Document:

<PAGE>

                                                               EXECUTION VERSION

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

                                (JP MORGAN LOGO)

                                CREDIT AGREEMENT

                          dated as of January 12, 2007

                                      among

                       PAREXEL INTERNATIONAL CORPORATION,
                                  as Borrower,

                      Certain Subsidiaries of the Borrower,

                            The Lenders Party Hereto

                                       and

                              JPMORGAN CHASE BANK,
                              NATIONAL ASSOCIATION
                             as Administrative Agent

                                   ----------

                          J.P. MORGAN SECURITIES INC.,
                    as Sole Bookrunner and Sole Lead Arranger

                                       and

                    ABN AMRO BANK N.V., as Syndication Agent

                                       and

                   WACHOVIA BANK, N.A., as Documentation Agent

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
ARTICLE I. Definitions...................................................     1
   Section 1.1.    Defined Terms.........................................     1
   Section 1.2.    Classification of Loans and Borrowings................    16
   Section 1.3.    Terms Generally.......................................    16
   Section 1.4.    Accounting Terms; GAAP................................    16

ARTICLE II. The Credits..................................................    17
   Section 2.1.    Commitments...........................................    17
   Section 2.2.    Loans and Borrowings..................................    17
   Section 2.3.    Requests for Revolving Borrowings.....................    18
   Section 2.4.    Swingline Loans.......................................    18
   Section 2.5.    Letters of Credit.....................................    20
   Section 2.6.    Funding of Borrowings.................................    24
   Section 2.7.    Interest Elections....................................    24
   Section 2.8.    Termination and Reduction of Commitments..............    25
   Section 2.9.    Repayment of Loans; Evidence of Debt..................    26
   Section 2.10.   Prepayment of Loans...................................    27
   Section 2.11.   Fees..................................................    27
   Section 2.12.   Interest..............................................    29
   Section 2.13.   Alternate Rate of Interest............................    30
   Section 2.14.   Increased Costs.......................................    30
   Section 2.15.   Break Funding Payments................................    31
   Section 2.16.   Taxes.................................................    32
   Section 2.17.   Payments Generally; Pro Rata Treatment; Sharing of
                      Set-offs...........................................    33
   Section 2.18.   Mitigation Obligations; Replacement of Lenders........    35
   Section 2.19.   Increase in Commitments...............................    35

ARTICLE III. Representations and Warranties..............................    37
   Section 3.1.    Organization; Powers..................................    37
   Section 3.2.    Authorization; Enforceability.........................    37
   Section 3.3.    Governmental Approvals; No Conflicts..................    37
   Section 3.4.    Financial Condition; No Material Adverse Change.......    37
</TABLE>

                                        i

<PAGE>

                                TABLE OF CONTENTS
                                    (cont'd.)

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
   Section 3.5.    Properties............................................    38
   Section 3.6.    Litigation and Environmental Matters..................    38
   Section 3.7.    Compliance with Laws and Agreements...................    38
   Section 3.8.    Investment and Holding Company Status.................    38
   Section 3.9.    Taxes.................................................    39
   Section 3.10.   ERISA.................................................    39
   Section 3.11.   Disclosure............................................    39
   Section 3.12.   Subsidiaries..........................................    39
   Section 3.13.   Federal Regulations...................................    39

ARTICLE IV. Conditions...................................................    39
   Section 4.1.    Effective Date........................................    39
   Section 4.2.    Each Credit Event.....................................    41

ARTICLE V. Affirmative Covenants.........................................    41
   Section 5.1.    Financial Statements; Ratings Change and Other
                      Information........................................    41
   Section 5.2.    Notices of Material Events............................    42
   Section 5.3.    Existence; Conduct of Business........................    43
   Section 5.4.    Payment of Obligations................................    43
   Section 5.5.    Maintenance of Properties; Insurance..................    43
   Section 5.6.    Books and Records; Inspection Rights..................    43
   Section 5.7.    Compliance with Laws..................................    44
   Section 5.8.    Use of Proceeds and Letters of Credit.................    44
   Section 5.9.    Additional Subsidiaries...............................    44

ARTICLE VI. Negative Covenants...........................................    44
   Section 6.1.    Indebtedness..........................................    44
   Section 6.2.    Liens.................................................    45
   Section 6.3.    Fundamental Changes...................................    46
   Section 6.4.    Investments, Loans, Advances, Guarantees and
                      Acquisitions.......................................    47
   Section 6.5.    Swap Agreements.......................................    48
   Section 6.6.    Restricted Payments...................................    48
   Section 6.7.    Transactions with Affiliates..........................    48
</TABLE>

                                       ii

<PAGE>

                                TABLE OF CONTENTS
                                    (cont'd.)

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
   Section 6.8.    Restrictive Agreements................................    48
   Section 6.9.    Financial Covenants...................................    49
   Section 6.10.   Capital Expenditures..................................    49
   Section 6.11.   Fiscal Year...........................................    49
   Section 6.12.   Transfers from Loan Parties to Non-Loan Parties.......    49

ARTICLE VII. Events of Default...........................................    50

ARTICLE VIII. The Administrative Agent...................................    52

ARTICLE IX. Miscellaneous................................................    54
   Section 9.1.    Notices...............................................    54
   Section 9.2.    Waivers; Amendments...................................    55
   Section 9.3.    Expenses; Indemnity; Damage Waiver....................    56
   Section 9.4.    Successors and Assigns................................    57
   Section 9.5.    Survival..............................................    61
   Section 9.6.    Counterparts; Integration; Effectiveness..............    61
   Section 9.7.    Severability..........................................    61
   Section 9.8.    Right of Setoff.......................................    61
   Section 9.9.    Governing Law; Jurisdiction; Consent to Service of
                      Process............................................    62
   Section 9.10.   WAIVER OF JURY TRIAL..................................    62
   Section 9.11.   Headings..............................................    63
   Section 9.12.   Confidentiality.......................................    63
   Section 9.13.   Interest Rate Limitation..............................    64
   Section 9.14.   USA PATRIOT Act.......................................    64
</TABLE>

                                       iii

<PAGE>

SCHEDULES:

Schedule P-1 -- Certain Permitted Investments
Schedule 2.1 -- Commitments
Schedule 3.6 -- Disclosed Matters
Schedule 3.12 -- Subsidiaries
Schedule 6.1 -- Existing Indebtedness
Schedule 6.2 -- Existing Liens
Schedule 6.8 -- Existing Restrictions

EXHIBITS:

Exhibit A -- Form of Assignment and Assumption
Exhibit B -- Form of Opinion of Borrower's Counsel
Exhibit C -- Form of Subsidiary Guarantee Agreement
Exhibit D -- Instrument of Adherence

                                       iv
<PAGE>

     CREDIT AGREEMENT (this "Agreement") dated as of January 12, 2007, among
PAREXEL INTERNATIONAL CORPORATION, as Borrower, the Subsidiaries of the Borrower
party hereto, the LENDERS party hereto and JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION, as Administrative Agent.

     The parties hereto agree as follows:

                                   ARTICLE I.
                                   DEFINITIONS

     SECTION 1.1. Defined Terms. As used in this Agreement, the following terms
have the meanings specified below:

     "ABR", when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, are bearing interest at a
rate determined by reference to the Alternate Base Rate.

     "Acquisition" means the purchase or acquisition by any Person of (a) more
than 50% of the Equity Interests with ordinary voting power of another Person or
(b) all or any substantial portion of the property (other than Equity Interests)
of another Person, whether or not involving a merger or consolidation with such
Person.

     "Additional Lender" has the meaning set forth in Section 2.19.

     "Adjusted LIBO Rate" means, with respect to any Eurodollar Borrowing for
any Interest Period, an interest rate per annum (rounded upwards, if necessary,
to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period
multiplied by (b) the Statutory Reserve Rate.

     "Administrative Agent" means JPMorgan Chase Bank, National Association, in
its capacity as administrative agent for the Lenders hereunder.

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

     "Advised Line Facility" means the Advised Line Letter, dated as of
September 27, 2006, by JPMorgan Chase Bank, National Association to the
Borrower, as modified by the Modification Letter, dated as of November 15, 2006
by and among the Loan Parties and JPMorgan Chase Bank, National Association and
each of the promissory notes and guarantees related thereto.

     "Affiliate" means, with respect to a specified 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.

     "Agreement" shall have the meaning specified in the preamble.

     "Alternate Base Rate" means, for any day, a rate per annum equal to the
greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds
Effective Rate in effect on such day

<PAGE>

plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the
Prime Rate or the Federal Funds Effective Rate shall be effective from and
including the effective date of such change in the Prime Rate or the Federal
Funds Effective Rate, respectively.

     "Applicable Percentage" means, with respect to any Lender, the percentage
of the total Commitments represented by such Lender's Commitment. If the
Commitments have terminated or expired, the Applicable Percentages shall be
determined based upon the Revolving Credit Exposure then in effect, giving
effect to any assignments.

     "Applicable Rate" means the following percentages per annum, based on the
Total Leverage Ratio as set forth in the most recent certificate received by the
Administrative Agent pursuant to Section 5.1(c):

<TABLE>
<CAPTION>
Pricing Level   Consolidated Leverage Ratio                       Revolving Loans
-------------   ---------------------------                       ---------------
<S>             <C>                                               <C>
       1        < 0.50:1.00                                            0.625%
       2        greater than equal to 0.50:1.00 and < 1.00:1.00        0.750%
       3        greater than equal to 1.00:1.00 and < 1.50:1.00        0.875%
       4        greater than equal to 1.50:1.00 and < 2.00:1.00        1.125%
       5        greater than equal to 2.00:1.00                        1.375%
</TABLE>

Any increase or decrease in the Applicable Rate resulting from a change in the
Consolidated Leverage Ratio shall become effective as of the first Business Day
immediately following the date a certificate is delivered pursuant to Section
5.1(c); provided that if such certificate is not delivered when due in
accordance with such Section, then Pricing Level 5 shall apply as of the first
Business Day after the date on which such certificate was required to have been
delivered until such certificate is delivered, after which the Applicable Rate
shall be determined from such certificate. The Applicable Rate in effect from
the Effective Date through the date on which the first such certificate is
delivered to the Administrative Agent and the Lenders in accordance with Section
5.1(c) shall be determined based upon Pricing Level 2.

     "Approved Fund" has the meaning assigned to such term in Section 9.4.

     "Assignment and Assumption" means an assignment and assumption entered into
by a Lender and an assignee (with the consent of any party whose consent is
required by Section 9.4), and accepted by the Administrative Agent, in the form
of Exhibit A or any other form approved by the Administrative Agent, and
reasonably acceptable to the Borrower.

                                       2

<PAGE>

     "Availability Period" means the period from and including the Effective
Date to but excluding the earlier of the Maturity Date and the date of
termination of the Commitments.

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

     "Borrower" means PAREXEL International Corporation, a Massachusetts
corporation.

     "Borrowing" means (a) Revolving Loans of the same Type, made, converted or
continued on the same date and, in the case of Eurodollar Loans, as to which a
single Interest Period is in effect or (b) a Swingline Loan.

     "Borrowing Request" means a request by the Borrower for a Revolving
Borrowing in accordance with Section 2.3.

     "Business Day" means any day that is not a Saturday, Sunday or other day on
which commercial banks in New York City are authorized or required by law to
remain closed; provided that when used in connection with a Eurodollar Loan, the
term "Business Day" shall also exclude any day on which banks are not open for
dealings in dollar deposits in the London interbank market.

     "Capital Lease Obligations" of any Person means the obligations of such
Person to pay rent or other amounts under any lease of (or other arrangement
conveying the right to use) real or personal property, or a combination thereof,
which obligations are required to be classified and accounted for as capital
leases on a balance sheet of such Person under GAAP, and the amount of such
obligations shall be the capitalized amount thereof determined in accordance
with GAAP.

     "CCT" means California Clinical Trials Medical Group, Inc., a California
corporation.

     "CCT Agreements" means collectively, (a) that certain Management Agreement,
dated as of November 15, 2006, by and between the Borrower and CCT, (b) that
certain Stock Transfer Restriction Agreement, dated as of November 15, 2006, by
and among the Borrower, CCT, Murray H. Rosenthal and the stockholder of CCT, and
(c) that certain Stock Transfer Restriction Agreement, dated as of November 15,
2006, by and among the Murray H. Rosenthal, the Borrower and CCT Holding Company
Medical Group, Inc.

     "CCT Transactions" means the CCT Agreements, any modifications,
replacements or supplements to the CCT Agreements that are not materially
adverse to the Borrower, and the performance of obligations of the parties under
the CCT Agreements, as modified.

     "Change in Control" means (a) the acquisition of ownership, directly or
indirectly, beneficially or of record, by any Person or group (within the
meaning of the Securities Exchange Act of 1934 and the rules of the Securities
and Exchange Commission thereunder as in effect on the date hereof), of Equity
Interests representing more than 35% of the aggregate ordinary voting power
represented by the issued and outstanding Equity Interests of the Borrower; (b)
occupation of a majority of the seats (other than vacant seats) on the board of
directors of the Borrower by Persons who were neither (i) nominated by the board
of directors of the Borrower nor (ii)

                                       3

<PAGE>

appointed by directors so nominated; or (c) the acquisition of direct or
indirect Control of the Borrower by any Person or group.

     "Change in Law" means (a) the adoption of any law, rule or regulation after
the date of this Agreement, (b) any change in any law, rule or regulation or in
the interpretation or application thereof by any Governmental Authority after
the date of this Agreement or (c) compliance by any Lender or the Issuing Bank
(or, for purposes of Section 2.14(b), by any lending office of such Lender or by
such Lender's or the Issuing Bank's holding company, if any) with any request,
guideline or directive (whether or not having the force of law) of any
Governmental Authority made or issued after the date of this Agreement.

     "Class", when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, are Revolving Loans or
Swingline Loans.

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

     "Commitment" means, with respect to each Lender, the commitment of such
Lender to make Revolving Loans and to acquire participations in Letters of
Credit and Swingline Loans hereunder, expressed as an amount representing the
maximum aggregate amount of such Lender's Revolving Credit Exposure hereunder,
as such commitment may be (a) reduced from time to time pursuant to Section 2.8,
(b) increased from time to time pursuant to Section 2.19 and (c) reduced or
increased from time to time pursuant to assignments by or to such Lender
pursuant to Section 9.4. The initial amount of each Lender's Commitment is set
forth on Schedule 2.1, or in the Assignment and Assumption pursuant to which
such Lender shall have assumed its Commitment, as applicable. The initial
aggregate amount of the Lenders' Commitments is $100,000,000.

     "Commitment Increase Notice" has the meaning set forth in Section 2.19.

     "Consolidated" or "consolidated" means with reference to any term defined
herein, that term as applied to the accounts of the Borrower and its
Subsidiaries, consolidated in accordance with GAAP.

     "Consolidated Capital Expenditures" means, for any period for the Borrower
and its Subsidiaries, without duplication, all expenditures (whether paid in
cash or other consideration) during such period that, in accordance with GAAP,
are or should be included in additions to property, plant and equipment or
similar items reflected in the consolidated statement of cash flows for such
period; provided, that Consolidated Capital Expenditures shall not include, for
purposes hereof, (a) expenditures in connection with any Acquisition permitted
hereunder or (b) expenditures of proceeds of insurance settlements, condemnation
awards and other settlements in respect of lost, destroyed, damaged or condemned
assets, equipment or other property to the extent such expenditures are made to
replace or repair such lost, destroyed, damaged or condemned assets, equipment
or property.

     "Consolidated EBITDA" means, for any period, for the Borrower and its
Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income
for such period plus the following to the extent deducted in calculating such
Consolidated Net Income: (a) Consolidated

                                       4

<PAGE>

Interest Charges for such period, (b) the provision for federal, state, local
and foreign income taxes payable by the Borrower and its Subsidiaries for such
period, (c) depreciation, and (d) amortization expense.

     "Consolidated Interest Charges" means, for any period, for the Borrower and
its Subsidiaries on a consolidated basis, the sum of (a) all interest, premium
payments, debt discount, fees, charges and related expenses of the Borrower and
its Subsidiaries in connection with borrowed money (including capitalized
interest) or in connection with the deferred purchase price of assets, in each
case to the extent treated as interest in accordance with GAAP, and (b) the
portion of rent expense of the Borrower and its Subsidiaries with respect to
such period under capital leases that is treated as interest in accordance with
GAAP.

     "Consolidated Interest Coverage Ratio" means, as of any date of
determination, the ratio of (a) Consolidated EBITDA for the most recently ended
Reference Period, to (b) Consolidated Interest Charges for such period.

     "Consolidated Leverage Ratio" means, as of any date of determination, the
ratio of (a) Consolidated Total Debt as of such date, to (b) Consolidated EBITDA
for such Reference Period.

     "Consolidated Net Income" means, for any period, for the Borrower and its
Subsidiaries on a consolidated basis, the net income of the Borrower and its
Subsidiaries (excluding extraordinary gains and extraordinary non-cash losses)
for such period.

     "Consolidated Net Worth" means, as to any Person as of any date of
determination, all amounts which should be included under shareholders' equity
on a balance sheet of such Person and its Subsidiaries determined on a
consolidated basis as of such date in accordance with GAAP.

     "Consolidated Total Debt" means, as of any date of determination, the
outstanding principal amount of all Indebtedness of Borrower and its
Subsidiaries.

     "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.

     "Default" means any event or condition which constitutes an Event of
Default or which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default.

     "Disclosed Matters" means the actions, suits and proceedings and the
environmental matters disclosed in Schedule 3.6.

     "dollars" or "$" refers to lawful money of the United States of America.

     "Effective Date" means the date on which the conditions specified in
Section 4.1 are satisfied (or waived in accordance with Section 9.2).

                                       5

<PAGE>

     "Environmental Laws" means all laws, rules, regulations, codes, ordinances,
orders, decrees, judgments, injunctions, notices or binding agreements issued,
promulgated or entered into by any Governmental Authority, relating in any way
to the environment, preservation or reclamation of natural resources, the
management, release or threatened release of any Hazardous Material or to health
and safety matters.

     "Environmental Liability" means any liability, contingent or otherwise
(including any liability for damages, costs of environmental remediation, fines,
penalties or indemnities), of the Borrower or any Subsidiary 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 Interests" means shares of capital stock, partnership interests,
membership interests in a limited liability company, beneficial interests in a
trust or other equity ownership interests in a Person, and any warrants, options
or other rights entitling the holder thereof to purchase or acquire any such
equity interest.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time.

     "ERISA Affiliate" means any trade or business (whether or not incorporated)
that, together with the Borrower, is treated as a single employer under Section
414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and
Section 412 of the Code, is treated as a single employer under Section 414 of
the Code.

     "ERISA Event" means (a) any "reportable event", as defined in Section 4043
of ERISA or the regulations issued thereunder with respect to a Plan (other than
an event for which the 30-day notice period is waived); (b) the existence with
respect to any Plan of an "accumulated funding deficiency" (as defined in
Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the
filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an
application for a waiver of the minimum funding standard with respect to any
Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any
liability under Title IV of ERISA with respect to the termination of any Plan;
(e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan
administrator of any notice relating to an intention to terminate any Plan or
Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability with respect to the
withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the
receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by
any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
concerning the imposition of Withdrawal Liability or a determination that a
Multiemployer Plan is, or is expected to be, insolvent or in reorganization,
within the meaning of Title IV of ERISA.

                                       6

<PAGE>

     "Eurodollar", when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Adjusted LIBO Rate.

     "Event of Default" has the meaning assigned to such term in Article VII.

     "Excluded Taxes" means, with respect to the Administrative Agent, any
Lender, the Issuing Bank or any other recipient of any payment to be made by or
on account of any obligation of the Borrower hereunder, (a) income or franchise
taxes imposed on (or measured by) its net income by the United States of
America, or by the jurisdiction 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 of America 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 2.18(b)), any withholding tax that is imposed on amounts
payable to such Foreign Lender at the time such Foreign Lender becomes a party
to this Agreement (or designates a new lending office) or is attributable to
such Foreign Lender's failure to comply with Section 2.16 (e), except to the
extent, in the case of the designation of a new lending office, that such
Foreign Lender was already entitled, at the time of designation of a new lending
office, to receive additional amounts from the Borrower with respect to such
withholding tax pursuant to Section 2.16(a).

     "Federal Funds Effective Rate" means, for any day, the weighted average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on
overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers, as published on the next succeeding Business
Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such
transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it.

     "Fee Letter" means that confidential fee letter agreement dated as of
November 6, 2006, among the Administrative Agent, the Lead Arranger and the
Borrower.

     "Financial Officer" means the chief financial officer, principal accounting
officer, treasurer or controller of the Borrower.

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

     "GAAP" means generally accepted accounting principles in the United States
of America.

     "Governmental Authority" means the government of the United States of
America, any other nation or any political subdivision thereof, whether state or
local, and any agency, authority, instrumentality, regulatory body, court,
central bank or other entity exercising

                                       7

<PAGE>

executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government.

     "Guarantee" of or by any Person (the "guarantor") means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic
effect of guaranteeing any Indebtedness of any other Person (the "primary
obligor") in any manner, whether directly or indirectly, and including any
obligation of the guarantor, direct or indirect, (a) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or to
purchase (or to advance or supply funds for the purchase of) any security for
the payment thereof, (b) to purchase or lease property, securities or services
for the purpose of assuring the owner of such Indebtedness of the payment
thereof, (c) to maintain working capital, equity capital or any other financial
statement condition or liquidity of the primary obligor so as to enable the
primary obligor to pay such Indebtedness or (d) as an account party in respect
of any letter of credit or letter of guaranty issued to support such
Indebtedness; provided, that the term Guarantee shall not include endorsements
for collection or deposit in the ordinary course of business.

     "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.

     "Indebtedness" of any Person means, without duplication, (a) all
obligations of such Person for borrowed money or with respect to deposits or
advances of any kind, (b) all obligations of such Person evidenced by bonds,
debentures, notes or similar instruments, (c) all obligations of such Person
upon which interest charges are customarily paid, (d) all obligations of such
Person under conditional sale or other title retention agreements relating to
property acquired by such Person, (e) all obligations of such Person in respect
of the deferred purchase price of property or services (excluding current
accounts payable incurred in the ordinary course of business), (f) 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
property owned or acquired by such Person, whether or not the Indebtedness
secured thereby has been assumed, (g) all Guarantees by such Person of
Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i)
all obligations, contingent or otherwise, of such Person as an account party in
respect of letters of credit and letters of guaranty and (j) all obligations,
contingent or otherwise, of such Person in respect of bankers' acceptances. The
Indebtedness of any Person shall include the Indebtedness of any other entity
(including any partnership in which such Person is a general partner) to the
extent such Person is liable therefor as a result of such Person's ownership
interest in or other relationship with such entity, except to the extent the
terms of such Indebtedness provide that such Person is not liable therefor.

     "Indemnified Taxes" means Taxes other than Excluded Taxes.

     "Information Memorandum" means the Confidential Information Memorandum
dated November, 2006 relating to the Borrower and the Transactions.

     "Instrument of Adherence" has the meaning set forth in Section 9.4(e).

                                       8

<PAGE>

     "Interest Election Request" means a request by the Borrower to convert or
continue a Revolving Borrowing in accordance with Section 2.7.

     "Interest Payment Date" means (a) with respect to any ABR Loan (other than
a Swingline Loan), the last day of each March, June, September and December, (b)
with respect to any Eurodollar Loan, the last day of the Interest Period
applicable to the Borrowing of which such Loan is a part and, in the case of a
Eurodollar Borrowing with an Interest Period of more than three months'
duration, each day prior to the last day of such Interest Period that occurs at
intervals of three months' duration after the first day of such Interest Period
and (c) with respect to any Swingline Loan, the day that such Loan is required
to be repaid.

     "Interest Period" means (a) with respect to any Eurodollar Borrowing, the
period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, two, three or six months
(or, with the consent of each Lender, other periods selected by the Borrower)
thereafter, as the Borrower may elect; provided that (i) if any Interest Period
would end on a day other than a Business Day, such Interest Period shall be
extended to the next succeeding Business Day unless, in the case of a Eurodollar
Borrowing only, such next succeeding Business Day would fall in the next
calendar month, in which case such Interest Period shall end on the next
preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar
Borrowing that commences on the last Business Day of a calendar month (or on a
day for which there is no numerically corresponding day in the last calendar
month of such Interest Period) shall end on the last Business Day of the last
calendar month of such Interest Period. For purposes hereof, the date of a
Borrowing initially shall be the date on which such Borrowing is made and, in
the case of a Revolving Borrowing, thereafter shall be the effective date of the
most recent conversion or continuation of such Borrowing.

     "Issuing Bank" means JPMorgan Chase Bank, National Association, in its
capacity as the issuer of Letters of Credit hereunder, and its successors in
such capacity as provided in Section 2.5(i). The Issuing Bank may, in its
discretion, arrange for one or more Letters of Credit to be issued by Affiliates
of the Issuing Bank, in which case the term "Issuing Bank" shall include any
such Affiliate with respect to Letters of Credit issued by such Affiliate.

     "LC Disbursement" means a payment made by the Issuing Bank pursuant to a
Letter of Credit.

     "LC Exposure" means, at any time, the sum of (a) the aggregate undrawn
amount of all outstanding Letters of Credit at such time plus (b) the aggregate
amount of all LC Disbursements that have not yet been reimbursed by or on behalf
of the Borrower at such time. The LC Exposure of any Lender at any time shall be
its Applicable Percentage of the total LC Exposure at such time.

     "Lead Arranger" means J.P. Morgan Securities Inc., acting in the capacity
as sole bookrunner and sole lead arranger, or its successor in such role.

     "Lenders" means the Persons listed on Schedule 2.1 and any other Person
that shall have become a party hereto pursuant to an Assignment and Assumption
or an Instrument of Adherence, other than any such Person that ceases to be a
party hereto pursuant to an

                                       9

<PAGE>

Assignment and Assumption. Unless the context otherwise requires, the term
"Lenders" includes the Swingline Lender.

     "Letter of Credit" means any letter of credit issued pursuant to this
Agreement.

     "LIBO Rate" means, with respect to any Eurodollar Borrowing for any
Interest Period, the rate appearing on Page 3750 of the Dow Jones Market Service
(or on any successor or substitute page of such Service, or any successor to or
substitute for such Service, providing rate quotations comparable to those
currently provided on such page of such Service, as determined by the
Administrative Agent from time to time for purposes of providing quotations of
interest rates applicable to dollar deposits in the London interbank market) at
approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, as the rate for dollar deposits with a
maturity comparable to such Interest Period. In the event that such rate is not
available at such time for any reason, then the "LIBO Rate" with respect to such
Eurodollar Borrowing for such Interest Period shall be the rate at which dollar
deposits of $5,000,000 and for a maturity comparable to such Interest Period are
offered by the principal London office of the Administrative Agent in
immediately available funds in the London interbank market at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period.

     "Lien" means, with respect to any asset, (a) any mortgage, deed of trust,
lien, pledge, hypothecation, encumbrance, charge or security interest in, on or
of such asset, (b) the interest of a vendor or a lessor under any conditional
sale agreement, capital lease or title retention agreement (or any financing
lease having substantially the same economic effect as any of the foregoing)
relating to such asset and (c) in the case of securities, any purchase option,
call or similar right of a third party with respect to such securities.

     "Loan Documents" means this Agreement, the Fee Letter, the Subsidiary
Guarantee Agreement, each promissory note delivered pursuant to this Agreement
and each other guarantee or other similar document executed in connection with
the Transactions hereunder.

     "Loan Party" means the Borrower and the Subsidiary Guarantors.

     "Loans" means the loans made by the Lenders to the Borrower pursuant to
this Agreement.

     "Material Adverse Effect" means a material adverse effect on (a) the
business, assets, operations or financial condition, of the Borrower and the
Subsidiaries taken as a whole, or (b) the validity, legality, binding effect or
enforceability of any of the Loan Documents or the rights or remedies of the
Administrative Agent and the Lenders hereunder.

     "Material Indebtedness" means Indebtedness (other than the Loans and
Letters of Credit), or obligations in respect of one or more Swap Agreements, of
any one or more of the Borrower and its Subsidiaries in an aggregate principal
amount exceeding $15,000,000. For purposes of determining Material Indebtedness,
the "principal amount" of the obligations of the Borrower or any Subsidiary in
respect of any Swap Agreement at any time shall be the maximum aggregate amount
(giving effect to any netting agreements) that the Borrower or such Subsidiary
would be required to pay if such Swap Agreement were terminated at such time.

                                       10

<PAGE>

     "Material Foreign Subsidiary" means a Subsidiary of the Borrower organized
in a jurisdiction outside of the United States which, by itself or together with
its Subsidiaries, accounts for a portion of assets or EBITDA comprising 5% or
more of the Borrower's Consolidated EBITDA or consolidated assets for the most
recently ended Reference Period.

     "Material Subsidiaries" means, collectively, the Material Foreign
Subsidiaries and the Material U.S. Subsidiaries.

     "Material U.S. Subsidiary" means a Subsidiary of the Borrower organized in
a jurisdiction within the United States which, by itself or together with its
Subsidiaries, accounts for a portion of assets or EBITDA comprising 5% or more
of the Borrower's Consolidated EBITDA or consolidated assets for the most
recently ended Reference Period.

     "Maturity Date" means January 12, 2012.

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

     "Multiemployer Plan" means a multiemployer plan as defined in Section
4001(a)(3) of ERISA.

     "Net Equity Proceeds" means, with respect to the sale or issuance after the
Effective Date by any Loan Party to any Person of any Equity Interest, warrants
or options in respect of Equity Interest, the exercise of any such warrants or
options, or any capital contribution by any Person to any Loan Party, the excess
of (a) the gross cash proceeds received by such Loan Party from such sale,
issuance or exercise, less (b) all reasonable and customary commissions, fees
and expenses incurred in connection with such sale or issuance which are not
payable to Affiliates of such Loan Party in connection therewith.

     "Non-Loan Party" means any Subsidiary of the Borrower that is not a Loan
Party.

     "Other Taxes" means any and 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 from the execution, delivery or enforcement
of, or otherwise with respect to, this Agreement.

     "Participant" has the meaning set forth in Section 9.4.

     "PBGC" means the Pension Benefit Guaranty Corporation referred to and
defined in ERISA and any successor entity performing similar functions.

     "Permitted Acquisition" means an acquisition of a business whereby (a) the
Borrower has notified the Administrative Agent of such proposed acquisition; (b)
the business to be acquired would not subject the Administrative Agent or the
Lenders to any additional regulatory or third party approvals in connection with
the exercise of its rights and remedies under this Agreement or any other Loan
Document; (c) no contingent liabilities will be incurred or assumed in
connection with such Permitted Acquisition which could reasonably be expected to
have a Material Adverse Effect; (d) the board of directors and the shareholders
(if required by applicable law), or the equivalent, of the applicable Loan Party
and the Person to be acquired has

                                       11

<PAGE>

approved such merger, consolidation or acquisition); (e) the Loan Parties and
their Subsidiaries, on a combined and consolidated basis, will be solvent upon
the consummation of the Permitted Acquisition; (f) the Borrower and its
Subsidiaries shall be in compliance with Section 6.9 on a pro forma basis as at
the end of and for the most recently ended Reference Period; (g) after giving
effect to the Acquisition, Consolidated EBITDA (determined on a pro-forma basis
in the manner described in Section 6.9(d) for the Reference Period most recently
ended), is not more than 10% lower than Consolidated EBITDA for the Reference
Period most recently ended without giving effect to such Permitted Acquisition;
(h) no Default or Event of Default then exists or would result after giving
effect to the Permitted Acquisition; and (i) in the case of a Permitted Material
Acquisition, the Borrower shall have delivered a certificate of a Financial
Officer to the Administrative Agent (and attaching calculations reasonably
satisfactory to the Administrative Agent, as appropriate) (i) certifying as to
clauses (e) through (h) above, and (ii) demonstrating that after giving effect
to the Acquisition, the Consolidated Leverage Ratio (determined on a pro-forma
basis in the manner described in Section 6.9(d) for the Reference Period most
recently ended), shall not be greater than 2.25 to 1.00.

     "Permitted Encumbrances" means:

          (a) Liens imposed by law for taxes that are not yet due or are being
     contested in compliance with Section 5.4;

          (b) carriers', warehousemen's, mechanics', materialmen's, repairmen's
     and other like Liens imposed by law, arising in the ordinary course of
     business and securing obligations that are not overdue by more than 45 days
     or are being contested in compliance with Section 5.4;

          (c) pledges and deposits made in the ordinary course of business in
     compliance with workers' compensation, unemployment insurance and other
     social security laws or regulations;

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

          (e) judgment liens in respect of judgments that do not constitute an
     Event of Default under clause (k) of Article VII; and

          (f) easements, zoning restrictions, rights-of-way and similar
     encumbrances on real property imposed by law or arising in the ordinary
     course of business that do not secure any monetary obligations and do not
     materially detract from the value of the affected property or interfere
     with the ordinary conduct of business of the Borrower or any Subsidiary;

provided that the term "Permitted Encumbrances" shall not include any Lien
securing Indebtedness.

                                       12

<PAGE>

     "Permitted Investments" means:

          (a) direct obligations of, or obligations the principal of and
     interest on which are unconditionally guaranteed by, the United States of
     America (or by any agency thereof to the extent such obligations are backed
     by the full faith and credit of the United States of America), in each case
     maturing within one year from the date of acquisition thereof;

          (b) investments in commercial paper maturing within 270 days from the
     date of acquisition thereof and having, at such date of acquisition, the
     highest credit rating obtainable from S&P or from Moody's;

          (c) investments in certificates of deposit, banker's acceptances and
     time deposits maturing within 180 days from the date of acquisition thereof
     issued or guaranteed by or placed with, and money market deposit accounts
     issued or offered by, any domestic office of any commercial bank organized
     under the laws of the United States of America or any State thereof which
     has a combined capital and surplus and undivided profits of not less than
     $500,000,000;

          (d) fully collateralized repurchase agreements with a term of not more
     than 30 days for securities described in clause (a) above and entered into
     with a financial institution satisfying the criteria described in clause
     (c) above;

          (e) money market funds that (i) comply with the criteria set forth in
     Securities and Exchange Commission Rule 2a-7 under the Investment Company
     Act of 1940, and (ii) are rated AAA by S&P and Aaa by Moody's; and

          (f) investments described on Schedule P-1.

     "Permitted Material Acquisition" means any individual Permitted Acquisition
that exceeds an aggregate purchase price of $25,000,000.

     "Permitted Stock Repurchases" means any buyback or repurchase of stock
issued by the Borrower, by the Borrower or any other Loan Party in an amount not
to exceed 30% of Consolidated Net Income for the preceding fiscal year.

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

     "Plan" means any employee pension benefit plan (other than a Multiemployer
Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code
or Section 302 of ERISA, and in respect of which the Borrower or any ERISA
Affiliate is (or, if such plan were terminated, would under Section 4069 of
ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA.

     "Prime Rate" means the rate of interest per annum publicly announced from
time to time by JPMorgan Chase Bank, National Association, as its prime rate in
effect at its office located at

                                       13

<PAGE>

270 Park Avenue, New York, New York; each change in the Prime Rate shall be
effective from and including the date such change is publicly announced as being
effective.

     "Reference Period" means, as of the last day of any fiscal quarter, the
period of four (4) consecutive fiscal quarters of the Borrower and its
Subsidiaries ending on such date.

     "Register" has the meaning set forth in Section 9.4.

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

     "Required Lenders" means, at any time, Lenders having Revolving Credit
Exposures and unused Commitments representing more than 50% of the sum of the
aggregate Revolving Credit Exposures and unused Commitments at such time.

     "Restricted Payment" means any dividend or other distribution (whether in
cash, securities or other property) with respect to any Equity Interests in the
Borrower or any Subsidiary, or any payment (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, acquisition, cancellation or termination of
any such Equity Interests in the Borrower or any option, warrant or other right
to acquire any such Equity Interests in the Borrower.

     "Revolving Credit Exposure" means, with respect to any Lender at any time,
the sum of the outstanding principal amount of such Lender's Revolving Loans and
its LC Exposure and Swingline Exposure at such time.

     "Revolving Loan" means a Loan made pursuant to Section 2.3.

     "S&P" means Standard & Poor's.

     "Statutory Reserve Rate" means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number
one minus the aggregate of the maximum reserve percentages (including any
marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Board to which the Administrative Agent is subject with
respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred
to as "Eurocurrency Liabilities" in Regulation D of the Board). Eurodollar Loans
shall be deemed to constitute eurocurrency funding and to be subject to such
reserve requirements without benefit of or credit for proration, exemptions or
offsets that may be available from time to time to any Lender under such
Regulation D or any comparable regulation. The Statutory Reserve Rate shall be
adjusted automatically on and as of the effective date of any change in any
reserve percentage.

     "subsidiary" means, with respect to any Person (the "parent") at any date,
any corporation, limited liability company, partnership, association or other
entity the accounts of which would be consolidated with those of the parent in
the parent's consolidated financial statements if such financial statements were
prepared in accordance with GAAP as of such date, as well as any other
corporation, limited liability company, partnership, association or other

                                       14

<PAGE>

entity (a) of which securities or other ownership interests representing more
than 50% of the equity or more than 50% of the ordinary voting power or, in the
case of a partnership, more than 50% of the general partnership interests are,
as of such date, owned, controlled or held, or (b) that is, as of such date,
otherwise Controlled, by the parent or one or more subsidiaries of the parent or
by the parent and one or more subsidiaries of the parent.

     "Subsidiary" means any subsidiary of the Borrower.

     "Subsidiary Guarantee Agreement" means a Guarantee Agreement by each
Material U.S. Subsidiary in favor of Administrative Agent, substantially in the
form of Exhibit C hereto.

     "Subsidiary Guarantors" means each Material U.S. Subsidiary of the Borrower
that is or is required to be a party to the Subsidiary Guarantee Agreement;
provided, that so long as the proviso of Section 5.9 would apply to PAREXEL
International Holding Corporation, a Delaware corporation if it was a newly
created Subsidiary, it shall not be deemed to be a Material U.S. Subsidiary.

     "Swap Agreement" means any agreement with respect to any swap, forward,
future or derivative transaction or option or similar agreement involving, or
settled by reference to, one or more rates, currencies, commodities, equity or
debt instruments or securities, or economic, financial or pricing indices or
measures of economic, financial or pricing risk or value or any similar
transaction or any combination of these transactions; provided that no phantom
stock or similar plan providing for payments only on account of services
provided by current or former directors, officers, employees or consultants of
the Borrower or the Subsidiaries shall be a Swap Agreement.

     "Swingline Exposure" means, at any time, the aggregate principal amount of
all Swingline Loans outstanding at such time. The Swingline Exposure of any
Lender at any time shall be its Applicable Percentage of the total Swingline
Exposure at such time.

     "Swingline Lender" means JPMorgan Chase Bank, National Association, in its
capacity as lender of Swingline Loans hereunder.

     "Swingline Loan" means a Loan made pursuant to Section 2.4.

     "Taxes" means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

     "Transactions" means the execution, delivery and performance by the Loan
Parties of this Agreement, the borrowing of Loans, the use of the proceeds
thereof and the issuance of Letters of Credit hereunder.

     "Type", when used in reference to any Loan or Borrowing, refers to whether
the rate of interest on such Loan, or on the Loans comprising such Borrowing, is
determined by reference to the Adjusted LIBO Rate, the Alternate Base Rate.

                                       15

<PAGE>

     "Withdrawal Liability" means liability to a Multiemployer Plan as a result
of a complete or partial withdrawal from such Multiemployer Plan, as such terms
are defined in Part I of Subtitle E of Title IV of ERISA.

     SECTION 1.2. Classification of Loans and Borrowings. For purposes of this
Agreement, Loans may be classified and referred to by Class (e.g., a "Revolving
Loan") or by Type (e.g., a "Eurodollar Loan") or by Class and Type (e.g., a
"Eurodollar Revolving Loan"). Borrowings also may be classified and referred to
by Class (e.g., a "Revolving Borrowing") or by Type (e.g., a "Eurodollar
Borrowing") or by Class and Type (e.g., a "Eurodollar Revolving Borrowing").

     SECTION 1.3. Terms Generally. 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 (a) any definition of or reference to any
agreement, instrument or other document herein 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), (b) any reference
herein to any Person shall be construed to include such Person's successors and
assigns, (c) the words "herein", "hereof" and "hereunder", and words of similar
import, shall be construed to refer to this Agreement in its entirety and not to
any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement and (e) the words
"asset" and "property" shall be construed to have the same meaning and effect
and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights.

     SECTION 1.4. Accounting Terms; 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, 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 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. Borrower has advised the Administrative Agent that it does,
and is required to, consolidate CCT in its consolidated financial statements,
but that Borrower does not have the power to control CCT. Accordingly, financial
position, results of operations and cash flows of CCT shall be included for the
purpose of (a) the definitions of "Consolidated EBTIDA", "Consolidated Interest
Charges", "Consolidated Net Worth" and "Consolidated Total Debt", (b) the
financial statements and reporting requirements in Section 5.1 and (c)
determining compliance with the financial covenants in Section 6.9. CCT shall
not be deemed to be a Subsidiary for the purposes of the representations and
warranties in Article III,

                                       16

<PAGE>

the closing conditions in Article IV, the affirmative covenants in Article V,
the negative covenants in Article VI, and the events of default in Article VII.

                                   ARTICLE II.
                                   THE CREDITS

     SECTION 2.1. Commitments. Subject to the terms and conditions set forth
herein, each Lender agrees to make Revolving Loans to the Borrower from time to
time during the Availability Period in an aggregate principal amount that will
not result in such Lender's Revolving Credit Exposure exceeding such Lender's
Commitment. Within the foregoing limits and subject to the terms and conditions
set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.

     SECTION 2.2. Loans and Borrowings. (a) Each Revolving Loan shall be made as
part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in
accordance with their respective Commitments. The failure of any Lender to make
any Loan required to be made by it shall not relieve any other Lender of its
obligations hereunder; provided that the Commitments of the Lenders are several
and no Lender shall be responsible for any other Lender's failure to make Loans
as required.

          (b) Subject to Section 2.13, each Revolving Borrowing shall be
     comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may
     request in accordance herewith. Each Swingline Loan shall be an ABR Loan.
     Each Lender at its option may make any Eurodollar Loan by causing any
     domestic or foreign branch or Affiliate of such Lender to make such Loan
     (so long as such election of a foreign branch or Affiliate does not
     increase the Borrower's cost hereunder); provided that any exercise of such
     option shall not affect the obligation of the Borrower to repay such Loan
     in accordance with the terms of this Agreement.

          (c) At the commencement of each Interest Period for any Eurodollar
     Revolving Borrowing, such Borrowing shall be in an aggregate amount that is
     an integral multiple of $500,000 and not less than $3,000,000. At the time
     that each ABR Revolving Borrowing is made, such Borrowing shall be in an
     aggregate amount that is an integral multiple of $250,000 and not less than
     $1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate
     amount that is equal to the entire unused balance of the total Commitments
     or that is required to finance the reimbursement of an LC Disbursement as
     contemplated by Section 2.5(e). Each Swingline Loan shall be in an amount
     that is an integral multiple of $100,000 and not less than $1,000,000.
     Borrowings of more than one Type and Class may be outstanding at the same
     time; provided that there shall not at any time be more than a total of 12
     Eurodollar Revolving Borrowings outstanding.

          (d) Notwithstanding any other provision of this Agreement, the
     Borrower shall not be entitled to request, or to elect to convert or
     continue, any Borrowing if the Interest Period requested with respect
     thereto would end after the Maturity Date.

                                       17

<PAGE>

     SECTION 2.3. Requests for Revolving Borrowings. To request a Revolving
Borrowing, the Borrower shall notify the Administrative Agent of such request by
telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m.,
New York City time, three Business Days before the date of the proposed
Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., New
York City time, on the same day of the proposed Borrowing; provided that any
such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC
Disbursement as contemplated by Section 2.5(e) may be given not later than 10:00
a.m., New York City time, on the date of the proposed Borrowing. Each such
telephonic Borrowing Request shall be irrevocable and shall be confirmed
promptly by hand delivery or telecopy to the Administrative Agent of a written
Borrowing Request in a form approved by the Administrative Agent and signed by
the Borrower. Each such telephonic and written Borrowing Request shall specify
the following information in compliance with Section 2.2:

               (i) the aggregate amount of the requested Borrowing;

               (ii) the date of such Borrowing, which shall be a Business Day;

               (iii) whether such Borrowing is to be an ABR Borrowing or a
          Eurodollar Borrowing;

               (iv) in the case of a Eurodollar Borrowing, the initial Interest
          Period to be applicable thereto, which shall be a period contemplated
          by the definition of the term "Interest Period"; and

               (v) the location and number of the Borrower's account to which
          funds are to be disbursed, which shall comply with the requirements of
          Section 2.6.

If no election as to the Type of Revolving Borrowing is specified, then the
requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period
is specified with respect to any requested Eurodollar Revolving Borrowing, then
the Borrower shall be deemed to have selected an Interest Period of one month's
duration. Promptly following receipt of a Borrowing Request in accordance with
this Section, the Administrative Agent shall advise each Lender of the details
thereof and of the amount of such Lender's Loan to be made as part of the
requested Borrowing.

     SECTION 2.4. Swingline Loans. (a) Subject to the terms and conditions set
forth herein, the Swingline Lender agrees to make Swingline Loans to the
Borrower from time to time during the Availability Period, in an aggregate
principal amount at any time outstanding that will not result in (i) the
aggregate principal amount of outstanding Swingline Loans exceeding $20,000,000
or (ii) the aggregate Revolving Credit Exposures of all Lenders exceeding the
total Commitments; provided that the Swingline Lender shall not be required to
make a Swingline Loan to refinance an outstanding Swingline Loan. Within the
foregoing limits and subject to the terms and conditions set forth herein, the
Borrower may borrow, prepay and reborrow Swingline Loans.

          (b) To request a Swingline Loan, the Borrower shall notify the
     Administrative Agent of such request by telephone (confirmed by telecopy),
     not later than 1:00 p.m., New York City time, on the day of a proposed
     Swingline Loan. Each such notice shall be irrevocable and shall specify the
     requested date (which shall be a Business Day) and

                                       18

<PAGE>

     amount of the requested Swingline Loan and other relevant information that
     would be required under Section 2.3 if the Swingline Loan were a Revolving
     Borrowing. The Administrative Agent will promptly advise the Swingline
     Lender of any such notice received from the Borrower. The Swingline Lender
     shall make each Swingline Loan available to the Borrower by means of a
     credit to the general deposit account of the Borrower with the Swingline
     Lender (or, in the case of a Swingline Loan made to finance the
     reimbursement of an LC Disbursement as provided in Section 2.5(e), by
     remittance to the Issuing Bank) by 3:00 p.m., New York City time, on the
     requested date of such Swingline Loan.

          (c) The Swingline Lender may by written notice given to the
     Administrative Agent not later than 1:00 p.m., New York City time, on any
     Business Day require the applicable Lenders to acquire participations on
     such Business Day in all or a portion of the Swingline Loans outstanding.
     Such notice shall specify the aggregate amount of Swingline Loans in which
     the applicable Lenders will participate. Promptly upon receipt of such
     notice, the Administrative Agent will give notice thereof to each
     applicable Lender, specifying in such notice such Lender's Applicable
     Percentage of such Swingline Loan or Loans. Each applicable Lender hereby
     absolutely and unconditionally agrees, upon receipt of notice as provided
     above, to promptly pay to the Administrative Agent, for the account of the
     Swingline Lender, such Lender's Applicable Percentage of such Swingline
     Loan or Loans. Each applicable Lender acknowledges and agrees that its
     obligation to acquire participations in Swingline Loans pursuant to this
     paragraph is absolute and unconditional and shall not be affected by any
     circumstance whatsoever, including the occurrence and continuance of a
     Default or reduction or termination of the Commitments, and that each such
     payment shall be made without any offset, abatement, withholding or
     reduction whatsoever. Each applicable Lender shall comply with its
     obligation under this paragraph by wire transfer of immediately available
     funds, in the same manner as provided in Section 2.6 with respect to Loans
     made by such Lender (and Section 2.6 shall apply, mutatis mutandis, to the
     payment obligations of the Lenders), and the Administrative Agent shall
     promptly pay to the Swingline Lender the amounts so received by it from the
     Lenders. The Administrative Agent shall notify the Borrower of any
     participations in any Swingline Loan acquired pursuant to this paragraph,
     and thereafter payments in respect of such Swingline Loan shall be made to
     the Administrative Agent and not to the Swingline Lender. Any amounts
     received by the Swingline Lender from the Borrower (or other party on
     behalf of the Borrower) in respect of a Swingline Loan after receipt by the
     Swingline Lender of the proceeds of a sale of participations therein shall
     be promptly remitted to the Administrative Agent; any such amounts received
     by the Administrative Agent shall be promptly remitted by the
     Administrative Agent to the Lenders that shall have made their payments
     pursuant to this paragraph and to the Swingline Lender, as their interests
     may appear; provided that any such payment so remitted shall be repaid to
     the Swingline Lender or to the Administrative Agent, as applicable, if and
     to the extent such payment is required to be refunded to the Borrower for
     any reason. The purchase of participations in a Swingline Loan pursuant to
     this paragraph shall not relieve the Borrower of any default in the payment
     thereof.

                                       19
<PAGE>

     SECTION 2.5. Letters of Credit. (a) General. Subject to the terms and
conditions set forth herein, the Borrower may request the issuance of Letters of
Credit for its own account, in a form reasonably acceptable to the
Administrative Agent and the Issuing Bank, at any time and from time to time
during the Availability Period. In the event of any inconsistency between the
terms and conditions of this Agreement and the terms and conditions of any form
of letter of credit application or other agreement submitted by the Borrower to,
or entered into by the Borrower with, the Issuing Bank relating to any Letter of
Credit, the terms and conditions of this Agreement shall control.

          (b) Notice of Issuance, Amendment, Renewal, Extension; Certain
     Conditions. To request the issuance of a Letter of Credit (or the
     amendment, renewal or extension of an outstanding Letter of Credit), the
     Borrower shall hand deliver or telecopy (or transmit by electronic
     communication, if arrangements for doing so have been approved by the
     Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably
     in advance of the requested date of issuance, amendment, renewal or
     extension) a notice requesting the issuance of a Letter of Credit, or
     identifying the Letter of Credit to be amended, renewed or extended, and
     specifying the date of issuance, amendment, renewal or extension (which
     shall be a Business Day), the date on which such Letter of Credit is to
     expire (which shall comply with paragraph (c) of this Section), the amount
     of such Letter of Credit, the name and address of the beneficiary thereof
     and such other information as shall be necessary to prepare, amend, renew
     or extend such Letter of Credit. If requested by the Issuing Bank, the
     Borrower also shall submit a letter of credit application on the Issuing
     Bank's standard form in connection with any request for a Letter of Credit.
     A Letter of Credit shall be issued, amended, renewed or extended only if
     (and upon issuance, amendment, renewal or extension of each Letter of
     Credit the Borrower shall be deemed to represent and warrant that), after
     giving effect to such issuance, amendment, renewal or extension (i) the LC
     Exposure shall not exceed $10,000,000 and (ii) the aggregate Revolving
     Credit Exposures of all Lenders shall not exceed the total Commitments.

          (c) Expiration Date. Each Letter of Credit shall expire at or prior to
     the close of business on the earlier of (i) the date one year after the
     date of the issuance of such Letter of Credit (or, in the case of any
     renewal or extension thereof, one year after such renewal or extension) and
     (ii) the date that is five Business Days prior to the Maturity Date;
     provided that any Letter of Credit with a one-year term may provide for the
     renewal thereof for additional one-year periods (which in no event shall
     extend beyond the date referred to in clause (ii) above).

          (d) Participations. By the issuance of a Letter of Credit (or an
     amendment to a Letter of Credit increasing the amount thereof) and without
     any further action on the part of the Issuing Bank or the Lenders, the
     Issuing Bank hereby grants to each Lender, and each Lender hereby acquires
     from the Issuing Bank, a participation in such Letter of Credit equal to
     such Lender's Applicable Percentage of the aggregate amount available to be
     drawn under such Letter of Credit. In consideration and in furtherance of
     the foregoing, each Lender hereby absolutely and unconditionally agrees to
     pay to the Administrative Agent, for the account of the Issuing Bank, such
     Lender's Applicable Percentage of each LC Disbursement made by the Issuing
     Bank and not reimbursed by

                                       20

<PAGE>

     the Borrower on the date due as provided in paragraph (e) of this Section,
     or of any reimbursement payment required to be refunded to the Borrower for
     any reason. Each Lender acknowledges and agrees that its obligation to
     acquire participations pursuant to this paragraph in respect of Letters of
     Credit is absolute and unconditional and shall not be affected by any
     circumstance whatsoever, including any amendment, renewal or extension of
     any Letter of Credit or the occurrence and continuance of a Default or
     reduction or termination of the Commitments, and that each such payment
     shall be made without any offset, abatement, withholding or reduction
     whatsoever.

          (e) Reimbursement. If the Issuing Bank shall make any LC Disbursement
     in respect of a Letter of Credit, the Borrower shall reimburse such LC
     Disbursement by paying to the Administrative Agent an amount equal to such
     LC Disbursement not later than 12:00 noon, New York City time, on the date
     that such LC Disbursement is made, if the Borrower shall have received
     notice of such LC Disbursement prior to 10:00 a.m., New York City time, on
     such date, or, if such notice has not been received by the Borrower prior
     to such time on such date, then not later than 12:00 noon, New York City
     time, on the Business Day immediately following the day that the Borrower
     receives such notice; provided that if such LC Disbursement is not less
     than $100,000, the Borrower may, subject to the conditions to borrowing set
     forth herein, request in accordance with Section 2.3 or 2.4 that such
     payment be financed with an ABR Revolving Borrowing or Swingline Loan in an
     equivalent amount and, to the extent so financed, the Borrower's obligation
     to make such payment shall be discharged and replaced by the resulting ABR
     Revolving Borrowing or Swingline Loan. If the Borrower fails to make such
     payment when due, the Administrative Agent shall notify each Lender of the
     applicable LC Disbursement, the payment then due from the Borrower in
     respect thereof and such Lender's Applicable Percentage thereof. Promptly
     following receipt of such notice, each Lender shall pay to the
     Administrative Agent its Applicable Percentage of the payment then due from
     the Borrower, in the same manner as provided in Section 2.6 with respect to
     Loans made by such Lender (and Section 2.7 shall apply, mutatis mutandis,
     to the payment obligations of the Lenders), and the Administrative Agent
     shall promptly pay to the Issuing Bank the amounts so received by it from
     the Lenders. Promptly following receipt by the Administrative Agent of any
     payment from the Borrower pursuant to this paragraph, the Administrative
     Agent shall distribute such payment to the Issuing Bank or, to the extent
     that Lenders have made payments pursuant to this paragraph to reimburse the
     Issuing Bank, then to such Lenders and the Issuing Bank as their interests
     may appear. Any payment made by a Lender pursuant to this paragraph to
     reimburse the Issuing Bank for any LC Disbursement (other than the funding
     of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not
     constitute a Loan and shall not relieve the Borrower of its obligation to
     reimburse such LC Disbursement.

          (f) Obligations Absolute. Subject to the provisions of the next
     sentence, the Borrower's obligation to reimburse LC Disbursements as
     provided in paragraph (e) of this Section shall be absolute, unconditional
     and irrevocable, and shall be performed strictly in accordance with the
     terms of this Agreement under any and all circumstances whatsoever and
     irrespective of (i) any lack of validity or enforceability of any Letter of
     Credit or this Agreement, or any term or provision therein, (ii) any draft
     or other document presented under a Letter of Credit proving to be forged,
     fraudulent or invalid in

                                       21

<PAGE>

     any respect or any statement therein being untrue or inaccurate in any
     respect, (iii) payment by the Issuing Bank under a Letter of Credit against
     presentation of a draft or other document that does not strictly comply
     with the terms of such Letter of Credit, or (iv) any other event or
     circumstance whatsoever, whether or not similar to any of the foregoing,
     that might, but for the provisions of this Section, constitute a legal or
     equitable discharge of, or provide a right of setoff against, the
     Borrower's obligations hereunder. Neither the Administrative Agent, the
     Lenders nor the Issuing Bank, nor any of their Related Parties, shall have
     any liability or responsibility by reason of or in connection with the
     issuance or transfer of any Letter of Credit or any payment or failure to
     make any payment thereunder (irrespective of any of the circumstances
     referred to in the preceding sentence), or any error, omission,
     interruption, loss or delay in transmission or delivery of any draft,
     notice or other communication under or relating to any Letter of Credit
     (including any document required to make a drawing thereunder), any error
     in interpretation of technical terms or any consequence arising from causes
     beyond the control of the Issuing Bank; provided that the foregoing shall
     not be construed to excuse the Issuing Bank from liability to the Borrower
     to the extent of any direct damages (as opposed to consequential damages,
     claims in respect of which are hereby waived by the Borrower to the extent
     permitted by applicable law) suffered by the Borrower that are caused by
     the Issuing Bank's failure to exercise care when determining whether drafts
     and other documents presented under a Letter of Credit comply with the
     terms thereof. The parties hereto expressly agree that, in the absence of
     gross negligence or willful misconduct on the part of the Issuing Bank (as
     finally determined by a court of competent jurisdiction), the Issuing Bank
     shall be deemed to have exercised care in each such determination. In
     furtherance of the foregoing and without limiting the generality thereof,
     the parties agree that, with respect to documents presented which appear on
     their face to be in substantial compliance with the terms of a Letter of
     Credit, the Issuing Bank may, in its sole discretion, either accept and
     make payment upon such documents without responsibility for further
     investigation, regardless of any notice or information to the contrary, or
     refuse to accept and make payment upon such documents if such documents are
     not in strict compliance with the terms of such Letter of Credit.

          (g) Disbursement Procedures. The Issuing Bank shall, promptly
     following its receipt thereof, examine all documents purporting to
     represent a demand for payment under a Letter of Credit. The Issuing Bank
     shall promptly notify the Administrative Agent and the Borrower by
     telephone (confirmed by telecopy) of such demand for payment and whether
     the Issuing Bank has made or will make an LC Disbursement thereunder;
     provided that any failure to give or delay in giving such notice shall not
     relieve the Borrower of its obligation to reimburse the Issuing Bank and
     the Lenders with respect to any such LC Disbursement.

          (h) Interim Interest. If the Issuing Bank shall make any LC
     Disbursement, then, unless the Borrower shall reimburse such LC
     Disbursement in full on the date such LC Disbursement is made, the unpaid
     amount thereof shall bear interest, for each day from and including the
     date such LC Disbursement is made to but excluding the date that the
     Borrower reimburses such LC Disbursement, at the rate per annum then
     applicable to ABR Revolving Loans; provided that if the Borrower fails to
     reimburse such LC Disbursement when due pursuant to paragraph (e) of this
     Section, then Section 2.12(d)

                                       22

<PAGE>

     shall apply. Interest accrued pursuant to this paragraph shall be for the
     account of the Issuing Bank, except that interest accrued on and after the
     date of payment by any Lender pursuant to paragraph (e) of this Section to
     reimburse the Issuing Bank shall be for the account of such Lender to the
     extent of such payment.

          (i) Replacement of the Issuing Bank. The Issuing Bank may be replaced
     at any time by written agreement among the Borrower, the Administrative
     Agent, the replaced Issuing Bank and the successor Issuing Bank. The
     Administrative Agent shall notify the Lenders of any such replacement of
     the Issuing Bank. At the time any such replacement shall become effective,
     the Borrower shall pay all unpaid fees accrued for the account of the
     replaced Issuing Bank pursuant to Section 2.11(b). From and after the
     effective date of any such replacement, (i) the successor Issuing Bank
     shall have all the rights and obligations of the Issuing Bank under this
     Agreement with respect to Letters of Credit to be issued thereafter and
     (ii) references herein to the term "Issuing Bank" shall be deemed to refer
     to such successor or to any previous Issuing Bank, or to such successor and
     all previous Issuing Banks, as the context shall require. After the
     replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall
     remain a party hereto and shall continue to have all the rights and
     obligations of an Issuing Bank under this Agreement with respect to Letters
     of Credit issued by it prior to such replacement, but shall not be required
     to issue additional Letters of Credit.

          (j) Cash Collateralization. If any Event of Default shall occur and be
     continuing, on the Business Day that the Borrower receives notice from the
     Administrative Agent or the Required Lenders (or, if the maturity of the
     Loans has been accelerated, Lenders with LC Exposure representing greater
     than 66 and 2/3% of the total LC Exposure) demanding the deposit of cash
     collateral pursuant to this paragraph, the Borrower shall deposit in an
     account with the Administrative Agent, in the name of the Administrative
     Agent and for the benefit of the Lenders, an amount in cash equal to the LC
     Exposure as of such date plus any accrued and unpaid interest thereon;
     provided that the obligation to deposit such cash collateral shall become
     effective immediately, and such deposit shall become immediately due and
     payable, without demand or other notice of any kind, upon the occurrence of
     any Event of Default with respect to the Borrower described in clause (h)
     or (i) of Article VII. Such deposit shall be held by the Administrative
     Agent as collateral for the payment and performance of the obligations of
     the Borrower under this Agreement. The Administrative Agent shall have
     exclusive dominion and control, including the exclusive right of
     withdrawal, over such account. Other than any interest earned on the
     investment of such deposits, which investments shall be made at the option
     and sole discretion of the Administrative Agent and at the Borrower's risk
     and expense, such deposits shall not bear interest. Interest or profits, if
     any, on such investments shall accumulate in such account. Moneys in such
     account shall be applied by the Administrative Agent to reimburse the
     Issuing Bank for LC Disbursements for which it has not been reimbursed and,
     to the extent not so applied, shall be held for the satisfaction of the
     reimbursement obligations of the Borrower for the LC Exposure at such time
     or, if the maturity of the Loans has been accelerated (but subject to the
     consent of Lenders with LC Exposure representing greater than 66 and 2/3%
     of the total LC Exposure), be applied to satisfy other obligations of the
     Borrower under this Agreement. If the Borrower is required to provide an
     amount of cash collateral

                                       23

<PAGE>

     hereunder as a result of the occurrence of an Event of Default, such amount
     (to the extent not applied as aforesaid) shall be returned to the Borrower
     within three Business Days after all Events of Default have been cured or
     waived.

     SECTION 2.6. Funding of Borrowings. (a) Each Lender shall make each Loan to
be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds by 12:00 noon, New York City time, to the account of
the Administrative Agent most recently designated by it for such purpose by
notice to the Lenders; provided that Swingline Loans shall be made as provided
in Section 2.4. The Administrative Agent will make such Loans available to the
Borrower by promptly crediting the amounts so received, in like funds, to an
account of the Borrower designated by the Borrower in the applicable Borrowing
Request; provided that ABR Revolving Loans made to finance the reimbursement of
an LC Disbursement as provided in Section 2.5(e) shall be remitted by the
Administrative Agent to the Issuing Bank.

          (b) Unless the Administrative Agent shall have received notice from a
     Lender prior to the proposed date of any Borrowing that such Lender will
     not make available to the Administrative Agent such Lender's share of such
     Borrowing, the Administrative Agent may assume that such Lender has made
     such share available on such date in accordance with paragraph (a) of this
     Section 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 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
     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 (i) in the case of such Lender, the greater of
     the Federal Funds Effective Rate and a rate determined by the
     Administrative Agent in accordance with banking industry rules on interbank
     compensation or (ii) in the case of the Borrower, the interest rate
     applicable to ABR Loans. If such Lender pays such amount to the
     Administrative Agent, then such amount shall constitute such Lender's Loan
     included in such Borrowing.

     SECTION 2.7. Interest Elections. (a) Each Revolving Borrowing initially
shall be of the Type specified in the applicable Borrowing Request and, in the
case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period
as specified in such Borrowing Request. Thereafter, the Borrower may elect to
convert such Borrowing to a different Type or to continue such Borrowing and, in
the case of a Eurodollar Revolving Borrowing, may elect Interest Periods
therefor, all as provided in this Section. The Borrower may elect different
options with respect to different portions of the affected Borrowing, in which
case each such portion shall be allocated ratably among the Lenders holding the
Loans comprising such Borrowing, and the Loans comprising each such portion
shall be considered a separate Borrowing. This Section shall not apply to
Swingline Borrowings, which may not be converted or continued.

          (b) To make an election pursuant to this Section, the Borrower shall
     notify the Administrative Agent of such election by telephone by the time
     that a Borrowing Request would be required under Section 2.3 if the
     Borrower were requesting a Revolving Borrowing of the Type resulting from
     such election to be made on the effective date of such election. Each such
     telephonic Interest Election Request shall be irrevocable and

                                       24

<PAGE>

     shall be confirmed promptly by hand delivery or telecopy to the
     Administrative Agent of a written Interest Election Request in a form
     approved by the Administrative Agent and signed by the Borrower.

          (c) Each telephonic and written Interest Election Request shall
     specify the following information in compliance with Section 2.2:

               (i) the Borrowing to which such Interest Election Request applies
          and, if different options are being elected with respect to different
          portions thereof, the portions thereof to be allocated to each
          resulting Borrowing (in which case the information to be specified
          pursuant to clauses (iii) and (iv) below shall be specified for each
          resulting Borrowing);

               (ii) the effective date of the election made pursuant to such
          Interest Election Request, which shall be a Business Day;

               (iii) whether the resulting Borrowing is to be an ABR Borrowing
          or a Eurodollar Borrowing; and

               (iv) if the resulting Borrowing is a Eurodollar Borrowing, the
          Interest Period to be applicable thereto after giving effect to such
          election, which shall be a period contemplated by the definition of
          the term "Interest Period".

If any such Interest Election Request requests a Eurodollar Borrowing but does
not specify an Interest Period, then the Borrower shall be deemed to have
selected an Interest Period of one month's duration.

          (d) Promptly following receipt of an Interest Election Request, the
     Administrative Agent shall advise each Lender of the details thereof and of
     such Lender's portion of each resulting Borrowing.

          (e) If the Borrower fails to deliver a timely Interest Election
     Request with respect to a Eurodollar Revolving Borrowing prior to the end
     of the Interest Period applicable thereto, then, unless such Borrowing is
     repaid as provided herein, at the end of such Interest Period such
     Borrowing shall be converted to an ABR Borrowing. Notwithstanding any
     contrary provision hereof, if an Event of Default has occurred and is
     continuing and the Administrative Agent, at the request of the Required
     Lenders, so notifies the Borrower, then, so long as an Event of Default is
     continuing (i) no outstanding Revolving Borrowing may be converted to or
     continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar
     Revolving Borrowing shall be converted to an ABR Borrowing at the end of
     the Interest Period applicable thereto.

     SECTION 2.8. Termination and Reduction of Commitments. (a) Unless
previously terminated, the Commitments shall terminate on the Maturity Date.

          (b) The Borrower may at any time terminate, or from time to time
     reduce, the Commitments; provided that (i) each reduction of the
     Commitments shall be in an amount that is an integral multiple of $500,000
     and not less than $2,000,000 and (ii) the

                                       25

<PAGE>

     Borrower shall not terminate or reduce the Commitments if, after giving
     effect to any concurrent prepayment of the Loans in accordance with Section
     2.10, the aggregate Revolving Credit Exposures of all Lenders would exceed
     the total Commitments.

          (c) The Borrower shall notify the Administrative Agent of any election
     to terminate or reduce the Commitments under paragraph (b) of this Section
     at least three Business Days prior to the effective date of such
     termination or reduction, specifying such election and the effective date
     thereof. Promptly following receipt of any notice, the Administrative Agent
     shall advise the Lenders of the contents thereof. Each notice delivered by
     the Borrower pursuant to this Section shall be irrevocable; provided that a
     notice of termination of the 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 the Borrower
     (by notice to the Administrative Agent on or prior to the specified
     effective date) if such condition is not satisfied. Any termination or
     reduction of the Commitments shall be permanent but shall not affect the
     right of the Borrower to increase the Commitment in accordance with Section
     2.19. Each reduction of the Commitments shall be made ratably among the
     Lenders in accordance with their respective Commitments.

     SECTION 2.9. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby
unconditionally promises to pay (i) to the Administrative Agent for the account
of each Lender the then unpaid principal amount of each Revolving Loan on the
Maturity Date and (ii) to the Swingline Lender the then unpaid principal amount
of each Swingline Loan on the earlier of the Maturity Date and the first date
after such Swingline Loan is made that is the 15th or last day of a calendar
month and is at least two Business Days after such Swingline Loan is made;
provided that on each date that a Revolving Borrowing is made, the Borrower
shall repay all Swingline Loans then outstanding. On the Maturity Date, all
Loans shall become absolutely due and payable and the Borrower shall pay all of
the Loans outstanding, together with any and all accrued and unpaid interest
thereon.

          (b) Each Lender shall maintain in accordance with its usual practice
     an account or accounts evidencing the indebtedness of the Borrower to such
     Lender resulting from each Loan made by such Lender, including the amounts
     of principal and interest payable and paid to such Lender from time to time
     hereunder.

          (c) The Administrative Agent shall maintain accounts in which it shall
     record (i) the amount of each Loan made hereunder, the Class and Type
     thereof and the Interest Period applicable thereto, (ii) the amount of any
     principal or interest due and payable or to become due and payable from the
     Borrower to each Lender hereunder and (iii) the amount of any sum received
     by the Administrative Agent hereunder for the account of the Lenders and
     each Lender's share thereof.

          (d) The entries made in the accounts maintained pursuant to paragraph
     (b) or (c) of this Section shall be prima facie evidence of the existence
     and amounts of the obligations recorded therein; provided that the failure
     of any Lender or the Administrative Agent to maintain such accounts or any
     error therein shall not in any

                                       26

<PAGE>

     manner affect the obligation of the Borrower to repay the Loans in
     accordance with the terms of this Agreement.

          (e) Any Lender may request that Loans made by it be evidenced by a
     promissory note. In such event, the Borrower shall prepare, execute and
     deliver to such Lender a promissory note payable to the order of such
     Lender (or, if requested by such Lender, to such Lender and its registered
     assigns) and in a form approved by the Administrative Agent. Thereafter,
     the Loans evidenced by such promissory note and interest thereon shall at
     all times (including after assignment pursuant to Section 9.4) be
     represented by one or more promissory notes in such form payable to the
     order of the payee named therein (or, if such promissory note is a
     registered note, to such payee and its registered assigns).

     SECTION 2.10. Prepayment of Loans. (a) The Borrower shall have the right at
any time and from time to time to prepay any Borrowing in whole or in part,
subject to prior notice in accordance with paragraph (b) of this Section.

          (b) The Borrower shall notify the Administrative Agent (and, in the
     case of prepayment of a Swingline Loan, the Swingline Lender) by telephone
     (confirmed by telecopy) of any prepayment hereunder (i) in the case of
     prepayment of a Eurodollar Revolving Borrowing, not later than 11:00 a.m.,
     New York City time, three Business Days before the date of prepayment, (ii)
     in the case of prepayment of an ABR Revolving Borrowing, not later than
     11:00 a.m., New York City time, one Business Day before the date of
     prepayment or (iii) in the case of prepayment of a Swingline Loan, not
     later than 12:00 noon, New York City time, on the date of prepayment. Each
     such notice shall be irrevocable and shall specify the prepayment date and
     the principal amount of each Borrowing or portion thereof to be prepaid;
     provided that if a notice of prepayment is given in connection with a
     conditional notice of termination of the Commitments as contemplated by
     Section 2.8, then such notice of prepayment may be revoked if such notice
     of termination is revoked in accordance with Section 2.8. Promptly
     following receipt of any such notice relating to a Revolving Borrowing, the
     Administrative Agent shall advise the Lenders of the contents thereof. Each
     partial prepayment of any Revolving Borrowing shall be in an amount that
     would be permitted in the case of an advance of a Revolving Borrowing of
     the same Type as provided in Section 2.2. Each prepayment of a Revolving
     Borrowing shall be applied ratably to the Loans included in the prepaid
     Borrowing. Prepayments shall be accompanied by accrued interest to the
     extent required by Section 2.12.

     SECTION 2.11. Fees. (a) The Borrower agrees to pay to the Administrative
Agent for the account of each Lender a commitment fee, which shall accrue daily
at the rates set forth below (calculated in accordance with the definition of
"Applicable Rate") on such Lender's unused Commitment (less such Lender's
Applicable Percentage of the average daily balance of Letters of Credit), during
the period from and including the Effective Date to but excluding the date on
which such Commitment terminates; provided that if such Lender continues to have
any Revolving Credit Exposure after its Commitment terminates with respect
thereto, then such commitment fee shall continue to accrue on the daily amount
of such Lender's Swingline

                                       27

<PAGE>

Exposure and LC Exposure from and including the date on which its Commitment
terminates to but excluding the date on which such Lender ceases to have any
Revolving Credit Exposure:

<TABLE>
<CAPTION>
Pricing Level    Leverage Ratio:                        Commitment Fee
-------------   -----------------                       --------------
<S>             <C>                                     <C>
1               < 0.50:1.00                                 0.125%
2               greater than equal to 0.50:1.00 and <       0.150%
                1.00:1.00
3               greater than equal to 1.00:1.00 and <       0.175%
                1.50:1.00
4               greater than equal to 1.50:1.00 and <       0.200%
                2.00:1.00
5               greater than equal to 2.00:1.00             0.300%
</TABLE>

Accrued commitment fees shall be payable in arrears on the last day of March,
June, September and December of each year and on the date on which the
Commitments terminate, commencing on the first such date to occur after the date
hereof; provided that any commitment fees accruing after the date on which the
Commitments terminate shall be payable on demand. All commitment fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual
number of days elapsed (including the first day but excluding the last day).

          (b) The Borrower agrees to pay (i) to the Administrative Agent for the
     account of each Lender a participation fee with respect to its
     participations in Letters of Credit, which shall accrue at the same
     Applicable Rate used to determine the interest rate applicable to
     Eurodollar Revolving Loans on the average daily amount of such Lender's LC
     Exposure (excluding any portion thereof attributable to unreimbursed LC
     Disbursements) during the period from and including the Effective Date to
     but excluding the later of the date on which such Lender's Commitment
     terminates and the date on which such Lender ceases to have any LC
     Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue
     at the rate or rates per annum separately agreed upon between the Borrower
     and the Issuing Bank on the average daily amount of the LC Exposure
     (excluding any portion thereof attributable to unreimbursed LC
     Disbursements) during the period from and including the Effective Date to
     but excluding the later of the date of termination of the Commitments and
     the date on which there ceases to be any LC Exposure, as well as the
     Issuing Bank's standard fees with respect to the issuance, amendment,
     renewal or extension of any Letter of Credit or processing of drawings
     thereunder. Participation fees and fronting fees accrued through and
     including the last day of March, June, September and December of each year
     shall be payable on the third Business Day following such last day,
     commencing on the first such date to occur after the Effective Date;
     provided that all such fees shall be payable on the date on which the
     Commitments terminate and any such fees accruing after the date on which
     the Commitments terminate shall be payable on demand. Any other fees
     payable to the Issuing Bank pursuant to this paragraph shall be payable
     within 10 days after demand.

                                       28

<PAGE>

     All participation fees and fronting fees shall be computed on the basis of
     a year of 360 days and shall be payable for the actual number of days
     elapsed (including the first day but excluding the last day).

          (c) The Borrower agrees to pay to the Administrative Agent or the Lead
     Arranger, for its own account, fees payable in the amounts and at the times
     provided in the Fee Letter or as separately agreed upon from time to time
     between the Borrower and the Administrative Agent and/or the Lead Arranger.

          (d) All fees payable hereunder shall be paid on the dates due, in
     immediately available funds, to the Administrative Agent (or to the Issuing
     Bank, in the case of fees payable to it) for distribution, in the case of
     commitment fees and participation fees, to the Lenders. Fees paid shall not
     be refundable under any circumstances (unless miscalculated).

     SECTION 2.12. Interest. (a) The Loans comprising each ABR Borrowing shall
bear interest at the Alternate Base Rate plus the Applicable Rate.

          (b) The Loans comprising each Eurodollar Borrowing shall bear interest
     at the Adjusted LIBO Rate for the Interest Period in effect for such
     Borrowing plus the Applicable Rate.

          (c) Notwithstanding the foregoing, if any principal of or interest on
     any Loan or any fee or other amount payable by the Borrower hereunder is
     not paid when due, whether at stated maturity, upon acceleration or
     otherwise, such overdue amount shall bear interest, after as well as before
     judgment, at a rate per annum equal to (i) in the case of overdue principal
     of any Loan, 2% plus the rate otherwise applicable to such Loan as provided
     in the preceding paragraphs of this Section or (ii) in the case of any
     other amount, 2% plus the rate applicable to ABR Loans as provided in
     paragraph (a) of this Section.

          (d) Accrued interest on each Loan shall be payable in arrears on each
     Interest Payment Date for such Loan and, in the case of Revolving Loans,
     upon termination of the Commitments; provided that (i) interest accrued
     pursuant to paragraph (c) of this Section shall be payable on demand, (ii)
     in the event of any repayment or prepayment of any Loan (other than a
     prepayment of an ABR Revolving Loan prior to the end of the Availability
     Period), accrued interest on the principal amount repaid or prepaid shall
     be payable on the date of such repayment or prepayment and (iii) in the
     event of any conversion of any Eurodollar Revolving Loan prior to the end
     of the current Interest Period therefor, accrued interest on such Loan
     shall be payable on the effective date of such conversion.

          (e) All interest hereunder shall be computed on the basis of a year of
     360 days, except that interest computed by reference to the Alternate Base
     Rate at times when the Alternate Base Rate is based on the Prime Rate shall
     be computed on the basis of a year of 365 days (or 366 days in a leap
     year), and in each case shall be payable for the actual number of days
     elapsed (including the first day but excluding the last day). The

                                       29

<PAGE>

     applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be
     determined by the Administrative Agent, and such determination shall be
     conclusive absent manifest error.

     SECTION 2.13. Alternate Rate of Interest. If prior to the commencement of
any Interest Period for a Eurodollar Borrowing:

          (a) the Administrative Agent determines (which determination shall be
     conclusive absent manifest error) that adequate and reasonable means do not
     exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as
     applicable, for such Interest Period; or

          (b) the Administrative Agent is advised by the Required Lenders that
     the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest
     Period will not adequately and fairly reflect the cost to such Lenders (or
     Lender) of making or maintaining their Loans (or its Loan) included in such
     Borrowing for such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrower and the
Lenders by telephone or telecopy as promptly as practicable thereafter and,
until the Administrative Agent notifies the Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Revolving Borrowing to, or
continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be
ineffective, and (ii) if any Borrowing Request requests a Eurodollar Revolving
Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if
the circumstances giving rise to such notice affect only one Type of Borrowings,
then the other Type of Borrowings shall be permitted.

     SECTION 2.14. Increased Costs. (a) If any Change in Law shall:

               (i) impose, modify or deem applicable any reserve, special
          deposit or similar requirement against assets of, deposits with or for
          the account of, or credit extended by, any Lender (except any such
          reserve requirement reflected in the Adjusted LIBO Rate) or the
          Issuing Bank; or

               (ii) impose on any Lender or the Issuing Bank or the London
          interbank market any other condition affecting this Agreement or
          Eurodollar 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 Loan (or of maintaining its
obligation to make any such Loan) or to increase the cost to such Lender or the
Issuing Bank of participating in, issuing or maintaining any Letter of Credit or
to reduce the amount of any sum received or receivable by such Lender or the
Issuing Bank hereunder (whether of principal, interest or otherwise), then the
Borrower will pay to such Lender or the Issuing Bank, as the case may be, such
additional amount or amounts as will compensate such Lender or the Issuing Bank,
as the case may be, for such additional costs incurred or reduction suffered.

                                       30

<PAGE>

          (b) If any Lender or the Issuing Bank determines (absent manifest
     error) that any Change in Law regarding capital requirements has or would
     have the effect of reducing the rate of return on such Lender's or the
     Issuing Bank's capital or on the capital of such Lender's or the Issuing
     Bank's holding company, if any, as a consequence of this Agreement or the
     Loans made by, or participations in Letters of Credit held by, such Lender,
     or the Letters of Credit issued by the Issuing Bank, to a level below that
     which such Lender or the Issuing Bank or such Lender's or the Issuing
     Bank's holding company could have achieved but for such Change in Law
     (taking into consideration such Lender's or the Issuing Bank's policies and
     the policies of such Lender's or the Issuing Bank's holding company with
     respect to capital adequacy), then from time to time the Borrower will pay
     to such Lender or the Issuing Bank, as the case may be, such additional
     amount or amounts as will compensate such Lender or the Issuing Bank or
     such Lender's or the Issuing Bank's holding company for any such reduction
     suffered.

          (c) A certificate of a Lender or the Issuing Bank setting forth the
     amount or amounts necessary to compensate such Lender or the Issuing Bank
     or its holding company, as the case may be, as specified in paragraph (a)
     or (b) of this Section shall be delivered to the Borrower and shall be
     conclusive absent manifest error. The Borrower shall pay such Lender or the
     Issuing Bank, as the case may be, the amount shown as due on any such
     certificate within 10 days after receipt thereof.

          (d) Failure or delay on the part of any Lender or the Issuing Bank to
     demand compensation pursuant to this Section shall not constitute a waiver
     of such Lender's or the Issuing Bank's right to demand such compensation;
     provided that the Borrower shall not be required to compensate a Lender or
     the Issuing Bank pursuant to this Section for any increased costs or
     reductions incurred more than 180 days prior to the date that such Lender
     or the Issuing Bank, 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 the Issuing Bank's intention to claim compensation therefor;
     provided further that if the Change in Law giving rise to such increased
     costs or reductions is retroactive, then the 180-day period referred to
     above shall be extended to include the period of retroactive effect
     thereof.

     SECTION 2.15. Break Funding Payments. In the event of (a) the payment of
any principal of any Eurodollar Loan other than on the last day of an Interest
Period applicable thereto (including as a result of an Event of Default), (b)
the conversion of any Eurodollar Loan other than on the last day of the Interest
Period applicable thereto, (c) the failure to borrow, convert, continue or
prepay any Eurodollar Loan on the date specified in any notice delivered
pursuant hereto (regardless of whether such notice may be revoked under Section
2.10(b) and is revoked in accordance therewith), or (d) the assignment of any
Eurodollar Loan other than on the last day of the Interest Period applicable
thereto as a result of a request by the Borrower pursuant to Section 2.18, then,
in any such event, the Borrower shall compensate each Lender for the actual
loss, cost and expense attributable to such event. In the case of a Eurodollar
Loan, such loss, cost or expense to any Lender shall be deemed to include 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 Adjusted LIBO Rate (and without reference to the
Applicable Margin) that would have been applicable to such Loan, for

                                       31

<PAGE>

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 bid were it
to bid, at the commencement of such period, for dollar deposits of a comparable
amount and period from other banks in the eurodollar market. A certificate of
any Lender setting forth any amount or amounts that such Lender is entitled to
receive pursuant to this Section shall be delivered to the Borrower and shall be
conclusive absent manifest error. The Borrower shall pay such Lender the amount
shown as due on any such certificate within 10 days after receipt thereof.

     SECTION 2.16. Taxes. (a) Any and all payments by or on account of any
obligation of the Borrower hereunder shall be made free and clear of and without
deduction for any Indemnified Taxes or Other Taxes; provided that if the
Borrower shall be required to deduct any Indemnified Taxes or 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
Issuing Bank (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 pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable law.

          (b) In addition, the Borrower shall pay any Other Taxes to the
     relevant Governmental Authority in accordance with applicable law.

          (c) The Borrower shall indemnify the Administrative Agent, each Lender
     and the Issuing Bank, within 10 days after written demand therefor, for the
     full amount of any Indemnified Taxes or Other Taxes paid by the
     Administrative Agent, such Lender or the Issuing Bank, as the case may be,
     on or with respect to any payment by or on account of any obligation of the
     Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or
     asserted on or attributable to amounts payable under this Section) 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
     delivered to the Borrower by a Lender or the Issuing Bank, or by the
     Administrative Agent on its own behalf or on behalf of a Lender or the
     Issuing Bank, shall be conclusive absent manifest error.

          (d) 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) 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 located, or any treaty to which such jurisdiction is a party,
     with respect to payments under this

                                       32

<PAGE>

     Agreement shall deliver to the Borrower (with a copy to the Administrative
     Agent), at the time or times prescribed by applicable law, such properly
     completed and executed documentation prescribed by applicable law or
     reasonably requested by the Borrower as will permit such payments to be
     made without withholding or at a reduced rate.

          (f) If the Administrative Agent or a Lender 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 2.16, it
     shall pay over such refund to the Borrower (but only to the extent of
     indemnity payments made, or additional amounts paid, by the Borrower under
     this Section 2.16 with respect to the Taxes or Other Taxes giving rise to
     such refund), net of all out-of-pocket expenses of the Administrative Agent
     or such Lender 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 or such
     Lender, 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 or such Lender in the event the
     Administrative Agent or such Lender is required to repay such refund to
     such Governmental Authority. This Section shall not be construed to require
     the Administrative Agent or any Lender to make available its tax returns
     (or any other information relating to its taxes which it deems
     confidential) to the Borrower or any other Person.

     SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Set-offs.
(a) The Borrower shall make each payment required to be made by it hereunder
(whether of principal, interest, fees or reimbursement of LC Disbursements, or
of amounts payable under Section 2.14, 2.15 or 2.16, or otherwise) prior to
12:00 noon, New York City time, on the date when due, in immediately available
funds, without set-off or counterclaim. Any amounts received after such time on
any date may, in the discretion of the Administrative Agent, be deemed to have
been received on the next succeeding Business Day for purposes of calculating
interest thereon. All such payments shall be made to the Administrative Agent at
its offices at 270 Park Avenue, New York, New York, except payments to be made
directly to the Issuing Bank or Swingline Lender as expressly provided herein
and except that payments pursuant to Sections 2.14, 2.15, 2.16 and 9.3 shall be
made directly to the Persons entitled thereto. The Administrative Agent shall
distribute any such payments received by it for the account of any other Person
to the appropriate recipient promptly following receipt thereof. If any payment
hereunder shall be due on a day that is not a Business Day, the date for payment
shall be extended to the next succeeding Business Day, and, in the case of any
payment accruing interest, interest thereon shall be payable for the period of
such extension. All payments hereunder shall be made in dollars.

          (b) If at any time insufficient funds are received by and available to
     the Administrative Agent to pay fully all amounts of principal,
     unreimbursed LC Disbursements, interest and fees then due hereunder, such
     funds shall be applied (i) first, towards payment of interest and fees then
     due hereunder, ratably among the parties entitled thereto in accordance
     with the amounts of interest and fees then due to such parties, and (ii)
     second, towards payment of principal and unreimbursed LC Disbursements then
     due hereunder, ratably among the parties entitled thereto in

                                       33

<PAGE>

     accordance with the amounts of principal and unreimbursed LC Disbursements
     then due to such parties.

          (c) If any Lender shall, by exercising any right of set-off or
     counterclaim or otherwise, obtain payment in respect of any principal of or
     interest on any of its Revolving Loans or participations in LC
     Disbursements or Swingline Loans resulting in such Lender receiving payment
     of a greater proportion of the aggregate amount of its Revolving Loans and
     participations in LC Disbursements and Swingline Loans and accrued interest
     thereon than the proportion received by any other Lender, then the Lender
     receiving such greater proportion shall purchase (for cash at face value)
     participations in the Revolving Loans and participations in LC
     Disbursements and Swingline Loans of other Lenders to the extent necessary
     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 Revolving Loans and participations in LC
     Disbursements and Swingline Loans; provided that (i) if any such
     participations are purchased and all or any portion of the payment giving
     rise thereto is recovered, such participations shall be rescinded and the
     purchase price restored to the extent of such recovery, without interest,
     and (ii) the provisions of this paragraph shall not be construed to apply
     to any payment made by the Borrower pursuant to and in accordance with the
     express terms of this Agreement or any payment obtained by a Lender as
     consideration for the assignment of or sale of a participation in any of
     its Loans or participations in LC Disbursements to any assignee or
     participant, other than to the Borrower or any Subsidiary or Affiliate
     thereof (as to which the provisions of this paragraph shall apply). The
     Borrower 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
     the Borrower rights of set-off and counterclaim with respect to such
     participation as fully as if such Lender were a direct creditor of the
     Borrower in the amount of such participation.

          (d) 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 Issuing Bank
     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 Issuing Bank, 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 the Issuing Bank, as the case may be, severally agrees to
     repay to the Administrative Agent forthwith on demand the amount so
     distributed to such Lender or Issuing Bank 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 Effective Rate and a rate determined by the
     Administrative Agent in accordance with banking industry rules on interbank
     compensation.

          (e) If any Lender shall fail to make any payment required to be made
     by it pursuant to Section 2.4(c), 2.5(d) or (e), 2.6(b), 2.17(d) or 9.3(c),
     then the Administrative Agent may, in its discretion (notwithstanding any
     contrary provision hereof), apply any amounts thereafter received by the
     Administrative Agent for the account of such Lender

                                       34

<PAGE>

     to satisfy such Lender's obligations under such Sections until all such
     unsatisfied obligations are fully paid.

     SECTION 2.18. Mitigation Obligations; Replacement of Lenders. (a) If any
Lender requests compensation under Section 2.14, 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 2.16, 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 2.14 or 2.16, as the case may be, in the future and
(ii) would not subject such Lender to any unreimbursed cost or expense and would
not otherwise be disadvantageous 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) If any Lender requests compensation under Section 2.14, 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
     2.16, or if any Lender defaults in its obligation to fund Loans hereunder,
     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 Section 9.4), all its interests, rights and
     obligations under this Agreement to an assignee that shall assume such
     obligations (which assignee may be another Lender, if a Lender accepts such
     assignment); provided that (i) the Borrower shall have received the prior
     written consent of the Administrative Agent (and if a Commitment is being
     assigned, the Issuing Bank), which consent shall not unreasonably be
     withheld, (ii) such Lender shall have received payment of an amount equal
     to the outstanding principal of its Loans and funded participations in LC
     Disbursements and Swingline Loans, accrued interest thereon, accrued fees
     and all other amounts payable to it hereunder, from the assignee (to the
     extent of such outstanding principal and accrued interest and fees) or the
     Borrower (in the case of all other amounts) and (iii) in the case of any
     such assignment resulting from a claim for compensation under Section 2.14
     or payments required to be made pursuant to Section 2.16, such assignment
     will result in a reduction in such compensation or payments. A Lender shall
     not be required to make any such assignment and delegation if, within five
     Business Days after being notified that the Borrower proposes to require a
     Lender to make such assignment and delegation hereunder, 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.

     SECTION 2.19. Increase in Commitments. The Borrower shall have the right
upon one or more occasions by written notice to the Administrative Agent (a
"Commitment Increase Notice") to request an increase in the aggregate Commitment
(the amount of increase requested on any occasion being referred to herein as
the "Increase Amount"), to a maximum aggregate Commitment of $150,000,000;
provided that at the time of the Commitment Increase Notice and at the time such
request would become effective (i) no Default has occurred and is continuing or
would exist after giving effect to such increase in the Commitment, and (ii) the
Borrower will be in pro forma compliance with all of the covenants of Section
6.9 after giving effect to such

                                       35

<PAGE>

increase in the Commitment. The Commitment Increase Notice shall be delivered by
the Agent to the Lenders and shall specify a time period selected by the
Borrower within which each Lender is requested to respond to such Commitment
Increase Notice (which shall in no event be less than ten Business Days from the
date of delivery of such Commitment Increase Notice to the Lenders). Each Lender
shall notify the Administrative Agent within such time period whether or not it
agrees to increase its Commitment and, if so, whether by an amount equal to,
greater than, or less than its Applicable Percentage of such requested increase.
Any such Lender not responding within such time period shall be deemed to have
declined to increase its Commitment. The Administrative Agent shall notify the
Borrower and each Lender of such other Lender's responses to each request made
hereunder. After the expiration of the time period set forth in the Commitment
Increase Notice or receipt by the Administrative Agent of responses to the
Commitment Increase Notice from each of the Lenders, then the Borrower may, to
achieve the full amount of the requested increase in the Commitments, invite one
or more other Persons (other than individuals) (an "Additional Lender") that
have agreed to provide the Increase Amount and that are acceptable to each of
the Administrative Agent, Swingline Lender and Issuing Bank (such consent not to
be unreasonably withheld) (it being agreed that any Lender as of the date of the
Commitment Increase Notice would be acceptable) may be admitted as a Lender
party to this Agreement in accordance with the provisions of Section 9.4(e).
None of the Administrative Agent, Lead Arranger or any other Lender shall have
any obligation or other commitment to provide all or any portion of the Increase
Amount. Any such increase in the Commitment shall become effective upon written
notice by the Administrative Agent (which shall be promptly delivered by the
Administrative Agent) to the Borrower and the Lenders specifying the effective
date of such increase in Commitment, together with a revised Schedule 2.1
stating the new Commitment, and, in respect thereof, the Commitment Amount of
each Additional Lender, the respective continuing Commitment amount of the other
Lenders and the new Revolving Credit Exposure of the Lenders. Upon the effective
date of the increased Commitment, each Additional Lender shall make all (if any)
such payments to the Administrative Agent for distribution to the other Lenders
as may be necessary to result in the respective Revolving Loans held by such
Additional Lender and the other Lenders being equal to such applicable Lender's
Revolving Credit Exposure (as set forth in the revised Schedule 2.1) of the
aggregate principal amount of all Revolving Loans outstanding as of such date.
The Borrower hereby agrees that any Additional Lender so paying any such amount
to the other Lenders pursuant to the preceding sentence shall be entitled to all
the rights of a Lender having Commitments hereunder in respect of such amounts,
that such payments to such other Lenders shall thereafter constitute Revolving
Loans made by such Additional Lender hereunder and that such Additional Lender
may exercise all of its right of payment with respect to such amounts as fully
as if such Additional Lender had initially advanced to the Borrower directly the
amount of such payments. If any such adjustment payments pursuant to the
preceding sentences of this Section 2.19 are made by an Additional Lender to
other Lenders at a time other than the end of an Interest Period in the case of
all or any portion of Revolving Loans constituting Eurodollar Loans, the
Borrower shall pay to each of the Lenders receiving any such payment, at the
time that such payment is made pursuant to this Section 2.19, the amount that
would be required to be paid by the Borrower pursuant to Section 2.15 had such
payments been made directly by the Borrower.

                                       36
<PAGE>

                                  ARTICLE III.
                         REPRESENTATIONS AND WARRANTIES

     Each Loan Party represents and warrants to the Lenders that:

     SECTION 3.1. Organization; Powers. The Borrower and each Material
Subsidiary is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization and has all requisite power and
authority to carry on its business as now conducted. Each Subsidiary other than
a Material Subsidiary is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization and has all requisite
power and authority to carry on its business as now conducted, except where the
failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. Except where the failure to do
so, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect, the Borrower and each Subsidiary is qualified to
do business in, and is in good standing in, every jurisdiction where such
qualification is required.

     SECTION 3.2. Authorization; Enforceability. The Transactions are within
each Loan Party's corporate powers and have been duly authorized by all
necessary corporate and, if required, stockholder action. This Agreement has
been duly executed and delivered by each Loan Party and constitutes a legal,
valid and binding obligation of each Loan Party, enforceable in accordance with
its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors' rights generally and subject to
general principles of equity, regardless of whether considered in a proceeding
in equity or at law.

     SECTION 3.3. Governmental Approvals; No Conflicts. The Transactions (a) do
not require any consent or approval of, registration or filing with, or any
other action by, any Governmental Authority, except such as have been obtained
or made and are in full force and effect, (b) will not violate any applicable
law or regulation or the charter, by-laws or other organizational documents of
the Borrower or any of its Subsidiaries or any order of any Governmental
Authority, (c) will not violate or result in a default under any indenture,
agreement or other instrument binding upon the Borrower or any of its
Subsidiaries or its assets, or give rise to a right thereunder to require any
payment to be made by the Borrower or any of its Subsidiaries, and (d) will not
result in the creation or imposition of any Lien on any asset of the Borrower or
any of its Subsidiaries.

     SECTION 3.4. Financial Condition; No Material Adverse Change. (a) The
Borrower has heretofore furnished to the Lenders its consolidated balance sheet
and statements of income, stockholders equity and cash flows (i) as of and for
the fiscal year ended June 30, 2006, reported on by Ernst & Young LLP,
independent public accountants, and (ii) as of and for the fiscal quarter and
the portion of the fiscal year ended September 30, 2006, certified by its chief
financial officer. Such financial statements present fairly, in all material
respects, the financial position and results of operations and cash flows of the
Borrower and its consolidated Subsidiaries as of such dates and for such periods
in accordance with GAAP, subject to year-end audit adjustments and the absence
of footnotes in the case of the statements referred to in clause (ii) above.

                                       37

<PAGE>

          (b) Since June 30, 2006, there has been no material adverse change in
     the business, assets, operations, prospects or condition, financial or
     otherwise, of the Borrower and its Subsidiaries, taken as a whole.

     SECTION 3.5. Properties. (a) Each of the Borrower and its Subsidiaries has
good title to, or valid leasehold interests in, all its real and personal
property material to its business, except for minor defects in title that do not
interfere with its ability to conduct its business as currently conducted or to
utilize such properties for their intended purposes.

          (b) Each of the Borrower and its Subsidiaries owns, or is licensed to
     use, all trademarks, tradenames, copyrights, patents and other intellectual
     property material to its business, and the use thereof by the Borrower and
     its Subsidiaries does not infringe upon the rights of any other Person,
     except for any such infringements that, individually or in the aggregate,
     could not reasonably be expected to result in a Material Adverse Effect.

     SECTION 3.6. Litigation and Environmental Matters. (a) There are no
actions, suits or proceedings by or before any arbitrator or Governmental
Authority pending against or, to the knowledge of any Loan Party, threatened
against or affecting the Borrower or any of its Subsidiaries (i) that would
reasonably be expected, individually or in the aggregate, to result in a
Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve
this Agreement or the Transactions.

          (b) Except for the Disclosed Matters and except with respect to any
     other matters that, individually or in the aggregate, could not reasonably
     be expected to result in a Material Adverse Effect, neither the Borrower
     nor any of its Subsidiaries (i) has failed to comply with any Environmental
     Law or to obtain, maintain or comply with any permit, license or other
     approval required under any Environmental Law, (ii) has become subject to
     any Environmental Liability, (iii) has received notice of any claim with
     respect to any Environmental Liability or (iv) knows of any basis for any
     Environmental Liability.

          (c) Since the date of this Agreement, there has been no change in the
     status of the Disclosed Matters that, individually or in the aggregate, has
     resulted in, or materially increased the likelihood of, a Material Adverse
     Effect.

     SECTION 3.7. Compliance with Laws and Agreements. Each of the Borrower and
its Subsidiaries is in compliance with all laws, regulations and orders of any
Governmental Authority applicable to it or its property and all indentures,
agreements and other instruments binding upon it or its property, except where
the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. No Default has occurred and is
continuing.

     SECTION 3.8. Investment and Holding Company Status. Neither the Borrower
nor any of its Subsidiaries is (a) an "investment company" as defined in, or
subject to regulation under, the Investment Company Act of 1940 or (b) a
"holding company" as defined in, or subject to regulation under, the Public
Utility Holding Company Act of 2005.

                                       38

<PAGE>

     SECTION 3.9. Taxes. Each of the Borrower and its Subsidiaries has timely
filed or caused to be filed all Tax returns and reports required to have been
filed (within any applicable extension) and has paid or caused to be paid all
Taxes required to have been paid by it, except (a) Taxes that are being
contested in good faith by appropriate proceedings and for which the Borrower or
such Subsidiary, as applicable, has set aside on its books adequate reserves or
(b) to the extent that the failure to do so could not reasonably be expected to
result in a Material Adverse Effect.

     SECTION 3.10. ERISA. 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. The present value of all accumulated
benefit obligations under each Plan (based on the assumptions used for purposes
of Statement of Financial Accounting Standards No. 87) did not, as of the date
of the most recent financial statements reflecting such amounts, exceed the fair
market value of the assets of such Plan, and the present value of all
accumulated benefit obligations of all underfunded Plans (based on the
assumptions used for purposes of Statement of Financial Accounting Standards No.
87) did not, as of the date of the most recent financial statements reflecting
such amounts, exceed the fair market value of the assets of all such underfunded
Plans.

     SECTION 3.11. Disclosure. Neither the Information Memorandum nor any of the
other reports, financial statements, certificates or other information furnished
by or on behalf of any Loan Party to the Administrative Agent or any Lender in
connection with the negotiation of this Agreement or delivered hereunder (as
modified or supplemented by other information so furnished) 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 (a) with respect to projected financial
information, each Loan Party represents only that such information was prepared
in good faith based upon assumptions believed to be reasonable at the time, and
(b) to the extent the representations made in this Section 3.11 relate to CCT or
Behavioral and Medical Research, LLC, such representations are made to the best
of the knowledge of the each Loan Party.

     SECTION 3.12. Subsidiaries. As of the date hereof, Schedule 3.12 is a
complete list of each of the Borrower's Subsidiaries and such Subsidiary's
jurisdiction of incorporation.

     SECTION 3.13. Federal Regulations. Neither the Borrower nor any of its
Subsidiaries is engaged or will engage in any activities, nor shall use any
portion of the proceeds of the Loans be used for any purpose, which in either
case violate or are inconsistent with the provisions of Regulations U and X of
the Board of Governors of the Federal Reserve System as now and from time to
time hereafter in effect.

                                  ARTICLE IV.
                                   CONDITIONS

     SECTION 4.1. Effective Date. The obligations of the Lenders to make Loans
and of the Issuing Bank to issue Letters of Credit hereunder shall not become
effective until the date on which each of the following conditions is satisfied
(or waived in accordance with Section 9.2):

                                       39

<PAGE>

          (a) The Administrative Agent (or its counsel) shall have received from
     each party hereto either (i) a counterpart of the Loan Documents signed on
     behalf of such party or (ii) written evidence satisfactory to the
     Administrative Agent (which may include telecopy transmission of a signed
     signature page of this Agreement) that such party has signed a counterpart
     of each Loan Document.

          (b) The Administrative Agent shall have received a written opinion
     (addressed to the Administrative Agent and the Lenders and dated the
     Effective Date) of Wilmer Cutler Pickering Hale and Dorr LLP, counsel for
     the Borrower and each Subsidiary Guarantor, substantially in the form of
     Exhibit B, and covering such other matters relating to the Borrower and
     each Subsidiary Guarantor, this Agreement or the Transactions as the
     Administrative Agent shall reasonably request. The Borrower hereby requests
     such counsel to deliver such opinion.

          (c) The Administrative Agent shall have received such documents and
     certificates as the Administrative Agent or its counsel may reasonably
     request relating to the organization, existence and good standing of the
     Borrower and each Subsidiary Guarantor, the authorization of the
     Transactions and any other legal matters relating to the Borrower and the
     Subsidiary Guarantors, this Agreement or the Transactions, all in form and
     substance satisfactory to the Administrative Agent and its counsel.

          (d) The Administrative Agent shall have received a certificate, dated
     the Effective Date and signed by the President, a Vice President or a
     Financial Officer of the Borrower, confirming compliance with the
     conditions set forth in paragraphs (a) and (b) of Section 4.2.

          (e) The Administrative Agent shall have received all fees and other
     amounts due and payable pursuant to this Agreement and the Fee Letter on or
     prior to the Effective Date, including, to the extent invoiced,
     reimbursement or payment of all out-of-pocket expenses required to be
     reimbursed or paid by the Borrower hereunder.

          (f) The Administrative Agent shall have received evidence that all
     governmental and third party approvals necessary or, in the discretion of
     the Administrative Agent, advisable in connection with the financing
     contemplated hereby and the continuing operations of the Borrower and its
     Subsidiaries shall have been obtained and be in full force and effect.

          (g) The Administrative Agent shall have received (i) satisfactory
     audited consolidated financial statements of the Borrower for the two most
     recent fiscal years ended prior to the Effective Date as to which such
     financial statements are available and (ii) satisfactory unaudited interim
     consolidated and consolidating financial statements of the Borrower for
     each fiscal quarterly period ended subsequent to the date of the latest
     financial statements delivered pursuant to clause (i) of this paragraph as
     to which such financial statements are available.

          (h) The Administrative Agent shall have received evidence that the
     Borrower has repaid in full all amounts outstanding under the Advised Line
     Facility.

                                       40

<PAGE>

          (i) The Lenders shall have received such other documents and
     instruments as are customary for transactions of this type or as they may
     reasonably request.

The Administrative Agent shall notify the Borrower and the Lenders of the
Effective Date, and such notice shall be conclusive and binding. Notwithstanding
the foregoing, the obligations of the Lenders to make Loans and of the Issuing
Bank to issue Letters of Credit hereunder shall not become effective unless each
of the foregoing conditions is satisfied (or waived pursuant to Section 9.2) at
or prior to 3:00 p.m., New York City time, on January 31, 2007 (and, in the
event such conditions are not so satisfied or waived, the Commitments shall
terminate at such time).

     SECTION 4.2. Each Credit Event. The obligation of each Lender to make a
Loan on the occasion of any Borrowing, and of the Issuing Bank to issue, amend,
renew or extend any Letter of Credit, is subject to the satisfaction of the
following conditions:

          (a) The representations and warranties of the Borrower set forth in
     this Agreement shall be true and correct on and as of the date of such
     Borrowing or the date of issuance, amendment, renewal or extension of such
     Letter of Credit, as applicable.

          (b) At the time of and immediately after giving effect to such
     Borrowing or the issuance, amendment, renewal or extension of such Letter
     of Credit, as applicable, no Default or Event of Default shall have
     occurred and be continuing.

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of
Credit shall be deemed to constitute a representation and warranty by the
Borrower on the date thereof as to the matters specified in paragraphs (a) and
(b) of this Section.

                                   ARTICLE V.
                              AFFIRMATIVE COVENANTS

     Until the Commitments have expired or been terminated and the principal of
and interest on each Loan and all fees payable hereunder shall have been paid in
full and all Letters of Credit shall have expired or terminated and all LC
Disbursements shall have been reimbursed, each Loan Party covenants and agrees
with the Lenders that:

     SECTION 5.1. Financial Statements; Ratings Change and Other Information.
The Borrower will furnish to the Administrative Agent and each Lender:

          (a) within 90 days after the end of each fiscal year of the Borrower,
     its audited consolidated balance sheet and related statements of
     operations, stockholders' equity and cash flows as of the end of and for
     such year, setting forth in each case in comparative form the figures for
     the previous fiscal year, all reported on by Ernst & Young LLP or other
     independent public accountants of recognized national standing (without a
     "going concern" or like qualification or exception and without any
     qualification or exception as to the scope of such audit) to the effect
     that such consolidated financial statements present fairly in all material
     respects the financial condition and results of operations of the Borrower
     and its consolidated Subsidiaries on a consolidated basis in accordance
     with GAAP consistently applied;

                                       41

<PAGE>

          (b) within 45 days after the end of each of the first three fiscal
     quarters of each fiscal year of the Borrower, its consolidated balance
     sheet and related statements of operations, stockholders' equity and cash
     flows as of the end of and for such fiscal quarter and the then elapsed
     portion of the fiscal year, setting forth in each case in comparative form
     the figures for the corresponding period or periods of (or, in the case of
     the balance sheet, as of the end of) the previous fiscal year, all
     certified by one of its Financial Officers as presenting fairly in all
     material respects the financial condition and results of operations of the
     Borrower and its consolidated Subsidiaries on a consolidated basis in
     accordance with GAAP consistently applied, subject to normal year-end audit
     adjustments and the absence of footnotes;

          (c) concurrently with any delivery of financial statements under
     clause (a) or (b) above, a certificate of a Financial Officer of the
     Borrower (i) certifying as to whether a Default has occurred and, if a
     Default has occurred, specifying the details thereof and any action taken
     or proposed to be taken with respect thereto, (ii) setting forth reasonably
     detailed calculations demonstrating compliance with Section 6.9 and (iii)
     stating whether any change in GAAP or in the application thereof has
     occurred since the date of the audited financial statements referred to in
     Section 3.4 and, if any such change has occurred, specifying the effect of
     such change on the financial statements accompanying such certificate;

          (d) promptly after the same become publicly available, copies of all
     periodic and other reports, proxy statements and other materials filed by
     the Borrower or any Subsidiary with the Securities and Exchange Commission,
     or any Governmental Authority succeeding to any or all of the functions of
     said Commission, or with any national securities exchange, or distributed
     by the Borrower to its shareholders generally, as the case may be; and

          (e) promptly following any request therefor, such other information
     regarding the operations, business affairs and financial condition of the
     Borrower or any Subsidiary, or compliance with the terms of this Agreement,
     as the Administrative Agent may reasonably request.

Any delivery of the items required to be delivered by (i) clauses (a), (b), and
(d) of this Section by the Borrower shall be deemed to have been delivered to
the Administrative Agent and the Lenders upon the filing of such items with the
Securities and Exchange Commission, provided that such items are readily
available for public viewing on EDGAR, or (ii) clause (c) of this Section by the
Borrower shall be deemed satisfied by delivery to the Administrative Agent of
such items for posting to Intralinks or other such similar system (to the extent
Intralinks or such other system has been established, is functioning and is
accessible to each Lender).

     SECTION 5.2. Notices of Material Events. The Borrower will furnish to the
Administrative Agent and each Lender prompt written notice of the following:

          (a) the occurrence of any Default;

                                       42

<PAGE>

          (b) the filing or commencement of any action, suit or proceeding by or
     before any arbitrator or Governmental Authority against or affecting the
     Borrower or any Affiliate thereof that could reasonably be expected to
     result in a Material Adverse Effect;

          (c) the occurrence of any ERISA Event that, alone or together with any
     other ERISA Events that have occurred, could reasonably be expected to
     result in liability of the Borrower and its Subsidiaries in an aggregate
     amount exceeding $10,000,000; and

          (d) any other development that results in, or could reasonably be
     expected to result in, a Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of
a Financial Officer or other executive officer of the Borrower setting forth the
details of the event or development requiring such notice and any action taken
or proposed to be taken with respect thereto.

     SECTION 5.3. Existence; Conduct of Business. The Borrower will, and will
cause each of its Subsidiaries to, do or cause to be done all things necessary
to preserve, renew and keep in full force and effect its legal existence and the
rights, licenses, permits, privileges and franchises material to the conduct of
the business of the Borrower and its Subsidiaries, taken as a whole; provided
that the foregoing shall not prohibit any merger, consolidation, liquidation or
dissolution permitted under Section 6.3.

     SECTION 5.4. Payment of Obligations. The Borrower will, and will cause each
of its Subsidiaries to, pay its obligations, including Tax liabilities, that, if
not paid, could result in a Material Adverse Effect before the same shall become
delinquent or in default, except where (a) the validity or amount thereof is
being contested in good faith by appropriate proceedings, (b) the Borrower or
such Subsidiary has set aside on its books adequate reserves with respect
thereto in accordance with GAAP and (c) the failure to make payment pending such
contest could not reasonably be expected to result in a Material Adverse Effect.

     SECTION 5.5. Maintenance of Properties; Insurance. The Borrower will, and
will cause each of its Subsidiaries to, (a) keep and maintain all property
material to the conduct of the business of the Borrower and its Subsidiaries,
taken as a whole, in good working order and condition, ordinary wear and tear
excepted, and (b) maintain, with financially sound and reputable insurance
companies, insurance in such amounts and against such risks as are customarily
maintained by companies engaged in the same or similar businesses operating in
the same or similar locations.

     SECTION 5.6. Books and Records; Inspection Rights. The Borrower will, and
will cause each of its Subsidiaries to, keep proper books of record and account
in which full, true and correct entries are made of all dealings and
transactions in relation to its business and activities. The Borrower will, and
will cause each of its Subsidiaries to, permit any representatives designated by
the Administrative Agent or the Required Lenders, upon reasonable prior notice,
to visit and inspect its properties, to examine and make extracts from its books
and records, and to discuss its affairs, finances and condition with its
officers and independent accountants, all at such reasonable times and as often
as reasonably requested, provided that such visits shall not

                                       43

<PAGE>

occur more than once per calendar year unless an Event of Default has occurred
and is continuing.

     SECTION 5.7. Compliance with Laws. The Borrower will, and will cause each
of its Subsidiaries to, comply with all laws, rules, regulations and orders of
any Governmental Authority applicable to it or its property, except where the
failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect.

     SECTION 5.8. Use of Proceeds and Letters of Credit. The proceeds of the
Loans will be used only (a) to finance Permitted Acquisitions; (b) to repay all
outstanding amounts under the Borrower's Advised Line Facility; (c) to finance
Permitted Stock Repurchases, and (d) for general corporate purposes of the
Borrower and its Subsidiaries. No part of the proceeds of any Loan will be used,
whether directly or indirectly, for any purpose that entails a violation of any
of the Regulations of the Board, including Regulations T, U and X.

     SECTION 5.9. Additional Subsidiaries. In the event the Borrower acquires or
creates any Material U.S. Subsidiaries or if any existing Subsidiary becomes a
Material U.S. Subsidiary after the Effective Date, the Borrower shall forthwith
promptly cause such Subsidiary to become a Subsidiary Guarantor; provided that,
at the reasonable discretion of the Administrative Agent, no such Material U.S.
Subsidiary shall be required to become a Subsidiary Guarantor to the extent that
doing so would be reasonably likely to cause material adverse tax consequences
to the Borrower and its Subsidiaries.

                                  ARTICLE VI.
                               NEGATIVE COVENANTS

     Until the Commitments have expired or terminated and the principal of and
interest on each Loan and all fees payable hereunder have been paid in full and
all Letters of Credit have expired or terminated and all LC Disbursements shall
have been reimbursed, each Loan Party covenants and agrees with the Lenders
that:

     SECTION 6.1. Indebtedness. The Borrower will not, and will not permit any
Subsidiary to, create, incur, assume or permit to exist any Indebtedness,
except:

          (a) Indebtedness created hereunder;

          (b) Indebtedness set forth in Schedule 6.1, and any extensions,
     renewals or replacements of any such Indebtedness to the extent the
     principal amount thereof is not increased;

          (c) Indebtedness of (i) a Loan Party to a Loan Party, (ii) a Non-Loan
     Party to a Non-Loan Party, (iii) a Loan Party to a Non-Loan Party, and (iv)
     a Non-Loan Party to a Loan Party in an amount not to exceed the amount
     provided for in Section 6.12;

          (d) Guarantees by (i) a Loan Party of Indebtedness of a Loan Party,
     (ii) a Non-Loan Party of Indebtedness of a Non-Loan Party, (iii) a Non-Loan
     Party of the Indebtedness of a Loan Party, and (iv) a Loan Party of
     Indebtedness of a Non-Loan Party in an amount not to exceed the amount
     provided for in Section 6.12;

                                       44

<PAGE>

          (e) Indebtedness of the Borrower or any Subsidiary incurred to finance
     the acquisition, construction or improvement of any fixed or capital
     assets, including Capital Lease Obligations and any Indebtedness assumed in
     connection with the acquisition of any such assets or secured by a Lien on
     any such assets prior to the acquisition thereof, and extensions, renewals
     and replacements of any such Indebtedness that do not increase the
     outstanding principal amount thereof; provided that (i) such Indebtedness
     is incurred prior to or within 90 days after such acquisition or the
     completion of such construction or improvement and (ii) the aggregate
     principal amount of Indebtedness permitted by this clause (e) shall not
     exceed $20,000,000 at any time outstanding;

          (f) Indebtedness of any Loan Party not otherwise contemplated in the
     foregoing clauses provided that (i) that the Loan Parties and their
     Subsidiaries, on a combined and consolidating basis, will be solvent upon
     the incurrence of such Indebtedness; (ii) the Loan Parties shall be in
     compliance with Section 6.9 on a pro forma basis as at the end of and for
     the most recently ended Reference Period (and, at the request of the
     Administrative Agent, the Borrower shall deliver to the Administrative
     Agent a certificate of a Financial Officer certifying the foregoing in
     reasonable detail), and (iii) no Default or Event of Default then exists or
     would result after giving effect to the incurrence of such Indebtedness;

          (g) Indebtedness of the Borrower or any Subsidiary as an account party
     in respect of trade letters of credit; and

          (h) Indebtedness of Non-Loan Parties in a principal amount not to
     exceed $20,000,000.

     SECTION 6.2. Liens. The Borrower will not, and will not permit any
Subsidiary to, create, incur, assume or permit to exist any Lien on any property
or asset now owned or hereafter acquired by it, or assign or sell any income or
revenues (including accounts receivable) or rights in respect of any thereof,
except:

          (a) Permitted Encumbrances;

          (b) any Lien on any property or asset of the Borrower or any
     Subsidiary set forth in Schedule 6.2; provided that (i) such Lien shall not
     apply to any other property or asset of the Borrower or any Subsidiary and
     (ii) such Lien shall secure only those obligations which it secures on the
     date hereof;

          (c) any Lien existing on any property or asset prior to the
     acquisition thereof by the Borrower or any Subsidiary or existing on any
     property or asset of any Person that becomes a Subsidiary after the date
     hereof prior to the time such Person becomes a Subsidiary; provided that
     (i) such Lien is not created in contemplation of or in connection with such
     acquisition or such Person becoming a Subsidiary, as the case may be, (ii)
     such Lien shall not apply to any other property or assets of the Borrower
     or any Subsidiary and (iii) such Lien shall secure only those obligations
     which it secures on the date of such acquisition or the date such Person
     becomes a Subsidiary (or any refinancing

                                       45

<PAGE>

     or replacement of such obligation which does not increase the principal
     amount of any such obligations), as the case may be;

          (d) Liens on fixed or capital assets acquired, constructed or improved
     by the Borrower or any Subsidiary; provided that (i) such security
     interests secure Indebtedness permitted by clause (e) of Section 6.1, (ii)
     such security interests and the Indebtedness secured thereby are incurred
     prior to or within 90 days after such acquisition or the completion of such
     construction or improvement, (iii) the Indebtedness secured thereby does
     not exceed the cost of acquiring, constructing or improving such fixed or
     capital assets and (iv) such security interests shall not apply to any
     other property or assets of the Borrower or any Subsidiary; and

          (e) any Liens in the form of cash collateral securing letters of
     credit; provided that the Indebtedness secured thereby shall not exceed
     $10,000,000; and

          (f) Liens securing Indebtedness permitted by clause (h) of Section
     6.1.

     SECTION 6.3. Fundamental Changes. (a) The Borrower will not, and will not
permit any Subsidiary to, merge into or consolidate with any other Person, or
permit any other Person to merge into or consolidate with it, or sell, transfer,
lease or otherwise dispose of (in one transaction or in a series of
transactions) all or any substantial part of its assets, or all or substantially
all of the stock of any of its Subsidiaries (in each case, whether now owned or
hereafter acquired), or liquidate or dissolve, except that, if at the time
thereof and immediately after giving effect thereto no Default shall have
occurred and be continuing:

               (i) any Subsidiary may merge into the Borrower in a transaction
     in which the Borrower is the surviving corporation,

               (ii) any Loan Party may (A) sell, transfer, lease or otherwise
     dispose of its assets (1) to a Loan Party or (2) to a Non-Loan Party in an
     amount not to exceed the maximum amount permitted under Section 6.12, or
     (B) merge with a Loan Party;

               (iii) any Non-Loan Party may (A) sell, transfer, lease or
     otherwise dispose of its assets to a Non-Loan Party or a Loan Party, or (B)
     merge with a Non-Loan Party, or a Loan Party if a Loan Party is the
     survivor;

               (iv) any Subsidiary may liquidate or dissolve if the Borrower
     determines in good faith that such liquidation or dissolution is in the
     best interests of the Borrower and is not materially disadvantageous to the
     Lenders;

               (v) any Subsidiary may sell, transfer, lease or otherwise dispose
     of (in one transaction or in a series of transactions), assets and
     properties so long as:

                    (A) if any such disposition shall constitute more than 2% of
     the consolidated tangible assets of the Borrower and its Subsidiaries (as
     measured for the most recently ended fiscal quarter), then (i) the Borrower
     shall deliver to the Administrative Agent a certificate of a Financial
     Officer (i) certifying that the Loan Parties and their Subsidiaries, on a
     combined and consolidating basis, will be solvent

                                       46

<PAGE>

     upon the consummation of the disposition; (ii) attaching calculations
     reasonably satisfactory to the Administrative Agent evidencing compliance
     with Section 6.9 on a pro forma basis as at the end of and for the most
     recently ended Reference Period, (iii) demonstrating that pro-forma
     Consolidated EBITDA for the Reference Period most recently ended after
     giving effect to any such disposition is not more than 10% lower than
     Consolidated EBITDA for the Reference Period most recently ended without
     giving effect to such disposition, and (iv) certifying that no Default or
     Event of Default then exists or would result after giving effect to such
     disposition; and

                    (B) such dispositions shall not, in the aggregate, exceed an
     amount equal to 10% of the Borrower's consolidated tangible assets as set
     forth on the Borrower's most recently delivered audited financial
     statements delivered pursuant to Section 4.1(g); and

               (vi) any person that is not a Subsidiary may merge with and into
     the Borrower or any of its wholly-owned Subsidiaries in a Permitted
     Acquisition.

          (b) The Borrower will not, and will not permit any of its Subsidiaries
     to, engage to any material extent in any business other than businesses of
     the type conducted by the Borrower and its Subsidiaries on the date of
     execution of this Agreement and businesses reasonably related thereto.

     SECTION 6.4. Investments, Loans, Advances, Guarantees and Acquisitions. The
Borrower will not, and will not permit any of its Subsidiaries to, purchase,
hold or acquire (including pursuant to any merger with any Person that was not a
wholly owned Subsidiary prior to such merger) any capital stock, evidences of
indebtedness or other securities (including any option, warrant or other right
to acquire any of the foregoing) of, make or permit to exist any loans or
advances to, Guarantee any obligations of, or make or permit to exist any
investment or any other interest in, any other Person, or purchase or otherwise
acquire (in one transaction or a series of transactions) any assets of any other
Person constituting a business unit, except:

          (a) Permitted Investments;

          (b) Investments by the Borrower existing on the date hereof in the
     capital stock of its Subsidiaries;

          (c) investments in, including loans and advances made by (i) a Loan
     Party to any other Loan Party, (ii) a Non-Loan Party to a Non-Loan Party,
     (iii) a Non-Loan Party to a Loan Party, and (iv) a Loan Party to a Non-Loan
     Party to the extent permitted by Section 6.12.

          (d) Guarantees constituting Indebtedness permitted by Section 6.1;

          (e) investments in Permitted Acquisitions; and

          (f) investments in the capital stock or other securities of a Person
     (not constituting an Acquisition) in an amount not to exceed $10,000,000
     for the period from and after the Effective Date.

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<PAGE>

     SECTION 6.5. Swap Agreements. The Borrower will not, and will not permit
any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap
Agreements entered into to hedge or mitigate risks to which the Borrower or any
Subsidiary has actual exposure (other than those in respect of Equity Interests
of the Borrower or any of its Subsidiaries), and (b) Swap Agreements entered
into in order to 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.

     SECTION 6.6. Restricted Payments. The Borrower will not, and will not
permit any of its Subsidiaries to, declare or make, or agree to pay or make,
directly or indirectly, any Restricted Payment, except (a) the Borrower may
declare and pay dividends with respect to its Equity Interests payable solely in
additional shares of its common stock, (b) Subsidiaries may declare and pay
dividends ratably with respect to their Equity Interests, (c) the Borrower may
make Restricted Payments pursuant to and in accordance with stock option plans
or other benefit plans for management or employees of the Borrower and its
Subsidiaries, and (d) Permitted Stock Repurchases.

     SECTION 6.7. Transactions with Affiliates. The Borrower will not, and will
not permit any of its Subsidiaries to, sell, lease or otherwise transfer any
property or assets to, or purchase, lease or otherwise acquire any property or
assets from, or otherwise engage in any other transactions with, any of its
Affiliates, except (a) in the ordinary course of business at prices and on terms
and conditions not less favorable to the Borrower or such Subsidiary than could
be obtained on an arm's-length basis from unrelated third parties, (b)
transactions between or among the Borrower and its wholly owned Subsidiaries not
involving any other Affiliate and (c) any Restricted Payment permitted by
Section 6.6. The CCT Transactions shall not be prohibited by this Section 6.7.

     SECTION 6.8. Restrictive Agreements. The Borrower will not, and will not
permit any of its Subsidiaries to, directly or indirectly, enter into, incur or
permit to exist any agreement or other arrangement that prohibits, restricts or
imposes any condition upon (a) the ability of the Borrower or any Subsidiary to
create, incur or permit to exist any Lien upon any of its property or assets, or
(b) the ability of any Subsidiary to pay dividends or other distributions with
respect to any shares of its capital stock or to make or repay loans or advances
to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the
Borrower or any other Subsidiary; provided that (i) the foregoing shall not
apply to restrictions and conditions imposed by law or by this Agreement, (ii)
the foregoing shall not apply to restrictions and conditions (x) existing on the
date hereof identified on Schedule 6.8 (but shall apply to any extension or
renewal of, or any amendment or modification expanding the scope of, any such
restriction or condition) or (y) pursuant to the provisions governing
Indebtedness permitted pursuant to clause (f) or (h) of Section 6.1, so long as
such restrictions are not more restrictive than any restriction in this
Agreement, (iii) the foregoing shall not apply to customary restrictions and
conditions contained in agreements relating to the sale of a Subsidiary pending
such sale, provided such restrictions and conditions apply only to the
Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause
(a) of the foregoing shall not apply to restrictions or conditions imposed by
any agreement relating to secured Indebtedness permitted by this Agreement if
such restrictions or conditions apply only to the property or assets securing
such Indebtedness; and (v) clause (a)

                                       48

<PAGE>

of the foregoing shall not apply to customary provisions in leases and other
contracts restricting the assignment thereof.

     SECTION 6.9. Financial Covenants.

          (a) The Borrower will not permit the Consolidated Leverage Ratio as of
     the last day of any Reference Period to be greater than 2.50:1.00.

          (b) The Borrower will not permit the Consolidated Interest Coverage
     Ratio as of the last day of any Reference Period to be less than 3.00:1.00.

          (c) The Borrower will not permit the Consolidated Net Worth as of the
     last day of any fiscal quarter to be less than 80% of Consolidated Net
     Worth as of September 30, 2006 (as set forth in the Borrower's Form 10-Q
     for such period), increasing by 50% of Consolidated Net Income (with no
     reduction for losses) from after September 30, 2006, plus 100% of all Net
     Equity Proceeds which are retained by the Borrower.

          (d) For purposes of determining the Consolidated Leverage Ratio and
     Consolidated Interest Coverage Ratio for any Reference Period, there shall
     be (i) included in Consolidated EBITDA all Consolidated EBITDA attributable
     to any Person or business acquired by (and thereafter owned by) the
     Borrower or any Subsidiary of the Borrower during such period as if such
     Person or business had been acquired on the day before the first day of
     such period and (ii) excluded from such Consolidated EBITDA all
     Consolidated EBITDA attributable to any Person or business disposed of by
     the Borrower or any Subsidiary of the Borrower during such period as if
     such Person or business were disposed of on the first day of such period.
     For purposes hereof, the Consolidated EBITDA attributable to any such
     acquired or disposed Person or business prior to the date of acquisition or
     disposition thereof shall be determined in a manner consistent with the
     method for determining Consolidated EBITDA hereunder.

     SECTION 6.10. Capital Expenditures. The Borrower will not permit
Consolidated Capital Expenditures to exceed (a) $45,000,000 for any fiscal year
through fiscal year 2009 and (b) $55,000,000 for any fiscal year through fiscal
year 2011; provided that so long as no Default has occurred and is continuing or
would result therefrom, to the extent that any portion of the amount set forth
above is not expended in the fiscal year for which it is permitted, such unused
amounts may be carried over for expenditure in the next following fiscal year.

     SECTION 6.11. Fiscal Year. The Borrower will not, and will not permit any
Subsidiary, to change the manner of determining the date on which their
respective fiscal year ends without giving prior notice to the Administrative
Agent.

     SECTION 6.12. Transfers from Loan Parties to Non-Loan Parties. The Loan
Parties will not allow the sum of (a) Indebtedness of a Non-Loan Party to a Loan
Party incurred pursuant to Section 6.1(c)(iv), plus (b) Guarantees of
Indebtedness of a Non-Loan Party by a Loan Party incurred pursuant to Section
6.1(d)(iv), plus (c) the fair market value of any assets disposed of by a Loan
Party to a Non-Loan Party pursuant to Section 6.3(a)(ii)(A)(2), net of any
transfer to such Loan Party in consideration of such disposition, plus (d)
without duplication of amounts referenced in clause (c) above, Investments by a
Loan Party to a Non-Loan Party pursuant to

                                       49

<PAGE>

Section 6.4(c)(iv), net of any transfer to such Loan Party in consideration of
such Investment to exceed $20,000,000 at any time after the Effective Date.

                                  ARTICLE VII.
                                EVENTS OF DEFAULT

     If any of the following events ("Events of Default") shall occur:

          (a) the Borrower shall fail to pay any principal of any Loan or any
     reimbursement obligation in respect of any LC Disbursement when and as the
     same shall become due and payable, whether at the due date thereof or at a
     date fixed for prepayment thereof or otherwise;

          (b) the Borrower shall fail to pay any interest on any Loan or any fee
     or any other amount (other than an amount referred to in clause (a) of this
     Article) payable under this Agreement, when and as the same shall become
     due and payable, and such failure shall continue unremedied for a period of
     three Business Days;

          (c) any representation or warranty made or deemed made by or on behalf
     of the Borrower or any Subsidiary in or in connection with this Agreement
     or any amendment or modification hereof or waiver hereunder, or in any
     report, certificate, financial statement or other document furnished
     pursuant to or in connection with this Agreement or any amendment or
     modification hereof or waiver hereunder, shall prove to have been incorrect
     in any material respect when made or deemed made;

          (d) the Borrower shall fail to observe or perform any covenant,
     condition or agreement contained in Section 5.2, 5.3 (with respect to the
     Borrower's existence) or 5.8 or in Article VI;

          (e) the Borrower shall fail to observe or perform any covenant,
     condition or agreement contained in this Agreement (other than those
     specified in clause (a), (b) or (d) of this Article), and such failure
     shall continue unremedied for a period of 30 days after notice thereof from
     the Administrative Agent to the Borrower (which notice will be given at the
     request of any Lender);

          (f) the Borrower or any Subsidiary shall fail to make any payment
     (whether of principal or interest and regardless of amount) in respect of
     any Material Indebtedness, when and as the same shall become due and
     payable;

          (g) any event or condition occurs that results in any Material
     Indebtedness becoming due prior to its scheduled maturity or that enables
     or permits (with or without the giving of notice, the lapse of time or
     both) the holder or holders of any Material Indebtedness or any trustee or
     agent on its or their behalf to cause any Material Indebtedness to become
     due, or to require the prepayment, repurchase, redemption or defeasance
     thereof, prior to its scheduled maturity; provided that this clause (g)
     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;

                                       50
<PAGE>

          (h) an involuntary proceeding shall be commenced or an involuntary
     petition shall be filed seeking (i) liquidation, reorganization or other
     relief in respect of the Borrower or any Material Subsidiary or its debts,
     or of a substantial part of its assets, under any Federal, state or foreign
     bankruptcy, insolvency, receivership or similar law now or hereafter in
     effect or (ii) the appointment of a receiver, trustee, custodian,
     sequestrator, conservator or similar official for the Borrower or any
     Material Subsidiary or for a substantial part of its assets, and, in any
     such case, such proceeding or petition shall continue undismissed for 60
     days or an order or decree approving or ordering any of the foregoing shall
     be entered;

          (i) the Borrower or any Material Subsidiary shall (i) voluntarily
     commence any proceeding or file any petition seeking liquidation,
     reorganization or other relief under any Federal, state or foreign
     bankruptcy, insolvency, receivership or similar law now or hereafter in
     effect, (ii) consent to the institution of, or fail to contest in a timely
     and appropriate manner, any proceeding or petition described in clause (h)
     of this Article, (iii) apply for or consent to the appointment of a
     receiver, trustee, custodian, sequestrator, conservator or similar official
     for the Borrower or any Material Subsidiary or for a substantial part of
     its assets, (iv) file an answer admitting the material allegations of a
     petition filed against it in any such proceeding, (v) make a general
     assignment for the benefit of creditors or (vi) take any action for the
     purpose of effecting any of the foregoing;

          (j) the Borrower or any Subsidiary shall admit in writing its
     inability to pay its debts as they become due;

          (k) one or more judgments for the payment of money in an aggregate
     amount in excess of $10,000,000 shall be rendered against the Borrower, any
     Subsidiary or any combination thereof and the same shall remain
     undischarged for a period of 30 consecutive days during which execution
     shall not be effectively stayed, or any action shall be legally taken by a
     judgment creditor to attach or levy upon any assets of the Borrower or any
     Subsidiary to enforce any such judgment that is not promptly stayed;

          (l) an ERISA Event shall have occurred that, in the opinion of the
     Required Lenders, when taken together with all other ERISA Events that have
     occurred, could reasonably be expected to result in liability of the
     Borrower and its Subsidiaries in an aggregate amount exceeding $10,000,000
     from and after the Effective Date; or

          (m) a Change in Control shall occur;

then, and in every such event (other than an event with respect to the Borrower
described in clause (h) or (i) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent may, and at the
request of the Required Lenders shall, by notice to the Borrower, take either or
both of the following actions, at the same or different times: (i) terminate the
Commitments, and thereupon the Commitments shall terminate immediately, and (ii)
declare the Loans then outstanding to be due and payable in whole (or in part,
in which case any principal not so declared to be due and payable may thereafter
be declared to be due and payable), and thereupon the principal of the Loans so
declared to be due

                                       51

<PAGE>

and payable, together with accrued interest thereon and all fees and other
obligations of the Borrower accrued hereunder, shall become due and payable
immediately, without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Borrower; and in case of any event with
respect to the Borrower described in clause (h) or (i) of this Article, the
Commitments shall automatically terminate and the principal of the Loans then
outstanding, together with accrued interest thereon and all fees and other
obligations of the Borrower accrued hereunder, shall automatically become due
and payable, without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Borrower.

                                  ARTICLE VIII.
                            THE ADMINISTRATIVE AGENT

     Each of the Lenders and the Issuing Bank hereby irrevocably appoints the
Administrative Agent as its agent 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, together with such actions and
powers as are reasonably incidental thereto.

     The bank 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 such bank
and its Affiliates may accept deposits from, lend money to and generally engage
in any kind of business with the Borrower or any Subsidiary or other Affiliate
thereof as if it were not the Administrative Agent hereunder.

     The Administrative Agent shall not have any duties or obligations except
those expressly set forth herein. Without limiting the generality of the
foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or
other implied duties, regardless of whether a Default has occurred and is
continuing, (b) the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby that the Administrative Agent is
required to exercise in writing as directed by the Required Lenders (or such
other number or percentage of the Lenders as shall be necessary under the
circumstances as provided in Section 9.2), and (c) except as expressly set forth
herein, the Administrative Agent shall not 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 Subsidiaries that is communicated to or obtained by the
bank serving as 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 with the consent or at the request of the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary under the
circumstances as provided in Section 9.2) or in the absence of its own gross
negligence or willful misconduct. The Administrative Agent shall be deemed not
to have knowledge of any Default unless and until written notice thereof is
given to the Administrative Agent by the Borrower or a Lender, and 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, (ii) the contents of any certificate, report or
other document delivered hereunder or in connection herewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or
conditions set forth herein, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement or any other agreement, instrument or document, or
(v) the satisfaction of any

                                       52

<PAGE>

condition set forth in Article IV or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the 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 believed by it to be genuine
and to have been signed or sent 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 be made by the proper Person, and shall not incur any liability for
relying thereon. 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.

     The Administrative Agent may perform any and all its duties and exercise
its rights and powers 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 its duties and exercise its rights and powers through their
respective Related Parties. The exculpatory provisions of the preceding
paragraphs 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.

     Subject to the appointment and acceptance of a successor Administrative
Agent as provided in this paragraph, the Administrative Agent may resign at any
time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such
resignation, the Required Lenders shall have the right, in consultation with the
Borrower, to appoint a successor. If no 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 Issuing
Bank, appoint a successor Administrative Agent which shall be a bank with an
office in New York, New York, or an Affiliate of any such bank. Upon the
acceptance of its appointment as Administrative Agent hereunder by a successor,
such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations
hereunder. 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 Administrative Agent's
resignation hereunder, the provisions of this Article and Section 9.3 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 it was acting as Administrative
Agent.

     Each Lender acknowledges that it has, independently and without reliance
upon the Administrative Agent or any other Lender 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 also acknowledges that it
will, independently and without reliance upon the Administrative Agent or any
other Lender 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

                                       53

<PAGE>

taking action under or based upon this Agreement, any related agreement or any
document furnished hereunder or thereunder.

     The Lead Arranger shall have no duties, responsibilities or obligations to,
no authority to act for, any other party to this Agreement by virtue of its
status as Lead Arranger hereunder.

                                   ARTICLE IX.
                                  MISCELLANEOUS

     SECTION 9.1. Notices. (a) Except in the case of notices and other
communications expressly permitted to be given by telephone (and subject to
paragraph (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 telecopy, as follows:

               (i) if to the Borrower, to it at 200 West Street, Waltham,
          Massachusetts 02451-1163, Attention of James F. Winschel, Jr.
          (Telecopy No. (781) 487-9931); with a copy to Office of the General
          Counsel, Attention of General Counsel (Telecopy No. 781-487-0525);
          with a copy to Treasurer, Parexel International Corp., Herman
          Heijermansweg 20, 1077 WL Amsterdam, Netherlands, Attention of Peter
          Rietman (Telecopy No. 31 20 572 11 09).

               (ii) if to the Administrative Agent, to JPMorgan Chase Bank,
          National Association, Loan and Agency Services Group, 10 South
          Dearborn, 7th floor, Suite 0010, Chicago, IL 60603, Attention of Joyce
          P. King (Telecopy No. (312) 385-7096), with a copy to JPMorgan Chase
          Bank, National Association, 277 Park Avenue, New York 10017, Attention
          of Maria Domantay (Telecopy No. (646) 534-3081); with a copy to
          Bingham McCutchen LLP, 399 Park Avenue, New York, New York 10022,
          Attention of Frederick F. Eisenbiegler (Telecopy No. (212) 702-3646);

               (iii) if to the Issuing Bank, to it at JPMorgan Chase Bank,
          National Association, Loan and Agency Services Group, 10 South
          Dearborn, 7th floor, Suite 0010, Chicago, IL 60603, Attention of Joyce
          P. King (Telecopy No. (312) 385-7096);

               (iv) if to the Swingline Lender, to JPMorgan Chase Bank, National
          Association, Loan and Agency Services Group, JPMorgan Chase Bank,
          National Association, Loan and Agency Services Group, 10 South
          Dearborn, 7th floor, Suite 0010, Chicago, IL 60603, Attention of Joyce
          P. King (Telecopy No. (312) 385-7096); and

               (v) if to any other Lender, to it at its address (or telecopy
          number) set forth in its Administrative Questionnaire.

          (b) Notices and other communications to the Lenders hereunder may be
     delivered or furnished by electronic communications pursuant to procedures
     approved by the Administrative Agent; provided that the foregoing shall not
     apply to notices pursuant

                                       54

<PAGE>

     to Article II unless otherwise agreed by the Administrative Agent and the
     applicable Lender. 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.

          (c) Any party hereto may change its address or telecopy number for
     notices and other communications hereunder by notice to the other parties
     hereto. All notices and other communications given to any party hereto in
     accordance with the provisions of this Agreement shall be deemed to have
     been given on the date of receipt.

     SECTION 9.2. Waivers; Amendments. (a) No failure or delay by the
Administrative Agent, the Issuing Bank or any Lender in exercising any right or
power hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights
and remedies of the Administrative Agent, the Issuing Bank and the Lenders
hereunder are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of this Agreement or
consent to any departure by the Borrower therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section,
and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. Without limiting the generality of the
foregoing, the making of a Loan or issuance of a Letter of Credit shall not be
construed as a waiver of any Default, regardless of whether the Administrative
Agent, any Lender or the Issuing Bank may have had notice or knowledge of such
Default at the time.

          (b) Neither this Agreement nor any provision hereof may be waived,
     amended or modified except pursuant to an agreement or agreements in
     writing entered into by the Borrower and the Required Lenders or by the
     Borrower and the Administrative Agent with the consent of the Required
     Lenders; provided that no such agreement shall (i) increase the Commitment
     of any Lender without the written consent of such Lender, (ii) reduce the
     principal amount of any Loan or LC Disbursement or reduce the rate of
     interest thereon, or reduce any fees payable hereunder, without the written
     consent of each Lender affected thereby, (iii) postpone the scheduled date
     of payment of the principal amount of any Loan or LC Disbursement, or any
     interest thereon, or any fees payable hereunder, or reduce the amount of,
     waive or excuse any such payment, or postpone the scheduled date of
     expiration of any Commitment, without the written consent of each Lender
     affected thereby, (iv) change Section 2.17(b) or (c) in a manner that would
     alter the pro rata sharing of payments required thereby, without the
     written consent of each Lender, or (v) change any of the provisions of this
     Section or the definition of "Required Lenders" or any other provision
     hereof specifying the number or percentage of Lenders required to waive,
     amend or modify any rights hereunder or make any determination or grant any
     consent hereunder, without the written consent of each Lender; provided
     further that no such agreement shall amend, modify or otherwise affect the
     rights or duties of the Administrative Agent, the Issuing Bank or the
     Swingline Lender hereunder without the prior written consent of the
     Administrative Agent, the Issuing Bank or the Swingline Lender, as the case
     may be.

                                       55

<PAGE>

     SECTION 9.3. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay
(i) all reasonable out-of-pocket expenses incurred by the Administrative Agent
and its Affiliates, including the reasonable fees, charges and disbursements of
counsel for the Administrative Agent, in connection with the syndication of the
credit facilities provided for herein, the preparation and administration of
this Agreement or any amendments, modifications or waivers of the provisions
hereof (whether or not the transactions contemplated hereby or thereby shall be
consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing
Bank 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 Issuing Bank or
any Lender, including the fees, charges and disbursements of any counsel for the
Administrative Agent, the Issuing Bank or any Lender, in connection with the
enforcement or protection of its rights after a Default in connection with this
Agreement, including its rights under this Section, or 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) The Borrower shall indemnify the Administrative Agent, the Issuing
     Bank and each Lender, 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 or asserted
     against any Indemnitee arising out of, in connection with, or as a result
     of (i) the execution or delivery of this Agreement or any agreement or
     instrument contemplated hereby, the performance by the parties hereto of
     their respective obligations hereunder or the consummation of the
     Transactions or any other transactions contemplated hereby, (ii) any Loan
     or Letter of Credit or the use of the proceeds therefrom (including any
     refusal by the Issuing Bank 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 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 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.

          (c) To the extent that the Borrower fails to pay any amount required
     to be paid by it to the Administrative Agent, the Issuing Bank or the
     Swingline Lender under paragraph (a) or (b) of this Section, each Lender
     severally agrees to pay to the Administrative Agent, the Issuing Bank or
     the Swingline Lender, 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

                                       56

<PAGE>

     expense, as the case may be, was incurred by or asserted against the
     Administrative Agent, the Issuing Bank or the Swingline Lender in its
     capacity as such.

          (d) To the 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 or any agreement or instrument contemplated
     hereby, the Transactions, any Loan or Letter of Credit or the use of the
     proceeds thereof.

          (e) All amounts due under this Section shall be payable promptly after
     written demand therefor.

     SECTION 9.4. 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 (including any Affiliate of
the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower
may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of each Lender (and any attempted assignment
or transfer by the Borrower without such consent shall be null and void) and
(ii) no Lender may assign or otherwise transfer its rights or obligations
hereunder except in accordance with this Section. 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
(including any Affiliate of the Issuing Bank that issues any Letter of Credit),
Participants (to the extent provided in paragraph (c) of this Section) and, to
the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable
right, remedy or claim under or by reason of this Agreement.

          (b)  (i) Subject to the conditions set forth in paragraph (b)(ii)
     below, any Lender may assign to one or more assignees all or a portion of
     its rights and obligations under this Agreement (including all or a portion
     of its Commitment and the Loans at the time owing to it) with the prior
     written consent (such consent not to be unreasonably withheld) of:

                    (A) the Borrower, provided that no consent of the Borrower
               shall be required for an assignment to a Lender, an Affiliate of
               a Lender, an Approved Fund or, if an Event of Default has
               occurred and is continuing, any other assignee; and

                    (B) the Administrative Agent, provided that no consent of
               the Administrative Agent shall be required for an assignment of
               any Commitment to an assignee that is a Lender with a Commitment
               immediately prior to giving effect to such assignment.

               (ii) Assignments shall be subject to the following additional
          conditions:

                    (A) except in the case of an assignment to a Lender or an
               Affiliate of a Lender or an assignment of the entire remaining
               amount of

                                       57

<PAGE>

               the assigning Lender's Commitment or Loans of any Class, the
               amount of the Commitment or 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) shall not be less than $5,000,000
               unless each of the Borrower and the Administrative Agent
               otherwise consent, provided that no such consent of the Borrower
               shall be required if an Event of Default has occurred and is
               continuing;

                    (B) 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;

                    (C) 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 $3,500 (which
               fee shall be paid by the assigning Lender);

                    (D) the assignee, if it shall not be a Lender, shall deliver
               to the Administrative Agent an Administrative Questionnaire in
               which the assignee designates one or more credit contacts to whom
               all syndicate-level information (which may contain material
               non-public information about the Borrower, the Loan Parties and
               their related parties or their respective securities) will be
               made available and who may receive such information in accordance
               with the assignee's compliance procedures and applicable laws,
               including Federal and state securities laws;

                    (E) any Foreign Lender shall have delivered tax certificates
               described in Section 2.16, which indicate that such Foreign
               Lender is exempt from any withholding tax under the law of the
               jurisdiction in which the Borrower is located, or any treaty to
               which such jurisdiction is a party; and

                    (F) the assignee, if it shall not be a Lender, shall deliver
               to the Administrative Agent an Administrative Questionnaire in
               which the assignee designates one or more credit contacts to whom
               all syndicate-level information (which may contain material
               non-public information about the Borrower, the Loan Parties and
               their related parties or their respective securities) will be
               made available and who may receive such information in accordance
               with the assignee's compliance procedures and applicable laws,
               including Federal and state securities laws.

          For the purposes of this Section 9.4(b), the term "Approved Fund" has
     the following meaning:

          "Approved Fund" means any Person (other than a natural person) that is
     engaged in making, purchasing, holding or investing in bank loans and
     similar extensions of credit

                                       58

<PAGE>

     in the ordinary course of its business and that is administered or managed
     by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an
     Affiliate of an entity that administers or manages a Lender.

               (iii) Subject to acceptance and recording thereof pursuant to
          paragraph (b)(iv) of this Section, from and after the effective date
          specified in each Assignment and Assumption the assignee thereunder
          shall be a party hereto 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 2.14, 2.15, 2.16 and 9.3). Any
          assignment or transfer by a Lender of rights or obligations under this
          Agreement that does not comply with this Section 9.4 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
          paragraph (c) of this Section.

               (iv) The Administrative Agent, acting for this purpose as an
          agent of the Borrower, shall maintain at one of its offices 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
          Commitment of, and principal amount of the Loans and LC Disbursements
          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, the Issuing Bank and the
          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 the Borrower, the Issuing Bank
          and any Lender, at any reasonable time and from time to time upon
          reasonable prior notice.

               (v) Upon its receipt of a duly completed Assignment and
          Assumption executed by an assigning Lender and an assignee, any
          certificates required by Section 2.16(e), the assignee's completed
          Administrative Questionnaire (unless the assignee shall already be a
          Lender hereunder), the processing and recordation fee referred to in
          paragraph (b) of this Section and any written consent to such
          assignment required by paragraph (b) of this Section, the
          Administrative Agent shall accept such Assignment and Assumption and
          record the information contained therein in the Register; provided
          that if either the assigning Lender or the assignee shall have failed
          to make any payment required to be made by it pursuant to Section
          2.4(c), 2.5(d) or (e), 2.6(b), 2.17(d) or 9.3(c), the Administrative
          Agent shall have no obligation to accept such Assignment and
          Assumption and record the information therein in the Register unless
          and until such payment shall have been made in full, together with all
          accrued interest

                                       59

<PAGE>

          thereon. No assignment shall be effective for purposes of this
          Agreement unless it has been recorded in the Register as provided in
          this paragraph.

          (c)  (i) Any Lender may, without the consent of the Borrower, the
     Administrative Agent, the Issuing Bank or the Swingline Lender, sell
     participations to one or more banks or other entities (a "Participant") in
     all or a portion of such Lender's rights and obligations under this
     Agreement (including all or a portion of its Commitment and the Loans owing
     to it); provided that (A) such Lender's obligations under this Agreement
     shall remain unchanged, (B) such Lender shall remain solely responsible to
     the other parties hereto for the performance of such obligations and (C)
     the Borrower, the Administrative Agent, the Issuing Bank and the other
     Lenders 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, modification or waiver described
     in the first proviso to Section 9.2(b) that affects such Participant.
     Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each
     Participant shall be entitled to the benefits of Sections 2.14, 2.15 and
     2.16 to the same extent as if it were a Lender and had acquired its
     interest by assignment pursuant to paragraph (b) of this Section. To the
     extent permitted by law, each Participant also shall be entitled to the
     benefits of Section 9.8 as though it were a Lender, provided such
     Participant agrees to be subject to Section 2.17(c) as though it were a
     Lender.

               (ii) A Participant shall not be entitled to receive any greater
          payment under Section 2.14 or 2.16 than the applicable Lender would
          have been entitled to receive with respect to the participation sold
          to such Participant. A Participant that would be a Foreign Lender if
          it were a Lender shall not be entitled to the benefits of Section 2.16
          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 2.16(e) as though it were a Lender.

          (d) Any Lender may at any time pledge or assign a security interest in
     all or any portion of its rights under this Agreement to secure obligations
     of such Lender, including without limitation any pledge or assignment to
     secure obligations to a Federal Reserve Bank, and this Section shall not
     apply to any such pledge or assignment of a security interest; provided
     that no such pledge or assignment of a security interest shall release a
     Lender from any of its obligations hereunder or substitute any such pledgee
     or assignee for such Lender as a party hereto.

          (e) On one or more occasions, one or more Additional Lenders may be
     admitted as Lenders party to this Agreement in connection with an increase
     of the total Commitment pursuant to Section 2.19, subject to (i) execution
     and delivery by any such Additional Lender to the Administrative Agent, for
     recording in the Register, of an Instrument of Adherence substantially in
     the form of Exhibit D hereto (an "Instrument of Adherence"), (ii)
     acceptance of such Instrument of Adherence by each of the

                                       60

<PAGE>

     Administrative Agent and the Borrower by their respective executions
     thereof, and (iii) the completion of an Administrative Questionnaire by
     such Additional Lender promptly delivered to the Administrative Agent. Upon
     the satisfaction of the foregoing conditions, from and after the effective
     date specified in each such Instrument of Adherence, the Additional Lender
     shall be a Lender party hereto and have the rights and obligations of a
     Lender hereunder.

     SECTION 9.5. Survival. All covenants, agreements, representations and
warranties made by the Borrower herein and in the certificates or other
instruments delivered in connection with or pursuant to this Agreement shall be
considered to have been relied upon by the other parties hereto and shall
survive the execution and delivery of this Agreement and the making of any Loans
and issuance of any Letters of Credit, regardless of any investigation made by
any such other party or on its behalf and notwithstanding that the
Administrative Agent, the Issuing Bank or any Lender may have had notice or
knowledge of any Default or incorrect representation or warranty at the time any
credit is extended hereunder, and shall continue in full force and effect as
long as the principal of or any accrued interest on any Loan or any fee or any
other amount payable under this Agreement is outstanding and unpaid or any
Letter of Credit is outstanding and so long as the Commitments have not expired
or terminated. The provisions of Sections 2.14, 2.15, 2.16 and 9.3 and Article
VIII shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby, the repayment of the
Loans, the expiration or termination of the Letters of Credit and the
Commitments or the termination of this Agreement or any provision hereof.

     SECTION 9.6. Counterparts; Integration; Effectiveness. This Agreement may
be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. This Agreement and any
separate letter agreements with respect to fees payable to the Administrative
Agent 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 4.1, 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 which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns. 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.

     SECTION 9.7. Severability. Any provision of this Agreement held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other
jurisdiction.

     SECTION 9.8. Right of Setoff. If an Event of Default shall have occurred
and be continuing, each Lender and each of its Affiliates is hereby authorized
at any time and from time to time, to the fullest extent permitted by law, to
set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other obligations at any

                                       61

<PAGE>

time owing by such Lender or Affiliate to or for the credit or the account of
the Borrower against any of and all the obligations of the Borrower now or
hereafter existing under this Agreement held by such Lender, irrespective of
whether or not such Lender shall have made any demand under this Agreement and
although such obligations may be unmatured. The rights of each Lender under this
Section are in addition to other rights and remedies (including other rights of
setoff) which such Lender may have.

     SECTION 9.9. Governing Law; Jurisdiction; Consent to Service of Process.
(a) This Agreement shall be construed in accordance with and governed by the law
of the State of New York.

          (b) The Borrower hereby irrevocably and unconditionally submits, for
     itself and its property, to the nonexclusive jurisdiction of the Supreme
     Court 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 for recognition or enforcement of any
     judgment, and each of the parties hereto hereby 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 or, to the
     extent permitted by 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
     shall affect any right that the Administrative Agent, the Issuing Bank or
     any Lender may otherwise have to bring any action or proceeding relating to
     this Agreement against the Borrower or its properties in the courts of any
     jurisdiction.

          (c) The Borrower hereby irrevocably and unconditionally waives, to the
     fullest extent it may legally and effectively do so, any objection which it
     may now or hereafter have to the laying of venue of any suit, action or
     proceeding arising out of or relating to this Agreement 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 law, the
     defense of an inconvenient forum to the maintenance of such action or
     proceeding in any such court.

          (d) Each party to this Agreement irrevocably consents to service of
     process in the manner provided for notices in Section 9.1. Nothing in this
     Agreement will affect the right of any party to this Agreement to serve
     process in any other manner permitted by law.

     SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY 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 THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD

                                       62

<PAGE>

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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

     SECTION 9.11. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into
consideration in interpreting, this Agreement.

     SECTION 9.12. Confidentiality. (a) Each of the Administrative Agent, the
Issuing Bank and the Lenders agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to
its and its Affiliates' directors, officers, employees and agents, including
accountants, legal counsel and other advisors (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, (c) to
the extent required by applicable laws or regulations or by any subpoena or
similar legal process, (d) to any other party to this Agreement, (e) in
connection with the exercise of any remedies hereunder or any suit, action or
proceeding relating to this Agreement or the enforcement of rights hereunder,
(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 (i) becomes publicly available other than as a result of a breach of
this Section or (ii) becomes available to the Administrative Agent, the Issuing
Bank or any Lender on a nonconfidential basis from a source other than the
Borrower. For the purposes of this Section, "Information" means all information
received from the Borrower relating to the Borrower or its business, other than
any such information that is available to the Administrative Agent, the Issuing
Bank or any Lender on a nonconfidential basis prior to disclosure by the
Borrower. 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, Issuing
Bank, and the Lenders agrees to use reasonable commercial efforts (if it may
legally do so) to provide prior notice of any disclosure of Information pursuant
to clauses (b) or (c) above.

          (b) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION
     9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL
     NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR
     THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE
     PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT
     WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE
     PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

                                       63

<PAGE>

          (c) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS,
     FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN
     THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL
     INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE
     BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE
     SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE
     ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE
     QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN
     MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE
     PROCEDURES AND APPLICABLE LAW.

     SECTION 9.13. Interest Rate Limitation. Notwithstanding anything herein to
the contrary, if at any time the interest rate applicable to any Loan, together
with all fees, charges and other amounts which are treated as interest on such
Loan under applicable law (collectively the "Charges"), shall exceed the maximum
lawful rate (the "Maximum Rate") which may be contracted for, charged, taken,
received or reserved by the Lender holding such Loan in accordance with
applicable law, the rate of interest payable in respect of such Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the
Maximum Rate and, to the extent lawful, the interest and Charges that would have
been payable in respect of such Loan but were not payable as a result of the
operation of this Section shall be cumulated and the interest and Charges
payable to such Lender in respect of other Loans or periods shall be increased
(but not above the Maximum Rate therefor) until such cumulated amount, together
with interest thereon at the Federal Funds Effective Rate to the date of
repayment, shall have been received by such Lender.

     SECTION 9.14. USA PATRIOT Act. Each Lender that is subject to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)) (the "Act") hereby notifies the Borrower that pursuant to
the requirements of the Act, it is required to obtain, verify and record
information that identifies the Borrower, which information includes the name
and address of the Borrower and other information that will allow such Lender to
identify the Borrower in accordance with the Act.

                                       64

<PAGE>

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

                                        PAREXEL INTERNATIONAL CORPORATION

                                        By: /s/ James F. Winschel, Jr.
                                            ------------------------------------
                                        Name: James F. Winschel, Jr.
                                        Title: Senior Vice President & Chief
                                               Financial Officer

                                        SUBSIDIARY GUARANTORS:

                                        PAREXEL INTERNATIONAL LLC

                                        By: /s/ James F. Winschel, Jr.
                                            ------------------------------------
                                        Name: James F. Winschel, Jr.
                                        Title: Treasurer

                                        PERCEPTIVE INFORMATICS, INC.

                                        By: /s/ James F. Winschel, Jr.
                                            ------------------------------------
                                        Name: James F. Winschel, Jr.
                                        Title: Treasurer

<PAGE>

                                        JPMORGAN CHASE BANK, NATIONAL
                                        ASSOCIATION, individually and as
                                        Administrative Agent

                                        By: /s/ D. Scott Farquhar
                                            ------------------------------------
                                        Name: D. Scott Farquhar
                                        Title: Vice President

<PAGE>

                                        ABN AMRO BANK N.V.,
                                        as Syndication Agent and a Lender

                                        By: /s/ Thomas O'Bryant
                                            ------------------------------------
                                        Name: Thomas O'Bryant
                                        Title: Senior Vice President

                                        By: /s/ Kathleen Ross
                                            ------------------------------------
                                        Name: Kathleen Ross
                                        Title: Senior Vice President

Signature Page to Credit Agreement

<PAGE>

                                        WACHOVIA BANK, N.A.,
                                        as Documentation Agent and a Lender

                                        By: /s/ John J. Wedemeyer
                                            ------------------------------------
                                        Name: John J. Wedemeyer
                                        Title: Senior Vice President

                                        2

<PAGE>

                                        COMERICA BANK,
                                        as Lender

                                        By: /s/ Stacey V. Judd
                                            ------------------------------------
                                        Name: Stacey V. Judd
                                        Title: Vice President

                                        3

<PAGE>

                                        CITIBANK, N.A.,
                                        as Lender

                                        By: /s/ Juan Carlos Lorenzo
                                            ------------------------------------
                                        Name: Juan Carlos Lorenzo
                                        Title: Vice President

                                        4

<PAGE>

                                        CITIZENS BANK OF MASSACHUSETTS,
                                        as Lender

                                        By: /s/ Cindy Chen
                                            ------------------------------------
                                        Name: Cindy Chen
                                        Title: Senior Vice President

                                        5
<PAGE>

                                                                       EXHIBIT A

                            ASSIGNMENT AND ASSUMPTION

     This Assignment and Assumption (the "Assignment and Assumption") is dated
as of the Effective Date set forth below and is entered into by and between
[Insert name of Assignor] (the "Assignor") and [Insert name of Assignee] (the
"Assignee"). Capitalized terms used but not defined herein shall have the
meanings given to them in the Credit Agreement identified below (as amended, the
"Credit Agreement"), receipt of a copy of which is hereby acknowledged by the
Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto
are hereby agreed to and incorporated herein by reference and made a part of
this Assignment and Assumption as if set forth herein in full.

     For an agreed consideration, the Assignor hereby irrevocably sells and
assigns to the Assignee, and the Assignee hereby irrevocably purchases and
assumes from the Assignor, subject to and in accordance with the Standard Terms
and Conditions and the Credit Agreement, as of the Effective Date inserted by
the Administrative Agent as contemplated below (i) all of the Assignor's rights
and obligations in its capacity as a Lender under the Credit Agreement and any
other documents or instruments delivered pursuant thereto to the extent related
to the amount and percentage interest identified below of all of such
outstanding rights and obligations of the Assignor under the respective
facilities identified below (including any letters of credit, guarantees, and
swingline loans included in such facilities) and (ii) to the extent permitted to
be assigned under applicable law, all claims, suits, causes of action and any
other right of the Assignor (in its capacity as a Lender) against any Person,
whether known or unknown, arising under or in connection with the Credit
Agreement, any other documents or instruments delivered pursuant thereto or the
loan transactions governed thereby or in any way based on or related to any of
the foregoing, including contract claims, tort claims, malpractice claims,
statutory claims and all other claims at law or in equity related to the rights
and obligations sold and assigned pursuant to clause (i) above (the rights and
obligations sold and assigned pursuant to clauses (i) and (ii) above being
referred to herein collectively as the "Assigned Interest"). Such sale and
assignment is without recourse to the Assignor and, except as expressly provided
in this Assignment and Assumption, without representation or warranty by the
Assignor.

<TABLE>
<S>                        <C>
1. Assignor:               ______________________________

2. Assignee:               ______________________________
                           [and is an Affiliate/Approved Fund of [identify
                           Lender](1)]

3. Borrower:               PAREXEL International Corporation

4. Administrative Agent:   JPMorgan Chase Bank, National Association, as the
                           administrative agent under the Credit Agreement

5. Credit Agreement:       The Credit Agreement dated as of January [12], 2007
                           among PAREXEL International Corporation, the
                           Subsidiary Guarantors
</TABLE>

----------
(1)  Select as applicable.

                      Exhibit A - Assignment and Assumption

                                        1

<PAGE>

<TABLE>
<S>                        <C>
                           signatory thereto, the Lenders parties thereto, and
                           JPMorgan Chase Bank, National Association, as
                           Administrative Agent.

6. Assigned Interest:
</TABLE>

<TABLE>
<CAPTION>
   Aggregate Amount of
Commitment/Loans for all   Amount of Commitment/Loans   Percentage Assigned of
         Lenders                    Assigned              Commitment/Loans(2)
------------------------   --------------------------   ----------------------
<S>                        <C>                          <C>
       $__________                 $__________                __________%
       $__________                 $__________                __________%
       $__________                 $__________                __________%
</TABLE>

     Effective Date: _____________ ___, 20___ [TO BE INSERTED BY ADMINISTRATIVE
AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE
REGISTER THEREFOR.]

     The Assignee agrees to deliver to the Administrative Agent a completed
Administrative Questionnaire in which the Assignee designates one or more credit
contacts to whom all syndicate-level information (which may contain material
non-public information about the Borrower, the Loan Parties and their Related
Parties or their respective securities) will be made available and who may
receive such information in accordance with the Assignee's compliance procedures
and applicable laws, including Federal and state securities laws.

     The terms set forth in this Assignment and Assumption are hereby agreed to:

                                        ASSIGNOR
                                        [NAME OF ASSIGNOR]

                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

                                        ASSIGNEE
                                        [NAME OF ASSIGNEE]

                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

----------
(2)  Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans
     of all Lenders thereunder.

                      Exhibit A - Assignment and Assumption

                                        2

<PAGE>

Consented to and Accepted:

JPMORAN CHASE BANK, NATIONAL
ASSOCIATION, as
Administrative Agent

By
   ----------------------------------
Title:
       ------------------------------

[Consented to:](3)

[NAME OF RELEVANT PARTY]

By
   ----------------------------------
Title:
       ------------------------------

----------
(3)  To be added only if the consent of the Borrower and/or other parties (e.g.
     Swingline Lender, Issuing Bank) is required by the terms of the Credit
     Agreement.

                      Exhibit A - Assignment and Assumption

                                        3

<PAGE>

                                                                         ANNEX 1

                        STANDARD TERMS AND CONDITIONS FOR
                            ASSIGNMENT AND ASSUMPTION

     1. Representations and Warranties.

     1.1. Assignor. The Assignor (a) represents and warrants that (i) it is the
legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest
is free and clear of any lien, encumbrance or other adverse claim and (iii) it
has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Assumption and to consummate the transactions
contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the
Credit Agreement or any other Loan Document, (ii) the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Loan
Documents or any collateral thereunder, (iii) the financial condition of the
Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in
respect of any Loan Document or (iv) the performance or observance by the
Borrower, any of its Subsidiaries or Affiliates or any other Person of any of
their respective obligations under any Loan Document.

     1.2. Assignee. The Assignee (a) represents and warrants that (i) it has
full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Assumption and to consummate the transactions
contemplated hereby and to become a Lender under the Credit Agreement, (ii) it
satisfies the requirements, if any, specified in the Credit Agreement that are
required to be satisfied by it in order to acquire the Assigned Interest and
become a Lender, (iii) from and after the Effective Date, it shall be bound by
the provisions of the Credit Agreement as a Lender thereunder and, to the extent
of the Assigned Interest, shall have the obligations of a Lender thereunder,
(iv) it has received a copy of the Credit Agreement, together with copies of the
most recent financial statements delivered pursuant to Section 5.1(a) and 5.1(b)
thereof, as applicable, and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without
reliance on the Administrative Agent or any other Lender, and (v) if it is a
Foreign Lender, attached to the Assignment and Assumption is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement,
duly completed and executed by the Assignee; and (b) agrees that (i) it will,
independently and without reliance on the Administrative Agent, the Assignor or
any other Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or
not taking action under the Loan Documents, and (ii) it will perform in
accordance with their terms all of the obligations which by the terms of the
Loan Documents are required to be performed by it as a Lender.

     2. Payments. From and after the Effective Date, the Administrative Agent
shall make all payments in respect of the Assigned Interest (including payments
of principal, interest, fees and other amounts) to the Assignor for amounts
which have accrued to but excluding the

                      Exhibit A - Assignment and Assumption

                                        1

<PAGE>

Effective Date and to the Assignee for amounts which have accrued from and after
the Effective Date.

     3. General Provisions. This Assignment and Assumption shall be binding
upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment and Assumption may be executed in any
number of counterparts, which together shall constitute one instrument. Delivery
of an executed counterpart of a signature page of this Assignment and Assumption
by telecopy shall be effective as delivery of a manually executed counterpart of
this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.

                      Exhibit A - Assignment and Assumption

                                        2INVESTOR
		SHAREHOLDER AGREEMENT

	  

	 dated as
		of

	  

	 January
		17, 2007

	  

	 between

	  

	 FORTRESS
		INVESTMENT GROUP HOLDINGS LLC

	  

	 and

	 

	 NOMURA
		INVESTMENT MANAGERS U.S.A., INC.

	 

	 
 
	  

	 TABLE OF
		CONTENTS

	 

		
		  	 	 	
				  PAGE

				  
	 	
				  ARTICLE
					 I
 	 
	 	 	 
	 	
				  DEFINITIONS

				  	 
	
				  SECTION
					 1.1
 	
				  DEFINITIONS

				  	
				  5

				  
	
				  SECTION
					 1.2
 	
				  GENDER

				  	
				  12

				  
	 	
				  ARTICLE
					 II
 	 
	 	 	 
	 	
				  GOVERNANCE
					 RIGHTS
 	 
	 	 	 
	
				  SECTION
					 2.1
 	
				  INVESTOR
					 BOARD REPRESENTATION
 	
				  13

				  
	
				  SECTION
					 2.2
 	
				  INSPECTION
					 RIGHTS
 	
				  15

				  
	 	
				  ARTICLE
					 III
 	 
	 	 	 
	 	
				  TERMINATION

				  	 
	
				  SECTION
					 3.1
 	
				  TERM

				  	
				  16

				  
	
				  SECTION
					 3.2
 	
				  SURVIVAL

				  	
				  16

				  
	 	
				  ARTICLE
					 IV
 	 
	 	 	 
	 	
				  REGISTRATION
					 RIGHTS
 	 
	 	 	 
	
				  SECTION
					 4.1
 	
				  DEMAND
					 REGISTRATION
 	
				  17

				  
	
				  SECTION
					 4.2
 	
				  PIGGYBACK
					 REGISTRATION
 	
				  20

				  
	
				  SECTION
					 4.3
 	
				  WITHDRAWAL
					 RIGHTS
 	
				  22

				  
	
				  SECTION
					 4.4
 	
				  HOLDBACK
					 AGREEMENTS
 	
				  23

				  
	
				  SECTION
					 4.5
 	
				  REGISTRATION
					 PROCEDURES
 	
				  23

				  
	
				  SECTION
					 4.6
 	
				  REGISTRATION
					 EXPENSES
 	
				  30

				  

 

		 

		2

		 

		

		 
 

	 
			
				SECTION
				  4.7
 	
				INDEMNIFICATION

					
				30

				
	
				SECTION
				  4.8
 	
				MOST
				  FAVORED NATIONS
 	
				34

				
	 	
				ARTICLE
				  V
 	 
	 	 	 
	 	
				DRAG-ALONG
				  RIGHTS AND TAG-ALONG RIGHTS
 	 
	 	 	 
	
				SECTION
				  5.1
 	
				DRAG-ALONG
				  RIGHTS
 	
				34

				
	
				SECTION
				  5.2
 	
				TAG-ALONG
				  RIGHTS
 	
				35

				
	 	
				ARTICLE
				  VI
 	 
	 	 	 
	 	
				STANDSTILL
				  AND TRANSFER RESTRICTIONS
 	 
	 	 	 
	
				SECTION
				  6.1
 	
				STANDSTILL

					
				37

				
	
				SECTION
				  6.2
 	
				TRANSFER
				  RESTRICTIONS
 	
				39

				
	 	
				ARTICLE
				  VII
 	 
	 	 	 
	 	
				REPRESENTATIONS
				  AND WARRANTIES
 	 
	 	 	 
	
				SECTION
				  7.1
 	
				REPRESENTATIONS
				  AND WARRANTIES OF THE INVESTOR
 	
				41

				
	
				SECTION
				  7.2
 	
				REPRESENTATIONS
				  AND WARRANTIES OF FORTRESS
 	
				41

				
	 	 	 
	 	
				ARTICLE
				  VIII
 	 
	 	 	 
	 	
				MISCELLANEOUS

					 
	 	 	 
	
				SECTION
				  8.1
 	
				EXCHANGES;
				  REPURCHASES; RECAPITALIZATION
 	
				42

				
	
				SECTION
				  8.2
 	
				NOTICES

					
				43

				
	
				SECTION
				  8.3
 	
				NO
				  DISCRIMINATORY TREATMENT
 	
				44

				
	
				SECTION
				  8.4
 	
				COVENANT
				  NOT TO AMEND
 	
				44

				
	
				SECTION
				  8.5
 	
				INTERPRETATION

					
				44

				

 

	  

	 
		3

		 

		
 

	  

	 
			
				SECTION
				  8.6
 	
				SEVERABILITY

					
				45

				
	
				SECTION
				  8.7
 	
				COUNTERPARTS

					
				45

				
	
				SECTION
				  8.8
 	
				ADJUSTMENTS
				  UPON CHANGE OF CAPITALIZATION
 	
				45

				
	
				SECTION
				  8.9
 	
				ENTIRE
				  AGREEMENT; NO THIRD PARTY BENEFICIARIES
 	
				45

				
	
				SECTION
				  8.10
 	
				FURTHER
				  ASSURANCES
 	
				45

				
	
				SECTION
				  8.11
 	
				GOVERNING
				  LAW; EQUITABLE REMEDIES
 	
				46

				
	
				SECTION
				  8.12
 	
				CONSENT
				  TO JURISDICTION
 	
				46

				
	
				SECTION
				  8.13
 	
				AMENDMENTS;
				  WAIVERS
 	
				47

				
	
				SECTION
				  8.14
 	
				ASSIGNMENT

					
				47

				

 

	 

	 4

	  

	  

		

	  

	 INVESTOR
		SHAREHOLDER AGREEMENT (the “Agreement”), dated as of January 17,
		2007, between Nomura Investment Managers U.S.A., Inc., a Delaware corporation
		(“Initial Investor” and, collectively with all other Persons (as
		defined herein) who become Investors in accordance with this Agreement,
		“Investors”), and Fortress Investment Group Holdings LLC, a Delaware
		limited liability company (“Fortress”). 

	 

	 WHEREAS,
		in connection with the IPO (as defined herein), Fortress and its Affiliates (as
		defined herein) intend to consummate the transactions described in the
		Registration Statement on Form S-1 filed with the SEC (as defined herein) on
		November 8, 2006 (Registration No. 333-138514) (the “IPO Registration
		Statement”);

	 

	 WHEREAS,
		Initial Investor has entered into a securities purchase agreement (the
		“Securities Purchase Agreement”) with the Principals pursuant to
		which Initial Investor, prior to the consummation of the IPO, will acquire
		55,071,450 Class A Shares (as defined herein); and

	 

	 WHEREAS,
		Initial Investor and Fortress desire to address herein certain relationships
		among themselves with respect to the Class A Shares held by Initial
		Investor.

	 

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

	 ARTICLE
		I

	  

	 DEFINITIONS

	  

	 SECTION
		1.1 DEFINITIONS.
		Capitalized terms used but not defined herein shall have the respective
		meanings ascribed to such terms in the Securities Purchase Agreement. As used
		in this Agreement, the following terms shall have the following
		meanings:

	  

	 5

	  

	  
 

	 

	 “ADVISERS
		ACT” means the Investment Advisers Act of 1940, as amended, supplemented
		or restated from time to time and any successor to such statute, and the rules
		and regulations promulgated thereunder.

	 

	 An
		“AFFILIATE” of any Person means any other Person that directly or
		indirectly, through one or more intermediaries, Controls, is Controlled by, or
		is under common Control with, such first Person. “CONTROL” means the
		possession, direct or indirect, of the power to direct or cause the direction
		of the management and policies of a Person, whether through ownership of voting
		securities, by contract or otherwise.

	  

	 “AGREEMENT”
		has the meaning set forth in the recitals to this Agreement.

	  

	 “APPROVED
		SALE” shall have the meaning set forth in Section 5.1(a).

	  

	 A
		“BENEFICIAL OWNER” of a security is a Person who directly or
		indirectly, through any contract, arrangement, understanding, relationship or
		otherwise has or shares: (i) voting power, which includes the power to vote, or
		to direct the voting of, such security and/or (ii) investment power, which
		includes the power to dispose, or to direct the disposition of, such security.
		The terms “BENEFICIALLY
		OWN”
		and “BENEFICIAL
		OWNERSHIP”
		shall have correlative meanings.

	  

	 “BOARD”
		means the board of directors of Fortress.

	 

	 “CLASS
		A SHARES” means the Class A Shares of Fortress representing Class A
		limited liability company interests of Fortress and any equity securities
		issued or issuable in exchange for or with respect to such Class A Shares by
		way of a dividend, split or combination of shares or in connection with a
		reclassification, recapitalization, merger, consolidation or other
		reorganization.

	 

	 “CLASS
		B SHARES” means the Class B Shares of Fortress representing Class B
		limited liability company interests of Fortress and any equity securities
		issued or issuable in exchange for or with respect to such Class B Shares by
		way of a dividend, split or combination of shares or in connection with a
		reclassification, recapitalization, merger, consolidation or other
		reorganization.

	 

	 “CODE”
		shall mean the Internal Revenue Code of 1986, as amended and in 

	 
		 

		6

		 

		 

		   

		   
 
 

	 effect
		from time to time.

	 

	 “DEMAND”
		shall have the meaning set forth in Section 4.1(a).

	 

	 “DEMAND
		INVESTOR” means an Investor that, together with its Permitted Transferees
		and their respective Permitted Transferees who are in each case Investors,
		holds at least a Registrable Amount.

	 

	 “DEMAND
		REGISTRATION” has the meaning set forth in Section 4.1(a).

	 

	 “DISQUALIFIED
		PERSON” has the meaning set forth in Section 2.1(c).

	 

	 “EXCHANGE
		ACT” means the Securities Exchange Act of 1934, as amended, supplemented
		or restated from time to time and any successor to such statute, and the rules
		and regulations promulgated thereunder.

	 

	 A
		reference to an “EXCHANGE ACT RULE” shall mean such rule or
		regulation of the SEC under the Exchange Act, as in effect from time to time or
		as replaced by a successor rule thereto.

	 

	 “FOG
		UNIT”
		refers to a unit in the Fortress Operating Group, as described in the Private
		Placement Memorandum, which represents one limited partnership interest in each
		of the limited partnerships that comprise the Fortress Operating Group and any
		corresponding Class B Shares and any equity securities issued or issuable
		(including Class A Shares) in exchange for or with respect to such FOG Units or
		Class B Shares (x) by way of a dividend, split or combination of shares, (y) in
		connection with a reclassification, recapitalization, merger, consolidation or
		other reorganization, or (z) otherwise.

	 

	 “FORTRESS”
		has the meaning set forth in the recitals to this Agreement.

	 

	 “FORTRESS
		OPERATING GROUP” has the meaning set forth in the IPO Registration
		Statement.

	 

	 “GOVERNMENTAL
		ENTITY” means any court, administrative agency, regulatory body,
		commission or other governmental authority, board, bureau or instrumentality,
		domestic or foreign and any subdivision thereof.

	 
		 

		7

		 

		 

		   
 
 

	 “GROUP”
		has the meaning set forth in Section 13(d) of the Exchange Act as in effect on
		the date of this Agreement.

	  

	 “INITIAL
		CLASS A SHARES” means the Class A Shares purchased by Initial Investor
		pursuant to the Securities Purchase Agreement.

	 

	 “INITIAL
		INVESTOR” has the meaning set forth in the recitals to this
		Agreement.

	 

	 “INSPECTORS”
		shall have the meaning set forth in Section 4.5(a)(viii).

	  

	 “INVESTMENT
		COMPANY ACT” means the Investment Company Act of 1940, as amended,
		supplemented or restated from time to time and any successor to such statute,
		and the rules and regulations promulgated thereunder

	 

	 “INVESTOR”
		has the meaning set forth in the recitals to this Agreement.

	 

	 “IPO”
		means the initial offering of Class A Shares to the public, as described in the
		IPO Registration Statement. 

	 

	 “IPO
		REGISTRATION STATEMENT” has the meaning set forth in the recitals of this
		Agreement.

	 

	 “LOSSES”
		shall have the meaning set forth in Section 4.7(a).

	 

	 “NONQUALIFIED
		TRANSFEREE” means any Person that the Board, in its good faith and
		reasonable judgment, determines should not be allowed to purchase Class A
		Shares from Initial Investor or its Permitted Transferees in a transaction
		exempt from the registration requirements of the Securities Act because such
		purchase could reasonably be expected to be materially detrimental to the
		business or prospects of Fortress.

	 

	 “OBSERVER”
		shall have the meaning set forth in Section 2.1(c)(ii).

	 

	 “OPERATING
		AGREEMENT” means the amended and restated limited liability company
		agreement of Fortress.

	 
		 

		8

		 

		 

		   
 
 

	 “OTHER
		DEMANDING SELLERS” shall have the meaning set forth in Section
		4.2(b).

	 

	 “OTHER
		PROPOSED SELLERS” shall have the meaning set forth in Section
		4.2(b).

	 

	 “PERMITTED
		TRANSFEREE” shall mean (i) with respect to Initial Investor, such Initial
		Investor’s Subsidiaries or Controlled Affiliates and (ii) with respect to
		each Principal, (a) such Principal’s spouse, (b) a lineal descendant of
		such Principal’s maternal or paternal grandparents (or any such
		descendant’s spouse), (c) a Charitable Institution (as defined below), (d)
		a trustee of a trust (whether inter
		vivos or
		testamentary), the current beneficiaries and presumptive remaindermen of which
		are one or more of such Principal and persons described in clauses (a) through
		(c) of this definition, (e) a corporation, limited liability company or
		partnership, of which all of the outstanding shares of capital stock or
		interests therein are owned by one or more of such Principal and Persons
		described in clauses (a) through (d) of this definition, (f) an individual
		mandated under a qualified domestic relations order and (g) a legal or personal
		representative of such Principal in the event of his death or Disability. For
		purpose of this definition: (i) “lineal descendants” shall not
		include individuals adopted after attaining the age of 18 years and such
		adopted Person’s descendants; (ii) “Charitable Institution”
		shall refer to an organization described in section 501(c)(3) of the Code (or
		any corresponding provision of a future United State Internal Revenue law)
		which is exempt from income taxation under section 501(a) thereof; (iii)
		“presumptive remaindermen” shall refer to those Persons entitled to a
		share of a trust’s assets if it were then to terminate; and (iv)
		“Disability” shall refer to any physical or mental incapacity which,
		as determined by the Board, prevents a Principal from carrying out all or
		substantially all of his duties under his employment agreement with Fortress in
		such capacity for any period of 120 consecutive days or any aggregate period of
		six months in any 12-month period.

	 

	 “PERSON”
		means any individual, corporation, firm, partnership, joint venture, limited
		liability company, estate, trust, business association, organization,
		Governmental Entity or other entity.

	 

	 “PIGGYBACK
		INVESTOR” shall have the meaning set forth in Section 4.2(a).

	 

	 “PIGGYBACK
		NOTICE” shall have the meaning set forth in Section 4.2(a).

	 
		 

		9

		 

		 
 
 

	  

	 “PIGGYBACK
		REGISTRABLE AMOUNT” shall mean an amount of Shares representing at least
		1% of the Total Voting Power of Fortress.

	 

	 “PIGGYBACK
		REGISTRATION” shall have the meaning set forth in Section
		4.2(a).

	 

	 “PIGGYBACK
		SELLER” shall have the meaning set forth in Section 4.2(a).

	 

	 “PRINCIPALS”
		means Peter L. Briger, Jr., Wesley R. Edens, Robert I. Kauffman, Randal A.
		Nardone and Michael E. Novogratz.

	 

	 “PROCEEDING”
		shall have the meaning set forth in Section 8.12.

	 

	 “RECORDS”
		shall have the meaning set forth in Section 4.5(a)(viii).

	 

	 “REGISTRABLE
		AMOUNT” shall mean an amount of Shares representing at least 2.5%
		of the
		Total Voting Power of Fortress.

	 

	 “REGISTRABLE
		SECURITIES” shall mean the Initial Class A Shares and any
		equity securities issued or issuable to any of the Investors with respect to
		the Initial Class A Shares by way of a
		dividend, split or combination of shares or in connection with a
		reclassification, recapitalization, merger, consolidation or other
		reorganization. As to
		any particular Registrable Securities, such securities shall cease to be
		Registrable Securities when (x) a registration statement registering such
		securities under the Securities Act has been declared effective and such
		securities have been sold or otherwise transferred by the holder thereof
		pursuant to such effective registration statement or (y) such securities
		are sold in accordance with Rule 144 (or any successor provision) promulgated
		under the Securities Act.

	 

	 “REGISTRATION
		RIGHTS” means the rights described herein in Article IV.

	 

	 “REPRESENTATIVE”
		means with respect to a particular Person, any director, officer, manager,
		employee, agent, consultant, advisor, accountant, financial advisor, legal
		counsel or other representative of that Person.

	 

	 “REQUESTING
		INVESTOR” shall have the meaning set forth in Section 4.1(a).

	 
		 

		10

		 

		 
 
 

	  

	 “SEC”
		means the United States Securities and Exchange Commission or any similar
		agency then having jurisdiction to enforce the Securities Act.

	 

	 “SECURITIES
		ACT” means the Securities Act of 1933, as amended, supplemented or
		restated from time to time and any successor to such statute, and the rules and
		regulations promulgated thereunder.

	  

	 “SECURITIES
		PURCHASE AGREEMENT” has the meaning set forth in the recitals to this
		Agreement.

	 

	 “SELECTED
		COURTS” shall have the meaning set forth in Section 8.12.

	 

	 “SELLING
		INVESTORS” shall have the meaning set forth in Section
		4.5(a)(i).

	 

	 “SHARES”
		means, collectively, the outstanding Class A Shares and Class B Shares (as
		equitably adjusted to reflect any split, combination, reorganization,
		recapitalization, reclassification or other similar event involving the Class A
		Shares and/or Class B Shares).

	 

	 “STOCK
		EQUIVALENTS” means any security or obligation which is by its terms,
		whether directly or indirectly, convertible into or exchangeable or exercisable
		for Class A Shares, Class B Shares or other equity securities of the
		Fortress Entities, and any
		option, warrant or other subscription or purchase right with respect to Class A
		Shares, Class B Shares or other equity securities of any of
		the Fortress
		Entities.

	 

	 “SUBSIDIARIES”
		means, with respect to any Person, as of any date of determination, any other
		Person as to which such Person, owns, directly or indirectly, or otherwise
		controls more than 50% of the voting shares or other similar interests or the
		sole general partner interest or managing member or similar interest of such
		Person. 

	  

	 “TAG-ALONG
		NOTICE”
		shall have the meaning set forth in Section 5.2(b).

	  

	 “TAG-ALONG
		PRINCIPAL”
		shall have the meaning set forth in Section 5.2(a).

	  

	 “TAG-ALONG
		PURCHASER”
		shall have the meaning set forth in 

	 
		 

		11

		 

		 
 
 

	  

	 Section 5.2(a).
		

	  

	 “TAG-ALONG
		RIGHTSHOLDER”
		shall have the meaning set forth in Section 5.2(a). 

	  

	 “TAG-ALONG
		SHARES”
		shall
		have the meaning set forth in Section 5.2(a).

	 

	 “TOTAL
		VOTING POWER OF FORTRESS” means the total number of votes that may be cast
		in the election of directors of Fortress if all Voting Securities outstanding
		or treated as outstanding pursuant to the final two sentences of this
		definition were present and voted at a meeting held for such purpose. The
		percentage of the Total Voting Power of Fortress Beneficially Owned by any
		Person is the percentage of the Total Voting Power of Fortress that is
		represented by the total number of votes that may be cast in the election of
		directors of Fortress by Voting Securities Beneficially Owned by such Person.
		In calculating such percentage, the Voting Securities Beneficially Owned by any
		Person that are not outstanding but are subject to issuance upon exercise or
		exchange of rights of conversion or any options, warrants or other rights
		Beneficially Owned by such Person shall be deemed without duplication to be
		outstanding for the purpose of computing the percentage of the Total Voting
		Power of Fortress represented by Voting Securities Beneficially Owned by such
		Person, but shall not be deemed to be outstanding for the purpose of computing
		the percentage of the Total Voting Power of Fortress represented by Voting
		Securities Beneficially Owned by any other Person.

	 

	 “UNDERWRITTEN
		OFFERING” shall mean a sale of securities of Fortress to an underwriter or
		underwriters for reoffering to the public.

	 

	 “VOTING
		SECURITIES” means Class A Shares, Class B Shares and any other securities
		of Fortress or any Subsidiary of Fortress entitled to vote generally in the
		election of directors of Fortress.

	  

	 SECTION
		1.2 GENDER. For
		the purposes of this Agreement, the words “he,” “his” or
		“himself” shall be interpreted to include the masculine, feminine and
		corporate, other entity or trust form.

	  

	 
		12

		 

		 
 
 

	  

	 ARTICLE
		II 

	  

	 GOVERNANCE
		RIGHTS

	  

	 SECTION
		2.1 INVESTOR
		BOARD REPRESENTATION.

	  

	 (a) Nominees.

	  

	 (i) (x) At
		any time prior to the consummation of the IPO, so long
		as Initial Investor and its Permitted Transferees have retained at least
		two-thirds of the number of the Initial Class A Shares held by Initial Investor
		as of the date hereof (as adjusted by any dividend, split or combination of
		shares or in connection with a reclassification, recapitalization, merger,
		consolidation or other reorganization), at the election of the Initial
		Investor, the Board shall nominate one individual designated by Initial
		Investor such that Initial Investor will have one designee on the Board, and
		(y) at any time after the consummation of the IPO, so long as Initial Investor
		and its Permitted Transferees Beneficially Own Voting Securities representing
		more than 10% of the Total Voting Power of Fortress, at the election of the
		Initial Investor, the Board shall nominate one individual designated by Initial
		Investor such that Initial Investor will have one designee on the
		Board;

	  

	 (ii) In the
		event that any designee of Initial Investor under this Section 2.1 shall
		for any reason cease to serve as a member of the Board during his or her term
		of office, and Initial Investor has the right at such time to nominate one
		individual to serve on the Board pursuant to Section 2.1(a)(i), the resulting
		vacancy on the Board shall be filled by an individual designated by Initial
		Investor.

	  

	 (iii) Notwithstanding
		anything to the contrary herein, Fortress shall not be required pursuant to
		this Section 2.1 to nominate or select any individual (a “Disqualified
		Person”) to serve as a member of the Board:

	  

	 (A) whose
		appointment would cause Fortress or any its Affiliates registered under the
		Advisers Act as an 

	 
		 

		13

		 

		 
 
 

	  

	 investment
		adviser to provide (i) an affirmative answer to any question of Item 11 of Part
		I of Form ADV or (ii) any disclosure to investment advisory clients or
		prospective clients under Rule 206(4)-4 of the Advisers Act; or

	  

	 (B) who has
		committed any act that would reasonably be expected to cause such individual,
		Fortress or any Fortress Subsidiary or any “affiliated person” (as
		defined in the Investment Company Act) of any of the foregoing to be
		disqualified in any manner under Section 9 of the Investment Company Act, or
		that would constitute grounds for the SEC to deny, revoke or suspend the
		registration of Fortress or any its affiliates registered under the Advisers
		Act as an investment adviser under Section 203(e) of the Advisers
		Act.

	  

	 (b) Removal.
		Fortress shall be entitled to take all appropriate actions to remove any
		designee of Initial Investor on the Board at any time after such designee
		becomes a Disqualified Person, and Initial Investor shall take all actions
		reasonably requested by Fortress in connection with the foregoing.

	  

	 (c) Waiver;
		Observer Rights.
		

	  

	 (i) At any
		time following the date hereof, upon 10 days prior written notice to Fortress,
		Initial Investor may, in its sole discretion, waive and relinquish its rights
		to designate a member of the Board pursuant to Section 2.1(a).

	  

	 (ii) Upon the
		delivery of a waiver contemplated by Section 2.1(c)(i), the Initial Investor
		shall
		have the right to: (A) appoint a non-voting representative (the
		“Observer”)
		to attend meetings of the Board but not Board committee meetings, to change the
		Observer so appointed at any time and, upon the resignation of the Observer for
		any reason, to reappoint another Observer; (B) make proposals,
		recommendations and suggestions to Fortress’s officers and directors
		relating to the business and affairs of Fortress at such reasonable times as
		may be requested by Initial Investor; (C) discuss Fortress’s business
		and affairs with Fortress’s officers, directors and independent
		accountants at such
		reasonable times as may be requested by Initial Investor. In
		addition, Fortress 

	 
		 

		14

		 

		 
 
 

	  

	 shall
		provide Initial Investor with copies of all written consents, resolutions,
		reports, or other written materials provided to the Board at the same time and
		in the same manner such materials are circulated to the Board (whether or not
		Initial Investor has elected to have an Observer pursuant to this Section
		2.1(c)); provided that no Observer shall be entitled to receive any information
		without agreeing in writing to be a party to any confidentiality restrictions
		with respect to such information. Any
		action taken by the Board at any meeting will not be invalidated by the absence
		of the Observer at such meeting. Prior to any meeting of the Board, Fortress
		shall provide due notice of such meeting to the Observer in accordance with the
		Operating Agreement.

	  

	 (iii) Initial
		Investor shall cease to have any rights under this Section 2.1(c) at the time
		Initial Investor ceases to have the right to nominate one individual to serve
		on the Board pursuant to Section 2.1(a).

	  

	 SECTION
		2.2 INSPECTION
		RIGHTS. Prior
		to the IPO, so long as Initial Investor and its Permitted Transferees
		Beneficially Own Voting Securities representing more than 5% of the Total
		Voting Power of Fortress: 

	  

	 (a) each of
		Fortress, each Fortress Subsidiary and each Fortress Fund will permit each
		Investor or a representative of each Investor, to visit and inspect any of the
		properties of such entity, including its books of account and other records
		and, at such entity’s expense and subject to such Investor’s or
		representative’s execution of a non-disclosure agreement in a form
		acceptable to such entity, make copies thereof and take extracts therefrom, and
		to discuss its affairs, finances and accounts with such entity’s officers
		and its independent public accountants, all at such reasonable times and as
		often as any such Investor may reasonably request; provided that any records or
		copies provided shall be subject to any confidentiality restrictions with
		respect to such record or copies.

	  

	 (b) each of
		Fortress, each Fortress Subsidiary and each Fortress Fund will deliver to each
		Investor, who so requests in writing, as soon as practicable after transmission
		or occurrence and in any event within ten (10) days thereof, copies of any
		reports or communications delivered to any class of such entity’s security
		holders or investors, or broadly to the financial community, including any
		filings by such entity with any securities exchange, the SEC or the
		

	 
		
		   

		  15

		   

		   
 
 
 

	  

	 National
		Association of Securities Dealers, Inc.; provided, however, that no Investor
		shall be entitled to receive any information from a Fortress Fund without first
		agreeing in writing to be bound by any restrictions that are generally
		applicable to investors of such Fortress Fund with respect to such information;
		

	  

	 (c) the
		provisions of this Section 2.2 shall not be in limitation of any rights which
		any Investor may have with respect to the books and records of the Fortress
		Entities, or to inspect their properties or discuss their affairs, finances and
		accounts, under the laws of the jurisdictions in which they are organized;
		

	  

	 (d) the
		Company shall cooperate
		with the Investors to develop mutually agreeable financial information and
		reporting procedures to enable the Investors to comply on a timely basis with
		applicable requirements under law, accounting rules or other regulations with
		regard to the ownership of the Class A Shares by the Investors; provided that
		the above obligations of the Company pursuant to this Section 2.2(d) to
		cooperate with, and provide information to, the Investors shall expire upon the
		consummation of the IPO; and

	  

	 (e) each
		Investor acknowledges and agrees that any non-public information of Fortress or
		any of its Affiliates is confidential and, except as required by law or legal
		process or to enforce the terms of this Agreement, such Investor shall keep and
		retain in the strictest confidence and not disclose to any Person all
		confidential matters of Fortress or any of its Affiliates. 

	  

	 ARTICLE
		III

	  

	 TERMINATION

	  

	 SECTION
		3.1 TERM. This
		Agreement shall automatically terminate upon the earlier of (a) January 1,
		2025 or (b) the date that Initial Investor, together with its Permitted
		Transferees, no longer holds Shares representing at least the Piggyback
		Registrable Amount.

	  

	 SECTION
		3.2 SURVIVAL. If
		this Agreement is terminated pursuant to Section 3.1, this Agreement shall
		become void and of no further force and effect, except for the provisions set
		forth in Section 4.7 and Article VIII.

	 
		
		   

		  16

		   

		   
 
 
 

	  

	 ARTICLE
		IV

	  

	 REGISTRATION
		RIGHTS

	  

	 SECTION
		4.1 DEMAND
		REGISTRATION.

	  

	 (a) At any
		time after the six month anniversary of the IPO, any Investors that on the date
		a Demand (as hereinafter defined) is made constitute Demand Investors (the
		“Requesting Investor”) shall be entitled to make a written request of
		Fortress (a “Demand”) for registration under the Securities Act of an
		amount of Registrable Securities that, when taken together with the amounts of
		Registrable Securities requested to be registered under the Securities Act by
		such Requesting Investor’s Permitted Transferees who are then Investors in
		accordance with this Agreement, equals or is greater than the Registrable
		Amount (based on the number of Registrable Securities outstanding on the date
		such Demand is made) (a “Demand Registration”) and thereupon Fortress
		will, subject to the terms of this Agreement, use its reasonable best efforts
		to effect the registration as promptly as practicable under the Securities Act
		of:

	  

	 (i) the
		Registrable Securities which Fortress has been so requested to register by the
		Requesting Investor
		for disposition in accordance with the intended method of disposition stated in
		such Demand;

	  

	 (ii) all
		other Registrable Securities which Fortress has been requested to register
		pursuant to Section 4.1(b); and

	  

	 (iii) all
		Shares which Fortress may elect to register in connection with any offering of
		Registrable Securities pursuant to this Section 4.1, but subject to Section
		4.1(g);

	  

	 all to
		the extent necessary to permit the disposition (in accordance with the intended
		methods thereof) of the Registrable Securities and the additional Shares, if
		any, to be so registered.

	  

	 (b) A Demand
		shall specify: (i) the aggregate number of Registrable Securities requested to
		be registered in such Demand Registration, (ii) the intended method of
		disposition in connection with such Demand Registration, to the extent then
		known and (iii) the identity of the Investor (or Requesting Investor).
		

	 
		
		   

		  17

		   

		   
 
 
 

	  

	 Subject
		to Section 4.1(g), Fortress shall include in the Demand Registration covered by
		such Demand all Registrable Securities with respect to which Fortress has
		received a written request for inclusion therein within ten days after
		Fortress’s notice required by this paragraph has been given. Such written
		request shall comply with the requirements of a Demand as set forth in this
		Section 4.1(b).

	  

	 (c) Initial
		Investor and its Permitted Transferees, collectively, shall be entitled to an
		aggregate of two Demand Registrations.

	  

	 (d) A Demand
		Registration shall not be deemed to have been effected and shall not count as a
		Demand (i) unless a registration statement with respect thereto has become
		effective and has remained effective for a period of at least 90 days (or such
		shorter period in which all Registrable Securities included in such Demand
		Registration have actually been sold thereunder), (ii) if, after it has
		become effective, such Demand Registration becomes subject prior to 90 days
		after effectiveness to any stop order, injunction or other order or requirement
		of the SEC or other Governmental Entity or court for any reason or (iii) if the
		conditions to closing specified in the purchase agreement or underwriting
		agreement entered into in connection with such Demand Registration are not
		satisfied, other than by reason of any act or omission by such Requesting
		Investors.

	  

	 (e) Demand
		Registrations shall be on such appropriate registration form of the SEC as
		shall be selected by the Requesting Investor and shall be reasonably acceptable
		to Fortress.

	  

	 (f) Fortress
		shall not be obligated to (i) maintain the effectiveness of a registration
		statement under the Securities Act, filed pursuant to a Demand Registration,
		for a period longer than 90 days or (ii) effect any Demand Registration (A)
		within six months of a “firm commitment” Underwritten Offering in
		which all Piggyback Investors (as hereinafter defined) were given
		“piggyback” rights pursuant to Section 4.2 (subject to Section
		4.1(g)) and at least 50% of the number of Registrable Securities requested by
		such Piggyback Investor to be included in such Demand Registration were
		included, (B) within four months of any other Demand Registration or (C) if, in
		Fortress’s reasonable judgment, it is not feasible for Fortress to proceed
		with the Demand Registration because of the unavailability of audited or other
		required financial statements, provided that Fortress shall use its reasonable
		best efforts to obtain such financial statements as promptly as practicable. In
		addition, Fortress shall be entitled to postpone (upon written notice to the
		Demand Investor) for up to two occasions, and in no event for more than an
		aggregate of 120 

	 
		
		   

		  18

		   

		   
 
 
 

	  

	 days,
		the filing or the effectiveness of a registration statement for any Demand
		Registration (in any period of 12 consecutive months) if the Board determines
		in good faith and in its reasonable judgment that the filing or effectiveness
		of the registration statement relating to such Demand Registration would cause
		the disclosure of material, non-public information that Fortress has a bona
		fide business purpose for preserving as confidential. In the event of a
		postponement by Fortress of the filing or effectiveness of a registration
		statement for a Demand Registration, the holders of a majority of Registrable
		Securities held by the Requesting Investors shall have the right to withdraw
		such Demand in accordance with Section 4.3.

	  

	 (g) Fortress
		shall not include any securities other than Registrable Securities in a Demand
		Registration, except with respect to securities held by the Principals or with
		the written consent of Investors participating in such Demand Registration that
		hold a majority of the Registrable Securities included in such Demand
		Registration. If, in connection with a Demand Registration, any managing
		underwriter (or, if such Demand Registration is not an Underwritten Offering, a
		nationally recognized independent investment bank selected by the Investors
		holding a majority of the Registrable Securities included in such Demand
		Registration, reasonably acceptable to Fortress, and whose fees and expenses
		shall be borne solely by Fortress) advises Fortress, in writing, that, in its
		opinion, the inclusion of all of the securities, including securities of
		Fortress that are not Registrable Securities, sought to be registered in
		connection with such Demand Registration would adversely affect the
		marketability of the Registrable Securities sought to be sold pursuant thereto,
		then Fortress shall include in such registration statement only such securities
		as Fortress is advised by such underwriter or investment bank can be sold
		without such adverse effect as follows and in the following order of priority:
		(i) first, up to the number of Registrable Securities requested to be included
		in such Demand Registration by the Investors requesting such Demand
		Registration, which, in the opinion of the underwriter or investment bank can
		be sold without adversely affecting the marketability of the offering, pro rata
		among such Investors on the basis of the number of such securities requested to
		be included by such Investors and such Investors that are Piggyback Sellers;
		(ii) second, securities the Principals propose to sell; (iii) third, securities
		Fortress proposes to sell; and (iv) fourth, all other securities of Fortress
		duly requested to be included in such registration statement, pro rata on the
		basis of the amount of such other securities requested to be included or such
		other method determined by Fortress.

	 
		
		   

		  19

		   

		   

			  
 
 
 

	 (h) Any time
		that a Demand Registration involves an Underwritten Offering, Fortress shall
		select the investment banker or investment bankers and managers that will serve
		as lead and co-managing underwriters with respect to the offering of such
		Registrable Securities.

	  

	 (i) All
		rights of the Investors under this Section 4.1 shall be subject to the
		restrictions of Section 6.2. 

	  

	 SECTION
		4.2 PIGGYBACK
		REGISTRATION.
		

	  

	 (a) Subject to the
		terms and conditions hereof, whenever Fortress proposes to register any of its
		equity securities under the Securities Act (other than a registration by
		Fortress on a registration statement on Form S-4 or a registration statement on
		Form S-8 or any successor forms thereto) (a “Piggyback
		Registration”), whether for its own account or for the account of others,
		Fortress shall give each Investor that on such date, together with its
		Permitted Transferees who are then Investors in accordance with this Agreement,
		holds at least a Piggyback Registrable Amount (each, a “Piggyback
		Investor”), prompt written notice thereof (but not less than ten business
		days prior to the filing by Fortress with the SEC of any registration statement
		with respect thereto). Such notice (a “Piggyback Notice”) shall
		specify, at a minimum, the number of equity securities proposed to be
		registered, the proposed date of filing of such registration statement with the
		SEC, the proposed means of distribution, the proposed managing underwriter or
		underwriters (if any and if known) and a good faith estimate by Fortress of the
		proposed minimum offering price of such equity securities. Upon the written
		request of any Persons that on the date of the Piggyback Notice constitute a
		Piggyback Investor (a “Piggyback Seller”) (which written request
		shall specify the number of Registrable Securities then presently intended to
		be disposed of by such Piggyback Seller) given within ten days after such
		Piggyback Notice is received by such Piggyback Seller, Fortress, subject to the
		terms and conditions of this Agreement, shall use its reasonable best efforts
		to cause all such Registrable Securities held by Piggyback Sellers with respect
		to which Fortress has received such written requests for inclusion to be
		included in such Piggyback Registration on the same terms and conditions as
		Fortress’s equity securities being sold in such Piggyback
		Registration.

	  

	 (b) If, in
		connection with a Piggyback Registration, any managing underwriter (or, if such
		Piggyback Registration is not an Underwritten Offering, a nationally recognized
		independent investment bank selected by Investors holding a majority of the
		Registrable Securities included in such Piggyback 

	 
		
		   

		  20

		   

		   
 
 
 

	  

	 Registration,
		reasonably acceptable to Fortress, and whose fees and expenses shall be borne
		solely by Fortress) advises Fortress in writing that, in its opinion, the
		inclusion of all the equity securities sought to be included in such Piggyback
		Registration by (i) Fortress, (ii) others who have sought to have equity
		securities of Fortress registered in such Piggyback Registration pursuant to
		rights to demand (other than pursuant to so-called “piggyback” or
		other incidental or participation registration rights) such registration (such
		Persons being “Other Demanding Sellers”), (iii) the Piggyback Sellers
		and (iv) any other proposed sellers of equity securities of Fortress (such
		Persons being “Other Proposed Sellers”), as the case may be, would
		adversely affect the marketability of the equity securities sought to be sold
		pursuant thereto, then Fortress shall include in the registration statement
		applicable to such Piggyback Registration only such equity securities as
		Fortress is so advised by such underwriter can be sold without such an effect,
		as follows and in the following order of priority:

	  

	 (i) if the
		Piggyback Registration relates to an offering for Fortress’s own account,
		then (A) first, such number of equity securities to be sold by Fortress as
		Fortress, in its reasonable judgment and acting in good faith and in accordance
		with sound financial practice, shall have determined, (B) second, Registrable
		Securities of Piggyback Sellers, securities of Principals and securities sought
		to be registered by Other Demanding Sellers, pro rata on the basis of the
		number of Class A Shares proposed to be sold by such Piggyback Sellers, the
		Principals and Other Demanding Sellers and (C) third, other equity securities
		proposed to be sold by any Other Proposed Sellers (excluding the Principals);
		or

	  

	 (ii) if the
		Piggyback Registration relates to an offering other than for Fortress’s
		own account, then (A) first, such number of equity securities sought to be
		registered by each Other Demanding Seller, the Piggyback Sellers and the
		Principals, pro rata in proportion to the number of securities sought to be
		registered by all such Other Demanding Sellers, Piggyback Sellers and the
		Principals and (B) second, other equity securities proposed to be sold by any
		Other Proposed Sellers (excluding the Principals) or to be sold by Fortress as
		determined by Fortress.

	  

	 (c) In
		connection with any Underwritten Offering under this Section
		4.2 for Fortress’s account, Fortress shall not be required to include the
		Registrable Securities of an Investor in the Underwritten Offering unless the
		Investor 

	 
		
		   

		  21

		   

		   
 
 
 

	  

	 accepts
		the terms of the underwriting as agreed upon between Fortress and the
		underwriters selected by Fortress.

	  

	 (d) If, at
		any time after giving written notice of its intention to register any of its
		equity securities as set forth in this Section 4.2 and prior to the time the
		registration statement filed in connection with such Piggyback Registration is
		declared effective, Fortress shall determine for any reason not to register
		such equity securities, Fortress shall give written notice of such
		determination to each Piggyback Investor within five (5) days thereof and
		thereupon shall be relieved of its obligation to register any Registrable
		Securities in connection with such particular withdrawn or abandoned Piggyback
		Registration (but not from its obligation to pay the Registration Expenses in
		connection therewith as provided herein); provided, that Demand Investors may
		continue the registration as a Demand Registration pursuant to the terms of
		Section 4.1.

	  

	 (e) All
		rights of the Investor under this Section 4.2 shall be subject to the
		restrictions of Section 6.2.

	  

	 SECTION
		4.3 WITHDRAWAL
		RIGHTS.

	  

	 Any
		Investor having notified or directed Fortress to include any or all of its
		Registrable Securities in a registration statement under the Securities Act
		shall have the right to withdraw any such notice or direction with respect to
		any or all of the Registrable Securities designated by it for registration by
		giving written notice to such effect to Fortress prior to the effective date of
		such registration statement. In the event of any such withdrawal, Fortress
		shall not include such Registrable Securities in the applicable registration
		and such Registrable Securities shall continue to be Registrable Securities for
		all purposes of this Agreement. No such withdrawal shall affect the obligations
		of Fortress with respect to the Registrable Securities not so withdrawn;
		provided, however, that in the case of a Demand Registration, if such
		withdrawal shall reduce the number of Registrable Securities sought to be
		included in such registration below the Registrable Amount, then Fortress shall
		as promptly as practicable give each Investor seeking to register Registrable
		Securities notice to such effect and, within ten days following the mailing of
		such notice, such Investor still seeking registration shall, by written notice
		to Fortress, elect to register additional Registrable Securities, when taken
		together with elections to register Registrable Securities by their Permitted
		Transferees, to satisfy the Registrable Amount or elect that such registration
		statement not be filed or, if theretofore filed, be withdrawn. During such ten
		day period, Fortress shall not 

	 
		
		   

		  22

		   

		   
 
 
 

	  

	 file
		such registration statement if not theretofore filed or, if such registration
		statement has been theretofore filed, Fortress shall not seek, and shall use
		commercially reasonable efforts to prevent, the effectiveness thereof. Any
		registration statement withdrawn or not filed (a) in accordance with an
		election by Fortress, (b) in accordance with an election by the Requesting
		Investors in the case of a Demand Registration or (c) in accordance with an
		election by Fortress subsequent to the effectiveness of the applicable Demand
		Registration statement because any post-effective amendment or supplement to
		the applicable Demand Registration statement contains information regarding
		Fortress which Fortress deems adverse to Fortress, shall not be counted as a
		Demand. If an
		Investor withdraws its
		notification or direction to Fortress to include Registrable Securities in a
		registration statement in
		accordance with this Section 4.3, such Investor shall be required to promptly
		reimburse Fortress for all expenses incurred by Fortress in connection with
		preparing for the registration of such Registrable Securities. 

	  

	 SECTION
		4.4 HOLDBACK
		AGREEMENTS.

	  

	 Each
		Piggyback Seller agrees not to effect any public sale or distribution
		(including sales pursuant to Rule 144) of equity securities of Fortress, or any
		securities convertible into or exchangeable or exercisable for such equity
		securities, during any time period reasonably requested by Fortress (which
		shall not exceed 90 days) with respect to any Public Offering, Demand
		Registration or Piggyback Registration (in each case, except as part of such
		registration), or, in each case, during any time period (which shall not exceed
		180 days) required by any underwriting agreement with respect
		thereto.

	  

	 SECTION
		4.5 REGISTRATION
		PROCEDURES.

	  

	 (a) If and
		whenever Fortress is required to use reasonable best efforts to effect the
		registration of any Registrable Securities under the Securities Act as provided
		in Sections 4.1 and 4.2 Fortress shall as expeditiously as reasonably
		possible:

	  

	 (i) prepare
		and file with the SEC a registration statement to effect such registration and
		thereafter use reasonable best efforts to cause such registration statement to
		become and remain effective pursuant to the terms of this Agreement; provided,
		however, that Fortress may discontinue any registration of its securities which
		are not Registrable Securities at any time prior to 

	 
		
		   

		  23

		   

		   
 
 
 

	  

	 the
		effective date of the registration statement relating thereto; provided,
		further that before filing such registration statement or any amendments
		thereto, Fortress will furnish to the counsel selected by the Investors which
		are including Registrable Securities in such registration (“Selling
		Investors”) copies of all such documents proposed to be filed, which
		documents will be subject to the review of such counsel, and such review to be
		conducted with reasonable promptness;

	  

	 (ii) prepare
		and file with the SEC such amendments and supplements to such registration
		statement and the prospectus used in connection therewith as may be necessary
		to keep such registration statement effective and to comply with the provisions
		of the Securities Act with respect to the disposition of all securities covered
		by such registration statement until the earlier of such time as all of such
		securities have been disposed of in accordance with the intended methods of
		disposition by the seller or sellers thereof set forth in such registration
		statement or (i) in the case of a Demand Registration pursuant to Section 4.1,
		the expiration of 90 days after such registration statement becomes effective
		or (ii) in the case of a Piggyback Registration pursuant to Section 4.2, the
		expiration of 90 days after such registration statement becomes
		effective;

	  

	 (iii) furnish
		to each Selling Investor and each underwriter, if any, of the securities being
		sold by such Selling Investor such number of conformed copies of such
		registration statement and of each amendment and supplement thereto (in each
		case including all exhibits), such number of copies of the prospectus contained
		in such registration statement (including each preliminary prospectus and any
		summary prospectus) and each free writing prospectus (as defined in Rule 405 of
		the Securities Act) (a “Free Writing Prospectus”) utilized in
		connection therewith and any other prospectus filed under Rule 424 under the
		Securities Act, in conformity with the requirements of the Securities Act, and
		such other documents as such Selling Investor and underwriter, if any, may
		reasonably request in order to facilitate the public sale or other
		

	 
		
		   

		  24

		   

		   

			  
 
 
 

	 disposition
		of the Registrable Securities owned by such Selling Investor;

	  

	 (iv) use
		reasonable best efforts to register or qualify such Registrable Securities
		covered by such registration statement under such other securities laws or blue
		sky laws of such jurisdictions as any Selling Investor and any underwriter of
		the securities being sold by such Selling Investor shall reasonably request,
		and take any other action which may be reasonably necessary or advisable to
		enable such Selling Investor and underwriter to consummate the disposition in
		such jurisdictions of the Registrable Securities owned by such Selling
		Investor, except that Fortress shall not for any such purpose be required to
		(A) qualify generally to do business as a foreign limited liability company in
		any jurisdiction wherein it would not but for the requirements of this clause
		(iv) be obligated to be so qualified, (B) subject itself to taxation in any
		such jurisdiction or (C) file a general consent to service of process in any
		such jurisdiction;

	  

	 (v) use
		reasonable best efforts to cause such Registrable Securities to be listed on
		each securities exchange on which similar securities issued by Fortress are
		then listed and, if no such securities are so listed, use commercially
		reasonable efforts to cause such Registrable Securities to be listed on the New
		York Stock Exchange, the American Stock Exchange or the NASDAQ Stock
		Market;

	  

	 (vi) use
		reasonable best efforts to cause such Registrable Securities covered by such
		registration statement to be registered with or approved by such other
		governmental agencies or authorities as may be necessary to enable the Selling
		Investor(s) thereof to consummate the disposition of such Registrable
		Securities;

	  

	 (vii) in
		connection with an Underwritten Offering, obtain for each Selling Investor and
		underwriter:

	  

	 (A) an
		opinion of counsel for Fortress, covering the matters customarily covered in
		opinions 

	 
		
		   

		  25

		   

		   
 
 
 

	  

	 requested
		in underwritten offerings and such other matters as may be reasonably requested
		by such Selling Investor and underwriters, and

	  

	 (B) a
		“comfort” letter (or, in the case of any such Person which does not
		satisfy the conditions for receipt of a “comfort” letter specified in
		Statement on Auditing Standards No. 72, an “agreed upon procedures”
		letter) signed by the independent public accountants who have certified
		Fortress’s financial statements included in such registration
		statement;

	  

	 (viii) promptly
		make available for inspection by any Selling Investor, any underwriter
		participating in any disposition
		pursuant to any registration statement, and any attorney, accountant or other
		agent or representative retained by any such Selling Investor or underwriter
		(collectively, the “Inspectors”), all financial and other records,
		pertinent corporate documents and properties of Fortress (collectively, the
		“Records”), as shall be reasonably necessary to enable them to
		exercise their due diligence responsibility, and cause Fortress’s
		officers, directors and employees to supply all information requested by any
		such Inspector in connection with such registration statement; provided,
		however, that,
		unless the disclosure of such Records is necessary to avoid or correct a
		misstatement or omission in the registration statement or the release of such
		Records is ordered pursuant to a subpoena or other order from a court of
		competent jurisdiction, Fortress shall not be required to provide any
		information under this subparagraph (viii) if (i) Fortress believes, after
		consultation with counsel for Fortress, that to do so would cause Fortress to
		forfeit an attorney-client privilege that was applicable to such information or
		(ii) if either (A) Fortress has requested and been granted from the SEC
		confidential treatment of such information contained in any filing with the SEC
		or documents provided supplementally or otherwise or (B) Fortress reasonably
		determines in good faith that such Records are confidential and so notifies the
		Inspectors in writing unless prior to furnishing any such information with
		respect to (i) or (ii) such Selling Investor requesting such information
		agrees, and causes each of its Inspectors, to enter into a confidentiality
		agreement on terms reasonably acceptable to Fortress; and provided,
		further, that
		each Selling Investor agrees that 

	 
		
		   

		  26

		   

		   
 
 
 

	  

	 it will,
		upon learning that disclosure of such Records by such Selling Investor is
		sought in a court of competent jurisdiction, give notice to Fortress and allow
		Fortress, at its expense, to undertake appropriate action and to prevent
		disclosure of the Records deemed confidential;

	  

	 (ix) promptly
		notify in writing each Selling Investor and the underwriters, if any, of the
		following events:

	  

	 (A) the
		filing of the registration statement, the prospectus or any prospectus
		supplement related thereto or post-effective amendment to the registration
		statement or any Free Writing Prospectus utilized in connection therewith, and,
		with respect to the registration statement or any post-effective amendment
		thereto, when the same has become effective;

	  

	 (B) any
		request by the SEC or any other Governmental Entity for amendments or
		supplements to the registration statement or the prospectus or for additional
		information;

	  

	 (C) the
		issuance by the SEC or any other Governmental Entity of any stop order
		suspending the effectiveness of the registration statement or the initiation of
		any proceedings by any Person for that purpose; and

	  

	 (D) the
		receipt by Fortress of any notification with respect to the suspension of the
		qualification of any Registrable Securities for sale under the securities or
		blue sky laws of any jurisdiction or the initiation or threat of any proceeding
		for such purpose;

	  

	 (x) notify
		each Selling Investor, at any time when a prospectus relating thereto is
		required to be delivered under the Securities Act, upon discovery that, or upon
		the happening of any event as a result of which, the prospectus included in
		such registration statement, as then in effect, includes an untrue statement of
		a material fact or omits to state any material fact required to be stated
		therein or necessary to make the statements therein not misleading, and, at the
		request of any Selling Investor, promptly prepare and furnish to such seller a
		reasonable number of copies of a supplement to or an 

	 
		
		   

		  27

		   

		   
 
 
 

	  

	 amendment
		of such prospectus as may be necessary so that, as thereafter delivered to the
		purchasers of such Registrable Securities, such prospectus shall not include an
		untrue statement of a material fact or omit to state a material fact required
		to be stated therein or necessary to make the statements therein not
		misleading;

	  

	 (xi) use
		reasonable best efforts to obtain the withdrawal of any order suspending the
		effectiveness of such registration statement;

	  

	 (xii) otherwise
		use reasonable best efforts to comply with all applicable rules and regulations
		of the SEC, and make available to Selling Investors, as soon as reasonably
		practicable, an earnings statement of Fortress covering the period of at least
		12 months, but not more than 18 months, beginning with the first day of
		Fortress’s first full quarter after the effective date of such
		registration statement, which earnings statement shall satisfy the provisions
		of Section 11(a) of the Securities Act and Rule 158 thereunder;

	  

	 (xiii) use its
		reasonable best efforts to assist Selling Investors who made a request to
		Fortress to provide for a third party “market maker” for the Class A
		Shares; provided,
		however, that
		Fortress shall not be required to serve as such “market maker”;
		

	  

	 (xiv) cooperate
		with the Selling Investors and the managing underwriter to facilitate the
		timely preparation and delivery of certificates (which shall not bear any
		restrictive legends unless required under applicable law) representing
		securities sold under any registration statement, and enable such securities to
		be in such denominations and registered in such names as the managing
		underwriter or such Selling Investor may request and keep available and make
		available to Fortress’s transfer agent prior to the effectiveness of such
		registration statement a supply of such certificates; and

	  

	 (xv) have
		appropriate officers of Fortress prepare and make presentations at any
		“road shows” and before analysts and rating agencies, as the case may
		be, and other information meetings organized by the underwriters, take other
		

	 
		
		   

		  28

		   

		   
 
 
 

	  

	 actions
		to obtain ratings for any Registrable Securities (if they are eligible to be
		rated) and otherwise use its reasonable best efforts to cooperate as reasonably
		requested by the Selling Investors and the underwriters in the offering,
		marketing or selling of the Registrable Securities.

	  

	 Fortress
		may require each Selling Investor and each underwriter, if any, to furnish
		Fortress in writing such information regarding each Selling Investor or
		underwriter and the distribution of such Registrable Securities as Fortress may
		from time to time reasonably request to complete or amend the information
		required by such registration statement.

	  

	 (b) Underwriting.
		Without limiting any of the foregoing, in the event that the offering of
		Registrable Securities is to be made by or through an underwriter, Fortress, if
		requested by the underwriter, shall enter into an underwriting agreement with a
		managing underwriter or underwriters in connection with such offering
		containing representations, warranties, indemnities and agreements customarily
		included (but not inconsistent with the covenants and agreements of Fortress
		contained herein) by an issuer of common stock in underwriting agreements with
		respect to offerings of common stock for the account of, or on behalf of, such
		issuers.

	  

	 (c) Each
		Selling Investor agrees that upon receipt of any notice from Fortress of the
		happening of any event of
		the kind described in Section 4.5(a)(ix), such Selling Investor shall forthwith
		discontinue such Selling Investor’s disposition of Registrable Securities
		pursuant to the applicable registration statement and prospectus relating
		thereto until such Selling Investor’s receipt of the copies of the
		supplemented or amended prospectus contemplated by Section 4.5(a)(ix) and, if
		so directed by Fortress, deliver to Fortress, at Fortress’s expense, all
		copies, other than permanent file copies, then in such Selling Investor’s
		possession of the prospectus current at the time of receipt of such notice
		relating to such Registrable Securities. In the event Fortress shall give such
		notice, any applicable 90 day or one year period during which such registration
		statement must remain effective pursuant to this Agreement shall be extended by
		the number of days during the period from the date of giving of a notice
		regarding the happening of an event of the kind described in Section 4.5(a)(ix)
		to the date when all such Selling Investors shall receive such a supplemented
		or amended prospectus and such prospectus shall have been filed with the
		SEC.

	 
		
		   

		  29

		   

		   

			  
 
 
 

	 SECTION
		4.6 REGISTRATION
		EXPENSES. 

	  

	 All
		expenses incident to Fortress’s performance of, or compliance with, its
		obligations under this Agreement including, without limitation, all
		registration and filing fees, all fees and expenses of compliance with
		securities and “blue sky” laws, all fees and expenses associated with
		filings required to be made with the NASD (including, if applicable, the fees
		and expenses of any “qualified independent underwriter” as such term
		is defined in Schedule E of the By-Laws of the NASD), all fees and expenses of
		compliance with securities and “blue sky” laws, all printing
		(including, without limitation, expenses of printing certificates for the
		Registrable Securities in a form eligible for deposit with the Depository Trust
		Company and of printing prospectuses if the printing of prospectuses is
		requested by a holder of Registrable Securities) and copying expenses, all
		messenger and delivery expenses, all fees and expenses of Fortress’s
		independent certified public accountants and counsel (including, without
		limitation, with respect to “comfort” letters and opinions) and fees
		and expenses of one firm of counsel to the Investors selling in such
		registration (which firm shall be selected by the Investors selling in such
		registration that hold a majority of the Registrable Securities included in
		such registration) (collectively, the “Registration Expenses”) shall
		be borne by Fortress, regardless of whether a registration is effected.
		Fortress will pay its internal expenses (including, without limitation, all
		salaries and expenses of its officers and employees performing legal or
		accounting duties, the expense of any annual audit and the expense of any
		liability insurance) and the expenses and fees for listing the securities to be
		registered on each securities exchange and included in each established
		over-the-counter market on which similar securities issued by Fortress are then
		listed or traded. Each Selling Investor shall pay its portion of all
		underwriting discounts and commissions and transfer taxes, if any, relating to
		the sale of such Selling Investor’s Registrable Securities pursuant to any
		registration.

	  

	 SECTION
		4.7 INDEMNIFICATION.

	  

	 (a)  By
		Fortress.
		Fortress agrees to indemnify and hold harmless, to the fullest extent permitted
		by law, each Selling Investor and its Permitted Transferees and their
		respective officers, directors, employees, managers, partners and agents and
		each Person who controls (within the meaning of Section 15 of the Securities
		Act and Section 20 of the Exchange Act) such Selling Investor or such other
		indemnified Person from and against all losses, claims, damages, liabilities
		and expenses (including reasonable expenses of investigation and reasonable
		attorneys’ fees and expenses) (collectively, the “Losses”)
		caused by, 

	 
		
		   

		  30

		   

		   
 
 
 

	  

	 resulting
		from or relating to any untrue statement (or alleged untrue statement) of a
		material fact contained in any registration statement, prospectus or
		preliminary prospectus or Free Writing Prospectus or any amendment or
		supplement thereto or any omission (or alleged omission) of a material fact
		required to be stated therein or necessary to make the statements therein, in
		light of the circumstances under which they were made, not misleading, except
		insofar as the same are caused by any information furnished in writing to
		Fortress by such Selling Investor expressly for use therein. In connection with
		an Underwritten Offering and without limiting any of Fortress’s other
		obligations under this Agreement, Fortress shall also indemnify such
		underwriters, their officers, directors, employees and agents and each Person
		who controls (within the meaning of Section 15 of the Securities Act and
		Section 20 of the Exchange Act) such underwriters or such other indemnified
		Person to the same extent as provided above with respect to the indemnification
		(and exceptions thereto) of Selling Investors. Reimbursements payable pursuant
		to the indemnification contemplated by this Section 4.7(a) will be made by
		periodic payments during the course of any investigation or defense, as and
		when bills are received or expenses incurred.

	  

	 (b) By
		the Selling Investors. In
		connection with any registration statement in which an Investor is
		participating, such Selling Investor will furnish to Fortress in writing
		information regarding such Selling Investor’s ownership of Registrable
		Securities and its intended method of distribution thereof and, to the extent
		permitted by law, shall, jointly with Initial Investor and all other Investors
		and not severally, indemnify Fortress, its Affiliates and their respective
		directors, officers, employees and agents and each Person who controls (within
		the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
		Act) Fortress or such other indemnified Person against all Losses caused by any
		untrue statement of material fact contained in the registration statement,
		prospectus or preliminary prospectus or Free Writing Prospectus or any
		amendment or supplement thereto or any omission of a material fact required to
		be stated therein or necessary to make the statements therein, in light of the
		circumstances under which they were made, not misleading, but only to the
		extent that such untrue statement or omission is caused by and contained in
		such information so furnished in writing by such Selling Investor expressly for
		use therein. Notwithstanding the foregoing, no Selling Investors shall be
		liable to Fortress for amounts in excess of the net amount received by such
		holder in the offering giving rise to such liability.

	 
		
		   

		  31

		   

		   

			  
 
 
 

	 (c) Notice. Any
		Person entitled to indemnification hereunder shall give prompt written notice
		to the indemnifying party of any claim with respect to which it seeks
		indemnification; provided,
		however, the
		failure to give such notice shall not release the indemnifying party from its
		obligation, except to the extent that the indemnifying party has been
		materially prejudiced by such failure to provide such notice on a timely
		basis.

	  

	 (d) Defense
		of Actions. In any
		case in which any such action is brought against any indemnified party, and it
		notifies an indemnifying party of the commencement thereof, the indemnifying
		party will be entitled to participate therein, and, to the extent that it may
		wish, jointly with any other indemnifying party similarly notified, to assume
		the defense thereof, with counsel reasonably satisfactory to such indemnified
		party, and after notice from the indemnifying party to such indemnified party
		of its election so to assume the defense thereof, the indemnifying party will
		not (so long as it shall continue to have the right to defend, contest,
		litigate and settle the matter in question in accordance with this paragraph)
		be liable to such indemnified party hereunder for any legal or other expense
		subsequently incurred by such indemnified party in connection with the defense
		thereof other than reasonable costs of investigation, supervision and
		monitoring (unless (i) such indemnified party reasonably objects to such
		assumption on the grounds that there may be defenses available to it which are
		different from or in addition to the defenses available to such indemnifying
		party or (ii) the indemnifying party shall have failed within a reasonable
		period of time to assume such defense and the indemnified party is or is
		reasonably likely to be prejudiced by such delay, in either event the
		indemnified party shall be promptly reimbursed by the indemnifying party for
		the expenses incurred in connection with retaining separate legal counsel). An
		indemnifying party shall not be liable for any settlement of an action or claim
		effected without its consent (such consent not to be unreasonably withheld).
		The indemnifying party shall lose its right to defend, contest, litigate and
		settle a matter if it shall fail to diligently contest such matter (except to
		the extent settled in accordance with the next following sentence). No matter
		shall be settled by an indemnifying party without the consent of the
		indemnified party (which consent shall not be unreasonably withheld, it being
		understood that the indemnified party shall not be deemed to be unreasonable in
		withholding its consent if the proposed settlement imposes any obligation on
		the indemnified party).

	  

	 (e) Survival. The
		indemnification provided for under this Agreement shall remain in full force
		and effect regardless of any investigation made 

	  

	 
		
		  32

		   

		   

			  
 
 
 

	 by or on
		behalf of the indemnified Person and will survive the transfer of the
		Registrable Securities and the termination of this Agreement.

	  

	 (f) Contribution. If
		recovery is not available under the foregoing indemnification provisions for
		any reason or reasons other than as specified therein, any Person who would
		otherwise be entitled to indemnification by the terms thereof shall
		nevertheless be entitled to contribution with respect to any Losses with
		respect to which such Person would be entitled to such indemnification but for
		such reason or reasons. In determining the amount of contribution to which the
		respective Persons are entitled, there shall be considered the Persons’
		relative knowledge and access to information concerning the matter with respect
		to which the claim was asserted, the opportunity to correct and prevent any
		statement or omission, and other equitable considerations appropriate under the
		circumstances. It is hereby agreed that it would not necessarily be equitable
		if the amount of such contribution were determined by pro rata or per capita
		allocation. No Person guilty of fraudulent misrepresentation (within the
		meaning of Section 11(f) of the Securities Act) shall be entitled to
		contribution from any Person who was not found guilty of such fraudulent
		misrepresentation. Notwithstanding the foregoing, no Selling Investor or
		transferee thereof shall be required to make a contribution in excess of the
		net amount received by such holder from its sale of Registrable Securities in
		connection with the offering that gave rise to the contribution
		obligation.

	  

	 (g) Request
		for Information. Not
		less than ten business days before the expected filing date of each
		registration statement pursuant to this Agreement, Fortress shall notify each
		Investor who has timely provided the requisite notice hereunder entitling the
		Investor to register Registrable Securities in such registration statement of
		the information, documents and instruments from such Investor that Fortress or
		any underwriter reasonably requests in connection with such registration
		statement, including, but not limited to a questionnaire, custody agreement,
		power of attorney, lock-up letter and underwriting agreement (the
		“Requested Information”). If Fortress has not received, on or before
		the second day before the expected filing date, the Requested Information from
		such Investor, Fortress may file the Registration Statement without including
		Registrable Securities of such Investor. The failure to so include in any
		registration statement the Registrable Securities of an Investor (with regard
		to that registration statement) shall not in and of itself result in any
		liability on the part of Fortress to such Investor.

	  

	 (h) No
		Grant of Future Registration Rights.
		Fortress shall not grant any shelf, demand, piggyback or incidental
		registration rights that are 

	 
		
		   

		  33

		   

		   
 
 
 

	  

	 senior
		to the rights granted to the Investors hereunder to any other Person without
		the prior written consent of Initial Investor.

	  

	 (i) Permitted
		Transferees. Any
		time an Investor transfers Registrable Securities to a Permitted Transferee of
		Initial Investor, such Permitted Transferee must execute a joinder to this
		Agreement, and become an “Investor” for purposes of this Agreement,
		in order to be entitled to the registration rights set forth in this Article
		IV. 

	  

	 SECTION
		4.8 MOST
		FAVORED NATIONS. Except
		with respect to the shelf registration rights and the number of demand rights
		granted to the Principals and their Permitted Transferees in their Shareholder
		Agreement with Fortress as described in the Private Placement Memorandum, to
		the extent that, on or after the date of this Agreement, Fortress grants
		superior or more favorable demand, piggyback or incidental registration rights
		than those provided in this Article IV, any such superior or more favorable
		rights and/or terms shall be deemed to have been granted simultaneously to the
		Investors with respect to their Registrable Securities.

	 

	 ARTICLE
		V

	  

	 DRAG-ALONG
		RIGHTS AND TAG-ALONG RIGHTS

	  

	 SECTION
		5.1 DRAG-ALONG
		RIGHTS.

	  

	 (a) If,
		prior to the consummation of the IPO, the Board approves a sale of all or
		substantially all of
		the business conducted by Fortress to a Third Party (an “Approved
		Sale”), each Investor, each other Permitted Transferee of Initial Investor
		that holds Initial Class A Shares and each of their respective direct or
		indirect transferees of Initial Class A Shares, shall take all actions approved
		or requested by the Board in connection with the Approved Sale.

	  

	 (b) The
		obligations of a holder of Initial Class A Shares pursuant to this Section 5.1
		are subject to the following conditions:

	  

	 (i) upon
		consummation of the Approved Sale, such holder shall receive from the Approved
		Sale the same amount of consideration with respect to each of its, his or her
		Class A Shares that each Principal shall receive with respect to each of his
		FOG Units;

	 
		
		   

		  34

		   

		   

			  
 
 
 

	 (ii) if any
		Principal is given an option as to the form and amount of consideration to be
		received in respect of his FOG Units, each holder of Class A Shares will be
		given the same option and the requirement that all holders of Class A Shares
		and FOG Units receive the same amount of consideration per Class A Share and
		FOG Unit shall be satisfied without regard to the particular choices of
		particular holders among any such options;

	  

	 (iii) such
		holder shall not be obligated to make any out-of-pocket expenditure prior to
		the consummation of the Approved Sale (excluding modest expenditures for
		postage, copies, etc.) and such holder shall not be obligated to pay more than
		its, his or her pro rata
		share (based upon the amount of consideration received) of reasonable expenses
		incurred in connection with a consummated Approved Sale to the extent such
		costs are incurred for the benefit of such holder and are not otherwise paid by
		Fortress or the acquiring party, provided that such holder’s liability for
		such expenses shall be capped at the total purchase price received by such
		holder for its, his or her Class A Shares; and

	  

	 (iv) in the
		event that such holder is required to provide any representations or
		indemnities in connection with the Approved Sale (other than representations
		and indemnities concerning such holder’s valid ownership of its, his or
		her Class A Shares, free and clear of any and all Liens, such holder’s
		authority, power and right to enter into and consummate such purchase or merger
		agreement without violating any other agreement and other representations and
		indemnities which are individual to such holder and that are also provided by
		the holders of FOG Units, as applicable to FOG Units), then such holder shall
		not be liable for more than its, his or her pro rata share (based upon the
		Class A Shares held and not the amount of consideration received) of any
		liability for misrepresentation or indemnity and such liability shall not
		exceed the total purchase price received by such holder for its, his or her
		Class A Shares.

	  

	 SECTION
		5.2 TAG-ALONG
		RIGHTS.
		

	 
		
		   

		  35

		   

		   

			  
 
 
 

	 (a) Except
		for transfers to a Permitted Transferee and except for the potential transfer
		of FOG Units and Class B Shares to employees of Fortress and/or its
		Subsidiaries, if, prior to the consummation of the IPO, any of the Principals
		(in each case, a “Tag-Along Principal”) transfers Class A Shares or
		FOG Units to one or more Persons (a “Tag-Along Purchaser”), then each
		Investor that holds Initial Class A Shares (each, a “Tag-Along
		Rightsholder”) shall have the right to sell to such Tag-Along Purchaser,
		upon the terms set forth in the Tag-Along Notice (except that the purchase
		price payable to the participating Tag-Along Rightsholders and such Tag-Along
		Principal in respect of any Stock Equivalents sold in such transaction shall be
		net of the exercise price thereof (i.e., the additional consideration payable
		to Fortress upon the exercise thereof, if any)) that
		number specified
		by such Tag-Along
		Rightsholder of
		Class A
		Shares, up to
		that number equal
		to the percentage of the number of the sum of the Class A Shares and FOG Units
		proposed to be transferred by such Tag-Along
		Principal (the
		“Tag-Along Shares”) determined by dividing (A) the total number of
		Class A Shares (including for such purposes all Class A Shares which are
		subject to issuance, without duplication, upon exercise or conversion of Stock
		Equivalents held by
		such
		Tag-Along
		Rightsholder) then
		owned by such Tag-Along
		Rightsholder by (B)
		the sum of (x) the total number of Class A Shares (including for such
		purposes all Class A Shares and FOG Units which are subject to issuance,
		without duplication, upon exercise or conversion of Stock Equivalents held by
		the Tag-Along Rightsholders) then owned by all such Tag-Along Rightsholders
		exercising their rights pursuant to this Section 5.2(a) and (y) the
		total number of Class A Shares and FOG Units then owned by such Tag-Along
		Principal
		(including for such purposes all Class A Shares and FOG Units which are subject
		to issuance, without duplication, upon exercise or conversion Stock Equivalents
		held by such Principal). The Tag-Along
		Principal shall
		effect the sale of the Tag-Along Shares and the Tag-Along
		Rightsholders shall
		sell the number of Class A Shares which each Tag-Along
		Rightsholder has
		elected to sell pursuant to this Section 5.2(a), and the number of Class A
		Shares and FOG Units to be sold to such Tag-Along Purchaser by such
		Tag-Along
		Principal shall
		be reduced accordingly. 

	  

	 (b) The
		Tag-Along Principal intending
		to transfer Class A Shares and/or FOG Units to a Tag-Along Purchaser shall give
		written notice to each Tag-Along Rightsholder of each
		proposed transfer by it of Class A Shares and/or FOG Units which gives rise to
		the rights of such Tag-Along Rightsholders set
		forth in this Section 5.2, at least fifteen (15) days prior to the proposed
		consummation of such transfer, setting forth the name of such Tag-Along
		Principal, the number of 

	 
		
		   

		  36

		   

		   
 
 
 

	  

	 Tag-Along
		Shares, the name and address of the proposed Tag-Along Purchaser, the
		beneficial
		owner(s) of such Tag-Along Purchaser if such purchaser is an entity and is
		known by such Tag-Along
		Principal after
		due inquiry, the proposed
		amount and form of consideration and terms and conditions of payment offered by
		such Tag-Along Purchaser and the maximum percentage of Class A Shares that such
		Tag-Along Rightsholder may sell
		to such Tag-Along Purchaser (determined in accordance with Section 5.2(a)) (the
		“Tag-Along Notice”). The tag-along rights provided by this Section
		5.2 must be exercised by each Tag-Along Rightsholder within ten (10) days
		following receipt of the Tag-Along Notice, by delivery of a written notice to
		the Tag-Along Principal indicating such Tag-Along Rightsholder’s wish to
		exercise its rights and specifying the number of Tag-Along Shares (up to the
		maximum number of Tag-Along Shares as determined in accordance with Section
		5.2(a)) it wishes to sell, provided that such Tag-Along Rightsholder may waive
		its rights under this Section 5.2 prior to the expiration of such 10-day
		period by giving written notice to the Tag-Along Principal, with a copy to
		Fortress. The failure of any Tag-Along Rightsholder to
		respond within such 10-day period shall be deemed to be a waiver of such
		Tag-Along Rightsholder’s rights
		under this Section 5.2. Each Tag-Along Rightsholder hereby
		agrees to be bound by the same terms and conditions as the
		Tag-Along Principal,
		including representations, warranties and indemnities on a pro
		rata basis (based
		on the number of Shares and/or FOG Units to be sold by such Tag-Along Principal
		or Tag-Along
		Rightsholder, as the
		case may be) and the
		payment of its pro rata share of all out-of-pocket costs associated with such
		transaction.

	  

	 ARTICLE
		VI

	  

	 STANDSTILL
		AND TRANSFER RESTRICTIONS

	  

	 SECTION
		6.1 STANDSTILL.
		

	  

	 (a) Except
		as otherwise expressly provided in this Agreement, or as specifically approved
		by a majority of the members of the Board, including at least a majority of the
		Sellers who are members of the Board, no Investor or any of its Affiliates
		shall, directly or indirectly, (i) by purchase or otherwise, Beneficially Own,
		acquire, agree to acquire or offer to acquire any Voting Securities or direct
		or indirect rights or options to acquire Voting Securities (including any
		voting trust certificates representing such securities) other than the Initial
		Class A Shares, (ii) enter, propose to enter into, solicit or support any
		merger or business combination or similar transaction involving Fortress or any
		of its 

	 
		
		   

		  37

		   

		   
 
 
 

	  

	 Subsidiaries,
		or purchase, acquire, propose to purchase or acquire or solicit or support the
		purchase or acquisition of any portion of the business or assets of Fortress or
		any of its Subsidiaries (except for proposals to purchase or acquire a
		non-material portion of the assets of Fortress or any of its Subsidiaries that
		are not required to be publicly disclosed), (iii) initiate or propose any
		securityholder proposal without the approval of the Board granted in accordance
		with this Agreement or make, or in any way participate in, any
		“solicitation” of “proxies” (as such terms are used in the
		proxy rules promulgated by the SEC under the Exchange Act) to vote, or seek to
		advise or influence any Person with respect to the voting of, any Voting
		Securities or request or take any action to obtain any list of securityholders
		for such purposes with respect to any matter (or, as to such matters, solicit
		any Person in a manner that would require the filing of a proxy statement under
		Regulation 14A of the Exchange Act), (iv) form, join or in any way participate
		in a Group (other than a Group consisting solely of Investor and its respective
		Affiliates) formed for the purpose of acquiring, holding, voting or disposing
		of or taking any other action with respect to Voting Securities, (v) deposit
		any Voting Securities in a voting trust or enter into any voting agreement or
		arrangement with respect thereto (other than this Agreement and such voting
		trusts or agreements which are solely between an Investor and its Affiliates or
		made between an Investor and its Affiliates and Fortress pursuant to this
		Agreement), (vi) seek representation on the Board, the removal of any directors
		from the Board or a change in the size or composition of the Board (in each
		case, other than as provided in this Agreement), (vii) make any request to
		amend or waive any provision of this Section 6.1, which request would require
		public disclosure under applicable Law, (viii) disclose any intent, purpose,
		plan, arrangement or proposal inconsistent with the foregoing (including any
		such intent, purpose, plan, arrangement or proposal that is conditioned on or
		would require the waiver, amendment, nullification or invalidation of any of
		the foregoing) or take any action that would require public disclosure of any
		such intent, purpose, plan, arrangement or proposal, (ix) take any action
		challenging the validity or enforceability of the foregoing or (x) assist,
		advise, encourage or negotiate with any Person with respect to, or seek to do,
		any of the foregoing; provided that (a) it shall not be a violation of this
		Section 6.1(a)(x) to sell Initial Class A Shares and (b) it shall not be a
		violation of this Section 6.1(a) by an Investor to (1) trade securities of
		Fortress and its Subsidiaries for the accounts of its customers in the ordinary
		course of trading, investment management, financing and brokerage activities
		subject to appropriate information barriers being in place or (2) participate
		in any coinvestment opportunities offered to it by Fortress or any Fortress
		Subsidiary.

	 
		
		   

		  38

		   

		   

			  
 
 
 

	 (b) Nothing
		in this Section 6.1 shall (i) prohibit or restrict an Investor from responding
		to any inquiries from any shareholder of Fortress as to such Investor’s
		intention with respect to the voting of any Voting Securities Beneficially
		Owned by Investor so long as such response is consistent with the terms of this
		Agreement; (ii) restrict the right of each director on the Board or any
		committee thereof to vote on any matter as such individual believes appropriate
		in light of his or her duties as a director or committee member or the manner
		in which a director may participate in his or her capacity as a director in
		deliberations or discussions at meetings of the Board or as a member of any
		committee thereof; (iii) prohibit such Investor from Beneficially Owning Voting
		Securities issued as dividends or distributions in respect of, or issued upon
		conversion, exchange or exercise of, securities which such Investor is
		permitted to Beneficially Own under this Agreement; or (iv) prohibit any
		officer, director, employee or agent of Investor from purchasing or otherwise
		acquiring Voting Securities so long as he or she is not a member of a Group
		that includes such Investor or is not otherwise acting on behalf of Investor.
		

	  

	 SECTION
		6.2 TRANSFER
		RESTRICTIONS.

	  

	 (a) Initial
		Investor and its
		Permitted Transferee(s) may not, directly or indirectly, voluntarily effect the
		transfer of any Initial Class A Shares for a period of one year from the date
		hereof, other than with respect to transfers from Initial Investor to a
		Permitted Transferee of Initial Investor and between Permitted Transferees of
		Initial Investor, provided that such Permitted Transferee is an
		“Investor” for purposes of this Agreement or, in connection with such
		transfer, executes a joinder to this Agreement, in form and substance
		reasonably acceptable to Fortress, in which such Permitted Transferee agrees to
		be an “Investor” for all purposes of this Agreement.

	  

	 (b) Following
		the first anniversary of the date hereof, Initial Investor and its Permitted
		Transferee(s) may transfer any or all of the Initial Class A Shares (i) to any
		Person in a registered public offering, (ii) after the consummation of the IPO,
		to any Person in accordance with Rule 144 or in a transaction exempt from the
		registration requirements of the Securities Act, or (iii) prior to the
		consummation of the IPO, to any Person that is not a Nonqualified Transferee in
		accordance with Rule 144 or in a transaction exempt from the registration
		requirements of the Securities Act; provided, however, that no Investor or any
		other Permitted Transferee of Initial Investor that holds Initial Class A
		Shares may transfer such Initial Class A Shares in a transaction exempt from
		the registration 

	 
		
		   

		  39

		   

		   
 
 
 

	  

	 requirements
		of the Securities Act under this Section 6.2(b) unless (a) the transferor has
		delivered to Fortress an opinion of counsel to Fortress reasonably acceptable
		to Fortress that such transfer would not violate the registration or
		qualification requirements of the Securities Act or any applicable blue sky
		laws (including any investor suitability standards); (b) if the Class A Shares
		are not then registered under the Exchange Act, the transferor has demonstrated
		to the reasonable satisfaction
		of Fortress that such transfer would not require Fortress to register the Class
		A Shares under the Exchange Act and (c) Fortress receives a notice of
		assignment signed by both the transferor and transferee, in a form reasonably
		approved by Fortress. Prior to the consummation of the IPO, each transferee of
		Initial Class A Shares shall be subject to the provisions of Section 5.1(a).
		Prior to the consummation of the IPO, Fortress shall use its commercially
		reasonable efforts to cooperate as reasonably requested by Initial Investor
		with respect to the offering, marketing or selling of Initial Class A Shares
		and to otherwise assist Initial Investor in effecting one or more valid private
		placements of Initial Class A Shares in accordance with the Securities
		Act.

	  

	 (c) Each
		certificate representing Class A Shares shall contain the following
		legend:

	  

	 “THE
		SHARES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO THE PROVISIONS OF AN
		INVESTOR SHAREHOLDER AGREEMENT DATED AS OF JANUARY 17, 2007 BETWEEN FORTRESS
		INVESTMENT GROUP HOLDINGS LLC AND THE INVESTORS NAMED THEREIN (THE
		“INVESTOR SHAREHOLDER AGREEMENT”), AND MAY NOT BE OFFERED, SOLD OR
		OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT IN ACCORDANCE WITH THE
		INVESTOR SHAREHOLDER AGREEMENT, A COPY OF WHICH IS ON FILE WITH THE SECRETARY
		OF FORTRESS INVESTMENT GROUP HOLDINGS LLC.”

	  

	 (d) Each
		Permitted Transferee of Initial Investor who becomes an “Investor”
		for purposes of this Agreement agrees to comply with the provisions of this
		Section 6.2.

	 
		
		   

		  40

		   

		   

			  
 
 
 

	 ARTICLE
		VII

	  

	 REPRESENTATIONS
		AND WARRANTIES

	  

	 SECTION
		7.1 REPRESENTATIONS
		AND WARRANTIES OF THE INVESTOR.
		Initial Investor represents and warrants to Fortress that (a) Initial Investor
		is duly authorized to execute, deliver and perform this Agreement; (b) this
		Agreement has been duly executed by Initial Investor or its attorney-in-fact on
		behalf of Initial Investor and is a valid and binding agreement of Initial
		Investor, enforceable against Initial Investor in accordance with its terms;
		(c) the execution, delivery and performance by Initial Investor of this
		Agreement does not violate or conflict with or result in a breach of or
		constitute (or with notice or lapse of time or both constitute) a default under
		any agreement to which Initial Investor is a party or the organizational
		documents of Initial Investor; and (d) Initial Investor has good and marketable
		title to the Class A Shares owned by Initial Investor as of the date hereof
		free and clear of any pledge, lien, security interest, charge, claim, equity or
		encumbrance of any kind, other than pursuant to this Agreement or the Operating
		Agreement.

	  

	 SECTION
		7.2 REPRESENTATIONS
		AND WARRANTIES OF FORTRESS.
		Fortress represents and warrants to Initial Investor that (a) Fortress is duly
		authorized to execute, deliver and perform this Agreement; (b) this Agreement
		has been duly authorized, executed and delivered by Fortress and is a valid and
		binding agreement of Fortress, enforceable against Fortress in accordance with
		its terms; and (c) the execution, delivery and performance by Fortress of this
		Agreement does not violate or conflict with or result in a breach by Fortress
		of or constitute (or with notice or lapse of time or both constitute) a default
		by Fortress under its Certificate of Formation, the Operating Agreement, any
		existing applicable Law of any Governmental Entity exercising any statutory or
		regulatory authority of any of the foregoing, domestic or foreign, having
		jurisdiction over Fortress, any of the Fortress Subsidiaries or any of the
		Fortress Funds or any of their respective properties or assets, or any
		agreement or instrument to which Fortress or any of the Fortress Subsidiaries
		or any of the Fortress Funds is a party or by which Fortress, any of the
		Fortress Subsidiaries or any of the Fortress Funds or any of their respective
		properties or assets may be bound.

	  

	 
		
		  41

		   

		   
 
 

	 ARTICLE
		VIII

	  

	 MISCELLANEOUS

	  

	 SECTION
		8.1 EXCHANGES;
		REPURCHASES; RECAPITALIZATION. 

	  

	 (a) The
		provisions of this Agreement shall apply to the full extent set forth herein
		with respect to (i) the Initial Class A Shares, (ii) any and all
		shares of voting common stock of Fortress or any other Person into which the
		Initial Class A Shares are converted, exchanged or substituted (including FOG
		Units) in any recapitalization or other capital reorganization by Fortress and
		(iii) any and all equity securities of Fortress (or any other Person) or
		any successor or assign of Fortress (or any other Person) (whether by merger,
		consolidation, sale of assets or otherwise) which may be issued in respect of,
		in conversion of, in exchange for or in substitution of, the Initial Class A
		Shares or FOG Units and shall be appropriately adjusted for any stock
		dividends, splits, reverse splits, combinations, recapitalizations and the like
		occurring after the date hereof. Fortress shall cause any successor or assign
		(whether by merger, consolidation, sale of assets or otherwise) to assume this
		Agreement or enter into a new investor shareholder agreement with the Investors
		on terms substantially the same as this Agreement as a condition of any such
		transaction.

	  

	 (b) Except
		as otherwise
		specifically provided herein, Fortress shall not effect any repurchase,
		recapitalization, reorganization, reclassification, merger, consolidation,
		share exchange, liquidation, spin-off, stock split, dividend, distribution or
		stock consolidation, subdivision or combination that would not afford to each
		holder of Class A Shares the same type and amount of consideration
		per Class A Share of Fortress or FOG Unit afforded to each Principal (after
		taking into account any exercise price or similar
		fee necessary to convert a Stock Equivalent into Class A Shares of Fortress or
		FOG Unit).

	  

	 (c) Except
		as otherwise specifically provided herein, neither Fortress nor any of the
		Fortress Subsidiaries shall
		effect any repurchase or redemption of Class A Shares or FOG Units from any
		holder of Class A Shares or FOG Units, other than on a pro rata basis from all
		holders
		of Class A Shares and all
		holders of FOG Units
		participating in such repurchase or redemption at the same type and amount of
		consideration; provided, however that nothing in this Section 8.1(c) shall
		apply to 

	 
		
		   

		  42

		   

		   
 
 
 

	  

	 repurchases
		from employees of Fortress or its Affiliates that affect the Class A Shares and
		FOG Units on a pro-rata basis.

	  

	 SECTION
		8.2 NOTICES. All
		notices, requests, consents and other communications hereunder to any party
		shall be deemed to be sufficient if contained in a written instrument delivered
		in person or sent by facsimile (provided a copy is thereafter promptly
		delivered as provided in this Section 8.2) or nationally recognized overnight
		courier, addressed to such party at the address or facsimile number set forth
		below or such other address or facsimile number as may hereafter be designated
		in writing by such party to the other parties:

	  

	 (a) if to
		Fortress, to:

	  

	 Fortress
		Investment Group LLC

	 1345
		Avenue of the Americas

	 46th
		Floor

	 New
		York, NY 10105

	 (T)
		(212) 798-6100

	 (F)
		(917) 591-8433

	 

	 Attention:
		General Counsel

	  

	 with a
		copy to:

	 

	 Skadden,
		Arps, Slate, Meagher & Flom LLP

	 Four
		Times Square

	 New
		York, New York 10036

	 (T)
		(212) 735-3000

	 (F)
		(212) 735-2000

	 

	 Attention:
		Joseph A. Coco, Esq.

	 

	 (b) if to
		Initial Investor, to:

	  

	 Nomura
		Investment Managers U.S.A., Inc.

	 c/o
		Nomura Holdings, Inc.

	 1-9-1,
		Nihonbashi

	 Chuo-ku,
		Tokyo

	 
		
		   

		  43

		   

		   

			  
 
 
 

	 103-8645
		

	 Japan

	  

	 with a
		copy (which shall not constitute notice) to:

	  

	 Paul,
		Weiss, Rifkind, Wharton & Garrison LLP

	 1285
		Avenue of the Americas

	 New
		York, NY 10019-6064

	 (T)
		(212) 373-3033

	 (F)
		(212) 757-3990

	 Attention:
		Toby S. Myerson, Esq.

	 Attention:
		Mark A. Underberg, Esq.

	  

	 SECTION
		8.3 NO
		DISCRIMINATORY TREATMENT.
		Notwithstanding
		any provision
		contained herein that may be to the contrary, (a) in no event shall Fortress
		effect
		any amendment to, or waiver with respect to, the
		Operating Agreement that
		would treat any Investor, in its capacity as a holder of Class A Shares, in a
		non-ratable, discriminatory manner with respect to securities of Fortress held
		by it relative to any Principal without the prior written consent of such
		Investor and (b) in no event shall Fortress declare or pay any dividend or
		distribution with respect to a class of capital stock of Fortress or FOG Units
		that would treat any Investor, in its capacity as
		holder of Class A Shares, in a non-ratable, discriminatory manner with respect
		to securities of Fortress held by
		it without the prior written consent of such Investor.

	  

	 SECTION
		8.4 COVENANT
		NOT TO AMEND.
		Prior to
		the IPO, Fortress agrees
		not to amend or waive the voting or other provisions of the Operating Agreement
		if such amendment or waiver would cause any of the Investors or any of their
		Affiliates to no longer be in regulatory compliance with any material
		regulatory requirement to which it is subject. Each Investor agrees to notify
		Fortress as to whether or not it would have such a regulatory problem promptly
		after Investor has notice of any such amendment or waiver.

	  

	 SECTION
		8.5 INTERPRETATION. The
		headings contained in this Agreement are for reference purposes only and shall
		not affect in any way the meaning or interpretation of this Agreement. Whenever
		the words “included”, “includes” or “including”
		are used in this Agreement, they shall be deemed to be followed by the words
		“without limitation”.

	 
		
		   

		  44

		   

		   

			  
 
 
 

	 SECTION
		8.6 SEVERABILITY. The
		provisions of this Agreement shall be deemed severable and the invalidity or
		unenforceability of any provision shall not affect the validity or
		enforceability of the other provisions hereof. If any provision of this
		Agreement, or the application thereof to any person or entity or any
		circumstance, is found to be invalid or unenforceable in any jurisdiction, (a)
		a suitable and equitable provision shall be substituted therefor in order to
		carry out, so far as may be valid and enforceable, the intent and purpose of
		such invalid or unenforceable provision and (b) the remainder of this Agreement
		and the application of such provision to other Persons or circumstances shall
		not be affected by such invalidity or unenforceability, nor shall such
		invalidity or unenforceability affect the validity or enforceability of such
		provision, or the application thereof, in any other jurisdiction.

	  

	 SECTION
		8.7 COUNTERPARTS. This
		Agreement may be executed in one or more counterparts, each of which shall be
		deemed an original and all of which shall, taken together, be considered one
		and the same agreement, it being understood that both parties need not sign the
		same counterpart.

	  

	 SECTION
		8.8 ADJUSTMENTS
		UPON CHANGE OF CAPITALIZATION. In the
		event of any change in the outstanding Class A Shares by reason of dividends,
		splits, reverse splits, spin-offs, split-ups, recapitalizations, combinations,
		exchanges of shares and the like, the term “Class A Shares” shall
		refer to and include the securities received or resulting therefrom, but only
		to the extent such securities are received in exchange for or in respect of
		Class A Shares. 

	  

	 SECTION
		8.9 ENTIRE
		AGREEMENT; NO THIRD PARTY BENEFICIARIES. This
		Agreement and the Securities Purchase Agreement (a) constitute the entire
		agreement and supersede all other prior agreements, both written and oral,
		among the parties with respect to the subject matter hereof and (b) are not
		intended to confer upon any Person, other than the parties hereto, except as
		provided in Section 4.7(a) and Section 4.7(b) of this Agreement, any rights or
		remedies hereunder.

	  

	 SECTION
		8.10 FURTHER
		ASSURANCES. Each
		party shall execute, deliver, acknowledge and file such other documents and
		take such further actions as may be reasonably requested from time to time by
		the other party hereto to give effect to and carry out the transactions
		contemplated herein.

	 
		
		   

		  45

		   

		   

			  
 
 
 

	 SECTION
		8.11 GOVERNING
		LAW; EQUITABLE REMEDIES.
		THIS
		AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
		THE STATE OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES
		THEREOF). The
		parties hereto agree that irreparable damage would occur in the event that any
		of the provisions of this Agreement were not performed in accordance with its
		specific terms or was otherwise breached. It is accordingly agreed that the
		parties hereto shall be entitled to an injunction or injunctions and other
		equitable remedies to prevent breaches of this Agreement and to enforce
		specifically the terms and provisions hereof in any of the Selected Courts (as
		defined below), this being in addition to any other remedy to which they are
		entitled at law or in equity. Any requirements for the securing or posting of
		any bond with respect to such remedy are hereby waived by each of the parties
		hereto. Each
		party further agrees that, in the event of any action for an injunction or
		other equitable remedy in respect of such breach or enforcement of specific
		performance, it will not assert the defense that a remedy at law would be
		adequate.

	  

	 SECTION
		8.12 CONSENT
		TO JURISDICTION. With
		respect to any suit, action or proceeding (“Proceeding”) arising out
		of or relating to this Agreement or any transaction contemplated hereby each of
		the parties hereto hereby irrevocably (i) submits to the exclusive jurisdiction
		of the United States District Court for the Southern District of New York or
		the Court of Chancery located in the State of Delaware, County of Newcastle
		(the “Selected Courts”) and waives any objection to venue being laid
		in the Selected Courts whether based on the grounds of forum non conveniens or
		otherwise and hereby agrees not to commence any such Proceeding other than
		before one of the Selected Courts; provided,
		however, that a
		party may commence any Proceeding in a court other than a Selected Court solely
		for the purpose of enforcing an order or judgment issued by one of the Selected
		Courts; (ii) consents to service of process in any Proceeding by the mailing of
		copies thereof by registered or certified mail, postage prepaid, or by
		recognized international express carrier or delivery service, to Fortress or
		Initial Investor at their respective addresses referred to in Section 8.1
		hereof; provided,
		however, that
		nothing herein shall affect the right of any party hereto to serve process in
		any other manner permitted by law; and (iii) TO
		THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND
		COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR
		OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART
		UNDER OR IN 

	 
		
		   

		  46

		   

		   
 
 
 

	  

	 CONNECTION
		WITH THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS, WHETHER NOW
		EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR
		OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH
		ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR
		AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN
		ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY OF THE
		CONTEMPLATED TRANSACTIONS WILL INSTEAD BE TRIED IN A COURT OF COMPETENT
		JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

	  

	 SECTION
		8.13 AMENDMENTS;
		WAIVERS.
		

	  

	 (a) No
		provision of this Agreement may be amended or waived unless such amendment or
		waiver is in writing and signed, in the case of an amendment, by the parties
		hereto, or in the case of a waiver, by the party against whom the waiver is to
		be effective.

	  

	 (b) No
		failure or delay by any party in exercising any right, power or privilege
		hereunder shall operate as waiver thereof nor shall any single or partial
		exercise thereof preclude any other or further exercise thereof or the exercise
		of any other right, power or privilege. The rights and remedies herein provided
		shall be cumulative and not exclusive of any rights or remedies provided by
		law.

	  

	 SECTION
		8.14 ASSIGNMENT.
		Neither this Agreement nor any of the rights or obligations hereunder shall be
		assigned by any of the parties hereto without the prior written consent of the
		other parties, provided that an Investor may assign its rights under this
		Agreement (a) to a Permitted Transferee to the extent that it transfers Initial
		Class A Shares to such Permitted Transferee and such Permitted Transferee is,
		or agrees to be, pursuant to Section 6.2(a), an “Investor” for
		purposes of this Agreement, or (b) with the prior written consent of Fortress
		(not to be unreasonably withheld), to one other Person, to the extent that it
		transfers Initial Class A Shares to such Person and such Person agrees to be,
		pursuant to Section 6.2(a), an “Investor” for purposes of this
		Agreement; provided, in the case of clause (b), that such Person shall not have
		any rights under Article II, and, provided further, for the avoidance of doubt,
		that such Person, together with all other Investors, will 

	 
		
		   

		  47

		   

		   
 
 
 

	  

	 not as a
		group have greater rights with respect to any provision of this Agreement than
		the Initial Investor and its Permitted Transferees are entitled to under such
		provision, including with respect to the aggregate number of demands pursuant
		to Section 4.1(c). Subject to the preceding sentence, this Agreement will be
		binding upon, inure to the benefit of and be enforceable by the parties and
		their respective successors and assigns.

	  

	 
		
		  48

		   

		   
 
 
 

	 

	 IN
		WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
		delivered, all as of the date first set forth above. 

	 
		
		  	 	 	 	 
	 	 	 	
				  FORTRESS
					 INVESTMENT GROUP HOLDINGS LLC
 
	 	 	 	 	 
	
				   
 	 	 	
				  By:

				  	 /s/ Wesley R. Edens
	 	 	 	
				  Name:
					 Wesley R. Edens 

				  Title: Chief
					 Executive Officer
 

 

		 

		
		  	 	 	 	
				  NOMURA
					 INVESTMENT MANAGERS U.S.A., INC.
 
	 	 	 	 	 
	
				   
 	 	 	
				  By:

				  	 /s/ Takumi Shibata
	 	 	 	
				  Name:
					 Takumi Shibata 

				  Title: Director
 

 

		
Signature
		  Page to Investor Shareholder Agreement

		 

		
		  
			 
				49

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