/C Issuer, and (b) the successor L/C Issuer shall issue
letters of credit in substitution for the Letters of Credit, if any, outstanding
at the time of such succession or make other arrangements satisfactory to Bank
of America, PNC or such Lender to effectively assume the obligations of Bank of
America, PNC or such applicable Lender with respect to such Letters of
Credit.

119

11.07 Treatment
of Certain Information; Confidentiality.

Each of
the Administrative Agent, the Lenders and each L/C Issuer agrees to maintain the
confidentiality of the Information (as defined below), except that Information
may be disclosed (a) to its Affiliates and to its and its Affiliates'
respective partners, directors, officers, employees, agents, advisors, auditors
and representatives (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to
the extent requested by any regulatory authority purporting to have jurisdiction
over it (including any self-regulatory authority, such as the National
Association of Insurance Commissioners), (c) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process,
(d) to any other party hereto, (e) in connection with the exercise of
any remedies hereunder or under any other Loan Document or any action or
proceeding relating to this Agreement or any other Loan Document or the
enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to
(i) any assignee of or Participant in, or any prospective assignee of or
Participant in, any of its rights or obligations under this Agreement or
(ii) any actual or prospective counterparty (or its advisors) to any swap
or derivative transaction relating to the Borrower and its obligations,
(g) with the consent of the Borrower or (h) to the extent such
Information (x) becomes publicly available other than as a result of a
breach of this Section
11.07 or
(y) becomes available to the Administrative Agent, any Lender, any L/C
Issuer or any of their respective Affiliates on a nonconfidential basis from a
source other than the Borrower.

For
purposes of this Section
11.07,
"Information" means
all information received from the Borrower or any Subsidiary relating to the
Borrower or any Subsidiary or any of their respective businesses, other than any
such information that is available to the Administrative Agent, any Lender or
any L/C Issuer on a nonconfidential basis prior to disclosure by the Borrower or
any Subsidiary, provided that, in
the case of information received from the Borrower or any Subsidiary after the
date hereof, such information is clearly identified at the time of delivery as
confidential. Any Person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to
maintain the confidentiality of such Information as such Person would accord to
its own confidential information.

Each of
the Administrative Agent, the Lenders and each L/C Issuer acknowledges that
(a) the Information may include material non-public information concerning
the Borrower or a Subsidiary, as the case may be, (b) it has developed
compliance procedures regarding the use of material non-public information and
(c) it will handle such material non-public information in accordance with
applicable Law, including Federal and state securities Laws.

11.08 Set-off.

If an
Event of Default shall have occurred and be continuing, each Lender, each L/C
Issuer and each of their respective Affiliates is hereby authorized at any time
and from time to time, after
obtaining the prior written consent of the Administrative Agent, to the
fullest extent permitted
by applicable law, to set off and apply any and all deposits (general or
special, time or 

120

demand,
provisional or final, in whatever currency) at any time held and other
obligations (in whatever currency) at any time owing by such Lender, such L/C
Issuer or any such Affiliate to or for the credit or the account of the Borrower
or any
other Loan Party against any and all of the obligations of the Borrower or such
Loan Party now or hereafter existing under this Agreement or any other Loan
Document to such Lender or such L/C Issuer, irrespective of whether or not such
Lender or such L/C Issuer shall have made any demand under this Agreement or any
other Loan Document and although such obligations of the Borrower or such Loan
Party may be contingent or unmatured or are owed to a branch or office of such
Lender or such L/C Issuer
different from the branch or office holding such deposit or obligated on such
indebtedness. The rights of each Lender, each L/C Issuer and their respective
Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender, such L/C Issuer or their
respective Affiliates may have. Each Lender and each L/C Issuer agrees to notify
the Borrower and the Administrative Agent promptly after any such setoff and
application, provided that the
failure to give such notice shall not affect the validity of such setoff and
application

11.09 Interest
Rate Limitation.

Notwithstanding
anything to the contrary contained in any Loan Document, the interest paid or
agreed to be paid under the Loan Documents shall not exceed the maximum rate of
non-usurious interest permitted by applicable Law (the "Maximum
Rate"). If
the Administrative Agent or any Lender shall receive interest in an amount that
exceeds the Maximum Rate, the excess interest shall be applied to the principal
of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.
In determining whether the interest contracted for, charged, or received by the
Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to
the extent permitted by applicable Law, (a) characterize any payment that
is not principal as an expense, fee, or premium rather than interest,
(b) exclude voluntary prepayments and the effects thereof, and
(c) amortize, prorate, allocate, and spread in equal or unequal parts the
total amount of interest throughout the contemplated term of the Obligations
hereunder.

11.10 Counterparts;
Integration; Effectiveness.

This
Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. This Agreement and
the other Loan Documents constitute the entire contract among the parties
relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter
hereof. Except as provided in Section 5.01, this
Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received
counterparts hereof that, when taken together, bear the signatures of each of
the other parties hereto. Delivery of an executed counterpart of a signature
page of this Agreement by telecopy shall be effective as delivery of a manually
executed counterpart of this Agreement.

121

11.11 Survival
of Representations and Warranties.

All
representations and warranties made hereunder and in any other Loan Document or
other document delivered pursuant hereto or thereto or in connection herewith or
therewith shall survive the execution and delivery hereof and thereof. Such
representations and warranties have been or will be relied upon by the
Administrative Agent and each Lender, regardless of any investigation made by
the Administrative Agent or any Lender or on their behalf and notwithstanding
that the Administrative Agent or any Lender may have had notice or knowledge of
any Default at the time of any Credit Extension, and shall continue in full
force and effect until
such time as the Obligations under the Loan Documents have been Fully
Satisfied.

11.12 Severability.

If any
provision of this Agreement or the other Loan Documents is held to be illegal,
invalid or unenforceable, (a) the legality, validity and enforceability of
the remaining provisions of this Agreement and the other Loan Documents shall
not be affected or impaired thereby and (b) the parties shall endeavor in
good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as
possible to that of the illegal, invalid or unenforceable provisions. The
invalidity of a provision in a particular jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

11.13 Replacement
of Lenders.

If
(i) any Lender requests compensation under Section 3.04,
(ii) the Borrower is required to pay any additional amount to any Lender or
any Governmental Authority for the account of any Lender pursuant to
Section 3.01, (iii)
any Lender delivers a notice pursuant to Section 3.02 with
respect to circumstances that do not affect the other Lenders hereunder, (iv) a
Lender does not consent to a proposed change, waiver, discharge or termination
with respect to any Loan Document that requires unanimous consent of all Lenders
and that has been approved by the Required Lenders as provided in Section 11.01, or
(v) any
Lender is a Defaulting Lender, then the Borrower may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions contained in, and consents required by, Section 11.06), all of
its interests, rights and obligations under this Agreement and the related Loan
Documents to an assignee that shall assume such obligations (which assignee may
be another Lender, if a Lender accepts such assignment), provided
that:

(a) the
Borrower shall have paid to the Administrative Agent the assignment fee
specified in Section 11.06(b);

(b) such
Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and L/C Advances, accrued interest thereon, accrued fees
and all other amounts payable to it hereunder and under the other Loan Documents
(including any amounts under Section 3.05) from
the assignee (to the extent of such 

122

outstanding
principal and accrued interest and fees) or the Borrower (in the case of all
other amounts);

(c) in the
case of any such assignment resulting from a claim for compensation under
Section 3.04 or
payments required to be made pursuant to Section 3.01, such
assignment will result in a reduction in such compensation or payments
thereafter; and

(d) such
assignment does not conflict with applicable Laws; and

(e) in the
case of any such assignment resulting from a Lender's failure to consent to a
proposed change, waiver, discharge or termination with respect to any Loan
Document, the applicable amendment, modification and/or waiver of this Agreement
that the Borrower has requested shall become effective upon giving effect to
such assignment (and any related assignments required to be effected in
connection therewith in accordance with this Section 11.06).

A Lender
shall not be required to make any such assignment or delegation if, prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Borrower to require such assignment and delegation cease to
apply.

11.14 Governing
Law; Jurisdiction; Etc.

(a) GOVERNING
LAW. THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAW OF THE
STATE OF NEW YORK.

(b) SUBMISSION
TO JURISDICTION. THE
BORROWER AND EACH
OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR
ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE
STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT
COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY
THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY
JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A
FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL
AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY L/C ISSUER MAY
OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN 

123

DOCUMENT
AGAINST THE BORROWER OR ANY
OTHER LOAN PARTY OR ITS
PROPERTIES IN THE COURTS OF ANY JURISDICTION.

(c) WAIVER
OF VENUE. THE
BORROWER AND EACH
OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED
TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING
IN ANY SUCH COURT.

(d) SERVICE
OF PROCESS. EACH
PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED
FOR NOTICES IN SECTION 11.02. NOTHING
IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

11.15 Waiver
of Jury Trial.

EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED
ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

11.16 Term
of Agreement.

The term
of this Agreement shall be until the Obligations under the Loan
Documents have been
Fully Satisfied.

11.17 USA
PATRIOT Act Notice.

Each
Lender that is subject to the Act (as hereinafter defined) and the
Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies each Loan Party that pursuant to the requirements of the USA Patriot
Act (Title III of Pub. L. 107-56 (signed into law 

124

October 26, 2001))
(the "Act"), it is required to obtain, verify and record information that
identifies such Loan Party, which information includes the name and address of
such Loan Party and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify such Loan Party in accordance
with the Act.

11.18 Subordination
of Intercompany Debt.

Each Loan
Party agrees that all intercompany Indebtedness among Loan Parties (the
"Intercompany
Debt") is
subordinated in right of payment, to the prior payment in full of all
Obligations. Notwithstanding any provision of this Agreement to the contrary,
provided that no Event of Default has occurred and is continuing, Loan Parties
may make and receive payments with respect to the Intercompany Debt to the
extent otherwise permitted by this Agreement; provided, that in the event of and
during the continuation of any Event of Default, under Section
9.01(a) or in
the event the maturity of the Loans is accelerated under Section
9.02, no
payment shall be made by or on behalf of any Loan Party on account of any
Intercompany Debt after the Administrative Agent shall have delivered a written
notice to the Borrower to such effect. In the event that any Loan Party receives
any payment of any Intercompany Debt at a time when such payment is prohibited
by this Section 11.18, such
payment shall be held by such Loan Party, in trust for the benefit of, and shall
be paid forthwith over and delivered, upon written request, to, the
Administrative Agent.

11.19 Matters
Related to Existing Indentures.

The
Lenders hereby ratify and approve the amendments set forth in (i) the fourth
supplemental indenture dated as of January 31, 2005, to the 2003 16% Junior Note
Indenture; (ii) the amendment to the purchase agreement dated as of January 31,
2005, to the 2003 16% Junior Note Purchase Agreement; and (iii) the first
supplemental indenture dated as of January 28, 2005, to the 2003 Senior Note
Indenture.

11.20 Permitted
Receivables Financings.

(a) Each
Lender, the Administrative Agent and the Collateral Agent agrees that, prior to
the date that is one year and one day after the payment in full of all the
obligations in respect of the Attributed Principal Amount in respect of any
Permitted Receivables Financing, (i) it shall not be entitled, whether
before or after the occurrence of any Event of Default, to (A) institute
against, or join any other Person in instituting against, any Receivables
Financing SPC any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding under the laws of the United States or any State thereof,
(B) transfer and register the Capital Stock of any Receivables Financing
SPC or any other instrument evidencing any Investment in any Receivables
Financing SPC in its name or the name of any of its designees or nominees,
(C) foreclose such security interest in the Capital Stock of any
Receivables Financing SPC regardless of the bankruptcy or insolvency of any Loan
Party, (D) exercise any voting rights granted or appurtenant to such
Capital Stock of any Receivables Financing SPC or any other instrument
evidencing any Investment therein or (E) enforce any right that the holder
of any such Capital Stock of any Receivables Financing SPC or any other
instrument evidencing any Investment therein might otherwise have to liquidate,
consolidate, combine, collapse or disregard the entity status of such
Receivables Financing SPC and (ii) it hereby waives and releases any

125

right to
require (A) that any Receivables Financing SPC be in any manner merged,
combined, collapsed or consolidated with or into any Loan Party, including by
way of substantive consolidation in a bankruptcy case or (B) that the
status of any Receivables Financing SPC as a separate entity be in any respect
disregarded; provided, however, that the provisions of this Section 11.20 shall
cease to be of any force or effect when the Obligations have been paid in full
and the Revolving Commitments have been terminated or expired; and provided
further, that the provisions hereof will not apply to a Lender, the
Administrative Agent or the Collateral Agent in its capacity as a holder of any
Indebtedness or other asset included in the Attributed Principal Amount or its
ability to exercise any rights thereunder. Each Lender, the Administrative Agent
and the Collateral Agent agree and acknowledge that each Receivables Financier
is an express third party beneficiary with respect to this Section 11.20 (and
only this Section 11.20) and
such agent shall have the right to enforce compliance by the parties hereto with
this Section 11.20.

(b) Upon the
transfer or purported transfer by the Borrower or any Consolidated Party of
Transferred Assets to a Receivables Financing SPC in a Permitted Receivables
Financing, the Liens with respect to such Transferred Assets under the Security
Documents shall automatically be released (and each of the Administrative Agent
and the Collateral Agent, as applicable, is hereby authorized to execute and
enter into any such releases and other documents as the Borrower may reasonably
request in order to give effect thereto).

(c) Each
Lender hereby authorizes and directs each of the Administrative Agent and the
Collateral Agent, as applicable, in connection with any Permitted Receivables
Financing, upon the request and at the expense of the Borrower, to enter into an
intercreditor agreement with the applicable Receivables Financier to facilitate
the establishment of such Permitted Receivables Financing and to effect the
purposes of the provisions of this Agreement relating to Permitted Receivables
Financings.

126Exhibit 10.1

                             AGREEMENT OF AMENDMENT

                                                   Dated as of February 23, 2004

     Reference is made to that certain Revolving Credit and Security Agreement
dated as of February 25, 2003 (as from time to time amended, the "Credit
Agreement") among XL Re Ltd (the "Borrower"), CAFCO, LLC (formerly Corporate
Asset Funding Company, Inc., "CAFCO"), CRC Funding, LLC (formerly Corporate
Receivables Corporation, "CRC"), CHARTA, LLC (formerly CHARTA Corporation,
"CHARTA"), CIESCO, LLC (formerly CIESCO, L.P., "CIESCO"), Citibank, N.A.
("Citibank"), the other banks from time to time parties thereto and Citicorp
North America, Inc., as agent (the "Agent"). Capitalized terms used and not
defined herein shall have the meanings assigned to such terms in the Credit
Agreement.

     The parties hereto agree that, effective as of the date hereof, the
definition "Secondary Lender Stated Expiration Date" set forth in Section 1.01
of the Credit Agreement is hereby amended by replacing the date "February 23,
2004" set forth therein with the date "February 18, 2005".

     The parties hereto agree that, effective as of the date hereof, clause (c)
of Section 9.09 of the Credit Agreement shall be amended (i) to add the language
", to providers of program-wide credit enhancement for the Conduit Lenders (the
"Credit Enhancement Providers")" after the parenthetical "(collectively, the
"Secured Party Representatives")" set forth therein, (ii) to remove the word
"and" before the word "Moody's" set forth therein and to add the language "or
any other rating agency that rates the promissory notes of the Conduit Lenders"
after the word "Moody's" set forth therein, and (iii) to add the following new
language at the end thereof:

     "Notwithstanding the foregoing, no Secured Party may disclose any XL
     Information to a Credit Enhancement Provider unless such Credit Enhancement
     Provider has signed a confidentiality agreement with terms which are
     substantially similar to the terms of this Section 9.09(c)."

     The parties hereto agree that, effective as of the date hereof, Section
9.11 of the Credit Agreement shall be amended to add the following language at
the end thereof:

     "The obligations of the Conduit Lenders under and in connection with this
     Agreement and the other Program Documents are solely the obligations of the
     Conduit Lenders. It is expressly agreed that no recourse shall be had for
     the payment of any amount owing in respect of this Agreement or any other
     Program Document or for any other obligation or claim arising out of or
     based upon this Agreement or any other Program Document, against any
     member, stockholder, employee, officer, manager, director, organizer or
     incorporator of the Conduit Lenders or against any member, stockholder,
     employee, officer, manager, director, organizer or incorporator of any such
     member, stockholder or manager."

<PAGE>

     The Borrower represents and warrants to the Agent, Citibank, CAFCO, CRC,
CHARTA and CIESCO that immediately after giving effect to this Agreement of
Amendment, (i) the representations and warranties of the Borrower set forth in
the Credit Agreement are true and correct in all material respects, and (ii) no
Default or Event of Default shall be continuing.

     This Agreement of Amendment may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original and all of
which when taken together shall constitute one and the same agreement.

     THIS AGREEMENT OF AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     All references in any Program Document to the Credit Agreement on and after
the date hereof shall be deemed to refer to the Credit Agreement as amended
hereby, and the parties hereto agree that on and after the date hereof, the
Credit Agreement, as amended hereby, is in full force and effect.

                                      -2-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this agreement to be
executed and delivered by their duly authorized officers as of the date first
above written.

CITICORP NORTH AMERICA, INC.,            CITIBANK, N.A.,
as Agent                                 as Secondary Lender

By:   /s/ Arthur Bovino                  By:   /s/ Arthur Bovino
      -------------------------                -------------------------
      Name:    Arthur Bovino                   Name:    Arthur Bovino
      Title:   Vice President                  Title:   Vice President

CAFCO, LLC, as Lender                    CRC FUNDING, LLC, as Lender

By:   Citicorp North America, Inc.,      By:   Citicorp North America, Inc., as
      as Attorney-in-Fact                      Attorney-in-Fact

By:   /s/ Arthur Bovino                  By:   /s/ Arthur Bovino
      -------------------------                -------------------------
      Name:    Arthur Bovino                   Name:    Arthur Bovino
      Title:   Vice President                  Title:   Vice President

CHARTA, LLC, as Lender                   CIESCO, LLC, as Lender

By:   Citicorp North America, Inc.,      By:   Citicorp North America, Inc., as
      as Attorney-in-Fact                      Attorney-in-Fact

By:   /s/ Arthur Bovino                  By:   /s/ Arthur Bovino
      -------------------------                -------------------------
      Name:    Arthur Bovino                   Name:    Arthur Bovino
      Title:   Vice President                  Title:   Vice President

XL RE LTD, as Borrower

By:    /s/ Paul S. Giordano
      ----------------------------
      Name:    Paul S. Giordano
      Title:   Executive Vice President and
               Secretary

                                      -3-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]